Common use of Bankruptcy Defaults and Remedies Clause in Contracts

Bankruptcy Defaults and Remedies. (a) If any Bankruptcy Default shall occur, the FCRHA may (subject to Section 24.14 below), at its option, give notice to Tenant stating that the FCRHA is terminating any Management Agreement then in effect for the Project and removing the Approved Property Manager from the Premises. Thereafter, the FCRHA, without further notice, may re-enter and repossess the Premises using such force for that purpose as may be necessary without being liable to indictment, prosecution or damages therefor, and undertake any leasing and property management duties, responsibilities or obligations that the FCRHA deems necessary or desirable for the Project, provided such actions are commercially reasonable and consistent with the management of comparable market rate apartment projects in Fairfax County, Virginia. The FCRHA shall not be liable to indictment, prosecution or damages for any actions or failure to act by the FCRHA in its leasing or property management capacity, except to the extent such action or failure to act was due to the gross negligence or willful misconduct of the FCRHA. Any sums expended by the FCRHA in connection with the FCRHA’s duties set forth in this Section 24.07(a) shall be Additional Costs and shall be paid by Tenant in accordance with the terms of this Lease. Failure to pay such Additional Costs in accordance with the terms hereof will (after the applicable notice and cure period) constitute an Event of Default by Tenant under Section 24.01(a) above.

Bankruptcy Defaults and Remedies. (a) If any Bankruptcy Default shall occur, the FCRHA Landlord may (subject to Section 24.14 below), at its option, give notice to Tenant stating that the FCRHA Landlord is terminating any Management Agreement then in effect for the Project and removing the Approved Property Manager from the Premises. Thereafter, the FCRHALandlord, without further notice, may re-enter and repossess the Premises using such force for that purpose as may be necessary without being liable to indictment, prosecution or damages therefor, and undertake any leasing and property management duties, responsibilities or obligations that the FCRHA Landlord deems necessary or desirable for the Project, provided such actions are commercially reasonable and consistent with the management of comparable market rate apartment projects in Fairfax County, Virginia. The FCRHA Landlord shall not be liable to indictment, prosecution or damages for any actions or failure to act by the FCRHA Landlord in its leasing or property management capacity, except to the extent such action or failure to act was due to the gross negligence or willful misconduct of the FCRHALandlord. Any sums expended by the FCRHA Landlord in connection with the FCRHALandlord’s duties set forth in this Section 24.07(a) shall be Additional Costs and shall be paid by Tenant in accordance with the terms of this Lease. Failure to pay such Additional Costs in accordance with the terms hereof will (after the applicable notice and cure period) constitute an Event of Default by Tenant under Section 24.01(a) above.

Bankruptcy Defaults and Remedies. (a) If any Bankruptcy Default shall occur, the FCRHA Landlord may (subject to Section 24.14 below), at its option, give notice to Tenant stating that the FCRHA Landlord is terminating any Management Agreement then in effect for the Project and removing the Approved Property Manager from the Premises. Thereafter, the FCRHALandlord, without further notice, may re-enter and repossess the Premises using such force for that purpose as may be necessary without being liable to indictment, prosecution or damages therefor, and undertake any leasing and property management duties, responsibilities or obligations that the FCRHA Landlord deems necessary or desirable for the Project, provided such actions are commercially reasonable and consistent with the management of comparable market rate apartment projects in Fairfax County, Virginia. The FCRHA Landlord shall not be liable to indictment, prosecution or damages for any actions or failure to act by the FCRHA Landlord in its leasing or property management capacity, except to the extent such action or failure to act was due to the gross negligence or willful misconduct of the FCRHALandlord. Any sums expended by the FCRHA Landlord in connection with the FCRHAXxxxxxxx’s duties set forth in this Section 24.07(a) shall be Additional Costs and shall be paid by Tenant in accordance with the terms of this Lease. Failure to pay such Additional Costs in accordance with the terms hereof will (after the applicable notice and cure period) constitute an Event of Default by Tenant under Section 24.01(a) above.