Common use of BANKRUPTCY OR INSOLVENCY OF TENANT Clause in Contracts

BANKRUPTCY OR INSOLVENCY OF TENANT. (a) If the Tenant shall be adjudicated a bankrupt or adjudged to be insolvent, or a receiver or trustee of the Tenant's property and affairs shall be appointed or if the Tenant shall make an assignment for the benefit of creditors in bankruptcy or applies for the appointment of a receiver or if any execution or attachment shall be issued against the Tenant or any of the Tenant's property whereupon the Leased Premises or any portion thereof shall be taken or occupied or attempted to be taken or occupied by someone other than the Tenant and such execution, petition or attachment shall not be set aside, vacated, discharged, disputed by legal proceedings or bonded within seven (7) days after the issuance of same or if the Tenant attempts to make a bulk sale or move the bulk of its fixtures out of the Leased Premises then, in any of such events, the then current month's rent and rent for the next three (3) ensuing months shall immediately become due and be paid and this Lease may at the option of the Landlord be cancelled and terminated, whether or not the term has commenced or whether or not any rent has been prepaid. For the purpose of this Lease accelerated rent shall include all amounts payable by the Tenant as rent and additional rent and shall be calculated on the basis of the average of the amounts thereof so paid by or payable by the Tenant for each month during the period of twelve (12) months immediately preceding such termination or during the expired term of this Lease if less than twelve (12)

BANKRUPTCY OR INSOLVENCY OF TENANT. (a) If If, during the Term or any renewal of it, any of the goods and chattels of the Tenant shall be adjudicated a bankrupt are seized or adjudged to be insolventtaken in attachment by any creditor of the Tenant, or if a writ of execution, sequestration, or extent issues against the goods and chattels of the Tenant, or if any petition or other application is presented to any court of competent jurisdiction for the dissolution, liquidation, or winding-up of the Tenant or for the appointment of a receiver or trustee of the Tenant's property receiver and affairs shall be appointed manager, or if the Tenant shall make becomes bankrupt or insolvent or takes the benefit of any statute now or hereafter in force for bankrupt or insolvent debtors, or if the Premises are used for any purpose other than permitted by clause 7.1 without the prior written consent of the Landlord, or if the Tenant makes an assignment for the benefit of creditors or makes any sale or other disposition of all or substantially all of its goods and chattels (except incidental to its amalgamation with any other company), then and in bankruptcy or applies every case the Tenant will be, and be deemed to be, in default under this Lease; the then-current and the next ensuing three months’ Annual Basic Rent and Additional Rent (to be determined for the appointment of a receiver or if current year at rates estimated by the Landlord acting reasonably) and any execution or attachment shall be issued against the Tenant or any of the Tenant's property whereupon the Leased Premises or any portion thereof shall be taken or occupied or attempted to be taken or occupied by someone other than the Tenant and such execution, petition or attachment shall not be set aside, vacated, discharged, disputed by legal proceedings or bonded within seven (7) days after the issuance of same or if the Tenant attempts to make a bulk sale or move the bulk of its fixtures out of the Leased Premises then, in any of such events, the then current month's rent and rent for the next three (3) ensuing months shall additional money owing under this Lease will immediately become due and be paid payable; the Landlord may re-enter and take possession of the Premises or any part of them in the name of the whole, and have again, repossess, and enjoy the Premises in its former estate, anything in this Lease may to the contrary notwithstanding, as though the Tenant were holding over after the expiration of the Term; and the Term and any renewal of it will, at the option of the Landlord, immediately become forfeited and determined and the then-current and the next ensuing three months’ Annual Basic Rent, the Additional Rent (to be determined for the current year at rates estimated by the Landlord be cancelled acting reasonably) and terminated, whether or not the term has commenced or whether or not any rent has been prepaid. For the purpose of additional money owing under this Lease accelerated rent shall include all amounts payable will be recoverable by the Tenant Landlord as rent and additional rent and shall be calculated on the basis of the average of the amounts thereof so paid by or payable by if it were Rent in arrears, but the Tenant for each month during the period of twelve (12) months immediately preceding such termination or during the expired term of will remain liable under this Lease if less than twelve (12)Lease. P a g e | 28

BANKRUPTCY OR INSOLVENCY OF TENANT. (a) If during the Term or any renewal thereof any of the goods and chattels of the Tenant shah be seized or taken in attachment by any creditor of the Tenant, or if a writ of execution, sequestration, or extent shall issue against the goods and chattels of the Tenant, or if any petition or other application is presented to any court of competent jurisdiction for the dissolution, liquidation, or winding-up of the Tenant or for the appointment of a receiver or receiver and manager, or if the Tenant shall be adjudicated a become bankrupt or adjudged to be insolventinsolvent or take the benefit of any statute now or hereafter in force for bankrupt or insolvent debtors, or a receiver or trustee if the Premises shall be used for any purpose other than permitted by clause 7.1 without the prior written consent of the Tenant's property and affairs shall be appointed Landlord, or if the Tenant shall make an assignment for the benefit of creditors or shall make any sale or other disposition of all or substantially all of its goods and chattels (except incidental to its amalgamation with any other company), then and in bankruptcy or applies for the appointment of a receiver or if any execution or attachment shall be issued against every case the Tenant or any of the Tenant's property whereupon the Leased Premises or any portion thereof shall be, and be taken or occupied or attempted deemed to be taken or occupied by someone other than the Tenant and such execution, petition or attachment shall not be set aside, vacated, discharged, disputed by legal proceedings or bonded within seven (7) days after the issuance of same or if the Tenant attempts to make a bulk sale or move the bulk of its fixtures out of the Leased Premises thenbe, in any of such events, default under this Lease; the then current month's rent and rent for the next ensuing three (3) ensuing months months' Annual Basic Rent and Additional Rent (to be determined for the current year at rates estimated by the Landlord acting reasonably) and any additional money owing hereunder shall immediately become due and be paid payable; the Landlord may re-enter and this Lease may take possession of the Premises or any part thereof in the name of the whole, and have again, repossess, and enjoy the Premises in its former estate, anything herein to the contrary notwithstanding, as though the Tenant were holding over after the expiration of the Term; and the Term and any renewal thereof shall, at the option of the Landlord Landlord, forthwith become forfeited and determined and the then current and the next ensuing three (3) months' Annual Basic Rent, the Additional Rent (to be cancelled and terminated, whether or not determined for the term has commenced or whether or not any rent has been prepaid. For the purpose of this Lease accelerated rent shall include all amounts payable current year at rates estimated by the Tenant as rent Landlord acting reasonably) and any additional rent and money owing hereunder shall be calculated on the basis of the average of the amounts thereof so paid by or payable recoverable by the Landlord as if it were Rent in arrears, but the Tenant for each month during the period of twelve (12) months immediately preceding such termination or during the expired term of shall remain liable under this Lease if less than twelve (12)Lease.

BANKRUPTCY OR INSOLVENCY OF TENANT. (a) If during the Term or any renewal thereof any of the goods and chattels of the Tenant shall be adjudicated a bankrupt seized or adjudged to be insolventtaken in attachment by any creditor of the Tenant, or if a writ of execution, sequestration, or extent shall issue against the goods and chattels of the Tenant, or if any petition or other application is presented to any court of competent jurisdiction for the dissolution, liquidation, or winding-up of the Tenant or for the appointment of a receiver or trustee receiver and manager, or if the Tenant shall become bankrupt or insolvent or take the benefit of any statute now or hereafter in force for bankrupt or insolvent debtors, or if the Premises shall be used for any purpose other than permitted by clause 7.1 without the prior written consent of the Tenant's property and affairs shall be appointed Landlord, or if the Tenant shall make an assignment for the benefit of creditors or shall make any sale or other disposition of all or substantially all of its goods and chattels (except incidental to its amalgamation with any other company), then and in bankruptcy or applies every case the Tenant shall be, and be deemed to be, in default under this Lease; the then-current and the next ensuing three months' Annual Net Rent and Additional Rent (to be determined for the appointment of a receiver or if current year at rates estimated by the Landlord acting reasonably) and any execution or attachment shall be issued against the Tenant or any of the Tenant's property whereupon the Leased Premises or any portion thereof shall be taken or occupied or attempted to be taken or occupied by someone other than the Tenant and such execution, petition or attachment shall not be set aside, vacated, discharged, disputed by legal proceedings or bonded within seven (7) days after the issuance of same or if the Tenant attempts to make a bulk sale or move the bulk of its fixtures out of the Leased Premises then, in any of such events, the then current month's rent and rent for the next three (3) ensuing months additional money owing hereunder shall immediately become due and be paid payable; the Landlord may re-enter and this Lease may take possession of the Premises or any part thereof in the name of the whole, and have again, repossess, and enjoy the Premises in its former estate, anything herein to the contrary notwithstanding, as though the Tenant were holding over after the expiration of the Term; and the Term and any renewal thereof shall, at the option of the Landlord Landlord, forthwith become forfeited and determined and the then-current and the next ensuing three months' Annual Net Rent, the Additional Rent (to be cancelled and terminated, whether or not determined for the term has commenced or whether or not any rent has been prepaid. For the purpose of this Lease accelerated rent shall include all amounts payable current year at rates estimated by the Tenant as rent Landlord acting reasonably) and any additional rent and money owing hereunder shall be calculated on the basis of the average of the amounts thereof so paid by or payable recoverable by the Landlord as if it were Rent in arrears, but the Tenant for each month during the period of twelve (12) months immediately preceding such termination or during the expired term of shall remain liable under this Lease if less than twelve (12)Lease.