Default. 18.1. If Sublessee shall default in the payment of rent or other payments required of Sublessee, and if Sublessee shall fail to cure said default within seven (7) business days after receipt of written notice of said default from Sublessor; or if Sublessee shall default in the performance or observance of any other agreement or condition on its part to be performed or observed, and if Sublessee shall fail to cure said default within ninety (90) days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee shall make an assignment of its property for the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for a period of 60 days, or if a receiver, trustee, or assignee shall be appointed for the whole or any part of the Sublessee's property, then in any of said cases, Sublessor lawfully may upon seven days notice or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafter, and without further notice of demand, enter into and upon the Subleased Premises, or any part hereof in the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days from the date of the notice of default.
Appears in 3 contracts
Samples: And Attornment Agreement (Cabletron Systems Inc), Supplemental Agreement (Aprisma Management Technologies Inc), And Attornment Agreement (Aprisma Management Technologies Inc)
Default. 18.1. If Sublessee shall default Pledgor defaults in the payment of rent the principal or ------- interest under the Note when it becomes due (whether upon demand, acceleration or otherwise) or any other payments required event of Sublesseedefault under the Note or this Pledge Agreement occurs (including the bankruptcy or insolvency of Pledgor), the Company may exercise any and if Sublessee shall fail to cure said default within seven (7) business days after receipt of written notice of said default from Sublessor; or if Sublessee shall default in all the performance or observance rights, powers and remedies of any other agreement owner of the Pledged Shares (including the right to vote the shares and receive dividends and distributions with respect to such shares) and shall have and may exercise without demand any and all the rights and remedies granted to a secured party upon default under the Uniform Commercial Code of California or condition on otherwise available to the Company under applicable law. Without limiting the foregoing, the Company is authorized to sell, assign and deliver at its part discretion, from time to be performed or observedtime, and if Sublessee shall fail to cure said default within ninety (90) days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; or if any person shall levy upon, or take Sublessee's leasehold interest all or any part hereofof the Pledged Shares at any private sale or public auction, on not less than ten days written notice to Pledgor, at such price or prices and upon executionsuch terms as the Company may deem advisable. Pledgor shall have no right to redeem the Pledged Shares after any such sale or assignment. At any such sale or auction, attachmentthe Company may bid for, or their process of law; or if Sublessee shall make an assignment of its property for and become the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for a period of 60 dayspurchaser of, or if a receiver, trustee, or assignee shall be appointed for the whole or any part of the Sublessee's propertyPledged Shares offered for sale. In case of any such sale, after deducting the costs, attorneys' fees and other expenses of sale and delivery, the remaining proceeds of such sale shall be applied to the principal of and accrued interest on the Note; provided that after payment in full of the indebtedness evidenced by the Note, the balance of the proceeds of sale then in remaining shall be paid to Pledgor and Pledgor shall be entitled to the return of any of said cases, Sublessor lawfully may upon seven days notice or if such notice shall adversely affect the rights Pledged Shares remaining in the hands of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafter, and without further notice of demand, enter into and upon the Subleased Premises, or any part hereof in the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminateCompany. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee Pledgor shall be liable for a 5% late charge applicable any deficiency if the remaining proceeds are insufficient to pay the indebtedness under the Note in full, including the fees of any amounts due under this Sublease, which are not paid within seven (7) business days from attorneys employed by the date of the notice of defaultCompany to collect such deficiency.
Appears in 3 contracts
Samples: Executive Stock Pledge Agreement (Corinthian Colleges Inc), Executive Stock Pledge Agreement (Corinthian Colleges Inc), Executive Stock Pledge Agreement (Corinthian Colleges Inc)
Default. 18.1. (a) If Sublessee shall default in the payment of rent or other payments required of Sublessee, and if Sublessee shall fail to cure said default pay any rent or Additional Rent to Sublessor within seven ten (710) business days after receipt the same is due and payable under the terms of written this Sublease and following the passage of ten (10) days notice of said default from such failure by Sublessor; , or if Sublessee shall default in the performance or observance of any other agreement or condition on its part to be performed or observed, and if Sublessee shall fail to cure said perform any other duty or obligation imposed upon it by this Sublease and such default within ninety shall continue for a period of thirty (9030) days after written notice thereof has been given to Sublessee by Sublessor (except where Sublessee has diligently begun to correct such other duties or obligations within such longer period as shall be reasonably required so long as and continues to cure such default on a diligent basis), or if the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; or if any person shall levy uponadjudged bankrupt, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee shall make an a general assignment of its property for the benefit of its creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for a period of 60 days, or if a receiver, trustee, receiver of any property of Sublessee in or assignee shall be appointed for the whole or any part of the Sublessee's property, then in any of said cases, Sublessor lawfully may upon seven days notice or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafter, and without further notice of demand, enter into and upon the Subleased Premisespremises be appointed in any actions, suit, or any part hereof proceeding by or against Sublessee, or if the interest of Sublessee in the name of the whole, and hold the Subleased Premises shall be sold under execution or other legal process, then and in any such event Sublessor shall have the right to enter upon the Subleased Premises and again have, repossess, and enjoy the same as if this Sublease had not been made, and expel thereupon this Sublease shall terminate without prejudice, however, to the right of Sublessor to recover from Sublessee all rent due and those claiming under it, and remove its or their property without being taken or deemed unpaid up to be guilty the time of such re-entry. In the event of any manner of trespass (or such default and re-entry, Sublessor may send written notice shall have the right to Sublessee relet the Subleased Premises for the remainder of the termination of this Sublease, and upon entry as aforesaid (or in then existing term whether such term be the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice), the initial term of this Sublease shall terminateor any renewed or extended term, and to recover from Sublessee the difference between the rent reserved by this Sublease and the amount obtained through such reletting less the costs and expenses reasonably incurred by Sublessor in such reletting. Sublessee Sublessor hereby expressly waives any reserves all other rights and all rights of redemption granted by remedies available to it, whether at law or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days from the date of the notice of defaultequity.
Appears in 2 contracts
Default. 18.1If Buyer defaults in the performance of its obligations hereunder, Seller shall be entitled to te r mi n a te this Contract, and retain the Xxxxxxx Money Deposit as liquidated damages, as the Parties agree that in the event of a default hereunder actual damages would be difficult to determine with any reasonable certainty and that the Xxxxxxx Money Deposit, after review and consideration, is a reasonable estimate of the damages that Seller would suffer as a result of Buyer's default (except as set forth in Section 23 below). If Sublessee shall Closing does not occur due to a default by Seller in the full and timely performance of any of its obligations hereunder, Buyer, as its sole and exclusive remedy, may elect to terminate this Contract and receive a refund of the Xxxxxxx Money Deposit, provided that if (a) Closing does not occur solely as a result of Seller’s failure to execute and deliver t h e S pe ci a l Warranty Deed on the Closing Date in accordance with Section 10 of this Contract, and (b) Seller’s failure to execute and deliver the Special Warranty Deed is not related to Mechanics Liens, and (c) Buyer has affirmatively waived in writing all of the contingencies under this Contract, and (d) Buyer has performed all of its obligations under this Contract, including without limitation, payment of rent or other payments required of Sublesseethe Purchase Price, and if Sublessee shall fail then upon notice to cure said default within seven Seller not more than ten (710) business days after receipt Buyer becomes aware of written notice such failure by Seller and provided such action is filed within thirty (30) days thereafter, Buyer may seek specific performance of said default from Sublessor; Seller’s obligation to execute and deliver a Special Warranty Deed (but not to resolve the Mechanics Liens or if Sublessee shall default in the performance or observance of to perform any other agreement or condition on its part obligation under this Contract). Buyer’s failure to be performed or observed, and if Sublessee seek specific performance under this Section shall fail constitute Buyer’s election to cure said default within ninety (90) days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee shall make an assignment of its property for the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for seek a period of 60 days, or if a receiver, trustee, or assignee shall be appointed for the whole or any part return of the Sublessee's property, then in any of said cases, Sublessor lawfully may Xxxxxxx Money Deposit as its sole remedy upon seven days notice or if such notice shall adversely affect the rights Seller’s default. In consideration of the Sublessor in any bankruptcy or receivershipforegoing right to seek specific performance, then immediately, or at any time thereafter, and without further notice of demand, enter into and upon the Subleased Premises, or any part hereof in the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly Buyer waives any and all rights of redemption granted by right it may now or under hereafter have to seek any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days damages from the date of the notice of defaultSeller.
Appears in 2 contracts
Samples: Real Estate Contract, Real Estate Contract
Default. 18.1. If Sublessee shall default in the payment of rent or other payments required of Sublessee, and if Sublessee Lessee (a) shall fail to cure pay the said default within seven rent or any part thereof promptly when due, whether or not notice or demand has been given or made by Lessor, or (7b) business days after receipt of written notice of said default from Sublessor; or if Sublessee shall default in the performance or observance of any other agreement or condition on its part to be performed or observed, and if Sublessee shall fail to cure said default pay any other sum due Lessor under the terms of this lease within ninety ten (9010) days after notice by Lessor, or (c) shall fail to faithfully observe or perform any of the other covenants or agreements herein contained and on the part of Lessee to be observed and performed within thirty (30) days after notice of breach thereof or such longer period of time as shall be is reasonably required so long as the Sublessee shall be diligently pursuing necessary if Lessee commences such cure after receipt of written notice of within said default from Sublessor; or if any person shall levy uponthirty (30) days and thereafter diligently prosecutes the same, or take Sublessee's leasehold interest or any part hereof(d) shall become bankrupt, upon execution, attachmentgo into receivership, or their process of law; or if Sublessee shall make an assignment of its property for the benefit of creditors, or take or have taken against Lessee any proceedings of any kind under any provisions of the Federal Bankruptcy Act, or (e) shall abandon the premises, or (f) if this lease or any estate of Lessee hereunder shall be sold under any attachment or execution, then and in any such event Lessor may at once reenter the premises by means of a pass key or otherwise, with or without process of law, with or without notice to Lessee and with or without terminating this lease and may upon such entry remove from said premises all persons and property and use all necessary force therefor, and in all respects take the actual, full and exclusive possession of said premises and every part thereof without incurring any liability to Lessor or to any persons occupying or using said premises for any damage sustained by reason of such entry upon said premises or such removal of persons or property therefrom; and Lessee shall indemnify and save harmless Lessor from all cost, loss or damage whatsoever arising or occasioned thereby. Upon or without such entry, Lessor may, in the event of any such default, at its option terminate this lease and/or bring suit for summary possession against Lessee without prejudice to any other remedy or right of action for arrears of rent or for any preceding or other default. Should Lessor elect to reenter, as herein provided, or should they take possession pursuant to legal proceedings or pursuant to any notice provided by law, they may either terminate this lease or they may from time to time, without terminating this lease, relet the premises or any part thereof for a term or terms (which need not be the same as the remaining portion of the term of this lease) and at such rental or rentals and upon such other terms and conditions as Lessor in its reasonable discretion may deem advisable, with the right to make such alterations and repairs to the premises as may be reasonably necessary to relet. Upon each such reletting (a) Lessee shall be immediately liable to pay to Lessor, in addition to any indebtedness other than rent due hereunder, the cost and expense of such reletting and of such alterations and repairs, incurred by Lessor, and the amount, if any, by which the rent reserved in this lease for the period of such reletting (up to but not beyond the term of this lease) exceeds the amount agreed to be paid as rent for the premises for such period on such reletting; or (b) at the option of Lessor rents received from such reletting shall be applied: first, to the payment of any indebtedness other than rent due hereunder from Lessee to Lessor; second, to the payment of attorneys’ fees and real estate commissions paid and all other costs and expenses of such reletting and of such alterations and repairs; third, to the payment of rent due and unpaid hereunder and the residue, if Sublessee any, shall file voluntary bankruptcy; be held by Lessor and applied in payment of future rent as the same may become due and payable hereunder, otherwise such residue shall be the sole property of Lessor. If Lessee has been credited with any rent to be received by such reletting under option (a), and such rent shall not be promptly paid to Lessor by the new tenant, or if such rentals received from such reletting under option (b) during any bankruptcy or insolvency proceedings month be less than that to be paid during that month by Lessee hereunder, Lessee shall pay any such deficiency to Lessor. Such deficiency shall be commenced calculated and paid monthly. No reentry or taking possession of the premises by Sublessee or an involuntary bankruptcy Lessor shall be filed against construed as an election on their part to terminate this lease unless a written notice of such intention be given to Lessee or unless the Sublessee termination hereof be decreed by a court of competent jurisdiction. Notwithstanding any such reletting without termination, Lessor may at any time thereafter elect to terminate this lease for such previous default. Should Lessor at any time terminate this lease for any default, they may recover from Lessee all damages they may incur by reason of such default, including the cost of recovering the premises, reasonable attorneys’ fees, and including the worth at the time of such termination of the excess, if any, of the amount of rent and charges equivalent to rent reserved in this lease for the remainder of the stated term over the then reasonable rental value of the premises for the remainder of the stated term, all of which remains undischarged amounts shall be immediately due and payable from Lessee to Lessor. In determining the rental which would be payable by Lessee hereunder, subsequent to default, the rental for the unexpired term shall be computed pro rata upon the basis of the average aggregate rentals paid for the expired portions of the term of this lease, or the thirty-six (36) months next preceding such default, whichever period is the shorter. The foregoing remedies of Lessor shall not be exclusive but shall be cumulative and in addition to all other remedies now or hereafter allowed by law or elsewhere provided for. Nothing herein contained shall limit or prejudice Lessor’s right to prove and obtain as damages arising out of any default or termination of this lease the maximum allowed by law. Lessee hereby irrevocably appoints Lessor as agents and attorneys-in-fact of Lessee to enter upon the premises in the event of any default by Lessee and to remove any personal property situated upon the premises and to place such property in storage for the account of, and at the expense of Lessee. In the event that Lessee shall not pay the cost of storing any such property after the property has been stored for a period of 60 daysthirty (30) days or more, Lessor may sell any or if a receiverall of such property at public or private sale in such manner and at such times and places as Lessor in its sole discretion may deem proper, trustee, without notice to Lessee or assignee shall be appointed any demand upon Lessee for the whole or payment of any part of such charges or the Sublessee's removal of any of such property, and shall apply the proceeds of such sale first to the cost and expenses of such sale, including attorneys’ fees actually incurred; second, to the payment of the costs of or charges for storing any such property; third, to the payment of any other sums of money which may then in or thereafter be due Lessor from Lessee under any of said casesthe terms thereof; and, Sublessor lawfully fourth, the balance, if any, to Lessee. Lessee hereby waives all claims for damages that may upon seven days notice or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivershipbe caused by Lessor’s removing and storing furniture and property, then immediately, or at any time thereafteras herein provided, and without further notice of demandwill save Lessor harmless from loss, enter into and upon costs or damages occasioned Lessor thereby. Any other provision in this Lease to the Subleased Premisescontrary notwithstanding, or any part hereof in the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted termination or dispossessed for any causereentry due to Lessee’s default hereunder, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee Lessor shall be liable for a 5% late charge applicable obligated to any amounts due under this Sublease, which are not paid within seven (7) business days from use reasonable efforts to relet the date of the notice of defaultpremises and to mitigate damages.
Appears in 2 contracts
Samples: Medb Building Lease (Virtual Radiologic CORP), Medb Building Lease (Virtual Radiologic CORP)
Default. 18.1. If Sublessee shall default is made in the payment of any installment of rent or other payments required of Sublesseeon the due date thereof, and if Sublessee shall fail to cure said default within seven (7) business days after receipt of written notice of said default from Sublessor; or if Sublessee LESSEE shall default in the performance or observance of any other agreement or condition on its part to be performed or observed, Agreement (other than payment of rent) and if Sublessee shall fail to cure said such default within ninety (90other than payment of rent) continues for 30 days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee shall make an assignment of its property for the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for a period of 60 daysthereof, or if a receiver, trustee, the Leased Premises be vacated or assignee shall be appointed for the whole or any part abandoned in violation of the Sublessee's propertyterms hereof, then in any such event this Lease shall terminate, at the option of said casesthe LESSOR, Sublessor lawfully and LESSOR may upon seven days re-enter the Leased Premises and take possession thereof, with or without force or legal process and without notice or demand, the service of notice, demand or legal process being hereby expressly waived, and upon such entry, as aforesaid, this Lease shall terminate and the LESSOR may exclude LESSEE from the Leased Premises, changing the lock on the door or doors if deemed necessary, without being liable to LESSEE for any damages or for prosecution therefore, LESSOR's rights in such notice event may be enforced by action in unlawful detainer or other proper legal action, and the LESSEE shall adversely affect remain liable for a sum equal to the rights entire rent payable to the end of the Sublessor in term hereof and shall pay any bankruptcy loss or receivershipdeficiency sustained by the LESSOR on account of the Leased Premises being let for the remainder of the then current term for a sum less than the amount due hereunder. LESSOR, then immediatelyas agent for LESSEE without notice, or at any time thereafter, and without further notice of demand, enter into and upon may re-let the Subleased Premises, Leased Premises or any part hereof in thereof for the name remainder of the wholethen current term for a sum less than the amount due hereunder. LESSOR, as agent for LESSEE without notice, may re-let the Leased Premises or any part thereof for the remainder of the term or for any longer or shorter period as opportunity may offer, and hold the Subleased Premises at such rentals as if this Sublease had not been mademay be obtained, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed LESSEE agrees to be guilty pay the difference between a sum equal to the amount of any manner of trespass (or Sublessor may send written notice to Sublessee rent payable during the residue of the termination of this Sublease, term and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on net rent actually received by the fifth (5th) day next following the date of the sending of the notice), LESSOR during the term after deducting all expenses of this Sublease shall terminate. Sublessee hereby expressly waives any every kind for repairs, recovering possession and all rights of redemption granted by or under any present or future laws in re-letting the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due under this Subleasesame, which are not paid within seven (7) business days from the date of the notice of defaultdifference shall accrue and be payable monthly.
Appears in 2 contracts
Samples: Lease (Atlantic Express Transportation Corp), Lease (Atlantic Express Transportation Corp)
Default. 18.1. If Sublessee shall default in the payment of rent or other payments required of Sublessee, and if Sublessee Tenant shall fail to cure said pay any installment of rent promptly on the day when the same shall become due, and shall continue in default within seven for a period of ten (710) business days after receipt of written notice of said default from Sublessor; thereof by Landlord, or if Sublessee Tenant shall fail to promptly keep and perform any other affirmative covenant of this Lease or to commence such performance in good faith in accordance with the terms of this Lease and shall continue in default for a period of thirty (30)days after receipt of written notice thereof by Landlord of default and demand of performance, then and in any such event, and as often as any such event shall occur, provided Tenant has failed to cure such default within ten (10) or thirty (30) days of the respective notice, Landlord may, at its sole election and in addition to any and all other remedies provided by law or contained in this Lease, declare this Lease terminated and enter into and upon the Premises and take back same from Tenant. In such event, Tenant shall not be released from the rent past due, or future rent, or from the payment of damages for the breach of this Lease by Tenant. Furthermore, in the event of a default of the terms of this Lease, the Landlord shall be reimbursed by the Tenant for all legal fees incurred by the Landlord in connection with the enforcement of the terms of this Agreement. All remedies of Landlord shall be cumulative or alternate, and the exercise of one remedy shall not waive the exercise of any other remedy. In case the Landlord shall default in the performance or observance of any other material covenant or agreement or condition on its part contained herein, including but not limited to be performed or observedLandlord interfering with Tenant's enjoyment of the Premises, in particular with Tenant's access to ingress to and egress from the Premises, and if Sublessee shall fail to cure said default within ninety (90) days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee shall make an assignment of its property for the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged continue for a period of 60 daysthirty (30) days after written notice thereof to Landlord setting forth the specific nature of the default, or if a receiver, trustee, or assignee then no rent shall be appointed payable under this Lease for the whole or any part of the Sublessee's property, then in any of said cases, Sublessor lawfully may upon seven days notice or if such notice time as such default shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereaftercontinue, and without the Tenant, after such thirty (30) day period to cure, may declare the Term of this Lease ended and may vacate the Premises and be relieved from all further notice of demand, enter into and upon the Subleased Premises, or any part hereof in the name of the whole, and hold the Subleased Premises as if obligations under this Sublease had not been made, and expel Sublessee and Lease except those claiming under it, and remove its or their property without being taken or deemed that are intended to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee of survive the termination of this SubleaseLease (e.g. the indemnification set forth in paragraph 19 above), and upon entry as aforesaid or, if the Landlord has not diligently begun to cure such material breach (or in e.g. by accepting bids for repair) at the event that Sublessor shall sent to Sublessee notice end of termination as above provided, on the fifth said thirty (5th30) day next following period, then the date Tenant may, at its option, at any time during the continuance of such default after the sending expiration of said thirty days' notice, pay any sum necessary to perform any obligation of Landlord hereunder and deduct the notice), cost thereof from the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable rent thereafter to any amounts become due under this Sublease, which are not paid within seven (7) business days from the date of the notice of defaultLease.
Appears in 2 contracts
Samples: Lease (Industrial Services of America Inc /Fl), Contract of Purchase (Industrial Services of America Inc /Fl)
Default. 18.1. If Sublessee Borrower shall be in default under this Agreement and under each of the other Loan Documents if it shall default in the payment of rent or other payments required of Sublessee, any amounts due and owing under the Loan and such default continues for 5 days after written notice thereof. Borrower shall also be in default if Sublessee shall it should fail to cure said default within seven (7) business days after receipt of written notice of said default from Sublessor; timely and properly observe, keep or if Sublessee shall default in the performance or observance of perform any other term, covenant, agreement or condition on its part in any Loan Document, the Warrant or in any other loan agreement, promissory note, security agreement, deed of trust, assignment, pledge or other contract securing or evidencing payment of any indebtedness of Borrower to be performed or observedLender, and such default shall continue uncured for a period of thirty (30) days following written notice by Lender to Borrower; provided, further, that if Sublessee shall fail the Borrower has undertaken to cure said any such default within ninety and is diligently prosecuting such cure, to the reasonable satisfaction of Lender, it shall not constitute a default under this Agreement if the subject default remains uncured beyond thirty (9030) days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of following written notice by Lender to Borrower. Borrower shall also be in default and all unpaid principal and accrued interest under the Loan shall become immediately due and payable: (i) if Borrower commences voluntary proceeding under any provision of said default from Sublessor; Title 11 of the United States Code, as now or if any person shall levy uponhereafter amended, or take Sublessee's leasehold interest commences any other proceeding, under any law, now or any part hereofhereafter in force, upon executionrelating to its own bankruptcy, attachmentinsolvency, reorganization, liquidation, or their process of law; or if Sublessee shall make an assignment otherwise to the relief of its property own debtors or the readjustment of its own indebtedness; (ii) if Borrower makes any assignment for the benefit of its own creditors or similar arrangement with its own such creditors; or (iii) if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for a period of 60 days, or if Borrower appoints a receiver, trustee, trustee or assignee shall be appointed for similar judicial officer or agent to take charge of or liquidate any of its own property or assets; (iv) upon the whole or commencement against Borrower of any part involuntary proceeding of the Sublessee's propertykind described in subsections (i), then in (ii) and (iii) herein; (v) any other liquidation, dissolution or winding up of said casesBorrower; (vi) any consolidation, Sublessor lawfully may upon seven days notice merger, recapitalization, sale of equity securities or if such notice shall adversely affect other transaction pursuant to which the rights holders of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafter, and without further notice of demand, enter into and upon the Subleased Premises, or any part hereof in the name Borrower's outstanding capital stock immediately preceding such event own less than 50% of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass outstanding capital stock (or Sublessor may send written notice to Sublessee on a fully diluted basis) of the termination surviving corporation; or (viii) a sale, lease or other disposition of this Sublease, and upon entry as aforesaid (all or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date substantially all of the sending assets of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days from the date of the notice of defaultBorrower.
Appears in 2 contracts
Samples: Loan Agreement (Frisby Technologies Inc), Loan Agreement (Frisby Technologies Inc)
Default. 18.1. (a) If Sublessee shall the Lessee shall, at any time, be in default in of the payment of either rent or other any payments required of SublesseeLessee hereunder or any part thereof, Lessor shall provide written notice of such default and Lessee shall have three days subsequent to the issuance of said notice to cure the monetary default before Lessor may invoke any other remedies available under the terms of this Lease, or if Lessee shall be in default of any of the other covenants and conditions of this Lease to be kept, observed, and if Sublessee shall fail to cure said default within seven performed by Lessee for more than thirty (730) business days after receipt the giving of written notice by the Lessor to the Lessee of said such default, provided, however, that if the nature of the specified obligation(s) is such that more than thirty (30) days are required for performance, then lessee shall not be in default from Sublessor; if it commences performance within such 30 day period and thereafter diligently prosecutes the same to completion, or if Sublessee Lessee shall default in vacate or abandon the performance premises, or observance of any other agreement or condition on its part to be performed or observed, and if Sublessee shall fail to cure said default within ninety (90) days take possession of the premises and actively operate its business therein, or such longer period as if Lessee shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee shall make an assignment of its property for the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for adjudged a period of 60 daysbankrupt, or if a receiver, trustee, receiver or assignee trustee shall be appointed for the whole or any part of the Sublessee's property, then in any of said cases, Sublessor lawfully may upon seven days notice or if such notice and shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafter, and without further notice of demand, enter into and upon the Subleased Premises, or any part hereof in the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass discharged within thirty (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th30) day next following the date of the sending of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days from the date of such appointment, then and in any such events the notice of default.Lessor may re-enter the leased premises by summary proceedings or otherwise, and thereupon may expel all persons and remove all property therefrom, without becoming liable to prosecution therefor, and may, among other remedies elect:
Appears in 2 contracts
Samples: Lease Extension and Amendment Agreement (Express Scripts Inc), Lease Agreement (Express Scripts Inc)
Default. 18.1. If Sublessee shall default the Pledgor defaults in the payment of rent the principal or other payments required of Sublesseeinterest under the Note as it becomes due (whether upon demand, and if Sublessee shall fail to cure said default within seven (7acceleration or otherwise) business days after receipt of written notice of said default from Sublessor; or if Sublessee shall default in the performance or observance of any other agreement event of default under the Note occurs and has not been remedied within the 10 day period provided in Section 3(a)(i) of the Note (including the bankruptcy or condition on its part to be performed or observed, and if Sublessee shall fail to cure said default within ninety insolvency of the Pledgor) (90) days or each such longer period as occurrence shall be reasonably required so long as deemed a "Default"), the Sublessee Company may exercise any and all of the rights, powers and remedies of an owner of the Pledged Securities (including the right to vote the shares and receive dividends and distributions with respect to such shares) and shall be diligently pursuing such cure after receipt have and may exercise without demand any and all the rights and remedies granted to a secured party upon default under the Uniform Commercial Code of written notice the State of said default New York or otherwise available to the Company under applicable law. Without limiting the foregoing, if the Pledgor Defaults, the Company is authorized to sell, assign and deliver at its discretion, from Sublessor; or if any person shall levy upontime to time, or take Sublessee's leasehold interest all or any part hereofof the Pledged Securities at any private sale or public auction, on not less than ten days written notice to the Pledgor, at such price or prices and upon executionsuch terms as the Company may deem advisable. The Pledgor shall have no right to redeem the Pledged Securities after any such sale or assignment. At any such sale or auction, attachmentthe Company or any other holder of shares of the Company may bid for, or their process of law; or if Sublessee shall make an assignment of its property for and become the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for a period of 60 dayspurchaser of, or if a receiver, trustee, or assignee shall be appointed for the whole or any part of the Sublessee's propertyPledged Securities offered for sale. In case of any such sale, after deducting the costs, attorneys' fees and other expenses of sale and delivery, the remaining proceeds of such sale shall be applied to the principal of and accrued interest on the Note; provided, however, that after payment in full of the indebtedness evidenced by the Note, the balance of the proceeds of sale then in remaining shall be paid to the Pledgor and the Pledgor shall be entitled to the return of any of said cases, Sublessor lawfully may upon seven days notice or if such notice shall adversely affect the rights Pledged Securities remaining in the hands of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafter, and without further notice of demand, enter into and upon the Subleased Premises, or any part hereof in the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days from the date of the notice of defaultCompany.
Appears in 2 contracts
Samples: Pledge Agreement (RPP Capital Corp), Pledge Agreement (RPP Capital Corp)
Default. 18.1. If Sublessee 5.01 Landlord may terminate this Lease on five (5) days’ notice: (a) if Fixed Annual Rent or Additional Rent is not paid within five (5) days after written notice from Landlord that same was due and not paid; or (b) if Tenant shall default in the payment of rent or other payments required of Sublessee, and if Sublessee shall fail have failed to cure said default within seven (7) business days after receipt of written notice of said default from Sublessor; or if Sublessee shall a default in the performance or observance of any other agreement covenant of this Lease (except the payment of Rent), or condition on its part to any rule or regulation hereinafter set forth, within twenty (20) days after written notice thereof from Landlord, or if such default cannot be performed or observedcompletely cured in such time, and if Sublessee Tenant shall fail not promptly proceed to cure said such default within ninety said twenty (9020) days days, or shall not complete the curing of such longer period as default with due diligence; or (c) when and to the extent permitted by law, if a petition in bankruptcy shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; filed by Tenant or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee Tenant shall make an a general assignment of its property for the benefit of creditors; , or if Sublessee shall file voluntary bankruptcy; receive the benefit of any insolvency or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for a period of 60 daysreorganization act, or if a receiver, trustee, petition in bankruptcy is filed against tenant and same is not dismissed within sixty (60) days after Tenant has actual notice of the filing thereof; or assignee (d) if a receiver or trustee is appointed for any portion of Tenant’s property and such appointment is not vacated within thirty (30) days; or (e) if an execution or attachment shall be appointed issued under which the Premises shall be taken or occupied or attempted to be taken or occupied by anyone other than Tenant; or (f) if the Premises are abandoned by Tenant; or (g) if Tenant shall default after notice and beyond any applicable cure period under any other lease between Tenant and Landlord at the Building. At the expiration of the five (5) day notice period, this Lease and any rights of renewal or extension thereof shall terminate as completely as if that were the date originally fixed for the whole or any part expiration of the Sublessee's property, then in any of said cases, Sublessor lawfully may upon seven days notice or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafter, and without further notice of demand, enter into and upon the Subleased Premises, or any part hereof in the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination Term of this SubleaseLease, and upon entry but Tenant shall remain liable as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above hereinafter provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days from the date of the notice of default.
Appears in 2 contracts
Samples: Agreement (Schrodinger, Inc.), Agreement (Schrodinger, Inc.)
Default. 18.1. If Sublessee In the event that: (a) LESSEE shall default in the payment of rent the security deposit or other payments required any installment of SublesseeAnnual Base Rent of any Additional Rent, and if Sublessee such default shall fail to cure said default within seven continue for five (75) business days after receipt of written notice of said default from Sublessorthereof; or if Sublessee (b) LESSEE shall default in the observance or performance or observance of any other agreement of LESSEE’s covenants, agreements, or condition on its part to obligations hereunder and such default shall not be performed corrected within thirty (30) days after written notice thereof or observed, and if Sublessee shall fail within such longer time as may be reasonably necessary provided LESSEE commences to cure said default within ninety such 30-day period and diligently pursues such cure to completion; (90c) LESSEE shall be declared bankrupt or insolvent according to law, or if any voluntary or involuntary petition for bankruptcy is filed against LESSEE and not discharged within sixty (60) days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessorfiling; or if any person assignment shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process be made of law; or if Sublessee shall make an assignment of its LESSEE’s property for the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for a period of 60 daysthen, or if a receiver, trustee, or assignee shall be appointed for the whole or any part of the Sublessee's property, then in any of said cases, Sublessor lawfully may upon seven days notice or if while such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafterdefault continues, and without demand or further notice notice, LESSOR shall have the right to re-enter and take complete possession of demand, enter into and upon the Subleased Leased Premises, or any part hereof in to declare the name term of the wholethis Lease ended, and hold the Subleased Premises as if this Sublease had not been madeto remove LESSEE’s effects, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass (or Sublessor and without prejudice to any remedies which might be otherwise used for arrears of rent and other default of breach of covenant. LESSEE shall indemnify LESSOR against all loss of Rent and other payments which LESSOR may send written notice to Sublessee incur by reason of such termination during the remainder of the termination term, it being expressly understood that LESSOR shall use reasonable efforts to relet the Leased Premises and collect all rents from such reletting. If LESSEE shall default, after reasonable notice thereof, in the observance or performance of any conditions or covenants on LESSEE’s part to be observed or performed under or by virtue of any one of the provisions in any section of this SubleaseLease, LESSOR, without being under any obligation to do so and without thereby waiving such default, may after the expiration of any applicable cure period, remedy same for the account and at the expense of LESSEE, (including but not limited to application of any or all of the Security Deposit held by LESSOR). If LESSOR pays or incurs any obligations for the payment of money in connection therewith, including but not limited to reasonable attorney’s fees in instituting, prosecuting or defending any action or proceeding, such sums paid or obligations incurred, with interest at the rate of eighteen (18%) percent per annum and costs, shall be paid to LESSOR by LESSEE as additional rent. Upon default of this Lease by LESSEE, and upon entry as aforesaid because the payment of Rent in monthly installments is for the sole convenience of the LESSEE, the entire balance of the Rent which would accrue hereunder shall at the option of the LESSOR become immediately due and payable. The foregoing shall be subject to LESSOR’s agreement to take reasonable steps to mitigate its damages (in which case the LESSOR shall repay to LESSEE the mitigated amount against the accelerated Rent paid by LESSEE), but such mitigation shall not be construed to require LESSOR to lease to any substitute tenant: (a) at any Rent that is less than the lower of: (i) the Rent that is set forth in this Lease, or (ii) the Rent for comparable space in the event that Sublessor shall sent to Sublessee notice Building being marketed by LESSOR as of termination as above provided, on the fifth (5th) day next following the date of the sending default; (b) for a Term that is less than the remaining balance of the notice), Term of the term of this Sublease shall terminate. Sublessee hereby expressly waives Lease; (c) on any and all rights of redemption granted by terms or under any present or future laws conditions that are materially less favorable to LESSOR than those set forth in the event Lease; or (d) if such substitute tenant is reasonably objectionable to the LESSOR. Notwithstanding the foregoing, LESSEE agrees to pay reasonable attorney’s fees incurred by LESSOR in enforcing any or all obligations of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due LESSEE under this Sublease, which are not paid within seven (7) business days from the date of the notice of defaultLease at any time.
Appears in 2 contracts
Samples: Attornment Agreement (Mersana Therapeutics, Inc.), Attornment Agreement (Mersana Therapeutics, Inc.)
Default. 18.1. If Sublessee shall default That in the event default is made in payment of rent rent, or other payments required of Sublesseeany part thereof, and if Sublessee shall fail to cure said such default within seven continues for Seven (7) business days after receipt of written notice of said default from Sublessor; such non-payment has been delivered to the Tenant, or if Sublessee shall default in the case of non-performance or non-observance of any other agreement or condition on its part to be performed or observed, and if Sublessee shall fail to cure said default within ninety (90) days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee shall make an assignment of its property for the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for a period of 60 days, or if a receiver, trustee, or assignee shall be appointed for the whole or any part of the Sublessee's propertyTenant of any covenant, condition, restriction or stipulation herein contained, expressed or implied, which ought to be observed or performed by the Tenant, and which has not been expressly waived in writing by the Landlord, and such non-performance or non-observance continues for Seven (7) days after notice of such default has been delivered to the Tenant, then the Landlord may at its option in addition to exercising any other remedy available to it in law, remedy and defect or default by the Tenant and charge to the Tenant as Additional Rent such cost and/or cancel this lease by written notice to the Tenant and, in any one or more of said such cases, Sublessor lawfully may upon seven days notice all rights and interest hereby created or if such notice shall adversely affect the rights then existing in favour of the Sublessor in any bankruptcy Tenant or receivershipderived under this lease, then immediately, or at any time thereaftershall thereupon cease and determine, and without further notice of demand, the Landlord may re-enter into and upon the Subleased PremisesDemised Premises and to repossess and enjoy the same of its former estate, anything herein to the contrary notwithstanding, or the Landlord may re-let the Demised Premises as agent for the Tenant; PROVIDED, HOWEVER, that in case of such cancellation and re-entry, the Tenant shall continue to be liable to pay and the Landlord shall have the same remedy for the recovery of any part hereof in the name of the whole, and hold the Subleased Premises rent then due or accruing due as if this Sublease lease had not been madecancelled, together with interest at the rate of Eighteen percent (18%) per annum on any overdue rent, but remained in full force and effect, and expel Sublessee and those claiming under itfurther, and remove its or their property without being taken or deemed to be guilty that any right of action of the Landlord against the Tenant in respect of any manner antecedent breach of trespass (or Sublessor may send written notice to Sublessee any of the termination of this Subleasesaid covenants, conditions, restrictions and upon entry as aforesaid (or in the event that Sublessor stipulations shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice)not thereby be prejudiced; PROVIDED FURTHER, the term of this Sublease shall terminate. Sublessee hereby expressly waives Landlord reserves any and all legal remedies and rights of redemption granted by or under any present or future laws in action for damages against the event of Sublessee being evicted or dispossessed Tenant for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days from the date breach of the notice of defaultlease.
Appears in 2 contracts
Samples: Lease Agreement (Pinnacle Oil International Inc), Lease Agreement (Pinnacle Oil International Inc)
Default. 18.1. If Sublessee shall default Pledgor (a) defaults in the payment of rent the principal ------- under either of the Notes when either of them becomes due (whether upon demand, acceleration or otherwise) or any other payments required event of Sublesseedefault under either of the Notes or this Agreement occurs (including, and if Sublessee shall fail to cure said default within seven without limitation, the bankruptcy or insolvency of Pledgor) or (7b) business days after receipt of written notice of said default from Sublessor; or if Sublessee shall default defaults in the performance or observance payment of any other agreement or condition on its part to be performed or observed, and if Sublessee shall fail to cure said default within ninety (90) days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; or if any person shall levy upon, or take Sublessee's leasehold interest or any other amount related to either of the Notes, the Company may (following five (5) days notice to Executive, during which the default is not cured) exercise any and all the rights, powers and remedies of any owner of the Pledged Interests (including the right to vote the Pledged Interests and receive any distributions with respect to such Pledged Interests) and shall have and may exercise without demand any and all the rights and remedies granted to a secured party upon default under the Uniform Commercial Code of Delaware or otherwise available to the Company under applicable law. Without limiting the foregoing, after the occurrence of and during the continuance of a default, the Company is authorized to sell, assign and deliver at its discretion, from time to time, all or any part hereofof the Collateral at any private sale or public auction, on not less than ten days written notice to Pledgor, at such price or prices and upon executionsuch terms as the Company may deem advisable. Pledgor shall have no right to redeem the Collateral after any such sale or assignment. At any such sale or auction, attachmentthe Company may bid for, or their process of law; or if Sublessee shall make an assignment of its property for and become the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for a period of 60 dayspurchaser of, or if a receiver, trustee, or assignee shall be appointed for the whole or any part of the Sublessee's propertyPledged Interests offered for sale. In case of any such sale, after deducting the costs, attorneys' fees and other expenses of sale and delivery, the remaining proceeds of such sale shall be applied to the principal of and accrued interest on the Notes and other amounts related thereto (including costs, attorneys' fees associated with enforcement hereof); provided that after payment -------- in full of the indebtedness evidenced by both of the Notes, the balance of the proceeds of sale then in remaining shall be paid to Pledgor and Pledgor shall be entitled to the return of any of said cases, Sublessor lawfully may upon seven days notice or if such notice shall adversely affect the rights Pledged Interests remaining in the hands of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafter, and without further notice of demand, enter into and upon the Subleased Premises, or any part hereof in the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminateCompany. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee Pledgor shall be liable for a 5% late charge applicable any deficiency (to the extent liable therefor under the Notes) if the remaining proceeds are insufficient to pay the indebtedness under the Notes in full, including the fees of any amounts due under this Sublease, which are not paid within seven (7) business days from attorneys employed by the date of the notice of defaultCompany to collect such deficiency.
Appears in 2 contracts
Samples: Executive Agreement (Etesting Labs Inc), Executive Agreement (Etesting Labs Inc)
Default. 18.1. If Sublessee shall default in the payment of rent or other 20.1 With respect to all payments required of Sublesseeto be made by WORLDCOM hereunder, WORLDCOM shall be in default hereunder if such payment is not paid on the date due and payable hereunder, and if Sublessee from and after such date such unpaid amount shall fail bear interest until paid at a rate equal to cure said the rate set forth in Article XXVII. With respect to all non-payment obligations, WORLDCOM shall be in default within seven under this Agreement thirty (730) business days after receipt of QWEST shall have given WORLDCOM written notice of said such default from Sublessorunless WORLDCOM shall have cured such default or such default is otherwise waived within such thirty (30) days; or provided, however, that where such default cannot reasonably be cured within such thirty (30) day-period, if Sublessee WORLDCOM shall default in the performance or observance of any other agreement or condition on its part to be performed or observed, and if Sublessee shall fail proceed promptly to cure said the same and prosecute such curing with due diligence, the time for curing such default shall be extended for such period of time as may be necessary to complete such curing. Events of default also shall include, but not be limited to, the making by WORLDCOM of a general assignment for the benefit of its creditors, the filing of a voluntary petition in bankruptcy or the filing of a petition in bankruptcy or other insolvency protection against WORLDCOM which is not dismissed within ninety (90) days thereafter, or the filing by WORLDCOM of any petition or answer seeking, consenting to, or acquiescing in reorganization, arrangement, adjustment composition, liquidation, dissolution, or similar relief. Any event of default by WORLDCOM may be waived under the terms of this Agreement at QWEST's option. Upon the failure by WORLDCOM to timely cure any such longer period default after notice thereof from QWEST, QWEST may (i) take such action as it determines, in its sole discretion, to be necessary to correct the default, and (ii) pursue any legal remedies it may have under applicable law or principles of equity relating to such breach. Notwithstanding the above, if WORLDCOM certifies in good faith to QWEST in writing that a default has been cured, such default shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee shall make an assignment of its property for the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for a period of 60 days, or if a receiver, trustee, or assignee shall be appointed for the whole or any part of the Sublessee's property, then in any of said cases, Sublessor lawfully may upon seven days notice or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafter, and without further notice of demand, enter into and upon the Subleased Premises, or any part hereof in the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty cured unless QWEST otherwise notifies WORLDCOM in writing within fifteen (15) days of any manner receipt of trespass (or Sublessor may send written such notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days from the date of the notice of defaultWORLDCOM.
Appears in 2 contracts
Samples: Iru Agreement (Qwest Communications International Inc), Iru Agreement (Qwest Communications International Inc)
Default. 18.1. If Sublessee Tenant covenants that if the rent reserved by this Lease or any part thereof shall default in be unpaid when due, or if the payment of rent premises shall become vacant or other payments required of Sublesseeactually unoccupied during the term, and or if Sublessee Tenant shall fail to cure said default within seven (7) business days after receipt perform any of written notice of said default from Sublessor; the conditions, covenants, provisions and agreements contained herein, or if Sublessee shall default a petition in the performance or observance of any other agreement or condition on its part to be performed or observed, and if Sublessee shall fail to cure said default within ninety (90) days or such longer period as bankruptcy shall be reasonably required so long as the Sublessee filed by Tenant, or if Tenant shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; adjudged bankrupt or insolvent by any court, or if a receiver or trustee in bankruptcy or a receiver of the property of Tenant shall be appointed in any person shall levy uponsuit, action or proceeding, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee Tenant shall make an assignment of its property for the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for a period of 60 days, or if a receiveran execution shall be issued against Tenant, or if Tenant's leasehold interest herein shall be levied upon, or if Tenant's leasehold interest herein shall by operation of law pass to any person other than Tenant, then, in such events, Landlord may, subject to the applicable provisions of the laws of the State of North Carolina, at its option, without notice to Tenant or to any assignee, transferee, trustee, receiver or assignee other person or persons, with force or otherwise retake and recover possession of said premises and terminate this Lease and the term herein and hereby granted and demised; or, in each and every such case, Landlord at its option without notice to Tenant, or to any assignee, transferee, trustee, receiver or other person or persons, with force or otherwise, may enter said premises and relet the same as it may see fit, without avoiding or terminating this Lease and for the purpose of such reletting Landlord may make such repairs in or to said premises as Landlord may deem necessary for the purpose of such reletting, and if a sufficient sum shall not be realized from such reletting after paying the costs, expenses and charges of such reletting and of the repairs in and to said premises to equal the rent hereinbefore covenanted to be paid by Tenant, then Tenant shall pay any deficiency thereby upon demand therefor and such deficiency shall be appointed for the whole or any part of the Sublessee's propertyconsidered, then construed and taken to be a debt provable in any of said cases, Sublessor lawfully may upon seven days notice or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivership. On default, then immediatelyas herein defined, Landlord shall have the further right to take possession of any furniture or at any time thereafterother property on said premises, and to sell the same at public or private sale without further notice of demandnotice, enter into and upon to apply the Subleased Premises, or any part hereof in same to the name payment of the wholerent due by these presents, and hold holding the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be Tenant liable for a 5% late charge applicable to any amounts due under this Subleasethe deficiency, which are not paid within seven (7) business days from the date of the notice of defaultif any.
Appears in 2 contracts
Samples: Lease Agreement (Quaker Fabric Corp /De/), Lease Agreement (Quaker Fabric Corp /De/)
Default. 18.1. If Sublessee shall default the DEVELOPER failsand/or WCL LANDOWNERS fail to meet any of the time frames set forth in the payment S.R. 56 Roadway Agreement or herein, unless extended pursuant to Section J.22. of rent or other payments required of Sublesseethis Restated D.A., and if Sublessee shall fail to cure said default within seven (7) business days after receipt of written notice of said default from Sublessor; or if Sublessee shall default in the performance or observance of any other agreement or condition on its part to be performed or observed, and if Sublessee shall fail to cure said default within ninety (90) days or such longer period as it shall be reasonably required so long as considered. (2011), the Sublessee shall be diligently pursuing such cure after receipt COUNTY may declare a default of written notice of said default from Sublessor; or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee shall make an assignment of its property for this Restated D.A. (2011) entitling the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against COUNTY to enforce the Sublessee which remains undischarged for a period of 60 days, or if a receiver, trustee, or assignee shall be appointed for the whole or any part terms of the Sublessee's property, then in any of S.R. 56 Roadway Agreement and this Restated D.A. (2011). Upon said cases, Sublessor lawfully may upon seven days notice or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafter, and without further notice of demand, enter into and upon the Subleased Premisesdefault, or any part hereof other DEVELOPER and/or WCL LANDOWNERS default under this Restated D.A. (2011) or the Amended D.O., for any development beyond 1,747 dwelling units in Phase 1, the name COUNTY may require that development activities and the issuance of Phase I permits, certificates of occupancy, plats and or other development approvals shall cease until the default has been cured to the satisfaction of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice)COUNTY. In addition, the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws DEVELOPER acknowledgesand WCL LANDOWNERS acknowledge that, in the event of Sublessee being evicted or dispossessed an uncured event of default hereunder, the COUNTY has the right to allow third parties to construct the Eastern Segment and to utilize the plans and permits therefore (and, upon such a default, the DEVELOPER and WCL LANDOWNERS will be deemed to have assigned the plans and permits to the COUNTY), and the COUNTY shall have the right to utilize and make available to a third party all such permits and plans for any causethe purpose of enabling such third party to complete such improvements. In addition, or in the event Sublessor terminates this Sublease as provided in this Articleof a default, at the COUNT'SCOUNTY'S request, the DEVELOPER and/or DISTRICTWCL LANDOWNERS shall immediately assign to the COUNTY all construction contracts, plans and permits relating to the Eastern Segment. The Sublessee shall be liable for a 5% late charge applicable DEVELOPERDEVELOPER and WCL LANDOWNERS further agrees that it has no vested right in any development approval, plat or permit issued after an uncured event of default of this Restated D.A.,. (2011), and acknowledges and agrees that the COUNTY has the right to revoke any amounts due under development approval, plat or permit issued after an uncured event of default of this Sublease, which are not paid within seven Restated D.A. (7) business days from the date of the notice of default2011).
Appears in 2 contracts
Samples: Amended And, Development Agreement
Default. 18.1. If Sublessee If: (i) there shall be a default in the payment of rent or other payments required of Sublessee, and if Sublessee any Rental which shall fail to cure said default within seven (7) business days after receipt of written notice of said default from Sublessor; or if Sublessee shall default in the performance or observance of any other agreement or condition on its part to be performed or observed, and if Sublessee shall fail to cure said default within ninety (90) days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee shall make an assignment of its property for the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged continue for a period of 60 daysten (10) days following receipt by Tenant of notice thereof from Landlord; or (ii) there shall be a default in any other of Tenant's obligations hereunder or if the Premises be abandoned or vacated by Tenant; and if such default or condition shall continue for a period of thirty (30) days following receipt by Tenant of notice from Landlord to make good such default or correct such condition; or (iii) any proceedings under the present or any future Bankruptcy Act be instituted by or against Tenant, or any receiver or trustee be appointed for or ordered to dispose of Tenant's business or property, or if a receiverTenant makes any assignment or conveyance for benefit of creditors and if any such proceeding instituted against Tenant shall not be dismissed within 20 days following the date of such institution; then, trusteein such event Landlord shall have the right, or assignee shall be appointed for the whole or any part of the Sublessee's property, then in any of said cases, Sublessor lawfully may upon seven days notice or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediately, immediately or at any time thereafter, and without further notice of demand, to enter into and upon the Subleased Premises, or any part hereof Premises in the name of the whole, whole and hold repossess the Subleased Premises same as if this Sublease had not been made, of its former estate and expel Sublessee Tenant and all those claiming by, through or under it, and remove its or their property goods and effects and store the same on behalf of Tenant without being taken or deemed to be guilty of any manner of trespass (and without prejudice to any remedies which might otherwise be used for arrears of rent or Sublessor may send written notice to Sublessee of the termination of this Sublease, other default hereunder and upon entry as aforesaid (or in this Lease Agreement shall be terminated. Landlord, at its election, may effect such termination by written notice to Tenant to that effect, which shall have the event that Sublessor shall sent to Sublessee notice of termination same force as above provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed an entry for any cause, or in the event Sublessor terminates this Sublease breach as provided in this ArticleSection. The Sublessee In case of such termination, Landlord shall become entitled to receive from Tenant, and Tenant shall pay to Landlord on demand, as initial liquidated damages, a sum equal to the amount by which the sum of the rent and other payments called for hereunder for the remainder of the term exceeds the fair rental value of the Premises for the remainder of the term. Further, Tenant shall, on demand of Landlord, from time to time indemnify Landlord against all loss of rent, other payments and damages, however caused, which it may incur by reason of such termination during the remainder of the term, first giving credit to any payments made by Tenant to Landlord on account of initial liquidated damages as aforesaid. In computing such damages there shall be liable added such reasonable expenses as Landlord may incur in connection with such termination and/or reletting, such as legal expenses, brokerage, expenses for a 5% late charge applicable keeping the Premises in good order and for preparing the same for reletting and expenses and/or decorations in the Premises as way be necessary for the purpose of reletting. Landlord shall also have the right to pursue such other rights and remedies as may be allowed at law or equity against Tenant, and any amounts due and all other parties who may be liable. All such remedies shall be cumulative. Provided, however, if any such default be under this Subleaseclause (ii) above and it would take more than thirty (30) days to cure the same, which are Landlord shall not paid within seven (7) business days from forfeit the date lease created hereby, enter upon the Premises or exercise any of the notice of defaultother remedies herein provided for such default if Tenant begins the cure thereof within such period and pursues same with reasonable due diligence to completion.
Appears in 2 contracts
Samples: Lease Agreement (Spire Corp), Lease Agreement (Spire Corp)
Default. 18.1. If Sublessee shall default in the payment of A. Lessor may terminate this Lease on five (5) days’ notice: (i) if rent or other payments required of Sublessee, and additional rent is not paid within ten (10) days after written notice from Lessor; or (ii) if Sublessee Lessee shall fail have failed to cure said default within seven (7) business days after receipt of written notice of said default from Sublessor; or if Sublessee shall a default in the performance or observance of any other agreement covenant of this Lease (except the payment of rent), or condition on its part to be performed any rule or observedregulation hereinafter set forth within five (5) days after written notice thereof or, and if Sublessee such default is incapable of cure within said five (5) day period, if Lessee shall fail not promptly proceed to cure said such default within ninety said five (905) days days, or shall not thereafter complete the curing of such longer period as default with due diligence; or (iii) if a petition in bankruptcy shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; filed by or against Lessee or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee Lessee shall make an a general assignment of its property for the benefit of creditors, or receive the benefit of any insolvency or reorganization act; or (iv) if Sublessee shall file voluntary bankruptcya receiver or trustee is appointed for any portion of Lessee’s property and such appointment is not vacated within thirty (30) days; or (v) if any bankruptcy execution or insolvency proceedings attachment shall be commenced by Sublessee or an involuntary bankruptcy issued under which the premises shall be filed against taken or occupied or attempted to be taken or occupied by anyone other than Lessee; or (vi) if the Sublessee which remains undischarged premises become and remain vacant or deserted for a period of 60 twenty (20) days, ; or (vii) if a receiver, trustee, the premises are used for some purpose other than the purpose in Article I hereof; or assignee shall be appointed for (viii) if this lease is mortgaged or assigned without the whole prior written consent of Lessor; or (ix) if any part portion of the Sublessee's property, then in premises is sublet without the prior written consent of Lessor; or (x) if Lessee shall default beyond any of said cases, Sublessor lawfully may upon seven days notice grace period under any other Lease between Lessee and Lessor; or (xi) if such notice Lessee shall adversely affect the rights fail to move into or take possession of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafter, and without further notice premises within fifteen (15) days after commencement of demand, enter into and upon the Subleased Premises, or any part hereof in the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days from the date of the notice of defaultLease.
Appears in 2 contracts
Samples: Agreement of Lease (Sancilio Pharmaceuticals Company, Inc.), Agreement of Lease (Sancilio Pharmaceuticals Company, Inc.)
Default. 18.1. If Sublessee 5.01 Landlord may terminate this Lease on ten (10) Business Days’ notice: (a) if Fixed Annual Rent or Additional Rent is not paid within five (5) days after written notice from Landlord that the same is past due; or (b) if Tenant shall default in the payment of rent or other payments required of Sublessee, and if Sublessee shall fail have failed to cure said default within seven (7) business days after receipt of written notice of said default from Sublessor; or if Sublessee shall a default in the performance or observance of any other agreement covenant of this Lease (except the payment of Rent), or condition on its part to any rule or regulation hereinafter set forth, within thirty (30) days after written notice thereof from Landlord, or if default cannot be performed or observedcompletely cured in such time, and if Sublessee Tenant shall fail not promptly proceed to cure said such default within ninety said thirty (9030) days days, or shall not complete the curing of such longer period as default with due diligence; or (c) when and to the extent permitted by law, if a petition in bankruptcy shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; filed by or against Tenant or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee Tenant shall make an a general assignment of its property for the benefit of creditors, or receive the benefit of any insolvency or reorganization act; or (d) if Sublessee shall file voluntary bankruptcya receiver or trustee is appointed for any portion of Tenant’s property and such appointment is not vacated within sixty (60) days; or (e) if any bankruptcy an execution or insolvency proceedings attachment shall be commenced by Sublessee or an involuntary bankruptcy issued under which the Premises shall be filed against taken or occupied or attempted to be taken or occupied by anyone other than Tenant; or (f) if Tenant shall default beyond any grace period under any other lease between Tenant and Landlord. At the Sublessee which remains undischarged for a period expiration of 60 daysthe ten (10) Business Day notice period, this Lease and any rights of renewal or extension thereof shall terminate as completely as if a receiver, trustee, or assignee shall be appointed that were the date originally fixed for the whole or any part expiration of the Sublessee's property, then in any of said cases, Sublessor lawfully may upon seven days notice or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafter, and without further notice of demand, enter into and upon the Subleased Premises, or any part hereof in the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination Term of this SubleaseLease, and upon entry but Tenant shall remain liable as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above hereinafter provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days from the date of the notice of default.
Appears in 2 contracts
Samples: Sublease Agreement (Delcath Systems, Inc.), Lease (Delcath Systems Inc)
Default. 18.1. If Sublessee It shall be an event of default in the payment of hereunder if: (i) Lessee fails to pay any rent or other payments required of Sublessee, charges due hereunder when due and if Sublessee such failure shall fail continue for five (5) days; (ii) Lessee fails to cure said default within seven perform any other covenant herein and such failure shall continue for ten (710) business days after receipt of written notice of said default from Sublessorthereof by Lessor to Lessee; (iii) Lessee shall cease to do business as a going concern; (iv) a petition is filed by or against Lessee under the United States Bankruptcy Code or any amendment thereto (including a petition for reorganization or an arrangement), which if Sublessee shall default in the performance or observance of any other agreement or condition on its part to be performed or observed, and if Sublessee shall fail to cure said default involuntary is not discharged within ninety (90) days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessordays; or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee shall make an (v) Lessee makes a general assignment of its property for the benefit of its creditors; (vi) Lessee sells, transfers or if Sublessee shall file voluntary bankruptcydisposes of all or substantially all of its assets or property; (vii) Lessee attempts to remove, sell, transfer, encumber, sublet or part with possession of the Equipment; or if (viii) upon any bankruptcy Event of Default under that certain Securities Purchase Agreement dated as of the date hereof between Lessor and Lessee or insolvency proceedings any Related Document (as defined therein). In the event of the occurrence of a default: (1) all sums to become due hereunder for the then-remaining term of this Lease shall, at Lessor's option, become due and payable forthwith; or (2) the Equipment shall upon Lessor's demand be commenced by Sublessee surrendered in accordance with Paragraph 9 or an involuntary bankruptcy shall be filed against Lessor and/or its agents may, without notice or liability or legal process, enter into any premises under the Sublessee which remains undischarged for a period control of 60 daysLessee, or if a receiverany agent of Lessee, trusteewhere the Equipment may be or where Lessor believes the Equipment to be, or assignee shall be appointed for the whole and repossesses all or any part of the Sublessee's propertyEquipment, then in discontinue and separate all thereof from any of said cases, Sublessor lawfully may upon seven days notice other property and using all force necessary or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafter, and without further notice of demand, enter into and upon the Subleased Premises, or any part hereof in the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed permitted by applicable law to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminatedo so. Sublessee Lessee hereby expressly waives any all further rights to possession of the Equipment and all rights claims for injuries suffered through or caused by such repossession. Should any legal proceedings be instituted by Lessor to recover any moneys due or to become due hereunder and/or for possession of redemption granted any or all of the Equipment, Lessee shall pay all expenses incurred by Lessor in exercising or under any present attempting to exercise its rights, powers and remedies herein conferred or future laws now or hereafter existing, at law or in the event of Sublessee being evicted or dispossessed for any causeequity, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable collecting or attempting to any amounts collect moneys due or to become due under this Subleasethe Lease, which are not paid within seven (7) business days from the date of the notice of defaultincluding, without limitation, reasonable attorneys' fees and expenses.
Appears in 2 contracts
Samples: Securities Purchase Agreement (Bpi Packaging Technologies Inc), Security Agreement (Bpi Packaging Technologies Inc)
Default. 18.1. If Sublessee The occurrence of any of the following shall constitute a material default in the payment and breach of rent this Lease by SUBLESSEE: (1) Any failure by SUBLESSEE to pay Minimum Rent or Percentage Rent or any other payments monetary sums required of Sublesseeto be paid hereunder, and if Sublessee shall fail to cure said default within seven where such failure continues for three (73) business days after receipt of written notice by SUBLESSOR to SUBLESSEE: (2) The failure to occupy or the abandonment or vacation of said default from Sublessorthe Premises by SUBLESSEE; (3) The repudiation of this Lease by SUBLESSEE, any action by SUBLESSEE which renders performances by SUBLESSEE of its obligations under this Lease impossible, or if Sublessee shall default in any action by SUBLESSEE which demonstrates an intent by SUBLESSEE not to perform an obligation under this Lease or not to continue with the performance of obligations under this Lease; (4) A failure by SUBLESSEE to observe and perform any other provisions of this Lease to be observed or observance performed by SUBLESSEE, where such failure continues for fifteen (15) days after written notice thereof by SUBLESSOR to SUBLESSEE; provided, however, that if the nature of the default is such that the same cannot reasonably be cured within said fifteen (15) day period, SUBLESSEE shall not be deemed to be in default if SUBLESSEE shall within such period commence such cure and thereafter diligently prosecute the same to completion; (5) The making by SUBLESSEE of any other agreement general assignment or condition on its part to be performed or observed, and if Sublessee shall fail to cure said default within ninety (90) days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee shall make an assignment of its property general arrangement for the benefit of creditors; , the filing by or if Sublessee shall file voluntary bankruptcy; against SUBLESSEE of a petition to have SUBLESSEE adjudged bankrupt or if of a petition for reorganization or arrangement under any law relating to bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be (unless, in the case of a petition filed against SUBLESSEE, the Sublessee which remains undischarged for same is dismissed within sixty (60) days), the appointment of a period trustee or receiver to take possession of 60 substantially all of SUBLESSEE'S assets or of SUBLESSEE'S interest in this Lease, where possession is not restored to SUBLESSEE within thirty (30) days, or if a receiverthe attachment, trustee, execution or assignee shall be appointed for other judicial seizure of substantially all of SUBLESSEE'S assets located at the whole Premises or any part of the Sublessee's property, then in any of said cases, Sublessor lawfully may upon seven days notice or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafter, and without further notice of demand, enter into and upon the Subleased Premises, or any part hereof in the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided SUBLESSEE'S interest in this ArticleLease, where such seizure is not discharged within thirty (30) days. The Sublessee shall be liable for a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days from the date of the notice of default.B.
Appears in 2 contracts
Samples: 1 Agreement (American Aircarriers Support Inc), 1 Agreement (American Aircarriers Support Inc)
Default. 18.1. If Sublessee shall default Without in any way restricting any other rights and remedies which the Lessor may have in the payment case of rent the breach or other payments required non-observance or non-performance on the part of Sublesseethe Lessee of any covenant, proviso, condition, restriction or stipulation in this Lease contained, (the “Default”) the Lessor may give to the Lessee written notice requiring the Lessee to remedy such Default and if Sublessee shall fail the Lessee fails to cure said default remedy such Default within seven (7) business days after receipt of written notice of said default from Sublessor; or if Sublessee shall default in the performance or observance of any other agreement or condition on its part to be performed or observed, and if Sublessee shall fail to cure said default within ninety (90) days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee shall make an assignment of its property for the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for a period of 60 daysthirty (30) days from the receipt of such notice, or or, in the case of a Default which requires more than thirty (30) days to remedy, if the Lessee fails to commence to remedy such Default within a receiverperiod of thirty (30) days from the receipt of such notice and thereafter diligently continue in its best efforts until such Default has been completely remedied, trustee, or assignee this Lease shall thereupon terminate and it shall be appointed lawful for the whole or any part of the Sublessee's propertyLessor, then in any of said cases, Sublessor lawfully may upon seven days notice or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafter, and without further notice of demand, to enter into and upon the Subleased Premises, Demised Estate (or any part hereof thereof in the name of the whole), to re-enter and hold the Subleased Premises as if same to have again, repossess and enjoy, anything in this Sublease had not been madeLease contained to the contrary notwithstanding, and, should the Lessor so elect by notice to the Lessee within thirty (30) days of exercising this right, any or all xxxxx which the Lessee may have drilled on the Said Lands, including all tools, machinery, buildings, erections, equipment and expel Sublessee materials (the “Equipment”) which the Lessee may have placed on the Said Lands for the express purpose of producing Leased Substances shall become the property of the Lessor free and those claiming under it, and remove its or their property without being taken or deemed to be guilty clear of any manner of trespass (claim or Sublessor may send written notice to Sublessee interest of the termination of this SubleaseLessee and the Lessee shall assign to the Lessor, and upon entry as aforesaid (or in without consideration, the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the noticewellbore(s), the term Equipment, the surface rights of the Said Lands and any regulatory permits or licences which the Lessor may request; provided that, nothing in this clause 18. contained shall relieve the Lessee from its obligations under clause 20. (Removal of the Lessee’s Equipment) unless and to the extent that the Lessor elects to take over the xxxxx and Equipment or any portion thereof. Without derogating from the foregoing provisions of this Sublease shall terminate. Sublessee hereby expressly waives clause 18, if the Demised Estate or a part thereof is included in any plan of unitization to which the Lessor has consented and all rights a Default occurs which does not relate wholly or partly to the portion of redemption granted by or under any present or future laws the Said Lands included in the event plan of Sublessee being evicted or dispossessed for any causeunitization, or then the Lessor shall have the right to terminate this Lease in the event Sublessor terminates this Sublease as manner provided in this Article. The Sublessee shall be liable clause for a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days from the date portion of the notice Said Lands not included in the plan of defaultunitization.
Appears in 2 contracts
Samples: Petroleum Lease, www.perpetualenergyinc.com
Default. 18.1. 14.1 If Sublessee Tenant shall be in default in the payment of rent rental or any other payments required charges provided for herein and such default shall continue for a period of Sublessee, and if Sublessee shall fail to cure said default within seven five (75) business days after receipt of written notice of said default from Sublessor; Landlord to Tenant, or if Sublessee Tenant shall be in default in the performance or observance of any of the other agreement covenants, promises or condition on its part agreements herein contained for Tenant to be kept and performed and such default shall continue for thirty (30) days after Landlord shall have notified Tenant in writing of the existence of such default, or observedif Tenant is adjudicated a bankrupt, or if a receiver is appointed for Tenant’s property, including Tenant’s interest in the Leased Premises, and if Sublessee shall fail to cure said default such receiver is not removed within ninety thirty (9030) days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; or if any person shall levy uponappointment, or take Sublessee's leasehold interest if, whether voluntarily or involuntarily, Tenant takes advantage of any debtor relief proceeding under present or future law whereby the rent, or any part hereofthereof, upon execution, attachmentis or is proposed to be reduced or payment thereof deferred, or their process of law; or if Sublessee shall make Tenant makes an assignment of its property for the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for a period of 60 days, or if a receiverthe Leased Premises or Tenant’s effects or interest therein shall be levied upon or attached under process against Tenant, trusteenot satisfied or dissolved within thirty (30) days from such levy or attachment, or assignee if Tenant abandons the Leased Premises, then, and in any or all said events, Tenant shall be appointed for the whole or any part of the Sublessee's property, then in any of said cases, Sublessor lawfully may upon seven days notice or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafter, and without further notice of demand, enter into and upon the Subleased Premises, or any part hereof in the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty have breached this Lease and Landlord shall have the right at its option, without limitation of any manner of trespass (or Sublessor may send written notice other rights available to Sublessee of the termination of this Sublease, and upon entry as aforesaid (Landlord at law or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days from the date of the notice of default.equity to:
Appears in 2 contracts
Samples: Confirmation Agreement (Vera Bradley, Inc.), Confirmation Agreement (Vera Bradley, Inc.)
Default. 18.1If Lessor considers that Lessee has not complied with any of the covenants, conditions or obligations hereunder, whether express or implied, Lessor shall notify Lessee, in writing, by certified mail, setting out specifically in what respects it is claimed that Lessee has breached this Lease. If Sublessee The receipt of such notice by Lessee and the lapse of thirty (30) days thereafter, without Lessee’s curing or commencing and diligently pursuing such action which is necessary to cure the alleged breaches shall be a default hereunder. Upon such default, Lessor may, at its option, terminate this Lease. Whether or not Lessor so terminates this Lease, Lessor has all of its rights and remedies under the law and this Lease with respect to such default. Notwithstanding any contrary provision in the payment foregoing paragraph, if Lessee fails to make any of rent the payments due under Articles 3, 4, 6 or other payments required of Sublessee, and if Sublessee shall fail to cure said default 10 herein within seven thirty (730) business days after receipt of written notice of said such failure from Lessor, this Lease shall terminate absolutely; provided, however, that any termination for whatever reason shall not excuse Lessee from performing all obligations incurred under the terms of this Lease prior to such termination. In the event that Lessee, in good faith, contests the default from Sublessor; or if Sublessee shall default in the performance or observance of any other agreement or condition on its part to be performed or observed, and if Sublessee shall fail to cure said default by court action within ninety thirty (9030) days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee shall make an assignment of its property for the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for a period of 60 days, or if a receiver, trustee, or assignee shall be appointed for the whole or any part of the Sublessee's property, then in any of said cases, Sublessor lawfully may upon seven days notice or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafterby Lessee, and without further notice of demand, enter into Lessee continues to pay the payments required and upon perform the Subleased Premises, or any part hereof in the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination other obligations of this SubleaseLease, this Lease shall not be terminated until a final decision has been reached that a default exists; Lessee shall have thirty (30) days within which to cure or commence and upon entry diligently pursue such actions necessary to cure the default or such other reasonable time as aforesaid (the parties shall mutually agree or in the event that Sublessor court shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminatedetermine. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in In the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due termination under this SubleaseArticle 15, which are not paid within seven (7) business days Lessee shall have the right to remove, pursuant to Article 17, its property and equipment from the date Red Rock Mineral Prospect, as hereinafter provided, but only after Lessee has performed all of its accrued obligations under this Lease. Until such performance by Lessee, Lessor shall have a lien upon all of Lessee’s property and improvements located on the notice of defaultRed Rock Mineral Prospect.
Appears in 2 contracts
Samples: Red Rock Mineral Lease (Sagebrush Gold Ltd.), Red Rock Mineral Lease (Sagebrush Gold Ltd.)
Default. 18.1. If Sublessee Any of the following shall default in the payment of constitute a "default" hereunder: (a) Lessee fails to pay when due any rent or any other payments sum required of Sublessee, to be paid hereunder and if Sublessee shall fail to cure said default within seven (7) business such failure continues for ten days after receipt of from written notice of said default thereof from SublessorLessor; (b) Lessee fails to observe, keep or if Sublessee shall default in the performance or observance of perform any other agreement term, covenant or condition on its part to be performed or observed, of this Lease and if Sublessee shall fail to cure said default within ninety (90) such failure continues for thirty days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of from written notice of said default thereof from SublessorLessor; (c) Lessee becomes insolvent or if any person shall levy uponadmits in writing its inability to pay or fails to pay its debts as they become due, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee shall make makes an assignment of its property for the benefit of its creditors, or applies for or acquiesces in the appointment of a receiver, trustee or other custodian for any of its properties or assets; (d) any proceeding shall be commenced by or if Sublessee shall file voluntary bankruptcy; against Lessee for any relief which includes, or if might result in, any modification of the obligations of Lessee under this Lease or relief under any bankruptcy or insolvency proceedings laws or other laws relating to the relief of debtors, adjustment of indebtedness, reorganization, composition or extension, unless, in the case of an involuntary proceeding not consented to or acquiesced in by Lessee, such proceeding shall be have been dismissed within 90 days after the same shall have been commenced (provided that this Lease shall terminate automatically if Lessee fails to pay any rent when due hereunder after a proceeding has been commenced by Sublessee or an involuntary bankruptcy shall be filed against Lessee under the Sublessee which remains undischarged for a period United States Bankruptcy Code); (e) Lessee voluntarily or involuntarily, by operation of 60 dayslaw or otherwise, removes, sells, transfers, assigns, grants any security interest in, pledges, hypothecates, encumbers, parts with possession of or sublets this Lease or any Furniture, or if a receiverattempts to do so, trustee, except only as and to the extent expressly permitted hereby; or assignee shall be appointed for the whole or any part of the Sublessee's property, then in any of said cases, Sublessor lawfully may upon seven days notice or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafter, and without further notice of demand, enter into and upon the Subleased Premises, or any part hereof in the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5thf) day next following the date of the sending of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the Lessee commits an event of Sublessee being evicted or dispossessed for any cause, or in default under the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days from the date of the notice of default.
Appears in 2 contracts
Samples: Sublease Agreement (Liberate Technologies), Equipment Lease (Liberate Technologies)
Default. 18.1. If Sublessee A. Tenant shall be in default hereunder in any of the following events: (i) Tenant shall fail to pay rent within ten (10) days of the due date thereof or to pay any other monetary amount due hereunder within five (5) days following written notice thereof; (ii) Tenant shall fail to perform any of its other obligations under this Agreement and such default shall not have been remedied within thirty (30) days after Tenant’s receipt of written notice from Landlord specifying such default and requiring it to be remedied or such additional time as is reasonably required to correct any such default; or (iii) Tenant shall default in the payment observance of rent or other payments required of Sublessee, and if Sublessee shall fail to cure said default within seven (7) business days after receipt of written Tenant’s insurance requirements for which there will be no notice of said default from Sublessor; or if Sublessee shall default in the performance cure period or observance of any other agreement (iv) be dissolved or condition on its part judicially declared bankrupt or insolvent according to be performed or observedlaw, and if Sublessee shall fail to cure said default within ninety (90) days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; or if any person assignment shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process be made of law; or if Sublessee shall make an assignment the property of its property Tenant for the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for a period of 60 days, or if a receiver, trusteeguardian, conservator, trustee in involuntary bankruptcy or assignee other similar officer shall be appointed to take charge of all or any substantial part of Tenant’s property by a court of competent jurisdiction, or if a petition shall be filed for the whole reorganization of Tenant under any provisions of law now or any part of the Sublessee's propertyhereafter enacted, then in any of said casesand such proceeding is not dismissed within forty-five (45) days after it is begun, Sublessor lawfully may upon seven days notice or if Tenant shall file a petition for such notice reorganization, or for arrangements under any provisions of such laws providing a plan for a debtor to settle, satisfy, or extend the time for the payment of debt, Landlord shall adversely affect be entitled to all remedies available at law and equity, including, without limitation, the rights remedy of the Sublessor in any bankruptcy or receivershipforcible entry and detainer, then immediately, and Landlord may immediately or at any time thereafter without further demand or notice, mail a notice of termination of this Agreement addressed to the Tenant at its address as noted in Section 24 and thereby terminate this Agreement, and thereafter, and without further notice of demandif Tenant has vacated the Premises, then Landlord may enter into and upon the Subleased Premises, or any part hereof in Premises and repossess the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, same and remove its or their property without being taken or deemed to be guilty any effects of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (Tenant in accordance with applicable law or in the event that Sublessor shall sent to Sublessee notice of termination as above providedTenant has not vacated the Premises, on evict Tenant from the fifth (5th) day next following the date Premises using any method then permitted by applicable law, all of the sending of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall foregoing to be liable for a 5% late charge applicable without prejudice to any amounts due under this Sublease, remedies which are not paid within seven (7) business days from the date might otherwise be used for arrears of the notice rent or preceding breach of defaultcovenant.
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement
Default. 18.1. If Sublessee shall default in This lease is made upon the payment of rent or other payments required of Sublessee, and express condition that if Sublessee shall fail the Lessee fails to cure said default within seven (7) business days after receipt of written notice of said default from Sublessor; or if Sublessee shall default in pay the performance or observance of any other agreement or condition on its part to be performed or observed, and if Sublessee shall fail to cure said default within ninety (90) days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; or if any person shall levy upon, or take Sublessee's leasehold interest rental reserved herein or any part hereof, upon execution, attachment, or their process of law; or if Sublessee thereof after the same shall make an assignment of its property for the benefit of creditors; or if Sublessee become due and such failure shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged continue for a period of 60 daysfive (5) days without the necessity of written notice thereof from the Lessor to Lessee, or if a receiverit the Lessee fails or neglects to perform, trustee, meet or assignee shall be appointed for the whole or observe any part of the Sublessee's propertyLessees other obligations hereunder and such failure or neglect shall continue for a period of thirty (30) days after written notice thereof from the Lessor to the Lessee, then in any of said casesthe Lessor, Sublessor lawfully may upon seven days notice or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafter, by written notice to the Lessee, may lawfully declare the termination hereof and without further notice of demand, enter into and upon the Subleased Premises, reenter said premises or any part hereof in thereof and by due process of law expel and remove the name Lessee or any person or persons occupying the premises and may remove all personal property therefrom without prejudice to any remedies which might otherwise be used for the collection or arrears or rent or for other defaults of the wholecovenants, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its conditions or their property without being taken or deemed to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination terms of this Sublease, and upon entry as aforesaid (or in Lease. In the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due under this Sublease, which are monthly rental payable hereunder is not paid within seven (7) business days from day grace period then the date Lessee shall, in addition to the monthly rental reserve, pay to the Lessor, a sum equal to five percent (5%) of the notice rent dues as a late charge in addition to the actual rental due and said late chare shall be additional rental due hereunder. Notwithstanding any other provisions of this Lease, where the curing of an alleged default requires mores than the payment of money, and the work of curing said default cannot be reasonably accomplished within the time permitted and the Lessee has commenced upon the curing of said default and diligently pursuing same, the Lessee shall be entitled to reasonable time extensions to permit the completion of work of curing said default, as a condition precedent to any re-entry by the Lessor termination of the Lease by Lessor.
Appears in 2 contracts
Samples: Lease Agreement (Intelligent Motor Cars Group Inc), Lease Agreement (Intelligent Motor Cars Group Inc)
Default. 18.1(1) If Tenant defaults in fulfilling any of the covenants of this lease other than the covenants for the payment of rent; or if the demised premises become deserted; or if any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon the demised premises shall be taken or occupied by someone other than Tenant; of if this lease be rejected under Section 365 of Title II of the U.S. Code (Bankruptcy Code)* (17.3);; then, in any one or more of such events, upon Owner serving a written (17.1) days notice upon Tenant specifying the nature of said default and upon the expiration of said(17.1), if Tenant shall have failed to comply with or remedy such default, or if the said default or omission complained of shall be of a nature that the same cannot be completely cured or remedied within said) (17.1)day period, and if Tenant shall not have diligently commenced curing such default within such (17.1) day period, and shall not thereafter with reasonable diligence and in good faith proceed to remedy or cure such default, then Owner may serve a written five (5) days notice of cancellation of this lease upon Tenant, and upon the expiration of said five (5) days, this lease and the term thereunder shall end and expire as fully and completely as if the expiration of such five (5) day period were the day herein definitely fixed for the end and expiration of this lease and the term thereof and Tenant shall then quit and surrender the demised premises to Owner but Tenant shall remain liable as hereinafter provided. (2) If Sublessee the notice provided for in (1) hereof shall have been given, and the term shall expire as aforesaid; or if Tenant shall make default in the payment of the rent reserved (17.4) or other payments required of Sublessee, and if Sublessee shall fail to cure said default within seven (7) business days after receipt of written notice of said default from Sublessor; or if Sublessee shall default in the performance or observance of making any other agreement or condition on its part to be performed or observed, payment herein required; then and if Sublessee shall fail to cure said default within ninety (90) days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee shall make an assignment of its property for the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for a period of 60 days, or if a receiver, trustee, or assignee shall be appointed for the whole or any part of the Sublessee's property, then in any of said casessuch events Owner may without notice, Sublessor lawfully may upon seven days notice re-enter the demised premises either by force or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafterotherwise, and without further notice dispossess Tenant by summary proceedings or otherwise, and the legal representative of demand, enter into Tenant or other occupant of demised premises and upon the Subleased Premises, or any part hereof in the name of the whole, remove their effects and hold the Subleased Premises premises as if this Sublease lease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty Tenant hereby waives the service of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date intention to re-enter or to institute legal proceedings to that end. Remedies of the sending Owner and Waiver of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days from the date of the notice of default.Redemption:
Appears in 2 contracts
Samples: Lease Agreement, Swiss Army Brands Inc
Default. 18.1. If Sublessee BANKRUPTCY In the event that: (a) Tenant shall default in the payment of any installment of rent or other payments required sum herein specified and such default shall not have been cured within five (5) days; or (b) Tenant shall vacate or abandon all or any part of Sublessee, and if Sublessee shall the Premises or fail to cure said continuously occupy the Premises, such circumstances not having been cured within five (5) days; or (c) Tenant shall materially default in the observance or performance of any other of Tenant’s covenants, agreements or obligations hereunder, such default not having been cured within seven (7) business five 5 days after receipt of receiving written notice of said default from Sublessorsuch material default; or if Sublessee (d) Tenant shall default suffer a material adverse change in the performance it’s business, as determined by Landlord; or observance of any other agreement or condition on its part to be performed or observed, and if Sublessee shall fail to cure said default within ninety (90e) days or such longer period as Tenant shall be reasonably required so long as the Sublessee declared bankrupt or insolvent according to law, or, if any assignment shall be diligently pursuing such cure after receipt made of written notice of said default from Sublessor; or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee shall make an assignment of its Tenant’s property for the benefit of creditors; , provided, then Landlord shall have the right to proceed with summary process to remove Tenant from the Premises. In the event of default by Tenant, Tenant shall pay to Landlord all costs and expenses incurred in enforcing the terms of this Lease, including reasonable attorneys’ fees, whether or if Sublessee not legal proceedings are instituted. Tenant shall file voluntary bankruptcy; indemnify the Landlord against all loss of rent and other payments, which the Landlord may incur by reason of such termination during the balance of the Term of this Lease. If Tenant shall default in the observance or if performance of any bankruptcy conditions or insolvency proceedings covenants on Tenant’s part to be observed or performed hereunder or by virtue of any of the provisions in any article of this Lease other than Tenant’s rental payment obligations, Landlord, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the Tenant. If the Landlord makes any expenditures or incurs any obligations for the payment of money in connection therewith, including but not limited to, all attorney’s fees in instituting, prosecuting or defending any action or proceeding, such sums paid or obligations incurred, with interest at the rate of two (2%) percent per month and costs, shall be commenced paid to the Landlord by Sublessee or an involuntary bankruptcy the Tenant as Additional Rent upon written notice from Landlord to Tenant of such costs and expenses. Notwithstanding anything contained in this Lease to the contrary, Landlord shall not be filed against in default in the Sublessee which remains undischarged for a period performance of 60 any of Landlord’s obligations under this Lease unless and until Landlord shall have failed to perform such obligations within thirty (30) days, or if a receiversuch additional time as is required to correct any such default, trusteeafter receipt of written notice from Tenant to Landlord specifying wherein Landlord has failed to perform any such obligation. If Tenant claims or asserts that Landlord is in default in the performance of Landlord’s obligations under this Lease, or assignee Tenant shall not be relieved of Tenant’s obligations under this Lease and Tenant’s sole remedy shall be appointed an action for specific performance, declaratory judgment or injunction and in no event shall Tenant be entitled to any money damages or to terminate this Lease and in no event shall Tenant claim or assert any claim for money damages in any action or by way of set-off, defense or counterclaim and Tenant hereby specifically waives the whole right to any money damages, to terminate this Lease or any part of the Sublessee's property, then in any of said cases, Sublessor lawfully may upon seven days notice or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediately, or other remedies available at any time thereafter, and without further notice of demand, enter into and upon the Subleased Premises, or any part hereof in the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (law or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days from the date of the notice of defaultequity.
Appears in 2 contracts
Samples: Lease (Acacia Communications, Inc.), Commercial Lease (Acacia Communications, Inc.)
Default. 18.1If Lessor considers that Lessee has not complied with any of the covenants, conditions or obligations hereunder, whether express or implied, Lessor shall notify Lessee, in writing, by certified mail, setting out specifically in what respects it is claimed that Lessee has breached this Lease. If Sublessee The receipt of such notice by Lessee and the lapse of thirty (30) days thereafter, without Lessee’s curing or commencing and diligently pursuing such action which is necessary to cure the alleged breaches shall be a default hereunder. Upon such default, Lessor may, at its option, terminate this Lease. Whether or not Lessor so terminates this Lease, Lessor has all of its rights and remedies under the law and this Lease with respect to such default. Notwithstanding any contrary provision in the payment foregoing paragraph, if Lessee fails to make any of rent the payments due under Articles 3, 4, 6 or other payments required of Sublessee, and if Sublessee shall fail to cure said default 10 herein within seven thirty (730) business days after receipt of written notice of said such failure from Lessor, this Lease shall terminate absolutely; provided, however, that any termination for whatever reason shall not excuse Lessee from performing all obligations incurred under the terms of this Lease prior to such termination. In the event that Lessee, in good faith, contests the default from Sublessor; or if Sublessee shall default in the performance or observance of any other agreement or condition on its part to be performed or observed, and if Sublessee shall fail to cure said default by court action within ninety thirty (9030) days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee shall make an assignment of its property for the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for a period of 60 days, or if a receiver, trustee, or assignee shall be appointed for the whole or any part of the Sublessee's property, then in any of said cases, Sublessor lawfully may upon seven days notice or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafterby Lessee, and without further notice of demand, enter into Lessee continues to pay the payments required and upon perform the Subleased Premises, or any part hereof in the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination other obligations of this SubleaseLease, this Lease shall not be terminated until a final decision has been reached that a default exists; Lessee shall have thirty (30) days within which to cure or commence and upon entry diligently pursue such actions necessary to cure the default or such other reasonable time as aforesaid (the parties shall mutually agree or in the event that Sublessor court shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminatedetermine. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in In the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due termination under this SubleaseArticle 15, which are not paid within seven (7) business days Lessee shall have the right to remove, pursuant to Article 17, its property and equipment from the date North Battle Mountain Mineral Prospect, as hereinafter provided, but only after Lessee has performed all of its accrued obligations under this Lease. Until such performance by Lessee, Lessor shall have a lien upon all of Lessee’s property and improvements located on the notice of defaultNorth Battle Mountain Mineral Prospect.
Appears in 2 contracts
Samples: North Battle Mountain Mineral Lease (Sagebrush Gold Ltd.), North Battle Mountain Mineral Lease (Sagebrush Gold Ltd.)
Default. 18.1. If Sublessee shall Borrower will be in default in if any of the following happens: (a) "Borrower fails to make any payment when due which is not cured by Borrower within ten (10) days of rent or other payments required of Sublessee, and if Sublessee shall fail to cure said default within seven (7) business days after receipt of written notice of said default from Sublessor; thereof". (b) Borrower breaks any promise Borrower has made to Lender, or if Sublessee shall default Borrower fails to comply with or to perform when due any other term, obligation, covenant, or condition contained in the performance this Note or observance of any agreement related to this Note, or in any other agreement or condition loan Borrower has with Lender. (c) Any representation or statement made or furnished to Lender by Borrower or on its part to be performed Xxxxxxxx's behalf is false or observedmisleading in any meterial respect either now or at the time made or furnished. (x) Xxxxxxxx becomes insolvent, and if Sublessee shall fail to cure said default within ninety (90) days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; or if any person shall levy upon, or take Sublessee's leasehold interest or a receiver is appointed for any part hereofof Xxxxxxxx's property, upon execution, attachment, or their process of law; or if Sublessee shall make Xxxxxxxx makes an assignment of its property for the benefit of creditors; , or if Sublessee shall file voluntary bankruptcy; any proceeding is commenced either by Borrower or if against Borrower under any bankruptcy or insolvency proceedings shall laws. (e) Any creditor tries to take any of Xxxxxxxx's property on or in which Xxxxxx has a lien or security interest. This includes a garnishment of any of Xxxxxxxx's accounts with Xxxxxx. (g) A material adverse change occurs in Borrower's financial condition, or Xxxxxx believes the prospect of payment or performance of the indebtedness is impaired. If any default, other than a default in payment, is curable and if Borrower has not been given a notice of a breach of the same provision of this Note within the preceding twelve (12) months, it may be commenced by Sublessee cured (and no event of default will have occurred) if Borrower, after receiving written notice from Lender demanding cure of such default: (a) cures the default within ten (10) days; or an involuntary bankruptcy shall be filed against (b) if the Sublessee which remains undischarged for a period of 60 cure requires more than ten (10) days, or if a receiver, trustee, or assignee shall be appointed for the whole or any part of the Sublesseeimmediately initiates steps which Lender deems in Xxxxxx's property, then in any of said cases, Sublessor lawfully may upon seven days notice or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafter, and without further notice of demand, enter into and upon the Subleased Premises, or any part hereof in the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed sole discretion to be guilty of any manner of trespass (or Sublessor may send written notice sufficient to Sublessee of cure the termination of this Sublease, default and upon entry thereafter continues and completes all reasonable and necessary steps sufficient to produce compliance as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination soon as above provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days from the date of the notice of defaultreasonably practical.
Appears in 2 contracts
Default. 18.1. If Sublessee this lease is terminated in accordance with any of ------- the terms herein (with the exception of Paragraph 27), or if Lessee vacates or abandons the Premises or if Lessee shall default in fail at any time to keep or perform any of its covenants or conditions of this lease, i.e. specifically the covenant for the payment of monthly rent or (and such failure is not cured within ten (10) days after written notice thereof by Lessor to Lessee in the case of monetary default and thirty (30) days for all other payments required of Sublesseedefaults under the lease), then, and if Sublessee shall fail to cure said default within seven (7) business days after receipt of written notice of said default from Sublessor; or if Sublessee shall default in the performance or observance of any other agreement or condition on its part to be performed or observed, and if Sublessee shall fail to cure said default within ninety (90) days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee shall make an assignment of its property for the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for a period of 60 days, or if a receiver, trustee, or assignee shall be appointed for the whole or any part of the Sublessee's property, then in any of said casessuch events, Sublessor lawfully Lessor may upon seven days with or without notice or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivershipdemand, then immediately, or at any time thereafterLessor's option, and without further notice being deemed guilty of demandtrespass and/or without prejudicing any remedy or remedies which might otherwise be used by Lessor for arrearages or preceding breach of covenant or condition of this lease, enter into and upon the Subleased Premises, or any part hereof in the name of the whole, and hold the Subleased repossess said Premises as if this Sublease had not been made, and expel Sublessee the Lessee and all those claiming under it, Lessee. In such event Lessor may eject and remove its or their property without being taken or deemed to from said Premises all goods and effects (forcibly if necessary). This lease if not otherwise terminated may immediately be guilty declared by Lessor as terminated, provided however, in the case of any manner non-monetary defaults, if the failure is of trespass such a nature that it cannot be completely remedied within such thirty (or Sublessor may send written notice to Sublessee 30) day period, the failure shall not be a default if Lessee begins correction of the failure within the thirty (30) day period and thereafter proceeds with reasonable diligence to correct the failure as soon as practicable. The termination of this Sublease, and upon entry as aforesaid (or in lease pursuant to this Article shall not relieve Lessee of its obligations to make the payments required herein. In the event that Sublessor shall sent this lease is terminated pursuant to Sublessee notice of termination as above providedthis Article, on or if Lessor enters the fifth (5th) day next following the date Premises without terminating this lease and Lessor relets all or a portion of the sending Premises, Lessee shall be liable to Lessor for all the reasonable costs of reletting, including necessary renovation and alteration of the notice), leased Premises. Lessee shall remain liable for all unpaid rental which has been earned plus late payment charges pursuant to Paragraph 21 and for the remainder of the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed lease for any causedeficiency between the net amounts received following reletting and the gross amounts due from Lessee, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee if Lessor elects, Lessee shall be immediately liable for a 5% late charge applicable all rent and additional rent (Paragraph 19) that would be owing to the end of the term, less any amounts due under this Subleaserental loss Lessee proves could be reasonably avoided, which are not paid within seven (7) business days from amount shall be discounted by the date discount rate of the notice of defaultFederal Reserve Bank, situated nearest to the Premises, plus one percent (1%).
Appears in 2 contracts
Samples: Collaboration and License Agreement, Office Lease (Cell Therapeutics Inc)
Default. 18.117. (1) If Sublessee shall default Tenant defaults in fulfilling any of the covenants of this lease other than the covenants for the payment of rent or other payments required of Sublessee, and if Sublessee shall fail to cure said default within seven (7) business days after receipt of written notice of said default from Sublessoradditional rent; or if Sublessee shall default in the performance demised premises becomes vacant or observance deserted "or if this lease be rejected under [Section] 235 of Title 11 of the U.S. Code (bankruptcy code):" or if any other agreement execution or condition on its part to be performed or observed, and if Sublessee shall fail to cure said default within ninety (90) days or such longer period as attachment shall be reasonably required so long as issued against Tenant or any of Tenant's property whereupon the Sublessee demised premises shall be diligently pursuing such cure after receipt of written notice of said default from Sublessortaken or occupied by someone other than Tenant; or if Tenant shall make default with respect to any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of lawother lease between Owner and Tenant; or if Sublessee Tenant shall make an assignment of its property for the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or if have failed, after five (5) days written notice, to redeposit with Owner any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for a period of 60 days, or if a receiver, trustee, or assignee shall be appointed for the whole or any part portion of the Sublessee's property, then in security deposited hereunder which Owner has applied to the payment of any of said cases, Sublessor lawfully may upon seven days notice rent and additional rent due and payable hereunder or if such notice shall adversely affect the rights failed to move into or take possession of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafter, and without further notice premises within thirty (30) days after the commencement of demand, enter into and upon the Subleased Premises, or any part hereof in the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease lease, of which fact Owner shall terminate. Sublessee hereby expressly waives be the sole judge; then in any one or more of such events, upon Owner serving a written fifteen (15) days notice upon Tenant specifying the nature of said default and all rights upon the expiration of redemption granted by said fifteen (15) days, if Tenant shall have failed to comply with or under any present or future laws in the event of Sublessee being evicted or dispossessed for any causeremedy such default, or in if the event Sublessor terminates this Sublease as provided in this Article. The Sublessee said default or omission complained of shall be liable for of a nature that the same cannot be completely cured or remedied within said fifteen (15) day period, and if Tenant shall not have diligently commenced during such default within such fifteen (15) day period, and shall not thereafter with reasonable diligence and in good faith, proceed to remedy or cure such default, then Owner may serve a written five (5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days from the date of the days' notice of defaultcancellation of this lease upon Tenant, and upon the expiration of said five (5) days this lease and the term thereunder shall end and expire as fully and completely as if the expiration of such five (5) day period were the day herein definitely fixed for the end and expiration of this lease and the term thereof and Tenant shall then quit and surrender the demised premises to Owner but Tenant shall remain liable as hereinafter provided.
Appears in 2 contracts
Samples: Agreement (Younetwork Corp), Younetwork Corp
Default. 18.122.01. If Sublessee This Lease and the term and estate hereby granted are subject to the limitation that whenever Tenant shall default in the payment of rent or other payments required of Sublessee, and if Sublessee shall fail to cure said default within seven (7) business days after receipt of written notice of said default from Sublessor; or if Sublessee shall default in the performance or observance of any other agreement or condition on its part to be performed or observed, and if Sublessee shall fail to cure said default within ninety (90) days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee shall hereafter make an assignment of its property for the benefit of creditors; , or if Sublessee shall file a voluntary bankruptcy; or if petition under any bankruptcy or insolvency proceedings shall be commenced by Sublessee law, or (subject to clause (a) below) an involuntary petition alleging an act of bankruptcy or insolvency shall be filed against Tenant under any bankruptcy or insolvency law, or whenever a petition shall be filed by or (subject to clause (a) below) against Tenant under the Sublessee which remains undischarged reorganization provisions of the United States Bankruptcy Code or under the provisions of any law of like import, or whenever a petition shall be filed by Tenant, under the arrangement provisions of the United States Bankruptcy Code or under the provisions of any law of like import, or whenever a permanent receiver of Tenant, or of or for a period the property of 60 Tenant, shall be appointed, then Landlord (a) if such event occurs without the acquiescence of Tenant, as the case may be, at any time after the event continues for ninety (90) days, or if a receiver, trustee, or assignee shall be appointed for the whole or any part of the Sublessee's property, then in any of said cases, Sublessor lawfully may upon seven days notice or (b) if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivershipevent is voluntary by Tenant, then immediately, or at any time thereafterafter the occurrence of any such event, and without further may give Tenant a notice of demand, enter into and upon the Subleased Premises, or any part hereof in the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed intention to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice), end the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in Lease at the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven expiration often (710) business days from the date of the service of such notice of defaultintention, and upon the expiration of said ten (10) day period this Lease and the term and estate hereby granted, whether or not the term shall theretofore have commenced, shall terminate with the same effect as if that day were the Expiration Date of this Lease, but Tenant shall remain liable for damages as provided in Article 24 hereof. Landlord acknowledges that at the time this Lease is executed a segregated account of Tenant is currently subject to a rehabilitation proceeding in Wisconsin and Tenant’s parent company, Ambac Financial Group Inc., is currently subject to a federal bankruptcy proceeding and neither of those current proceedings shall have an adverse affect on this Lease or be considered a default under this Article 22 provided the Lease is not transferred to the segregated account of Tenant, the general account of Tenant does not become encompassed in the rehabilitation proceeding in Wisconsin and Tenant does not become subject to its parent company’s bankruptcy proceeding.
Appears in 2 contracts
Samples: Settlement, Discontinuance and Release Agreement (Ambac Financial Group Inc), Lease (Ambac Financial Group Inc)
Default. 18.1This Lease and Tenant’s right to possession of the Premises is made subject to and conditioned upon Tenant performing all of the covenants and obligations to be performed by Tenant hereunder, at the times and pursuant to terms and conditions set forth herein. If Sublessee The following events shall each be an event of default in the payment of rent by Tenant under this Lease (“Default”): (a) Tenant fails to pay any Rent or other payments required charge when the same is due; (b) Tenant fails to perform any other obligation to be performed by Tenant within the time or times set forth herein; (c) Tenant makes any material misrepresentation, or commits any fraud or criminal act; (d) Tenant shall become insolvent, make a transfer in fraud of Sublesseeits creditors, and if Sublessee make an assignment for the benefit of its creditors, files or has filed against it a petition in bankruptcy, has a receiver, trustee or liquidator appointed over a substantial portion of its property or this Lease, or is adjudicated insolvent; or (e) Tenant vacates or abandons the Premises for more than thirty (30) days. In the event any monetary Default shall fail to cure said default within seven continue for five (75) business days after receipt of written notice of said default from Sublessor; Landlord, or if Sublessee shall default in the performance or observance of event any other agreement or condition on its part to be performed or observed, and if Sublessee non-monetary Default shall fail to cure said default within ninety continue for ten (9010) days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; or if any person shall levy uponLandlord, or take Sublessee's leasehold interest in the event Tenant becomes in Default for the same general reason three (3) or more times during the Term (regardless of whether or not Tenant subsequently cures such Defaults); then, in addition to all other remedies afforded Landlord under this Lease, at law or in equity, Landlord may terminate this Lease, or terminate Tenant’s right of possession to the Premises without terminating this Lease, by delivery of written notice to Tenant. In either event, Landlord shall have the right to dispossess Tenant, or any part hereofother person in occupancy, upon executiontogether with their property, attachmentand re-enter the Premises. No such dispossession of Tenant or re-entry by Landlord, or their process Landlord’s voluntary acceptance of law; the keys to the Premises, shall constitute or if Sublessee shall make be construed as an assignment of its property for the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings election by Landlord to terminate this Lease, unless Landlord delivers written notice to Tenant specifically terminating this Lease. Upon such re-entry, Tenant shall be commenced liable for all expenses incurred by Sublessee Landlord in recovering the Premises including, without limitation, clean-up costs, legal fees, removal, storage or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for a period disposal of 60 days, or if a receiver, trustee, or assignee shall be appointed for the whole or any part of the Sublessee's Tenant’s property, then in and restoration costs. In the event Landlord elects to terminate this Lease, Tenant shall immediately vacate the Premises and pay to Landlord all Rent accrued through the effective date of termination, together with any of said caseslate fees and interest thereon, Sublessor lawfully may upon seven days notice plus an amount equal to all tenant concessions initially granted to Tenant including, but not limited to, any free or if such notice shall adversely affect reduced Rent, any interior finish constructed within the rights of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafter, and without further notice of demand, enter into and upon the Subleased Premises, or any part hereof contribution paid to Tenant in lieu thereof. In addition thereto, the remainder of the Rent payable by Tenant through the Expiration Date of this Lease, less the fair market rental value of the Premises over the same period (net of all expenses and vacancy periods reasonably projected by Landlord to be incurred in connection with the reletting of the Premises) shall be accelerated and become immediately due and payable. In the event Landlord elects not to terminate this Lease, but only to terminate Tenant’s right of possession to the Premises, Tenant shall immediately vacate the Premises and pay to Landlord all Rent accrued through the effective date of repossession, together with any late fees and interest thereon. Upon repossession, Landlord may use reasonable efforts to mitigate its damages and relet the Premises upon terms and conditions satisfactory to Landlord; however, Landlord shall have no duty to prioritize the reletting of the Premises over the leasing of other vacant space within the Property. Tenant shall remain liable for all Rent accruing after the date of repossession (together with all late fees and interest), payable monthly as such Rent accrues, in an amount equal to the Rent payable under this Lease, less the rent (if any) collected by Landlord from any reletting. Landlord shall have the right to make repairs, alterations, and additions in or to the Premises and redecorate and remodel the same to the extent deemed necessary by Landlord in connection with any reletting of the Premises; and Tenant shall pay to Landlord the cost thereof within fifteen (15) days after receipt of Landlord’s statement. In addition to any other remedy afforded Landlord under this Lease, Tenant hereby grants to Landlord a continuing security interest in all of Tenant’s goods, wares, equipment, fixtures, furniture, and all proceeds thereof (collectively, “Security”) situated within the Premises. In the event Tenant shall be in Default under this Lease, Tenant shall not remove any such Security from the Premises without the prior written consent of Landlord; and Landlord shall have all rights and remedies under the Uniform Commercial Code including, without limitation, the right to sell such Security at public or private sale upon five (5) days’ prior written notice to Tenant. Tenant hereby agrees to execute financing statements and other reasonable instruments necessary or desirable, in Landlord’s discretion, to perfect any security interest hereby created; and, in the event Tenant should fail or refuse to execute any such financing statements or instruments, Landlord shall be granted a limited power of attorney to execute such statements/instruments in the name and on behalf of Tenant and perfect Landlord’s security interest in the Security. The lien hereby created shall be in addition to any statutory lien granted under the laws of the wholeState of Minnesota. No action by Tenant after final judgment for possession of the Premises shall reinstate this Lease, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly Tenant waives any and all rights of redemption granted by or under in the event Tenant is judicially dispossessed. Should Landlord elect not to exercise any present or future laws of its rights in the event of Sublessee being evicted a Default, it shall not be deemed a waiver of such rights as to subsequent Defaults. No payment by Tenant or dispossessed for receipt by Landlord of a lesser amount than that stipulated to be paid shall be deemed to be anything other than a payment on account; nor shall any causeendorsement or statement on any check or letter accompanying any payment be deemed an accord and satisfaction; and Landlord may accept any payment without prejudice to Landlord’s right to recover the balance or pursue any other remedy under this Lease. Landlord reserves the right to apply any monies received from Tenant, regardless of how designated, to any outstanding Rent, interest, late fees or other amounts then owed to Landlord under this Lease. All of the aforesaid rights of Landlord shall be in addition to any remedies which Landlord may have at law or in equity; Landlord shall have the event Sublessor terminates right to pursue any one or all of such remedies; and no election of remedy by Landlord shall preclude Landlord from subsequently pursuing any of Landlord’s other remedies. Tenant shall pay all costs and attorney’s fees incurred by Landlord from enforcing the covenants of this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days from the date of the notice of defaultLease.
Appears in 2 contracts
Samples: Office Building Lease (Eargo, Inc.), Office Building Lease (Eargo, Inc.)
Default. 18.1If there exists any Event of Default, as defined below, under the terms of this Note or under the terms of the Construction Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing ("Deed of Trust"), or any other document executed in connection with this Note (herein called "Loan Documents"), Payee or the holder hereof is expressly authorized without notice or demand of any kind to make all sums of Interest and principal and any other sums owing under this Note immediately due and payable and to apply all payments made on this Note or any of the Loan Documents to the payment of any such part of any Event of Default as it may elect. If Sublessee An Event of Default shall be either (1) a default in the payment of rent or other payments required of Sublessee, and if Sublessee shall fail to cure said default within seven (7) business days after receipt of written notice of said default from Sublessor; or if Sublessee shall default in the performance or observance of any other agreement or condition on its part to be performed or observed, and if Sublessee shall fail to cure said default within ninety (90) days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee shall make an assignment of its property for the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for a period of 60 days, or if a receiver, trustee, or assignee shall be appointed for the whole or in any part of the Sublessee's propertyseveral installments of this Note when due, then or (2) any of the Events of Default contained in any of said casesthe Loan Documents. At any time after an Event of Default the entire unpaid balance of principal, Sublessor lawfully may upon seven days notice or if such notice shall adversely affect together with Interest accrued thereon, shall, at the rights option of the Sublessor legal holder hereof and without notice (except as specified in any bankruptcy or receivership, then immediately, or at any time thereafter, Loan Documents) and without further notice demand or presentment, become due and payable at the place of demand, enter into and upon the Subleased Premises, payment. Anything contained herein or in any part hereof in the name of the wholeLoan Documents to the contrary notwithstanding, the principal balance together with accrued Interest thereon so accelerated and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry declared due as aforesaid (or in the event that Sublessor shall sent continue to Sublessee notice of termination as above provided, bear Interest and shall include compensation for late payments on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all overdue installments as described above. If an Event of Default has occurred, the failure of Payee or the holder hereof to promptly exercise its rights to declare the indebtedness remaining unpaid hereunder to be immediately due and payable shall not constitute a waiver of redemption granted by or under such rights while such Event of Default continues nor a waiver of such right in connection with any present or future laws in the event Event of Sublessee being evicted or dispossessed Default. Maker hereby waives presentment for any causepayment, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable protest and demand, and notice of protest, demand, dishonor, nonpayment and nonperformance including notice of dishonor with respect to any amounts check or draft used in payment of any sum due under this Sublease, which are not paid within seven (7) business days from the date of the notice of defaulthereunder.
Appears in 2 contracts
Samples: Promissory Note (Redwood Mortgage Investors IX), Redwood Mortgage Investors IX
Default. 18.1. 4.1 (a) If Sublessee shall default in the payment of rent or other payments required of Sublessee, and if Sublessee shall fail to cure said default within seven (7) business days after receipt of written notice of said default from Sublessor; or if Sublessee Lessee shall default in the performance or observance of any other agreement or condition on of its part to be performed or observedobligations set forth in Article I hereof, and if Sublessee such default shall fail to cure said default within ninety continue for ten (9010) days after written notice from Lessor to Lessee specifying any other default or defaults, Lessee has not commenced diligently to correct the default or defaults so specified or has not thereafter diligently pursued such longer period as correction to completion, or (b) if any assignment shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee shall make an assignment of its property made by Lessee for the benefit of creditors; , or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings (c) If the Lessee's leasehold interest shall be commenced taken on execution, or (d) a petition is filed by Sublessee Lessee for adjudication as a bankrupt, or for reorganization or an arrangement under any provision of the Bankruptcy Act as then in force and effect, or (e) any involuntary bankruptcy shall be petition under any of the provisions of the said Bankruptcy Act is filed against the Sublessee which remains undischarged for a period of 60 days, or if a receiver, trustee, or assignee shall be appointed for the whole or any part of the Sublessee's propertyLessee and such involuntary petition is not dismissed within thirty (30) days thereafter, then and in any of said casessuch cases Lessor may lawfully, Sublessor lawfully may upon seven days notice or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediately, immediately or at any time thereafter, and without further notice of or demand, and without prejudice to any other remedies either enter into and upon the Subleased Premises, Premises or any part hereof thereof, in the name of the whole, or mail a notice of termination addressed to Lessee at the Premises, and hold upon such entry or mailing, this Lease shall terminate, cease and be at an end. In the Subleased event that this Lease is terminated under any of the foregoing provisions contained in this Article IV, or otherwise for breach of Lessee's obligations hereunder, Lessee covenants to pay forthwith to Lessor as compensation the excess of the total rent reserved for the residue of the term over the fair rental value of the Premises for said residue. This covenant shall run with the land and in calculating the rent reserved there shall be included the value of all other considerations agreed to be paid or performed by Lessee for such residue of the term, and Lessee further covenants as an additional and cumulative obligation after any such ending to pay punctually to Lessor all the sums and perform all the obligations which Lessee covenants in this Lease to pay and to perform in the same manner and to the same extent and at the same times as if this Sublease Lease had not been madeterminated. In calculating the amounts to be paid by Lessee under the foregoing covenant, Lessee shall be credited with any amount actually paid to Lessor as compensation as hereinbefore provided and also with any additional rent actually obtained by Lessor by reletting the Premises, after deducting the expenses of collecting the same. Nothing therein contained shall, however, limit or prejudice the right of Lessor to prove for and obtain in proceedings for bankruptcy or insolvency or arrangement with creditors as liquidated damages by reason of such determination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and expel Sublessee and those claiming under itgoverning the proceedings in which, and remove its such damages are to be proved, whether or their property without being taken not such amount be greater, equal to, or less than the amounts referred to above. The term "Lessee" as used in this Article IV shall be deemed to be guilty include the Guarantor, if any, of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days from the date of the notice of defaultLessee's obligations hereunder.
Appears in 2 contracts
Samples: Geerlings & Wade Inc, Geerlings & Wade Inc
Default. 18.1. (a) If Sublessee shall default in the payment of lessee fails to pay any rent or other payments required of Sublessee, and if Sublessee shall fail to cure said default amount herein provided within seven ten (710) business days after receipt of written notice of said default from Sublessor; the same is due and payable, or if Sublessee shall default in the performance or observance of lessee fails to perform any other agreement or condition on its part to be performed or observed, and if Sublessee shall fail to cure said default provision hereof within ninety ten (9010) days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default thereof from Sublessor; lessor, or if any person shall levy uponlessee dies or ceases to exist, or take Sublessee's leasehold interest or any part hereofif lessee is adjudicated a bankrupt, upon executionsuspends business, attachmentbecomes insolvent, or their process of law; or if Sublessee shall make makes an assignment of its property for the benefit of creditors; creditors or enters into or petitions for a creditor's arrangement or if Sublessee shall file voluntary bankruptcy; an attachment be levied or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall a lien be filed against the Sublessee which remains undischarged for a period any of 60 days, lessee's property or against equipment or if a receiver, trustee, or assignee shall receiver be appointed for the whole or any part of the Sublessee's property, then in any of said caseslessee's property or should the lessee fail to use such equipment strictly in compliance with all municipal, Sublessor lawfully may upon seven days notice or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, state and federal regulatory agency requirements then immediately, or at any time thereafter, and without further notice of demand, enter into and upon the Subleased Premiseshappening of any of such events the entire balance of the rent called for by this lease shall, at the election of lessor, become forthwith due and owing or any guarantor of this lease defaults on any obligation to lessor or any of the above listed events of default occur with respect to any guarantor or any such guarantor files or has filed against it a petition under bankruptcy law; and lessor shall have the right, but shall not be obligated, to exercise any one or more of the following remedies: (i) sue for and recover all rents and other amounts then xccrued, due and owing, or any part hereof thereafter accruing under this lease; including the estimated residual value for the equipment if such equipment has not been returned to or has been disposed by lessor as set forth herein and including "taxes" described in the name Paragraph 12 of this document; (ii) take possession of the wholeequipment and for the purpose thereof may enter the premises on which equipment is located without court order or other process of law (damages occasioned by such taking are expressly waived by lessee), and hold thereupon lessee's right to possession and use of equipment shall terminate, but lessee shall be and remain liable for the Subleased Premises total rent for the term as set forth in Paragraph 5 hereof; (iii) sell or lease any or all items of equipment at public or private sale for cash or on credit, or, if this Sublease had not been madeleased, to such persons and upon such terms as lessor shall elect, and expel Sublessee recover from lessee all costs of taking possession, storing, repairing and those claiming under itselling or leasing equipment, and remove its or their property without being taken or deemed together with an amount equal to be guilty of any manner of trespass ten percent (or Sublessor may send written notice to Sublessee 10%) of the termination actual cost to lessor of the items of equipment sold or leased and the unpaid balance of the total rent for the initial term of this Sublease, and upon entry lease attributable to the items of equipment sold or leased less the net proceeds of such sale or the total rent under such lease; (iv) terminate this lease as aforesaid to any or all items of equipment; (or v) in the event that Sublessor shall sent lessor elects to Sublessee notice terminate this lease as to any or all items of termination equipment, to recover from lessee as above providedto each item subject to such termination, on the fifth (5th) day next following worth at the date time of such termination, of the sending excess, if any, of the notice), amount of rent reserved herein for said item for the balance of the term hereof over the then reasonable rental value of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights said item for the same period of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days from the date of the notice of defaulttime.
Appears in 2 contracts
Samples: Plastics MFG Co, Plastics MFG Co
Default. 18.1. If Sublessee shall Should Lessee default in the payment of any installment of rent or any other payments required of Sublesseesum when due as herein provided, and if Sublessee shall fail to cure said default within seven (7) business days after receipt of written notice of said default from Sublessor; or if Sublessee shall default in the performance of or observance of breach any other agreement covenant, condition or condition on its part restriction herein provided to be kept or performed by Lessee; or observedshould Lessee fail to take out, pay for, maintain or deliver any of the insurance certificates provided in this Lease to be paid by Lessee at the time and in the manner herein provided, and if Sublessee shall fail to cure said should any such default within ninety or breach continue for a period of thirty (9030) days or from and after written notice thereof is given by Lessor to Lessee (or, except for payment of Rent, for such longer period as shall may be reasonably required so long as provided that Lessee commences to cure the Sublessee shall be breach in a prompt manner and proceeds diligently pursuing thereafter to complete such cure after receipt of cure), then, and in any such event, Lessor may at Lessor’s option terminate this Lease by giving Lessee no less than seven days’ prior written notice of said default from Sublessor; or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon executionand thereupon, attachmentunless such default is cured within such seven days’ period, or their process of law; or if Sublessee this Lease shall make an assignment of its property for cease and terminate and Lessee’s rights in and to the benefit of creditors; or if Sublessee Premises and all buildings and other improvements erected and placed thereon shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for a period of 60 days, or if a receiver, trustee, or assignee shall be appointed for the whole or any part of the Sublessee's property, then in any of said cases, Sublessor lawfully may upon seven days notice or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereaftercease and end, and the Lessor may, without further notice or demand of demandlegal process, re-enter into and upon take possession of said Premises and all buildings and other improvements thereon, remove Lessee and all persons claiming under Lessee therefrom and, except as herein otherwise provided, Lessee and all such persons shall quit and surrender possession of the Subleased PremisesPremises and all buildings and other improvements thereon to Lessor, provided, however, that such termination shall not relieve Lessee from the payment of any sums then due and payable from Lessee or any claim for damages then accrued against Lessee hereunder, and such termination shall not prevent Lessor from recovering any such sums or damages, or from enforcing such obligations or recovering damages for any part hereof default thereof, by any remedy provided by law. Notwithstanding the foregoing, Lessee shall have the right to avoid termination and have this Lease continue in full force and effect provided that it pays any unpaid Rent prior to eviction. Lessor shall use commercially reasonable efforts to relet the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any causesuch termination, or in and the event Sublessor terminates this Sublease as provided in this Article. The Sublessee rents and other sums collected upon any such re-letting shall be liable for a 5% late charge applicable to credited against any amounts due under this Sublease, which are not paid within seven (7) business days from the date of the notice of defaultLessee’s liabilities hereunder.
Appears in 2 contracts
Samples: Lease (Blue Apron Holdings, Inc.), Lease (Blue Apron Holdings, Inc.)
Default. 18.1. (a) If Sublessee shall default in the payment of rent or other payments required of Sublessee, and if Sublessee Lessee shall fail to cure said default pay any rent, additional rent, or other monies due under this Lease within seven fifteen (715) business days after receipt the due date thereof; or shall fail to duly and timely perform any other term, covenant, condition or provision of written notice of said default from Sublessorthis Lease required to be performed; or if Sublessee Lessee shall default in the performance become bankrupt or observance of insolvent, or file any other agreement or condition on its part to be performed or observed, and if Sublessee shall fail to cure said default within ninety (90) days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; or if any person shall levy upondebtor proceedings, or take Sublessee's leasehold interest or have taken against Lessee in any part hereof, upon execution, attachmentcourt pursuant to any statute either of the United States or of any state a petition in bankruptcy or insolvency, or their process for reorganization, or for the appointment of lawa receiver or trustee of all or a portion of Lessee's property; or if Sublessee shall make an assignment of its property for the benefit of creditors, or petition for or enter into an arrangement, or suffer this Lease to be taken under any writ of execution or attachment; or if Sublessee this Lease shall file voluntary bankruptcy; pass to or if any bankruptcy devolve upon, by law or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged otherwise, one other than Lessee except as otherwise provided for a period of 60 days, or if a receiver, trustee, or assignee shall be appointed for the whole or any part of the Sublessee's propertyin this Lease, then in any one or more of such events, upon Lessor serving a written five (5) day notice of default upon Lessee specifying the nature of said casesdefault and if, Sublessor lawfully at the expiration of said five (5) day period, Lessee shall have failed to cure the default then, Lessor may upon seven days give Lessee a three (3) day notice or if of cancellation of this Lease and at the expiration of such three (3) day period, this Lease and the term hereunder shall terminate and come to an end of the date specified in such notice of cancellation, and Lessee shall adversely affect quit and surrender the rights demised premises to Lessor as if the term hereunder ended by expiration of the Sublessor in any bankruptcy or receivershiptime fixed herein. In such event, then immediatelyhowever, or at any time thereafter, and without further notice of demand, enter into and upon the Subleased Premises, or any part hereof in the name of the whole, and hold the Subleased Premises Lessee shall remain liable to Lessor for all monies as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above hereinafter provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days from the date of the notice of default.
Appears in 2 contracts
Samples: Second Lease Consolidation and Extension Agreement (American Portfolios Holdings Inc), Second Lease Consolidation and Extension Agreement (American Portfolios Holdings Inc)
Default. 18.1. If Sublessee Any other provisions in this Lease notwithstanding, it shall be an event of default in the payment (“Event of rent Default”) under this Lease if: (i) Tenant fails to pay any installment of Fixed Rent, Additional Rent or other payments required sum payable by Tenant hereunder when due and such failure continues for a period of Sublessee, and if Sublessee shall fail to cure said default within seven five (75) business days after receipt of written notice of said default from Sublessor; such non-payment be Landlord to Tenant (which written notice shall not be required more than two times in any period of twelve (12) consecutive months), or if Sublessee shall default in the performance (ii) Tenant fails to observe or observance of perform any other covenant or agreement or condition on its part to be performed or observed, of Tenant herein contained and if Sublessee shall fail to cure said default within ninety (90) days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure failure continues after receipt of written notice given by or on behalf of said default from Sublessor; or if any person shall levy uponLandlord to Tenant for more than thirty (30) days, or take Sublessee's leasehold interest (iii) Tenant uses or occupies the Demised Premises other than as permitted hereunder, or (iv) Tenant assigns or sublets, or purports to assign or sublet, the Demised Premises or any part hereof, thereof other than in the manner and upon execution, attachmentthe conditions set forth herein, or their process (v) Tenant abandons or vacates the Demised Premises or, without Landlord’s prior written consent, Tenant removes or attempts to remove or manifests an intention to remove any or all of Tenant’s property from the Demised Premises other than in the ordinary and usual course of business, or (vi) Tenant (which, for purposes of this clause, includes any guarantor hereunder) files a petition commencing a voluntary case, or has filed against it a petition commencing an involuntary case, under the Federal Bankruptcy Code (Title 11 of the Unites States Code), as now or hereafter in effect, or under any similar law; , or files or has filed against it a petition or answer in bankruptcy or for reorganization or for an arrangement pursuant to any state bankruptcy law or any similar state law, and, in the case of any such involuntary action, such action shall not be dismissed, discharged or denied within sixty (60) days after the filing thereof, or Tenant consents or acquiesces in the filing thereof, or (vii) if Sublessee Tenant is a banking organization, Tenant files an application for protection, voluntary liquidation or dissolution applicable to banking organization, or (viii) a custodian, receiver, trustee or liquidator of Tenant or of all or substantially all of Tenant’s property or of the Demised Premises shall be appointed in any proceedings brought by or against Tenant and, in the latter case, such entity shall not be discharged within sixty (60) days after such appointment or Tenant consents to or acquiesces in such appointment, or (ix) Tenant shall generally not pay Tenant’s debts as such debts become due, or shall make an assignment of its property for the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for a period of 60 days, or if a receiver, trusteeshall admit in writing its inability to pay its debts generally as they become due, or assignee shall be appointed for the whole or (x) any part of the Sublessee's property, then in foregoing occurs as to any guarantor or surety of said cases, Sublessor lawfully may upon seven days notice or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediatelyTenant’s performance under this Lease, or at such guarantor or surety defaults on any time thereafter, and without further notice of demand, enter into and upon the Subleased Premises, provision under its guaranty or any part hereof in the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Articlesuretyship agreement. The Sublessee notice and grace period provisions in clauses (i) and (ii) above shall be liable for a 5% late charge have no application to the Events of Default referred to in clauses (iii) through (ix) above or, to the extent applicable to any amounts due under this Sublease, which are not paid within seven (7) business days from the date of the notice of defaultx).
Appears in 2 contracts
Samples: Agreement of Lease (Sinclair Broadcast Group Inc), Agreement of Lease (Sinclair Broadcast Group Inc)
Default. 18.1. If Sublessee shall default in the payment Company does not have a sufficient number of rent or other payments required shares of Sublessee, and if Sublessee shall fail Common Stock available to cure said default within seven (7) business days after satisfy the Company's obligations to a Holder of Debentures upon receipt of written notice a Conversion Notice or is otherwise unable to issue such shares of said default from Sublessor; or if Sublessee Common Stock in accordance with the terms of this Agreement and such condition shall default in the performance or observance of any other agreement or condition on its part to be performed or observed, and if Sublessee shall fail to cure said default within ninety (90) days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee shall make an assignment of its property for the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged remain unremedied for a period of 60 days, or if thirty (30) days after the Company's receipt of a receiver, trustee, or assignee shall be appointed for the whole or any part of the Sublessee's propertyConversion Notice (a "CONVERSION DEFAULT"), then in any of said cases, Sublessor lawfully may upon seven days notice or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafter, from and without further notice of demand, enter into and upon the Subleased Premises, or any part hereof in the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on after the fifth (5th) day next following a Conversion Default (which for all purposes shall be deemed to have occurred upon the expiration of the applicable cure period following the date Company's receipt of the sending applicable Conversion Notice), each Holder of the noticeDebentures shall have the right to demand from the Company immediate redemption of the Debentures in cash at a redemption price per Debenture equal to 120% of the then Outstanding Principal Amount of the Debenture (including Debentures for which a Conversion Notice has not yet been sent), plus accrued but unpaid interest on the term Debenture. Within three days of this Sublease the occurrence of a Conversion Default, the Company shall terminatenotify each Holder in writing of such occurrence. Sublessee hereby expressly waives any and all rights No notice of redemption granted may be delivered by a Holder subsequent to receipt by such Holder of notice from the Company (sent by overnight or under any present or future laws in 2-day courier with a copy sent by facsimile) of availability of sufficient shares of Common Stock to perfect conversion (a "POST-DEFAULT CONVERSION") of all the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee Debentures; PROVIDED FURTHER that such right to demand redemption shall be liable for a 5% late charge reinstated if the Company shall thereafter fail to perfect such Post-Default Conversion by delivery of Common Stock certificates in accordance with the applicable to any amounts due under this Sublease, which are not paid provisions of Paragraph 6(b) hereof and payment of all accrued and unpaid interest in cash with respect thereto within seven (7) five business days from the date of delivery of the notice of defaultPost-Default Conversion. In addition to the foregoing, upon a Conversion Default, the rate of interest on all of the Debentures (including Debentures for which a Conversion Notice has not yet been sent), shall, to the maximum extent allowed by applicable law, be permanently increased by two percent (2%) per annum (i.e., from 6% to 8%) commencing on the first day of the thirty (30) day period (or part thereof) following a Conversion Default; an additional two percent (2%) per annum commencing on the first day of each of the second and third such thirty (30) day periods (or part thereof); and an additional one percent (1%) per annum on the first day of each consecutive thirty (30) day period (or part thereof) thereafter until such securities have been duly converted or redeemed as herein provided; provided that in no event shall the rate of interest exceed the lower of 20% or the highest rate permitted by applicable law to be charged on commercial loans. Any such interest which is not paid when due shall, to the maximum extent permitted by law, accrue interest until paid at the rate from time to time applicable to interest on the Debentures as to which the Conversion Default has occurred. In the event the Company pays any interest on the Debentures and it is determined that such interest was paid at a rate in excess of the legal maximum rate, then that portion of the interest payment representing an amount in excess of the legal maximum rate shall be deemed a payment of principal and shall be applied against the principal of the Debenture.
Appears in 2 contracts
Samples: A Debt Subordination Agreement (Ross Systems Inc/Ca), Ross Systems Inc/Ca
Default. 18.1. If Sublessee shall default the Business fails to fulfill any of its obligations as set forth in this Agreement and/or the payment of rent or other payments required of SublesseeNote, and if Sublessee shall fail to cure said default within seven (7) business such failure continues for 10 days after receipt of following written notice from the CRA to the Business, an event of said default from Sublessor; or if Sublessee shall default in the performance or observance of any other agreement or condition on its part to be performed or observed, and if Sublessee shall fail to cure said default within ninety (90) days or such longer period as shall be reasonably required so long as deemed to have occurred thereby entitling the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; CRA to all rights and remedies available to it at law or if any person shall levy uponin equity including but not limited to, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee shall make an assignment of its property for the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for a period of 60 days, or if a receiver, trustee, or assignee shall be appointed for the whole or any part repayment of the Sublessee's propertyLoan in full as set forth below. Without limiting the foregoing, then in any an event of said casesdefault shall include, Sublessor lawfully may upon seven days notice or if such notice shall adversely affect without limitation, the rights failure of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafter, and without further notice Business to create the required number of demand, enter into and upon new jobs and/or retain the Subleased Premises, or any part hereof in existing workforce with the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days 18 month period from the date of this agreement, or if the Business has created such jobs following the expiration of the 18 month period, but has not maintained the required number of jobs for five (5) years, the Business shall repay to the CRA, an amount equal to the actual amount loaned which is Fifty Thousand Dollars ($50,000) plus all accrued and unpaid interest, which shall accrue at the default rate of 7 percent from the day the Business received notice of default.its default until paid in full. If a requirement exists to repay any sums hereunder, the CRA shall notify the Business in writing of the amount to be repaid, and shall direct them to pay such amount directly to the CRA. All sums due hereunder shall be due upon demand by the CRA. If not paid within 30 days following demand hereunder, the unpaid amount due hereunder or any instrument securing this obligation, shall bear interest at the default rate of 7 percent after demand until paid. Upon default in such payment, the CRA may pursue all legal remedies to enforce their rights and remedies, and the Business hereby agrees to pay the reasonable attorney’s fees and costs of the CRA incurred in connection with all collection efforts including all attorney’s fees and costs for litigation at both the trial and appellate levels. Should the Business default on the terms of this agreement, the Business must remit payment to the CRA, as noted above and the CRA shall have the right to foreclose on all collateral pledged to the CRA as security for the LOAN including, but not limited to, all equipment purchased with the Loan proceeds
Appears in 1 contract
Samples: Hallandale Beach Cra Economic Development Performance Agreement
Default. 18.1. If Sublessee shall default in (a) All covenants and agreements herein made and obligations assumed are to be construed also as conditions and these presents and upon the payment express condition that if Lessee should fail to pay when due any one of rent the aforesaid installments of rent, or other payments required if either party should fail to perform or observe any of Sublesseethe covenants, agreements, or obligations herein made or assumed, and if Sublessee shall fail to cure said such default is not cured within seven ten (710) business days (in the case of rental installments) or thirty (30) days (in case of other covenants, agreements or obligations herein made or assumed) after receipt of written notice of said default from Sublessor; or if Sublessee shall default in the performance or observance of any other agreement or condition on its part to be performed or observeddefault, then, and if Sublessee shall fail to cure said default within ninety (90) days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; or if any person shall levy uponthenceforth, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee shall make an assignment of its property for the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for a period of 60 days, or if a receiver, trustee, or assignee shall be appointed for the whole or any part of the Sublessee's property, then in any of said casesevents, Sublessor lawfully this Lease may upon seven days notice or if such notice shall adversely affect be terminated at the rights option of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafternon-defaulting party, and without further notice of demand, said Lessor may immediately re-enter into said Premises and upon repossess and have the Subleased Premises, or any part hereof in the name of the whole, and hold the Subleased Premises same as if this Sublease had not been made, and expel Sublessee and those claiming under itLessor's former estate, and remove its or their property without being taken or deemed therefrom all goods and chattels not thereto properly belonging and expel said Lessee and all other persons who may be in possession of said Premises. In the case of Lessee's default, Lessor shall be entitled to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee receive from Lessee the difference in rental, if any, between the rental herein reserved for the unexpired portion of the termination term and any lesser amount which Lessor, in the exercise of this Subleasereasonable diligence, is able to procure for the unexpired portion of the term. In the case of Lessor's default, Lessee may remove their goods and chattels, vacate the Premises, and upon entry vacation have no further obligation for rent. (b) The right to terminate this Lease as aforesaid (herein set forth is in addition to and not in exhaustion of such other rights that a party hereto has or in the event causes of action that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date may accrue because of the sending other party's failure to fulfill, perform or observe the obligations, agreements or covenants of this Lease, and the exercise or pursuit of any of the notice)rights or causes of action that a party hereto might otherwise have; and the defaulting party shall pay all attorney's fees and expenses occasioned by the default or failure to perform any of the obligations, covenants or provisions hereof, incurred in enforcing any of the term provisions hereof or any of the rights hereunder. Notwithstanding any other provision of this Sublease shall terminate. Sublessee hereby expressly waives any Lease to the contrary, Lessor and all rights of redemption granted by or under any present or future laws in Lessee agree that neither the event of Sublessee being evicted or dispossessed for any cause, or in Lessor nor the event Sublessor terminates this Sublease as provided in this Article. The Sublessee Lessee shall be liable or responsible for a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days from the date of the notice of defaultconsequential damages. 20.
Appears in 1 contract
Samples: United Stationers Supply Co
Default. 18.1. If Sublessee Any other provisions in this Lease notwithstanding, it shall be an event of default in the payment ("Event of rent Default") under this Lease if: (i) Tenant fails to pay any installment of Fixed Rent, Additional Rent or other payments required sum payable by Tenant hereunder when due and such failure continues for a period of Sublesseeten (10) days, or (ii) Tenant fails to observe or perform any other covenant or agreement of Tenant herein contained and if Sublessee shall fail to cure said default within seven (7) business days such failure continues after receipt of written notice given by or on behalf of said default from Sublessor; or if Sublessee shall default in the performance or observance of any other agreement or condition on its part Landlord to be performed or observed, and if Sublessee shall fail to cure said default within ninety Tenant for more than fifteen (9015) days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; or if any person shall levy upondays, or take Sublessee's leasehold interest (iii) Tenant uses or occupies the Demised Premises other than as permitted hereunder, or (iv) Tenant assigns or sublets, or purports to assign or sublet, the Demised Premises or any part hereof, thereof other than in the manner and upon execution, attachmentthe conditions set forth herein, or their process (v) Tenant abandons or vacates the Demised Premises or without Landlord's prior written consent, Tenant removes or attempts to remove or manifests an intention to remove any or all of Tenant's property from the Demised Premises other than in the ordinary and usual course of Tenant's business, or (vi) Tenant files a petition commencing a voluntary case, or has filed against it a petition commencing an involuntary case, under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law; , or files or has filed against it a petition or answer in bankruptcy or for reorganization or for an arrangement pursuant to any state bankruptcy law or any similar state law, and, in the case of any such involuntary action, such action shall not be dismissed, discharged or denied within sixty (60) days after the filing thereof, or Tenant consents or acquiesces in the filing thereof, or (vii) if Sublessee Tenant is a banking organization, Tenant files an application for protection, voluntary liquidation or dissolution applicable to banking organizations, or (viii) a custodian, receiver, trustee or liquidator of Tenant or of all or substantially all of Tenant's property or of the Demised Premises shall be appointed in any proceedings brought by or against Tenant and, in the latter case, such entity shall not be discharged within sixty (60) days after such appointment or Tenant consents to or acquiesces in such appointment, or (ix) Tenant shall generally not pay Tenant's debts as such debts become due, or shall make an assignment of its property for the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for a period of 60 days, or if a receivershall admit in writing its inability to pay its debts generally as they become due, trustee, or assignee shall be appointed for the whole or any part of the Sublessee's property, then in any of said cases, Sublessor lawfully may upon seven days notice or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafter, and without further notice of demand, enter into and upon the Subleased Premises, or any part hereof in the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days from the date of the notice of default.or
Appears in 1 contract
Samples: Agreement of Lease
Default. 18.1. If Sublessee (a) The following events shall be deemed to be events of default by Tenant under this Lease: (i) Tenant shall fail to pay any installment of Rent or any other charge or assessment against Tenant pursuant to the terms hereof within five (5) days after the date notice of such late payment is received by Tenant; provided, however, if more than two (2) payments due of Tenant hereunder in any one (1) calendar year are not made until after notice of such late payment is received by Tenant, then it shall be an event of default hereunder by Tenant if any subsequent payment due of Tenant hereunder in the same calendar year is not made within ten (10) days of the date when due; (ii) Tenant shall fail to comply with any term, provision, covenant or warranty made under this Lease by Tenant, other than the payment of rent the Rent or any other payments required of Sublesseecharge or assessment payable by Tenant, and if Sublessee shall fail not cure such failure within fifteen (15) days after notice thereof to Tenant, or such longer period as is necessary to cure said default such default, provided Tenant is diligently pursuing same, and such cure is effectuated in any event within seven sixty (760) business days after receipt notice thereof is given to Tenant; (iii) Tenant or any guarantor of written notice this Lease shall make a general assignment for the benefit of said default from Sublessorcreditors, or shall admit in writing its inability to pay its debts as they become due, or shall file a petition in bankruptcy, or shall be adjudicated as bankrupt or insolvent, or shall file a petition in any proceeding seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, or shall file an answer admitting or fail timely to contest the material allegations of a petition filed against it in any such proceeding; (iv) a proceeding is commenced against Tenant or if Sublessee shall default in the performance any guarantor of this Lease seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or observance of similar relief under any other agreement present or condition on its part to be performed future statute, law or observedregulation, and if Sublessee such proceeding shall fail to cure said default not have been dismissed within ninety (90) days after the commencement thereof; (v) a receiver or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee shall make an assignment of its property for the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for a period of 60 days, or if a receiver, trustee, or assignee trustee shall be appointed for the whole all or any part substantially all of the Sublessee's property, then in assets of Tenant or of any guarantor of said cases, Sublessor lawfully may upon seven days notice or if such notice this Lease; (vi) Tenant shall adversely affect the rights fail to take possession of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafter, and without further notice of demand, enter into and upon the Subleased Premises, or any part hereof in the name of the whole, and hold the Subleased Demised Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee Lease; (vii) Tenant shall do or permit to be liable for done anything which creates a 5% late charge applicable to any amounts due under this Sublease, which are lien upon the Demised Premises or the Project and such lien is not paid removed or discharged within seven fifteen (715) business days from the date after Tenant is provided notice of the notice of default.filing thereof; (viii) Tenant shall fail to return a properly
Appears in 1 contract
Samples: Lease Agreement (Profit Recovery Group International Inc)
Default. 18.1. If Sublessee shall default in 18.1 In the payment of rent or other payments required of Sublessee, and if Sublessee shall fail to cure said default within seven (7) business days after receipt of written notice of said default from Sublessor; or if Sublessee shall default in the performance or observance case of any default by Lessee in any of the terms and/or conditions of this Lease (other agreement or condition on its part to be performed or observed, and if Sublessee shall fail to cure said than any default within ninety (90) days or such longer period as shall be reasonably required so long as occasioned by the Sublessee shall be diligently pursuing such cure after receipt institution of written notice of said default from Sublessor; or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee shall make bankruptcy proceedings and/or an assignment of its property for the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings creditors which shall be commenced governed by Sublessee or an involuntary bankruptcy shall be filed against Section 15 of this Lease), Lessor, at Lessor's option, may recover the Sublessee which remains undischarged Premises if such default continues uncured for a period of 60 daysthirty (30) days after Lessor notifies Lessee of such default and of Lessor's intention to recover the Premises. Upon the giving of such notice and the expiration of such thirty (30) day period, or if a receiverunless Lessee shall have cured the default during that time, trustee, or assignee Lessor shall be appointed for entitled to the whole or any part of the Sublessee's propertybenefit, then in any of said cases, Sublessor lawfully may upon seven days notice or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafter, and without further notice (all statutory notice requirements being hereby expressly waived), of demandall the provisions of law for speedy recovery of lands and tenements as now are in force or which may hereafter be enacted and/or to reenter, enter into and upon repossess and/or relet the Subleased Premises, or Premises as the agent of Lessee for any part hereof in the name balance of the whole, then term and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of collect rent therefor. And in any manner of trespass (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice)event, the term Lessor may distrain, by any legal means, for any overdue installment of this Sublease shall terminate. Sublessee rent or rental payment and may enter the property for such purpose by force if necessary without liability, which liability is hereby expressly waives any and all rights of redemption granted by or under any present or future laws in waived. In the event of Sublessee being evicted or dispossessed reletting by the Lessor as agent for the Lessee, the reletting shall be on such terms, conditions and rentals as the Lessor deems proper, and the proceeds that may be collected from same, less the expense of reletting, including any causebroker's commission and costs for the repair, or in restoration and/or preparation of the event Sublessor terminates this Sublease as provided in this Article. The Sublessee Premises for reletting, shall be applied against the rental to be paid by Lessee, and Lessee shall be liable for a 5% late charge applicable to any amounts balance that may be due under this SubleaseLease or any renewal, which are and such reletting shall not paid within seven (7) business days from the date operate as termination of this Lease or any renewal or as a waiver or postponement of any right of the notice Lessor against the Lessee. Any recovery of defaultthe Premises, institution of proceedings to recover the Premises, reentry, repossession and/or reletting hereunder shall not operate as, nor shall it be interpreted or construed as a termination of this Lease or any renewal, and shall not relieve Lessee of its liability and obligations under this Lease and Lessee shall in all events remain liable for the full amount of Base Rent and Additional Rent provided for in this Lease and for any deficiency or loss of such rent; Lessor, at Lessor's option, may recover such rent and/or damages for the loss of rent in separate actions from time to time as Lessee's liability and/or obligation to pay rent accrue or would have accrued had Lessee not defaulted. Any such recovery, institution of legal proceedings, reentry, repossession, and/or reletting shall be in addition to and without prejudice to any rights and/or remedies which Lessor may otherwise have.
Appears in 1 contract
Samples: Lease (Easton Bancorp Inc/Md)
Default. 18.1. If Sublessee shall default In the event the Lessee (a) fails to pay the Rent and/or Additional Rent herein provided or any part thereof or any other sum required by the Lessee to be paid to the Lessor in the payment of rent or other payments required of Sublessee, manner herein provided and if Sublessee shall fail to cure said default within seven five (75) business days after receipt of written notice of said non-payment (which notice need not be given more then twice in any twelve (12) month period, after which time a default from Sublessorshall be deemed to have occurred if any amount required to be paid hereunder is not paid by its due date); or if Sublessee shall default (b) violates any of the provisions of this Lease respecting assignments or subletting; or (c) defaults in any of the performance other covenants or observance of any other agreement or condition conditions on its the Lessee's part to be performed hereunder and such default is not cured within twenty (20) days after notice by the Lessor to the Lessee of such default (each an "Event of Default"), then such default or observedbreach or act shall give the Lessor the right to re-enter the Demised Premises and remove all persons and all or any property therefrom either by summary dispossess proceedings or by any suitable action or proceeding at law, or by force or otherwise, without being liable to indictment, prosecution or damages therefor, and repossess and enjoy said Demised Premises together with all additions, alterations and improvements, and in such case the Lessor may either relet the Demised Premises or any parts thereof as agent of the Lessee and receive the Rent and Additional Rent applying the same first to the payment of such expenses as the Lessor may have incurred and then to the fulfillment of the covenants of the Lessee. The Lessor may rent said Demised Premises for a term extending beyond the term hereby granted without releasing the Lessee from any liability. Upon the expiration of this Lease prior to the expiration of its term by operation of any provision hereof or by summary proceedings or otherwise, then, whether or not the Demised Premises be relet, the Lessee shall remain liable for and shall pay the Lessor, until the time when this Lease would have expired but for such termination or expiration, the equivalent of the amount of all of the Rent and Additional Rent reserved herein, less the avails of reletting, if Sublessee shall fail to cure said default within ninety (90) days or such longer period as any, and the same shall be reasonably required so long due and payable by the Lessee to the Lessor on the several rent days above specified. In all events, Lessee is liable for all damages, costs and expenses, of whatever kind or nature, direct or indirect, suffered by Lessor as a result of the Sublessee shall be diligently pursuing such cure after receipt occurrence of written notice an Event of said default from Sublessor; or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee shall make an assignment of its property Default. If Lessee fails to promptly pay Lessor for the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced damages suffered, Lessor may pursue a monetary recovery from Lessee. Included among those damages are all expenses incurred by Sublessee or an involuntary bankruptcy shall be filed against Lessor in repossessing the Sublessee which remains undischarged Demised Premises (including increased insurance premiums resulting from Lessee's vacancy), all expenses incurred by Lessor in reletting the Demised Premises (including those incurred for a period of 60 daysadvertisements and brokerage fees and needed repairs, or if a receiver, trustee, or assignee shall be appointed for remodeling to the whole or any part condition existing as of the SublesseeCommencement Date, reasonable wear and tear excepted and replacements), all reasonable concessions granted to a new lessee on a reletting, all losses incurred by Lessor as a result of Lessee's propertydefault, then a reasonable allowance for Lessor's administrative costs attributable to Lessee's default, and all reasonable attorney's fees incurred by Lessor in enforcing any of said cases, Sublessor lawfully may upon seven days notice Lessor's rights or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafter, and without further notice of demand, enter into and upon the Subleased Premises, or any part hereof in the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminateremedies against Lessee. Sublessee The Lessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted eviction or dispossessed for dispossession by judgment or warrant of any causecourt or judge, and the Lessee waives and will waive all right to trial by jury in any summary proceeding hereafter instituted by the Lessor against the Lessee in respect of the Demised Premises. All remedies herein provided shall be deemed cumulative and shall in no way limit or restrict the Lessor from pursuing such other and further remedies as may be allowed at law or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days from the date of the notice of defaultequity.
Appears in 1 contract
Samples: Lease Agreement (Daisytek International Corporation /De/)
Default. 18.1. If Sublessee shall It is mutually understood and agreed that if any default be made in the payment of rent rental herein provided or other payments required in the performance of Sublesseethe covenants, conditions, or agreements herein (any covenant or agreement shall be construed and considered as a condition), or should Lessee fail to fulfill in any manner the uses and purposes for which said premises are leased as above stated, and such default shall not be cured within five (5) days after written notice thereof if Sublessee default is in the submittal of a report of gross income if required in this Lease or ten (10) days after written notice thereof if default is in the performance of the use obligation provisions pursuant to Paragraph 14 of this Lease, or thirty (30) days after written notice thereof if default is in the payment of rent, or sixty (60) days after written notice thereof if default is in the performance of any other covenant, condition and agreements (any covenant or agreement shall be construed and considered as a condition), Lessor shall have the right to immediately terminate this Lease; and that in the event of such termination, Lessee shall have no further rights hereunder and Lessee shall thereupon forthwith remove from said premises and shall have no further right to claim thereto, and Lessor shall immediately thereupon, without recourse to the courts, have the right to reenter and take possession of the leased premises. Lessor shall further have all other rights and remedies as provided by law, including without limitation the right to recover damages from Lessee in the amount necessary to compensate the Lessor for all the detriment proximately caused by the Lessee's failure to perform his obligations under the Lease or which in the ordinary course of things would be likely to result therefrom. In the event Lessor consents to an encumbrance of the Lease for security purposes in accordance with Paragraph 8 of this Lease, it is understood and agreed that Lessor shall furnish copies of all notices of defaults to the beneficiary or mortgagee under said encumbrance by certified mail contemporaneously with the furnishing of such notices to Lessee, and in the event Lessee shall fail to cure such default or defaults within the time allowed above, said default within seven (7) business days after receipt of written notice of said default from Sublessor; beneficiary or if Sublessee mortgagee shall default in be afforded the performance or observance of any other agreement or condition on its part to be performed or observed, and if Sublessee shall fail right to cure said such default within ninety (90) days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee shall make an assignment of its property for the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for a period of 60 days, or if a receiver, trustee, or assignee shall be appointed for the whole or any part of the Sublessee's property, then in any of said cases, Sublessor lawfully may upon seven days notice or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafterwithin fifteen (15) days following the expiration of the period within which Lessee may cure such default, and without provided, however, Lessor shall not be required to furnish any further notice of demand, enter into and upon default to said beneficiary or mortgagee. In the Subleased Premises, or any part hereof in the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee event of the termination of this Sublease, and upon entry as aforesaid (or in Lease pursuant to the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice), the term provisions of this Sublease Paragraph, Lessor shall terminate. Sublessee hereby expressly waives have any and all rights of redemption granted by or under any present or future laws to which it would be entitled in the event of Sublessee being evicted the expiration or dispossessed for any cause, or in sooner termination of this Lease under the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days from the date provisions of the notice of defaultParagraph 6.
Appears in 1 contract
Samples: General Dynamics Corp
Default. 18.1. If Sublessee shall at any time be in default in the payment of rent or other payments required of Sublessee, herein reserved and if Sublessee shall fail to cure said remedy such default within seven five (75) business days after receipt of written notice of said default from Sublessor; or if Sublessee shall at any time be in default in the performance or observance of any of the other agreement covenants, terms, conditions, or condition on its part to be performed or observed, provisions of this Sublease and if Sublessee shall fail to cure said remedy such default within ninety fifteen (9015) days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default thereof from Sublessor; or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; Sublessor or if Sublessee shall make an assignment of its property for the benefit of creditors; creditors or if a receiver of any property of Sublessee in or upon the Premises be appointed in any action, suit, or proceeding by or against Sublessee and the decree of order not set aside, vacated, or stayed within sixty (60) days of entry thereof or if the interest of Sublessee in the Premises shall be sold under execution or other legal process or if Sublessee shall file voluntary bankruptcy; or if any a petition in bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy a petition shall be filed against the Sublessee which remains undischarged for a period of 60 daysin bankruptcy and not set aside, vacated or if a receiverstayed within thirty (30) days after entry, trustee, or assignee it shall be appointed lawful for Sublessor to enter upon the whole or any part of the Sublessee's propertyPremises and again have, then in any of said cases, Sublessor lawfully may upon seven days notice or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafterrepossess, and without further notice of demand, enter into and upon the Subleased Premises, or any part hereof in the name of the whole, and hold the Subleased enjoy Premises as if this Sublease had not been made, and expel Sublessee thereupon this Sublease and those claiming under it, and remove its or their property without being taken or deemed everything herein contained on the part of the Sublessor to be guilty done and performed shall cease and determine, without prejudice, however, to the right of Sublessor to recover from Sublessee all rent due up to the time of such entry or any other rights of Sublessor. In the case of any manner of trespass (or default and re-entry by Sublessor, Sublessor may send written notice to Sublessee relet the Premises for the remainder of the termination of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminate. thereof for the highest rent obtainable by Sublessor and may recover from Sublessee hereby expressly waives any deficiency between the amount so obtained less Sublessor's costs and all rights of redemption granted by or under any present or future laws expenses including attorneys' fees in connection with such entry and reletting and the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall Base Rent and Additional Rent to be liable for a 5% late charge applicable to any amounts due paid under this Sublease. Sublessee shall indemnify and hold harmless Sublessor for all damages, which are not paid within seven (7) business days from the date liabilities, interest, penalties, costs and expenses, including attorneys' fees and expenses, incurred by Sublessor as a result of the notice of defaultany default by Sublessee hereunder.
Appears in 1 contract
Default. 18.1. If Sublessee shall default in the payment of rent an Obligation is not promptly and fully paid or other payments required of Sublesseeperformed, and if Sublessee shall fail to cure said default within seven (7) business days after receipt of written notice of said default from Sublessor; or if Sublessee shall default in the performance or observance of any other agreement or condition on its part to be performed or observed, and if Sublessee shall fail to cure said default within ninety (90) days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; or if any person Guarantor or Lessee shall levy upondie or be dissolved, or take Sublessee's leasehold interest if all or substantially all of the assets of any Guarantor or Lessee are sold or otherwise transferred, or proceedings in the nature of insolvency, receivership, bankruptcy or reorganization will be commenced with respect to Lessee or any part hereof, upon execution, attachment, or their process of law; Guarantor or if Sublessee shall Lessee or any Guarantor will make an assignment of its property for the benefit of creditors; creditors or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall will be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged subject of a receiver for a period of 60 days, or if a receiver, trustee, or assignee shall be appointed for the whole all or any part of the Sublessee's its property, then in any of said cases, Sublessor lawfully may upon seven days notice or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy judgment will be entered against Lessee or receivership, then immediately, any Guarantor and will not have been paid or at any time thereafter, and without further notice of demand, enter into and upon the Subleased Premisesbonded within ten (10) days, or any part hereof levy, writ of attachment, execution or other process will issue against any property of Lessee or any Guarantor, or if Lessee or any Guarantor will become insolvent or unable to pay its or his or her debts as they mature, or if the financial condition of Lessee or any Guarantor will change such that, in the name judgment of Lessor, Lessor's risk is materially increased, then and in any such event all of the whole, Obligations will forthwith become and hold be immediately due and payable by the Subleased Premises as if this Sublease had not been made, Guarantors and expel Sublessee and those claiming under it, and remove its each of them all without any demand or their property without being taken or deemed to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminatewhatsoever. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in In the event of Sublessee being evicted any default on the part of any Guarantor in respect of any of the Obligations, Lessor may, at its option and without notice to any other Guarantor, exercise as to any security held for this Guaranty all of the rights and remedies of a secured creditor under the Uniform Commercial Code as in effect in Pennsylvania and, without limitation, may apply the proceeds of any sale or dispossessed for other disposition of any causecollateral, and any other funds whatsoever in Lessor's hands, to the payment or other satisfaction of any one or more of the Obligations (after deducting all costs, attorneys' fees and other expenses incurred in the event Sublessor terminates this Sublease realization on or perfection or protection of such security) in such order as provided Lessor may elect, without any duty to marshal any such property in this Articlefavor of any Guarantor or other person, all without releasing any Guarantor from Liability to pay any deficiency remaining unpaid after such application. The Sublessee shall be liable for a 5% late charge applicable So long as any Obligation has not been paid in full, no payment by any Guarantor pursuant to any amounts due under this Subleaseprovision hereof will entitle such (guarantor, which are not paid within seven (7) business days from the date by subrogation to Lessor's rights or otherwise, to any payment by or out of the notice property of defaultLessee.
Appears in 1 contract
Samples: Kleinerts Inc /Pa/
Default. 18.1. If Sublessee Tenant shall default in lot the payment of rent or other payments required of Sublessee, Rent herein reserved when due and if Sublessee shall fail to cure said such default within seven five (75) business days after receipt of written notice or such default is given to Tenant by Landlord but Landlord shall be required to provide only one (1) such written notice in any calendar year and any late payment or Rent thereafter shall be an immediate default without any notice or right to cure, or if Tenant shall be in default in performing any of said the terms or provisions of this Lease other than the provisions requiring the payment of Rent, and fails to cure such default from Sublessorwithin fifteen (15) days after notice of such default is given to Tenant by Landlord; or if Sublessee shall default in Tenant vacates or abandons the performance or observance of any other agreement or condition on its part to be performed or observed, and if Sublessee shall fail to cure said default within ninety (90) days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from SublessorPremises; or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of lawTenant is adjudicated a bankrupt; or if Sublessee shall make an assignment of its property a permanent receiver is appointed for the benefit of creditorsTenant's Property and such receiver is not removed within sixty (60) days after written notice from Landlord to Tenant to obtain such removal; or if Sublessee shall file voluntary bankruptcy; if, whether voluntarily or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for a period of 60 daysinvoluntarily, or if a receiver, trustee, or assignee shall be appointed for the whole or any part of the Sublessee's property, then in any of said cases, Sublessor lawfully may upon seven days notice or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafter, and without further notice of demand, enter into and upon the Subleased Premises, or any part hereof in the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty Tenant takes advantage of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or debtor relief proceedings under any present or future laws law, whereby the rent or any part thereof, is, or is proposed to be, reduced or payment thereof deferred; or if Tenant's effects should be levied upon or attached under process against Tenant, not satisfied or dissolved within fifteen (15) days after written notice from Landlord to Tenant to obtain satisfaction thereof; or, if Tenant is an individual, in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days from the date death of the notice individual and the failure of defaultthe executor, adiministrator personal representative of the estate of the decreased individual to have assigned the Lease within three (3) months after the death to an assignee approved by Landlord; then, and in any of said events, Landlord, at its option, may exercise any or all of the remedies set forth in Paragraph 27 below.
Appears in 1 contract
Samples: Lease Agreement (Med E America Corp)
Default. 18.1. If Sublessee the TENANT shall default in the payment of any rent or other payments required reserved for a period of Sublessee, and if Sublessee shall fail to cure said default within seven five (75) business days after receipt of written notice of said such default from Sublessor; is given by the LANDLORD to the TENANT, or if Sublessee default shall be made by TENANT in any of the other covenants and agreements herein contained to be kept and fulfilled on the part of the TENANT for a period of ten (10) days after notice of such default is given by the LANDLORD to the TENANT without action by the TENANT to remedy such default and continuance of such action to remedy such default to conclusion with reasonable diligence or if the TENANT shall file a voluntary petition in bankruptcy or take the performance or observance benefit of any other agreement insolvency act or condition on be dissolved or adjudicated a bankrupt, or if a receiver shall be appointed for its part to be performed business or observed, its assets and if Sublessee shall fail to cure said default the appointment of such receiver is not vacated within ninety sixty (9060) days or after such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; appointment, or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee it shall make an assignment of its property for the benefit of its creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for a period of 60 days, or if a receiverthe Tenant’s interest herein shall be sold under execution, trusteethen forthwith thereafter the Net Lease LANDLORD shall have the right, at his option and without prejudice to his rights hereunder, to terminate this lease and to re-enter and take possession of the Demised Premises, or assignee shall be appointed for the whole or any part LANDLORD, without such re-entry may recover possession of the Sublessee's propertyDemised Premises in the manner prescribed by the statute relating to summary process, then and any demand for rent, re-entry for condition broken, and any and all notices to quit, or other formalities of any nature, to which the TENANT may be entitled, in such event, are hereby specifically waived; and that after default made in any of said casesthe covenants contained herein, Sublessor lawfully the acceptance of rent or failure to re-enter by the LANDLORD shall not beheld to be a waiver of its right to terminate this lease, and the LANDLORD may upon seven days notice or re-enter and take possession thereof the same as if no rent had been accepted after such notice shall adversely affect default. In addition thereto, on the rights happening of any of the Sublessor events hereinabove referred to, the LANDLORD may, at his option, declare immediately due and payable all the remaining installments of rent herein provided for and such amount, less the fair rental value of the premises, for the residue of said term shall be construed as liquidated damages and shall constitute a debt provable in any bankruptcy or receivership. For purposes of this p graph “fair rental value” of the premises shall be deemed to be, then immediately, or at any time thereafter, and without further notice of demand, enter into and upon the Subleased Premises, or any part hereof in the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice), during the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights lease, seventy five (75%) percent of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as minimum rent provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days from the date of the notice of defaultSection 5 above.
Appears in 1 contract
Samples: Net Lease (As Seen on TV, Inc.)
Default. 18.1. If Sublessee shall default in In the payment event of any failure of Subtenant to pay the rent or additional rent due hereunder, for more than five (5) days after written notice from Sublandlord that the same is due (provided that if Sublandlord has provided Subtenant with 2 notices in any 12 month period of such default, then Sublandlord shall not be required to provide any further written notices if Subtenant’s subsequently fails to pay rent or additional rent when due), or if Subtenant abandons or vacates all of any portion of the Premises for any reason other payments required than the occurrence of Sublesseean alteration or a casualty or condemnation, unless Subtenant can and does pay all reasonable costs that Sublandlord may suffer or incur by reason of the abandonment or vacancy of the Premises, or any failure to commence and diligently pursue the performance of any of the other terms, covenants, and if Sublessee shall fail conditions of this Sublease to cure said default within seven be observed and performed by Subtenant for more than thirty (730) business days after receipt of written notice of said such default from Sublessor; or (provided that if Sublessee cure reasonably takes more than thirty (30) days, Subtenant shall default in the performance or observance of any other agreement or condition on its part to be performed or observedhave such additional time as is reasonably needed, and if Sublessee shall fail to cure said default within ninety (90) days or such longer period as shall be reasonably required so long as Subtenant commences the Sublessee shall be diligently pursuing such cure promptly after receipt of written notice of said the default from Sublessor; or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee shall make an assignment of its property for Sublandlord and thereafter diligently pursues the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for a period of 60 dayscure to completion), or if the Subtenant's interest herein shall be sold under execution, then Sublandlord, at its option, may terminate this Sublease without further notice to Subtenant and upon such termination Subtenant shall quit and surrender the Premises to Sublandlord, but such termination shall not affect the Sublandlord's right, subject to the terms and conditions of this Sublease, to recover damages or exercise any other right hereinafter provided; however, in lieu of terminating this Sublease, Sublandlord may elect to recover possession of the Premises without terminating this Sublease and Sublandlord shall have the right to re-enter the Premises and to remove all persons or property therefrom and store any property in a receiverpublic warehouse or elsewhere at the cost and for the account of Subtenant, trusteeall without service of notice, except as notice is in this Paragraph 23 required, or assignee resort to legal process, and Sublandlord shall not be appointed liable for any loss or damage resulting from such re-entry nor shall Sublandlord be deemed guilty of trespass therefor. In the event of termination of this Sublease or a re-entry of the Premises pursuant to this Pxxxxxxxx 00, Xxxxxxxxxxx may re-let the whole or any part of the Sublessee's propertyPremises on behalf of Subtenant for a period equal to, greater or less than the remainder of the then term of this Sublease, at such rental and upon such terms and conditions as Sublandlord shall deem reasonable. Sublandlord shall not be liable in any of said cases, Sublessor lawfully may upon seven days notice respect for the failure to relet the Premises or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafter, and without further notice of demand, enter into and upon the Subleased Premises, or any part hereof in the name event of such reletting, for failure to collect the whole, rent thereunder and hold any sums received by Sublandlord on a reletting shall belong to Sublandlord. In the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty event of any manner of trespass (or Sublessor may send written notice to Sublessee of the a termination of this Sublease, Sublandlord shall forthwith be entitled to recover from Subtenant, as liquidated damages, the amount by which the sum of (a) rent and upon entry additional rent payable for the remainder of the term of this Sublease; and (b) all reasonable out-of-pocket expenses of Sublandlord actually incurred in recovering possession of the Premises and reletting the same including costs of repair and renovating the Premises, management agents' commissions and fees, Court costs and reasonable attorneys' fees, exceed the fair rental value of the Premises. Subtenant hereby expressly waives its right to any notice to quit under the statutes relating to summary process or any statutes which may be enacted for recovery of possession of Premises. If Subtenant vacates or abandons the Premises prior to the expiration of the term of this Sublease, the same shall not be a default by Subtenant as aforesaid long as Subtenant complies with all of the terms of this Sublease, but in that event, Sublandlord may re-take possession of the Premises from Subtenant without affecting Subtenant’s obligations under this Sublease, in which event Subtenant shall have no further right to possess the Premises. In no event shall Subtenant be liable to Sublandlord for any special, indirect, punitive or consequential damages under this Sublease except (i) to the extent covered by Subtenant’s liability insurance, or (ii) to the extent of damages incurred by Sublandlord as a result of any holdover by Subtenant. In no event shall Sublandlord be liable to Subtenant for any special, indirect, punitive or consequential damages under this Sublease, except to the extent covered by Sublandlord’s liability insurance. Sublandlord shall also be entitled to a reasonable attorney's fee in the event that Sublessor it shall sent retain an attorney for recovery of rent or additional rent or to Sublessee notice otherwise enforce the provisions of termination this Sublease or if suit shall be brought for recovery of possession of the Premises or because of the breach of any other covenant herein contained on the part of Subtenant to be performed. In the event that Subtenant is in default of any provision of this Sublease requiring the payment of monies, then Subtenant shall pay to Sublandlord as above providedadditional rent the greater of (a) interest at the rate of eighteen percent (18%) per annum or the highest rate permitted by law, whichever is less, on the fifth amount due Sublandlord hereunder, or (5thb) day next following the date a late charge of five percent (5%) of the sending of the notice), the term of this Sublease shall terminateamount due. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in In the event of Sublessee being evicted a breach or dispossessed for threatened breach by Subtenant of any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due of its obligations under this Sublease, Sublandlord shall also have the right of injunction. The special remedies to which Sublandlord may resort hereunder are cumulative and are not paid intended to be exclusive of any other remedies to which Sublandlord may lawfully be entitled at any time and Sublandlord may invoke any remedy allowed at law or in equity as if specific remedies were not provided for herein. In addition to any remedies which Sublandlord may have under this Sublease, and without reducing or adversely affecting any of Sublandlord's rights and remedies under this Paragraph 23, if there shall be a default hereunder by Subtenant which shall not have been remedied within seven (7) business days from the date applicable grace period, Sublandlord shall not be obligated during the continuance of such default to furnish to Subtenant or the notice Premises any heat, ventilation or air-conditioning services outside of defaultBusiness Hours on Business Days, or any extra or additional cleaning services; and the discontinuance of any one or more such services shall be without liability by Sublandlord to Subtenant and shall not reduce, diminish or otherwise affect any of Subtenant's covenants and obligations under this Sublease.
Appears in 1 contract
Samples: Achillion Pharmaceuticals Inc
Default. 18.1. If Sublessee Licensee shall be in default in of this Agreement upon the occurrence of any of the following (collectively, the “Licensee Events of Default”): (a) Licensee fails to make full payment of rent the License Fees or Licensee fails or refuses to perform any of its material obligations hereunder or breaches any other payments required of Sublessee, and if Sublessee shall fail to cure said default within seven (7) business days after receipt of written notice of said default from Sublessormaterial provision hereof or exploits any Program outside the scope permitted hereunder; or if Sublessee shall default in the performance (b) Licensee goes into receivership or observance liquidation other than for purposes of any other agreement amalgamation or condition on its part to be performed or observed, and if Sublessee shall fail to cure said default within ninety (90) days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; or if any person shall levy uponreconstruction, or take Sublessee's leasehold interest becomes insolvent, appoints a receiver or a petition under any part hereofbankruptcy act is filed by or against Licensee (which petition, upon executionif filed against Licensee, attachmentshall not have been dismissed within 30 days thereafter), or their process of law; or if Sublessee shall make Licensee executes an assignment of its property for the benefit of creditors; , or if Sublessee Licensee takes advantage of any applicable insolvency, bankruptcy or reorganization or any other like or analogous statute, or experiences the occurrence or threatened occurrence of any event analogous to the foregoing. If Licensee fails to cure a Licensee Event of Default specified in (a) above that is curable within thirty days from receipt of written notice from Licensor of such default or upon a Licensee Event of Default under (a) above that is not curable or under (b) above, Licensor shall file voluntary bankruptcy; have the right to terminate this Agreement. Licensor shall be in default of a license granted under this Agreement upon the occurrence of any of the following (collectively, the “Licensor Events of Default”): (a) Licensor fails or if refuses to perform its material obligations hereunder or breaches any material provision hereof with respect to a license, or (b) Licensor goes into receivership or liquidation, or becomes insolvent, or a petition under any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy act shall be filed by or against the Sublessee Licensor (which remains undischarged for a period of 60 dayspetition, if filed against Licensor, shall not have been dismissed within 30 days thereafter), or if a receiver, trusteeLicensor executes an assignment for the benefit of creditors, or assignee shall be appointed for the whole Licensor takes advantage of any applicable insolvency, bankruptcy or reorganization or any part of the Sublessee's property, then in any of said cases, Sublessor lawfully may upon seven days notice or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediatelyother like statute, or at any time thereafter, and without further notice of demand, enter into and upon experiences the Subleased Premises, or any part hereof in the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty occurrence of any manner event analogous to the foregoing. If Licensor fails to cure a Licensor Event of trespass Default specified in (or Sublessor may send a) above that is curable within thirty days from receipt of written notice from Licensee of such default or upon a Licensor Event of Default under (a) above that is not curable or under (b) above, Licensee shall have the right to Sublessee of terminate this Agreement with respect to such license. Notwithstanding anything to the contrary contained in Sections 16.1 or 16.2 hereof, no termination of this SubleaseAgreement for any reason shall relieve or discharge, and upon entry or be deemed or construed as aforesaid (relieving or in the event that Sublessor shall sent to Sublessee notice discharging, any party hereto from any duty, obligation or liability hereunder which was accrued as of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice)such termination (including, without limitation, the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable obligation to pay any amounts due under this Sublease, which are not paid within seven (7) business days from the payable hereunder accrued as of such date of the notice of defaulttermination).
Appears in 1 contract
Samples: Fvodsvod License Agreement
Default. 18.1. If Sublessee shall default Pledgor defaults in the payment of rent the principal or interest ------- under the Note when it becomes due (whether upon demand, acceleration or otherwise) or any other payments required event of Sublesseedefault under the Note or this Pledge Agreement occurs (including the bankruptcy or insolvency of Pledgor), the Company may exercise any and if Sublessee shall fail to cure said default within seven (7) business days after receipt of written notice of said default from Sublessor; or if Sublessee shall default in all the performance or observance rights, powers and remedies of any other agreement owner of the Pledged Shares (including the right to vote the shares and receive dividends and distributions with respect to such shares) and shall have and may exercise without demand any and all the rights and remedies granted to a secured party upon default under the Uniform Commercial Code of California or condition on otherwise available to the Company under applicable law. Without limiting the foregoing, the Company is authorized to sell, assign and deliver at its part discretion, from time to be performed or observedtime, and if Sublessee shall fail to cure said default within ninety (90) days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; or if any person shall levy upon, or take Sublessee's leasehold interest all or any part hereofof the Pledged Shares at any private sale or public auction, on not less than ten days written notice to Pledgor, at such price or prices and upon executionsuch terms as the Company may deem advisable. Pledgor shall have no right to redeem the Pledged Shares after any such sale or assignment. At any such sale or auction, attachmentthe Company may bid for, or their process of law; or if Sublessee shall make an assignment of its property for and become the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for a period of 60 dayspurchaser of, or if a receiver, trustee, or assignee shall be appointed for the whole or any part of the Sublessee's propertyPledged Shares offered for sale. In case of any such sale, after deducting the costs, attorneys' fees and other expenses of sale and delivery, the remaining proceeds of such sale shall be applied to the principal of and accrued interest on the Note; provided that after payment in full of the indebtedness evidenced by the Note, the balance of the proceeds of sale then in remaining shall be paid to Pledgor and Pledgor shall be entitled to the return of any of said cases, Sublessor lawfully may upon seven days notice or if such notice shall adversely affect the rights Pledged Shares remaining in the hands of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafter, and without further notice of demand, enter into and upon the Subleased Premises, or any part hereof in the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminateCompany. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee Pledgor shall be liable for a 5% late charge applicable any deficiency if the remaining proceeds are insufficient to pay the indebtedness under the Note in full, including the fees of any amounts due under this Sublease, which are not paid within seven (7) business days from attorneys employed by the date of the notice of defaultCompany to collect such deficiency.
Appears in 1 contract
Samples: Executive Stock Pledge Agreement (Corinthian Colleges Inc)
Default. 18.1. If Sublessee In the event that the Tenant shall default fail to pay Rent or any part thereof when due or shall violate or fail to perform any of the covenants hereof on the part of the Tenant to be performed, in both such circumstances after notice of such failure or violation shall have been given as hereinbelow provided (each such event, a "Default"), the Landlord may elect either: To re-enter the Leased Premises by summary proceedings or otherwise and re-let the Leased Premises to a third party or parties, making diligent efforts therefor, and upon receiving rent therefrom, applying the same first to the payment of rent or Rent and other fees and expenses accruing hereunder, and the balance, if any, to be paid to the Tenant; provided, however, that the Tenant shall remain liable for the equivalent of the amount of all Rent and other payments required due, as the case may be, throughout the remaining term of Sublesseethis Lease to the extent such amounts are not mitigated by such third party lessee or lessees; or To terminate this Lease and to resume possession of the Leased Premises wholly discharged from this Lease. The Landlord shall make such election by written notice to the Tenant at any time on or before the doing of any act or the commencement of any proceedings to recover possession of the Leased Premises by reason of the Default then existing and such election shall be final. If the Landlord shall elect to terminate this Lease as set forth in this Section 10(b), then immediately upon such termination, all rights and if Sublessee obligations whatsoever of the Tenant and of its successors and assigns under this Lease, so far as the same may relate to the unexpired portion of the term hereof, shall fail to cure said default within seven cease. Within ten (710) business days after receipt by the Tenant of notice of election by the Landlord to terminate this Lease pursuant to this Section 10(b), (i) the Parties shall, by an instrument in writing in form for recording, cancel this Lease and the unexpired portion of the term hereof, and (ii) the Tenant shall surrender and deliver to the Landlord the entire Leased Premises, and upon any default by the Tenant in so doing, the Landlord shall have the right to re-enter the Leased Premises either by summary proceeding or otherwise. No Default hereunder shall be deemed to have occurred on the part of the Tenant until thirty (30) days after written notice of said default from Sublessor; or if Sublessee such Default shall default in have been received by the performance or observance of any other agreement or condition on its part to be performed or observedTenant, and if Sublessee the Tenant within such time shall fail have failed to cure said default remedy such Default. If any Default by the Tenant, (with the exception of the payment of Rent), cannot reasonably be cured within ninety such thirty (9030) days or day period, then the Tenant shall have such longer period additional time as shall may be reasonably required so long as necessary to remedy the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee shall make an assignment of its property for the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for a period of 60 days, or if a receiver, trustee, or assignee shall be appointed for the whole or any part of the Sublessee's property, then in any of said cases, Sublessor lawfully may upon seven days notice or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafter, and without further notice of demand, enter into and upon the Subleased Premises, or any part hereof in the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days from the date of the notice of defaultsame.
Appears in 1 contract
Default. 18.1. If Sublessee shall (a) Lessor may in writing declare this Agreement in default in the payment of if: Lessee breaches its obligation to pay rent or any other payments required of Sublessee, sum when due and if Sublessee shall fail fails to cure said default the breach within seven ten (710) business days; Lessee breaches any of its insurance obligations herewith under Section X; Lessee breaches any of its other obligations hereunder and fails to cure that breach within thirty (30) days after receipt of written notice thereof; any representation or warranty made by or on behalf of said default from Sublessor; or if Sublessee shall default Lessee in the performance or observance of any other agreement or condition on its part to be performed or observed, and if Sublessee shall fail to cure said default within ninety (90) days or such longer period as connection with this Agreement shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessorfalse or misleading in any material respect; or if any person shall levy upon, or take Sublessee's leasehold interest Lessee or any part hereof, upon execution, attachment, guarantor becomes insolvent or their process of lawceases to do business as a going concern; any Equipment is illegally used; a petition is filed by or if Sublessee shall make an assignment of its property for the benefit of creditors; against Lessee or if Sublessee shall file voluntary bankruptcy; or if any guarantor under any bankruptcy or insolvency proceedings laws; there is a revocation or anticipatory repudiation of any guarantor's obligations under any guaranty issued in connection with this Agreement; Lessee or any guarantor shall be commenced by Sublessee or an involuntary bankruptcy in default under any material obligation and the applicable grace period with respect thereto shall be filed against the Sublessee which remains undischarged for a period of 60 days, or if a receiver, trustee, or assignee shall be appointed for the whole have expired; Lessee or any part guarantor shall have terminated its existence, consolidated with, merged into or conveyed or leased substantially all of its assets as an entirety to any person (such actions being referred to as an "EVENT"), unless not less than sixty (60) days prior to such Event: (x) such person is organized and existing under the laws of the Sublessee's propertyUnited States or any state, then in any of said cases, Sublessor lawfully may upon seven days notice or if and executes and delivers to Lessor an agreement containing an effective assumption by such notice shall adversely affect the rights person of the Sublessor in any bankruptcy due and punctual performance of this Lease or receivershipguaranty thereof, then immediately, or at any time thereafteras the case may be, and without further notice (y) Lessor is reasonably satisfied as to the credit worthiness of demand, enter into and upon the Subleased Premises, such person; if Lessee or any part hereof in guarantor is a privately held corporation and effective control of Lessee's or any guarantor's voting capital stock, issued and outstanding from time to time, is not retained by the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass present stockholders (or Sublessor may send unless Lessee shall have provided sixty (60) days' prior written notice to Sublessee Lessor of the termination proposed disposition of this Sublease, stock and upon entry Lessor shall have consented thereto in writing); or if Lessee or any guarantor is a publicly held corporation as aforesaid (a result of or in connection with a material change in the event that Sublessor shall sent to Sublessee notice ownership of termination Lessee's or any guarantor's capital stock, Lessee's or any guarantor's debt-to-worth ratio equals or exceeds twice Lessee's or any guarantor's debt-to-worth ratio as above provided, on the fifth (5th) day next following of the date of the sending of the noticethis Lease (unless Lessor shall have given its prior written consent thereto), the term if Lessee or any guarantor is a natural person, any death or incompetency of this Sublease shall terminateLessee or such guarantor. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any causeAs used herein, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days from the date of the notice of default."
Appears in 1 contract
Samples: Master Lease Agreement (Millennium Pharmaceuticals Inc)
Default. 18.1. If Sublessee shall default is made in the payment of any installment of rent on the due date thereof, or other payments in any timely payment required of Sublessee, and if Sublessee shall fail to cure said default within seven (7) business days after receipt of written notice of said default from Sublessor; under this lease or if Sublessee Tenant shall default in the performance or observance of any other agreement or condition on its part to be performed or observed, and if Sublessee shall fail to cure said such default within ninety continues for ten (9010) days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee shall make an assignment of its property for the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for a period of 60 daysthereof, or if a receiver, trustee, or assignee the premises shall be appointed vacated or abandoned, then in any such event at the option of Landlord, Landlord may reenter the Premises and take possession thereof. Notwithstanding re-entry by Landlord, Tenant shall remain liable for a sum equal to the whole entire rent set forth in this Lease. Landlord, as agent for Tenant without notice, may relet the Premises or any part of the Sublessee's propertyPremises for the remainder of the term or for any longer or shorter period as opportunity may offer, and at such rental as may be obtained, and Xxxxxx agrees to pay the difference between a sum equal to the amount of rent payable during the residue of the term and the rent received by Landlord during the term after deducting expenses for repairs, recovering possession, and reletting the same. Landlord will use reasonable efforts in marketing and advertising the Premises for relet and make a good faith effort to relet the Premises at a fair market rental value. If any voluntary or involuntary petition or similar pleading is filed in any court seeking to declare Tenant bankrupt, insolvent or unable to pay its debts or seeking a plan of reorganization or arrangement under Chapter X or XI of the Bankruptcy Act, and such petition or pleading is not withdrawn or denied within sixty days of its filing, then and in any such event Landlord may, if Landlord so elects but not otherwise, and with or without notice of said casessuch election, Sublessor lawfully may and with or without entry or other action by Landlord, immediately terminate this Lease. Landlord shall immediately upon seven days notice or if such notice shall adversely affect termination be entitled to recover damages in an amount equal to the rights then present value of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafter, and without further notice of demand, enter into and upon Rent for the Subleased Premises, or any part hereof in the name remainder of the wholeTerm, and hold plus any other sums owed by Tenant to Landlord, less the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee then present value of the termination of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date fair rental value of the sending Premises for the remainder of the notice)Term. In any event, the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any causebreach of this Lease by Tenant, or before Landlord may take any action, Landlord shall give Tenant at least ten (10) days prior written notice and an opportunity to cure any monetary default, and at least thirty (30) days prior written notice and opportunity to cure any non-monetary default, provided, however, in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee Tenant is not reasonably able to cure a non-monetary breach within thirty (30) days, there shall be liable for a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days from no default as long as Tenant promptly commences the date cure of the notice breach within the initial thirty (30) days, and acts diligently to complete the cure of defaultthe breach reasonably promptly.
Appears in 1 contract
Samples: Commercial Lease Agreement
Default. 18.1. If Sublessee Tenant shall be in default in the payment under this Lease if: (i) Tenant shall fail to pay any installment of rent or any other payments payment to Landlord or other parties required of Sublesseeherein, when due, and if Sublessee such failure shall fail to cure said default within continue for a period of seven (7) business days after Tenant's receipt of written notice from Landlord; (ii) Tenant shall become insolvent or make a transfer in fraud of said default from Sublessorcreditors; (iii) a petition shall be filed against Tenant under any state or if Sublessee shall default in federal bankruptcy or insolvency laws or under any similar law or statute of the performance United States or observance of any other agreement or condition on its part to be performed or observedstate, and if Sublessee shall fail to cure said default not discharged within ninety sixty (9060) days after such filing, or Tenant shall file such longer period as petition, or Tenant shall be reasonably required so long as the Sublessee adjudged bankrupt or insolvent in any proceeding; (iv) any assignment shall be diligently pursuing such cure after receipt made of written notice the property of said default from Sublessor; or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee shall make an assignment of its property Tenant for the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for a period of 60 days, or if a receiver, trusteeguardian, conservator, trustee in involuntary bankruptcy or assignee other similar officer shall be appointed for the whole to take charge of all or any substantial part of the SublesseeTenant's property, then in or the estate hereby created shall be taken on execution or by other process of law; (v) Tenant shall fail to comply with any covenant, term, or provision of said casesthis Lease (other than the payment of rent and other charges) and shall not cure such failure within thirty (30) days after written notice thereof to Tenant, Sublessor lawfully or such additional time as is reasonably required to correct such failure. In case of any such default, and regardless of any waiver or consent to any earlier event of default, Landlord, at its option, may upon seven days notice exercise any and all remedies available to Landlord at law or if equity, all of such notice rights and remedies to be cumulative and not exclusive, including without limitation the following: Landlord may terminate this Lease, and Tenant shall adversely affect quit and surrender the rights of the Sublessor in any bankruptcy or receivership, then Premises and remain liable as set forth below; Landlord may immediately, or at any time thereaftersubsequent time, without demand or further notice, reenter the Premises with or without process of law, and without further notice of demand, enter into and upon repossess the Subleased Premises, or any part hereof in the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee Tenant and those claiming under itTenant, and Landlord may remove its any property from the Premises and store the same in any warehouse, all at the expense and risk of Tenant, or their property without being taken or deemed to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee dispose of the termination of this Subleasesame in accordance with applicable law, and upon entry Tenant shall remain liable as aforesaid (or in set forth below; In the event that Sublessor shall sent to Sublessee notice of termination or re-entry after default, Tenant shall pay Landlord as above provideddamages all rent, on and other charges, payable under this Lease up to the fifth (5th) day next following time of re-entry or termination, and all rent that Tenant would have been required to pay until the date expiration of the sending of the notice), the then current term of this Sublease lease, whether or not the Premises shall terminate. Sublessee hereby expressly waives any be relet, as and when due in accordance with the provisions of this Lease, plus all expenses of re-entering, repossession, and all rights of redemption granted by or under expenses in connection with any present or future laws in reletting, including without limitation expenses for altering and repairing the event of Sublessee being evicted or dispossessed Premises for any causenew tenant, or in attorneys' fees and brokers commissions, less the event Sublessor terminates this Sublease as provided in this Articlenet proceeds to Landlord of any reletting of the Premises, and subject to Landlord's obligation to mititgate damages under applicable law. The Sublessee shall be liable for a 5% late charge applicable Any suit brought by Landlord to any amounts recover the damages due under this Subleasesection shall not prejudice Landlord' right to recover in any subsequent action brought for any amount not previously reduced to judgment. At any time after termination, which are whether or not paid within seven Landlord shall have collected any damages under (7C) business days above, Landlord shall be entitled, at Landlord's option, to obtain from Tenant, on demand, as liquidated final damages, an amount equal to the date present value to Landlord of the notice rent and other changes that would have been payable by Tenant if this Lease had remained in effect until the expiration of defaultthe current term, minus the fair rental value of the Premises for the same period.
Appears in 1 contract
Default. 18.1. If Sublessee 5.01 Landlord may terminate this Lease on three (3) days’ notice: (a) if Fixed Annual Rent or Additional Rent is not paid within five (5) Business Days after written notice from Landlord (it being understood and agreed that such 5 Business Day notice may not be given by Landlord until the date that any such payment was due has occurred); or (b) if Tenant shall default in the payment of rent or other payments required of Sublessee, and if Sublessee shall fail have failed to cure said default within seven (7) business days after receipt of written notice of said default from Sublessor; or if Sublessee shall a default in the performance or observance of any other agreement covenant of this Lease (except the payment of Rent), or condition on its part to any rule or regulation hereinafter set forth, within thirty (30) days after written notice thereof from Landlord, or if default cannot be performed or observedcompletely cured in such time, and if Sublessee Tenant shall fail not promptly proceed to cure said such default within ninety said thirty (9030) days days, or shall not complete the curing of such longer period as default with due diligence; or (c) when and to the extent permitted by law, if a petition in bankruptcy shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; filed by or against Tenant or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee Tenant shall make an a general assignment of its property for the benefit of creditors, or receive the benefit of any insolvency or reorganization act and same is not dismissed within sixty (60) days thereafter, unless same is filed by Tenant, in which case no such time period shall apply; or (d) if Sublessee shall file voluntary bankruptcya receiver or trustee is appointed for any portion of Tenant’s property and such appointment is not vacated within sixty (60) days after such appointment; or (e) if any bankruptcy an execution or insolvency proceedings attachment shall be commenced by Sublessee or an involuntary bankruptcy issued under which the Premises shall be filed against taken or occupied or attempted to be taken or occupied by anyone other than Tenant and same is not dismissed within sixty (60) days after such issuance or (f) if, during the Sublessee which remains undischarged for a period of 60 daystime commencing on the date hereof and ending on the date which is twenty-eight (28) days following the Commencement Date hereunder (and for no other period of time), or if a receiver, trustee, or assignee there shall be appointed a default beyond any grace period that accrues under that certain lease by and between SLG 625 Lessee LLC (successor-in-interest to the original landlord thereunder), as landlord, and Centerline Affordable Housing Advisors LLC (successor-in-interest to the original tenant thereunder), as tenant, dated as of December 31, 1995 (as same has been or may hereafter be modified or amended, including as modified by that certain Lease Modification and Partial Surrender Agreement dated as of the date hereof (the “Lease Surrender Agreement”)), covering certain premises located at 600 Xxxxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx (the “625 Lease”), but only with respect to defaults by the tenant under the 625 Lease with respect to Sections 2(b)(iv) (but only with respect to non-payment of costs and expenses due from the tenant under the Lease Surrender Agreement) and 3(e) (but only with respect to non-payment of costs and expenses due from the tenant under the Lease Surrender Agreement) of the Lease Surrender Agreement, and Landlord will provide Tenant notice of such default under the Lease Surrender Agreement simultaneously when such notice of default is sent to the tenant under the Lease Surrender Agreement. At the expiration of the three (3) day notice period, this Lease and any rights of renewal or extension thereof shall terminate as completely as if that were the date originally fixed for the whole or any part expiration of the Sublessee's property, then in any of said cases, Sublessor lawfully may upon seven days notice or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafter, and without further notice of demand, enter into and upon the Subleased Premises, or any part hereof in the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination Term of this SubleaseLease, and upon entry but Tenant shall remain liable as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above hereinafter provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days from the date of the notice of default.
Appears in 1 contract
Default. 18.1. If Sublessee shall (a) Lessor may in writing declare this Agreement in default in the payment of if: Lessee breaches its obligation to pay rent or any other payments required of Sublessee, sum when due and if Sublessee shall fail fails to cure said default the breach within seven ten (710) business days; Lessee breaches any of its insurance obligations herewith under Section X; Lessee breaches any of its other obligations hereunder and fails to cure that breach within thirty (30) days after receipt of written notice thereof: any representation or warranty made by or on behalf of said default from Sublessor; or if Sublessee shall default Lessee in the performance or observance of any other agreement or condition on its part to be performed or observed, and if Sublessee shall fail to cure said default within ninety (90) days or such longer period as connection with this Agreement shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessorfalse or misleading in any material respect; or if any person shall levy upon, or take Sublessee's leasehold interest Lessee or any part hereof, upon execution, attachment, guarantor becomes insolvent or their process of lawceases to do business as a going concern; any Equipment is illegally used; a petition is filed by or if Sublessee shall make an assignment of its property for the benefit of creditors; against Lessee or if Sublessee shall file voluntary bankruptcy; or if any guarantor under any bankruptcy or insolvency proceedings laws; there is a revocation or anticipatory repudiation of any guarantor's obligations under any guaranty issued in connection with this Agreement; Lessee or any guarantor shall be commenced by Sublessee or an involuntary bankruptcy in default under any material obligation and the applicable grace period with respect thereto shall be filed against the Sublessee which remains undischarged for a period of 60 days, or if a receiver, trustee, or assignee shall be appointed for the whole have expired; Lessee or any part guarantor shall have terminated its existence, consolidated with, merged into or conveyed or leased substantially all of its assets as an entirety to any person (such actions being referred to as an "Event"), unless not less than sixty (60) days prior to such Event: (x) such person is organized and existing under the laws of the Sublessee's propertyUnited States or any state, then in any of said cases, Sublessor lawfully may upon seven days notice or if and executes and delivers to Lessor an agreement containing an effective assumption by such notice shall adversely affect the rights person of the Sublessor in any bankruptcy due and punctual performance of this Lease or receivershipguaranty thereof, then immediately, or at any time thereafteras the case may be, and without further notice (y) Lessor is reasonably satisfied as to the credit worthiness of demand, enter into and upon the Subleased Premises, such person; if Lessee or any part hereof in guarantor is a privately held corporation and effective control of Lessee's or any guarantor's voting capital stock, issued and outstanding from time to time, is not retained by the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass present stockholders (or Sublessor may send unless Lessee shall have provided sixty (60) days' prior written notice to Sublessee Lessor of the termination proposed disposition of this Sublease, stock and upon entry Lessor shall have consented thereto in writing); or if Lessee or any guarantor is a publicly held corporation as aforesaid (a result of or in connection with a material change in the event that Sublessor shall sent to Sublessee notice ownership of termination Lessee's or any guarantor's capital stock, Lessee's or any guarantor's debt-to-worth ratio equals or exceeds twice Lessee's or any guarantor's debt-to-worth ratio as above provided, on the fifth (5th) day next following of the date of the sending of the noticethis Lease (unless Lessor shall have given its prior written consent thereto), the term if Lessee or any guarantor is a natural person, any death or incompetency of this Sublease shall terminateLessee or such guarantor. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any causeAs used herein, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days from the date of the notice of default."
Appears in 1 contract
Samples: Master Lease Agreement (Nexstar Pharmaceuticals Inc)
Default. 18.1. If Sublessee shall default in the payment of rent Lessee fails to pay any rental or other payments required payment due hereunder or due pursuant to the Lease documents, or if Lessee shall become bankrupt or insolvent, or shall file any debtor proceeding, or takes, or has taken against it, any Petition in Bankruptcy, or files a petition for appointment of Sublesseereceiver or for a reorganization, or if Lessee fails to perform any terms hereof, and if Sublessee the same shall fail to cure said default not have been cured within seven ten (710) business days after receipt of following written notice from the Lessor to the Lessee stating the nature of said default from Sublessor; or if Sublessee shall default in the performance or observance of any other agreement or condition on its part to be performed or observeddefault, and if Sublessee shall fail to cure said default within ninety (90) days or such longer period as then Lessee shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said in default from Sublessor; or if any person shall levy uponand Lessor may, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee shall make an assignment of its property for the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for a period of 60 days, or if a receiver, trustee, or assignee shall be appointed for the whole or any part of the Sublessee's property, then in any of said cases, Sublessor lawfully may upon seven days notice or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafter, her option and without further notice to Lessee, terminate Lessee's right to possess the premises and, without terminating this Lease, Lessor may reenter and resume possession of demandthe premises and/or declare the Lease terminated, enter into and upon may thereupon, in either event, remove all persons and property from the Subleased Premisespremises, with or without resort to process of any court. In no event shall Lessor's termination of the Lease and/or termination of Lessee's right to possession of the premises abrogate Lessee's agreement to pay rent and any other charges due hereunder. Following reentry of the premises by Lessor, Lessee shall continue to pay all such rent and any other charges as same become due under the terms hereof, together with all reasonable expenses (including attorney fees) incurred by Lessor in regaining possession, until such time, if any, as Lessor relets same and the premises are occupied by a successor. If Lessor shall not be permitted to terminate this Lease as hereinabove provided because of the provisions of the United States Code relating to Bankruptcy, as amended ("The Bankruptcy Code"), then Lessee, as a debtor in possession, or any part trustee for Lessee, agrees promptly, within no more than sixty (30) days following request by Lessor to the Bankruptcy Court, to assume or reject this Lease, and Lessee, on behalf of itself and any trustee, agrees not to seek or request any extension or adjournment of any application to assume or reject this Lease by Lessor with such Court. In such event, Lessee, or any trustee for Lessee, may only assume this Lease if (a) it cures or provides adequate assurance that the trustees will promptly cure any default hereunder, (b) compensates, or provides adequate assurance that the trustees will promptly compensate, Lessee for any actual pecuniary loss to Lessor resulting from Lessee's defaults, and (c) provides adequate assurance of performance during the fully stated term hereof in the name of all of the wholeterms, covenants, and hold the Subleased Premises as if provision of this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed Lease to be guilty performed by Lessee. In no event after the assumption of this Lease shall any manner then-existing default remain uncured for a period in excess of trespass fifteen (or Sublessor may send written notice to Sublessee 15) days. Adequate assurance of performance of this Lease as set forth hereinabove shall include, without limitation, adequate assurance (1) of the termination source of rent reserved hereunder and (2) that the assumption of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice), the term Lease will not breach any provision of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days from the date of the notice of defaultLease.
Appears in 1 contract
Default. 18.1. (1) If Sublessee shall default tenant defaults beyond any applicable notice and grace period, in fulfilling any of the covenants of this lease including the covenants for the payment of rent or other payments required of Sublessee, and if Sublessee shall fail to cure said default within seven (7) business days after receipt of written notice of said default from Sublessoradditional rent; or if Sublessee shall default in the performance demised premises become vacant or observance of any other agreement or condition on its part to be performed or observed, and if Sublessee shall fail to cure said default within ninety (90) days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessordeserted; or if any person execution or attachment shall levy upon, or take Sublessee's leasehold interest be issued against Tenant or any part hereof, upon execution, attachment, of Tenant's property whereupon the demised premises shall be taken or their process of lawoccupied by someone other than Tenant; or if Sublessee shall make an assignment this lease be rejected under Section 365 of its property for Title II of the benefit of creditorsU.S. Code (Bankruptcy Code); or if Sublessee Tenant shall file voluntary bankruptcy; fail to move into or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for a period of 60 days, or if a receiver, trustee, or assignee shall be appointed for the whole or any part take possession of the Sublessee's property, then in any premises within thirty (30) days after the commencement of said cases, Sublessor lawfully may upon seven days notice or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafter, and without further notice of demand, enter into and upon the Subleased Premises, or any part hereof in the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease lease, of which fact Owner shall terminate. Sublessee hereby expressly waives be the sole judge; then, in any one or more of such events, upon Owner serving a written fifteen (15) days notice upon Tenant specifying the nature of said default and all rights upon the expiration of redemption granted by said fifteen (15) days, if Tenant shall have failed to comply with or under any present or future laws in the event of Sublessee being evicted or dispossessed for any causeremedy such default, or in if the event Sublessor terminates this Sublease as provided in this Article. The Sublessee said default or omission complained of shall be liable for of a nature that the same cannot be completely cured or remedied within said fifteen (15) day period, and if Tenant shall not have diligently commenced curing such default within such fifteen (15) day period, and shall not thereafter with reasonable diligence and in good faith proceed to remedy or cure such default, then Owner may serve a written five (5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days from the date of the notice of defaultcancellation of this lease upon Tenant, and upon the expiration of said five (5) days, this lease and the term thereunder shall end and expire as fully and completely as if the expiration of such five (5) day period were the day herein definitely fixed for the end and expiration of this lease and the term thereof and Tenant shall then quit and surrender the demised premises to Owner but Tenant shall remain liable as hereinafter provided.
Appears in 1 contract
Default. 18.1. If Sublessee (a) Lessee shall be in default in the hereunder if it should fail to make payment of rent the rent, or any other payments required of Sublesseeamount herein provided to be paid, or any part thereof, including but not limited to any amounts advanced by Lessor in accordance with this paragraph, and any such default shall continue for period of ten (10) days after written notice thereof given by Lessor to the Lessee. Lessee also shall be in default hereunder if Sublessee the Property or any part thereof shall be vacated or abandoned or if Lessee should fail to cure said default fulfill any of the other covenants and conditions herein provided to be performed by the Lessee within seven thirty (730) business days after receipt of Lessor's written notice of said the default from Sublessor; or if Sublessee shall default in the performance or observance of any other agreement or condition on its part to be performed or observedLessee, and if Sublessee shall fail to cure said default within ninety (90) days or such longer period of time as may be reasonably necessary to cure the default if it is impossible or impracticable to cur the same within thirty (30) days, or if Lessee shall file a voluntary petition in bankruptcy or file any petition or institute any proceedings under any Insolvency or Bankruptcy Act or any amendment thereto hereafter made, seeking to effect its reorganization or a composition with its creditors, or if, in any proceedings based on the insolvency of Lessee or relating to bankruptcy proceedings, a receiver or trustee shall be reasonably required so long as appointed for Lessee or the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; Property, or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee shall make an assignment of its property for the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against for the Sublessee which remains undischarged for a period reorganization of 60 daysLessee, or if a receiver, trusteethe leasehold estate created hereby shall be taken on execution or by any process of law, or assignee if Lessee shall admit in writing its inability to pay its obligations generally as they become due. Lessor shall be appointed for the whole or in default hereunder if it should fail to fulfill any part of the Sublesseecovenants and conditions as herein provided by be performed by Lessor within thirty (30) days of Lessee's property, then in any of said cases, Sublessor lawfully may upon seven days written notice or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy default to Lessor, or receivershipsuch longer period of time as may be reasonably necessary to cure the default if it is impossible or impracticable to cure the same within thirty (30) days; provided, then however, that if the nature of the problem presents a hazard or emergency, the Lessor shall perform its obligations immediately, or at any time thereafter, and without further notice of demand, enter into and upon the Subleased Premises, or any part hereof in the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee Lessor shall be liable for a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days from the date of the notice of defaultin default hereunder.
Appears in 1 contract
Default. 18.1. If Sublessee shall the Tenant is in default in the payment of rent any money, whether hereby expressly reserved or other payments required of Sublesseedeemed as rent, and if Sublessee shall fail to cure said default within seven (7) business days after receipt of written notice of said default from Sublessor; or if Sublessee shall default in the performance or observance of any other agreement or condition on its part to be performed or observed, and if Sublessee shall fail to cure said default within ninety (90) days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee shall make an assignment of its property for the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for a period of 60 days, or if a receiver, trustee, or assignee shall be appointed for the whole or any part of the Sublessee's propertyrent, then and such default continues following any specific due date on which the Tenant is to make such payment, or in any the absence of said casessuch specific due date, Sublessor lawfully for the __10____ days following written notice by the Landlord requiring the Tenant to pay the same then, at the option of the Landlord, this Lease may be terminated upon seven __10____ days notice or if such notice shall adversely affect and the rights of the Sublessor in any bankruptcy or receivership, term will then immediately, or at any time thereafterimmediately become forfeited and void, and the Landlord may without further notice or any form of demand, enter into and upon legal process immediately reenter the Subleased Premises, Premises or any part hereof of the Premises and in the name of the wholewhole repossess and enjoy the same as of its former state anything contained in this Lease or in any statute or law to the contrary notwithstanding. Unless otherwise provided for in this Lease, if the Tenant does not observe, perform and keep each and every of the non-monetary covenants, agreements, stipulations, obligations, conditions and other provisions of this Lease to be observed, performed and kept by the Tenant and persists in such default, after __10____ days following written notice from the Landlord requiring that the Tenant remedy, correct or comply or, in the case of such default which would reasonably require more than __10____ days to rectify, unless the Tenant will commence rectification within the said __10____ days notice period and thereafter promptly and diligently and continuously proceed with the rectification of any such defaults then, at the option of the Landlord, this Lease may be terminated upon __10____ days notice and the term will then immediately become forfeited and void, and hold the Subleased Landlord may without further notice or any form of legal process immediately reenter the Premises or any part of the Premises and in the name of the whole repossess and enjoy the same as of its former state anything contained in this Lease or in any statute or law to the contrary notwithstanding. If and whenever: the Tenant's leasehold interest hereunder, or any goods, chattels or equipment of the Tenant located in the Premises will be taken or seized in execution or attachment, or if any writ of execution will issue against the Tenant or the Tenant will become insolvent or commit an act of bankruptcy or become bankrupt or take the benefit of any legislation that may be in force for bankrupt or insolvent debtor or become involved in voluntary or involuntary winding up, dissolution or liquidation proceedings, or if a receiver will be appointed for the affairs, business, property or revenues of the Tenant; or the Tenant fails to commence, diligently pursue and complete the Tenant's work to be performed under any agreement to lease pertaining to the Premises or vacate or abandon the Premises, or fail or cease to operate or otherwise cease to conduct business from the Premises, or use or permit or suffer the use of the Premises for any purpose other than as permitted in this Sublease had clause, or make a bulk sale of its goods and assets which has not been madeconsented to by the Landlord, or move or commence, attempt or threaten to move its goods, chattels and equipment out of the Premises other than in the routine course of its business; then, and expel Sublessee in each such case, at the option of the Landlord, this Lease may be terminated without notice and those claiming under itthe term will then immediately become forfeited and void, and remove its the Landlord may without notice or their property without being taken any form of legal process immediately reenter the Premises or deemed to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee part of the termination Premises and in the name of the whole repossess and enjoy the same as of its former state anything contained in this Sublease, and upon entry as aforesaid (Lease or in any statute or law to the contrary notwithstanding. In the event that Sublessor shall sent the Landlord has terminated the Lease pursuant to Sublessee notice of termination as above providedthis section, on the fifth (5th) day next following expiration of the time fixed in the notice, if any, this Lease and the right, title, and interest of the Tenant under this Lease will terminate in the same manner and with the same force and effect, except as to the Tenant's liability, as if the date of the sending of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws fixed in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days from the date of the notice of defaultcancellation and termination were the end of the Lease.
Appears in 1 contract
Samples: Commercial Lease Agreement
Default. 18.1. If Sublessee The occurrence of any one or more of the following events shall constitute a default in the payment under this Lease by Sublessee: (i) any monthly installment of rent or any part thereof, or any other payments required herein provided for, shall not be paid when due and shall continue unpaid for a period of Sublesseefive (5) business days after written notice from Sublessor (but if after Sublessor has provided two such written notices in any twelve month period, default shall occur in such twelve month period when such amounts remain unpaid for a period of five (5) business days after they are due), or (ii) the vacation or abandonment of the Leased Premises by the Sublessee (abandonment is defined to include, but is not limited to, any absence by the Sublessee from the Leased Premises, other than due to a Casualty or Force Majeure Delays resulting in the Sublessee not engaging in its usual and if customary business for a minimum of thirty (30) consecutive days); or (iii) in the event Sublessee shall fail to cure said default within seven (7) business days after receipt perform any of written notice the other covenants, terms or conditions of said default from Sublessor; or if Sublessee shall default in the performance or observance of any other agreement or condition on its part this Sublease to be performed or observedby the Sublessee, and if Sublessee such failure shall fail to cure said default within ninety continue for a period of thirty (9030) days after written demand on Sublessee for such performance, or if such longer period as shall failure by its nature cannot reasonably be reasonably required so long as corrected within such 30-day period; (iv) the making by the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; any general assignment or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee shall make an assignment of its property general arrangement for the benefit of creditors; the appointment of a trustee or if a receiver to take possession of substantially all of the Sublessee’s assets or of the Sublessee’s interest in this Lease and possession is not restored to the Sublessee shall file voluntary bankruptcywithin thirty (30) days; or if the attachment, execution or other judicial seizure of substantially all of the Sublessee’s assets located at the Premises or of the Sublessee’s interest in this Lease and such seizure is not discharged within thirty (30) days; (v) the filing of any voluntary petition in bankruptcy or insolvency proceedings shall be commenced by the Sublessee or an the filing of any involuntary bankruptcy shall be filed against petition by the Sublessee which Sublessee’s creditors if the involuntary petition remains undischarged for a period of 60 thirty (30) days, or if a receiver, trustee, or assignee shall be appointed for the whole or any part of the Sublessee's property, then in any of said cases, Sublessor lawfully may upon seven days notice or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafter, and without further notice of demand, enter into and upon the Subleased Premises, or any part hereof in the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (or in . In the event that Sublessor shall sent under applicable law the trustee in bankruptcy or the Sublessee has the right to affirm this Sublease and perform the obligations of the Sublessee notice hereunder, the trustee or Sublessee will, in the time period permitted by the bankruptcy court having jurisdiction, cure all defaults of termination the Sublessee outstanding as above provided, on the fifth (5th) day next following of the date of the sending of the notice), the term affirmance of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights provide to the Sublessor such adequate assurances as may be necessary to ensure the Sublessor of redemption granted by or under any present or future laws in the event continued performance of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due Sublessee’s obligations under this Sublease, which are not paid within seven (7) business days from the date of the notice of default...
Appears in 1 contract
Samples: Sublease Agreement (Workiva LLC)
Default. 18.1. If Sublessee (a) The following events shall be deemed to be events of default in by Tenant under this Lease: (i) Tenant shall fail to pay any installment of Rent or any other charge or assessment against Tenant pursuant to the terms hereof within ten (10) days after the due date thereof; (ii) Tenant shall fail to comply with any term, provision, covenant or warranty made under this Lease by Tenant, other than the payment of rent the Rent or any other payments required of Sublesseecharge or assessment payable by Tenant, and if Sublessee shall fail to not cure said default such failure within seven twenty (720) business days after receipt of written notice of said default from Sublessorthereof to Tenant; or if Sublessee shall default in the performance or observance of any other agreement or condition on its part to be performed or observed, and if Sublessee shall fail to cure said default within ninety (90iii) days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; or if any person shall levy upon, or take Sublessee's leasehold interest Tenant or any part hereof, upon execution, attachment, or their process guarantor of law; or if Sublessee this Lease shall make an a general assignment of its property for the benefit of creditors; , or if Sublessee shall admit in writing its inability to pay its debts as they become due, or shall file voluntary a petition in bankruptcy; , or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee adjudicated as bankrupt or insolvent, or shall file a petition in any proceeding seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, or shall file an involuntary bankruptcy shall be answer admitting or fail timely to contest the material allegations of a petition filed against it in any such proceeding; (iv) a proceeding is commenced against Tenant or any guarantor of this Lease seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, and such proceeding shall not have been dismissed within forty-five (45) days after the Sublessee which remains undischarged for commencement thereof; (v) a period of 60 days, receiver or if a receiver, trustee, or assignee trustee shall be appointed for the whole Demised Premises or for all or substantially all of the assets of Tenant or of any guarantor of this Lease; (vi) Tenant shall abandon or vacate all or any part portion of the Sublessee's property, then in any of said cases, Sublessor lawfully may upon seven days notice Demised Premises or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafter, and without further notice of demand, enter into and upon the Subleased Premises, or any part hereof in the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed fail to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease take possession thereof as provided in this Article. The Sublessee Lease; (vii) Tenant shall do or permit to be liable done anything which creates a lien upon the Demised Premises or the Project and such lien is not removed or discharged within fifteen (15) days after the filing thereof; (viii) Tenant shall fail to return a properly executed instrument to Landlord in accordance with the provisions of Article 27 hereof within the time period provided for such return following Landlord's request for same as provided in Article 27; or (ix) Tenant shall fail to return a 5% late charge applicable properly executed estoppel certificate to any amounts due under this Sublease, which are not paid Landlord in accordance with the provisions of Article 28 hereof within seven (7) business days from the date of the notice of defaulttime period provided for such return following Landlord's request for same as provided in Article 28.
Appears in 1 contract
Samples: Lease Agreement (Digital Television Services of Kansas LLC)
Default. 18.1. (a) If Sublessee shall the sale and purchase of the Premises contemplated by this Agreement is not consummated on account of Seller’s default in the payment of rent or other payments required of Sublesseehereunder, and if Sublessee shall fail such default is not cured within fifteen (15) days following Seller’s receipt of notice (or, with respect to any non-monetary default, such longer period of time as is necessary to cure said such default if Seller commences to cure within seven the initial fifteen (715) business days after receipt day period and thereafter diligently pursues such cure to completion), then Buyer may (i) waive the condition and proceed to Closing, (ii) seek specific performance from Seller, or (iii) terminate this Agreement by notice to Seller and receive from Seller the reimbursement for any and all reasonable expenses actually incurred by Buyer in connection with this Agreement, including reasonable attorneys fees, the costs of written notice of said default from Sublessor; or if Sublessee shall default in the performance or observance of any other agreement or condition on its part to be performed or observedtitle examination, and if Sublessee expenses in connection with Buyer’s Studies, which reimbursement shall fail in no event exceed the aggregate sum of Forty Thousand Dollars ($40,000.00), as liquidated damages and not as a penalty, and thereafter the Deposit shall be refunded to cure said Buyer, and upon such payment and refund, this Agreement shall be deemed terminated and neither party hereto shall have any further rights, liabilities or obligations hereunder other than those arising under any section which expressly provides that it shall survive the termination of this Agreement. As a condition precedent to Buyer exercising any right to bring an action for specific performance as the result of Seller’s default hereunder, Buyer must commence such action within ninety (90) days after: (x) the occurrence of such default; or (y) the expiration of any applicable time period applicable to such longer default without a cure having been effectuated, whichever is later. Buyer agrees that its failure timely to commence such an action for specific performance within such ninety (90) day period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee shall make an assignment deemed a waiver by it of its property for the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or right to commence such an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for a period of 60 days, or if a receiver, trustee, or assignee shall be appointed for the whole or any part of the Sublessee's property, then in any of said cases, Sublessor lawfully may upon seven days notice or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafter, and without further notice of demand, enter into and upon the Subleased Premises, or any part hereof in the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days from the date of the notice of defaultaction.
Appears in 1 contract
Samples: And Purchase Real Estate (Kulicke & Soffa Industries Inc)
Default. 18.1. If Sublessee A. Tenant shall be in default hereunder in any of the following events: (i) Tenant shall fail to pay rent within ten (10) days of the due date thereof or to pay any other monetary amount due hereunder within five (5) days following written notice thereof; (ii) Tenant shall fail to perform any of its other obligations under this Agreement and such default shall not have been remedied within thirty (30) days after Xxxxxx’s receipt of written notice from Landlord specifying such default and requiring it to be remedied or such additional time as is reasonably required to correct any such default; or (iii) Tenant shall default in the payment observance of rent or other payments required of Sublessee, and if Sublessee shall fail to cure said default within seven (7) business days after receipt of written Tenant’s insurance requirements for which there will be no notice of said default from Sublessor; or if Sublessee shall default in the performance cure period or observance of any other agreement (iv) be dissolved or condition on its part judicially declared bankrupt or insolvent according to be performed or observedlaw, and if Sublessee shall fail to cure said default within ninety (90) days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; or if any person assignment shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process be made of law; or if Sublessee shall make an assignment the property of its property Tenant for the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for a period of 60 days, or if a receiver, trusteeguardian, conservator, trustee in involuntary bankruptcy or assignee other similar officer shall be appointed to take charge of all or any substantial part of Tenant’s property by a court of competent jurisdiction, or if a petition shall be filed for the whole reorganization of Tenant under any provisions of law now or any part of the Sublessee's propertyhereafter enacted, then in any of said casesand such proceeding is not dismissed within forty-five (45) days after it is begun, Sublessor lawfully may upon seven days notice or if Tenant shall file a petition for such notice reorganization, or for arrangements under any provisions of such laws providing a plan for a debtor to settle, satisfy, or extend the time for the payment of debt, Landlord shall adversely affect be entitled to all remedies available at law and equity, including, without limitation, the rights remedy of the Sublessor in any bankruptcy or receivershipforcible entry and detainer, then immediately, and Landlord may immediately or at any time thereafter without further demand or notice, mail a notice of termination of this Agreement addressed to the Tenant at its address as noted in Section 24 and thereby terminate this Agreement, and thereafter, and without further notice of demandif Xxxxxx has vacated the Premises, then Landlord may enter into and upon the Subleased Premises, or any part hereof in Premises and repossess the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, same and remove its or their property without being taken or deemed to be guilty any effects of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (Tenant in accordance with applicable law or in the event that Sublessor shall sent to Sublessee notice of termination as above providedTenant has not vacated the Premises, on evict Tenant from the fifth (5th) day next following the date Premises using any method then permitted by applicable law, all of the sending of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall foregoing to be liable for a 5% late charge applicable without prejudice to any amounts due under this Sublease, remedies which are not paid within seven (7) business days from the date might otherwise be used for arrears of the notice rent or preceding breach of defaultcovenant.
Appears in 1 contract
Samples: Lease Agreement
Default. 18.1. If Sublessee Any of the following shall default in the payment constitute an Event of rent Default: (a) Lessee fails to pay any Rent or other payments required amount when due under a Lease that is not paid within ten (10) days of Sublesseesuch failure; (b) a breach of any terms of any Guaranty has occurred, (c) any representation or warranty made by Lessee herein or in any Lease, or by any of Lessee's Subsidiaries in any Guaranty or any other related document or any statement made by Lessee or any Subsidiary of Lessee in any financial statement, certificate, report, exhibit or document furnished by Lessee to Lessor pursuant to this Agreement or any Guaranty proves to have been untrue, incomplete, false or misleading in any material respect as of the time when made or repeated (including by omission of material information necessary to make such representation, warranty or statement not misleading) and if Sublessee shall fail such untruth, incompleteness, falsity, misleading statement or omission is not corrected or remedied to cure said default the satisfaction of Lessor within seven thirty (730) business days after receipt the giving or repeating of written notice of said default from Sublessorsuch representation or warranty; or if Sublessee shall default (d) Lessee defaults in the performance or observance of any other agreement indemnification or condition on its part to be performed covenant contained herein or observed, in any Lease and if Sublessee shall fail to cure said such default within ninety continues for a period of thirty (9030) days thereafter; (e) Lessee attempts to make a Transfer without Lessor's prior written consent; (f) Lessee dissolves or such longer period ceases to do business as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt a going concern; (g) Lessee sells, transfers or otherwise disposes of, in one or a series of written notice transactions, all or a material portion of said default from Sublessor; its assets, whether now owned or if any person shall levy uponhereafter acquired, or take Sublesseethe percentage ownership of the stock and other equity interests of the Lessee beneficially owned by Vulcan is less than 25%, or a Change in Control with respect to the Lessee occurs, or Lessee enters into any transaction which constitutes a Change in Control without Lessor's leasehold interest prior written consent; (h) Lessee or any part hereofother Subsidiary of Lessee becomes insolvent, upon execution, attachment, or their process of law; or if Sublessee shall make makes an assignment of its property for the benefit of creditors; , files a voluntary petition or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or has an involuntary bankruptcy shall be petition filed or action commenced against it under the Sublessee which remains undischarged for United States Bankruptcy Code or any similar federal or state law and in respect of an involuntary petition such petition is not dismissed on or before 30 days after the filing thereof; (i) Lessee fails to perform its obligations under any other lease or agreement with Lessor after the expiration of any applicable cure or grace periods, (j) a period of 60 daysdefault, or if event or condition, which with the notice or lapse of time or both would become an event of default, occurs that gives a receiver, trusteecreditor of Lessee or any of its Subsidiaries the right to declare an event of default (howsoever defined) and/or accelerate payment with respect of any obligation of Lessee or any of its Subsidiaries for borrowed money (including capitalized or operating lease obligations) in excess of $10,000, or assignee shall be appointed for the whole or (k) any part of the Sublessee's property, then in any of said cases, Sublessor lawfully may upon seven days notice Operating Agreements is or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy becomes unenforceable or receivership, then immediately, or at any time thereafter, and without further notice of demand, enter into and upon the Subleased Premises, or any part hereof in the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed is terminated for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days from the date of the notice of defaultreason whatsoever.
Appears in 1 contract
Default. 18.1If Buyer defaults in the performance of its obligations hereunder, Seller shall be entitled to te r mi n a te this Contract, and retain the Xxxxxxx Money Deposit as liquidated damages, as the Parties agree that in the event of a default hereunder actual damages would be difficult to determine with any reasonable certainty and that the Xxxxxxx Money Deposit, after review and consideration, is a reasonable estimate of the damages that Seller would suffer as a result of Buyer's default (except as set forth in Section 23 below). If Sublessee shall Closing does not occur due to a default by Seller in the full and timely performance of any of its obligations hereunder, Buyer, as its sole and exclusive remedy, may elect to terminate this Contract and receive a refund of the Xxxxxxx Money Deposit, provided that if (a) Closing does not occur solely as a result of Seller’s failure to execute and deliver t h e S pe ci a l Warranty Deed on the Closing Date in accordance with Section 10 of this Contract, and (b) Seller’s failure to execute and deliver the Special Warranty Deed is not related to Mechanics Liens, and (c) Buyer has affirmatively waived in writing all of the contingencies under this Contract, and (d) Buyer has performed all of its obligations under this Contract, including without limitation, payment of rent or other payments required of Sublesseethe Purchase Price, and if Sublessee shall fail then upon notice to cure said default within seven Seller not more than ten (710) business days after receipt Buyer becomes aware of written notice such failure by Seller and provided such action is filed within thirty (30) days thereafter, Xxxxx may seek specific performance of said default from Sublessor; Seller’s obligation to execute and deliver a Special Warranty Deed (but not to resolve the Mechanics Liens or if Sublessee shall default in the performance or observance of to perform any other agreement or condition on its part obligation under this Contract). Buyer’s failure to be performed or observed, and if Sublessee seek specific performance under this Section shall fail constitute Buyer’s election to cure said default within ninety (90) days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee shall make an assignment of its property for the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for seek a period of 60 days, or if a receiver, trustee, or assignee shall be appointed for the whole or any part return of the Sublessee's property, then in any of said cases, Sublessor lawfully may Xxxxxxx Money Deposit as its sole remedy upon seven days notice or if such notice shall adversely affect the rights Seller’s default. In consideration of the Sublessor in any bankruptcy or receivershipforegoing right to seek specific performance, then immediately, or at any time thereafter, and without further notice of demand, enter into and upon the Subleased Premises, or any part hereof in the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly Buyer waives any and all rights of redemption granted by right it may now or under hereafter have to seek any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days damages from the date of the notice of defaultSeller.
Appears in 1 contract
Samples: Real Estate Contract
Default. 18.1. If Sublessee Tenant shall (a) default in the payment of any such installment of rent or other payments required of Sublessee, and if Sublessee shall fail to cure said default within seven (7) business Lessor has given Tenant ten days after receipt of written notice of said default from Sublessor; or if Sublessee shall such default, (b) default in the observance or performance or observance of any of Tenant's other agreement covenants, agreements or condition on its part to be performed or observed, obligations hereunder and if Sublessee shall fail to cure said default within ninety (90) Lessor has given Tenant 30 days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said such default from Sublessor; or (unless the default is the type of default that reasonably takes more than 30 days to cure, then Tenant shall have such additional time as is reasonably necessary to cure, provided Tenant is diligently attempting to cure), (c) if any person shall levy uponproceeding is commenced by or against Tenant for the purpose of subjecting the assets of Tenant to any law relating to bankruptcy or insolvency or for an appointment of a receiver of Tenant or of any of Tenant's assets, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or (d) if Sublessee shall make an Tenant makes a general assignment of its property Tenant's assets for the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for a period of 60 days, or if a receiverthen, trustee, or assignee shall be appointed for the whole or any part of the Sublessee's property, then in any of said casessuch event, Sublessor lawfully may upon seven days notice or if such notice shall adversely affect Lessor may, without process, re-enter immediately into the Lease Premises and remove all persons and property therefrom, and at its option, annul and cancel this Lease as to all future rights of the Sublessor in any bankruptcy or receivershipTenant and have, then immediately, or at any time thereafterregain, and without further notice of demandrepossess and enjoy the Leased Premises, enter into anything herein to the contrary notwithstanding. The Leased Premises may be re-let by Lessor for such rent and upon such terms as are not unreasonable under the Subleased Premises, or any part hereof in the name of the whole, circumstances and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee Tenant shall be liable for a 5% late charge applicable to all damage sustained by Lessor including, without limitation, deficiency in rent, reasonable attorneys' fees and expenses of placing the Leased Premises in first-class rental condition and expenses of renting same, including, but not limited to, the payment of brokerage fees, tenant allowances or any amounts due other tenant inducement. Notwithstanding the foregoing, if Lessor occupies all or any portion of the Leased Premises for its business, or the business of an affiliate or related entity, Tenant shall be released from any liability under this Sublease, which are not paid within seven (7) business days from the date Lease as to such portion of the notice Leased Premises. Lessor shall have the right to commence one or more actions to enforce the terms of defaultthis paragraph and the commencement and prosecution of one action shall not be deemed a waiver of an estoppel from commencing one or more actions from time to time in the future. All rights and demands of Lessor under this Lease shall be cumulative and shall not be exclusive of any other rights or remedies provided to Lessor under applicable law.
Appears in 1 contract
Samples: Lease (Grow Biz International Inc)
Default. 18.1. If Sublessee shall Each of the following will constitute a default in the payment of hereunder: (1) Lessee fails to pay rent or any other payments required of Sublessee, amount when due under any Schedule and if Sublessee shall fail to cure said default within seven such failure will continue for five (75) business days after receipt from the notification date thereof; (2) Lessee fails to provide or maintain the insurance required hereunder; (3) Lessee breaches any of written notice of said default from Sublessor; the other terms or if Sublessee shall default in the performance covenants hereof (including without limitation any Schedule) or observance of commits any other agreement or condition on its part to be performed or observedact of default specified in any other Section of this Lease and, if and only if Sublessee shall fail to cure said default such breach is capable of being cured within ninety forty-five (9045) days or and Lessee has previously reported such longer breach promptly to Lessor, such breach shall remain uncorrected for a period as shall be reasonably required so long as the Sublessee of forty-five (45) days after notice from Lessor during which forty-five days Lessee shall be diligently pursuing such cure after receipt corrective action; (4) any material representation or warranty of written notice of said default Lessee contained herein or in any other document or instrument delivered in connection herewith or made from Sublessortime to time hereafter is false or misleading when made; (5) Lessee becomes insolvent or if ceases to do business as a going concern; (6) the Equipment or any person shall levy uponItem is abused, illegally used, or take Sublessee's leasehold interest or misused; (7) Lessee makes any part hereof, upon execution, attachment, or their process of law; or if Sublessee shall make an assignment of its property for the benefit of creditors; , receivership or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be the like is filed against the Sublessee which remains undischarged for a period of 60 dayswith respect to Lessee, or if any substantial part of Lessee's property is attached or a receiver, trusteetrustee or liquidator is appointed for Lessee or any substantial part of Lessee's property or whenever Lessor may deem itself insecure hereunder; (8) Lessee fails to perform or observe any term, covenant, agreement or condition contained in, or assignee there shall occur any payment or other default under or as defined in, any indebtedness for borrowed money, lease, installment sale obligation, or other agreement applicable to Lessee by which Lessee is bound (as used herein, an "Other Agreement") involving a liability, indebtedness or other obligation of Lessee in an amount equal to or in excess of $2,000,000.00, which shall not be appointed remedied within the period of time (if any) within which such Other Agreement permits such default to be remedied, if such default is not waived by any other party to such Other Agreement or produces or results in the acceleration of such liability, indebtedness or other obligation; (9) final judgment for the whole or any part payment of the Sublessee's property, then money aggregating in any excess of said cases, Sublessor lawfully may upon seven days notice or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafter, and without further notice of demand, enter into and upon the Subleased Premises, or any part hereof in the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to $2,000,000.00 will be guilty of any manner of trespass outstanding against Lessee for more than sixty (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th60) day next following the date of the sending of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days from the date of the notice of defaultentry and will not have been discharged in full or stayed or fully bonded.
Appears in 1 contract
Default. 18.1. If Sublessee shall be in default in the payment of hereunder if (a) Sublessee fails to pay when due any rent or other payments required sum to be paid by Sublessee hereunder; or (b) Sublessee fails to observe and perform any of Sublesseethe other terms, covenants, conditions, and/or rules and regulations of this Sublease or the Prime Lease and such failure continues for ten (10) days after notice (provided, however, if such default is incapable of being cured within ten (10) days, Sublessee shall not be in default if Sublessee has commenced curative action within such ten (10) day period, continues diligently to complete the cure, and actually completes the cure within the period required by the Prime Lease or if no such period is specified in the Prime Lease, then within a reasonable time; or (c) Sublessee abandons or deserts the Sublease Premises without notice to Sublessor and the continued payment of rent; or (d) if Sublessee shall fail to cure said default within seven (7) business days after receipt assigns this Sublease or sub-sublets any portion of the Sublease Premises without the prior written notice consent of said default from Landlord and Sublessor; or (e) if Sublessee shall default in the performance or observance of any other agreement or condition on its part to be performed or observed, and if Sublessee shall fail to cure said default within ninety (90) days or such longer period as petitions shall be reasonably required so long as the filed by or against Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; to declare Sublessee bankrupt or to delay, reduce, or modify Sublessee’s debts or obligations or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee shall make an assignment of its property for the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy petition shall be filed against the or other action taken to reorganize or modify Sublessee’s capital structure; or (f) if Sublessee which remains undischarged for a period of 60 daysadmits in writing its inability to pay its debts, or if a receiver, trustee, or assignee shall be other court appointee is appointed for the whole all or any a substantial part of Sublessee’s property; or (g) if the Sublessee's propertyleasehold interest of Sublessee is levied upon or attached by process of law; or (h) if Sublessee makes an assignment for the benefit of creditors or takes the benefit of any insolvency act, then in any of said cases, Sublessor lawfully may upon seven days notice or if such notice shall adversely affect the rights any proceedings are filed by or against Sublessee to declare Sublessee insolvent or unable to meet its debts; or (i) if a receiver or similar type of the Sublessor in any bankruptcy appointment or receivership, then immediately, court appointee or at any time thereafter, and without further notice of demand, enter into and upon the Subleased Premises, or any part hereof in the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty nominee of any manner of trespass (name or Sublessor may send written notice to character is made for Sublessee of the termination of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminateits property. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in In the event of Sublessee being evicted any default by Sublessee, Sublessor may have any one or dispossessed for any causemore of the remedies described in the Prime Lease, in addition to all other rights and remedies available at law or in the event Sublessor terminates this Sublease as provided in this Articleequity. The Sublessee shall be liable for a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days from the date of the notice of default17.
Appears in 1 contract
Samples: New Century Equity Holdings Corp
Default. 18.1Entirely without prejudice to the provisions of Clause 8.1, if (i) the Rent, the Management Fees and/or other amounts payable by the Tenant under this Tenancy Agreement or any part thereof (including but not limited to the other overdue charge and so on) shall be unpaid for fourteen (14) days after the same shall have become payable (whether the Tenant has been demanded to pay or not); or (ii) there has been any breach non-observance or non-performance by the Tenant of any of the terms agreements stipulations or conditions hereof; or (iii) any of the assetsor properties of the Tenant has been seized or confiscated or levied by the People’s Court or any competent authority; or (iv) the Tenant shall become bankrupt or being a corporation shall go into liquidation; or (v) any petition shall be filed for the bankruptcy or winding up of the Tenant; or (vi) the Tenant shall otherwise become insolvent (including but not limited to situations where amounts payable by the Tenant under the relevant tenancy agreements in respect of other premises of the Towers shall not have been fully paid for fourteen (14) days after the relevant due dates) or make any composition or arrangement with its creditors or shall suffer any execution to be levied on the Premises (each such case a “Default”), THEN the Landlord may EITHER disconnect all electricity, air-conditioning, water, telephone, internet, other utility services and/or supplies to the Premises on giving a three (3) days’ prior written notice to the Tenant of the Landlord’s intention to do so. If Sublessee shall default in the payment of rent or other payments required of Sublessee, and if Sublessee shall fail to cure said default such Default(s) has/have not been remedied within seven (7) business days after receipt of such written notice of said default from Sublessor; or if Sublessee shall default in has been served by the performance or observance of any other agreement or condition on its part Landlord to be performed or observedthe Tenant, and if Sublessee shall fail to cure said default within ninety (90) days or such longer period as the Landlord shall be reasonably required so long as entitled to exercise the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee shall make an assignment of its property for the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for a period of 60 days, or if a receiver, trustee, or assignee shall be appointed for the whole or any part of the Sublessee's property, then in any of said cases, Sublessor lawfully may upon seven days notice or if such notice shall adversely affect the following rights of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafter, and without further notice of demand, enter into and upon the Subleased Premises, or any part hereof in the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days from the date of the notice of default.“Remedial Rights”):
Appears in 1 contract
Samples: Tenancy Agreement (Lionbridge Technologies Inc /De/)
Default. 18.1. If Sublessee The occurrence of any of the following shall constitute a ------- default in the payment by Tenant: (i) failure of Tenant to pay any rent or other payments required sum payable hereunder within five (5) days of Sublesseewhen due; (ii) abandonment of the Premises (Tenant's failure to occupy and conduct business in the Premises for fourteen (14) consecutive days shall be deemed an abandonment); or (iii) failure of Tenant to perform any other term, and covenant or condition of this lease if Sublessee the failure to perform is not cured within thirty (30) days after notice thereof has been given to Tenant (provided that if such default cannot reasonably be cured within thirty (30) days, Tenant shall fail not be in default if Tenant commences to cure said default such failure to perform within seven the thirty (730) business days after receipt day period and diligently and in good faith continues to cure the failure to perform). The notice referred to in clause (iii) above shall specify the failure to perform and the applicable lease provision and shall demand that Tenant perform the provisions of written this lease within the applicable period of time. No notice shall be deemed a forfeiture or termination of said default from Sublessor; or if Sublessee shall default this lease unless Landlord so elects in the performance notice. No notice shall be required in the event of abandonment or observance vacation of the Premises. In addition to the above, the occurrence of any other agreement of the following events shall also constitute a default by Tenant: (i) Tenant fails to pay its debts as they become due or condition on admits in writing its part inability to be performed or observed, and if Sublessee shall fail to cure said default within ninety (90) days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; or if any person shall levy uponpay its debts, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee shall make an makes a general assignment of its property for the benefit of creditors; or (ii) any financial statements given to Landlord by Tenant, any assignee of Tenant, subtenant of Tenant, any guarantor of Tenant, or successor in interest of Tenant (including, without limitation, any schedule of Tenant's aged accounts payable) are materially false. At any time during the term of this lease Landlord, at Landlord's option, shall have the right to receive from Tenant, upon Landlord's request, a current annual balance sheet for Landlord's review. Landlord shall use reasonable efforts to keep Tenant's balance sheet confidential. In the event of a default by Tenant, then Landlord, in addition to any other rights and remedies of Landlord at law or in equity, shall have the right either to terminate Tenant's right to possession of the Premises (and thereby terminate this lease) or, from time to time and without termination of this lease, to relet the Premises or any part thereof for the account and in the name of Tenant for such term and on such terms and conditions as Landlord in its sole discretion may deem advisable, with the right to make alterations and repairs to the Premises. Should Landlord elect to keep this lease in full force and effect, Landlord shall have the right to enforce all of Landlord's rights and remedies under this lease, including but not limited to the right to recover and to relet the Premises and such other rights and remedies as Landlord may have under California Civil Code Section 1951.4 or successor Code section or any other California statute. If Landlord relets the Premises, then Tenant shall pay to Landlord, as soon as ascertained, the reasonable costs and expenses incurred by Landlord in such reletting and in making alterations and repairs. Rentals received by Landlord from such reletting shall be applied (i) to the payment of any indebtedness due hereunder, other than basic rent and common area charges, from Tenant to Landlord; (ii) to the payment of the cost of any repairs necessary to return the Premises to good condition normal wear and tear excepted, including the cost of alterations and the cost of storing any of Tenant's property left on the Premises at the time of reletting; and (iii) to the payment of basic rent or common area charges due and unpaid hereunder. The residue, if Sublessee any, shall file voluntary bankruptcy; be held by Landlord and applied in payment of future rent or damages in the event of termination as the same may become due and payable hereunder and the balance, if any bankruptcy or insolvency proceedings at the end of the term of this lease, shall be commenced paid to Tenant. Should the basic rent and common area charges received from time to time from such reletting during any month be less than that agreed to be paid during that month by Sublessee or an involuntary bankruptcy Tenant hereunder, Tenant shall pay such deficiency to Landlord. Such deficiency shall be filed calculated and paid monthly. No such reletting of the Premises by Landlord shall be construed as an election on its part to terminate this lease unless a notice of such intention is given to Tenant or unless the termination hereof is decreed by a court of competent jurisdiction. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this lease for such previous breach, provided it has not been cured. Should Landlord at any time terminate this lease for any breach, in addition to any other remedy it may have, it shall have the immediate right of entry and may remove all persons and property from the Premises and shall have all the rights and remedies of a landlord provided by California Civil Code Section 1951.2 or any successor code section. Upon such termination, in addition to all its other rights and remedies, Landlord shall be entitled to recover from Tenant all damages it may incur by reason of such breach, including the cost of recovering the Premises and including (i) the worth at the time of award of the unpaid rent which had been earned at the time of termination; (ii) the worth at the time of award 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; (iii) 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 award exceeds the amount of such rental loss that Tenant proves could be reasonably avoided; and (iv) any other amount necessary to compensate Landlord for all the detriment proximately caused by Tenant's failure to perform its obligations under this lease or which in the ordinary course of events would be likely to result therefrom. The "worth at the time of award" of the amounts referred to in (i) and (ii) above is computed by allowing interest at the rate of twelve percent (12%) per annum. The "worth at the time of award" of the amount referred to in (iii) above shall be computed by discounting such amount at the discount rate of the federal reserve bank of San Francisco at the time of award plus one percent (1%). Tenant waives the provisions of Section 1179 of the California Code of Civil Procedure (which Section allows Tenant to petition a court of competent jurisdiction for relief against forfeiture of this lease). Property removed from the Sublessee which remains undischarged Premises may be stored in a public or private warehouse or elsewhere at the sole cost and expense of Tenant. In the event that Tenant shall not immediately pay the cost of storage of such property after the same has been stored for a period of 60 daysthirty (30) days or more, Landlord may sell any or if all thereof at a receiverpublic or private sale in such manner and at such times and places that Landlord, trusteein its sole discretion, or assignee shall be appointed for the whole or any part of the Sublessee's propertymay deem proper, then in any of said cases, Sublessor lawfully may upon seven days notice or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafter, and without further notice of demand, enter into and upon the Subleased Premises, or any part hereof in the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and or demand upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days from the date of the notice of defaultTenant.
Appears in 1 contract
Samples: Lease (Atmi Inc)
Default. 18.1. If Sublessee shall Lessee should fail to remedy any default (a) in the payment of rent or other payments required of Sublessee, and if Sublessee shall fail to cure said default any sum due under this Lease within seven (7) business ten days after receipt of written notice of said default from Sublessor; notice, or if Sublessee shall default (b) in the performance or observance keeping of any other agreement term, covenant or condition on its part to be performed or observedherein with all reasonable dispatch, and if Sublessee shall fail to cure said default within ninety (90) 20 days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee shall make an assignment of its property for the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for a period of 60 days, or if a receiver, trustee, or assignee shall be appointed for the whole or any part of the Sublessee's propertynotice, then in any of said casessuch events, Sublessor lawfully Lessor shall have the right, at its option, in addition to, and not exclusive of, any other remedy Lessor may upon seven days notice have by operation of law, without further demand or notice, to re-enter the Premises and eject all persons therefrom, using all necessary force so to do, and either (i) declare this Lease at an end, in which event Lessee shall immediately pay to Lessor a sum of money equal to the amount, if such notice shall adversely affect any, by which the rights value of the Sublessor rent reserved hereunder for the balance of the term of this Lease, discounted to present value at 8% per annurn, exceeds the then reasonable rental value of the Premises for the balance of said term, discounted in any bankruptcy or receivershiplike manner, then immediatelynet of all costs incident to reletting the Premises, or at any time thereafter, and (ii) without further notice of demand, enter into and upon terminating this Lease may relet the Subleased Premises, or any part hereof thereof, as the agent and for the account of Lessee upon such terms and conditions as Lessor may deem advisable, in which event the name rents received on such reletting shall be applied first to the expenses of such re-letting, including without limitation necessary renovation and alterations of the wholePremises, reasonable attorney fees, real estate commissions paid, and hold the Subleased Premises as if this Sublease had not been madethereafter toward payment of all sums due or to become due Lessor hereunder, and expel Sublessee if a sufficient sum shall not be thus realized to pay such sums and those claiming under itother charges, Lessee shall pay Lessor any deficiency monthly, notwithstanding Lessor may have received rental in excess of the rental stipulated in this Lease in previous or subsequent months, and remove its or their property without being taken or deemed to be guilty of any manner of trespass (or Sublessor Lessor may send written notice to Sublessee of the termination of this Sublease, and upon entry bring an action therefore as aforesaid (or in the event that Sublessor such monthly deficiencies shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days from the date of the notice of defaultarise.
Appears in 1 contract
Samples: Lease (Foster L B Co)
Default. 18.1. If Sublessee shall default in the payment LESSEE or any Guarantor of rent this Lease (i) fails to pay any Rent or other payments required sum of Sublesseemoney due LESSOR hereunder when due and such failure continues for a period of twenty (20) days, (ii) fails to observe or perform any of the other LESSEE's agreements herein contained and if Sublessee shall fail to cure said default within seven (7) business days such failure continues after receipt of written notice from LESSOR for more than thirty (30) days, (iii) makes any assignment for the benefit of said default from Sublessor; creditors, (iv) files a petition under any bankruptcy or insolvency law, or if Sublessee shall default in the performance any such petition is filed against LESSEE or observance of any other agreement or condition on its part to be performed or observed, such guarantor and if Sublessee shall fail to cure said default is not dismissed within ninety (90) days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee shall make an assignment of its property for the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for a period of 60 days, or if a receiver, trusteereceiver or similar officer or creditor of LESSEE or any Guarantor of this Lease becomes entitled to this Leasehold and it is not returned to LESSEE within thirty (30) days, or assignee if substantially all of LESSEE's or any Guarantor of this Lease or LESSEE's interest in this Lease is taken on execution or other process of law in any action against LESSEE, then, or if there is any change in the person or entities owning LESSEE which change results in any person or entity who does not presently own any interest in LESSEE acquiring a ten percent (10%) or greater interest in LESSEE, LESSEE shall be appointed for the whole or any part of the Sublessee's propertydeemed to be in default hereunder, then in any of said cases, Sublessor lawfully and LESSOR may upon seven days notice or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediately, immediately or at any time thereafterthereafter and without demand or further notice make entry and repossess, and without further notice any liability for so doing, The Premises as of demandLESSOR's former estate, enter into without prejudice to any other remedies; and upon the Subleased Premisesthereupon this Lease shall terminate; and in case of such termination, or any part hereof in termination by legal proceedings for default, LESSOR shall use LESSOR's best efforts to re-let The Premises for an equitable Rental; and LESSEE shall indemnify LESSOR during the name remaining period before this Lease would otherwise expire against all loss or damage suffered by reason of the wholetermination, and hold the Subleased Premises as loss or damage, if this Sublease had not been madeany, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed for each Lease month to be guilty paid at the end thereof. Nothing herein contained shall, however, limit or prejudice the right of LESSOR to exercise any manner of trespass (or Sublessor may send written notice all rights and remedies available to Sublessee LESSOR or to prove and obtain in proceedings for bankruptcy or insolvency by reason of the termination an amount equal to the maximum allowed by any statute or rule of this Subleaselaw in effect at the time when and governing the proceedings in which the damages are to be proved, and upon entry as aforesaid (whether or in not the event that Sublessor shall sent to Sublessee notice of termination as above providedamount be greater, on equal to, or less than the fifth (5th) day next following the date amount of the sending of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by loss or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable damage referred to any amounts due under this Sublease, which are not paid within seven (7) business days from the date of the notice of defaultabove.
Appears in 1 contract
Samples: Lease
Default. 18.1. If Sublessee Tenant shall default in the payment of rent or other payments required of Sublessee, Rent herein reserved when due and if Sublessee shall fail fails to cure said such default within seven five (75) business days after receipt of written notice of said such default from Sublessoris given to Tenant by Landlord (such notice shall only be required twice per year); or if Sublessee Tenant shall be in default in performing any of the performance terms or observance provisions of any this Lease other agreement or condition on its part to be performed or observedthan the provisions requiring the payment of Rent, and if Sublessee shall fail fails to cure said such default within thirty (30) days after written notice of such default is given to Tenant by Landlord or, if such default cannot be cured within thirty (30) days, Tenant shall not be in default if Tenant promptly commences and diligently proceeds the cure to completion as soon as possible and in all events within ninety (90) days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessordays; or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of lawTenant is adjudicated a bankrupt; or if Sublessee shall make an assignment of its property a permanent receiver is appointed for the benefit of creditorsTenant's Property and such receiver is not removed within sixty (60) days after written notice from Landlord to Tenant to obtain such removal; or if Sublessee shall file voluntary bankruptcy; if, whether voluntarily or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for a period of 60 daysinvoluntarily, or if a receiver, trustee, or assignee shall be appointed for the whole or any part of the Sublessee's property, then in any of said cases, Sublessor lawfully may upon seven days notice or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafter, and without further notice of demand, enter into and upon the Subleased Premises, or any part hereof in the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty Tenant takes advantage of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or debtor relief proceedings under any present or future laws law, whereby the Rent or any part thereof, is, or is proposed to be, reduced or payment thereof deferred; or if Tenant's effects should be levied upon or attached and such levy or attachment is not satisfied or dissolved within thirty (30) days after written notice from Landlord to Tenant to obtain satisfaction thereof; or, if Tenant is an individual, in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days from the date death of the notice individual and the failure of defaultthe executor, administrator or personal representative of the estate of the deceased individual to have assigned the Lease within three (3) months after the death to an assignee approved by Landlord; then, and in any of said events, Landlord, at its option, may exercise any or all of the remedies set forth in Section 14 below.
Appears in 1 contract
Default. 18.1. If Sublessee (a) It is mutually agreed that the following events shall be deemed a “Default” hereunder by Lessee: (i) Lessee shall default in the payment of rent or other payments required of Sublesseeherein reserved, when due, and if Sublessee shall fail to cure said default within seven ten (710) business days after written notice thereof from Lessor, provided that Lessor shall only be required to give such notice two (2) times during any calendar year, and after the giving of two (2) such notices during any such calendar year by Lessor to Lessee, the failure to make timely any subsequent payment hereunder during such calendar year shall constitute a Default hereunder without further notice of any kind; (ii) Lessee shall be in default in performing any of the terms or provisions of this Lease (other than a provision requiring the payment of rent and other than any of the other events listed as a separate Default in this Section 19), and shall fail to cure such default within thirty (30) days after the date of receipt of written notice of said default from Sublessor; Lessor, or if Sublessee shall such default is by its very nature incapable of being cured in such thirty (30) day period and Lessee has commenced curative measure within such thirty (30) day period and is diligently pursuing the performance or observance same, the failure of any other agreement or condition on its part to be performed or observed, and if Sublessee shall fail Lessee to cure said such default within ninety (90) days or such longer period as shall be reasonably required so long as after the Sublessee shall be diligently pursuing such cure after date of receipt of written notice of said default from SublessorLessor; (iii) Lessee files for bankruptcy or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of lawhas a bankruptcy petition filed against it; or if Sublessee shall make (iv) a receiver is appointed for Lessee’s property and such receiver is not removed within sixty (60) days after appointment; (v) Lessee makes an assignment of its property for the benefit of creditors; (vi); (vii) Lessee’s effects should be levied upon or if Sublessee shall file voluntary bankruptcyattached under process against Lessee, not satisfied or dissolved within sixty (60) days after attachment; (viii) failure by Lessee to maintain the insurance required hereunder, and (ix) failure by Lessee to comply in any way with Section 16 or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for a period of 60 days, or if a receiver, trustee, or assignee shall be appointed for the whole or any part of the Sublessee's property, then in Section 18 hereof. In any of said casesevents, Sublessor lawfully Lessor at its option may upon seven days notice or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediatelyat once, or at any time anytime thereafter, terminate this Lease by written notice to Lessee, whereupon this Lease shall terminate, and without the parties hereto shall have no further notice obligation to each other; provided, however that Lessee shall be obligated to Lessor for (I) all rent, including any additional rent, incurred prior to such termination date, (II) the present value of demandthe difference between (A) the Monthly Rent Payments required under the Lease for the remainder of the Lease Term and (B) market rents for the Premises at the time of termination for such period (discounted at eight percent (8%) per annum), enter into and upon (III) any failure by Lessee to timely turn over the Subleased Premises, Premises or any part hereof to turn it over in the name condition required hereunder, and (IV) all indemnities of Lessee provided for hereunder shall continue. Any notice provided in this Section may be given by Lessor or its attorney. Upon such termination by Lessor, Lessee will at once surrender possession of the wholePremises to Lessor and remove all of Lessee’s effects therefrom and render same broom clean, and hold Lessor may forthwith reenter the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under itrepossess itself thereof, and remove its or their property all persons and effects therefrom, using such force as may be necessary without being taken or deemed to be guilty of any manner of trespass (trespass, forcible entry or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (detainer or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days from the date of the notice of defaultother tort.
Appears in 1 contract
Default. 18.1. If Sublessee 5.1 The occurrence of any one of the following events shall constitute a default by the Borrower ("Event of Default") under this Agreement: (a) if Borrower fails to pay any of Borrower's Liabilities when due and payable or declared due and payable (whether by scheduled maturity, required payment, acceleration, demand or otherwise); (b) if Borrower fails or neglects to perform, keep or observe any term, provision, condition, covenant, warranty or representation contained in this Agreement which remains uncured for a period of thirty (30) days after written notice thereof; (c) occurrence of a default or Event of Default under any of the Other Agreements heretofore, now or at any time hereafter delivered by or on behalf of Borrower to Bank; (d) occurrence of a default or an Event of Default under any agreement, instrument or document heretofore, now or at any time hereafter delivered to Bank by any guarantor of Borrower's Liabilities or by any Person which has granted to Bank a security interest or lien in and to some or all of such Person's real or personal property to secure the payment of rent Borrower's Liabilities; (e) if any of Borrower's assets are attached, seized, subjected to a writ, or other payments required of Sublessee, and if Sublessee shall fail are levied upon or become subject to cure said default any lien or come within seven (7) business days after receipt of written notice of said default from Sublessor; or if Sublessee shall default in the performance or observance possession of any other agreement receiver, trustee, custodian or condition on its part to be performed or observed, and if Sublessee shall fail to cure said default within ninety (90) days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee shall make an assignment of its property assignee for the benefit of creditors; (f) if a notice of lien, levy or assessment is filed of record or given to Borrower with respect to all or any of Borrower's assets by any federal, state, local department or agency; (g) if Sublessee Borrower or any guarantor of Borrower's Liabilities becomes insolvent or generally fails to pay or admits in writing its inability to pay debts as they become due, if a petition under Title 12 of the United States Code or any similar law or regulation is filed by or against Borrower or any such guarantor, if Borrower or any such guarantor shall file voluntary bankruptcy; or make an assignment for the benefit of creditors, if any bankruptcy case or insolvency proceedings shall be commenced proceeding is filed by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged Borrower or any such guarantor for a period of 60 daysits dissolution or liquidation, or if a receiverBorrower or any such guarantor is enjoined, trusteerestrained or in any way prevented by court order from conducting all or any material part of its business affairs; (h) the death or incompetency of Borrower or any guarantor of Borrower's Liabilities, or assignee shall be appointed the appointment of a conservator for the whole all or any part portion of Borrower's assets; (i) the Sublesseerevocation, termination, or cancellation of any guaranty of Borrower's propertyLiabilities without written consent of Bank; (j) if Borrower or any guarantor of Borrower's Liabilities is in default in the payment of any obligations, then indebtedness or other liabilities to any third party and such default is declared and is not cured within the time, if any, specified therefor in any agreement governing the same; or (k) if any material statement, report or certificate made or delivered by Borrower, any of said casesBorrower's partners, Sublessor lawfully may upon seven days notice officers, employees or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafter, and without further notice of demand, enter into and upon the Subleased Premises, agents or any part hereof in the name guarantor of the whole, Borrower's Liabilities is not true and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days from the date of the notice of defaultcorrect.
Appears in 1 contract
Samples: Loan Agreement (Nauert Peter W)
Default. 18.1Section 1. If Sublessee shall default in This Lease is made on the payment of rent or other payments required of Sublessee, and condition that if Sublessee the Lessee shall fail to cure said default within seven perform any obligation hereunder in payment of base rent, additional rent, or in payment of any other sums due under this Lease, and such failure shall continue for ten (710) business days after receipt of written notice from Lessor, or for thirty (30) days after receipt of written notice of said default from Sublessor; or if Sublessee shall default in the performance or observance case of any other agreement or condition on its part obligation (or, if said default cannot reasonably be expected to be performed or observedcured within such thirty-day period, and if Sublessee Lessee shall fail not within such thirty-day period promptly commence to cure said such default within ninety (90) days and thereafter prosecute the curing of such default to completion with due diligence), or such longer period as if the estate hereby created shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; taken on execution or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their other process of law; , or if Sublessee the Lessee shall be declared bankrupt or insolvent according to law, or if the Lessee shall make or offer to make, in or out of bankruptcy, a composition with the Lessee's creditors, or if the Lessee shall make an assignment of its property for the benefit of its creditors; , or if Sublessee the Lessee shall file voluntary commit any act of bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for a period of 60 days, or if a receiver, trustee, trustee or assignee other officer shall be appointed for the whole to take charge of all or any substantial part of the SublesseeLessee's propertyproperty by a court, or if a petition shall be filed by or against the Lessee for the reorganization of the Lessee or for an "arrangement" under the Bankruptcy Code or under any other provisions of the Bankruptcy Code or any successor or similar State or Federal statute or regulation now or hereafter in effect, and the same, if filed against but not by Lessee, shall not be dismissed within thirty (30) days after the date on which it is filed, then and in any of the said cases, Sublessor notwithstanding any prior waivers or consent the Lessor lawfully may upon seven days notice or if such notice shall adversely affect the rights may, in addition to and not in derogation of the Sublessor in any bankruptcy or receivershipremedies for any preceding breach of covenant, then immediately, immediately or at any time thereafter, thereafter and without further prior demand or prior notice (1) terminate this Lease by notice in writing forthwith, or on a date stated in said notice, (2) with or without process of demandlaw (forcibly, if necessary) enter into and upon the Subleased Premises, Demised Premises or any part hereof thereof in the name of the wholewhole and repossess the same as of the Lessor's former estate, and hold (3) expel the Subleased Premises as if this Sublease had not been made, and expel Sublessee Lessee and those claiming through or under it, the Lessee and remove its or and their property effects (forcibly, if necessary without being taken or deemed to be guilty of any manner of trespass (and without prejudice to any remedies which might otherwise be used for arrears of rent or Sublessor may send written notice to Sublessee preceding breach of the termination of this Subleasecovenant, and upon entry as aforesaid (this Lease shall terminate, the Lessee hereby waiving all statutory rights; and in case of such termination, or in the event that Sublessor shall sent to Sublessee notice termination by reason of termination as above provided, default on the fifth (5th) day next following the date part of the sending Lessee, the Lessee shall at the election of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due under this SubleaseLessor, which are not paid within seven (7) business days from the date of the notice of default.election may be changed at any time:
Appears in 1 contract
Samples: Lease (Nutrisystem Com Inc)
Default. 18.1. If Sublessee shall default in In the payment event that Tenant (a) fails to pay all or any ------- portion of rent any sum due from Tenant hereunder or other payments required of Sublesseepursuant to any exhibit hereto within five (5) days following notice, and if Sublessee shall fail (b) fails to cure said default within seven (7) business days after cease al all conduct prohibited hereby immediately upon receipt of written notice of said default from Sublessor; or if Sublessee shall default Landlord, (c) fails to take actions in accordance with the performance or observance of any other agreement or condition on its part to be performed or observed, and if Sublessee shall fail to cure said default within ninety (90) days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt provisions of written notice from Landlord to remedy Tenant's failure to perform any of said default from Sublessorthe terms, covenants and conditions hereof; (d) commits an act in violation of this Lease which Landlord has previously notified Tenant to cease more than once in any year; (e) becomes bankrupt, insolvent or files any debtor proceeding, makes any petition of bankruptcy; takes action for the appointment of a receiver for all or a portion of Tenant's assets, files a petition for a corporate reorganization by reason of insolvency; or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee shall make makes an assignment of its property for the benefit of creditorscreditors (any or all of the occurrences in this said Section 10.1 (f) shall be deemed a default on account of bankruptcy for the purposes hereof and such default on account of bankruptcy shall apply to and include any Guarantor of this Lease; (f) commits waste to the Premises; or if Sublessee (g) is otherwise in breach of Tenant's obligations hereunder and shall file voluntary bankruptcynot have cured same within ten (10) days following written notice from Landlord; or if any bankruptcy or insolvency proceedings then Tenant shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for a period of 60 daysin default hereunder and Landlord may, or if a receiver, trustee, or assignee shall be appointed for the whole or any part of the Sublessee's property, then in any of said cases, Sublessor lawfully may upon seven days notice or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafter, its option and without further notice to Tenant, terminate Tenant's right to possession of demandthe Premises and without terminating this Lease re-enter and resume possession of the Premises and/or declare this Lease terminated, enter into and upon may thereupon in either event remove all persons and property from the Subleased Premises, with or any part hereof in the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed resort to be guilty process of any manner of trespass court, either by force or otherwise. Provided, however, that with respect to any non-monetary default mentioned in Items 10.1(c) - (g) herein the period for curing such default shall be extended to thirty (30) days provided Tenant is diligently attempting to cure same. Notwithstanding such re-entry by Landlord, Tenant hereby indemnifies and holds Landlord harmless from any and all loss or Sublessor damage which Tenant may send written notice to Sublessee incur by reason of the termination of this SubleaseLease and/or Tenant's right to possession hereunder pursuant to this Section 10.1. In no event shall Landlord's termination of this Lease and/or Tenant's right to possession of the Premises abrogate Tenant's agreement to pay rent and additional charges due hereunder for the full term hereof. Following re-entry of the Premises by Landlord, Tenant shall continue to pay all such rent and upon entry additional charges as aforesaid same become due under the terms of this Lease, together with all other reasonable expenses incurred by Landlord in regaining possession until such time, if any, as Landlord relates same and the Premises are occupied by such successor. Landlord agrees to use reasonable efforts to relet the premises. Upon reletting, sums received from such new lessee by Landlord shall be applied first to payment of reasonable costs incident to reletting; any excess shall then be applied to any indebtedness to Landlord from Tenant other than for Minimum Rent; and any excess shall then be applied against the deficiency between all amounts to be received hereunder and sums received by Landlord on reletting, which deficiency Tenant shall pay to Landlord in full, within five (or 5) days of notice of same from Landlord. Tenant shall have no right to any proceeds of reletting that remain following application of same in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days from the date of the notice of defaultmanner set forth herein.
Appears in 1 contract
Default. 18.1If BUYER is in default hereunder, or, on or before the date of closing as set forth herein, indicates that BUYER is unable or unwilling to perform and SELLER stands ready to perform SELLER's obligations, SELLER's sole and exclusive remedy shall be the right to terminate this Agreement by written notice to BUYER or BUYER's attorney and retain the down payment as reasonable liquidated damages for BUYER's inability or unwillingness to perform. If Sublessee shall default It is the intention of the parties hereto freely to make advance provision on the date of this Agreement for such event in order (a) to avoid controversy, delay and expense, and (b) to specify now a reasonable amount agreeable to both for compensation to the SELLER for losses which may not be readily ascertainable or quantifiable, such as any of the following which might be necessary to place SELLER in the payment position SELLER would have been in had BUYER made timely performance: costs of rent or other payments required carrying, maintaining, insuring and protecting the property; loss of Sublesseeinterest income on the proceeds; loss of optimum market time, value and if Sublessee shall fail conditions; the uncertainty, delay, expense and inconvenience of finding a substitute buyer; additional commissions, fees, taxes and borrowing expenses to cure said default within seven (7) business days after receipt meet obligations entered into in anticipation of performance. In such event and upon SELLER's written notice of said default from Sublessor; or if Sublessee termination, the Premises shall default in the performance or observance be free of any other agreement claims or condition on its part to be performed or observed, and if Sublessee shall fail to cure said default within ninety (90) days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee shall make an assignment of its property for the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for a period of 60 days, or if a receiver, trustee, or assignee shall be appointed for the whole or any part of the Sublessee's property, then in any BUYER therein by virtue of said cases, Sublessor lawfully may upon seven days notice or if such notice this Agreement. In no event shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafter, and without further notice of demand, enter into and upon the Subleased Premisesclosing, or any part hereof in the name of the wholeextension thereof, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass take place later than three (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th3) day next following the date of the sending of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days weeks from the date of closing set forth in Paragraph 4 hereof, subject to the notice provisions of Paragraphs 6 and 11. In the event closing has not taken place by the end of said three (3) week period, through no fault of the non-delaying party, the delaying party shall be deemed in default. If Seller defaults hereunder, Buyer shall have such remedies as Buyer shall be entitled to at law or in equity, including, but not limited to, specific performance. The foregoing notwithstanding, a delay in the closing through no fault of the Buyer which results in either the loss of the Buyer’s mortgage commitment or an adverse change in the terms of such commitment shall entitle Buyer to rescind this Agreement and the Seller shall forthwith refund all sums heretofore paid by the Buyer on account of the purchase price, whereupon all rights and liabilities of the parties hereto by reason of this Agreement shall terminate.
Appears in 1 contract
Samples: Real Estate Sales Agreement
Default. 18.1. If Sublessee shall default Pledgor (a) defaults in the payment of rent the ------- principal under the Note when it becomes due (whether upon demand, acceleration or otherwise) or any other payments required event of Sublesseedefault under the Note or this Agreement occurs (including, and if Sublessee shall fail to cure said default within seven without limitation, the bankruptcy or insolvency of Pledgor) or (7b) business days after receipt of written notice of said default from Sublessor; or if Sublessee shall default defaults in the performance or observance payment of any other agreement or condition on its part to be performed or observed, and if Sublessee shall fail to cure said default within ninety (90) days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; or if any person shall levy upon, or take Sublessee's leasehold interest or any other amount related to the Note, the Company may (following five (5) days notice to Executive, during which the default is not cured) exercise any and all the rights, powers and remedies of any owner of the Pledged Interests (including the right to vote the Pledged Interests and receive any distributions with respect to such Pledged Interests) and shall have and may exercise without demand any and all the rights and remedies granted to a secured party upon default under the Uniform Commercial Code of Delaware or otherwise available to the Company under applicable law. Without limiting the foregoing, after the occurrence of and during the continuance of a default, the Company is authorized to sell, assign and deliver at its discretion, from time to time, all or any part hereofof the Collateral at any private sale or public auction, on not less than ten days written notice to Pledgor, at such price or prices and upon executionsuch terms as the Company may deem advisable. Pledgor shall have no right to redeem the Collateral after any such sale or assignment. At any such sale or auction, attachmentthe Company may bid for, or their process of law; or if Sublessee shall make an assignment of its property for and become the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for a period of 60 dayspurchaser of, or if a receiver, trustee, or assignee shall be appointed for the whole or any part of the Sublessee's propertyPledged Interests offered for sale. In case of any such sale, after deducting the costs, attorneys' fees and other expenses of sale and delivery, the remaining proceeds of such sale shall be applied to the principal of and accrued interest on the Note and other amounts related thereto (including costs, attorneys' fees associated with enforcement hereof); provided that after payment in full of the indebtedness evidenced by the Note, the balance of the proceeds of sale then in remaining shall be paid to Pledgor and Pledgor shall be entitled to the return of any of said cases, Sublessor lawfully may upon seven days notice or if such notice shall adversely affect the rights Pledged Interests remaining in the hands of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafter, and without further notice of demand, enter into and upon the Subleased Premises, or any part hereof in the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminateCompany. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee Pledgor shall be liable for a 5% late charge applicable any deficiency (to the extent liable therefor under the Note) if the remaining proceeds are insufficient to pay the indebtedness under the Note in full, including the fees of any amounts due under this Sublease, which are not paid within seven (7) business days from attorneys employed by the date of the notice of defaultCompany to collect such deficiency.
Appears in 1 contract
Default. 18.1. If Sublessee Any of the following shall constitute an event of default (“Event of Default”) under this Note: (1) the failure of Borrower to make when due any payment required hereunder, whether of principal, interest, or otherwise; (2) the default and/or other failure of Borrower to perform any of the other terms and conditions of this Note and/or any of the terms and conditions of the Loan Agreement and/or security documents executed and delivered by Borrower to Lender in connection with the payment of rent or other payments required of SublesseeLoan Agreement, and if Sublessee shall fail as to any such default that can be cured, Borrower’s failure to cure said such default within seven five (75) business days after receipt Borrower receives notice thereof or any officer of written notice Borrower becomes aware thereof (provided, however, that if the default cannot by its nature, or cannot after diligent attempts by Borrower, be cured within such five (5) business day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period of said time, not in any case to exceed twenty (20) business days, to attempt to cure such default, and within such reasonable time period the failure to have cured such default from Sublessorshall not be deemed an Event of Default); (3) the occurrence of a material adverse change in Borrower’s business or financial condition, or if Sublessee shall default in there is an impairment of the performance or observance prospect of repayment of any other agreement amounts due hereunder or condition on its under the Loan Agreement; (4) Borrower’s assets, or any part or portion thereof, are attached, seized, subjected to be performed a writ or observeddistress warrant, and if Sublessee shall fail to cure said default within ninety (90) days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; or if any person shall levy are levied upon, or take Sublessee's leasehold interest come into the possession of any trustee, receiver or any part hereof, upon execution, person acting in a similar capacity and such attachment, seizure, writ or their process of law; distress warrant or if Sublessee shall make an assignment of its property for the benefit of creditors; levy has not been removed, discharged or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for a period of 60 rescinded within ten (10) business days, or if a receiverBorrower is enjoined, trusteerestrained or in any way prevented by court order from continuing to conduct all or any material part of its business affairs, or assignee shall be appointed for the whole if a judgment or other claim becomes a lien or encumbrance upon any part material portion of the Sublessee's propertyBorrower’s assets, then in or if a notice of lien, levy or assessment is filed of record with respect to any of said cases, Sublessor lawfully may upon seven days notice or if such notice shall adversely affect Borrower’s assets by the rights of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafter, and without further notice of demand, enter into and upon the Subleased PremisesUnited States Government, or any part hereof in the name of the wholedepartment, agency or instrumentality thereof, or by any state, county, municipal or governmental agency, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due under this Sublease, which are same is not paid within seven ten (710) business days from the date after Xxxxxxxx receives notice thereof, provided that none of the notice foregoing shall constitute an Event of default.Default where such action or event is stayed or an adequate bond has been posted pending a good faith contest by Xxxxxxxx; (5) Borrower becomes insolvent, or an insolvency proceeding is commenced by Xxxxxxxx, or an insolvency proceeding is commenced against Borrower and is not dismissed or stayed within sixty (60) days of
Appears in 1 contract
Samples: www.sec.gov
Default. 18.11. If Sublessee this Lease be assigned or the Demised Premises be sublet, either voluntarily or by operation of law, except as herein provided, or if Tenant shall default in the payment of rent fail (i) to pay, within five (5) days, when due, any rental or other payments sum payable hereunder; or (ii) to keep, observe or perform any of the other terms, covenants and conditions herein to be kept, observed and performed by Tenant for more than fifteen (15) days after written notice shall have been sent to Tenant specifying the nature of such default (or such greater length of time as may be reasonably required of Sublessee, and if Sublessee shall fail to cure said such default provided that within seven such fifteen (715) business days after receipt day period Tenant has commenced and thereafter diligently continues steps to cure the default), then and in any one or more of written such events are not timely cured (herein sometimes referred to as an "Event of Default"), Landlord shall have the immediate right to re-enter the Demised Premises, either by summary proceedings, by force or otherwise and to dispossess Tenant and all other occupants therefrom and remove and dispose of all property therein or, at Landlord's election, to store such property in a public warehouse or elsewhere at the cost and for the account of Tenant, all without service of any further notice of said default from Sublessor; intention to re- enter and with or if Sublessee without resort to legal process (which Tenant hereby expressly waives) and without Landlord being deemed guilty of trespass or becoming liable for any loss or damage which may be occasioned thereby. Upon the occurrence of any such Event of Default, Landlord shall default also have the right, at its option, in the performance or observance addition to and not in limitation of any other agreement right or condition on its part remedy, to be performed or observed, and if Sublessee shall fail to cure said default within ninety terminate this Lease by giving Tenant a written three (903) days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written days' notice of said default from Sublessor; or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee shall make an assignment of its property for the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for a period of 60 days, or if a receiver, trustee, or assignee shall be appointed for the whole or any part of the Sublessee's property, then in any of said cases, Sublessor lawfully may upon seven days notice or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafter, and without further notice of demand, enter into cancellation and upon the Subleased Premisesexpiration of said three (3) days, or any part this Lease and the term hereof in the name of the whole, shall end and hold the Subleased Premises expire as fully and completely as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of expiration of such three (3) day period were the sending date herein definitely fixed for the end and expiration of the notice), this Lease and the term hereof and thereupon, unless Landlord shall have theretofore elected to re-enter the Demised Premises, Landlord shall have the immediate right of this Sublease shall terminate. Sublessee hereby expressly waives any re-entry, in the manner aforesaid, and Tenant and all rights of redemption granted by or under any present or future laws in other occupants shall quit and surrender the event of Sublessee being evicted or dispossessed for any causeDemised Premises to Landlord, or in the event Sublessor terminates this Sublease but Tenant shall remain liable as provided in this Article. The Sublessee hereinafter provided; however, that if Tenant shall be liable for a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days from the date of the notice of default.:
Appears in 1 contract
Samples: Lease Agreement (International Airline Support Group Inc)
Default. 18.1. If Sublessee Each of the following events shall constitute a default in on the payment part of the Lessee hereunder: failure of the Lessee to pay any installment of rent or other payments required of Sublessee, and if Sublessee shall fail to cure said default payment within seven ten (710) business days after receipt the date due; an unauthorized assignment, sublease, or other violation of written Section XII; any breach or failure of the Lessee to observe or perform any of its other obligations hereunder and the continuance of such default for fifteen (15) days after notice in writing to the Lessee of said default from Sublessorthe existence of such default; the insolvency or if Sublessee shall default in bankruptcy of the performance Lessee or observance the making by the Lessee of any other agreement or condition on its part to be performed or observed, and if Sublessee shall fail to cure said default within ninety (90) days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee shall make an assignment of its property for the benefit of creditors; , a trustee or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for a period of 60 days, or if a receiver, trustee, or assignee shall be receiver being appointed for the whole Lessee or for a substantial part of its property; the institution EXHIBIT 10.8 - 3 by or against the Lessee of bankruptcy, reorganization, or insolvency proceedings; or the filing of a Federal tax lien against the Lessee or any part of its properties or against the Aircraft. Upon the occurrence of any such default and upon written request by Lessor this Lease shall terminate, the Aircraft shall be surrendered to the Lessor, and at Lessor's option the provisions of Section XVI hereof regarding sale and purchase of the Sublessee's propertyAircraft shall be void and of no further force or effect. The Lessor may hold, then in any of said casesuse, Sublessor lawfully may upon seven days notice sell, lease or if such notice shall adversely affect the rights otherwise dispose of the Sublessor in any bankruptcy Aircraft or receivershipkeep it idle as the Lessor chooses, then immediately, or at any time thereafter, and without further notice of demand, enter into and upon affecting the Subleased Premises, or any part hereof in the name obligations of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease Lessee as provided in this ArticleAgreement including the monthly lease payments. The Sublessee shall be If the Lessee fails to deliver the Aircraft as provided in this paragraph or converts or destroys the Aircraft, the Lessor may hold the Lessee liable for a 5% late charge applicable sum equal to the fair market value of the Aircraft, less any amounts insurance proceeds received by Lessor, in addition to all of the rent due and to become due under this SubleaseAgreement for such Aircraft and any extension thereof, which are the Lessee shall forthwith pay to Lessor. The foregoing rights and remedies shall, be cumulative and not paid within seven (7) business days from exclusive and shall be in addition to and not in limitation of any other rights and remedies available to Lessor at law or in equity. Lessor's waiver of any default on the date part of the notice Lessee shall not constitute a waiver of defaultsubsequent defaults.
Appears in 1 contract
Samples: Aircraft Lease Purchase Agreement (Elite Flight Solutions Inc)
Default. 18.1The occurrence of any of the following shall constitute a default by Tenant: (i) failure of Tenant to pay any rent or other sum payable hereunder within three (3) days of when due; (ii) vacation or abandonment of the Premises (Tenant’s failure to occupy and conduct business in the Premises for thirty (30) consecutive days shall be deemed an abandonment); or (iii) failure of Tenant to perform any other term, covenant or condition of this lease if the failure to perform is not cured within thirty (30) days after notice thereof has been given to Tenant (provided that if such default cannot reasonably be cured within thirty (30) days, Tenant shall not be in default if Tenant commences to cure such failure to perform within the thirty (30) day period and diligently and in good faith continues to cure the failure to perform). The notice referred to in clause (iii) above shall specify the failure to perform and the applicable lease provision and shall demand that Tenant perform the provisions of this lease within the applicable period of time. No notice shall be deemed a forfeiture or termination of this lease unless Landlord so elects in the notice. No notice shall be required in the event of abandonment or vacation of the Premises. In addition to the above, the occurrence of any of the following events shall also constitute a default by Tenant: (i) Tenant fails to pay its debts as they become due or admits in writing its inability to pay its debts, or makes a general assignment for the benefit of creditors (for purposes of determining whether Tenant is not paying its debts as they become due, a debt shall be deemed overdue upon the earliest to occur of the following: thirty (30) days from the date a statement therefor has been rendered; the date on which any action or proceeding therefor is commenced; or the date on which a formal notice of default or demand has been sent); or (ii) any financial statements given to Landlord by Tenant, any assignee of Tenant, subtenant of Tenant, any guarantor of Tenant, or successor in interest of Tenant (including, without limitation, any schedule of Tenant’s aged accounts payable) are proved to be materially false. At any time during the term of this lease Landlord (but not more than twice in any calendar year), at Landlord’s option, shall have the right to receive from Tenant upon Landlord’s request, a current annual balance sheet for Landlord’s review. In the event of a default by Tenant, then Landlord, in addition to any other rights and remedies of Landlord at law or in equity, shall have the right either to terminate Tenant’s right to possession of the Premises (and thereby terminate this lease) or, from time to time and without termination of this lease, to relet the Premises or any part thereof for the account and in the name of Tenant for such term and on such terms and conditions as Landlord in its sole discretion may deem advisable, with the right to make alterations and repairs to the Premises. California Industrial Lease Form Should Landlord elect to keep this lease in full force and effect, Landlord shall have the right to enforce all of Landlord’s rights and remedies under this lease, including but not limited to the right to recover and to relet the Premises. If Sublessee Landlord relets the Premises, then Tenant shall default pay to Landlord, as soon as ascertained, the costs and expenses incurred by Landlord in such reletting and in making alterations and repairs. Rentals received by Landlord from such reletting shall be applied (i) to the payment of any indebtedness due hereunder, other than basic rent and operating costs, from Tenant to Landlord; (ii) to the payment of the cost of any repairs necessary to return the Premises to good condition normal wear and tear excepted, including the cost of alterations and the cost of storing any of Tenant’s property left on the Premises at the time of reletting; and (iii) to the payment of basic rent or other payments required operating costs due and unpaid hereunder. The residue, if any, shall be held by Landlord and applied in payment of Sublessee, and if Sublessee shall fail to cure said default within seven (7) business days after receipt of written notice of said default from Sublessor; future rent or if Sublessee shall default damages in the performance or observance event of termination as the same may become due and payable hereunder and the balance, if any other agreement or condition at the end of the term of this lease, shall be paid to Tenant. Should the basic rent and operating costs received from time to time from such reletting during any month be less than that agreed to be paid during that month by Tenant hereunder, Tenant shall pay such deficiency to Landlord. Such deficiency shall be calculated and paid monthly. No such reletting of the Premises by Landlord shall be construed as an election on its part to be performed terminate this lease unless a notice of such intention is given to Tenant or observedunless the termination hereof is decreed by a court of competent jurisdiction. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this lease for such previous breach, provided it has not been cured. Landlord shall have the remedy described in California Civil Code section 1951.4 (Landlord may continue the lease in effect after Tenant’s breach and abandonment and recover as rent as it becomes due, if Sublessee Tenant has the right to sublet or assign, subject only to reasonable limitations). Should Landlord at any time terminate this lease for any breach, in addition to any other remedy it may have, it shall fail have the immediate right of entry and may remove all persons and property from the Premises and shall have all the rights and remedies of a landlord provided by California Civil Code Section 1951.2 or any successor code section. Upon such termination, in addition to cure said default within ninety (90) days or such longer period as all its other rights and remedies, Landlord shall be entitled to recover from Tenant all damages it may incur by reason of such breach, including the cost of recovering the Premises and including (i) the worth at the time of award of the unpaid rent which had been earned at the time of termination; (ii) the worth at the time of award 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 required so long as avoided; (iii) the Sublessee 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 award exceeds the amount of such rental loss that Tenant proves could be reasonably avoided; and (iv) any other amount necessary to compensate Landlord for all the detriment proximately caused by Tenant’s failure to perform its obligations under this lease or which in the ordinary course of events would be likely to result therefrom. The “worth at the time of award of the amounts referred to in (i) and (ii) above is computed by allowing interest at the rate of twelve percent (12%) per annum or the maximum rate permitted by law, whichever is less. The “worth at the time of award of the amount referred to in (iii) above shall be diligently pursuing computed by discounting such cure amount at the discount rate of the federal reserve bank of San Francisco at the time of award plus one percent (1%). Property removed from the Premises may be stored in a public or private warehouse or elsewhere at the sole cost and expense of Tenant. In the event that Tenant shall not immediately pay the cost of storage of such property after receipt of written notice of said default from Sublessor; or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee shall make an assignment of its property for the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged same has been stored for a period of 60 daysthirty (30) days or more, Landlord may sell any or if all thereof at a receiverpublic or private sale in such manner and at such times and places that Landlord, trusteein its sole discretion, or assignee shall be appointed for the whole or any part of the Sublessee's propertymay deem proper, then in any of said cases, Sublessor lawfully may upon seven days notice or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafter, and without further notice of demand, enter into and upon the Subleased Premises, or any part hereof in the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and or demand upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days from the date of the notice of defaultTenant.
Appears in 1 contract
Samples: Entire Agreement (Airxpanders Inc)
Default. 18.1. 24.01 If Sublessee shall default Tenant defaults in fulfilling any of the covenants of this Lease other than the covenants for the payment of rent Fixed Rent or other payments required of Sublessee, and if Sublessee shall fail to cure said default within seven (7) business days after receipt of written notice of said default from SublessorAdditional Rent; or if Sublessee shall default in the performance Demised Premises become deserted; or observance if the Demised Premises are damaged by reason of any other agreement negligence or condition on carelessness of Tenant, its part to be performed agents, employees or observed, and if Sublessee shall fail to cure said default within ninety (90) days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessorinvitees; or if any person execution or attachment shall levy upon, or take Sublessee's leasehold interest be issued against Tenant or any part hereof, upon execution, attachment, of Tenant's property whereupon the Demised Premises shall be taken or their process of lawoccupied by someone other than Tenant; or if Sublessee Tenant shall make an assignment of its property for the benefit of creditorsdefault with respect to any other lease between Landlord and Tenant; or if Sublessee Tenant shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings fail to take possession of the Demised Premises within fifteen (15) days after the commencement of the Term, of which fact Landlord shall be commenced by Sublessee the sole judge; then, in any one or an involuntary bankruptcy more of such events, upon Landlord serving a written five (5) days' notice upon Tenant specifying the nature of said default and upon the expiration of said five (5) days, if Tenant shall be filed against the Sublessee which remains undischarged for a period of 60 dayshave failed to comply with or remedy such default, or if a receiver, trustee, the said default or assignee omission complained of shall be appointed for of a nature that the whole same cannot be completely cured or any part remedied within said five (5) day period if Tenant shall not have diligently commenced curing such default within such five (5) day period, and shall not thereafter with reasonable diligence and in good faith proceed to remedy or cure such default and the continuance of the Sublessee's propertywhich will not subject Landlord to criminal penalties or termination of a superior lease or foreclosure of a superior mortgage, then in any of said cases, Sublessor lawfully Landlord may upon seven days notice or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafter, and without further serve a written five (5) day notice of demandcancellation of this Lease upon Tenant, enter into and upon the Subleased Premisesexpiration of said five (5) day period, or any part hereof in this Lease and the name Term thereof shall end and expire as fully and completely as if the expiration of such five (5) day period were the wholedate herein definitely fixed for the end and expiration of this Lease and the Term thereof, and hold Tenant shall then quit and surrender the Subleased Demised Premises to Landlord, but Tenant shall remain liable as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above hereinafter provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days from the date of the notice of default.
Appears in 1 contract
Default. 18.1(1) If Tenant defaults in fulfilling any of the covenants of this lease including the covenants for the payment of rent or additional rent (no notice under this Article need be served as a condition for the commencement of a nonpayment summary proceeding); or if the demised premises becomes vacant or deserted "or if this lease be rejected under ss.235 of Title 11 of the U.S. Code (bankruptcy code)" (no prior notice of default need be served in the event this lease is rejected) or if any execution or attachment shall be issued against Tenant or any of Tenant's property whereupon the demised premises shall be taken or occupied by someone other than Tenant; or if Tenant shall make default with respect to any other lease between Owner and Tenant; or if Tenant shall have failed, after Fifteen (15) days written notice, to redeposit with Owner any portion of the security deposited hereunder which Owner has applied to the payment of any rent and additional rent due and payable hereunder or failed to move into or take possession of the premises within fifteen (15) days after the commencement of the term of this lease, of which fact Owner shall be sole judge; then in any one or more of such events, upon Owner serving a written fifteen (15) days notice upon Tenant specifying the nature of said default and upon the expiration of said fifteen (15) days if Tenant shall have failed to comply with or remedy such default, or if the said default or omission complained of shall be of a nature that the same cannot be completely cured or remedied within said fifteen (15) day period, and if Tenant shall not have diligently commenced during such default within such fifteen (15) day period, and shall not thereafter with reasonable diligence and in good faith, proceed to remedy or cure such default, then Owner may serve a written three (3) days' notice of cancellation of this lease upon Tenant, and upon the expiration of said three (3) days this lease and the term thereunder shall end and expire as fully and completely as if the expiration of such three (3) day period were the day herein definitely fixed for the end and expiration of this lease and the term thereof and Tenant shall then quit and surrender the demised premises to Owner but Tenant shall remain liable as hereinafter provided. (2) If Sublessee the notice provided for in (1) hereof shall have been given, and the term shall expire as aforesaid: or if tenant shall make default in the payment of the rent or other payments required of Sublessee, and if Sublessee shall fail to cure said default within seven (7) business days after receipt of written notice of said default from Sublessor; or if Sublessee shall default in the performance or observance of any other agreement or condition on its part to be performed or observed, and if Sublessee shall fail to cure said default within ninety (90) days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; or if any person shall levy upon, or take Sublessee's leasehold interest reserved herein or any part hereof, upon execution, attachment, or their process item of law; or if Sublessee shall make an assignment of its property for the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for a period of 60 days, or if a receiver, trustee, or assignee shall be appointed for the whole additional rent herein mentioned or any part of the Sublessee's property, either or in making any other payment herein required: then and in any of said casessuch events Owner may without notice, Sublessor lawfully may upon seven days notice re-enter the demised premises either by force or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafterotherwise, and without further notice dispossess Tenant by summary proceedings or otherwise, and the legal representative of demand, enter into Tenant or other occupant of demised premises and upon the Subleased Premises, or any part hereof in the name of the whole, remove their effects and hold the Subleased Premises premises as if this Sublease lease had not been made, and expel Sublessee and those claiming under it, and remove its Tenant hereby waives the service of notice of intention to re-enter or their property without being taken or deemed to be guilty institute legal proceedings to that end. If Tenant shall make default hereunder prior to the date fixed as the commencement of any manner of trespass (renewal or Sublessor may send written notice to Sublessee of the termination extension of this Subleaselease, Owner may cancel and upon entry as aforesaid (terminate such renewal or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the extension agreement by written notice), the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days from the date of the notice of default.
Appears in 1 contract
Samples: First Modification of Lease Agreement (Opus360 Corp)
Default. 18.1Borrower will be in default if any of the following happens: (a) Borrower fails to make any payment when due. If Sublessee shall default (b) Borrower breaks any promise Borrower has made to Lender, or Borrower fails to comply with or to perform when due any other term, obligation, covenant, or condition contained in the payment of rent this Note or other payments required of Sublesseeany agreement related to this Note, and if Sublessee shall fail to cure said default within seven (7) business days after receipt of written notice of said default from Sublessor; or if Sublessee shall default in the performance or observance of any other agreement or condition loan Borrower has with Lender. (e) Any representation or statement made or furnished to Lender by Borrower or on its part to be performed Borrower's behalf is false or observedmisleading in any material respect, and if Sublessee shall fail to cure said default within ninety either now or at the time made or furnished. (90d) days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; or if any person shall levy uponBxxxxxxx xxxomes insolvent, or take Sublessee's leasehold interest or a receiver is appointed for any part hereofof Borrxxxx'x xroperty, upon execution, attachment, or their process of law; or if Sublessee shall make Borrxxxx xxxes an assignment of its property for the benefit of creditors; , or if Sublessee shall file voluntary bankruptcy; any proceeding is commenced either by Borrower or if against Borrower under any bankruptcy or insolvency proceedings shall laws. (e) Any creditor tries to take any of Borrxxxx'x xroperty on or in which Lendxx xxx a lien or security interest. This includes a garnishment of any of Borrxxxx'x xccounts with Lendxx. (x) Any of the events described in this default section occurs with respect to any guarantor of this Note. (g) A material adverse change occurs in Borrower's financial condition, or Lendxx xxxieves the prospect of payment or performance of the Indebtedness is impaired. If any default, other than a default in payment, is curable and if Borrower has not been given a notice of a breach of the same provision of this Note within the preceding twelve (12) months, it may be commenced by Sublessee cured (and no event of default will have occurred) if Borrower, after receiving written notice from Lender demanding cure of such default: (a) cures the default within fifteen (15) days; or an involuntary bankruptcy shall be filed against (b) if the Sublessee which remains undischarged for a period of 60 cure requires more than fifteen (15) days, or if a receiver, trustee, or assignee shall be appointed for the whole or any part of the Sublessee's property, then immediately initiates steps which Lender deems in any of said cases, Sublessor lawfully may upon seven days notice or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafter, and without further notice of demand, enter into and upon the Subleased Premises, or any part hereof in the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed Lendxx'x xole discretion to be guilty of any manner of trespass (or Sublessor may send written notice sufficient to Sublessee of cure the termination of this Sublease, default and upon entry thereafter continues and completes all reasonable and necessary steps sufficient to produce compliance as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination soon as above provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days from the date of the notice of defaultreasonably practical.
Appears in 1 contract
Samples: Seamed Corp
Default. 18.1If BUYER is in default hereunder, or, on or before the date of closing as set forth herein, indicates that BUYER is unable or unwilling to perform and SELLER stands ready to perform SELLER's obligations, SELLER's sole remedy shall be the right to terminate this Agreement by written notice to BUYER or BUYER's attorney and retain the down payment as reasonable liquidated damages for BUYER's inability or unwillingness to perform. If Sublessee shall default It is the intention of the parties hereto freely to make advance provision on the date of this Agreement for such event in order (a) to avoid controversy, delay and expense, and (b) to specify now a reasonable amount agreeable to both for compensation to the SELLER for losses which may not be readily ascertainable or quantifiable, such as any of the following which might be necessary to place SELLER in the payment position SELLER would have been in had BUYER made timely performance: costs of rent or other payments required carrying, maintaining, insuring and protecting the property; loss of Sublesseeinterest income on the proceeds; loss of optimum market time, value and if Sublessee shall fail conditions; the uncertainty, delay, expense and inconvenience of finding a substitute buyer; additional expenses to cure said default within seven (7) business days after receipt meet obligations entered into in anticipation of performance. In such event and upon SELLER's written notice of said default from Sublessor; or if Sublessee termination, the Premises shall default in the performance or observance be free of any other agreement claims or condition on its part to be performed or observed, and if Sublessee shall fail to cure said default within ninety (90) days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee shall make an assignment of its property for the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for a period of 60 days, or if a receiver, trustee, or assignee shall be appointed for the whole or any part of the Sublessee's property, then in any BUYER therein by virtue of said cases, Sublessor lawfully may upon seven days notice or if such notice this Agreement. In no event shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafter, and without further notice of demand, enter into and upon the Subleased Premisesclosing, or any part hereof in the name of the wholeextension thereof, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass take place later than three (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th3) day next following the date of the sending of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days weeks from the date of closing set forth in Paragraph 4 hereof, subject to the notice provisions of Paragraphs 6 and 11. In the event closing has not taken place by the end of said three (3) week period, through no fault of the non-delaying party, the delaying party shall be deemed in default. If Seller defaults hereunder, BUYER shall have such remedies as Buyer shall be entitled to at law or in equity, including, but not limited to, specific performance. The foregoing notwithstanding, a delay in the closing through no fault of BUYER which results in either the loss of BUYER’s mortgage commitment or an adverse change in the terms of such commitment shall entitle BUYER to rescind this contract and SELLER shall forthwith refund all sums heretofore paid by BUYER on account of the purchase price, whereupon all rights and liabilities of the parties hereto by reason of this agreement shall be at an end.
Appears in 1 contract
Samples: Purchase and Sales Agreement
Default. 18.1. If Sublessee shall That if default be made in the payment of rent any installment of the Note, whether of principal or other payments required of Sublesseeinterest, and if Sublessee shall fail to cure said such default is not cured within seven ten (710) business days after receipt of written notice of said default from Sublessor; thereof, or if Sublessee shall default be made in the performance or observance payment of any other agreement sums mentioned herein or condition on its part to be performed or observed, and if Sublessee shall fail to cure said default within ninety (90) days or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee shall make an assignment of its property for the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for a period of 60 days, or if a receiver, trustee, or assignee shall be appointed for the whole or any part of the Sublessee's property, then in any of said cases, Sublessor lawfully may upon seven the Loan Documents and such default is not cured within fifteen (15) days of notice or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafter, and without further notice of demand, enter into and upon the Subleased Premises, or any part hereof in the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any causefrom Lender, or in the event Sublessor terminates a breach or default be made by the Borrower in any one of the stipulations, agreements, conditions and covenants of said Note, this Sublease Mortgage, or any other documents or instruments executed and delivered by the Borrower to and in favor of the Lender as security for, evidence of or otherwise connected with or incidental to the loan transaction or extension of credit evidenced by the Note and secured by this Mortgage and such default is not cured within thirty (30) days after notice from Lender (or if such default is curable but cannot be cured within such thirty (30) day period, if Borrower does not commence the cure within such thirty (30) day period or does not thereafter diligently pursue the curing of such default to completion), then and upon the occurrence of any one of such events, or upon the happening of any other event which, according to the terms of this Mortgage or the Note shall entitle the holder to accelerate the maturity of the indebtedness evidenced by the Note, the Lender, at its option, may thereupon or thereafter declare the indebtedness evidenced by the Note, as well as all other monies secured hereby, to be forthwith due and payable, whereupon the principal of and the interest accrued on the indebtedness evidenced and represented by the Note and all other sums secured by this Mortgage shall immediately become and be due and payable as if all of said sums of money were originally stipulated to be paid on such day, and thereupon, without notice or demand, the Lender may avail itself of all rights and remedies provided by law and may prosecute a suit at law or in equity as if all monies secured hereby had matured prior to its institution, anything in this ArticleMortgage or in the Note to the contrary notwithstanding. The Sublessee Lender may foreclose this Mortgage as to the amount so declared due and payable, and the Mortgaged Property shall be liable sold according to law to satisfy and pay the same together with all costs, expenses and allowances, including, without limitation, a reasonable fee for a 5% late charge applicable the Lender's attorneys. The Mortgaged Property may be sold in one parcel, several parcels or groups of parcels, and the Lender shall be entitled to bid at the sale and, if the highest bidder for the Mortgaged Property or any amounts due under this Subleasepart or parts thereof, which are not paid within seven (7) business days from shall be entitled to purchase the date same. The failure or omission on the part of the notice Lender to exercise the option for acceleration of defaultmaturity and foreclosure of this Mortgage following any default as aforesaid or to exercise any other option granted hereunder to Lender when entitled to do so in any one or more instances, or the acceptance by Lender of partial payment of the indebtedness secured hereby, whether before or subsequent to Borrower's default hereunder, shall not constitute a waiver of any such default or the right to exercise any such option, but such option shall remain continuously in force. Acceleration of maturity, once claimed hereunder by Lender, at the option of Lender, may be rescinded by written acknowledgment to that effect by Lender, but the tender and acceptance of partial payments alone shall not in any way affect or rescind such acceleration of maturity.
Appears in 1 contract
Samples: Mortgage and Security Agreement (CNL Retirement Properties Inc)
Default. 18.1Entirely without prejudice to the provisions of Clause 8.1, if (i) the Rent, the Management Fees and/or other amounts payable by the Tenant under this Tenancy Agreement or any part thereof (including but not limited to the other overdue charge and so on) shall be unpaid for fourteen (14) days after the same shall have become payable (whether the Tenant has been demanded to pay or not); or (ii) there has been any breach non-observance or non-performance by the Tenant of any of the terms agreements stipulations or conditions hereof; or (iii) any of the assets or properties of the Tenant has been seized or confiscated or levied by the People’s Court or any competent authority; or (iv) the Tenant shall become bankrupt or being a corporation shall go into liquidation; or (v) any petition shall be filed for the bankruptcy or winding up of the Tenant; or (vi) the Tenant shall otherwise become insolvent (including but not limited to situations where amounts payable by the Tenant under the relevant tenancy agreements in respect of other premises of the Towers shall not have been fully paid for fourteen (14) days after the relevant due dates) or make any composition or arrangement with its creditors or shall suffer any execution to be levied on the Premises (each such case a “Default”), THEN the Landlord may EITHER disconnect all electricity, air-conditioning, water, telephone, internet, other utility services and/or supplies to the Premises on giving a three (3) days’ prior written notice to the Tenant of the Landlord’s intention to do so. If Sublessee shall default in the payment of rent or other payments required of Sublessee, and if Sublessee shall fail to cure said default such Default(s) has/have not been remedied within seven (7) business days after receipt of such written notice of said default from Sublessor; or if Sublessee shall default in has been served by the performance or observance of any other agreement or condition on its part Landlord to be performed or observedthe Tenant, and if Sublessee shall fail to cure said default within ninety (90) days or such longer period as the Landlord shall be reasonably required so long as entitled to exercise the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee shall make an assignment of its property for the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for a period of 60 days, or if a receiver, trustee, or assignee shall be appointed for the whole or any part of the Sublessee's property, then in any of said cases, Sublessor lawfully may upon seven days notice or if such notice shall adversely affect the following rights of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafter, and without further notice of demand, enter into and upon the Subleased Premises, or any part hereof in the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days from the date of the notice of default.“Remedial Rights”):
Appears in 1 contract
Samples: Tenancy Agreement (Lionbridge Technologies Inc /De/)
Default. 18.1. If Sublessee this lease is terminated in accordance with any of the terms herein (with the exception of Paragraphs 2, 15, 26 or 27), or if Lessee vacates or abandons the Premises or if Lessee shall default in fail at any time to keep or perform any of the covenants or conditions of this lease, i.e. specifically the covenant for the payment of rent monthly rent, then, and in any of such events Lessor may with or other without notice or demand, at Lessor’s option, and without being deemed guilty of trespass and/or without prejudicing any remedy or remedies which might otherwise be used by Lessor for arrearages or preceding breach of covenant or condition of this lease, enter into and repossess said Premises and expel the Lessee and all those claiming under Lessee. In such event Lessor may eject and remove from said Premises all goods and effects (forcibly if necessary). This lease if not otherwise terminated may immediately be declared by Lessor as terminated. The termination of this lease pursuant to this Article shall not relieve Lessee of its obligations to make the payments required herein. In the event this lease is terminated pursuant to this Article, or if Lessor enters the Premises without terminating this lease and Lessor relets all or a portion of Sublesseethe Premises, Lessee shall be liable to Lessor for all the costs of reletting, including necessary renovation and alteration of the leased Premises. Lessee shall remain liable for all unpaid rental which has been earned plus late payment charges pursuant to Paragraph 21 and for the remainder of the term of this lease for any deficiency between the net amounts received following reletting and the gross amounts due from Lessee, or if Sublessee Lessor elects, Lessee shall fail be immediately liable for all rent and additional rent (Paragraph 19) that would be owing to cure said the end of the term, less any rental loss Lessee proves could be reasonably avoided, which amount shall be discounted by the discount rate of the Federal Reserve Bank, situated nearest to the Premises, plus one percent (1%). Waiver by the Lessor of any default, monetary or non-monetary, under this Lease shall not be deemed a waiver of any future default within seven under the Lease. Acceptance of rent by Lessor after a default shall not be deemed a waiver of any defaults (7except the default pertaining to the particular payment accepted) business and shall not act as a waiver of the right of Lessor to terminate this Lease as a result of such defaults by an unlawful detainer action or otherwise. Notwithstanding anything to the contrary herein, Lessee shall not be deemed to be in default, nor shall any late charge be imposed, on account of Lessee’s failure to (a) pay money to Lessor, unless such failure to pay continues for five (5) calendar days after Lessee’s actual receipt of written notice of said default from Sublessor; the delinquency or if Sublessee shall default in the performance or observance of (b) perform any other agreement or condition on its part to be performed or observedcovenant of this Lease, and if Sublessee shall fail to cure said default within ninety unless such failure continues after Lessee’s actual receipt of written notice for a period of thirty (9030) calendar days or such longer period time as may reasonably be required to cure the default. Notwithstanding anything to the contrary herein, Lessee shall not be reasonably required so long as in default of this Lease solely because it abandons or vacates the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; or if any person shall levy uponPremises, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process as a consequence of law; or if Sublessee shall make an assignment the filing of its property for the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against petition, the Sublessee which remains undischarged for a period appointment of 60 days, or if a receiver, trusteethe attachment of any interest in this Lease or of Lessee’s other assets or the exercise by any third party of any other remedy with respect to Lessee, Lessee’s interest in this Lease or assignee Lessee’s other assets, unless the petition, receiver, attachment or other remedy is not discharged within sixty (60) calendar days. Notwithstanding anything to the contrary herein, (a) Lessor shall be appointed for the whole or use its best efforts to mitigate any part of the Sublessee's propertydamages resulting from any default by Lessee, then and Lessee shall not in any of said cases, Sublessor lawfully may upon seven days notice or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafter, and without further notice of demand, enter into and upon the Subleased Premises, or any part hereof in the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due under this Subleasedamages reasonably mitigable by Lessor and (b) Lessor waives any right of distraint, which are not paid within seven (7) business days from the date of the notice of defaultdistress for rent or Lessor’s lien that may arise at law.
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Default. 18.14. If Sublessee shall default in the payment of Landlord may terminate this lease on five (5) days' notice: (a) if rent or other payments required of Sublessee, and additional rent is not paid within five (5) days after written notice form Landlord; if Sublessee Tenant shall fail have failed to cure said default within seven (7) business days after receipt of written notice of said default from Sublessor; or if Sublessee shall a default in the performance or observance of any other agreement covenant of this lease (except the payment of rent), or condition on its part to any rule or regulation hereinafter set forth, within ten (10) days after written notice thereof from Landlord, or if default cannot be performed or observedcompletely cured in such time, and if Sublessee Tenant shall fail not promptly proceed to cure said such default within ninety said ten (9010) days days, or shall not complete the curing of such longer period as default with due diligence; or (c) when and to the extent permitted by law, if a petition in bankruptcy shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor; filed or against Tenant or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee Tenant shall make an a general assignment of its property for the benefit of creditors, or receive the benefit of any insolvency or reorganization act; or (d) if Sublessee shall file voluntary bankruptcya :receiver or trustee is appointed for any portion of Tenant's property and such appointment is not vacated within twenty (20) days; or (e) if any bankruptcy an execution or insolvency proceedings attachment shall be commenced by Sublessee or an involuntary bankruptcy issued under which the premises shall be filed against taken or occupied or attempted to be taken or occupied by anyone other than Tenant; or (f) if the Sublessee which remains undischarged premises become and remain vacant or deserted for a period of 60 often (10) days, ; or (g) if a receiver, trustee, Tenant shall default beyond any grace period under any other lease between Tenant and Landlord; or assignee (h) if Tenant shall be appointed for the whole fail to move into or any part take possession of the Sublessee's property, then in any premises within fifteen (15) days after commencement of said cases, Sublessor lawfully may upon seven days notice or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediately, or at any time thereafter, and without further notice of demand, enter into and upon the Subleased Premises, or any part hereof in the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, on the fifth (5th) day next following the date of the sending of the notice), the term of this Sublease shall terminatelease. Sublessee hereby expressly waives At the expiration of the five (5) day notice period, this lease and any and all rights of redemption granted by renewal or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease extension thereof shall terminate as provided in this Article. The Sublessee shall be liable for a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days from completely as if that were the date originally fixed for the expiration of the notice term of defaultthis lease, but Tenant shall remain liable as hereinafter provided.
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Samples: Lease (Toymax International Inc)
Default. 18.1. If Sublessee Debtor shall be in default in under the payment terms of rent or other payments required this Agreement and the Note upon the occurrence of Sublessee, and any of the following: (a) if Sublessee the Debtor shall fail to cure said default within seven make any payment under the Note or this Agreement when due; (7b) business if the Debtor fails to maintain in force the required insurance or removes, sells, transfers, encumbers, sublets or parts with possession of the Collateral or any part thereof or attempts to do any of the foregoing; (c) if the Debtor shall fail to perform or comply with any of the other terms, covenants, or conditions of this Agreement of the Note and any such failure shall continue for a period ten (10) days after receipt of written notice to Debtor; (d) if the Collateral or any part hereof be seized or levied upon under legal process; (e) if the Debtor defaults under or breaches any of said default from Sublessor; the terms, covenants or if Sublessee shall default in the performance or observance condition of any other agreement Security Agreement, Conditional Sales Contract, Lease, Note or condition on its part to be performed Agreement it may now have or observed, and hereafter make with Secured Party; (f) if Sublessee shall fail to cure said default within ninety (90) days Debtor ceases doing business as a going concern or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written makes or sends notice of said default from Sublessor; an intended Bulk Sale or if any person shall levy upon, or take Sublessee's leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee shall make makes an assignment of its property for the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or (g) if any bankruptcy or insolvency proceedings shall be are commenced by Sublessee Debtor or an involuntary bankruptcy shall be filed are commenced against the Sublessee which remains undischarged for a period Debtor and are not dismissed within sixty (60) days under any bankruptcy, reorganization, arrangement, insolvency, readjustment of 60 daysdebt, receivership, liquidation or dissolution law or statute of any jurisdiction, whether now or hereafter in effect; (h) if a receiver, trustee, trustee or assignee shall conservator be appointed for any of Debtor's property, or (i) if any quarterly representation or statement made herein by Debtor or contained in any separate statement in writing in connection herewith, including, without limitation, any financial statements furnished to Secured Party by or on behalf of Debtor, is untrue or incomplete in any material respect. Upon the whole occurrence of any default, the indebtedness secured hereby and all other obligations then owing by the Debtor to Secured Party shall, if Secured Party so elects, become immediately due and payable and Secured Party shall have the rights and remedies of a secured party under the Uniform Commercial Code and any other applicable laws, and it shall then be lawful for, and Secured Party is hereby authorized and empowered, with the aid and assistance of any person or persons, to enter any premises were the Collateral or any part of the Sublessee's property, then in any of said cases, Sublessor lawfully may upon seven days notice or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediatelythereof is, or at any time thereaftermay be placed, and without further to assemble and/or remove same and/or to render if unusable and sell and dispose of such Collateral at one or more public or private sales upon at least five business (5) days written notice to Debtor of demandsuch sale. The proceeds of each such sale shall be applied by Secured Party toward the payment of expenses of retaking, enter into including transportation, storage, refurbishing, preparing for such sale, advertising, selling and upon all related charges and disbursements in connection therewith and the Subleased Premisesindebtedness and interest secured hereby. Should the proceeds of any such sale be insufficient to fully pay all the items above mentioned, Debtor hereby covenants and agrees to pay any deficiency to Secured Party and if Secured Party employs counsel for the purpose of effecting collection of any monies due hereunder (whether or not Secured Party has retaken the Collateral or any part hereof in thereof) or for the name purpose of recovering the Collateral or for the purpose of protecting Secured Party's interest because of any default of Debtor, Debtor agrees to pay reasonable attorneys' fees and such attorneys' fees shall be a lien on the Collateral herein and the proceeds thereof. Secured Party may require Debtor to assemble the Collateral and make it available to Secured Party at a price to be designated by Security Party which is reasonably convenient to both parties. All rights and remedies hereunder are cumulative and not exclusive and a waiver by Secured Part of any breach by Debtor of the wholeterms, covenants, and hold the Subleased Premises as if this Sublease had conditions hereof shall not been made, constitute a waiver of future breaches or defaults and expel Sublessee and those claiming under it, and remove its no failure or their property without being taken or deemed to be guilty of any manner of trespass (or Sublessor may send written notice to Sublessee of the termination of this Sublease, and upon entry as aforesaid (or in the event that Sublessor shall sent to Sublessee notice of termination as above provided, delay on the fifth (5th) day next following the date part of the sending Secured Party in exercising any of the notice)its options, the term of this Sublease powers, rights or remedies or partial or single exercise thereof, shall terminate. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor terminates this Sublease as provided in this Article. The Sublessee shall be liable for constitute a 5% late charge applicable to any amounts due under this Sublease, which are not paid within seven (7) business days from the date of the notice of defaultwaiver thereof.
Appears in 1 contract
