Damages. In the event of any termination of this Lease under the provisions of Article 16 hereof or in the event that Landlord shall re-enter the premises under the provisions of Article 17 hereof or in the event of the termination of this Lease (or of re-entry by or under any summary dispossess or other proceeding or action or any provision of law), Tenant will pay to Landlord as damages, at the election of Landlord, either: (a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of (1) the aggregate of the fixed rent and the additional rent under Article 24 hereof which would have been paid hereunder by Tenant had this Lease not so terminated, for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, over (2) the aggregate rental value of the premises for the same period, or (b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises for new tenants, brokers' commission, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entry. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant.
Appears in 8 contracts
Sources: Lease Agreement, Lease Agreement, Lease Agreement
Damages. In the event of any termination of If this Lease lease is terminated under the provisions of Article 16 hereof Section 6.03, or in the event that if Landlord shall re-enter enters the premises Demised Premises under the provisions of Article 17 hereof or in the event of the termination of this Lease (or of re-entry by or under any summary dispossess or other proceeding or action or any provision of law)Section 6.04, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which which, at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may betermination, represents the then value of the excess, if any, of of: (1) the aggregate of the fixed rent and the additional rent under Article 24 hereof which Rent which, had this lease not terminated, would have been paid payable hereunder by Tenant had this Lease not so terminated, for the period commencing with such earlier termination of this Lease or on the day following the date of any such termination or re-entry, as entry to and including the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, Expiration Date; over (2) the aggregate fair rental value of the premises Demised Premises for the same periodperiod (for the purposes of this clause (a) the amount of Additional Rent which would have been payable by Tenant under Sections 2.02 and 2.03 shall, for each calendar year ending after such termination or re-entry, be deemed to be an amount equal to 105% of the amount of such Additional Rent payable by Tenant for the calendar year immediately preceding the calendar year in which such termination or re-entry shall occur in the case of the first such calendar year and the immediately prior calendar year in the case of each succeeding calendar year); or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which Rent that would have been payable by Tenant through and including the Expiration Date had this Lease lease not so terminated, terminated or had Landlord not so re-entered the premisesDemised Premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby grantedin this lease; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let relet all or any part of the premises Demised Premises for all or any part of said periodthe period commencing on the day following the date of such termination or re-entry to and including the Expiration Date, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or lease and of re-entering the premises Demised Premises and of securing possession thereof, as well as the expenses of re-lettingreletting, including including, without limitation, altering and preparing the premises Demised Premises for new tenants, brokers' commission’ commissions, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises Demised Premises and the rental therefrom in connection with such re-lettingreletting, it being understood that any such re-letting reletting may be for a period equal to, less than to or shorter or longer than the remaining term of this Leasesaid period; provided, further, that that: (i) in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, under this lease; (ii) in no event shall Tenant be entitled entitled, in any suit for the collection of damages pursuant to this subparagraph (b) Section 6.05(b), to a credit in respect of any net rents from a re-letting reletting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and ; (iii) if the premises Demised Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot rentable area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-letting. For reletting; and (iv) Landlord shall have no obligation to so relet the purposes of subparagraph (a) of this Article 18Demised Premises and Tenant hereby waives any right Tenant may have, at law or in equity, to require Landlord to so relet the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entryDemised Premises. Suit or suits for the recovery of such damagesany damages payable hereunder by Tenant, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease Term or a renewal thereof would have expired if it had not been terminated under the provisions of Article 16 hereof, but for such termination or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenantentry.
Appears in 5 contracts
Sources: Lease Agreement (1847 Goedeker Inc.), Lease Agreement (1847 Goedeker Inc.), Lease Agreement (1847 Goedeker Inc.)
Damages. In the event of any termination of this Lease under the provisions of Article 16 hereof or in the event that Landlord shall re-enter the premises under the provisions of Article 17 hereof or in the event of the termination of this Lease (or of re-entry by or under any summary dispossess or other proceeding or action or any provision of law), Tenant will pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of (1) the aggregate of the fixed rent and the additional rent under Article 24 hereof which would have been paid hereunder by Tenant ▇▇▇▇▇▇ had this Lease not so terminated, for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, over (2) the aggregate rental value of the premises for the same period, or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises for new tenants, brokers' commission, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entry. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant.
Appears in 4 contracts
Sources: Lease Agreement, Lease Agreement, Lease Agreement
Damages. In the event of any termination of this Lease under the provisions of Article 16 hereof or in the event that Landlord shall re-enter the premises under the provisions of Article 17 hereof or in the event of the termination of this Lease (or of re-re- entry by or under any summary dispossess or other proceeding or action or any provision of law), Tenant will pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of of
(1) the aggregate of the fixed rent and the additional rent under Article 24 hereof which would have been paid hereunder by Tenant ▇▇▇▇▇▇ had this Lease not so terminated, for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, over (2) the aggregate rental value of the premises for the same period, or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of re-re- letting, including altering and preparing the premises for new tenants, brokers' ’ commission, attorneys' ’ fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-re- letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-re- letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entry. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant.
Appears in 3 contracts
Sources: Store Lease, Commercial Lease, Commercial Lease
Damages. In Whether or not this Lease or Tenant’s right of possession is terminated following such Default, Tenant nevertheless shall remain liable for:
(a) all Basic Monthly Rent and Additional Rent (including, without limitation, all damages sustained by Landlord by reason of the event Default) which have become due until the expiration of the Term or sooner termination of the Lease (less the amount of rental, if any, that Landlord actually receives during such period from others to whom the Premises is rented (other than any Additional Rent received by Landlord as a result of any termination failure of this Lease under such other person to perform any of its obligations to Landlord)), and all costs, fees and expenses (including, without limitation, reasonable attorneys’ fees, brokerage fees, and expenses incurred in placing the provisions Premises in first-class rentable condition including, without limitation, alterations of Article 16 hereof the Premises), incurred by Landlord in pursuit of its remedies hereunder or in renting the event that Landlord shall re-enter the premises under the provisions of Article 17 hereof or in the event Premises to others from time to time (all such Basic Monthly Rent, Additional Rent, damages, costs, fees and expenses are herein called “Accrued Damages”); and
(b) additional damages commencing as of the termination of this Lease day following the last day Accrued Damages are applicable (or of re-entry by or under any summary dispossess or other proceeding or action or any provision of law)herein called “Termination Damages”, Tenant will pay to Landlord as damageswhich, at the election of Landlord, either:
shall be either (aprovided that Landlord may initially elect under Section 21.2.2(b)(i), and subsequently at any time elect under Section 21.2.2(b)(ii) a sum at which for the remaining applicable period at the time of such termination of this Lease or at election):
(i) An amount equal to the time of any such re-entry by Landlord, as Basic Monthly Rent and Additional Rent that would have become due during the case may be, represents the then value remainder of the excessTerm, and, to the extent not included in Accrued Damages above, all costs, fees and expenses (including, without limitation, reasonable attorneys’ fees, brokerage fees, and expenses incurred in placing the Premises in first-class rentable condition including, without limitation, alterations of the Premises), incurred by Landlord in pursuit of its remedies hereunder or in renting the Premises to others from time to time, less the amount of rental, if any, that Landlord actually receives during such period from others to whom the Premises is rented (other than any Additional Rent received by Landlord as a result of (1) any failure of such other person to perform any of its obligations to Landlord), in which case such Termination Damages shall be computed and payable in monthly installments, in advance, on the aggregate first day of each calendar month following the fixed rent last day Accrued Damages are applicable and continuing until the additional rent under Article 24 hereof date on which the Term would have been paid hereunder by Tenant had this Lease not so terminated, expired but for the period commencing with such earlier termination of this Lease Tenant’s Default. Separate suits or the date of actions may be brought to collect any such re-entry, as the case may beTermination Damages for any month or months, and ending with such separate suits or action shall not in any manner prejudice the date hereinbefore set right of Landlord to collect any Termination Damages for any subsequent month or months by similar proceedings, or Landlord may defer any suits or actions until after the expiration of the full term granted, over Term; or
(2ii) The amount determined by subtracting (A) the aggregate present value (as of the first date Termination Damages are applicable) of the fair rental value of the premises Premises for the same period, or
(b) sums equal to the aggregate remainder of the fixed rent Term (in determining such fair rental value, the Basic Monthly Rent and operating cost charges then being paid by tenants for comparable space in comparable buildings in equally desirable locations in the additional rent under Article 24 hereof Fredericksburg regional area shall be considered), from (if anyB) which the present value (as of the first date Termination Damages are applicable) of all Basic Monthly Rent and Additional Rent that would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered become due during the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration remainder of the full term hereby granted; providedTerm (with such present values being determined using a discount rate of eight percent (8%) per annum), howeverwhich Termination Damages shall be payable to Landlord in one lump sum on demand. For this purpose, Additional Rent shall be calculated on the basis that if Landlord Tenant’s Proportionate Share of increases in Operating Expenses and Taxes would increase at the rate such expenses have generally increased in the Fredericksburg regional area for comparable Buildings during the preceding five (Landlord5) years, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be as reasonably determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises for new tenants, brokers' commission, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entry. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of TenantLandlord.
Appears in 3 contracts
Sources: Commercial Office Lease, Commercial Office Lease (Technest Holdings Inc), Commercial Office Lease (Technest Holdings Inc)
Damages. In the event of any termination of If this Lease is terminated under the provisions of Article 16 hereof Section 6.03, or in the event that if Landlord shall re-enter enters the premises Premises under the provisions of Article 17 hereof or in the event of the termination of this Lease (or of re-entry by or under any summary dispossess or other proceeding or action or any provision of law)Section 6.04, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which which, at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may betermination, represents the then value of the excess, if any, of (1) the aggregate of the fixed rent and the additional rent under Article 24 hereof which would have been paid hereunder by Tenant Rent which, had this Lease not so terminated, would have been payable hereunder by Tenant for the period commencing with such earlier termination of this Lease or on the day following the date of any such termination or re-entry, as entry to and including the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, Expiration Date over (2) the aggregate fair rental value of the premises Premises for the same periodperiod (for the purposes of this clause (a) the amount of Additional Rent which would have been payable by Tenant under Sections 2.04 and 2.05 shall, for each calendar year ending after such termination or re-entry, be deemed to be an amount equal to the amount of such Additional Rent payable by Tenant for the calendar year immediately preceding the calendar year in which such termination or re-entry shall occur), or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which Rent that would have been payable by Tenant through and including the Expiration Date had this Lease not so terminated, terminated or had Landlord not so re-re entered the premisesPremises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby grantedin this Lease; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let relet all or any part of the premises Premises for all or any part of said periodthe period commencing on the day following the date of such termination or re-entry to and including the Expiration Date, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or and of re-entering the premises Premises and of securing possession thereof, as well as the expenses of re-lettingreletting, including including, without limitation, altering and preparing the premises Premises for new tenants, brokers' commission’ commissions, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises Premises and the rental therefrom in connection with such re-lettingreletting, it being understood that any such re-letting reletting may be for a period equal to, less than to or shorter or longer than the remaining term of this Leasesaid period; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunderunder this Lease, (ii) in no event shall Tenant be entitled entitled, in any suit for the collection of damages pursuant to this subparagraph (b) Section 6.05(b), to a credit in respect of any net rents from a re-letting reletting except to the extent that such net rents are actually received by Landlord prior to on account of any period that is the commencement subject of such suit, and (iii) if the premises Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot rentable area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-letting. For reletting, and (iv) Landlord shall have no obligation to so relet the purposes of subparagraph (a) of this Article 18Premises and Tenant hereby waives any right Tenant may have, at law or in equity, to require Landlord to so relet the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entryPremises. Suit or suits for the recovery of such damagesany damages payable hereunder by Tenant, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease Term would have expired if it had not been terminated under the provisions of Article 16 hereof, but for such termination or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenantentry.
Appears in 2 contracts
Sources: Lease (Y-mAbs Therapeutics, Inc.), Lease (Y-mAbs Therapeutics, Inc.)
Damages. In the event of any termination of that this Lease under be terminated pursuant to Article 20 as a result of an Event of Default on the provisions part of Article 16 hereof the Tenant and whether or in not the event that Premises be relet, Landlord shall re-enter be entitled to retain all monies, if any, paid by Tenant to Landlord, whether as advance rent or otherwise, but such monies shall be credited by Landlord against any rent due at the premises under the provisions time of Article 17 hereof such termination, or in the event of the termination of this Lease (or of re-entry at Landlord’s option, against any damages payable by or under any summary dispossess or other proceeding or action or any provision of law)Tenant, and Landlord shall be entitled to recover from Tenant, and Tenant will shall pay to Landlord as damages, at the election of Landlord, eitherfollowing:
(a) a sum at All Rent to the date upon which at this Lease and the time Term shall have terminated, and
(b) All expenses reasonably incurred by Landlord in recovering possession of such the Premises (including summary proceedings), restoring the Premises to good order and condition, maintaining the Premises in good order and condition while vacant, altering or otherwise preparing the same for reletting, and in reletting the Premises (including brokerage commissions and legal expenses), plus all costs and expenses incurred by Landlord in applying for Landlord’s Permits, the same to be paid by Tenant to Landlord on demand, and
(c) The amount by which the Rent which, but for the termination of this Lease, would have been payable under this Lease or at from the time date of any such re-entry by Landlord, as termination to the case may be, represents Expiration Date exceeds the then value of the excessrental and other income, if any, of (1) the aggregate collected by Landlord in respect of the fixed rent and the additional rent under Article 24 hereof which would have been paid hereunder by Tenant had this Lease not so terminatedPremises, for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, over (2) the aggregate rental value of the premises for the same period, or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part thereof, subject nevertheless to the provisions of the premises for all or any part of Section 20.5, said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents amount to be determined by first deducting from the gross rents as due and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises for new tenants, brokers' commission, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for on the collection of damages pursuant to this subparagraph (b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment several days on a square foot area basis shall be made of which the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entry. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of reserved in this Lease would have expired if it had not been terminated under become due and payable for the provisions period which otherwise would have constituted the unexpired portion of Article 16 hereofthe Term (that is to say, or under any provision upon each of law, or had such days Tenant shall pay to Landlord the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant amount of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenantdeficiency then existing).
Appears in 2 contracts
Sources: Lease Agreement (ProPhase Labs, Inc.), Lease Agreement (ProPhase Labs, Inc.)
Damages. In the event of any termination of 18.01. If this Lease is terminated under the provisions of Article 16 hereof 16, or in the event that if Landlord shall re-enter the premises Demised Premises under the provisions of Article 17 hereof 17, or in the event of the termination of this Lease (Lease, or of re-entry by or under any summary dispossess or other proceeding or action or any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of of
(1) the aggregate of the fixed rent Basic Annual Rent and the additional rent under Article 24 hereof payable hereunder which would have been paid hereunder payable by Tenant had this Lease (conclusively presuming the additional rent to be the same as was payable for the year immediately preceding such termination except that additional rent on account of Taxes and Property Expenses shall be presumed to increase at the average of the rates of increase thereof previously experienced by Landlord during the period (not so terminated, to exceed 3 years) prior to such termination) for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for Expiration Date, had this Lease not so terminated or had Landlord not so re-entered the expiration of the full term grantedDemised Premises, over over
(2) the aggregate rental value of the premises Demised Premises for the same period, or
(b) sums equal to the aggregate of the fixed rent Basic Annual Rent and the additional rent under Article 24 hereof (if any) payable hereunder which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premisesDemised Premises, payable upon the due dates therefor specified herein following such termination or such re-re- entry and until the date hereinbefore set for the expiration of the full term hereby grantedExpiration Date; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of Demised Premises during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting, the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of or in re-entering the premises Demised Premises and of in securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises Demised Premises for new tenants, brokers' commissioncommissions, attorneys' fees legal fees, and all other similar or dissimilar expenses properly chargeable against the premises Demised Premises and the rental therefrom in connection with such re-letting, thereof; it being understood that any such re-letting may be for a period equal to, less than shorter or longer than the remaining term of this Lease; provided, further, that (i) in . In no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunderhereunder for the period of such re-letting, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) subsection to a credit in respect of any net rents from a re-letting letting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the premises Demised Premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For If the purposes Demised Premises or any part thereof be re-let by Landlord for the unexpired portion of subparagraph (a) the term of this Article 18Lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or pursuant to such re-entryletting shall, prima facie, be the fair and reasonable rental value for the Demised Premises, or part thereof, so re-let during the term of the re-letting.
18.02. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease Term would have expired if it had not been so terminated under the provisions of Article 16 hereof16, or under any provision of law, or had the Landlord not re-entered the premisesDemised Premises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to prove for and obtain as liquidated damages by reason of the termination of this Lease or re-entry of the Demised Premises for the default of Tenant under this Lease, an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved whether or not such amount be greater, equal to, or less than any of the sums referred to in Section 18.01.
Appears in 2 contracts
Sources: Office Lease (Exodus Communications Inc), Office Lease (Exodus Communications Inc)
Damages. In the event of any termination of 27.01 If this Lease lease is terminated under the provisions of Article 16 hereof 25, or in the event that if Landlord shall re-enter the premises Demised Premises under the provisions of Article 17 hereof 26, or in the event of the termination of this Lease (lease, or of re-entry entry, by or under any summary dispossess or other proceeding or action or any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of of:
(1i) the aggregate of the fixed rent and the additional rent under Article 24 hereof payable hereunder which would have been paid hereunder payable by Tenant had this Lease not so terminated, (conclusively presuming the additional rent to be the same as was payable for the year immediately preceding such termination) for the period commencing with such earlier termination of this Lease lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for Expiration Date, had this lease not so terminated or had Landlord not so re-entered the expiration of the full term granted, over Demised Premises; over
(2ii) the aggregate rental value of the premises Demised Premises for the same period, ; or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if anyas above presumed) payable hereunder which would have been payable by Tenant had this Lease lease not so terminated, or had Landlord not so re-entered the premisesDemised Premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; Expiration Date, provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of relet the premises for all or any part of Demised Premises during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of lease or in re-entering the premises Demised Premises and of in securing possession thereof, as well as the expenses of re-lettingreletting, including altering and preparing the premises Demised Premises for new tenantsTenants, brokers' commission’ commissions, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises Demised Premises and the rental therefrom in connection with such re-lettingtherefrom, it being understood that any such re-letting reletting may be for a period equal to, less than shorter or longer than the remaining term of this Leaselease; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) Subsection to a credit in respect of any net rents from a re-letting reletting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the premises Demised Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis (for equivalent space) shall be made of the rent received from such re-letting reletting and of the expenses of re-lettingreletting. For If the purposes Demised Premises or any part thereof be relet by Landlord for the unexpired portion of subparagraph (a) the term of this Article 18lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall reserved upon such reletting shall, prima facie, be deemed to be an amount equal to the amount of such additional rent payable by Tenant fair and reasonable rental value for the applicable period ending immediately preceding such termination Demised Premises, or part thereof, so relet during the term of this Lease or such re-entry. the reletting.
27.02 Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease lease would have expired if it had not been so terminated under the provisions of Article 16 hereof25, or under any provision of law, or had the Landlord not re-entered the premisesDemised Premises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to prove for and obtain as liquidated damages by reason of the termination of this lease or re-entry on the Demised Premises for the default of Tenant under this lease, an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved whether or not such amount be greater, equal to, or less than any of the sums referred to in Section 27.01.
Appears in 2 contracts
Sources: Lease Agreement (Angion Biomedica Corp.), Lease (Angion Biomedica Corp.)
Damages. In the event of any termination of 24.01. If this Lease is terminated under the provisions of Article 16 hereof 22 hereof, or in the event that if Landlord shall re-enter reenter the premises Premises under the provisions of Article 17 hereof 23 hereof, or in the event of the termination of this Lease (Lease, or of re-entry reentry, by or under any summary dispossess or other proceeding or action or any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry reentry by Landlord, as the case may be, represents the then value of the excess, if anyany (assuming a discount at a rate per annum equal to the interest rate then applicable to 7-year Federal Treasury Bonds), of (1i) the aggregate amount of the fixed rent Fixed Rent and the additional rent Additional Charges under Article 24 3 hereof which would have been paid hereunder payable by Tenant had this Lease not so terminated(conclusively presuming the average monthly Additional Charges under Article 3 hereof to be the same as were payable for the last 12 calendar months, or if less than 12 calendar months have then elapsed since the Commencement Date, all of the calendar months immediately preceding such termination or reentry) for the period commencing with such earlier termination of this Lease or the date of any such re-entryreentry, as the case may be, and ending with the date hereinbefore set for contemplated as the expiration of date hereof if this Lease had not so terminated or if Landlord had not so reentered the full term grantedPremises, over (2ii) the aggregate fair market rental value of the premises Premises for the same period, or
(b) sums equal to the aggregate of the fixed rent Fixed Rent and the additional rent Additional Charges under Article 24 3 hereof (if any) which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered reentered the premisesPremises, payable upon the due dates therefor specified herein following such termination or such re-entry reentry and until the date hereinbefore set for contemplated as the expiration of date hereof if this Lease had not so terminated or if Landlord had not so reentered the full term hereby granted; Premises, provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of relet the premises for all or any part of Premises during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of re-entering or in reentering the premises Premises and of in securing possession thereof, as well as the expenses of re-lettingreletting, including including, without limitation, altering and preparing the premises Premises for new tenants, brokers' commission’ commissions, attorneys' fees reasonable legal fees, and all other similar or dissimilar expenses properly chargeable against the premises Premises and the rental therefrom in connection with such re-lettingtherefrom, it being understood that any such re-letting reletting may be for a period equal to, less than shorter or longer than the remaining term of this Lease; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) subdivision to a credit in respect of any net rents from a re-letting reletting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the premises Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-lettingreletting. For If the purposes Premises or any part thereof be relet by Landlord for the greater of subparagraph ten (a10) years or the unexpired portion of the term of this Article 18Lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall reserved upon such reletting shall, prima facie, be deemed to be an amount equal to the amount of such additional rent payable by Tenant fair and reasonable rental value for the applicable period ending immediately preceding Premises, or part thereof, so relet during the term of the reletting. Landlord shall not be liable in any way whatsoever for its failure or refusal to relet the Premises or any part thereof, or if the Premises or any part thereof are relet, for its failure to collect the rent under such termination of reletting, and no such refusal or failure to relet or failure to collect rent shall release or affect Tenant’s liability for damages or otherwise under this Lease or such re-entryLease.
24.02. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been so terminated under the provisions of Article 16 22 hereof, or under any provision of law, or had the Landlord not re-entered reentered the premisesPremises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to prove for and obtain as damages by reason of the termination of this Lease or reentry on the Premises for the default of Tenant under this Lease an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved whether or not such amount be greater than any of the sums referred to in Section 24.01 hereof.
Appears in 2 contracts
Sources: Operating Agreement (New York Times Co), Operating Agreement (New York Times Co)
Damages. In Whether or not Landlord shall elect to terminate this Lease pursuant to Subsection 24(b)(iii) above, notwithstanding reentry upon the Premises by Landlord and in addition to and without limiting Landlord’s right to other damages, upon the occurrence of an event of any termination of this Lease under the provisions of Article 16 hereof or in the event that Landlord default Tenant shall re-enter the premises under the provisions of Article 17 hereof or in the event of the termination of this Lease (or of re-entry by or under any summary dispossess or other proceeding or action or any provision of law), Tenant will pay be and remain liable to Landlord in an amount computed as damages, at the election of Landlord, either:
follows: (a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of (1) the aggregate of the fixed rent and the additional rent under Article 24 hereof which would have been paid hereunder by Tenant had this Lease not so terminated, for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, over (2) the aggregate rental value of the premises for the same period, or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises for new tenants, brokers' commission, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount sum of such additional rent all Rent then in arrears plus the aggregate of all Rent which is payable by Tenant under this Lease for the applicable period ending immediately preceding such termination balance of this Lease or such re-entry. Suit or suits for the recovery Term, computed as if no event of such damages, or default had occurred and any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it reentry had not been terminated made; plus (b) all costs and expenses incurred by Landlord in connection with the event of default and any reletting of the Premises, including, without limitation, (i) costs of reentry, repair and renovation, (ii) the value of all inducements granted or paid to new tenants of the Premises in connection with reletting including, without limitation, construction allowances and the value of rent-free periods, (iii) brokers’ commissions and advertising expenses, (iv) watchman’s wages and any sheriff’s, ▇▇▇▇▇▇▇▇’s, constable’s or other officials’ commissions, chargeable to Landlord; plus (c) interest accrued on the aggregate of the aforesaid sums from the date each was payable (or, with respect to sums owing under clause (b) from the provisions date each was incurred by ▇▇▇▇▇▇▇▇) until paid by ▇▇▇▇▇▇ (whether before or after judgment) at the rate of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained Interest; which sum shall be construed as limiting or precluding the recovery credited with (d) all rentals actually received by Landlord against during the remainder of the Term from any replacement Tenant of any sums or damages to which, in addition to which the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of TenantPremises are relet.
Appears in 2 contracts
Sources: Lease Agreement, Lease Agreement
Damages. 21.3.1 In the event of any termination of this Lease under the provisions of Article 16 hereof or in the event that Landlord shall re-enter the premises under the provisions of Article 17 hereof or in the event of the termination of this Lease (or of re-entry by or under any summary dispossess or other proceeding or action or any provision of law), or in the event that Landlord shall reenter the Premises under the provisions of this Lease, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry reentry by Landlord, as the case may be, a sum which at such time of such termination of this Lease or at such time of any such reentry by Landlord, as the case may be, represents the then value of the excess, if any, of (1i) the aggregate of the fixed rent installments of Base Rent and the additional rent under Article 24 hereof Additional Rent which would have been paid payable hereunder by Tenant ▇▇▇▇▇▇, had this Lease not so terminatedterminated or had Landlord not reentered the Premises, for the period commencing with such earlier termination of this Lease or the date of any such re-entryreentry, as the case may be, and ending with the date hereinbefore set forth initially for the expiration of the full term grantedTerm of this Lease pursuant to Article 1, over less (2ii) the aggregate rental amount of rent loss that Tenant proves could reasonably have been avoided by Landlord through good faith leasing activities for such period taking into account the amount Landlord would be required to expend or suffer with respect to abated rent, tenant improvements, other concessions and leasing commissions (the amounts of each of clauses (i) and (ii) being first discounted to present value at the then quoted yield on U.S. Treasury securities having a maturity of five (5) years as reported by The Wall Street Journal (or, if not available, in Federal Reserve Statistical Release H.15(519) or any comparable successor publication), plus one percent (1%) (“Discount Rate”) and less the premises for the same period, Reletting Expenses as defined below; or
(b) sums equal to the aggregate of the fixed rent installments of Base Rent and the additional rent under Article 24 hereof (if any) Additional Rent which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered reentered the premisesPremises, payable upon the due dates therefor specified herein following such termination or such re-entry reentry and until the date hereinbefore Expiration Date originally set forth in this Lease for the expiration of the full term hereby grantedTerm, discounted to present value at the Discount Rate; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of relet the premises for all or any part of Premises during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or and of re-entering reentering the premises Premises and of securing possession thereof, including reasonable and actual attorneys’ fees and costs of removal and storage of Tenant’s property, as well as the expenses of re-lettingreletting, including altering repairing, restoring and preparing improving the premises Premises for new tenants, brokers' commission’ commissions, advertising costs, reasonable attorneys' fees ’ fees, and all other similar or dissimilar expenses properly (with such costs of reletting for a term extending beyond the Expiration Date of this Lease being prorated, such that Tenant is only responsible for the prorated costs of reletting for that part of the reletting term ending concurrently with the then-current Term of this Lease) (all of the foregoing, “Reletting Expenses”) chargeable against the premises Premises and the rental therefrom in connection with such re-lettingreletting, it being understood that any such re-letting reletting may be for a period equal to, less than to or shorter or longer than the remaining term of this Lease; provided, provided further, that (i1) in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii2) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph Subdivision (b) to a credit in respect of any net rents from a re-letting reletting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii3) if the premises Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-letting. reletting, or if relet for a period longer than the remaining Term of this Lease, the expenses of reletting shall be apportioned based on the respective periods.
21.3.2 For the purposes of subparagraph Section (aa)(i) of this Article 18Section 21.3.1, the amount of additional rent Additional Rent which would have been payable by Tenant under Article 24 hereof 4 for each year ending after such termination of this Lease or such reentry, shall be deemed to be an amount equal to the amount of such additional rent Additional Rent payable by Tenant for the applicable period calendar year ending immediately preceding such termination of this Lease or such re-entryreentry. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its Landlord’s election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of this Article 16 hereof21, or under any provision of law, or had the Landlord not re-entered reentered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of TenantPremises.
Appears in 2 contracts
Sources: Lease Agreement (Playboy, Inc.), Lease Agreement (Playboy, Inc.)
Damages. 2.1 In the event of any termination of this Lease Agreement under the provisions of Article 16 hereof or in the event that Landlord shall re-enter the premises under the provisions of Article 17 hereof or in the event of the termination of this Lease (or of re-entry by or under any summary dispossess or other proceeding or action or any provision of law), Tenant will or in the event that Grantor shall re-enter the Grantee Space under the provisions of this Agreement, Grantee shall pay to Landlord Grantor as damages, at the election of LandlordGrantor, either:
(ai) a sum at which at the time of such termination of this Lease Agreement or at the time of any such re-entry replacement of Grantee by LandlordGrantor, as the case may be, represents the then value of the excess, if any, of (1a) the aggregate of the fixed rent installments of Base Colocation Fees and the additional rent under Article 24 hereof Additional Colocation Fees (if any) which would have been paid payable hereunder by Tenant Grantee, had this Lease Agreement not so terminated, for the period commencing with such earlier termination of this Lease Agreement or the date of any such re-entryreplacement of Grantee, as the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, hereby granted over (2b) the aggregate rental colocation license value of the premises Grantee Space for the same period, period (the amounts of each of clauses (a) and (b) being first discounted to present value at an annual rate equal to the then prevailing discount rate announced by the Federal Reserve Bank); or
(bii) sums equal to the aggregate of the fixed rent installments of Base Colocation Fees and the additional rent under Article 24 hereof Additional Colocation Fees (if any) which would have been payable by Tenant Grantee had this Lease Agreement not so terminated, or had Landlord Grantor not so re-entered the premisesGrantee Space and replaced Grantee, payable upon the due dates therefor specified herein following such termination or such re-entry replacement of Grantee by Grantor and until the date hereinbefore herein before set for the expiration of the full term hereby granted; provided, however, that if Landlord (Landlord, however, not being obligated Grantor shall grant any third party the right to do so) shall re-let all or any part of use the premises for all or any part of Grantee Space during said period, Landlord Grantor shall credit Tenant Grantee with the net rents actually colocation fees received by Landlord Grantor from such re-lettingthird party’s use, such net rents fees to be determined by first deducting from the gross rents fees as and when received by Landlord Grantor from such re-letting use the expenses, including attorneys fees, expenses incurred or paid by Landlord Grantor in terminating this Lease and/or Agreement and of re-entering the premises Grantee Space and of securing possession thereof, including actual attorneys’ fees and costs of removal and storage of Grantee’s property, as well as the expenses of re-lettingusing the space, including altering repairing, restoring and preparing improving the premises Grantee Space for new tenantsoccupants, brokers' commission’ commissions, advertising costs, actual attorneys' ’ fees and disbursements, and all other similar or dissimilar expenses properly chargeable against the premises Grantee Space and the rental fees therefrom in connection with such re-lettinguse, it being understood that any such re-letting use may be for a period equal to, less than to or shorter or longer than the remaining term of this LeaseAgreement; provided, and provided further, that (ia) in no event shall Tenant Grantee be entitled to receive any excess or of such net rents fees over the sums payable by Tenant Grantee to Landlord hereunderGrantor under this Agreement, (iib) in no event shall Tenant Grantee be entitled in any suit for the collection of damages pursuant to this subparagraph Subdivision (bii) to a credit in respect of any net rents fees from a re-letting third party’s use except to the extent that such net rents fees are actually received by Landlord Grantor prior to the commencement of such suit, and (iiic) if the premises Grantee Space or any part thereof should be re-let used in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent colocation fees received from such re-letting use and of the expenses of re-letting. using the space, or if re-used for a period longer than the remaining term of this Agreement, the expenses of re-using shall be apportioned based on the respective periods.
2.2 For the purposes of subparagraph (aSubdivision 2.1(i) of this Article 18Exhibit “D”, the amount of additional rent Additional Colocation Fees which would have been payable by Tenant under Article 24 hereof Grantee for each year, as therein provided, ending after such termination of this Agreement or such replacement of Grantee by Grantor, shall be deemed to be an amount equal to the amount of such additional rent Additional Colocation Fees payable by Tenant Grantee for the applicable period calendar year ending immediately preceding such termination of this Lease Agreement or such re-entryreplacement of Grantee by Grantor. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord Grantor from time to time at its Grantor’s election, and nothing contained herein shall be deemed to require Landlord Grantor to postpone suit until the date when the term of this Lease Agreement would have expired if it had not been terminated under the provisions of Article 16 hereofthis Exhibit “D”, or under any provision of law, or had the Landlord Grantor not re-entered the premises. Grantee Space and replaced Grantee.
2.3 Nothing herein contained in this Exhibit “D” shall be construed as limiting or precluding the recovery by Landlord Grantor against Tenant Grantee of any sums payments or damages to which, in addition to the damages particularly provided above, Landlord Grantor may lawfully be entitled by reason of any default hereunder on the part of TenantGrantee. The failure or refusal of Grantor to grant a license to use the Grantee Space or any part or parts thereof to a third party, or the failure of Grantor to collect the colocation fees thereof under such re-use, shall not release or affect Grantee’s liability for damages.
2.4 Grantee hereby knowingly and voluntarily waives, after advice of competent counsel, any duty of Grantor (and any affirmative defense based upon such duty) following any default to mitigate Grantor’s damages arising from such default. Notwithstanding the foregoing, Grantor agrees to use commercially reasonable efforts to mitigate its damages in connection with a default by Grantee.
Appears in 2 contracts
Sources: Colocation Agreement, Colocation Agreement (Telx Group, Inc.)
Damages. In the event of any termination of 18.01. If this Lease is terminated under the provisions of Article 16 hereof 16, or in the event that if Landlord shall re-enter the demised premises under the provisions of Article 17 hereof 17, or in the event of the termination of this Lease (Lease, or of re-entry by or under any summary dispossess or other proceeding or action or any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of of
(1) the aggregate of the fixed basic annual rent and the additional rent under Article 24 hereof payable hereunder which would have been paid hereunder payable by Tenant had this Lease not so terminated, for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for Expiration Date, had this Lease not so terminated or had Landlord not so re-entered the expiration of the full term granteddemised premises, over over
(2) the aggregate rental value of the demised premises for the same period, or
(b) sums equal to the aggregate of the fixed basic annual rent and the additional rent under Article 24 hereof (if any) payable hereunder which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the demised premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby grantedExpiration Date; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the demised premises for all or any part of during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting, the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of or in re-entering the demised premises and of in securing possession thereof, as well as the expenses of re-letting, including altering and preparing the demised premises for new tenants, brokers' commission’ commissions, attorneys' fees legal fees, and all other similar or dissimilar expenses properly chargeable against the demised premises and the rental therefrom in connection with such re-letting, thereof; it being understood that any such re-letting may be for a period equal to, less than shorter or longer than the remaining term of this Lease; provided, further, that (i) in . In no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunderhereunder for the period of such re-letting, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) subsection to a credit in respect of any net rents from a re-letting letting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the demised premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For If the purposes demised premises or any part thereof be re-let by Landlord for the unexpired portion of subparagraph (a) the term of this Article 18Lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or pursuant to such re-entryletting shall, prima facie, be the fair and reasonable rental value for the demised premises, or part thereof, so re-let during the term of the re-letting. Only to the extent mandated by a Legal Requirement, Landlord shall endeavor to exercise reasonable efforts to mitigate damages. Notwithstanding the foregoing, Landlord shall be under no obligation in re-letting the demised premises to: (i) give priority to the rental thereof over other available space in the Building, (ii) modify the tenant mix in the Building that Landlord seeks to achieve, (iii) contract with a party at a rental below fair market value, as determined by Landlord, (iv) contract with a party which fails to meet Landlord’s standards of adequate creditworthiness, (v) contract with a party which does not meet the requirements of any Superior Instruments (defined in Section 25.01.(a) hereof), (vi) contract with a party which could impose an increased burden on the services or facilities of the Building, or (vii) contract with a party represented by a broker, agent or salesperson who requests of Landlord a commission on terms unacceptable to Landlord. If the demised premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot basis shall be made of the rent received from such re-letting and of the expenses of re-letting
18.02. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease Term would have expired if it had not been so terminated under the provisions of Article 16 hereof16, or under any provision of law, or had the Landlord not re-entered the demised premises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to prove for and obtain as liquidated damages by reason of the termination of this Lease or re-entry of the demised premises for the default of Tenant under this Lease, an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved whether or not such amount be greater, equal to, or less than any of the sums referred to in Section 18.01.
Appears in 2 contracts
Sources: Sublease Agreement (Scynexis Inc), Office Lease (Optimer Pharmaceuticals Inc)
Damages. In the event of any termination of 24.01. If this Lease lease is terminated under the provisions of Article 16 hereof 22, or in the event that if Landlord shall re-enter reenter the premises Premises under the provisions of Article 17 hereof 23, or in the event of the termination of this Lease (lease, or of re-entry reentry, by or under any summary dispossess or other proceeding or action or any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease lease or at the time of any such re-entry reentry by Landlord, as the case may be, represents the then value of the excess, if anyany (assuming a discount at a rate per annum equal to the interest rate then applicable to United States Treasury Bonds having a term which most closely approximates the period commencing on the date that this lease is so terminated, or the date on which Landlord re-enters the Premises, as the case may be, and ending on the date on which this lease was scheduled to expire but for such termination or reentry, which date shall be the last day of the next succeeding Extension Term if Tenant timely delivered an Extension Election Notice prior to the exercise by Landlord of its rights under Article 22 or 23), of (1i) the aggregate amount of the fixed rent Fixed Rent and the additional rent under Article 24 hereof Net Taxes Additional Charges which would have been paid hereunder payable by Tenant had this Lease not so terminated(conclusively presuming the average monthly Net Taxes Additional Charges to be the same as were payable for the last twelve (12) calendar months, or if less than twelve (12) calendar months have then elapsed since the Commencement Date, all of the calendar months immediately preceding such termination or reentry) for the period commencing with such earlier termination of this Lease lease or the date of any such re-entryreentry, as the case may be, and ending with the date hereinbefore set for contemplated as the expiration date hereof if this lease had not so terminated or if Landlord had not so reentered the Premises, which date shall be the last day of the full term grantednext succeeding Extension Term if Tenant timely delivered an Extension Election Notice prior to the exercise by Landlord of its rights under Article 22 or 23, over (2ii) the aggregate fair market rental value of the premises Premises for the same period, or
(b) sums equal to the aggregate of the fixed rent Fixed Rent and the additional rent under Article 24 hereof (if any) Net Taxes Additional Charges which would have been payable by Tenant had this Lease lease not so terminated, or had Landlord not so re-entered reentered the premisesPremises, payable upon the due dates therefor specified herein following such termination or such re-entry reentry and until the date hereinbefore set for contemplated as the expiration date hereof if this lease had not so terminated or if Landlord had not so reentered the Premises (which date shall be the last day of the full term hereby grantednext succeeding Extension Term if Tenant timely delivered an Extension Election Notice prior to the exercise by Landlord of its rights under Article 22 or 23); provided, however, that if Landlord (Landlordshall relet the Premises during said period, however, not being obligated to do so) shall re-let all or receive any part other income or consideration in connection with the use or occupancy of the premises for all Premises or any part otherwise deriving therefrom (including without limitation through the receipt of said periodinsurance or condemnation proceeds), Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting (or the net amounts of such other income or consideration), such net rents and other amounts to be determined by first deducting from the gross rents from such reletting (or the gross amounts of such other income or consideration) as and when received by Landlord from such re-letting the expenses, including attorneys fees, reasonable and actual expenses incurred or paid by Landlord in terminating this Lease and/or of re-entering lease or in reentering the premises Premises and of in securing possession thereof, as well as the reasonable and actual expenses of re-lettingreletting (including, including without limitation, altering and preparing the premises Premises for new tenants, brokers' commission’ commissions, attorneys' fees reasonable legal fees, and all other similar or dissimilar customary and reasonable expenses properly chargeable against the premises Premises and the rental therefrom in connection with therefrom) or of realizing such re-lettingother income or consideration, it being understood that any such re-letting reletting may be for a period equal to, less than shorter or longer than the remaining term Term, which date shall be the last day of this Leasethe next succeeding Extension Term if Tenant timely delivered an Extension Election Notice prior to the exercise by Landlord of its rights under Article 22 or 23; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents or other amounts over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) subdivision to a credit in respect of any net rents from a re-letting reletting or any net amounts of such other income or consideration, except to the extent that such net rents or other amounts are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the premises Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-lettingreletting. For If the purposes Premises or any part thereof be relet by Landlord for the unexpired portion of subparagraph (a) the Term, or any part thereof, before presentation of this Article 18proof of such damages to any court, commission or tribunal, the amount of additional rent which would reserved upon such reletting shall, prima facie, be the fair and reasonable rental value for the Premises, or part thereof, so relet during the term of the reletting, provided that such reletting shall constitute a bona-fide arm’s-length third party transaction. Notwithstanding anything to the contrary contained in this lease, except as may be required by then applicable Legal Requirements, Landlord shall have been no obligation to relet the Premises or mitigate damages if this lease shall terminate in accordance with Article 22 and Landlord shall not be liable in any way whatsoever for its failure to relet the Premises or any part thereof, or if the Premises or any part thereof are relet, for its failure to collect the rent under such reletting, and no such failure to relet or failure to collect rent shall release or affect Tenant’s liability for damages or otherwise under this lease. If Landlord or any Affiliate of Landlord shall use or occupy the Premises or any portion thereof following the termination of this lease under the provisions of Article 22, the damages payable by Tenant under Article 24 hereof pursuant to paragraph (b) above shall be deemed to be an amount equal reduced by the fair market rental value of the Premises or such portion thereof that is so occupied by Landlord or its Affiliate (or by the excess, if any, of such fair market rental value over the amounts, if any, actually paid by Landlord or such Affiliate in connection with such use or occupancy). Notwithstanding anything to the amount contrary contained herein, Landlord shall not commence any action for, nor require Tenant to pay damages calculated in accordance with the provisions of such additional rent payable by Tenant for paragraph (a) above prior to the applicable period ending immediately preceding such termination date upon which any rights of this Lease or such re-entryany Leasehold Mortgagee pursuant to Article 43 (if applicable) to cure Tenant’s default and to request and receive a new lease have expired.
24.02. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease Term would have expired if it had not been so terminated under the provisions of Article 16 hereof, or under any provision of law22, or had the Landlord not re-entered reentered the premisesPremises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to prove for and obtain as damages by reason of the termination of this lease or reentry on the Premises for the default of Tenant under this lease an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved whether or not such amount be greater than any of the sums referred to in Section 24.01. Except as expressly provided in this lease, Landlord shall not be liable to Tenant, and Tenant shall not be liable to Landlord, for indirect, consequential, special, punitive, exemplary, incidental or other like damages (including, without limitation, damages to Landlord for lost profits or opportunities, or the loss by foreclosure, deed in lieu, or otherwise, of all or any portion of Landlord’s interest in the Premises), even if arising from any act, omission or negligence of such party or from the breach by such party of its obligations under this lease.
24.03. [Intentionally Omitted]
24.04. In addition, if this lease is terminated under the provisions of Article 22, or if Landlord shall reenter the Premises under the provisions of Article 23, Tenant agrees that:
(a) the Premises then shall be in the condition in which Tenant has agreed to surrender the same to Landlord at the expiration of the term hereof;
(b) Tenant shall have performed prior to any such termination any covenant of Tenant contained in this lease for the making of any Alterations or for restoring or rebuilding the Premises or any part thereof; and
(c) for the breach of any covenant of Tenant set forth above in this Section 24.04, Landlord shall be entitled immediately, without notice or other action by Landlord, to recover, and Tenant shall pay, as and for liquidated damages therefor, the cost of performing such covenant (as estimated by a reputable independent contractor selected by Landlord).
24.05. In addition to any other remedies Landlord may have under this lease, and without reducing or adversely affecting any of Landlord’s rights and remedies under Article 22, if any installment of Fixed Rent or of any Additional Charges payable hereunder by Tenant to Landlord is not paid (x) in the case of Fixed Rent, on or prior to the due date thereof, or (y) in the case of Additional Charges payable to Landlord within five (5) Business Days after the due date thereof, the same shall bear interest at the Interest Rate from the due date thereof until paid, and the amount of such interest shall be an Additional Charge hereunder; provided, that, if for the month in which there is an increase in Fixed Rent pursuant to Section 1.04(a), Tenant fails to pay the adjusted amount of Fixed Rent (but pays at least the amount of Fixed Rent for the immediately preceding month), interest under this Section 24.05 shall not accrue unless Tenant fails to pay the amount of such shortfall within seven (7) Business Days after receiving notice thereof from Landlord, and if Tenant fails to pay such shortfall within said seven (7) Business Day period, interest shall accrue only on the amount of such shortfall from the day such Fixed Rent was first due and payable until the date such shortfall is paid. Landlord shall provide Tenant with notice of any failure of Tenant to pay Fixed Rent and/or Additional Charges; it being understood and agreed that the delivery of any such notice shall not be a condition to the imposition of interest pursuant to this Section 24.05. For the purposes of this Section 24.05, a rent ▇▇▇▇ sent by first class mail, to the address to which notices are to be given under this lease, shall be deemed a proper demand for the payment of the amounts set forth therein but no such demand shall be required as a condition to the payment thereof. To the extent that Tenant is required under this lease to make any payments directly to third parties on behalf of Landlord, Tenant shall be responsible for any late charges or interest imposed by such third parties in the event that Tenant does not make such payments in a timely manner.
Appears in 2 contracts
Sources: Lease (Citigroup Inc), Lease Agreement (Citigroup Inc)
Damages. 21.3.1 In the event of any termination of this Lease under the provisions of Article 16 hereof or in the event that Landlord shall re-enter the premises under the provisions of Article 17 hereof or in the event of the termination of this Lease (or of re-entry by or under any summary dispossess or other proceeding or action or any provision of law), or in the event that Landlord shall reenter the Premises under the provisions of this Lease, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry reentry by Landlord, as the case may be, represents the then value of the excess, if any, of (1i) the aggregate of the fixed rent installments of Base Rent and the additional rent under Article 24 hereof Additional Rent (if any) which would have been paid payable hereunder by Tenant Tenant, had this Lease not so terminatedterminated or had Landlord not reentered the Premises, for the period commencing with such earlier termination of this Lease or the date of any such re-entryreentry, as the case may be, and ending with the date hereinbefore set forth initially for the expiration of the full term grantedof this Lease pursuant to Articles 1 and 2, over (2ii) the aggregate rental value of the premises Premises for the same period, period (the amounts of each of clauses (i) and (ii) being first discounted to present value at an annual rate of six (6%) percent); or
(b) sums equal to the aggregate of the fixed rent installments of Base Rent and the additional rent under Article 24 hereof Additional Rent (if any) which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered reentered the premisesPremises, payable upon the due dates therefor specified herein following such termination or such re-entry reentry and until the date hereinbefore Expiration Date originally set forth in this Lease for the expiration of the full term hereby grantedTerm; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of relet the premises for all or any part of Premises during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or and of re-entering reentering the premises Premises and of securing possession thereof, including reasonable attorneys’ fees and costs of removal and storage of Tenant’s property, as well as the expenses of re-lettingreletting, including altering repairing, restoring and preparing improving the premises Premises for new tenants, brokers' commission’ commissions, advertising costs, reasonable attorneys' fees ’ fees, and all other similar or dissimilar expenses properly chargeable against the premises Premises and the rental therefrom in connection with such re-lettingreletting, it being understood that any such re-letting reletting may be for a period equal to, less than to or shorter or longer than the remaining term of this Lease; provided, provided further, that (i1) in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii2) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph Subdivision (b) to a credit in respect of any net rents from a re-letting reletting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii3) if the premises Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-letting. For reletting, or if relet for a period longer than the purposes of subparagraph (a) remaining Term of this Article 18Lease, the amount expenses of additional rent which would have been payable by Tenant under Article 24 hereof reletting shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entry. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder apportioned based on the part of Tenantrespective periods.
Appears in 2 contracts
Sources: Office Lease (GrubHub Inc.), Office Lease (Learning Tree International Inc)
Damages. In the event of any termination of this Lease under the provisions of Article 16 hereof or in the event (a) Tenant covenants and agrees that Landlord shall re-enter the premises under the provisions of Article 17 hereof or in the event of the termination of this Lease (or of re-entry by Landlord, under, any of the provisions of this Article 17 or under any summary dispossess or other proceeding or action or any provision pursuant to law, by reason of law)default hereunder on the part of Tenant, Tenant will shall pay to Landlord Landlord, as damagesdamages with respect to this Lease, at the election of Landlord, either:
(a1) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of the present value (1discounted at 5% per annum) of:
(i) the aggregate of the fixed rent and the additional rent under Article 24 hereof Rent which would have been paid hereunder payable by Tenant had this Lease not so terminated, for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for Expiration Date of this Lease, had this Lease not so terminated or had Landlord not so re-entered the expiration of the full term granted, over Demised Premises over
(2ii) the aggregate fair market rental value of the premises Demised Premises for the same period, ; or
(b2) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) Rent which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premisesDemised Premises, payable upon the due dates therefor days specified herein in this Lease following such termination or such re-entry and until the date hereinbefore set for the expiration Expiration Date of the full term hereby granted; this Lease, provided, however, that if Landlord (Landlord, however, not being obligated to do so) the Demised Premises shall be leased or re-let all or any part of the premises for all or any part of during said period, Landlord shall credit Tenant with the net rents actually rents, if any, received by Landlord from such leasing or re-letting, such net rents Rent to be determined by first deducting from the gross rents as and when received by Landlord from such leasing or re-letting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or or of re-entering the premises Demised Premises and of securing possession thereof, as well as the expenses expense of leasing and re-letting, including altering and preparing any portion of the premises Demised Premises for new tenants, brokers' commission, attorneys' fees ’ commissions and all other similar or dissimilar expenses properly chargeable against the premises Demised Premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Leasetherefrom; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums Rent, payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph .
(b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entry. Suit or suits for the recovery of such any and all damages, or any installments thereof, provided for hereunder may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of this Article 16 hereof17, or under provisions of any provision of law, or had the Landlord not re-entered the premises. Demised Premises.
(c) Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, which Landlord may lawfully be entitled in any case other than those particularly provided for above other than punitive or consequential damages, which are hereby waived by reason of any default hereunder on the part of TenantLandlord.
Appears in 2 contracts
Sources: Lease Agreement (G Iii Apparel Group LTD /De/), Lease Agreement (G Iii Apparel Group LTD /De/)
Damages. In the event of any termination of 26.1 If this Lease is terminated under the provisions of Article 16 hereof 24, or in the event that if Landlord shall re-enter the premises Demised Premises under the provisions of Article 17 hereof 25, or in the event of the termination of this Lease (Lease, or of re-entry entry, by or under any summary dispossess or other proceeding or action or of any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a A sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of (1i) the aggregate of the fixed rent and the additional rent under Article 24 hereof payable hereunder which would have been paid hereunder payable by Tenant had this Lease not so terminated, (conclusively presuming the additional rent to be the same as was payable for the year immediately preceding such termination) for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for Expiration Date, had this Lease not so terminated or had Landlord not so re-entered the expiration of the full term grantedDemised Premises, over (2ii) the aggregate rental value of the premises Demised Premises for the same period, or
(b) sums Sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if anyas above presumed) payable hereunder which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premisesDemised Premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises for new tenants, brokers' commission, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entry. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant.dates
Appears in 2 contracts
Sources: Lease Agreement (Paradyne Corp), Lease Agreement (Globespan Semiconductor Inc)
Damages. In the event of any termination of 30.01 If this Lease is terminated under the provisions of Article 16 hereof 21, or in the event that if Landlord shall re-enter the premises Demised Premises under the provisions of Article 17 hereof 26 or in the event of the termination of this Lease (Lease, or of re-entry by or under any summary dispossess proceedings, ejectment or other proceeding or by any suitable action or any provision proceeding at law, or by agreement, or by force or otherwise, by reason of law)default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:,
(a) A. on demand, a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, excess of (1) the aggregate of the fixed rent Base Rent and the additional rent under Article 24 hereof payable hereunder which would have been paid hereunder payable by Tenant had this Lease not so terminated, (conclusively presuming the additional rent to be the same as was payable for the year immediately preceding such termination) for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term grantedTerm, had this Lease not so terminated or had Landlord not so re-entered the Demised Premises, over (2) the aggregate market rental value (calculated as of the premises date of such termination or re-entry) of the Demised Premises for the same period, or,
(b) B. sums equal to the aggregate of the fixed rent Base Rent and the additional rent under Article 24 hereof (if anyas above presumed) payable hereunder which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premisesDemised Premises, payable quarterly but otherwise upon the due dates terms therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; Term, provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all relet the Demised Premises or any part of the premises for all portion or any part of portions thereof during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of or in re-entering the premises Demised Premises and of in securing possession thereof, as well as the expenses of re-lettingreletting, including altering and preparing the premises Demised Premises or any portion or portions thereof for new tenants, brokers' commissioncommissions, advertising expenses, attorneys' fees fees, and all other similar or dissimilar expenses properly chargeable against the premises Demised Premises and the rental therefrom in connection with such re-letting, therefrom; it being understood that any such re-letting reletting may be for a period equal to, less than shorter or longer than the remaining term Term of this Lease; provided, further, that (i) Lease but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in to any suit for the collection of damages pursuant to this subparagraph (b) Subsection to a credit in respect of any net rents from a re-letting reletting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the premises Demised Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-lettingreletting. For If the purposes Demised Premises or any part thereof be relet by Landlord for the unexpired portion of subparagraph (a) the Term, or any part thereof, before presentation of this Article 18proof of such damages to any court, commission, or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall reserved upon such reletting shall, prima facie, be deemed to be an amount equal to the amount of such additional rent payable by Tenant fair and reasonable rental value for the applicable period ending immediately preceding Demised Premises, or part thereof, so relet during the term of the reletting. Landlord however, shall in on event and in no way be responsible or liable for any failure to relet the Demised Premises or any part thereof or for failure to collect any rent due upon any such termination of this Lease or such re-entry. reletting.
30.02 Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease Term would have expired if it had not been so terminated under the provisions of Article 16 hereof21, or under any provision of law, or had the Landlord not re-entered the premisesDemised Premises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder or otherwise on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of the Landlord to prove for and obtain as liquidated damages by reason of the termination of this Lease or re-entry on the Demised Premises for the default of Tenant under this Lease, an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved whether or not such amount be greater, equal to, or less than any of the sums referred to in Section 30.01.
30.03 Anything in this Lease to the contrary notwithstanding, if Tenant shall at any time be in default hereunder, whether or not Landlord shall institute an action or summary proceeding against Tenant based upon such default and whether or not such default results from non-payment of Base Rent or additional rent, or if Tenant requests Landlord to review or execute documents (including, without limitation, any sublease or occupancy documents) in connection with this Lease, or otherwise if it is reasonably prudent for Landlord to contact counsel, then Tenant shall reimburse Landlord, as additional rent, for the expense of attorneys' fees and disbursements thereby incurred by Landlord, so far as the same are reasonable.
Appears in 1 contract
Sources: Lease Agreement (International Telecommunication Data Systems Inc)
Damages. In the event of any termination of 18.1 If this Lease is terminated under the provisions of Article 16 hereof 16, or in the event that if Landlord shall re-enter the demised premises under the provisions of Article 17 hereof 17, or in the event of the termination of this Lease (Lease, or of re-entry entry, by or under any summary dispossess or other proceeding or action or any provision by reason of law)default hereunder on the part of Tenant, Tenant will shall pay to Landlord landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the present value (which present value shall be calculated at a discount rate equal to the then value legal rate of interest on judgments in New York State) of the excess, if any, of of
(1i) the aggregate of the fixed annual rent and the additional rent under Article 24 hereof payable hereunder which would have been paid hereunder payable by Tenant had this Lease (conclusively presuming the additional rent to be the same as was payable for the year immediately preceding such termination except that additional rent on account of increases in Taxes and Expenses shall be presumed to increase at the average of the rates of increase thereof previously experienced by Landlord during the period (not so terminated, to exceed three (3) years) prior to such termination) for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for Expiration Date, had this Lease not so terminated or had Landlord not so re-entered the expiration of the full term granteddemised premises, over over
(2ii) the aggregate rental value of the demised premises for the same period, or
(b) sums equal to the aggregate of the fixed annual rent and the additional rent under Article 24 hereof (if anyas above presumed) payable hereunder which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the demised premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby grantedExpiration Date; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the demised premises for all or any part of during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting letting, the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of or in re-entering the demised premises and of in securing possession thereof, as well as the expenses of re-letting, including altering and preparing the demised premises for new tenants, brokers' commission, attorneys' fees commissions and all other similar or dissimilar expenses properly chargeable against the demised premises and the rental therefrom in connection with such re-letting, thereof; it being understood that any such re-letting may be for a period equal to, less than shorter or longer than the remaining term of this Lease; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) subsection to a credit in respect of any net rents from a re-letting letting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the demised premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re- letting. If the demised premises or any part thereof be re-letting. For let by Landlord for the purposes unexpired portion of subparagraph (a) the term of this Article 18Lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or reserved upon such re-entry. letting shall, prima facie, be the fair and ----- ----- reasonable rental value for the demised premises, or part thereof, so re-let during the term of the re-letting.
18.2 Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been so terminated under the provisions of Article 16 hereof16, or under any provision of law, or had the Landlord not re-entered the demised premises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to prove for and obtain as liquidated damages by reason of the termination of this Lease or re-entry of the demised premises for the default of Tenant under this Lease, an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved whether or not such amount be greater, equal to, or less than any of the sums referred to in Section 18.1.
Appears in 1 contract
Sources: Lease Agreement (Interliant Inc)
Damages. In the event of any termination of 24.01 If this Lease is terminated under the provisions of Article 16 hereof 22 hereof, or in the event that if Landlord shall re-enter reenter the premises Premises under the provisions of Article 17 hereof 23 hereof, or in the event of the termination of this Lease (Lease, or of re-entry reentry, by or under any summary dispossess or other proceeding or action or any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry reentry by Landlord, as the case may be, represents the then value of the excess, if anyany (assuming a discount at a rate per annum equal to the interest rate then applicable to seven (7) year Federal Treasury Bonds), of (1i) the aggregate amount of the fixed rent Fixed Rent and the additional rent Additional Charges under Article 24 3 hereof which would have been paid hereunder payable by Tenant had this Lease not so terminated(conclusively presuming the average monthly Additional Charges under Article 3 hereof to be the same as were payable for the last twelve (12) calendar months, or if less than twelve (12) calendar months have then elapsed since the Commencement Date, all of the calendar months immediately preceding such termination or reentry) for the period commencing with such earlier termination of this Lease or the date of any such re-entryreentry, as the case may be, and ending with the date hereinbefore set for contemplated as the expiration of date hereof if this Lease had not so terminated or if Landlord had not so reentered the full term grantedPremises, over (2ii) the aggregate fair market rental value of the premises Premises for the same period, or
(b) sums equal to the aggregate of the fixed rent Fixed Rent and the additional rent Additional Charges under Article 24 3 hereof (if any) which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered reentered the premisesPremises, payable upon the due dates therefor specified herein following such termination or such re-entry reentry and until the date hereinbefore set for contemplated as the expiration of date hereof if this Lease had not so terminated or if Landlord had not so reentered the full term hereby granted; Premises, provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of relet the premises for all or any part of Premises during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of re-entering or in reentering the premises Premises and of in securing possession thereof, as well as the expenses of re-lettingreletting (but in each case, including only with respect to such time period between the date of the termination due to default and what would have been the natural expiration of the Term of the Lease had there been no such default), including, without limitation, altering and preparing the premises Premises for new tenants, brokers' commission’ commissions, attorneys' fees reasonable legal fees, and all other similar or dissimilar expenses properly chargeable against the premises Premises and the rental therefrom in connection with such re-lettingtherefrom, it being understood that any such re-letting reletting may be for a period equal to, less than shorter or longer than the remaining term of this Lease; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) subdivision to a credit in respect of any net rents from a re-letting reletting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the premises Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-lettingreletting. For If the purposes Premises or any part thereof be relet by Landlord for the unexpired portion of subparagraph (a) the term of this Article 18Lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall reserved upon such reletting shall, prima facie, be deemed to be an amount equal to the amount of such additional rent payable by Tenant fair and reasonable rental value for the applicable period ending immediately preceding Premises, or part thereof, so relet during the term of the reletting. Landlord shall not be liable in any way whatsoever for its failure or refusal to relet the Premises or any part thereof, or if the Premises or any part thereof are relet, for its failure to collect the rent under such termination of reletting, and no such refusal or failure to relet or failure to collect rent shall release or affect Tenant’s liability for damages or otherwise under this Lease or such re-entry. Lease.
24.02 Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been so terminated under the provisions of Article 16 22 hereof, or under any provision of law, or had the Landlord not re-entered reentered the premisesPremises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to prove for and obtain as damages by reason of the termination of this Lease or reentry on the Premises for the default of Tenant under this Lease an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved whether or not such amount be greater than any of the sums referred to in Section 24.01 hereof.
24.03 In addition, if this Lease is terminated under the provisions of Article 22 hereof, or if Landlord shall reenter the Premises under the provisions of Article 23 hereof, Tenant agrees that:
(a) the Premises then shall be in the condition in which Tenant has agreed to surrender the same to Landlord at the expiration of the term hereof;
(b) Tenant shall have performed prior to any such termination any covenant of Tenant contained in this Lease for the making of any Alterations or for restoring or rebuilding the Premises or the Building, or any part thereof; and
(c) for the breach of any covenant of Tenant set forth above in this Section 24.03, Landlord shall be entitled immediately, without notice or other action by Landlord, to recover, and Tenant shall pay, as and for liquidated damages therefor, the cost of performing such covenant (as estimated by an independent contractor selected by Landlord).
24.04 In addition to any other remedies Landlord may have under this Lease, and without reducing or adversely affecting any of Landlord’s rights and remedies under Article 22, if any Fixed Rent, Additional Charges or damages payable hereunder by Tenant to Landlord are not paid within seven (7) days after the due date thereof, the same shall bear interest at the rate of one and one-half (1 ½%) percent per month or the maximum rate permitted by law, whichever is less, from the due date thereof until paid, and the amount of such interest shall be an Additional Charge hereunder. For the purposes of this Section 24.04, a rent ▇▇▇▇ sent by first class mail, to the address to which notices are to be given under this Lease, shall be deemed a proper demand for the payment of the amounts set forth therein (but nothing contained herein shall be deemed to require Landlord to send any rent ▇▇▇▇ or otherwise make any demand for the payment of rent except in those cases, if any, explicitly provided for in this Lease).
Appears in 1 contract
Damages. In the event of any termination of 26.01. If this Lease is terminated under the provisions of Article 16 hereof 24, or in the event that if Landlord shall re-enter the premises Demised Premises under the provisions of Article 17 hereof 25, or in the event of the termination of this Lease (Lease, or of re-entry entry, by or under any summary dispossess or other proceeding or action or of any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a A sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of (1i) the aggregate of the fixed rent and the additional rent under Article 24 hereof payable hereunder which would have been paid hereunder payable by Tenant had this Lease not so terminated, (conclusively presuming the additional rent to be the same as was payable for the year immediately preceding such termination) for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for Expiration Date, had this Lease not so terminated or had Landlord not so re-entered the expiration of the full term grantedDemised Premises, over (2ii) the aggregate rental value of the premises Demised Premises for the same period, or
(b) sums Sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if anyas above presumed) payable hereunder which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premisesDemised Premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; Expiration Date, provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of relet the premises for all or any part of Demised Premises during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting, the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of or in re-entering the premises Demised Premises and of in securing possession thereof, as well as the expenses of re-lettingreletting, including altering and preparing the premises Demised Premises for new tenants, brokers' commissioncommissions, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises Demised Premises and the rental therefrom in connection with such re-letting, therefrom; it being understood that any such re-letting reletting may be for a period equal to, less than shorter or longer than the remaining term of this Lease; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) Subsection to a credit in respect of any net rents from a re-letting reletting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the premises Demised Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-lettingreletting. For If the purposes Demised Premises or any part thereof to be relet by Landlord for the unexpired portion of subparagraph (a) the term of this Article 18Lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall reserved upon such reletting shall, prima facie, be deemed to be an amount equal to the amount of such additional rent payable by Tenant fair and reasonable rental value for the applicable period ending immediately preceding such termination Demised Premises, or part thereof, so relet during the term of this Lease or such re-entrythe reletting.
26.02. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been so terminated under the provisions of Article 16 hereof24, or under any provision of law, or had the Landlord not re-entered the premisesDemised Premises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to seek and obtain as liquidated damages by reason of the termination of this Lease or re-entry on the Demised Premises for the default of Tenant under this Lease, an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved whether or not such amount be greater, equal to, or less than any of the sums referred to in Section 26.01.
26.03. In addition to the foregoing and without regard to whether this Lease is terminated, Tenant shall pay to Landlord upon demand, all costs and expenses incurred by Landlord, including reasonable attorney's fees, with respect to any lawsuit instituted or defended or any action taken by Landlord to enforce all or any of the provisions of this Lease.
Appears in 1 contract
Damages. In the event of any termination of 26.01. If this Lease is terminated under the provisions of Article 16 hereof 24, or in the event that if Landlord shall re-enter the premises Demised Premises under the provisions of Article 17 hereof 25, or in the event of the termination of this Lease (Lease, or of re-entry entry, by or under any summary dispossess or other proceeding or action or of any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:;
(a) a A sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of (1i) the aggregate of the fixed rent and the additional rent under Article 24 hereof payable hereunder which would have been paid hereunder payable by Tenant had this Lease not so terminated, (conclusively presuming the additional rent to be the same as was payable for the year immediately preceding such termination) for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for Expiration Date, had this Lease not so terminated or had Landlord not so re-entered the expiration of the full term grantedDemised Premises, over (2ii) the aggregate rental value of the premises Demised Premises for the same period, or
(b) sums Sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if anyas above presumed) payable hereunder which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premisesDemised Premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; Expiration Date, provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of relet the premises for all or any part of Demised Premises during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting, the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of or in re-entering the premises Demised Premises and of in securing possession thereof, as well as the expenses of re-lettingreletting, including altering and preparing the premises Demised Premises for new tenants, brokers' commission’ commissions, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises Demised Premises and the rental therefrom in connection with such re-letting, therefrom; it being understood that any such re-letting reletting may be for a period equal to, less than shorter or longer than the remaining term Term of this Lease; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) Subsection to a credit in respect of any net rents from a re-letting reletting, except to the extent that such net rents are actually received by Landlord prior to Landlord. Damages shall also include the commencement unamortized portion of such suit, the cost of Landlord’s Work and (iii) if any brokerage fees or commissions paid by Landlord. If the premises Demised Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-lettingreletting. For If the purposes Demised Premises or any part thereof to be relet by Landlord for the unexpired portion of subparagraph (a) the Term of this Article 18Lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall reserved upon such reletting shall, prima facie, be deemed to be an amount equal to the amount of such additional rent payable by Tenant fair and reasonable rental value for the applicable period ending immediately preceding such termination Demised Premises, or part thereof, so relet during the term of the reletting. If this Lease or such re-entryTenant’s right to possession of the Demised Premises is terminated, then Landlord shall use commercially reasonable efforts to relet the Demised Premises and otherwise mitigate its damages.
26.02. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term Term of this Lease would have expired if it had not been so terminated under the provisions of Article 16 hereof24, or under any provision of law, or had the Landlord not re-entered the premisesDemised Premises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to seek and obtain as liquidated damages by reason of the termination of this Lease or re-entry on the Demised Premises for the default of Tenant under this Lease, an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved whether or not such amount be greater, equal to, or less than any of the sums referred to in Section 26.01.
26.03. In the event Landlord or Tenant is required or elects to take legal action against the other party to enforce the provisions of this Lease, then the prevailing party in such action shall be entitled to collect from the other party its costs and expenses incurred in connection with the legal action (including, without limitation, reasonable attorneys’ fees and court costs).
Appears in 1 contract
Damages. In the event of any termination of 24.01. If this Lease lease is terminated under the provisions of Article 16 hereof 22, or in the event that if Landlord shall re-enter reenter the premises Premises under the provisions of Article 17 hereof 23, or in the event of the termination of this Lease (lease, or of re-entry reentry, by or under any summary dispossess or other proceeding or action or any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease lease or at the time of any such re-entry reentry by Landlord, as the case may be, represents the then value of the excess, if anyany (assuming a discount at a rate per annum equal to the interest rate then applicable to United States Treasury Bonds having a term which most closely approximates the period commencing on the date that this lease is so terminated, or the date on which Landlord re-enters the Premises, as the case may be, and ending on the date on which this lease was scheduled to expire but for such termination or reentry), of (1i) the aggregate amount of the fixed rent Fixed Rent and the additional rent under Article 24 hereof Net Taxes Additional Charges which would have been paid hereunder payable by Tenant had this Lease not so terminated(conclusively presuming the average monthly Net Taxes Additional Charges to be the same as were payable for the last twelve (12) calendar months, or if less than twelve (12) calendar months have then elapsed since the Commencement Date, all of the calendar months immediately preceding such termination or reentry) for the period commencing with such earlier termination of this Lease lease or the date of any such re-entryreentry, as the case may be, and ending with the date hereinbefore set for contemplated as the expiration of date hereof if this lease had not so terminated or if Landlord had not so reentered the full term grantedPremises, over (2ii) the aggregate fair market rental value of the premises Premises for the same period, or
(b) sums equal to the aggregate of the fixed rent Fixed Rent and the additional rent under Article 24 hereof (if any) Net Taxes Additional Charges which would have been payable by Tenant had this Lease lease not so terminated, or had Landlord not so re-entered reentered the premisesPremises, payable upon the due dates therefor specified herein following such termination or such re-entry reentry and until the date hereinbefore set for contemplated as the expiration of date hereof if this lease had not so terminated or if Landlord had not so reentered the full term hereby grantedPremises; provided, however, that if Landlord (Landlordshall relet the Premises during said period, however, not being obligated to do so) shall re-let all or receive any part other income or consideration in connection with the use or occupancy of the premises for all Premises or any part otherwise deriving therefrom (including without limitation through the receipt of said periodinsurance or condemnation proceeds), Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting (or the net amounts of such other income or consideration), such net rents and other amounts to be determined by first deducting from the gross rents from such reletting (or the gross amounts of such other income or consideration) as and when received by Landlord from such re-letting the expenses, including attorneys fees, reasonable and actual expenses incurred or paid by Landlord in terminating this Lease and/or of re-entering lease or in reentering the premises Premises and of in securing possession thereof, as well as the reasonable and actual expenses of re-lettingreletting (including, including without limitation, altering and preparing the premises Premises for new tenants, brokers' commission’ commissions, attorneys' fees reasonable legal fees, and all other similar or dissimilar customary and reasonable expenses properly chargeable against the premises Premises and the rental therefrom in connection with therefrom) or of realizing such re-lettingother income or consideration, it being understood that any such re-letting reletting may be for a period equal to, less than shorter or longer than the remaining term of this Leaselease; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents or other amounts over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) subdivision to a credit in respect of any net rents from a re-letting reletting or any net amounts of such other income or consideration, except to the extent that such net rents or other amounts are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the premises Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-lettingreletting. For If the purposes Premises or any part thereof be relet by Landlord for the unexpired portion of subparagraph (a) the term of this Article 18lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been reserved upon such reletting shall, prima facie, be the fair and reasonable rental value for the Premises, or part thereof, so relet during the term of the reletting, provided that such reletting shall constitute a bona-fide arm’s-length third party transaction. Notwithstanding anything to the contrary contained in this lease, Landlord shall use reasonable efforts to relet the Premises, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Expiration Date, at such rental or rentals and upon such other conditions (that may include concessions and free rent periods) as Landlord may reasonably determine, provided, however, that Landlord shall not be liable in any way whatsoever for its failure to relet the Premises or any part thereof, or if the Premises or any part thereof are relet, for its failure to collect the rent under such reletting, and no such failure to relet or failure to collect rent shall release or affect Tenant’s liability for damages or otherwise under this lease. If Landlord or any Affiliate of Landlord shall use or occupy the Premises or any portion thereof following the termination of this lease under the provisions of Article 22, the damages payable by Tenant under Article 24 hereof pursuant to paragraph (b) above shall be deemed to be an amount equal reduced by the fair market rental value of the Premises or such portion thereof that is so occupied by Landlord or its Affiliate (or by the excess, if any, of such fair market rental value over the amounts, if any, actually paid by Landlord or such Affiliate in connection with such use or occupancy). Notwithstanding anything to the amount contrary contained herein, Landlord shall not commence any action for, nor require Tenant to pay damages calculated in accordance with the provisions of such additional rent payable by Tenant for paragraph (a) above prior to the applicable period ending immediately preceding such termination date upon which any rights of this Lease or such re-entryany Leasehold Mortgagee pursuant to Article 43 (if applicable) to cure Tenant’s default and to request and receive a new lease have expired.
24.02. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease lease would have expired if it had not been so terminated under the provisions of Article 16 hereof, or under any provision of law22, or had the Landlord not re-entered reentered the premisesPremises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to prove for and obtain as damages by reason of the termination of this lease or reentry on the Premises for the default of Tenant under this lease an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved whether or not such amount be greater than any of the sums referred to in Section 24.01. Notwithstanding any provisions of this lease to the contrary, Landlord shall not be liable to Tenant, and Tenant shall not be liable to Landlord, for indirect, consequential, special, punitive, exemplary, incidental or other like damages (including, without limitation, damages to Landlord for lost profits or opportunities, or the loss by foreclosure, deed in lieu, or otherwise, of all or any portion of Landlord’s interest in the Premises), even if arising from any act, omission or negligence of such party or from the breach by such party of its obligations under this lease.
Appears in 1 contract
Sources: Lease Agreement (Citigroup Inc)
Damages. In If Landlord elects to terminate Tenant's right to possession of the event Premises under section 7.1 following an Event of any termination of this Lease under the provisions of Article 16 hereof or in the event that Default, Landlord shall may re-enter and take possession of the premises under Premises, with or without legal process, whether by force or otherwise, and Tenant shell be obligated to pay to Landlord as damages upon demand, and Landlord shall be entitled to recover of and from Tenant, (a) all Annual Base Rent and Additional Rent payable to the provisions date of Article 17 hereof termination of Tenant's right to possession, plus (b) the cost to Landlord of all reasonable legal and other expenses and costs (including attorney's fees) incurred by Landlord in obtaining possession of the Premises, in enforcing any provision of this lease, in preserving the Premises during any period of vacancy, in making any repairs as Landlord may reasonably deem necessary or advisable in operating and maintaining the Premises, and in reletting the Premises, including all reasonable brokerage commissions therefor, plus (c) either (i) in the event of Landlord's giving notice of its intention to re-enter and take possession without terminating this lease, damages (payable in monthly installments, in advance, on the first day of each calendar month following the giving of such notice and continuing until the date originally fixed herein for the expiration of the then current Term of this lease) in amounts equal to the Base Rent and Additional Rent herein reserved, less the net amount of rent, if any, which may be collected and received by Landlord from the Premises for and during the balance of the Term; Landlord may relet the Premises, or any part or parts thereof (but in no event shall Landlord be obligated to do so), for a term or terms which may at Landlord's option be less than or exceed the period constituting the balance of the Term hereof, and Landlord may grant concessions or charge a rental in excess of that provided in this lease (Tenant shall have no right to any excess); or (ii) in the event of Landlord's giving notice of termination of this Lease (or of re-entry by or under any summary dispossess or other proceeding or action or any provision of law)lease, Tenant will pay to Landlord as damagesan award for liquidated damages in an amount which, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlordtermination, as the case may be, represents the then value of is equal to the excess, if any, of (1) the installments of Base Rent and the aggregate of all sums payable hereunder as Additional Rent (for such purpose considering the fixed rent and annual amount of Additional Rent to equal the additional rent under Article 24 hereof which would amount thereof payable for the 12 months immediately preceding the termination, or the annualized portion of Additional Rent payable from the Commencement Date to the date of the termination if this lease then shall have been paid in effect for less than 12 months) reserved hereunder by Tenant had this Lease not so terminated, for the period commencing with such earlier termination which would otherwise have constituted the unexpired portion of the then current Term of this Lease lease, plus the value of all other considerations to be paid or the date of any performed by Tenant during such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term grantedperiod, over (2) the aggregate fair rental value of the premises for the same periodPremises, or
(b) sums equal to the aggregate as of the fixed rent and the additional rent under Article 24 hereof (if any) which would have been payable by Tenant had this Lease not so terminateddate of such termination, or had Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following for such termination or such re-entry and until the date hereinbefore set for the expiration unexpired portion of the full term hereby granted; providedthen current Term of this lease, however, that if Landlord (Landlord, however, not being obligated said liquidated damage amount to do so) shall re-let all or any part be discounted at the then "generic" prime rate of interest as set forth in the most recently published Wall Street Journal to determine its present value at the time of the premises for all or any part of said period, Landlord shall credit Tenant with award. If the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises for new tenants, brokers' commission, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises Entire Premises or any part thereof should be re-let in combination with other spacerelet by Landlord for the unexpired Term or any part thereof before presentation of proof of liquidated damages to any court, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof reserved upon such reletting shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant fair and reasonable rental value for the applicable period ending immediately preceding such termination part or the whole of this Lease or such re-entry. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when Premises so relet during the term of the reletting. Prior to Tenant's full payment of any liquidated damages awarded to Landlord, Tenant shall continue to pay punctually to Landlord all Base Rent and Additional Rent to the same extent and at the same time as if this Lease would have expired if it lease had not been terminated under and receive full credit for such payments against the award for liquidated damages. If Landlord shall elect to re-enter and take possession without terminating this lease, Landlord shall have the right at any time thereafter to terminate this lease for the previous default, whereupon the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages this subsection with respect to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenanttermination will thereafter apply.
Appears in 1 contract
Sources: Lease Agreement (Rti Inc)
Damages. In the event of any termination a Default Termination of this Lease under Lease, the provisions of Article 16 hereof or in the event that Landlord shall re-enter the premises under the provisions of Article 17 hereof or in the event of the termination of this Lease (or of re-entry by or under any summary dispossess or other proceeding or action or any provision of law), Tenant will pay to the Landlord as damages, at the election of the Landlord, either:
(a) a sum at which which, at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may beDefault Termination, represents the then value of the excess, if any, of (1) the aggregate of the fixed rent and rent, the additional rent under Article 24 Twenty-fourth hereof which would have been paid hereunder by Tenant (if any) and the percentage rent (if any) which, had this Lease not so terminated, would have been payable hereunder by the Tenant for the period commencing with such earlier termination of this Lease or the day following the date of any such re-entry, as the case may be, Default Termination and ending with the date hereinbefore set for the expiration of the full term hereby granted, over (2) the aggregate rental value of the premises for the same period, or
(b) sums equal to the aggregate of the fixed rent and rent, the additional rent under Article 24 Twenty-fourth hereof (if any) and the percentage rent (if any) which would have been payable by the Tenant had this Lease not so terminated, or had Landlord not so re-entered the premisesterminated by such Default Termination, payable upon the due dates therefor specified herein following such termination or such re-entry Default Termination and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if the Landlord (Landlord, however, not being obligated to do so) shall re-let relet all or any part of the premises for all or any part of said periodthe period commencing on the day following the date of such Default Termination and ending on the date hereinbefore set for the expiration of the full term hereby granted, the Landlord shall credit the Tenant with the net rents actually received by the Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by the Landlord from such re-letting reletting the expenses, including attorneys fees, reasonable expenses incurred or paid by the Landlord in terminating this Lease and/or and of re-entering the premises and of securing possession thereof, as well as the reasonable expenses of re-lettingreletting, including altering and preparing the premises for new tenants, brokers' commissioncommissions, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-lettingreletting, it being understood that any such re-letting reletting may be for a period equal to, less than to or shorter or longer than the remaining term of this Leasesaid period; provided, further, that (i) in no event shall the Tenant be entitled to receive any excess or of such net rents over the sums payable by the Tenant to the Landlord hereunder, (ii) in no event shall the Tenant be entitled entitled, in any suit for the collection of damages pursuant to this subparagraph (b) ), to a credit in respect of any net rents from a re-letting reletting except to the extent that such net rents are actually received by the Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot rentable area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-lettingreletting. For the purposes of this Article, the amount of the percentage rent (if any) which would have been payable for the period following a Default Termination of this Lease shall be deemed to be an amount, for each calendar month in said period, equal to the monthly average amount of percentage rent (if any) which became payable under this Lease during the term hereof prior to such Default Termination. For the purposes of subparagraph (a) of this Article 18Article, the amount of additional rent which would have been payable by the Tenant under Article 24 Twenty-fourth hereof shall shall, for each Computation Year (as hereinafter defined) ending after such Default Termination, be deemed to be an amount equal to the amount of such additional rent payable by the Tenant for the applicable period ending Computation Year immediately preceding the Computation Year in which such termination of this Lease or such re-entryDefault Termination occurs. Suit or suits for the recovery of such damagesany damages payable hereunder by the Tenant, or any installments thereof, may be brought by the Landlord from time to time at its election, and nothing contained herein shall be deemed to require the Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premisesbut for such Default Termination. Nothing herein contained shall be construed as limiting or precluding the recovery by the Landlord against the Tenant of any sums or damages to which, in addition to the damages particularly provided above, the Landlord may lawfully be entitled by reason of any default hereunder on the part of the Tenant.
Appears in 1 contract
Damages. In the event of any termination of this Lease under the provisions of Article 16 hereof or in the event that Landlord shall re-enter the premises under the provisions of Article 17 hereof or in the event of the termination of this Lease (or of re-entry by or under any summary dispossess or other proceeding or action or any provision of law), Tenant will pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at Upon the time occurrence of any Event of Default, Landlord shall have the right (i) to terminate this Lease and Tenant's right to possession of the Property by any lawful means, upon ten (10) days' Notice of such termination (during which time Tenant shall have the opportunity to cure any such Event of Default) in which case, if Tenant shall fail to cure all Events of Default within the foregoing ten (10) day period, this Lease or at the time shall terminate and all of any such re-entry by Landlord, as the case may be, represents the then value Tenant's rights hereunder shall cease and Tenant shall immediately surrender possession of the excessProperty to Landlord and, if any, of (1) the aggregate of the fixed rent and the additional rent under Article 24 hereof which would have been paid hereunder by Tenant had this Lease not so terminated, for the period commencing with in such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, over (2) the aggregate rental value of the premises for the same period, or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of said periodevent, Landlord shall credit be entitled to recover from Tenant with all damages incurred by reason of Tenant's default, (ii) to terminate Tenant's right to possession of the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in Property without thereby terminating this Lease and/or of re-entering relet the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises Property for new tenants, brokers' commission, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suitTenant's account, and (iii) if to enforce all of Landlord's rights and remedies under this Lease, including the premises or right to recover the Rent and other sums owed as such become due hereunder together with interest on such overdue Rent and any part thereof should be re-let in combination with other spaceoverdue amount owed by Tenant, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entry. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when due until paid, at the term lesser of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, Overdue Rate or under any provision of the maximum rate permitted by applicable law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed and Tenant further covenants, as limiting or precluding the recovery by Landlord against Tenant of an additional and cumulative obligation after any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled termination by reason of any default hereunder on Event of Default, to pay punctually to Landlord (or such other person entitled thereto) all Rent and punctually to perform all of the part of Tenant.obligations which Tenant covenants in this Lease to pay and perform in the same manner and to the same extent and at the same time as if this Lease had not been
Appears in 1 contract
Damages. 21.3.1 In the event of any termination of this Lease under the provisions of Article 16 hereof or in the event that Landlord shall re-enter the premises under the provisions of Article 17 hereof or in the event of the termination of this Lease (or of re-entry by or under any summary dispossess or other proceeding or action or any provision of law), or in the event that Landlord shall reenter the Premises under the provisions of this Lease, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry reentry by Landlord, as the case may be, represents the then value of the excess, if any, of (1i) the aggregate of the fixed rent installments of Base Rent and the additional rent under Article 24 hereof Additional Rent which would have been paid payable hereunder by Tenant Tenant, had this Lease not so terminatedterminated or had Landlord not reentered the Premises, for the period commencing with such earlier termination of this Lease or the date of any such re-entryreentry, as the case may be, and ending with the date hereinbefore set forth initially for the expiration of the full term grantedTerm of this Lease pursuant to Article 1, over (2ii) the aggregate fair market rental value of the premises Premises for the same period, period (the amounts of each of clauses (i) and (ii) being first discounted to present value at an annual rate of three percent (3%)); or
(b) sums equal to the aggregate of the fixed rent installments of Base Rent and the additional rent under Article 24 hereof (if any) Additional Rent which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered reentered the premisesPremises, payable upon the due dates therefor specified herein following such termination or such re-entry reentry and until the date hereinbefore Expiration Date originally set forth in this Lease for the expiration of the full term hereby grantedTerm; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of relet the premises for all or any part of Premises during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or and of re-entering reentering the premises Premises and of securing possession thereof, including reasonable attorneys’ fees and costs of removal and storage of Tenant’s property, as well as the expenses of re-lettingreletting, including altering repairing, restoring and preparing improving the premises Premises for new tenants, brokers' commission’ commissions, advertising costs, reasonable attorneys' fees ’ fees, and all other similar or dissimilar expenses properly chargeable against the premises Premises and the rental therefrom in connection with such re-lettingreletting, it being understood that any such re-letting reletting may be for a period equal to, less than to or shorter or longer than the remaining term of this Lease; provided, provided further, that (i1) in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii2) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph Subdivision (b) to a credit in respect of any net rents from a re-letting reletting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii3) if the premises Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-letting. reletting, or if relet for a period longer than the remaining Term of this Lease, the expenses of reletting shall be apportioned based on the respective periods.
21.3.2 For the purposes of subparagraph Section (aa)(i) of this Article 18Section 21.3.1, the amount of additional rent Additional Rent which would have been payable by Tenant under Article 24 hereof Articles 4, 7, 8 and 30 for each year ending after such termination of this Lease or such reentry, shall be deemed to be an amount equal to the amount of such additional rent Additional Rent payable by Tenant for the applicable period Fiscal Year and Tax Year ending immediately preceding such termination of this Lease or such re-entryreentry. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its Landlord’s election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of this Article 16 hereof21, or under any provision of law, or had the Landlord not re-entered reentered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of TenantPremises.
Appears in 1 contract
Damages. In the event of any termination of 26.01. If this Lease is terminated under the provisions of Article 16 hereof 24, or in the event that if Landlord shall re-enter the premises Demised Premises under the provisions of Article 17 hereof 25, or in the event of the termination of this Lease (Lease, or of re-entry reentry, by or under unde any summary dispossess or other proceeding or action or of any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlordlandlord, either:
(a) a A sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of (1i) the aggregate of the fixed rent and the additional rent under Article 24 hereof payable hereunder which would have been paid hereunder payable by Tenant had this Lease not so terminated, (conclusively presuming the additional rent to be the same as was payable or the year immediately preceding such termination) for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for Expiration Date, had this Lease not so terminated or had Landlord not so reentered the expiration of the full term grantedDemised Premises, over (2ii) the aggregate rental value of the premises Demised Premises for the same period, or
(b) sums Sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if anyas above presumed) payable hereunder which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered en ered the premisesDemised Premises, payable upon the due dates therefor specified herein following such termination or such re-re- entry and until the date hereinbefore set for the expiration of the full term hereby granted; Expiration Date, provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of relet the premises for all or any part of Demised Premises during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting, the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of re-entering or in reentering the premises Demised Premises and of in securing possession thereof, as well as the expenses of re-lettingreletting, including altering and preparing the premises Demised Premises for new tenants, brokers' commissioncommissions, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises Demised Premises and the rental therefrom in connection with such re-letting, therefrom; it being understood that any such re-letting reletting may be for a period equal to, less than shorter or longer than the remaining term of this Lease; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) Subsection to a credit in respect of any net rents from a re-letting reletting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the premises Demised Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-lettingreletting. For If the purposes Demised Premises or any part thereof to be relet by Landlord for the unexpired portion of subparagraph (a) the term of this Article 18Lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall reserved upon such reletting shall, prima facie, be deemed to be an amount equal to the amount of such additional rent payable by Tenant fair and reasonable rental value for the applicable period ending immediately preceding such termination Demised Premises, or part thereof, so relet during the term of this Lease or such re-entrythe reletting.
26.02. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed deeme to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been so terminated under the provisions of Article 16 hereof24, or under any provision of law, or had the Landlord not re-entered the premisesDemised Premises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to seek and obtain as liquidated damages by reason of the termination of this Lease or re-entry on the Demised Premises for the default of Tenant under this Lease, an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved whether or not such amount be greater, equal to, or less than any of the sums referred to in Section 26.01.
26.03. In addition to the forego ng and without regard to whether this Lease is terminated, Tenant shall pay to Landlord upon demand, all costs and expenses incurred by Landlord, including reasonable attorney's fees, with respect to any lawsuit instituted or defended or any action taken by Landlord to enforce all or any of the provisions of this Lease.
Appears in 1 contract
Sources: Lease Agreement (Robotic Lasers Inc)
Damages. In the event of any termination of this Lease under the provisions of Article 16 hereof or in the event that Landlord shall re-enter the premises under the provisions of Article 17 hereof or Lessor's damages, in the event of default by Lessee, shall include (in addition to all other damages available to Lessor under applicable law): (i) the termination due and unpaid balance of this Lease Rental Payments and all other amounts payable hereunder plus late charges and interest due under Paragraph 5(c) (or but not more than the maximum rate permitted by law) for the 18 19 period after the date such payments were due, (ii) the aggregate of re-entry by or under any summary dispossess or other proceeding or action or any provision all remaining Rental Payments through the end of law)the Noncancellable Term of each Schedule, Tenant will pay discounted to Landlord as damages, present value at the election Discount Rate, (iii) the Residual Value, discounted to present value at the Discount Rate, (iv) any indemnification payments due hereunder plus interest at a rate equal to the lesser of Landlord1.5% per month or the maximum rate permitted by law for the period after the date such payments were due, either(v) costs of repossession, recovery, storage and repairs and of lease or sale to a third party, plus (vi) all other expenses including court costs and reasonable attorneys' fees and expenses. Lessor's obligation to mitigate said damages and any reduction of the amounts due to Lessor shall be limited as follows:
(a) a sum at which at the time of such termination of this Lease Lessor shall make best efforts to mitigate its damages by either selling or at the time of any such re-entry by Landlord, as leasing the case may be, represents the then value of the excess, if any, of (1) the aggregate of the fixed rent and the additional rent under Article 24 hereof which would have been paid hereunder by Tenant had this Lease not so terminated, Equipment to a third party for the period commencing with such earlier termination of this Lease or highest net cash proceeds available on the date of any such sale or re-entry, as lease. In the case may be, and ending with the date hereinbefore set for the expiration of a sale of the full term grantedEquipment to a third party, over any amounts received from the sale (2or any loan proceeds received by Lessor from financing a re-lease with a third party lender) shall be applied to Lessor's damages as specified in this Paragraph 26. In the aggregate rental value case of a re-lease of the premises Equipment to a third party, any rentals received in consideration for such third party's use of said Equipment during any of the remaining Noncancellable Term of the original Schedule shall be applied only to that portion of Lessor's damages resulting from loss of rentals that Lessor would have received from Lessee during the same period, or
(b) sums equal period had Lessee not become in default. Amounts received from such third party shall be applied in mitigation of Lessor's damages only to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which would have been extent such amounts are payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises for new tenants, brokers' commission, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than third party's periodic rental obligations as specified in the remaining term of this Leasepreceding sentence; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent amount received from such re-letting and third party, including without limitation as a security deposit or as an advance on periodic rental obligations, be applied in mitigation of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entry. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or Lessor's damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenanthereunder.
Appears in 1 contract
Sources: Master Lease Agreement (Quality Care Solutions Inc)
Damages. In the event of any termination of this Lease under the provisions of Article 16 hereof or in the event (a) Tenant covenants and agrees that Landlord shall re-enter the premises under the provisions of Article 17 hereof or in the event of the termination of this Lease (or of re-entry by or Landlord, under any summary dispossess of the provisions of this Article or other proceeding or action or any provision pursuant to law, by reason of law)default hereunder on the part of Tenant, Tenant will shall pay to Landlord Landlord, as damagesdamages with respect to this Lease, at the election of Landlord, either:
(a1) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then present value (using a discount rate of 8%) of the excess, if any, of of:
(1i) the aggregate of the fixed rent and the additional rent under Article 24 hereof Rent which would have been paid hereunder payable by Tenant had this Lease not so terminated, for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for Expiration Date of this Lease, had this Lease not so terminated or had Landlord not so re-entered the expiration of the full term granted, over Demised Premises over
(2ii) the aggregate fair market rental value of the premises Demised Premises for the same period, ; or
(biii) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) Rent which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premisesDemised Premises, payable upon the due dates therefor days specified herein in this Lease following such termination or such re-entry and until the date hereinbefore set for the expiration Expiration Date of the full term hereby granted; this Lease, provided, however, that if Landlord (Landlord, however, not being obligated to do so) the Demised Premises shall be leased or re-let all or any part of the premises for all or any part of during said period, Landlord shall credit Tenant with the net rents actually rents, if any, received by Landlord from such leasing or re-letting, such net rents Rent to be determined by first deducting from the gross rents as and when received by Landlord from such leasing or re-letting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or or of re-entering the premises Demised Premises and of securing possession thereof, as well as the expenses expense of leasing and re-letting, including altering and preparing any portion of the premises Demised Premises for new tenants, brokers' commission, attorneys' fees ’ commissions and all other similar or dissimilar expenses properly chargeable against the premises Demised Premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Leasethere from; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums Rent, payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph .
(b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entry. Suit or suits for the recovery of such any and all damages, or any installments thereof, provided for hereunder may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereofthis Article, or under provisions of any provision of law, or had the Landlord not re-entered the premises. Demised Premises.
(c) Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, which Landlord may lawfully be entitled by reason of in any default hereunder on the part of Tenantcase other than those particularly provided for above.
Appears in 1 contract
Sources: Lease Agreement (KMG America CORP)
Damages. In the event of any termination of 26.1. If this Lease is terminated under the provisions of Article 16 hereof 24, or in the event that if Landlord shall re-enter reenter the premises Premises under the provisions of Article 17 hereof 25, or in the event of the termination of this Lease (Lease, or of re-entry reentry, by or under any summary dispossess or other proceeding or action or any provision of law)law by reason of default hereunder on the part of the Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry reentry by Landlord, as the case may be, represents the then value of the excess, if any, of (1i) the aggregate amount of the fixed rent Fixed Rent and the additional rent under Article 24 hereof Additional Rent which would have been paid hereunder payable by Tenant had this Lease not so terminated(conclusively presuming the average monthly Additional Rent to be the same as was payable for the last twelve (12) calendar months, or if less than twelve (12) calendar months have then elapsed since the Rent Commencement Date, for all of the calendar months which have elapsed since the Rent Commencement Date) for the period commencing with such earlier termination of this Lease or the date of any such re-entryreentry, as the case may be, and ending with the date hereinbefore set for contemplated as the expiration of Expiration Date if this Lease had not so terminated or if Landlord had not so reentered the full term grantedPremises, over (2ii) the aggregate rental value of the premises Premises for the same period, both discounted to present value at a rate per annum equal to the then current interest rate on U.S. Treasury bills having maturities approximating as closely as practicable the balance of the Term then remaining, less any amount collected by Landlord as damages hereunder as Rent for the same period; or
(b) sums equal to the aggregate of the fixed rent Fixed Rent and the additional rent under Article 24 hereof (if any) Additional Rent which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered reentered the premisesPremises, payable upon the due dates therefor specified herein following such termination or such re-entry reentry and until the date hereinbefore set for contemplated as the expiration of Expiration Date if this Lease had not so terminated or if Landlord had not so reentered the full term hereby granted; Premises, provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of relet the premises for all or any part of Premises during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of re-entering or in reentering the premises Premises and of in securing possession thereof, as well as the reasonable expenses of re-lettingreletting, including including, without limitation, altering and preparing the premises Premises for new tenants, reasonable brokers' commissioncommissions, attorneys' legal fees and all other similar or dissimilar reasonable expenses properly chargeable against the premises Premises and the rental therefrom in connection with such re-lettingtherefrom, it being understood that any such re-letting reletting may be for a period equal to, less than shorter or longer than the remaining term of this Lease; providedTerm, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents rents, over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) subdivision to a credit in respect of any net rents from a re-letting reletting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the premises Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a rentable square foot area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-lettingreletting. For Supplementing the foregoing, (i) if this Lease is terminated under the provisions of Article 24, or (ii) if Landlord shall reenter the Premises under the provisions of Article 25, or (iii) in the event of the termination of this Lease, or of reentry, by or under any summary dispossess or other proceeding or action or any provision of law by reason of default hereunder on the part of the Tenant, or (iv) if Tenant is in default of its obligation under Section 1.3(a)(iv) hereof, then, in any such event, (a) Landlord shall have the right to draw down the Letter of Credit pursuant to Article 43, (b) the aggregate Fixed Rent described in Section 1.3 (a)(iv) shall be accelerated, and Tenant shall pay to Landlord the excess of any portion of the Fixed Rent described in Section 1.3(a)(iv) then payable for the balance of the Term over the proceeds drawn from the Letter of Credit, and (iii) Tenant shall pay to Landlord an amount equal to any breakage fee incurred by Landlord in connection with the Tenant Initial Work Allowance Proceeds (including, without limitation and by way of example, yield maintenance fees due in connection with any hedge instrument). If this Lease is terminated for Tenant's default prior to the Commencement Date, then for the purposes of subparagraph (a) of this Article 1826, the amount of additional rent which would have been payable by Tenant under Article 24 hereof this Lease shall be deemed to have commenced on the day prior to the date of such termination. If the Premises or any part thereof be an amount equal relet by Landlord for the unexpired portion of the Term, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal the amount of rent reserved upon such additional rent payable by Tenant reletting shall, prima facie, be the fair and reasonable rental value for the applicable period ending immediately preceding Premises, or part thereof, so relet during the term of the reletting. Landlord shall not be liable in any way whatsoever for its failure or refusal to relet the Premises or any part thereof, or if the Premises or any part thereof are relet, for its failure to collect the rent under such termination of reletting after reasonable efforts to do so, and no such refusal or failure to relet or failure to collect rent so shall release or affect Tenant's liability for damages or otherwise under this Lease or such re-entryLease.
26.2. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease Term would have expired if it had not been so terminated under the provisions of Article 16 hereof, or under any provision of law24, or had the Landlord not re-entered reentered the premisesPremises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of or any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to provide for and obtain as damages by reason of the termination of this Lease or reentry on the Premises for the default of Tenant under this Lease an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved whether or not such amount be greater than any of the sums referred to in Section 26.1.
26.3. In addition, if this Lease is terminated under the provisions of Article 24, or if Landlord shall reenter the Premises under the provisions of Article 25, Tenant agrees that:
(a) the Premises then shall be in the condition in which Tenant has agreed to surrender the same to Landlord at the expiration of the term hereof;
(b) Tenant shall have performed prior to any such termination any covenant of Tenant contained in this Lease for the making of any Tenant Changes or for restoring or rebuilding the Premises or any part thereof; and
(c) for the breach of any covenant of Tenant set forth in this Section 26.3, Landlord shall be entitled immediately, without notice or other action by Landlord, to recover, and Tenant shall pay as damages therefor, the reasonable cost of performing such covenant (as reasonably estimated by an independent contractor selected by Landlord).
Appears in 1 contract
Sources: Lease Agreement (Wellchoice Inc)
Damages. In the event of any termination of (i) If this Lease and the Term shall expire and come to an end as provided in Article 17, or by or under the provisions of Article 16 hereof any summary proceeding or in the event that any other action or proceeding, or if Landlord shall re-enter the premises under the provisions of Article 17 hereof or Premises as provided in the event of the termination subsection A of this Lease (Article 18, or of re-entry by or under any summary dispossess or other proceeding or any other action or proceeding, then, in any provision of law), Tenant will pay to Landlord as damages, at the election of Landlord, eithersaid events:
(a) a sum at Tenant shall pay to Landlord all Rent, additional rent and other charges payable under this Lease by Tenant to Landlord to the ▇▇▇▇ upon which at this Lease and the time Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(b) Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency (referred to as “Deficiency’) between the Rent reserved in this Lease for the period which otherwise would have constituted the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of subsection A(i) of this Article 18 for any part of such period (first deducting from the rents collected under any such reletting all of Landlord’s expenses in connection with the termination of this Lease, or Landlord’s reentry upon the Premises and with such reletting including, but not limited to, all repossession costs. brokerage commissions, advertising, legal expenses, attorneys’ fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Rent, Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord’s right to collect the Deficiency for any subsequent month by a similar proceeding; and
(c) whether or at not Landlord shall have collected any monthly Deficiencies as aforesaid, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, in lieu of any further Deficiencies as and for liquidated and agreed final damages, a sum equal to the time amount by which the Rent reserved in this Lease for the period which otherwise would have constituted the unexpired portion of the Term exceeds the then fair and reasonable rental value of the Premises for the same period, less the aggregate amount of Deficiencies theretofore collected by Landlord pursuant to the provisions of subsection B(1)(b) of this Article 18 for the same period; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, shall have been relet by Landlord for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(ii) If the Premises, or any part thereof, shall be relet together with other space in the Building, the rents collected or reserved under any such reletting and the expenses of any such reletting shall be equitably apportioned for the purposes of this subsection B. Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents shall exceed the Rent reserved in this Lease. Solely for the purposes of this Article, the term “Rent” as used in subsection B(i) of this Article 18 shall mean the Rent in effect immediately prior to the date upon which this Lease and the Term shall have expired and come to an end, or the date of re-entry upon the Premises by Landlord, as the case may be, represents adjusted to reflect any increase or decrease pursuant to the then value provisions of the excess, if any, of (1) the aggregate of the fixed rent and the additional rent under Article 24 28 hereof which would have been paid hereunder by Tenant had this Lease not so terminated, for the period commencing with Comparison Year (as defined in said Article 28) immediately preceding such earlier termination of this Lease event. Nothing contained in Article 17 or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, over (2) the aggregate rental value of the premises for the same period, or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises for new tenants, brokers' commission, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof 18 shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease limit or such re-entry. Suit or suits for preclude the recovery of such damages, or any installments thereof, may be brought by Landlord from time Tenant of the maximum amount allowed to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, obtained as damages by any statute or under any provision rule of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, which Landlord may be entitled in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason set forth in subsection B(i) of any default hereunder on the part of Tenantthis Article 18.
Appears in 1 contract
Damages. In the event of any termination of 18.01 If this Lease is terminated under the provisions of Article 16 hereof hereof, or in the event that if Landlord shall re-enter the demised premises under the provisions of Article 17 hereof hereof, or in the event of the termination of this Lease (Lease, or of re-entry entry, by or under any summary dispossess or other proceeding or action or any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of of
(1) the aggregate of the fixed annual rent and the additional rent under Article 24 hereof payable hereunder which would have been paid hereunder payable by Tenant had this Lease (conclusively presuming that additional rent on account of increases in Taxes shall increase at the average of the rates of increase thereof previously experienced by Landlord during the period (not so terminated, to exceed 3 years) prior to such termination) for the period commencing commending with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for Expiration Date, had this Lease not so terminated or had Landlord not so re-entered the expiration of the full term granteddemised premises, over over
(2) the aggregate rental value of the demised premises for the same period, or
(b) sums equal to the aggregate of the fixed annual rent and the additional rent under Article 24 hereof (if any) payable hereunder which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the demised premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; Expiration Date, provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the demised premises for all or any part of during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises for new tenants, brokers' commission, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than shorter or longer than the remaining term of this Lease; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event or shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) subsection to a credit in respect of any net rents from a re-letting letting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the demised premises or any part thereof should shall be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For If the purposes demised premises or any part thereof be re-let by Landlord for the unexpired portion of subparagraph (a) the term of this Article 18Lease, or any part thereof, before presentation or proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or reserved upon such re-entry. letting shall, prima facie, be the fair and reasonable rental value for the demised premises, or part thereof, so re-let during the term of the re-letting.
18.02 Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been so terminated under the provisions of Article 16 hereof16, or under any provision of law, or had the Landlord not re-entered the demised premises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to prove for and obtain as liquidated damages by reason of the termination of this Lease or re-entry of the demised premises for the default of Tenant under this Lease, an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved whether or not such amount be greater, equal to, or less than any of the sums referred to in Section 18.01 hereof.
18.03 Notwithstanding anything contained in this Article 18 or elsewhere in this Lease, neither Landlord nor Tenant shall have any liability to the other for so-called consequential (as opposed to actual) damages under this Lease.
Appears in 1 contract
Damages. In the event of any termination of (a) 18.01. If this Lease is terminated under the provisions of Article 16 hereof 16, or in the event that if Landlord shall re-enter the premises Demised Premises under the provisions of Article 17 hereof 17, or in the event of the termination of this Lease (Lease, or of re-entry entry, by or under any summary dispossess or other proceeding or action or any provision of law)law by reason of any default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at sums equal to Landlord's costs in connection with the election leasing of the Demised Premises (as well as any additional space leased to Tenant pursuant to Article 42 herein)to Tenant, including, but not limited to any and all cost in connection with (i)Landlord's Work, (ii) leasing commissions paid in connection with this Lease, (iii)the Relocation Allowance set forth in Article 45 herein, (iv)the Holdover Rent set forth in Article 44 herein, (v)the Work Allowance set forth in Article 41 herein and the cost of restoring the Demised Premises to its original condition (herein collectively referred to as "Landlord, either:'s Costs"). The amount of said damage shall be reduced annually on a straight line basis over the term of this Lease. The parties hereto acknowledge that the above referenced damages are due and payable upon default so that the same is to be collected immediately.
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of (1) the aggregate of the fixed rent and the additional rent under Article 24 hereof which would have been paid hereunder by Tenant had this Lease not so terminated, for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, over (2) the aggregate rental value of the premises for the same period, or
(b) sums equal to the aggregate of the fixed rent Fixed Annual Rent and the additional rent under Article 24 hereof (if anyas above presumed) which payable hereunder that would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premisesDemised Premises, payable upon the due dates therefor specified herein following such termination or such re-entry reentry and until the date hereinbefore set for the expiration of the full term hereby grantedExpiration Date; provided, however, that Landlord shall make commercially reasonable effort to mitigate its damages and re-let the Demised Premises during said period and if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of Demised Premises during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting letting, the expenses, including attorneys fees, actual reasonable expenses incurred or paid by Landlord in terminating this Lease and/or of in re-entering the premises Demised Premises and of in securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises Demised Premises for new tenants, brokers' commissioncommissions, reasonable attorneys' fees and disbursements, and all other similar or dissimilar expenses properly chargeable against the premises Demised Premises and the rental therefrom in connection with such re-letting, thereof; it being understood that any such re-letting may be for a period equal to, less than shorter or longer than the remaining term of this LeaseLease and that Landlord may grant concessions and free rent; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) subsection to a credit in respect of any net rents from a re-letting letting, except to the extent that such net rents actually are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the premises Demised Premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For Landlord in no event shall be liable in any way whatsoever for failure to re-let the purposes Demised Premises nor shall such failure affect Tenant's liability for damages, it being expressly understood and agreed that Landlord has no obligation to mitigate Tenant's damages hereunder. If the Demised Premises or any part thereof shall be re-let by Landlord for the unexpired portion of subparagraph (a) the term of this Article 18Lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or reserved upon such re-entry. Suit or suits letting, prima facie, shall be the fair and reasonable rental value for the recovery of such damagesDemised Premises, or any installments part thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when so re-let during the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenantletting.
Appears in 1 contract
Damages. In the event of any termination of 18.01 If this Lease is terminated under the provisions of Article 16 hereof 16, or in the event that if Landlord shall re-enter the demised premises under the provisions of Article 17 hereof 17, or in the event of the termination of this Lease (Lease, or of re-entry entry, by or under any summary dispossess or other proceeding or action or any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then present value discounted at the rate of a United States Treasury obligation having a maturity equivalent to the then remaining balance of the term of this Lease, of the excess, if any, of of
(1) the aggregate of the fixed annual rent and the additional rent under Article 24 hereof payable hereunder which would have been paid hereunder payable by Tenant had this Lease (conclusively presuming the additional rent to be the same as was payable for the year immediately preceding such termination except that additional rent on account of increases in Taxes and the Wage Rate shall be presumed to increase at the average of the rates of increase thereof previously experienced by Landlord during the period (not so terminated, to exceed 3 years) prior to such termination) for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for Expiration Date, had this Lease not so terminated or had Landlord not so re-entered the expiration of the full term granteddemised premises, over over
(2) the aggregate rental value of the demised premises for the same period, or
(b) sums equal to the aggregate of the fixed annual rent and the additional rent under Article 24 hereof (if anyas above presumed) payable hereunder which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the demised premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; Expiration Date, provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the demised premises for all or any part of during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting letting, the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of or in re-entering the demised premises and of in securing possession thereof, as well as the expenses of re-letting, including altering and preparing the demised premises for new tenants, brokers' commissioncommissions, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the demised premises and the rental therefrom in connection with such re-letting, thereof; it being understood that any such re-letting may be for a period equal to, less than shorter or longer than the remaining term of this Lease; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event or shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) subsection to a credit in respect of any net rents from a re-letting letting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the demised premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For If the purposes demised premises or any part thereof be re-let by Landlord for the unexpired portion of subparagraph (a) the term of this Article 18Lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or reserved upon such re-entry. letting shall, prima facie, be the fair and reasonable rental value for the demised premises, or part thereof, so re-let during the term of the re-letting.
18.02 Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been so terminated under the provisions of Article 16 hereof16, or under any provision of law, or had the Landlord not re-entered the demised premises. Nothing Except as otherwise expressly provided herein, nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to prove for and obtain as liquidated damages by reason of the termination of this Lease or re-entry of the demised premises for the default of Tenant under this Lease, an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved whether or not such amount be greater, equal to, or less than any of the sums referred to in Section 18.01.
Appears in 1 contract
Damages. In the event of any termination of If this Lease is terminated under the provisions of Article 16 hereof Section 6.03, or in the event that if Landlord shall re-enter enters the premises Demised Premises under the provisions of Article 17 hereof or in the event of the termination of this Lease (or of re-entry by or under any summary dispossess or other proceeding or action or any provision of law)Section 6.04, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which which, at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may betermination, represents the then value of the excess, if any, of of: (1) the aggregate of the fixed rent and the additional rent under Article 24 hereof which would have been paid hereunder by Tenant Rent which, had this Lease not so terminated, would have been payable hereunder by Tenant for the period commencing with such earlier termination of this Lease or on the day following the date of any such termination or re-entry, as entry to and including the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, Expiration Date; over (2) the aggregate fair rental value of the premises Demised Premises for the same periodperiod (for the purposes of this clause (a) the amount of Additional Rent which would have been payable by Tenant under Sections 2.02 and 2.03 shall, for each calendar year ending after such termination or re-entry, be deemed to be an amount equal to 105% of the amount of such Additional Rent payable by Tenant for the calendar year immediately preceding the calendar year in which such termination or re-entry shall occur in the case of the first such calendar year and the immediately prior calendar year in the case of each succeeding calendar year); or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which Rent that would have been payable by Tenant through and including the Expiration Date had this Lease not so terminated, terminated or had Landlord not so re-entered the premisesDemised Premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby grantedin this Lease; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let relet all or any part of the premises Demised Premises for all or any part of said periodthe period commencing on the day following the date of such termination or re-entry to and including the Expiration Date, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or and of re-entering the premises Demised Premises and of securing possession thereof, as well as the expenses of re-lettingreletting, including including, without limitation, altering and preparing the premises Demised Premises for new tenants, brokers' commission’ commissions, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises Demised Premises and the rental therefrom in connection with such re-lettingreletting, it being understood that any such re-letting reletting may be for a period equal to, less than to or shorter or longer than the remaining term of this Leasesaid period; provided, further, that that: (i) in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, under this Lease; (ii) in no event shall Tenant be entitled entitled, in any suit for the collection of damages pursuant to this subparagraph (b) Section 6.05(b), to a credit in respect of any net rents from a re-letting reletting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and ; (iii) if the premises Demised Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot rentable area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-letting. For reletting; and (iv) Landlord shall have no obligation to so relet the purposes of subparagraph (a) of this Article 18Demised Premises and Tenant hereby waives any right Tenant may have, at law or in equity, to require Landlord to so relet the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entryDemised Premises. Suit or suits for the recovery of such damagesany damages payable hereunder by Tenant, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease Term or a renewal thereof would have expired if it had not been terminated under the provisions of Article 16 hereof, but for such termination or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenantentry.
Appears in 1 contract
Sources: Lease Agreement (1847 Goedeker Inc.)
Damages. In the event of any termination of 27.01 If this Lease lease is terminated under the provisions of Article 16 hereof 25, or in the event that if Landlord shall re-enter the premises Demised Premises under the provisions of Article 17 hereof 26, or in the event of the termination of this Lease (lease, or of re-entry entry, by or under any summary dispossess or other proceeding or action or any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, discounted to present value at the rate of six (6%) percent per annum, of:
1) . the aggregate of the fixed rent and the additional rent under Article 24 hereof payable hereunder which would have been paid hereunder payable by Tenant had this Lease not so terminated, ▇▇▇▇▇▇ (conclusively presuming the additional rent to be the same as was payable for the year immediately preceding such termination) for the period commencing with such earlier termination of this Lease lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for Expiration Date, had this lease not so terminated or had Landlord not so re-entered the expiration of the full term granted, over (Demised Premises; over
2) . the aggregate rental value of the premises Demised Premises for the same period, ; or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if anyas above presumed) payable hereunder which would have been payable by Tenant ▇▇▇▇▇▇ had this Lease lease not so terminated, or had Landlord not so re-entered the premisesDemised Premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; Expiration Date, provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of relet the premises for all or any part of Demised Premises during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of lease or in re-entering the premises Demised Premises and of in securing possession thereof, as well as the expenses of re-lettingreletting, including altering and preparing the premises Demised Premises for new tenants, brokers' commissioncommissions, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises Demised Premises and the rental therefrom in connection with such re-letting, therefrom; it being understood that any such re-letting reletting may be for a period equal to, less than shorter or longer than the remaining term of this Leaselease; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) Subsection to a credit in respect of any net rents from a re-letting reletting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the premises Demised Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis (for equivalent space) shall be made of the rent received from such re-letting reletting and of the expenses of re-lettingreletting. For If the purposes Demised Premises or any part thereof be relet by Landlord for the unexpired portion of subparagraph (a) the term of this Article 18lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall reserved upon such reletting shall, prima facie, be deemed to be an amount equal to the amount of such additional rent payable by Tenant fair and reasonable rental value for the applicable period ending immediately preceding such termination Demised Premises, or part thereof, so relet during the term of this Lease or such re-entry. the reletting.
27.02 Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease lease would have expired if it had not been so terminated under the provisions of Article 16 hereof25, or under any provision of law, or had the Landlord not re-re- entered the premisesDemised Premises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to prove for and obtain as liquidated damages by reason of the termination of this lease or re-entry on the Demised Premises for the default of Tenant under this lease, an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved whether or not such amount be greater, equal to, or less than any of the sums referred to in Section 27.01.
Appears in 1 contract
Sources: Lease (Promotions Com Inc)
Damages. In the event of any termination of this Lease under the provisions of Article 16 hereof or in the event that Landlord shall re-enter the premises under the provisions of Article 17 hereof or Lessor's damages, in the event of default by Lessee, shall include (in addition to all other damages available to Lessor under applicable law): (i) the termination due and unpaid balance of this Lease Rental Payments and all other amounts payable hereunder plus late charges and interest due under Paragraph 5(c) (or but not more than the maximum rate permitted by law) for the period after the date such payments were due, (ii) the aggregate of re-entry by or under any summary dispossess or other proceeding or action or any provision all remaining Rental Payments through the end of law)the Noncancellable Term of each Schedule, Tenant will pay discounted to Landlord as damages, present value at the election Discount Rate, (iii) the Residual Value, discounted to present value at the Discount Rate, (iv) any indemnification payments due hereunder plus interest at a rate equal to the lesser of Landlord1.5% per month or the maximum rate permitted by law for the period after the date such payments were due, either(v) costs of repossession, recovery, storage and repairs and of lease or sale to a third party, plus (vi) all other expenses including court costs and reasonable attorneys' fees and expenses. Lessor's obligation to mitigate said damages and any reduction of the amounts due to Lessor shall be limited as follows:
(a) a sum at which at the time of such termination of this Lease Lessor shall make best efforts to mitigate its damages by either selling or at the time of any such re-entry by Landlord, as leasing the case may be, represents the then value of the excess, if any, of (1) the aggregate of the fixed rent and the additional rent under Article 24 hereof which would have been paid hereunder by Tenant had this Lease not so terminated, Equipment to a third party for the period commencing with such earlier termination of this Lease or highest net cash proceeds available on the date of any such sale or re-entry, as lease. In the case may be, and ending with the date hereinbefore set for the expiration of a sale of the full term grantedEquipment to a third party, over any amounts received from the sale (2or any loan proceeds received by Lessor from financing a re-lease with a third party lender) shall be applied to Lessor's damages as specified in this Paragraph 26. In the aggregate rental value case of a re-lease of the premises Equipment to a third party, any rentals received in consideration for such third party's use of said Equipment during any of the remaining Noncancellable Term of the original Schedule shall be applied only to that portion of Lessor's damages resulting from loss of rentals that Lessor would have received from Lessee during the same period, or
(b) sums equal period had Lessee not become in default. Amounts received from such third party shall be applied in mitigation of Lessor's damages only to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which would have been extent such amounts are payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises for new tenants, brokers' commission, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than third party's periodic rental obligations as specified in the remaining term of this Leasepreceding sentence; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent amount received from such re-letting and third party, including without limitation as a security deposit or as an advance on periodic rental obligations, be applied in mitigation of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entry. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or Lessor's damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenanthereunder.
Appears in 1 contract
Sources: Master Lease Agreement (Skydesk Inc)
Damages. In the event of any termination of 18.01. If this Lease is terminated under the provisions of Article 16 hereof 16, or in the event that if Landlord shall re-enter the demised premises under the provisions of Article 17 hereof 17, or in the event of the termination of this Lease (Lease, or of re-entry by or under any summary dispossess or other proceeding or action or any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then present value of the excess, if any, of of:
(1) the aggregate of the fixed annual rent and the additional rent under Article 24 hereof payable hereunder which would have been paid hereunder payable by Tenant had this Lease not so terminated, (conclusively presuming the additional rent to be the same as was payable for the year immediately preceding such termination) for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for Expiration Date, had this Lease not so terminated or had Landlord not so re-entered the expiration of the full term granteddemised premises, over over
(2) the aggregate rental value of the demised premises for the same period, or
(b) sums equal to the aggregate of the fixed annual rent and the additional rent under Article 24 hereof (if any) payable hereunder which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the demised premises, payable upon the due dates therefor specified herein following such termination or such re-re- entry and until the date hereinbefore set for the expiration of the full term hereby granted; Expiration Date, provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the demised premises for all or any part of during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting letting, the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of or in re-entering the demised premises and of in securing possession thereof, as well as the expenses of re-letting, including altering and preparing the demised premises for new tenants, brokers' commissioncommissions, attorneys' fees legal fees, and all other similar or dissimilar expenses properly chargeable against the demised premises and the rental therefrom in connection with such re-letting, thereof; it being understood that any such re-letting may be for a period equal to, less than shorter or longer than the remaining term of this Lease; provided, further, that (i) in . In no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunderhereunder for the period of such re-letting, (ii) in no event or shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) subsection to a credit in respect of any net rents from a re-letting letting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the demised premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re- letting. If the demised premises or any part thereof be re-letting. For let by Landlord for the purposes unexpired portion of subparagraph (a) the term of this Article 18Lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or pursuant to such re-entryletting shall, prima facie, be the fair and reasonable rental value for the demised premises, or part thereof, so re-let during the term of the re-letting.
18.02. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease Term would have expired if it had not been so terminated under the provisions of Article 16 hereof16, or under any provision of law, or had the Landlord not re-entered the demised premises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to prove for and obtain as liquidated damages by reason of the termination of this Lease or re-entry of the demised premises for the default of Tenant under this Lease, an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved whether or not such amount be greater, equal to, or less than any of the sums referred to in Section 18.01.
Appears in 1 contract
Sources: Lease Agreement (2bridge)
Damages. A. In the event of any termination of this Lease under the provisions of Article 16 hereof or 19 in the event that Landlord shall re-enter the premises under the provisions of Article 17 hereof 20 or in the event of the termination of this Lease (or of re-entry entry) by or under any summary dispossess or other proceeding or action or any provision of law), Tenant will pay to Landlord as damages, at the election of Landlord, either:
(a) 1. a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then present value of the excess, using a discount rate of the prime interest rate set by Citibank, if any, of (1i) the aggregate of the fixed all rent and the additional rent under Article 24 hereof which would have been paid payable hereunder by Tenant had this Lease not so terminated, terminated for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term hereby granted, over (2ii) the aggregate rental value of all rent of the premises for the same period, period based upon the then local market rental value of the premises; or
(b) 2. sums equal to the aggregate of the fixed all rent and the additional rent under Article 24 hereof (if any) which would have been payable by Tenant had has this Lease not so terminated, or had Landlord not so re-entered the premises, payable upon the due dates therefor therefore specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, reasonable expenses incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the reasonable expenses of or re-letting, including altering and preparing the premises for new tenants, brokers' commission, attorneys' fees commissions and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than to or shorter or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph subsection (b2) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entry. .
B. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit suite until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof19, or under any provision of law, or had the Landlord not re-entered the premises. .
C. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder beyond any applicable notice and/or cure on the part of Tenant.
D. In addition to the amounts set forth above, in the event of the non payment of any monies due pursuant to this Lease, whether the same be deemed rent or otherwise, after the expiration of any applicable grace period, Tenant shall pay to Landlord interest at a rate, which is the lesser of eighteen (18%) percent per annum or the maximum permitted pursuant to the laws of the state of New Jersey. It is expressly acknowledged and agreed between the parties that said default rate shall continue beyond entry of judgment until such time as such monies are paid. Additionally, Tenant shall reimburse Landlord for any costs and expenses, including reasonable attorneys' fees incurred in connection with the enforcement of Landlord's rights pursuant to the terms of this Lease.
Appears in 1 contract
Damages. In the event of any termination of 27.01 If this Lease lease is terminated under the provisions of Article 16 hereof 25, or in the event that if Landlord shall re-enter the premises Demised Premises under the provisions of Article 17 hereof 26, or in the event of the termination of this Lease (lease, or of re-entry entry, by or under any summary dispossess or other proceeding or action or any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of of:
(1) the aggregate of the fixed rent and the additional rent under Article 24 hereof payable hereunder which would have been paid hereunder payable by Tenant had this Lease not so terminated, (conclusively presuming the additional rent to be the same as was payable for the year immediately preceding such termination) for the period commencing with such earlier termination of this Lease lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for Expiration Date, had this lease not so terminated or had Landlord not so re-entered the expiration of the full term granted, over Demised Premises; over
(2) the aggregate rental value of the premises Demised Premises for the same period, ; or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if anyas above presumed) payable hereunder which would have been payable by Tenant had this Lease lease not so terminated, or had Landlord not so re-entered the premisesDemised Premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; Expiration Date, provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of relet the premises for all or any part of Demised Premises during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of lease or in re-entering the premises Demised Premises and of in securing possession thereof, as well as the expenses of re-lettingreletting, including altering and preparing the premises Demised Premises for new tenants, brokers' commissioncommissions, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises Demised Premises and the rental therefrom in connection with such re-letting, therefrom; it being understood that any such re-letting reletting may be for a period equal to, less than shorter or longer than the remaining term of this Leaselease; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) Subsection to a credit in respect of any net rents from a re-letting reletting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the premises Demised Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis (for equivalent space) shall be made of the rent received from such re-letting reletting and of the expenses of re-lettingreletting. For If the purposes Demised Premises or any part thereof be relet by Landlord for the unexpired portion of subparagraph (a) the term of this Article 18lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent reserved upon such reletting shall, prima facie, be the fair and reasonable rental value for the Demised Premises, or part thereof, so relet during the term of the reletting. In the event that (i) Landlord shall terminate this lease or re-enter the Demised Premises as aforesaid and (ii) Landlord elects to collect damages as provided in Subsection (b) of this Section 27.01, then Landlord shall use reasonable efforts to relet the whole or any part or parts of the Demised Premises from time to time, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Expiration Date, at such rental or rentals and upon such other conditions, which would may include concessions and free rent periods, as Landlord, in its sole discretion, may determine; provided, however, that Landlord shall have been payable by Tenant under Article 24 hereof shall be deemed no obligation whatsoever to be an amount equal relet the Demised Premises or any part thereof prior to the amount letting of any other space in the Building or space in other Buildings owned by Landlord in Bergen County, New Jersey, and shall in no event be liable for failure to relet the Demised Premises or any part thereof, or, in the event of any such additional reletting, for failure to collect any rent payable by due upon any such reletting, and no such failure shall operate to relieve Tenant for the applicable period ending immediately preceding such termination of any liability under this Lease or otherwise affect any such re-entry. liability, and Landlord, at Landlord's option, may make such repairs, replacements, alterations, additions, improvements, decorations and other physical changes in and to the Demised Premises and pay such brokerage commissions and legal fees as Landlord, in its sole discretion, considers advisable or necessary in connection with any such reletting or proposed reletting, without relieving Tenant of any liability under this Lease or otherwise affecting any liability.
27.02 Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease lease would have expired if it had not been so terminated under the provisions of Article 16 hereof25, or under any provision of law, or had the Landlord not re-entered the premisesDemised Premises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to prove for and obtain as liquidated damages by reason of the termination of this lease or re-entry on the Demised Premises for the default of Tenant under this lease, an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved whether or not such amount be greater, equal to, or less than any of the sums referred to in Section 27.01.
Appears in 1 contract
Damages. In the event of any termination of 18.01. If this Lease is terminated under the provisions of Article 16 hereof 16, or in the event that if Landlord shall re-enter the demised premises under the provisions of Article 17 hereof 17, or in the event of the termination of this Lease (or of re-entry by or under any summary dispossess or other proceeding or action or any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damagesdamages (i) the amount required to restore the demised premises to Building Standard; plus (ii) all additional rent accrued but unpaid to such date; plus (iii) the unamortized portion of (x) any real estate brokerage commission paid by Landlord in connection with this Lease and (y) Tenant's reimbursement for Tenant's Extra Work, as set forth in Section 2.02 (each of (x) and (y) to be amortized on a straight line basis over the Term); plus (iv) the unamortized portion of any rent abatement granted by Landlord to Tenant amortized over the term; plus (v) at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of is the excess, if any, of of
(1) the aggregate of the fixed annual rent and the additional rent under Article 24 hereof payable hereunder which would have been paid hereunder payable by Tenant had this Lease (conclusively presuming the additional rent to be the same as was payable for the year immediately preceding such termination except that additional rent on account of increases in Real Estate Taxes shall be presumed to increase at the average of the rates of increase thereof previously experienced by Landlord during the period (not so terminated, to exceed 3 years) prior to such termination) for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for Expiration Date, had this Lease not so terminated or had Landlord not so re-entered the expiration of the full term granteddemised premises, over over
(2) the aggregate rental value of the demised premises for the same period, or
(b) sums equal to the aggregate of the fixed annual rent and the additional rent under Article 24 hereof (if any) payable hereunder which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the demised premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; Expiration Date, provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the demised premises for all or any part of during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting letting, the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of or in re-entering the demised premises and of in securing possession thereof, as well as the expenses of re-letting, including altering and preparing the demised premises for new tenantstenants (including tenant work letters), brokers' commissioncommissions, attorneys' fees legal fees, and all other similar or dissimilar expenses properly chargeable against the demised premises and the rental therefrom in connection with such re-letting, thereof; it being understood that any such re-letting may be for a period equal to, less than shorter or longer than the remaining term of this Lease; provided, further, that (i) in . In no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunderhereunder for the period of such re-letting, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) subsection to a credit in respect of any net rents from a re-letting letting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the demised premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For If the purposes demised premises or any part thereof be re-let by Landlord for the unexpired portion of subparagraph (a) the term of this Article 18Lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or pursuant to such re-entryletting shall, prima facie, be the fair and reasonable rental value for the demised premises, or part thereof, so re-let during the term of the re-letting.
18.02. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease Term would have expired if it had not been so terminated under the provisions of Article 16 hereof16, or under any provision of law, or had the Landlord not re-entered the demised premises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to prove for and obtain as liquidated damages by reason of the termination of this Lease or re-entry of the demised premises for the default of Tenant under this Lease, an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved whether or not such amount be greater, equal to, or less than any of the sums referred to in Section 18.01.
Appears in 1 contract
Sources: Sublease Agreement (Idealab)
Damages. In the event of any termination of 26,01. If this Lease is terminated under the provisions of Article 16 hereof 24, or in the event that if Landlord shall re-enter the premises Demised Premises under the provisions of Article 17 hereof 25, or in the event of the termination of this Lease (Lease, or of re-entry entry, by or under any summary dispossess or other proceeding or action or of any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a A sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of (1i) the aggregate of the fixed rent and the additional rent under Article 24 hereof payable hereunder which would have been paid hereunder payable by Tenant had this Lease not so terminated, (conclusively presuming the additional rent to be the same as was payable for the year immediately preceding such termination) for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for Expiration Date, had this Lease not so terminated or had Landlord not so reentered the expiration of the full term grantedDemised Premises, over (2ii) the aggregate rental value of the premises Demised Premises for the same period, or
(b) sums Sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if anyas above presumed) payable hereunder which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premisesDemised Premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; Expiration Date, provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of relet the premises for all or any part of Demised Premises during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting, the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of re-entering or in reentering the premises Demised Premises and of in securing possession thereof, as well as the expenses of re-lettingreletting, including altering and preparing the premises Demised Premises for new tenants, brokers' commissioncommissions, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises Demised Premises and the rental therefrom in connection with such re-letting, therefrom; it being understood that any such re-letting reletting may be for a period equal to, less than shorter or longer than the remaining term of this Lease; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) Subsection to a credit in respect of any net rents from a re-letting reletting, except to the extent that such net rents are actually received by Landlord prior to Landlord. Damages shall also include the commencement unamortized portion of such suit, the cost of Landlord's Work and (iii) if any brokerage fees or commissions paid by Landlord. If the premises Demised Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-lettingreletting. For If the purposes Demised Premises or any part thereof to be relet by Landlord for the unexpired portion of subparagraph (a) the term of this Article 18Lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall reserved upon such reletting shall, prima facie, be deemed to be an amount equal to the amount of such additional rent payable by Tenant fair and reasonable rental value for the applicable period ending immediately preceding such termination of this Lease or such re-entry. Suit or suits for the recovery of such damagesDemised Premises, or any installments part thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when so relet during the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenantreletting.
Appears in 1 contract
Sources: Lease Agreement (I Many Inc)
Damages. In the event of any termination of 27.01 If this Lease lease is terminated under the provisions of Article 16 hereof 25, or in the event that if Landlord shall re-enter the premises Demised Premises under the provisions of Article 17 hereof 26, or in the event of the termination of this Lease (lease, or of re-entry entry, by or under any summary dispossess or other proceeding or action or any provision of lawlaw by reason of default hereunder on the part of Tenant (after the giving of any required notice and the expiration of any applicable cure period), Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, discounted to present value at the rate of six (6%) percent per annum, of:
1) . the aggregate of the fixed rent and the additional rent under Article 24 hereof payable hereunder which would have been paid hereunder payable by Tenant had this Lease not so terminated, (conclusively presuming the additional rent to be the same as was payable for the year immediately preceding such termination) for the period commencing with such earlier termination of this Lease lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for Expiration Date, had this lease not so terminated or had Landlord not so re-entered the expiration of the full term granted, over (Demised Premises; over
2) . the aggregate rental value of the premises Demised Premises for the same period, ; or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if anyas above presumed) payable hereunder which would have been payable by Tenant had this Lease lease not so terminated, or had Landlord not so re-entered the premisesDemised Premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; Expiration Date, provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of relet the premises for all or any part of Demised Premises during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of lease or in re-entering the premises Demised Premises and of in securing possession thereof, as well as the expenses of re-lettingreletting, including altering and preparing the premises Demised Premises for new tenants, brokers' commissioncommissions, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises Demised Premises and the rental therefrom in connection with such re-letting, therefrom; it being understood that any such re-letting reletting may be for a period equal to, less than shorter or longer than the remaining term of this Leaselease; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) Subsection to a credit in respect of any net rents from a re-letting reletting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the premises Demised Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis (for equivalent space) shall be made of the rent received from such re-letting reletting and of the expenses of re-lettingreletting. For If the purposes Demised Premises or any part thereof be relet by Landlord for the unexpired portion of subparagraph (a) the term of this Article 18lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall reserved upon such reletting shall, prima facie, be deemed to be an amount equal to the amount of such additional rent payable by Tenant fair and reasonable rental value for the applicable period ending immediately preceding such termination Demised Premises, or part thereof, so relet during the term of this Lease or such re-entry. the reletting.
27.02 Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease lease would have expired if it had not been so terminated under the provisions of Article 16 hereof25, or under any provision of law, or had the Landlord not re-re- entered the premisesDemised Premises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to prove for and obtain as liquidated damages by reason of the termination of this lease or re-entry on the Demised Premises for the default of Tenant under this lease, an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved whether or not such amount be greater, equal to, or less than any of the sums referred to in Section 27.01.
Appears in 1 contract
Sources: Lease Agreement (About Com Inc)
Damages. In the event of any termination of 27.01 If this Lease is terminated under the provisions of Article 16 hereof 25, or in the event that if Landlord shall re-enter reenter the premises Demised Premises under the provisions of Article 17 hereof 26 or in the event of the termination of this Lease (Lease, or of re-entry reentry by or under any summary dispossess proceedings, ejectment or other proceeding or by any suitable action or any provision proceeding at law, or by agreement, or by force or otherwise, by reason of law)default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) on demand, a sum at which at the time of such termination of this Lease or at the time of any such re-entry reentry by Landlord, as the case may be, represents the then value of the excess, if any, excess of (1i) the aggregate of the fixed rent and the additional rent under Article 24 hereof payable hereunder which would have been paid hereunder payable by Tenant had this Lease not so terminated, (conclusively presuming the additional rent to be the same as was payable for the year immediately preceding such termination) for the period commencing with such earlier termination of this Lease or the date of any such re-entryreentry, as the case may be, and ending with the date hereinbefore set for Expiration Date, had this Lease not so terminated or had Landlord not so reentered the expiration of the full term grantedDemised Premises, over (2ii) the aggregate rental value (calculated as of the premises date of such termination or reentry) of the Demised Premises for the same period, ; or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if anyas above presumed) payable hereunder which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered reentered the premisesDemised Premises, payable quarterly, in advance, but otherwise upon the due dates terms therefor specified herein following such termination or such re-entry reentry and until the date hereinbefore set for the expiration of the full term hereby granted; Expiration Date, provided, however, however that if Landlord (Landlord, however, not being obligated to do so) shall re-let all relet the Demised Premises or any part of the premises for all portion or any part of portions thereof during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this the Lease and/or of re-entering or in reentering the premises Demised Premises and of in securing possession thereof, as well as the expenses of re-lettingreletting, including altering and preparing the premises Demised Premises or any portion or portions thereof for new tenants, brokers' commissioncommissions, attorneys' fees advertising expenses, and all other similar or dissimilar expenses properly chargeable against the premises Demised Premises and the rental therefrom in connection with such re-letting, therefrom; it being understood that any such re-letting reletting may be for a period equal to, less than shorter or longer than the remaining term of this Lease; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) subsection to a credit in respect of any net rents from a re-letting reletting except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the premises Demised Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-lettingreletting, and Landlord shall have the right to grant reasonable rent concessions to attract one or more new tenants and to permit the term of any new lease covering part or all of the Demised Premises to be for a shorter or longer period than provided for herein. For If the purposes Demised Premises or any part thereof be relet by Landlord for the unexpired portion of subparagraph (a) the term of this Article 18Lease, or any part thereof before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by reserved upon such reletting shall, be admissible in such proceeding as evidence of the fair and reasonable rental value for the Demised Premises, or part thereof so relet during the term of the reletting. Landlord, however, shall in no event and in no way be responsible or liable for failure to collect any rent due upon any such reletting.
27.02 In the event Landlord elects to collect damages from Tenant under Article 24 hereof shall be deemed Section 27.01(b) at any time subsequent to be an amount equal such election and upon ten days prior written notice to Tenant, Landlord may elect to collect a lump sum under Section 27.01(a), crediting Tenant with amounts theretofore received by Landlord as damages. In the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of event this Lease or such re-entry. is terminated due to Tenant's default Landlord shall use good faith and reasonable efforts to mitigate its damages.
27.03 Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been so terminated under the provisions of Article 16 hereof25, or under any provision of law, or had the Landlord not re-entered reentered the premisesDemised Premises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder or otherwise on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of the Landlord to provide for and obtain as liquidated damages by reason of the termination of this Lease or reentry on the Demised Premises for the default of Tenant under this Lease, an amount equal to the maximum allowed by any statute or rule of law in effect at the time, and governing the proceedings in which such damages are to be proved whether or not such amount be greater, equal to, or less than any of the sum referred to in Section 27.01.
27.04 The foregoing Sections of this Article shall apply even if the default by Tenant has occurred prior to the Commencement Date and/or prior to Tenant taking possession of the Demised Premises. The parties acknowledge that this instrument is a lease and not a contract to make a lease.
Appears in 1 contract
Sources: Lease (Synapse Group Inc)
Damages. In the event of any termination of this Lease under the provisions of Article 16 hereof or in the event that Landlord shall re-enter the premises under the provisions of Article 17 hereof or in the event of the termination of this Lease Tenant further agrees (or of i) notwithstanding re-entry by Landlord with or under any summary dispossess without termination pursuant to the provisions of the previous Subsection, or other proceeding (ii) if this Lease is otherwise terminated by reason of Tenant's Default, or action (iii) if Landlord retakes possession with or any provision without process of law), or re-enters with or without a declaration of termination or (iv) if Landlord following any of the foregoing events, elects to let or re-let the Premises as provided in the previous Subsection, then Tenant will shall, nevertheless, in each instance, be and remain obligated to, and shall pay to Landlord as damages, upon demand, all Fees and Costs incurred in connection with Tenant's breach of this Lease, plus, at the election of the Landlord, either:
(a) a sum at which at 21.4.1 Liquidated damages determined as of the time date of such termination of this Lease or at the time of any such re-entry by LandlordLease, as the case may be, represents the then value of in an amount equal to the excess, if any, of (1) the sum of the aggregate of the fixed rent Basic Rent and the additional rent under Article 24 hereof aggregate Additional Rent which would have been paid hereunder by Tenant over the remaining Term had this Lease not so been terminated, discounted to present worth, over the then-current rental value of the Premises, for such remaining Term, as determined by Landlord, discounted to present worth, and in determining such liquidated damages, the Additional Rent for each year of such remaining Term shall be assumed to equal the Additional Rent payable for the period commencing with Lease Year immediately preceding the Lease Year in which the default occurs, annualized in the event that such earlier preceding Lease Year is less than twelve (12) months, and in determining present worth, a discount rate equal to one percentage point above the discount rate then in effect at the Federal Reserve Bank in Baltimore shall be used; or
21.4.2 Damages (payable in monthly installments, in advance, on the first day of each calendar month following such termination of this Lease or and continuing until the date of any such re-entry, as the case may be, and ending with the date hereinbefore set originally fixed herein for the expiration of the full term granted, over (2Term of this Lease) the aggregate rental value of the premises for the same period, or
(b) sums in amounts equal to the aggregate sum of (i) an amount equal to the fixed rent and the additional rent under Article 24 hereof (if any) installment of Basic Rent which would have been payable by Tenant for such calendar month had this Lease not so terminated, or had Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises for new tenants, brokers' commission, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by Tenant to Landlord hereunder, been terminated plus (ii) in no event shall Tenant be entitled in any suit an amount equal to one-twelfth (1/12) of the total Additional Rent payable for the collection of damages pursuant to this subparagraph (b) to a credit Lease Year immediately preceding the Lease Year in respect of any net rents from a re-letting except which the default occurred, annualized to the extent that such net rents are actually received preceding Lease Year is less than twelve (12) months, minus the Rent, if any, collected by Landlord prior in respect to such calendar month pursuant either to re-leasing the commencement Premises or portion thereof or from any existing subleases permitted under the terms of this Lease (after deduction from such Rent of the sum of Landlord's costs and expenses as set forth in Subsection). Landlord shall be entitled immediately to bring a separate suit, action or proceeding to collect any amount due from Tenant under this Subsection for any calendar month and any such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entry. Suit or suits for the recovery of such damagesaction, or proceeding shall not prejudice in any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require way the right of Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant collect such amount due on account of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled subsequent calendar month by reason of any default hereunder on the part of Tenantsimilar proceeding.
Appears in 1 contract
Damages. Section 14.01 In the event of any termination a Default Termination of this Lease under the provisions of Article 16 hereof or in the event that Landlord shall re-enter the premises under the provisions of Article 17 hereof or in the event of the termination of this Lease (or of re-entry by or under any summary dispossess or other proceeding or action or any provision of law)Lease, Tenant will pay to Landlord as damages, at the election of the Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, Default Termination represents the then value of the excess, if any, of the Present Value, as herein defined, of (1) the aggregate of the fixed rent Fixed Rent and the additional rent under Article 24 hereof 26 (if any) which would have been paid payable hereunder by Tenant had this Lease not so terminated, for the period commencing with such earlier termination of this Lease or the day following the date of any such re-entry, as the case may be, Default Termination and ending with the date hereinbefore set for the expiration of the full term grantedscheduled Expiration Date, over (2) the aggregate fair rental value of the premises Premises for the same periodperiod as determined by an independent real estate appraiser named by Landlord and employed at Tenant’s expense, in which case such liquidated damages shall be accelerated to be due and payable to Landlord in one lump sum on demand at any time commencing with the day following the date of such Default Termination and shall bear interest at the Default Rate, as herein defined, until paid, or
(b) sums equal to the aggregate of the fixed rent Fixed Rent and the additional rent under Article 24 hereof 26 (if any) which would have been due and payable by Tenant during the remainder of the term had this Lease not so terminatedterminated by such Default Termination, or had Landlord not so re-entered in which case such liquidated damages shall be computed and payable in monthly installments, in advance, on the premises, payable upon the due dates therefor specified herein first day of each calendar month following such termination or such re-entry Default Termination of this Lease and continuing until the date hereinbefore set scheduled Expiration Date but for the expiration of the full term hereby grantedsuch Default Termination; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let relet all or any part of the premises Premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting until the scheduled Expiration Date, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or and of re-entering the premises Premises and of securing possession thereof, as well as the expenses of re-lettingreletting, including altering and preparing the premises Premises for new tenants, brokers' commission, attorneys' fees ’ commissions and all other similar or dissimilar expenses properly chargeable against the premises Premises and the rental therefrom in connection with such re-lettingreletting, it being understood that any such re-letting reletting may be for a period equal to, less than to or shorter or longer than the remaining term of this Leasesaid period; provided, further, further that (i) in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled entitled, in any suit for the collection of damages pursuant to this subparagraph clause (b) ), to a credit in respect of any net rents from a re-letting reletting except to the extent that such net rents are actually received by Landlord prior to the commencement of such each suit, and (iii) if the premises Premises or any part thereof should be re-let relet in combination with other space, then proper appropriate apportionment on a square foot rentable area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-lettingreletting. For the purposes of subparagraph (a) of Landlord shall have no obligation whatsoever to mitigate its damages upon Tenant’s default under this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof Lease and Landlord shall not be deemed to be an amount equal to the amount of such additional rent payable by Tenant liable in any way whatsoever for the applicable period ending immediately preceding such termination of this Lease or such re-entry. Suit or suits for the recovery of such damages, failure to relet all or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until portion of the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of TenantPremises.
Appears in 1 contract
Sources: Lease (Hudson Holding Corp)
Damages. In the event of any termination of 27.01 If this Lease is terminated under the provisions of Article 16 hereof 25, or in the event that if Landlord shall re-enter reenter the premises Demised Premises under the provisions of Article 17 hereof 26 or in the event of the termination of this Lease (Lease, or of re-entry reentry by or under any summary dispossess proceedings, ejectment or other proceeding or by any suitable action or any provision proceeding at law, or by agreement, or by force or otherwise, by reason of law)default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) on demand, a sum at which at the time of such termination of this Lease or at the time of any such re-entry reentry by Landlord, as the case may be, represents the then value of the excess, if any, excess of (1i) the aggregate of the fixed rent and the additional rent under Article 24 hereof payable hereunder which would have been paid hereunder payable by Tenant had this Lease not so terminated, (conclusively presuming the additional rent to be the same as was payable for the year immediately preceding such termination) for the period commencing with such earlier termination of this Lease or the date of any such re-entryreentry, as the case may be, and ending with the date hereinbefore set for Expiration Date, had this Lease not so terminated or had Landlord not so reentered the expiration of the full term grantedDemised Premises, over (2ii) the aggregate rental value (calculated as of the premises date of such termination or reentry) of the Demised Premises for the same period, ; or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if anyas above presumed) payable hereunder which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered reentered the premisesDemised Premises, payable quarterly, in advance, but otherwise upon the due dates terms therefor specified herein following such termination or such re-entry reentry and until the date hereinbefore set for the expiration of the full term hereby granted; Expiration Date, provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all relet the Demised Premises or any part of the premises for all portion or any part of portions thereof during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this the Lease and/or of re-entering or in reentering the premises Demised Premises and of in securing possession thereof, as well as the expenses of re-lettingreletting, including altering and preparing the premises Demised Premises or any portion or portions thereof for new tenants, brokers' commissioncommissions, attorneys' fees advertising expenses, and all other similar or dissimilar expenses properly chargeable against the premises Demised Premises and the rental therefrom in connection with such re-letting, therefrom; it being understood that any such re-letting reletting may be for a period equal to, less than shorter or longer than the remaining term of this Lease; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) subsection to a credit in respect of any net rents from a re-letting reletting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the premises Demised Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-lettingreletting, and Landlord shall have the right to grant reasonable rent concessions to attract one or more new tenants and to permit the term of any new lease covering part or all of the Demised Premises to be for a shorter or longer period than provided for herein. For If the purposes Demised Premises or any part thereof be relet by Landlord for the unexpired portion of subparagraph (a) the term of this Article 18Lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by reserved upon such reletting shall, prima facie, be the fair and reasonable rental value for the Demised Premises, or part thereof, so relet during the term of the reletting. Landlord, however, shall in no event and in no way be responsible or liable for any failure to relet the Demised Premises or any part thereof or for failure to collect any rent due upon any such reletting.
27.02 In the event Landlord elects to collect damages from Tenant under Article 24 hereof Section 27.01(b) at any time subsequent to such election and upon ten days prior written notice to Tenant, Landlord may elect to collect a lump sum under Section 27.01(a), crediting Tenant with amounts theretofore received by Landlord as damages. Landlord shall be deemed have no obligation to be an amount equal relet part or all of the Demised Premises subsequent to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this the Lease or such re-entry. and upon Tenant's default.
27.03 Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been so terminated under the provisions of Article 16 hereof25, or under any provision of law, or had the Landlord not re-entered reentered the premisesDemised Premises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder or otherwise on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of the Landlord to provide for and obtain as liquidated damages by reason of the termination of this Lease or reentry on the Demised Premises for the default of Tenant under this Lease, an amount equal to the maximum allowed by any statute or rule of law in effect at the time, and governing the proceedings in which such damages are to be proved whether or not such amount be greater, equal to, or less than any of the sums referred to in Section 27.01.
27.04 The foregoing Sections of this Article shall apply even if the default by Tenant has occurred prior to the Commencement Date and/or prior to Tenant taking possession of the Demised Premises. The parties acknowledge that this instrument is a lease and not a contract to make a lease.
Appears in 1 contract
Damages. In the event of any termination of 29.01. If this Lease is terminated under the provisions of Article 16 hereof 27, or in the event that if Landlord shall re---enter the premises Demised Premises under the provisions of Article 17 hereof 28, or in the event of the termination of this Lease (Lease, or of re-entry entry, by or under any action to obtain possession in a summary dispossess manner or other proceeding or action or any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay an Additional Rent to Landlord as a condition precedent to the dismissal of any action to obtain possession of the Demised Premises or other proceeding or action for damages, at the election of Landlord, either:
(a) a A sum at which at the time of such termination of this Lease or at the time of any such re---entry by Landlord, as the case may be, represents the then value present value, calculated utilizing the prime interest rate declared by Chase Bank, N.A. in New York as of the excess, if anydate of default, of (1) the aggregate amount of the fixed rent and the additional rent under Article 24 hereof Rent which would have been paid hereunder payable by Tenant had this Lease not so terminated(conclusively presuming the average monthly Additional Rent to be the same as were the average monthly Additional Rent payable for the year, or if less than 365 days have then elapsed since the Commencement Date, the partial year, immediately preceding such termination or re-entry) for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set Expiration Date plus legal and expert fees and costs for the expiration bringing of any action to enforce this provision. In exercising this remedy, Landlord shall be entitled to accelerate all unpaid Rent and other amounts due hereunder until the full term granted, over (2) the aggregate rental value of the premises for the same period, Expiration Date; or
(b) sums Sums equal to the aggregate of the fixed rent Fixed Rent and the additional rent under Article 24 hereof (if any) Additional Rent which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re---entered the premisesDemised Premises, payable upon the due dates therefor specified herein following such termination or such re---entry and until the date hereinbefore set for the expiration of the full term hereby granted; Expiration Date, provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of relet the premises for all or any part of Demised Premises during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of re-entering or in reentering the premises Demised Premises and of in securing possession thereof, as well as the expenses expense of re-lettingreletting, including including, without limitation, altering and preparing the premises Demised Premises for new tenants, brokers' commissioncommissions, attorneys' fees legal fees, and all other similar or dissimilar expenses properly chargeable against the premises Demised Premises and the rental therefrom in connection with such re-lettingtherefrom, it being understood that any such re-letting reletting may be for a period equal to, less than shorter or longer than the remaining term of this Leaseperiod ending on the Expiration Date; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph subdivision (b) to a credit in respect of any net rents from a re-letting reletting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the premises Demised Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-lettingreletting. For If the purposes Demised Premises or any part thereof be relet by Landlord before presentation of subparagraph (a) proof of this Article 18such damages to any Court, commission or tribunal, the amount of additional rent which would reserved upon such reletting shall, prima facia, be the fair and reasonable rental value for the Demised Premises, or part thereof, to relet during the term of the reletting. Landlord shall have been payable no obligation to mitigate damages by Tenant reletting the Demised Premises and shall not be liable in any way whatsoever for its failure or refusal to relet the Demised Premises or any part thereof, or if the Demised Premises or any part thereof are relet, for its failure to collect the rent under Article 24 hereof such reletting, and no such failure or refusal to relet or failure to collect the rent shall release or affect Tenant's liability for damages or otherwise under this Lease. Landlord shall be deemed under no obligation in reletting the Demised Premises to be an amount equal give priority to the amount of such additional rent payable by Tenant for leasing thereof over other vacant space in the applicable period ending immediately preceding such termination of this Lease or such re-entryBuilding.
29.02. Suit or suits for the recovery of any such damages, or any installments thereof, may be brought by Landlord at any time and from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease Term would have expired if it had not been so terminated under the provisions of Article 16 hereof, 27 or under any provision of law, or had the Landlord not re-entered the premisesDemised Premises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to prove and/or obtain as damages by reason of the termination of this Lease or re--entry on the Demised Premises for the default of Tenant under this Lease an amount equal to the maximum amount permitted by any statute or rule of law in effect at the time when the governing proceedings have been initiated, whether or not such amount is greater than, equal to, or less than any of the sums referred to in Section 29.01.
29.03. In addition, if this Lease is terminated under the provisions of Article 27, or if Landlord shall re--enter the Demised Premises under the provisions of Article 28, Tenant covenants that: (a) the Demised Premises then shall be in the same condition as that in which Tenant has agreed to surrender the same to Landlord at the Expiration Date; (b) Tenant shall have performed prior to any such termination any obligation of Tenant contained in this Lease for the making of any alteration or for restoring or rebuilding the Demised Premises or the Building, or any part thereof; and (c) for the breach of any covenant of Tenant set forth above in this Section 29.03, Landlord shall be entitled immediately without notice or other action by Landlord, to recover, and Tenant shall pay as and for liquidated damages therefor, the cost of performing such covenant (as estimated by an independent contractor selected by Landlord).
29.04. In addition to any other remedies Landlord may have under this Lease, and without reducing or adversely affecting any of Landlord's rights and remedies under this Article 29, if any Rent or damages payable hereunder by Tenant to Landlord are not paid within five (5) days after notice therefor, the same shall bear interest at the Late Payment Rate pursuant to Section 3.05 from the due date thereof until paid, and the amount(s) of such interest shall be Additional Charges hereunder.
29.05. In addition to any remedies which Landlord may have under this Lease, if there shall be a default hereunder by Tenant which shall not have been remedied within the applicable grace period, Landlord shall not be obligated to furnish to Tenant or the Demised Premises any HVAC services, or any building services; and the discontinuance of any one or more of such services shall be without liability by Landlord to Tenant and shall not reduce, diminish or otherwise affect any of Tenant's covenants and obligations under this Lease.
Appears in 1 contract
Damages. In the event of any termination a Default Termination of this Lease under Lease, the provisions of Article 16 hereof or in the event that Landlord shall re-enter the premises under the provisions of Article 17 hereof or in the event of the termination of this Lease (or of re-entry by or under any summary dispossess or other proceeding or action or any provision of law), Tenant will pay to the Landlord as damages, at the election of the Landlord, either:
(a) a sum at which which, at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may beDefault Termination, represents the then value of the excess, if any, of (1) the aggregate of the fixed rent and rent, the additional rent under Article 24 Twenty-fourth hereof which would have been paid hereunder by Tenant (if any) and the percentage rent (if any) which, had this Lease not so terminated, would have been payable hereunder by the Tenant for the period commencing with such earlier termination of this Lease or the day following the date of any such re-entry, as the case may be, Default Termination and ending with the date hereinbefore set for the expiration of the full term hereby granted, over (2) the aggregate rental value of the premises for the same period, or
(b) sums equal to the aggregate of the fixed rent and rent, the additional rent under Article 24 Twenty-fourth hereof (if any) and the percentage rent (if any) which would have been payable by the Tenant had this Lease not so terminated, or had Landlord not so re-entered the premisesterminated by such Default Termination, payable upon the due dates therefor specified herein following such termination or such re-entry Default Termination and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if the Landlord (Landlord, however, not being obligated to do so) shall re-let relet all or any part of the premises for all or any part of said periodthe period commencing on the day following the date of such Default Termination and ending on the date hereinbefore set for the expiration of the full term hereby granted, the Landlord shall credit the Tenant with the net rents actually received by the Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by the Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by the Landlord in terminating this Lease and/or and of re-entering the premises and of securing possession thereof, as well as the expenses of re-lettingreletting, including altering and preparing the premises for new tenants, brokers' commissioncommissions, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-lettingreletting, it being understood that any such re-letting reletting may be for a period equal to, less than to or shorter or longer than the remaining term of this Leasesaid period; provided, further, that (i) in no event shall the Tenant be entitled to receive any excess or of such net rents over the sums payable by the Tenant to the Landlord hereunder, (ii) in no event shall the Tenant be entitled entitled, in any suit for the collection of damages pursuant to this subparagraph (b) ), to a credit in respect of any net rents from a re-letting reletting except to the extent that such net rents are actually received by the Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot rentable area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-lettingreletting. For the purposes of this Article, the amount of the percentage rent (if any) which would have been payable for the period following a Default Termination of this Lease shall be deemed to be an amount, for each calendar month in said period, equal to the monthly average amount of percentage rent (if any) which became payable under this Lease during the term hereof prior to such Default Termination. For the purposes of subparagraph (a) of this Article 18Article, the amount of additional rent which would have been payable by the Tenant under Article 24 Twenty-fourth hereof shall shall, for each Computation Year (as hereinafter defined) ending after such Default Termination, be deemed to be an amount equal to the amount of such additional rent payable by the Tenant for the applicable period ending Computation Year immediately preceding the Computation Year in which such termination of this Lease or such re-entryDefault Termination occurs. Suit or suits for the recovery of such damagesany damages payable hereunder by the Tenant, or any installments thereof, may be brought by the Landlord from time to time at its election, and nothing contained herein shall be deemed to require the Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premisesbut for such Default Termination. Nothing herein contained shall be construed as limiting or precluding the recovery by the Landlord against the Tenant of any sums or damages to which, in addition to the damages particularly provided above, the Landlord may lawfully be entitled by reason of any default hereunder on the part of the Tenant.
Appears in 1 contract
Sources: Sublease (Abacus Direct Corp)
Damages. In Recover from Lessee, and Lessee will on demand indemnify Lessor and/or Owner for, all damages suffered, directly or indirectly, by Lessor and/or Owner as a result of such Event of Default or the event exercise of any termination Lessor’s and/or Owner’s remedies with respect to such Event of this Lease under the provisions of Article 16 hereof or in the event that Landlord shall re-enter the premises under the provisions of Article 17 hereof or in the event Default, including each of the termination of this Lease (or of re-entry by or under any summary dispossess or other proceeding or action or any provision of law), Tenant will pay to Landlord as damages, at the election of Landlord, eitherfollowing:
(1) All accrued and unpaid Rent—Periodic payable under the Aircraft Lease Agreement in respect of any period prior to Return of the Aircraft to Lessor in the condition and otherwise in the manner required under the Aircraft Lease Agreement.
(2) All Expenses incurred by Owner and/or Lessor as a result of such Event of Default or the exercise of Lessor’s and/or Owner’s remedies with respect to such Event of Default, including (a) a sum at which at all costs and expenses properly incurred in connection with recovering possession, deregistration, exportation of the time Airframe or any Engine and/or all costs and expenses in placing such Airframe or Engine in the configuration, condition and repair required by Schedule 4 and the other provisions of such termination the Aircraft Lease Agreement and in addition all Maintenance Amounts, and (b) all losses suffered by Lessor and/or Owner because of this Lease or at its inability to place the time of any such re-entry by LandlordAircraft on lease with another lessee, its inability to place the Aircraft on lease with another lessee on terms as favorable to it as the case may be, represents the then value of the excessAircraft Lease Agreement or because whatever use, if any, of (1) to which Lessor and/or Owner is able to put the aggregate Aircraft upon its return to Lessor, or the amount received by Lessor and/or Owner upon a sale or other disposal of the fixed rent and Aircraft, is not as profitable to Lessor and/or Owner as the additional rent Aircraft Lease Agreement would have been in the case had Lessee complied with all of its obligations under Article 24 hereof the Operative Documents, including in each case, amounts corresponding to the payments of Rent—Periodic which would have been paid hereunder by Tenant had this Lease not so terminated, for due from the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration Return of the full term granted, over (2) Aircraft to Lessor until the aggregate rental value Aircraft is placed on lease or otherwise disposed of the premises for the same period, orby Lessor and/or Owner.
(b3) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises for new tenants, brokers' commission, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the Any amount of additional rent which would have been principal, interest, fees or other sums whatsoever paid or payable by Tenant under Article 24 hereof shall be deemed on account of funds borrowed in order to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entry. Suit or suits for the recovery of such damages, or carry any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenantunpaid amount.
Appears in 1 contract
Damages. If this Lease is terminated by Landlord pursuant to Section 21, Tenant shall, nevertheless, remain liable for all rent and damages which may be due or sustained prior to such termination, and all reasonable costs, fees and expenses including, but not limited to, attorneys’ fees, costs and expenses incurred by Landlord in pursuit of its remedies hereunder, or in renting the Premises to others from time to time and additional damages (the “Liquidated Damages”), which, at Landlord’s election, solely in the event of a monetary Event of Default, shall be either one or a combination of the following: (a) an amount equal to the Base Rent and additional rent due or which would have become due from the date of Tenant’s default through the remainder of the Term, less than amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any additional rent received by Landlord as a result of any failure of such other person to perform any of its obligations to Landlord), which amount shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Term would have expired but for Tenant’s default, it being understood that separate suits may be brought from time to time to collect any such damages for any month(s) (and any such separate suit shall not in any manner prejudice the right of Landlord to collect any damages for any subsequent month(s)), or Landlord may defer initiating any such suit until after the expiration of the term (in which event such deferral shall not be construed as a waiver of Landlord’s rights as set forth herein and Landlord’s cause of action shall be deemed not to have accrued until the expiration of the Term), and it being further understood that Landlord may elect to bring suits from time to time prior to reletting the Premises; or (b) an amount equal to the sum of (i) all Base Rent, additional rent and other sums due or which would be due and payable under this Lease as of the date of Tenant’s default through the end of the scheduled Term, plus (ii) all expenses (including broker and attorneys’ fees) and value of all vacancy periods projected by Landlord to be incurred in connection with the reletting of the Premises, minus (iii) any Base Rent, additional rent and other sums that Landlord proves by a preponderance of the evidence would be received by Landlord upon reletting of the Premises from the end of the vacancy period projected by Landlord through the expiration of the scheduled Term. Such amount shall be discounted using a discount factor equal to the yield of the Treasury Note or ▇▇▇▇, as appropriate, having a maturity period approximately commensurate to the remainder of the Term, and such resulting amount shall be payable to Landlord in a lump sum on demand, it being understood that upon payment of such liquidated and agreed final damages, Tenant shall be released from further liability under this Lease with respect to the period after the date of such payment. In the event of any termination a non-monetary Event of this Lease under the provisions of Article 16 hereof or in the event that Default, Landlord shall re-enter the premises under the provisions of Article 17 hereof or only be entitled to collect Liquidated Damages in the event of the termination of this Lease (or of re-entry by or under any summary dispossess or other proceeding or action or any provision of law), Tenant will pay to Landlord as damages, at the election of Landlord, either:
accordance with option (a) a sum at which at the time of such termination of set forth above and shall have no right to accelerate Tenant’s monetary obligations under this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of (1) the aggregate of the fixed rent and the additional rent under Article 24 hereof which would have been paid hereunder by Tenant had this Lease not so terminated, for the period commencing with such earlier termination of this Lease or Lease. Landlord shall be entitled to its full damages through the date of the award of damages without regard to any Base Rent, additional rent or other sums that are or may be projected to be received by Landlord upon reletting of the Premises Landlord may bring suit to collect any such re-entrydamages at any time after an Event of Default shall have occurred. If this Lease is terminated pursuant to Section 21, Landlord may relet the Premises or any part thereof, alone or together with other premises, for such term(s) which may be greater or less than the period which otherwise would have constituted the balance of the Term and on such terms and conditions (which may include concessions, free rent and/or alterations of the Premises) as Landlord, in its commercially reasonable discretion, may determine, but Landlord shall not be liable for, nor shall Tenant’s obligations hereunder be diminished by reason of, any failure by Landlord to relet the case may bePremises so long as Landlord has used commercially reasonable efforts to mitigate its damages. Tenant agrees that any such duty to mitigate shall be satisfied, and ending with Landlord shall be deemed to have used objectively reasonable efforts to fill the date hereinbefore set for Premises by doing the expiration following: (i) posting a “For Lease” sign on the Premises; (ii) advising Landlord’s leasing agent of the full term granted, over (2) the aggregate rental value availability of the premises for the same period, or
Premises; (bc) sums equal to the aggregate advising at least one outside commercial brokerage entity of the fixed rent and the additional rent under Article 24 hereof (if any) which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration availability of the full term hereby grantedPremises; and (d) offering to such leasing agents and outside commercial brokerage entities the usual and customary commissions that Landlord offers for its other similar properties; provided, however, that if Landlord (Landlord, however, shall not being be obligated to do so) shall re-let all or relet the Premises before leasing any part other unoccupied portions of the premises for all Building and any other property under the ownership or control of Landlord and/or its affiliates. If Landlord receives any part payments from the reletting of said periodthe Premises and is required to mitigate damages (despite the intent of the parties hereunder), Landlord any such payment shall credit Tenant with the net rents actually received first be applied to any costs or expenses incurred by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises for new tenants, brokers' commission, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made result of the rent received from such re-letting and Event of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entry. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of TenantDefault.
Appears in 1 contract
Sources: Deed of Lease (Infodata Systems Inc)
Damages. In the event of any termination 17.1. If there is a Default Termination of this Lease under Lease, the provisions of Article 16 hereof or in the event that Landlord shall re-enter the premises under the provisions of Article 17 hereof or in the event of the termination of this Lease (or of re-entry by or under any summary dispossess or other proceeding or action or any provision of law), Tenant will pay to the Landlord as damages, at the election of the Landlord, either:
(a) a sum at which which, at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may beDefault Termination, represents the then present value (such computation to be made by using a rate one percentage point greater than the then prevailing rate of most recently issued bonds or notes issued by the United States Treasury having a maturity closest to but not exceeding the period commencing with the day following the date of such Default Termination and ending with the date originally specified as the expiration date of this Lease (the “Remaining Period”)) of the excess, if any, of (1) the aggregate of the fixed rent and the additional rent under Article 24 hereof which would have been paid hereunder by Tenant Twenty-four (if any) which, had this Lease not so terminated, would have been payable under this Lease by the Tenant for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, Remaining Period over (2) the aggregate fair market rental value of the premises Premises for the same period, or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof Twenty-four (if any) which would have been payable by the Tenant had this Lease not so terminated, or had Landlord not so re-entered the premisesterminated by such Default Termination, payable upon the due dates therefor specified herein in this Lease following such termination or such re-entry Default Termination and until the date hereinbefore set for originally specified as the expiration of the full term hereby granted; this Lease, provided, however, that if the Landlord (Landlord, however, not being obligated to do so) shall re-let relet all or any part of the premises Premises for all or any part of said periodthe Remaining Period (the Landlord having no obligation to so relet the Premises), the Landlord shall credit the Tenant with the net rents actually received by the Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by the Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by the Landlord in terminating this Lease and/or of and re-entering the premises Premises and of securing possession thereof, as well as the expenses of re-lettingreletting, including altering and preparing the premises Premises for new tenants, brokers' commission’ commissions, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises Premises and the rental therefrom in connection with such re-lettingreletting, it being understood that any such re-letting reletting may be for a period equal to, less than to or shorter or longer than the remaining term of this Leasesaid period; provided, further, that (i) in no event shall the Tenant be entitled to receive any excess or of such net rents over the sums payable by the Tenant to Landlord hereunderthe Landlord, (ii) in no event shall the Tenant be entitled entitled, in any suit for the collection of damages pursuant to this subparagraph subsection (b) ), to a credit in respect of any net rents from a re-letting reletting except to the extent that such net rents are actually received by the Landlord prior to the commencement of such suit, and (iii) if the premises Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot rentable area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-lettingreletting.
17.2. For the purposes of subparagraph (a) of this Article 18Article, the amount of additional rent which would have been payable by the Tenant under Article 24 hereof shall Twenty-four shall, for each Computation Year (as defined in Article Twenty-four) ending after such Default Termination, be deemed to be an amount equal to the amount of such additional rent payable by the Tenant for the applicable period ending Computation Year immediately preceding the Computation Year in which such termination Default Termination occurs or if the Default Termination occurs prior to the end of the first Computation Year, then the Landlord’s reasonable estimate of what additional rent would have been had this Lease or commenced one year earlier, and in either case deemed increased each year by the percentage increase in additional rent for the immediately preceding Computation Year over the additional rent for the twelve-month period prior thereto or, if this Lease term did not occur throughout such re-entry. prior years, Landlord’s reasonable estimate of what such increase would have been had the term occurred during such years Suit or suits for the recovery of such damagesany damages payable by the Tenant, or any installments thereof, may be brought by the Landlord from time to time at its election, and nothing contained herein in this Lease shall be deemed to require the Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereofbut for such Default Termination.
17.3. Subject to Section 6.2, or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained nothing in this Lease shall be construed as limiting or precluding the recovery by the Landlord against the Tenant of any sums or damages to which, in addition to the damages particularly provided specified above, the Landlord may lawfully be entitled by reason of any default hereunder under this Lease on the part of the Tenant.
Appears in 1 contract
Sources: Lease Agreement (Lazard LTD)
Damages. In the event of any termination a Default Termination of this Lease under Lease, the provisions of Article 16 hereof or in the event that Landlord shall re-enter the premises under the provisions of Article 17 hereof or in the event of the termination of this Lease (or of re-entry by or under any summary dispossess or other proceeding or action or any provision of law), Tenant will pay to the Landlord as damages, at the election of the Landlord, either:
(a) a sum at which which, at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may beDefault Termination, represents the then value of the excess, if any, of (1) the aggregate of the fixed rent and rent, the additional rent under Article 24 Twenty-fourth hereof which would have been paid hereunder by Tenant (if any) and the percentage rent (if any) which, had this Lease not so terminated, would have been payable hereunder by the Tenant for the period commencing with such earlier termination of this Lease or the day following the date of any such re-entry, as the case may be, Default Termination and ending with the date hereinbefore set for the expiration of the full term hereby granted, over (2) the aggregate rental value of the premises for the same period, or
(b) sums equal to the aggregate of the fixed rent and rent, the additional rent under Article 24 Twenty-fourth hereof (if any) and the percentage rent (if any) which would have been payable by the Tenant had this Lease not so terminated, or had Landlord not so re-entered the premisesterminated by such Default Termination, payable upon the due dates therefor specified herein following such termination or such re-entry Default Termination and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if the Landlord (Landlord, however, not being obligated to do so) shall re-let relet all or any part of the premises for all or any part of said periodthe period commencing on the day following the date of such Default Termination and ending on the date hereinbefore set for the expiration of the full term hereby granted, the Landlord shall credit the Tenant with the net rents actually received by the Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by the Landlord from such re-letting reletting the expenses, including attorneys fees, reasonable expenses incurred or paid by the Landlord in terminating this Lease and/or and of re-entering the premises and of securing possession thereof, as well as the reasonable expenses of re-lettingreletting, including altering and preparing the premises for new tenants, brokers' commissioncommissions, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-lettingreletting, it being understood that any such re-letting reletting may be for a period equal to, less than to or shorter or longer than the remaining term of this Leasesaid period; provided, further, that (i) in no event shall the Tenant be entitled to receive any excess or of such net rents over the sums payable by the Tenant to the Landlord hereunder, (ii) in no event shall the Tenant be entitled entitled, in any suit for the collection of damages pursuant to this subparagraph (b) ), to a credit in respect of any net rents from a re-letting reletting except to the extent that such net rents are actually received by the Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot rentable area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-lettingreletting. For the purposes of this Article, the amount of the percentage rent (if any) which would have been payable for the period following a Default Termination of this Lease shall be deemed to be an amount, for each calendar month in said period, equal to the monthly average amount of percentage rent (if any) which became payable under this Lease during the term hereof prior to such Default Termination. For the purposes of subparagraph (a) of this Article 18Article, the amount of additional rent which would have been payable by the Tenant under Article 24 Twenty-fourth hereof shall shall, for each Computation Year (as hereinafter defined) ending after such Default Termination, be deemed to be an amount equal to the amount of such additional rent payable by the Tenant for the applicable period ending Computation Year immediately preceding the Computation Year in which such termination of this Lease or such re-entryDefault Termination occurs. Suit or suits for the recovery of such damagesany damages payable hereunder by the Tenant, or any and installments thereof, may be brought by the Landlord from time to time at its election, and nothing contained herein shall be deemed to require the Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premisesbut for such Default Termination. Nothing herein contained shall be construed as limiting or precluding the recovery by the Landlord against the Tenant of any sums or damages to which, in addition to the damages particularly provided above, the Landlord may lawfully be entitled by reason of any default hereunder on the part of the Tenant.
Appears in 1 contract
Damages. In the event of any termination of 29.01. If this Lease is terminated under the provisions of Article 16 hereof 27, or in the event that if Landlord shall re-enter the premises Demised Premises under the provisions of Article 17 hereof 28, or in the event of the termination of this Lease (Lease, or of re-entry entry, by or under any summary dispossess or other proceeding or action or any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay as Additional Charges to Landlord as a condition precedent to the dismissal of any summary dispossess or other proceeding or action for damages, at the election of Landlord, either:
(a) a A sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then present value of the excess, if any, of (1) the aggregate amount of the fixed rent and the additional rent under Article 24 hereof Rent which would have been paid hereunder payable by Tenant had this Lease not so terminated(conclusively presuming the average monthly Additional Rent to be the same as were the average monthly Additional Rent payable for the year, or if less than 365 days have then elapsed since the Commencement Date, the partial year, immediately preceding such termination or re-entry) for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration Expiration Date discounted to present value by utilizing a discount rate of the full term granted, over six (26%) the aggregate rental value of the premises for the same period, percent per annum; or
(b) sums Sums equal to the aggregate of the fixed rent Fixed Rent and the additional rent under Article 24 hereof (if any) Additional Charges which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premisesDemised Premises, payable upon the due dates therefor specified herein following such termination or such re-re- entry and until the date hereinbefore set for the expiration of the full term hereby granted; Expiration Date, provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of relet the premises for all or any part of Demised Premises during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of re-entering or in reentering the premises Demised Premises and of in securing possession thereof, as well as the expenses expense of re-lettingreletting, including including, without limitation, altering and preparing the premises Demised Premises for new tenants, brokers' commissioncommissions, attorneys' fees legal fees, and all other similar or dissimilar expenses properly chargeable against the premises Demised Premises and the rental therefrom in connection with such re-lettingtherefrom, it being understood that any such re-letting reletting may be for a period equal to, less than shorter or longer than the remaining term of this Leaseperiod ending on the Expiration Date; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph subdivision (b) to a credit in respect of any net rents from a re-letting reletting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the premises Demised Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-lettingreletting. For If the purposes Demised Premises or any part thereof be relet by Landlord before presentation of subparagraph (a) proof of this Article 18such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant reserved upon such reletting shall, prima facia, be the fair and reasonable rental value for the Demised Premises, or part thereof, to relet during the term of the reletting. Landlord shall not be liable in any way whatsoever for its failure or refusal to relet the Demised Premises or any part thereof, or if the Demised Premises or any part thereof are relet, for its failure to collect the rent under Article 24 hereof such reletting, and no such failure or refusal to relet or failure to collect the rent shall release or affect Tenant's liability for damages or otherwise under this Lease. Landlord shall be deemed under no obligation in reletting the Demised Premises to be an amount equal give priority to the amount of such additional rent payable by Tenant for leasing thereof over other vacant space in the applicable period ending immediately preceding such termination of this Lease or such re-entryBuilding.
29.02. Suit or suits for the recovery of any such damages, or any installments thereof, may be brought by Landlord at any time and from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease Term would have expired if it had not been so terminated under the provisions of Article 16 hereof, 27 or under any provision of law, or had the Landlord not re-entered the premisesDemised Premises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to prove and/or obtain as damages by reason of the termination of this Lease or re-entry on the Demised Premises for the default of Tenant under this Lease an amount equal to the maximum amount permitted by any statute or rule of law in effect at the time when the governing proceedings have been initiated, whether or not such amount is greater than, equal to, or less than any of the sums referred to in Section 29.01.
29.03. In addition, if this Lease is terminated under the provisions of Article 27, or if Landlord shall re-enter the Demised Premises under the provisions of Article 28, Tenant covenants that: (a) the Demised Premises then shall be in the same condition as that in which Tenant has agreed to surrender the same to Landlord at the Expiration Date; (b) Tenant shall have performed prior to any such termination any obligation of Tenant contained in this Lease for the making of any alteration or for restoring or rebuilding the Demised Premises or the Building, or any part thereof; and (c) for the breach of any covenant of Tenant set forth above in this Section 29.03, Landlord shall be entitled immediately without notice or other action by Landlord, to recover, and Tenant shall pay as and for liquidated damages therefor, the cost of performing such covenant (as estimated by an independent contractor selected by Landlord).
29.04. In addition to any other remedies Landlord may have under this Lease, and without reducing or adversely affecting any of Landlord's rights and remedies under this Article 29, if any Rent or damages payable hereunder by Tenant to Landlord are not paid within five (5) days after notice therefor, the same shall bear interest at the Late Payment Rate pursuant to Section 3.05 from the due date thereof until paid, and the amount(s) of such interest shall be Additional Charges hereunder.
29.05. In addition to any remedies which Landlord may have under this Lease, if there shall be a default hereunder by Tenant which shall not have been remedied within the applicable grace period, Landlord shall not be obligated to furnish to Tenant or the Demised Premises any HVAC services, or any building services; and the discontinuance of any one or more of such services shall be without liability by Landlord to Tenant and shall not reduce, diminish or otherwise affect any of Tenant's covenants and obligations under this Lease.
Appears in 1 contract
Sources: Lease Agreement (Access Integrated Technologies Inc)
Damages. In the event of any termination of this Lease under the provisions of pursuant to Article 16 hereof or in the event that Landlord shall re-enter the premises under the provisions of Article 17 hereof or in the event of the termination of this Lease 19 (or of re-entry by or under any summary dispossess or other proceeding or action or any provision of lawa "Default Termination"), Tenant will pay to Landlord as damages, at the election of Landlord, either:,
(a) a sum at which Landlord may recover from Tenant the total of:
(i) the worth at the time of award of the unpaid fixed rent and additional rent earned to the date of such termination of this Lease or Default Termination;
(ii) the worth at the time of any such re-entry by Landlord, as the case may be, represents the then value award of the excess, if any, of (1) amount by which the aggregate of the unpaid fixed rent and the additional rent under Article 24 hereof which would have been paid hereunder by Tenant had this Lease not so terminated, for the period commencing with such earlier termination of this Lease or earned after the date of any such re-entry, as Default Termination until the case may be, and ending with time of award exceeds the date hereinbefore set for amount of such rental loss that Tenant proves could have been reasonably avoided;
(iii) the expiration worth at the time of award of the full term granted, over (2) amount by which the aggregate rental value of the premises for the same period, or
(b) sums equal to the aggregate of the unpaid fixed rent and the additional rent under Article 24 hereof (if any) which would have been payable by Tenant had earned for the balance of the term of this Lease not so terminated, or had after the time of award exceeds the amount of such rental loss that Tenant proves could have been reasonably avoided;
(iv) any other amount necessary to compensate Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration all of the full term hereby granted; provideddetriment proximately caused by Tenant's failure to observe or perform any of its covenants and agreements under this Lease or which in the ordinary course of events would be likely to result therefrom, howeverincluding, that if Landlord (Landlordwithout limitation, however, not being obligated to do so) shall re-let all or any part the payment of the premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, reasonable expenses incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereofof the Premises and in the reletting thereof (including, as well as the expenses of re-lettingwithout limitation, including altering and preparing the premises Premises for new tenants, tenants and brokers' commission); and
(v) at Landlord's election, attorneys' fees and all such other similar amounts in addition to or dissimilar expenses properly chargeable against in lieu of the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting foregoing as may be for a period equal to, less than or longer than permitted from time to time under applicable California laws.
(b) The "worth at the remaining term time of this Lease; provided, further, that award" is computed (i) in paragraphs (a)(i) and (ii) above, by allowing interest at the rate of ten percent (10%) per annum (but in no event shall Tenant be entitled to receive any in excess or such net rents over of the sums payable maximum rate permitted by Tenant to Landlord hereunder, law) and (ii) in no event paragraph (a)(iii) above, 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%).
(c) For purposes of computing unpaid rental which would have accrued and become payable under this Lease, unpaid rental shall Tenant be entitled in any suit consist of the sum of:
(i) the total fixed rent for the collection balance of damages pursuant the term, plus
(ii) a computation of the Tenant's Share of additional rent due under the Lease including, without limitation, Tenant's share of operating expenses (including real estate taxes) for the balance of the term. For purposes of computing increases such additional rent for the calendar year of the default and each future calendar year in the term shall be assumed to this subparagraph (b) to a credit in respect of any net rents from a re-letting except be equal to the extent that such net rents are actually received by Landlord additional rent for the calendar year prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let year in combination with other space, then proper apportionment on which default occurs compounded at a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount rate equal to the amount mean average rate of such additional rent payable by Tenant inflation for the applicable period ending immediately preceding such termination five calendar years as determined by the United States Department of this Lease or such reLabor, Bureau of Labor Statistics Consumer Price Index (All Urban Consumers, all items, 1982-entry. Suit or suits 84 equals 100) for the recovery metropolitan area or region of which Los Angeles, California is a part. If such damagesindex is discontinued or revised, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein the average rate of inflation shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery determined by Landlord against Tenant of any sums or damages to which, in addition reference to the damages particularly provided above, Landlord may lawfully be entitled index designated as the successor or substitute index by reason the government of any default hereunder on the part of TenantUnited States.
Appears in 1 contract
Damages. In Whether or not this Lease or Tenant's right of possession is terminated following such event of Default, Tenant nevertheless shall remain liable for:
(a) all Basic Monthly Rent and Additional- Rent (including, without limitation, all damages sustained by Landlord by reason of the event of any termination Default) which have become due prior to such event of this Lease under Default, and all costs, fees and expenses (including, without limitation, reasonable attorneys' fees, brokerage fees, and expenses incurred in placing the provisions Premises in condition consistent with buildings of Article 16 hereof a similar quality in the Washington, D.C. metropolitan area), incurred by Landlord in pursuit of its remedies hereunder or in renting the event that Landlord shall re-enter the premises under the provisions of Article 17 hereof or in the event of the termination of this Lease Premises to others from time to time (or of re-entry by or under any summary dispossess or other proceeding or action or any provision of law)all such Basic Monthly Rent, Tenant will pay to Landlord as Additional Rent, damages, costs, fees and expenses are herein called "Termination Damages"); and
(b) additional damages (herein called "Liquidated Damages", which, ------------------ at the election of Landlord, shall be either:
(ai) a sum at which at An amount equal to the time Basic Monthly Rent and Additional Rent that would have become due during the remainder or the Term, less the amount of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excessrental, if any, that Landlord receives during such period from others to whom the Premises is rented (other than any Additional Rent received by Landlord as a result of (1) any failure of such other person to perform any of its obligations to Landlord), in which case such Liquidated Damages shall be computed and payable in monthly installments, in advance, on the aggregate first day of each calendar month following Tenant's Default and continuing until the fixed rent and date on which the additional rent under Article 24 hereof which Term would have been paid hereunder by Tenant had this Lease not so terminated, expired but for the period commencing with such earlier termination of this Lease Tenant's Default. Separate suits or the date of actions may be brought to collect any such re-entry, as the case may beLiquidated Damages for any month or months, and ending with such separate suits or action shall not in any manner prejudice the date hereinbefore set right of Landlord to collect any Liquidated Damages for any subsequent month or months by similar proceedings, or Landlord may defer any suits or actions until after the expiration of the full term granted, over Term; or
(2ii) The amount determined by subtracting (A) the aggregate present value (as of the date of Tenant's default) of the fair rental value of the premises Premises for the same period, or
(b) sums equal to the aggregate remainder of the fixed rent Term (in determining such fair rental value, the Basic Monthly Rent and operating cost charges then being paid by tenants for comparable space in comparable buildings in equally desirable locations in the additional rent under Article 24 hereof Washington, D.C. Metropolitan area shall be considered), from (if anyB) which the present value (as of the date of the Tenant's default) of all Basic Monthly Rent and Additional Rent that would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered become due during the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration remainder of the full term hereby granted; providedTerm (with such present values being determined using a discount rate of eight percent (8%) per annum), howeverwhich Liquidated Damages shall be payable to Landlord in one lump sum on demand. For this purpose, Additional Rent shall be calculated on the basis that if Landlord Tenant's Proportionate Share of increases in Operating Costs would increase at the rate such expenses have generally increased in Washington, D.C. metropolitan area for comparable buildings during the preceding five (Landlord5) years, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be as reasonably determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises for new tenants, brokers' commission, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entry. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of TenantLandlord.
Appears in 1 contract
Sources: Commercial Lease (Ncric Group Inc)
Damages. In the event of any termination of this Lease under the provisions of Article 16 hereof or in the event that Landlord shall re-enter the premises under the provisions of Article 17 hereof or in the event of the termination of this Lease (or of re-entry by or under any summary dispossess or other proceeding or action or any provision of law), Tenant will pay to Landlord as damages, at the election of Landlord, either:
(a) : a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of (1) the aggregate of the fixed rent and the additional rent under Article 24 hereof which would have been paid hereunder by Tenant ▇▇▇▇▇▇ had this Lease not so terminated, for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, over (2) the aggregate rental value of the premises for the same period, or
(b) or sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises for new tenants, brokers' commission, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entry. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant.
Appears in 1 contract
Sources: Lease Agreement
Damages. In the event of any termination of 24.01. If this Lease lease is terminated under the provisions of Article 16 hereof 22, or in the event that if Landlord shall re-enter reenter the premises Premises under the provisions of Article 17 hereof 23, or in the event of the termination of this Lease (lease by reason of Tenant's default, or of re-entry reentry, by or under any summary dispossess or other proceeding or action or any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease lease or at the time of any such re-entry by Landlord, as the case may be, represents the then present value, discounted to present value at the Article 24 Discount Rate (as defined below), of the excess, if any, of of
(1) the aggregate amount of the fixed rent Fixed Rent and the additional rent Additional Charges under Article 24 hereof 3 which would have been paid hereunder payable by Tenant had this Lease not so terminated(conclusively presuming the average monthly Additional Charges under Article 3 to be the same as were payable for the last 12 calendar months, or if less than 12 calendar months have then elapsed since the Commencement Date, all of the calendar months immediately preceding such termination or reentry) for the period (herein called the "COMPUTATION PERIOD") commencing with such earlier termination of this Lease lease or the date of any such re-entryreentry, as the case may be, and ending with the date hereinbefore set for contemplated as the expiration of Expiration Date hereof if this lease had not so terminated or if Landlord had not so reentered the full term grantedPremises, over over
(2) the aggregate rental value of the premises Premises for the same period, Computation Period; or
(b) sums equal to the aggregate of the fixed rent Fixed Rent and the additional rent Additional Charges under Article 24 hereof (if any) 3 which would have been payable by Tenant had this Lease lease not so terminated, or had Landlord not so re-entered reentered the premises, payable upon the due dates therefor specified herein following such termination or such re-entry reentry and until the date hereinbefore set for contemplated as the expiration of Expiration Date hereof if this lease had not so terminated or if Landlord had not so reentered the full term hereby grantedPremises; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of relet the premises for all or any part of Premises during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of re-entering lease or in reentering the premises Premises and of in securing possession thereof, as well as the expenses of re-lettingreletting, including including, without limitation, altering and preparing the premises Premises for new tenants, brokers' commissioncommissions, attorneys' fees legal fees, and all other similar or dissimilar expenses properly chargeable against the premises Premises and the rental therefrom in connection with such re-lettingtherefrom, it being understood that any such re-letting reletting may be for a period equal to, less than shorter or longer than the remaining term of this Leaselease; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) subdivision to a credit in respect of any net rents from a re-letting reletting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the premises Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-lettingreletting. For If the purposes Premises or any part thereof should be occupied by Landlord (or, if on other than on an arms' length basis, by Landlord's agents or Affiliates) for the conduct of subparagraph such party's ordinary business (aas distinguished from temporary use for the business of operating and/or leasing the Real Property), then Landlord shall credit Tenant with the fair market rental value of the portion of the Premises so occupied, minus the costs incurred by Landlord (or such agent or affiliate) to prepare such portion for its occupancy. If the Premises or any part thereof be relet by Landlord for the unexpired portion of the term of this Article 18lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall reserved upon such reletting shall, prima facie, be deemed to be an amount equal to the amount of such additional rent payable by Tenant fair and reasonable rental value for the applicable period ending immediately preceding such termination of this Lease or such re-entry. Suit or suits for the recovery of such damagesPremises, or any installments part thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when so relet during the term of this Lease would have expired if it had the reletting. Landlord shall not been terminated under be liable in any way whatsoever for its failure or refusal to relet the provisions of Article 16 hereofPremises or any part thereof, or if the Premises or any part thereof are relet, for -107- 112 its failure to collect the rent under any provision of lawsuch reletting, and no such refusal or had the Landlord not re-entered the premises. Nothing herein contained failure to relet or failure to collect rent shall be construed as limiting release or precluding the recovery by Landlord against Tenant of any sums affect Tenant's liability or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenantor otherwise under this lease.
Appears in 1 contract
Sources: Lease (Global Decisions Group LLC)
Damages. In the event of any termination of (i) If this Lease and the Term shall expire and come to an end as provided in Article 17, or by or under the provisions of Article 16 hereof any summary proceeding or in the event that any other action or proceeding, or if Landlord shall re-enter the premises under the provisions of Article 17 hereof or Premises as provided in the event of the termination subsection A of this Lease (Article 18, or of re-entry by or under any summary dispossess or other proceeding or any other action or proceeding, then, in any provision of law), Tenant will pay to Landlord as damages, at the election of Landlord, eithersaid events:
(a) a sum at Tenant shall pay to Landlord all Rent, additional rent and other charges payable under this Lease by Tenant to Landlord to the date upon which at this Lease and the time Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(b) Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency (referred to as “Deficiency”) between the Rent reserved in this Lease for the period which otherwise would have constituted the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of subsection A(i) of this Article 18 for any part of such period (first deducting from the rents collected under any such reletting all of Landlord’s expenses in connection with the termination of this Lease, or Landlord’s reentry upon the Premises and with such reletting including, but not limited to, all repossession costs, brokerage commissions, advertising, legal expenses, attorneys’ fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Rent, Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord’s right to collect the Deficiency for any subsequent month by a similar proceeding; and
(c) whether or at not Landlord shall have collected any monthly Deficiencies as aforesaid, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, in lieu of any further Deficiencies as and for liquidated and agreed final damages, a sum equal to the time amount by which the Rent reserved in this Lease for the period which otherwise would have constituted the unexpired portion of the Term exceeds the then fair and reasonable rental value of the Premises for the same period, less the aggregate amount of Deficiencies theretofore collected by Landlord pursuant to the provisions of subsection B(1)(b) of this Article 18 for the same period; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, shall have been relet by Landlord for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(ii) If the Premises, or any part thereof, shall be relet together with other space in the Building, the rents collected or reserved under any such reletting and the expenses of any such reletting shall be equitably apportioned for the purposes of this subsection B. Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents shall exceed the Rent reserved in this Lease. Solely for the purposes of this Article, the term “Rent” as used in subsection B(i) of this Article 18 shall mean the Rent in effect immediately prior to the date upon which this Lease and the Term shall have expired and come to an end, or the date of re-entry upon the Premises by Landlord, as the case may be, represents adjusted to reflect any increase or decrease pursuant to the then value provisions of the excess, if any, of (1) the aggregate of the fixed rent and the additional rent under Article 24 28 hereof which would have been paid hereunder by Tenant had this Lease not so terminated, for the period commencing with Comparison Year (as defined in said Article 28) immediately preceding such earlier termination of this Lease event. Nothing contained in Article 17 or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, over (2) the aggregate rental value of the premises for the same period, or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises for new tenants, brokers' commission, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof 18 shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease limit or such re-entry. Suit or suits for preclude the recovery of such damages, or any installments thereof, may be brought by Landlord from time Tenant of the maximum amount allowed to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, obtained as damages by any statute or under any provision rule of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or direct damages to which, which Landlord may be entitled in addition to the damages particularly provided aboveset forth in subsection B(i) of this Article 18 but the foregoing shall not include any punitive, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenantspecial or consequential damages.
Appears in 1 contract
Damages. In If Landlord shall not elect to terminate this Lease pursuant to Subsection 29(b)(iv) above, notwithstanding reentry upon the Premises by Landlord and in addition to and without limiting Landlord’s right to other damages, upon the occurrence of an event of any termination of this Lease under the provisions of Article 16 hereof or in the event that Landlord default Tenant shall re-enter the premises under the provisions of Article 17 hereof or in the event of the termination of this Lease (or of re-entry by or under any summary dispossess or other proceeding or action or any provision of law), Tenant will pay be and remain liable to Landlord in an amount computed as damages, at the election of Landlord, either:
follows: (a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of (1) the aggregate of the fixed rent and the additional rent under Article 24 hereof which would have been paid hereunder by Tenant had this Lease not so terminated, for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, over (2) the aggregate rental value of the premises for the same period, or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises for new tenants, brokers' commission, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount sum of such additional rent all Rent then in arrears plus the aggregate of all Rent which is payable by Tenant under this Lease for the applicable period ending immediately preceding such termination balance of this Lease or such re-entry. Suit or suits for the recovery Term, computed as if no event of such damages, or default had occurred and any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it reentry had not been terminated made (including, without limitation, Tenant’s Proportionate Share of Operating Expenses which would be owing for the remainder of the Term, as reasonably estimated by Landlord); plus (b) all costs and expenses incurred by Landlord in connection with the event of default and any reletting of the Premises, including, without limitation, (i) costs of reentry, repair and renovation, (ii) the value of all inducements granted or paid to new tenants of the Premises in connection with reletting including, without limitation, construction allowances and the value of rent-free periods, (iii) brokers’ commissions and advertising expenses, (iv) watchman’s wages and any sheriff’s, marshall’s, constable’s or other officials’ commissions, whether chargeable to Landlord or Tenant, and (v) attorneys’ fees, costs and expenses; plus (c) interest accrued on the aggregate of the aforesaid sums from the date each was payable (or, with respect to sums owing under clause (b) from the provisions date each was incurred by Landlord) until paid by Tenant (whether before or after judgment) at the rate of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained Interest; which sum shall be construed as limiting or precluding the recovery credited with (d) all rentals actually received by Landlord against during the remainder of the Term from any replacement Tenant of any sums or damages to which, in addition to which the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of TenantPremises are relet.
Appears in 1 contract
Sources: Office Space Lease (Clearpoint Business Resources, Inc)
Damages. In the event of any a termination of this Lease under the provisions of Article 16 hereof or in the event that Landlord shall re-enter the premises under the provisions of Article 17 hereof or in the event of the termination of this Lease (or of re-entry by or under any summary dispossess or other proceeding or action or any provision of law)Lease, per Section 18.1, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of (1) the aggregate of the fixed rent and the additional rent under Article 24 hereof which would have been paid hereunder by Tenant had this Lease not so terminated, for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, over (2) the aggregate rental value of the premises for the same period, or
(b) sums equal to the aggregate of the fixed rent and the additional rent Rent under Article 24 hereof (if any) ARTICLE 2 which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set forth for the expiration of the full term hereby grantedTerm; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let relet all or any part of the premises Premises for all or any part of said periodthe period commencing on the day following the date of such termination and ending on the date hereinbefore set forth for the expiration of the Term, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such when received, net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, of expenses incurred or paid by Landlord in terminating this Lease and/or of and re-entering the premises Premises and of securing possession thereof, as well as the expenses of re-lettingreletting, including altering and preparing the premises Premises for new tenants, brokers' commission’ commissions, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises Premises and the rental therefrom in connection with such re-lettingreletting, it being understood that any such re-letting reletting may be for a period equal to, less than to or shorter or longer than the remaining term of this Leasesaid period; provided, further, that (i) in no event shall Landlord be liable for failure to relet the Premises or any part thereof or be liable for failure to collect any rent due upon such reletting, provided that Landlord shall use reasonable efforts to mitigate damages; (ii) in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (iiiii) in no event shall Tenant be entitled entitled, in any suit for the collection of damages pursuant to this subparagraph (b) Section 19.2 to a credit in m respect of any net rents from a re-letting reletting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suitLandlord, and (iiiiv) if the premises Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entry. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenantreletting.
Appears in 1 contract
Sources: Purchase and Sale Agreement (American Realty Capital New York Recovery Reit Inc)
Damages. In the event of any termination of 27.01. If this Lease is terminated under the provisions of Article 16 hereof 25, or in the event that if Landlord shall re-enter the premises Demised Premises under the provisions of Article 17 hereof 26 or in the event of the termination of this Lease (Lease, or of re-entry by or under any summary dispossess proceedings, ejectment or other proceeding or by any suitable action or any provision proceeding at law, or by agreement, or by force or otherwise, by reason of law)default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) on demand, a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, excess of (1) the aggregate of the fixed rent and the additional rent under Article 24 hereof payable hereunder which would have been paid hereunder payable by Tenant had this Lease not so terminated, (conclusively presuming the additional rent to be the same as was payable for the year immediately preceding such termination) for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for Expiration Date, had this Lease not so terminated or had Landlord not so re-entered the expiration of the full term grantedDemised Premises, over (2) the aggregate rental value (calculated as of the premises date of such termination or re-entry) of the Demised Premises for the same period, or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if anyas above presumed) payable hereunder which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premisesDemised Premises, payable quarterly, in advance, but otherwise upon the due dates terms therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; providedExpiration Date, provided however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all relet the Demised Premises or any part of the premises for all portion or any part of portions thereof during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this the Lease and/or of or in re-entering the premises Demised Premises and of in securing possession thereof, as well as the expenses of re-lettingreletting, including altering and preparing the premises Demised Premises or any portion or portions thereof for new tenants, brokers' commissioncommissions, attorneys' fees advertising expenses, and all other similar or dissimilar expenses properly chargeable against the premises Demised Premises and the rental therefrom in connection with such re-letting, therefrom; it being understood that any such re-letting reletting may be for a period equal to, less than shorter or longer than the remaining term of this Lease; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) subsection to a credit in respect of any net rents from a re-letting reletting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the premises Demised Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-lettingreletting, and Landlord shall have the right to grant reasonable rent concessions to attract one or more new tenants and to permit the term of any new lease covering part or all of the Demised Premises to be for a shorter or longer period than provided for herein. For If the purposes Demised Premises or any part thereof be relet by Landlord for the unexpired portion of subparagraph (a) the term of this Article 18Lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by reserved upon such reletting shall, prima facie, be the fair and reasonable rental value for the Demised Premises, or part thereof, so relet during the term of the reletting. Landlord however shall in no event and in no way be responsible or liable for any failure to relet the Demised Premises or any part thereof or for failure to collect any rent due upon any such reletting.
27.02. In the event Landlord elects to collect damages from Tenant under Article 24 hereof Section 27.01(b), at any time subsequent to such election and upon ten days prior written notice to Tenant, Landlord may elect to collect a lump sum under Section 27.01(a), crediting Tenant with amounts theretofore received by Landlord as damages. Landlord shall be deemed have no obligation to be an amount equal relet part or all of the Demised Premises subsequent to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this the Lease or such re-entryupon Tenant's default.
27.03. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been so terminated under the provisions of Article 16 hereof25, or under any provision of law, or had the Landlord not re-entered the premisesDemised Premises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder or otherwise on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of the Landlord to prove for and obtain as liquidated damages by reason of the termination of this Lease or re-entry on the Demised Premises for the default of Tenant under this Lease, an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved whether or not such amount be greater, equal to, or less than any of the sums referred to in Section 27.01.
27.04. The foregoing Sections of this Article shall apply even if the default by Tenant has occurred prior to the Commencement Date and/or prior to Tenant taking possession of the Demised Premises. The parties acknowledge that this instrument is a lease and not a contract to make a lease.
27.05. The Tenant agrees that any legal action or suit brought against Tenant by reason of any matter whatsoever arising out of or in any way connected with this Lease, the relationship of Landlord and Tenant created hereby, Tenant’s use or occupancy of the Premises or any claim for injury or damage or default under this Lease shall be brought in the Courts of the State of Connecticut or any Federal Court sitting therein and the Tenant consents to the non-exclusive jurisdiction of such courts and to service of process in any such legal action or suit being made upon Tenant by mail at the address specified under Article 32 of this Lease. The Tenant waives any objection that it may now have or hereafter have to the venue of any such legal action or suit or any such court or that such legal action or suit was brought in an inconvenient court.
Appears in 1 contract
Damages. In the event of any termination of (i) If this Lease and the Term shall expire and come to an end as provided in Article 17, or by or under the provisions of Article 16 hereof any summary proceeding or in the event that any other action or proceeding, or if Landlord shall re-enter the premises under the provisions of Article 17 hereof or Premises as provided in the event of the termination subsection A of this Lease (Article 18, or of re-entry by or under any summary dispossess or other proceeding or any other action or proceeding, then, in any provision of law), Tenant will pay to Landlord as damages, at the election of Landlord, eithersaid events:
(a) a sum at which at the time of such termination of Tenant shall pay to Landlord all Rent, additional rent and other charges payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or at to the time date of any such re-entry upon the Premises by Landlord, as the case may be;
(b) Tenant also shall be liable for and shall pay to Landlord, represents as damages, any deficiency (referred to as "Deficiency") between the then value Rent reserved in this Lease for the period which otherwise would have constituted the unexpired portion of the excessTerm and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of subsection A(i) of this Article 18 for any part of such period (1) first deducting from the aggregate rents collected under any such reletting all of Landlord's expenses in connection with the termination of this Lease, or Landlord's reentry upon the Premises and with such reletting including, but not limited to, all repossession costs, brokerage commissions, legal expenses, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Rent, Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the fixed rent Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(c) whether or not Landlord shall have collected any monthly Deficiencies as aforesaid, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, in lieu of any further Deficiencies as and for liquidated and agreed final damages, a sum equal to the additional rent under Article 24 hereof amount by which would have been paid hereunder by Tenant had the Rent reserved in this Lease not so terminated, for the period commencing with such earlier termination of this Lease or which otherwise would have constituted the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration unexpired portion of the full term granted, over (2) Term exceeds the aggregate then fair and reasonable rental value of the premises Premises for the same period, or
(b) sums equal less the aggregate amount of Deficiencies theretofore collected by Landlord pursuant to the aggregate provisions of the fixed rent and the additional rent under Article 24 hereof subsection (if any) which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises for new tenants, brokers' commission, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (aB)(1)(b) of this Article 1818 for the same period; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, shall have been relet by Landlord for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of additional rent which would have been payable by Tenant under Article 24 hereof reserved upon such reletting shall be deemed deemed, prima facie, to be an amount equal to the amount of such additional rent payable by Tenant fair and reasonable rental value for the applicable period ending immediately preceding such termination part or the whole of this Lease or such re-entry. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when Premises so relet during the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenantreletting.
Appears in 1 contract
Sources: Lease Agreement (Thrupoint Inc)
Damages. In the event of any termination of 27.1 If this Lease is terminated under the provisions of Article 16 hereof 25, or in the event that if Landlord shall re-enter the premises Demised Premises under the provisions of Article 17 hereof 26, or in the event of the termination of this Lease (Lease, or of re-entry entry, by or under any summary dispossess or other proceeding or action or any provision provisions of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents be re resents the then value of the excess, if any, of of
(1i) the aggregate of the fixed rent and the additional rent under Article 24 hereof payable hereunder which would have been paid hereunder payable by Tenant had this Lease not so terminated, (conclusively presuming the additional rent to be same as was payable for the year immediately preceding such termination) for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for Expiration Date, had this Lease no so terminated or had Landlord not so re-entered the expiration of the full term grantedDemised Premises, over over
(2ii) the aggregate rental value of the premises Demised Premises for the same period, or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if anyas above presumed) payable hereunder which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premisesDemised Premises, payable upon the due dates date therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; Expiration Date, provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of Demised Premises during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents which shall be equal to be determined by first deducting from the gross loss rents as and when received by Landlord from such re-letting letting, less the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of or in re-entering the premises Demised Premises and of in securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises Demised Premises for new tenants, brokers' commissioncommissions, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises Demised Premises and the rental therefrom in connection with such re-letting, it being understood that any thereof. Any such re-letting may be for a period equal to, less than shorter or longer than the remaining term of this Lease; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event or shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entry. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant.Subsection 27.1
Appears in 1 contract
Sources: Lease (Merit Behavioral Care Corp)
Damages. In the event of any termination of If this Lease is terminated under the provisions of Article 16 hereof Section 6.03, or in the event that if Landlord shall re-enter enters the premises Premises under the provisions of Article 17 hereof or in the event of the termination of this Lease (or of re-entry by or under any summary dispossess or other proceeding or action or any provision of law)Section 6.04, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which which, at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may betermination, represents the then value of the excess, if any, of (1) the aggregate of the fixed rent and the additional rent under Article 24 hereof which would have been paid hereunder by Tenant Rent which, had this Lease not so terminated, would have been payable hereunder by T▇▇▇▇▇ for the period commencing with such earlier termination of this Lease or on the day following the date of any such termination or re-entry, as entry to and including the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, Expiration Date over (2) the aggregate fair rental value of the premises Premises for the same periodperiod (for the purposes of this clause (a) the amount of Additional Rent which would have been payable by Tenant under Sections 2.04 and 2.05 shall, for each calendar year ending after such termination or re-entry, be deemed to be an amount equal to the amount of such Additional Rent payable by Tenant for the calendar year immediately preceding the calendar year in which such termination or re-entry shall occur), or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which Rent that would have been payable by Tenant through and including the Expiration Date had this Lease not so terminated, terminated or had Landlord not so re-entered the premisesPremises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby grantedin this Lease; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let relet all or any part of the premises Premises for all or any part of said periodthe period commencing on the day following the date of such termination or re-entry to and including the Expiration Date, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or and of re-entering the premises Premises and of securing possession thereof, as well as the expenses of re-lettingreletting, including including, without limitation, altering and preparing the premises Premises for new tenants, brokers' commission’ commissions, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises Premises and the rental therefrom in connection with such re-lettingreletting, it being understood that any such re-letting reletting may be for a period equal to, less than to or shorter or longer than the remaining term of this Leasesaid period; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunderunder this Lease, (ii) in no event shall Tenant be entitled entitled, in any suit for the collection of damages pursuant to this subparagraph (b) Section 6.05(b), to a credit in respect of any net rents from a re-letting reletting except to the extent that such net rents are actually received by Landlord prior to on account of any period that is the commencement subject of such suit, and (iii) if the premises Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot rentable area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-letting. For reletting, and (iv) Landlord shall have no obligation to so relet the purposes of subparagraph (a) of this Article 18Premises and Tenant hereby waives any right Tenant may have, at law or in equity, to require Landlord to so relet the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entryPremises. Suit or suits for the recovery of such damagesany damages payable hereunder by T▇▇▇▇▇, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease Term would have expired if it had not been terminated under the provisions of Article 16 hereof, but for such termination or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenantentry.
Appears in 1 contract
Sources: Lease (FaceBank Group, Inc.)
Damages. In the event of any termination of 18.01. If this Lease is terminated under the provisions of Article 16 hereof 16, or in the event that if Landlord shall re-enter the demised premises under the provisions of Article 17 hereof 17, or in the event of the termination of this Lease (Lease, or of re-entry entry, by or under any summary dispossess or other proceeding or action or any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will Tenant' shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then present value of the excess, if any, of of
(1) the aggregate of the fixed annual rent and the additional rent under Article 24 hereof payable hereunder which would have been paid hereunder payable by Tenant had this Lease (conclusively presuming that additional rent on account of increases in Taxes and Operating Expenses shall increase, at the average of the rates of increase thereof previously experienced by Landlord during the period (not so terminated, to exceed three (3) years) prior to such termination) for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for Expiration Date, had this Lease not so terminated or had Landlord not so re-entered the expiration of the full term granteddemised premises, over over
(2) the aggregate rental value of the demised premises for the same period, or
(b) sums equal to the aggregate of the fixed annual rent and the additional rent under Article 24 hereof (if any) payable hereunder which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the demised premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted-42- Expiration Date; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the -------- ------- demised premises for all or any part of during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net not rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of or in re-entering the demised premises and of in securing possession thereof, as well as the expenses of re-letting, including altering and preparing the demised premises for new now tenants, brokers' commissioncommissions, attorneys' fees and all other similar or dissimilar reasonable expenses properly chargeable against the demised premises and the rental therefrom in connection with such re-letting, thereof; it being understood that any such re-letting may be be, for a period equal to, less than shorter or longer than the remaining term of this Lease; provided, further, that (i) but in no event shall Tenant be be, entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event or shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) subsection to a credit credit. in respect of any net rents from a re-letting letting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the demised premises or any part thereof should be be, re-let lot in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For If the purposes demised premises or any part thereof be re-let by Landlord for the unexpired portion of subparagraph (a) the term of this Article 18Lease, or any part thereof, before, presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or reserved upon such re-entryletting shall, prima facie both fair and ----- ----- reasonable rental value for the demised premises, or part thereof, so re-let during the term of the re-letting.
18.02. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be be, deemed to require Landlord to postpone suit until the date when the term of this Lease Lease, would have expired if it had not been so terminated under the provisions provision of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the demised premises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to prove for and obtain as liquidated damages by reason of the termination of this Lease or re-entry of the demised premises for the default of Tenant under this Lease, an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved whether or not such amount be greater, equal to, or less than any of the sums referred to in Section 18.01.
Appears in 1 contract
Damages. In 34.01 Damages Tenant covenants and agrees that if the event of any termination term of this Lease lease shall be terminated under the provisions of Article 16 hereof 32, or in the event that if Landlord shall re-enter the premises Demised Premises under the provisions of Article 17 hereof 33, or in the event of the termination of the term of this Lease (lease, or of re-entry entry, by or under any summary dispossess or other proceeding or action or any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of of: (1i) the aggregate of the fixed rent and the additional rent under Article 24 hereof payable hereunder which would have been paid hereunder payable by Tenant had this Lease not so terminated, ▇▇▇▇▇▇ (conclusively presuming the additional rent to be the same as was payable for the year immediately preceding such termination or re-entry) for the period commencing with such earlier termination of this Lease or the date of any such termination or re-entry, as the case may be, and ending with the date hereinbefore set for Expiration Date had the expiration term of this lease not been so terminated or had Landlord not so re-entered the full term grantedDemised Premises, over (2ii) the aggregate rental value of the premises Demised Premises for the same period; both discounted to the date of such termination or re-entry, as the case may be, at the rate of 10% per annum compounded quarterly; or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) payable hereunder which would have been payable by Tenant had the term of this Lease lease not so been terminated, or had Landlord not so re-entered the premisesDemised Premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set Expiration Date; Landlord may re-let the Demised Premises or any part or parts thereof either in the name of Landlord or otherwise, for a term or terms, which may at Landlord's option be less than or exceed the period which would otherwise have constituted the balance of the term of this lease; Landlord may grant concessions of free rent and Landlord, at its option, may make such alterations and decorations in the Demised Premises as Landlord considers advisable and necessary for the expiration purpose of re-letting the full term hereby granted; providedDemised Premises, and the granting of such concessions and/or making of such alterations and decorations shall not operate or be construed to release Tenant from liability hereunder as a foresaid provided however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of Demised Premises during said period, Landlord shall credit Tenant with the net rents actually received by by, Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting letting, the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating the term of this Lease and/or of lease and in re-entering the premises Demised Premises and of in securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises Demised Premises for new tenants, brokers' commissioncommissions, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises Demised Premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than shorter or longer than the remaining term of this Lease; provided, further, that (i) in lease. In no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event or shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) Article to a credit in respect of any net rents from a re-letting letting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the premises Demised Premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For In the purposes event of subparagraph (a) of a default by Tenant in its obligations under this Article 18lease, beyond applicable grace periods, if any, in addition to Landlord's other rights and remedies, there shall be immediately payable by Tenant to Landlord, as additional rent, the amount of additional all of the following which are incurred, granted or assumed by Landlord in connection with the lease: all rent which would have been payable concessions, free rent, rent credits, contributions or payments by Landlord with respect to work or improvements performed in the Demised Premises, and/or obligations expenses and liabilities of Tenant under Article 24 hereof shall assumed or paid for by Landlord in consideration of Tenant's entering into this lease. If the Demised Premises or any part thereof be deemed relet by Landlord for the unexpired portion of the Term, or an part thereof, before presentation of proof of such damages to be an amount equal to any court, commission or tribunal, the amount of rent reserved upon such additional rent payable by Tenant reletting shall, prima facie, be the fair and reasonable rental value for the applicable period ending immediately preceding such termination of this Lease or such re-entry. Suit or suits for the recovery of such damagesDemised Premises, or any installments part thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when so relet during the term of this Lease would have expired if it had the reletting. Landlord shall not been terminated under be liable in any way whatsoever for its failure or refusal to relet the provisions of Article 16 hereofDemised Premises or any part thereof, or if the Demised Premises or any part thereof are relet, for its failure to collect the rent under any provision of lawsuch reletting, and no such refusal or had the Landlord not re-entered the premises. Nothing herein contained failure to relet or failure to collect rent shall be construed as limiting release or precluding the recovery by Landlord against Tenant of any sums affect Tenant's liability for damages or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenantotherwise under this lease.
Appears in 1 contract
Damages. In the event of any termination of If this Lease is terminated under the provisions of Article 16 hereof Section 6.03, or in the event that if Landlord shall re-enter enters the premises Premises under the provisions of Article 17 hereof or in the event of the termination of this Lease (or of re-entry by or under any summary dispossess or other proceeding or action or any provision of law)Section 6.04, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which that, at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may betermination, represents the then value of the excess, if any, of (1) the aggregate of the fixed rent and the additional rent under Article 24 hereof which would have been paid hereunder by Tenant Rent that, had this Lease not so terminated, would have been payable hereunder by Tenant for the period commencing with such earlier termination of this Lease or on the day following the date of any such termination or re-entry, as entry to and including the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, Expiration Date over (2) the aggregate fair rental value of the premises Premises for the same periodperiod (for the purposes of this clause (a) the amount of Additional Rent that would have been payable by Tenant under Sections 2.02 and 2.03 shall, for each calendar year ending after such termination or re-entry, be deemed to be an amount equal to the amount of such Additional Rent payable by Tenant for the calendar year immediately preceding the calendar year in which such termination or re-entry shall occur), or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which Rent that would have been payable by Tenant through and including the Expiration Date had this Lease not so terminated, terminated or had Landlord not so re-entered the premisesPremises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby grantedin this Lease; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let relet all or any part of the premises Premises for all or any part of said periodthe period commencing on the day following the date of such termination or re-entry to and including the Expiration Date, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or and of re-entering the premises Premises and of securing possession thereof, as well as the expenses of re-lettingreletting, including including, without limitation, altering and preparing the premises Premises for new tenants, brokers' commission’ commissions, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises Premises and the rental therefrom in connection with such re-lettingreletting, it being understood that any such re-letting reletting may be for a period equal to, less than to or shorter or longer than the remaining term of this Leasesaid period; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunderunder this Lease, (ii) in no event shall Tenant be entitled entitled, in any suit for the collection of damages pursuant to this subparagraph (b) Section 6.05(b), to a credit in respect of any net rents from a re-letting reletting except to the extent that such net rents are actually received by Landlord prior to on account of any period that is the commencement subject of such suit, and (iii) if the premises Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot rentable area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-letting. For reletting, and (iv) Landlord shall have no obligation to so relet the purposes of subparagraph (a) of this Article 18Premises and Tenant hereby waives any right Tenant may have, at law or in equity, to require Landlord to so relet the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entryPremises. Suit or suits for the recovery of such damagesany damages payable hereunder by Tenant, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease Term would have expired if it had not been terminated under the provisions of Article 16 hereof, but for such termination or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenantentry.
Appears in 1 contract
Sources: Lease (Justworks, Inc.)
Damages. In the event of any termination of 18.01. If this Lease is terminated under the provisions of Article 16 hereof 16, or in the event that if Landlord shall re-enter the demised premises under the provisions of Article 17 hereof 17, or in the event of the termination of this Lease (Lease, or of re-entry by or under any summary dispossess or other proceeding or action or any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as liquidated damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of the amount computed under clause (l) below in excess of the amount computed under clause (2) below discounted to the then present value using a discount rate of the then current Federal five (5) year Treasury Note:
(1) the aggregate of the fixed annual rent and the additional rent under Article 24 hereof payable hereunder which would have been paid hereunder payable by Tenant had this Lease (conclusively presuming the additional rent to be the same as was payable for the year immediately preceding such termination except that additional rent on account of increases in Real Estate Taxes and Expenses shall be presumed to increase at the average of the rates of increase thereof previously experienced by Landlord during the period (not so terminated, to exceed three (3) years) prior to such termination) for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for Expiration Date, had this Lease not so terminated or had Landlord not so re-entered the expiration of the full term granteddemised premises, over over
(2) the aggregate rental value of the demised premises for the same period, or
(b) sums equal to the aggregate of the fixed annual rent and the additional rent under Article 24 hereof (if any) payable hereunder which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the demised premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby grantedExpiration Date; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the demised premises for all or any part of during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting letting, the expenses, including attorneys fees, reasonable expenses incurred or paid by Landlord in terminating this Lease and/or of or in re-entering the demised premises and of in securing possession thereof, as well as the reasonable and customary expenses of re-letting, including altering and preparing the demised premises for new tenants, reasonable brokers' commissioncommissions, attorneys' fees reasonable legal fees, and all other similar or dissimilar reasonable expenses properly chargeable against the demised premises and the rental therefrom in connection with such re-letting, thereof; it being understood that any such re-letting may be for a period equal to, less than shorter or longer than the remaining term of this Lease; provided, further, that (i) in . In no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunderhereunder for the period of such re-letting, (ii) in no event or shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) subsection to a credit in respect of any net rents from a re-letting letting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the demised premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For If the purposes demised premises or any part thereof be re-let by Landlord for the unexpired portion of subparagraph (a) the term of this Article 18Lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or pursuant to such re-entryletting shall, prima facie, be the fair and reasonable rental value for the demised premises, or part thereof, so re-let during the term of the re-letting.
18.02. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease Term would have expired if it had not been so terminated under the provisions of Article 16 hereof16, or under any provision of law, or had the Landlord not re-entered the demised premises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant.
18.03. In the event of the termination of this Lease, for purposes of computing damages hereunder, damages shall be increased to include the pro rata portion of the initial abatement of rentals as provided in Section l.05 hereof allocable to the remaining balance of the Term prorated over the Term. 18.
Appears in 1 contract
Damages. In the event of any termination of 27.01 If this Lease is terminated under the provisions of Article 16 hereof 25, or in the event that if Landlord shall re-enter reenter the premises Demised Premises under the provisions of Article 17 hereof 26, or in the event of the termination of this Lease (Lease, or of re-entry reentry, by or under any summary dispossess or other proceeding or action or any provision of law), Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry reentry by Landlord, as the case may be, represents the then value of the excess, excess if any, of of
(1i) the aggregate of the fixed rent and the additional rent under Article 24 hereof Rent payable hereunder which would have been paid hereunder payable by Tenant had this Lease not so terminated, (conclusively presuming the additional rent to be the same as was payable for the year immediately preceding such termination) for the period commencing with such earlier termination of this Lease or the date of any such re-entryreentry, as the case may be, and ending with the date hereinbefore set for Expiration Date, had this Lease not so terminated or had Landlord not so re-entered the expiration of the full term grantedDemised Premises, over over
(2ii) the aggregate fair and reasonable rental value of the premises Demised Premises for the same period, or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof Rent (if anyas above presumed) payable hereunder which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premisesDemised Premises, payable upon the due dates therefor specified herein following such termination or such re-entry reentry and until the date hereinbefore set for the expiration of the full term hereby grantedExpiration Date; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of Demised Premises during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents rents, as and when received by Landlord from such re-letting letting, the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of or in re-entering the premises Demised Premises and of in securing possession thereof, thereof as well as the expenses of re-letting, including altering and preparing the premises Demised Premises for new tenants, brokers' commission’ commissions, legal expenses, attorneys' fees ’ fees, advertising, and all other similar or dissimilar expenses properly chargeable against the premises Demised Premises and the rental therefrom in connection with such re-letting, thereof; it being understood that any such re-letting may be for a period equal to, less than shorter or longer than the remaining term of this Lease; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) subsection to a credit in respect of any net rents from a re-letting letting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the premises Demised Premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For .
27.02 If the purposes Demised Premises or any part thereof be re-let by Landlord for the unexpired portion of subparagraph (a) the term of this Article 18Lease, or any part thereof before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or reserved upon such re-entry. Suit letting shall, prima facie, be the fair and reasonable rental value for the Demised Premises, or part thereof so re-let during the term of the re-letting.
27.03 A suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been so terminated under the provisions of Article 16 hereof25, or under any provision of law, or had the Landlord not re-entered the premisesDemised Premises. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to prove for and obtain as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to whichliquidated damages, in addition to the damages particularly provided aboveand not as a penalty, Landlord may lawfully be entitled by reason of the termination of this Lease or re-entry of the Demised Premises for the default of Tenant under this Lease, an amount equal to the maximum allowed by any default statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved whether or not such amount be greater, equal to, or less than any of the sums referred to in Section 27.01.
27.04 Landlord may re-let the Demised Premises or any part or parts thereof; either in the name of Landlord or otherwise, for a term or terms which may at Landlord’s option be less than or exceed the period which would otherwise have constituted the balance of the term of this Lease and may grant concessions or free rent or charge a higher rental than that in this Lease.
27.05 Landlord, in putting the Demised Premises in good order or preparing the same for re-rental, may, at its option, make such alterations, repairs, replacements, and/or decorations in the Demised Premises as Landlord, in its sole judgment, considers in good faith advisable and necessary for the purpose of re-letting the Demised Premises, and the making of such alterations, repairs, replacements and/or decorations shall not operate or be construed to release Tenant from liability hereunder on as aforesaid.
27.06 Landlord shall in no event be liable in any way for failure to re-let the Demised Premises or, in the event that the Demised Premises are re-let, for failure to collect the rent thereof under such re-letting. The failure of Landlord to re-let the Demised Premises or any part of or parts thereof shall not release or affect Tenant’s liability for damages.
Appears in 1 contract
Sources: Lease Agreement (Tangoe Inc)
Damages. In the event of any termination of 24.01. If this Lease lease is terminated under the provisions of Article 16 hereof 22, or in the event that if Landlord shall re-enter reenter the premises Premises under the provisions of Article 17 hereof 23, or in the event of the termination of this Lease (lease, or of re-entry reentry, by or under any summary dispossess or other proceeding or action or any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease lease or at the time of any such re-entry reentry by Landlord, as the case may be, represents the then value of the excess, if anyany (assuming a discount at a rate per annum equal to the interest rate then applicable to United States Treasury Bonds having a term which most closely approximates the period commencing on the date that this lease is so terminated, or the date on which Landlord re-enters the Premises, as the case may be, and ending on the date on which this lease was scheduled to expire but for such termination or reentry), of (1i) the aggregate amount of the fixed rent Fixed Rent and the additional rent Additional Charges under Article 24 hereof 3 which would have been paid hereunder payable by Tenant had this Lease not so terminated(conclusively presuming the average monthly Additional Charges under Article 3 to be the same as were payable for the last twelve (12) calendar months, or if less than twelve (12) calendar months have then elapsed since the Commencement Date, all of the calendar months immediately preceding such termination or reentry) for the period commencing with such earlier termination of this Lease lease or the date of any such re-entryreentry, as the case may be, and ending with the date hereinbefore set for contemplated as the expiration date hereof if this lease had not so terminated or if Landlord had not so reentered the Premises, which date shall be the last day of the full term grantednext succeeding Extension Term if Tenant timely delivered an Extension Election Notice prior to the exercise by Landlord of its rights under Article 22 or 23, over (2ii) the aggregate fair market rental value of the premises Premises for the same period, or
(b) sums equal to the aggregate of the fixed rent Fixed Rent and the additional rent Additional Charges under Article 24 hereof (if any) 3 which would have been payable by Tenant had this Lease lease not so terminated, or had Landlord not so re-entered reentered the premisesPremises, payable upon the due dates therefor specified herein following such termination or such re-entry reentry and until the date hereinbefore set for contemplated as the expiration date hereof if this lease had not so terminated or if Landlord had not so reentered the Premises, which date shall be the last day of the full term hereby grantednext succeeding Extension Term if Tenant timely delivered an Extension Election Notice prior to the exercise by Landlord of its rights under Article 22 or 23; provided, however, that if Landlord (Landlordshall relet the Premises during said period, however, not being obligated to do so) shall re-let all or receive any part other income or consideration in connection with the use or occupancy of the premises for all Premises or any part otherwise deriving therefrom (including without limitation through the receipt of said periodinsurance or condemnation proceeds), Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting (or the net amounts of such other income or consideration), such net rents and other amounts to be determined by first deducting from the gross rents from such reletting (or the gross amounts of such other income or consideration) as and when received by Landlord from such re-letting the expenses, including attorneys fees, reasonable and actual expenses incurred or paid by Landlord in terminating this Lease and/or of re-entering lease or in reentering the premises Premises and of in securing possession thereof, as well as the reasonable and actual expenses of re-lettingreletting (including, including without limitation, altering and preparing the premises Premises for new tenants, brokers' commission’ commissions, attorneys' fees reasonable legal fees, and all other similar or dissimilar customary and reasonable expenses properly chargeable against the premises Premises and the rental therefrom in connection with therefrom) or of realizing such re-lettingother income or consideration, it being understood that any such re-letting reletting may be for a period equal to, less than shorter or longer than the remaining term Term, which date shall be the last day of this Leasethe next succeeding Extension Term if Tenant timely delivered an Extension Election Notice prior to the exercise by Landlord of its rights under Article 22 or 23; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents or other amounts over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) subdivision to a credit in respect of any net rents from a re-letting reletting or any net amounts of such other income or consideration, except to the extent that such net rents or other amounts are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the premises Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-lettingreletting. For If the purposes Premises or any part thereof be relet by Landlord for the unexpired portion of subparagraph (a) the Term, or any part thereof, before presentation of this Article 18proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been reserved upon such reletting shall, prima facie, be the fair and reasonable rental value for the Premises, or part thereof, so relet during the term of the reletting, provided that such reletting shall constitute a bona-fide arm’s-length third party transaction. Notwithstanding anything to the contrary contained in this lease, Landlord shall not be liable in any way whatsoever for its failure to relet the Premises or any part thereof, or if the Premises or any part thereof are relet, for its failure to collect the rent under such reletting, and no such failure to relet or failure to collect rent shall release or affect Tenant’s liability for damages or otherwise under this lease. If Landlord or any Affiliate of Landlord shall use or occupy the Premises or any portion thereof following the termination of this lease under the provisions of Article 22, the damages payable by Tenant under Article 24 hereof pursuant to paragraph (b) above shall be deemed to be an amount equal to reduced by the amount fair market rental value of the Premises or such portion thereof that is so occupied by Landlord or its Affiliate (or by the excess, if any, of such additional rent payable fair market rental value over the amounts, if any, actually paid by Tenant for the applicable period ending immediately preceding such termination of this Lease Landlord or such re-entryAffiliate in connection with such use or occupancy).
24.02. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease Term would have expired if it had not been so terminated under the provisions of Article 16 hereof, or under any provision of law22, or had the Landlord not re-entered reentered the premisesPremises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to prove for and obtain as damages by reason of the termination of this lease or reentry on the Premises for the default of Tenant under this lease an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved whether or not such amount be greater than any of the sums referred to in Section 24.01. Except as otherwise expressly set forth in this lease, Landlord shall not be liable to Tenant, and Tenant shall not be liable to Landlord, for indirect, consequential, special, punitive, exemplary, incidental or other like damages (including, without limitation, damages to Landlord for lost profits or opportunities, or the loss by foreclosure, deed in lieu, or otherwise, of all or any portion of Landlord’s interest in the Premises), even if arising from any act, omission or negligence of such party or from the breach by such party of its obligations under this lease. Subject to Section 9.04, the foregoing shall not limit the recovery of either party under an indemnity in respect of third party claims (excluding for the avoidance of doubts, claims of the respective parties Affiliates).
24.03. [Intentionally Omitted]
24.04. In addition, if this lease is terminated under the provisions of Article 22, or if Landlord shall reenter the Premises under the provisions of Article 23, Tenant agrees that:
(a) the Premises then shall be in the condition in which Tenant has agreed to surrender the same to Landlord at the expiration of the term hereof;
(b) Tenant shall have performed prior to any such termination any covenant of Tenant contained in this lease for the making of any Alterations or for restoring or rebuilding the Premises or any part thereof; and
(c) for the breach of any covenant of Tenant set forth above in this Section 24.04, Landlord shall be entitled immediately, without notice or other action by Landlord, to recover, and Tenant shall pay, as and for liquidated damages therefor, the cost of performing such covenant (as estimated by a reputable independent contractor selected by Landlord).
24.05. In addition to any other remedies Landlord may have under this lease, and without reducing or adversely affecting any of Landlord’s rights and remedies under Article 22, if any installment of Fixed Rent or of any Additional Charges payable hereunder by Tenant to Landlord is not paid (x) in the case of Fixed Rent, on or prior to the due date thereof, or (y) in the case of Additional Charges payable to Landlord within five (5) Business Days after the due date thereof, the same shall bear interest at the Interest Rate from the due date thereof until paid, and the amount of such interest shall be an Additional Charge hereunder; provided, that, if for the month in which there is an increase in Fixed Rent pursuant to Section 1.04(a), Tenant fails to pay the adjusted amount of Fixed Rent (but pays at least the amount of Fixed Rent for the immediately preceding month), interest under this Section 24.05 shall not accrue unless Tenant fails to pay the amount of such shortfall within seven (7) Business Days after receiving notice thereof from Landlord, and if Tenant fails to pay such shortfall within said seven (7) Business Day period, interest shall accrue only on the amount of such shortfall from the day Fixed Rent was first due and payable until the date such shortfall is paid. Landlord shall provide Tenant with notice of any failure of Tenant to pay Fixed Rent and/or Additional Charges; it being understood and agreed that the delivery of any such notice shall not be a condition to the imposition of interest pursuant to this Section 24.05. For the purposes of this Section 24.05, a rent ▇▇▇▇ sent by first class mail, to the address to which notices are to be given under this lease, shall be deemed a proper demand for the payment of the amounts set forth therein but no such demand shall be required as a condition to the payment thereof. To the extent that Tenant is required under this lease to make any payments directly to third parties on behalf of Landlord, Tenant shall be responsible for any late charges or interest imposed by such third parties in the event that Tenant does not make such payments in a timely manner.
Appears in 1 contract
Sources: Lease (Citigroup Inc)
Damages. In the event of any termination of 18.01. If this Lease is terminated under the provisions of Article 16 hereof hereof, or in the event that if Landlord shall re-enter the demised premises under the provisions of Article 17 hereof hereof, or in the event of the termination of this Lease (Lease, or of re-entry entry, by or under any summary dispossess or other proceeding or action or any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then present value of the excess, if any, of of
(1) the aggregate of the fixed annual rent and the additional rent under Article 24 hereof payable hereunder which would have been paid hereunder payable by Tenant had this Lease (conclusively presuming that additional rent on account of increases in Taxes, and Operating Expense shall increase at the average of the rates of increase thereof previously experienced by Landlord during the period (not so terminated, to exceed 3 years) prior to such termination) for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for Expiration Date, had this Lease not so terminated or had Landlord not so re-entered the expiration of the full term granteddemised premises, over over
(2) the aggregate rental value of the demised premises for the same period, or
(b) sums equal to the aggregate of the fixed annual rent and the additional rent under Article 24 hereof (if any) payable hereunder which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the demised premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; Expiration Date, provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the demised premises for all or any part of during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, expenses paid or incurred or paid by Landlord in terminating this Lease and/or of or in re-entering the demised premises and of in securing possession thereof, as well as the expenses of re-letting, including altering and preparing the demised premises for new tenants, brokers' commissioncommissions, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the demised premises and the rental therefrom in connection with such re-letting, thereof; it being understood that any such re-letting may be for a period equal to, less than shorter or longer than the remaining term of this Lease; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event or shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) subsection to a credit in respect of any net rents from a re-letting letting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the demised premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For If the purposes demised premises or any part thereof be re-let by Landlord for the unexpired portion of subparagraph (a) the term of this Article 18Lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or reserved upon such re-entryletting shall, prima facie, be the fair and reasonable rental value for the demised premises, or part thereof, so re-let during the term of the re-letting.
18.02. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been so terminated under the provisions of Article 16 hereof16, or under any provision of law, or had the Landlord not re-entered the demised premises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to prove for and obtain as liquidated damages by reason of the termination of this Lease or re-entry of the demised premises for the default of Tenant under this Lease, an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved whether or not such amount be greater, equal to, or less than any of the sums referred to in Section 18.01 hereof.
Appears in 1 contract
Sources: Lease Agreement (24/7 Media Inc)
Damages. In the event of any termination of 26.01. If this Lease is terminated under the provisions of Article 16 hereof 24, or in the event that if Landlord shall re-enter the premises Demised Premises under the provisions of Article 17 hereof 25, or in the event of the termination of this Lease (Lease, or of re-entry entry, by or under any summary dispossess or other proceeding or action or of any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a A sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of (1i) the aggregate of the fixed rent and the additional rent under Article 24 hereof payable hereunder which would have been paid hereunder payable by Tenant had this Lease not so terminated, (conclusively presuming the additional rent to be the same as was payable for the year immediately preceding such termination) for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for Expiration Date, had this Lease not so terminated or had Landlord not so re-entered the expiration of the full term grantedDemised Premises, over (2ii) the aggregate rental value of the premises Demised Premises for the same period, or
(b) sums Sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if anyas above presumed) payable hereunder which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premisesDemised Premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; Expiration Date, provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of relet the premises for all or any part of Demised Premises during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting, the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of re-entering or in reentering the premises Demised Premises and of in securing possession thereof, as well as the expenses of re-lettingreletting, including altering and preparing the premises Demised Premises for new tenants, brokers' commissioncommissions, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises Demised Premises and the rental therefrom in connection with such re-letting, therefrom; it being understood that any such re-letting reletting may be for a period equal to, less than shorter or longer than the remaining term of this Lease; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) Subsection to a credit in respect of any net rents from a re-letting reletting, except to the extent that such net rents are actually received by Landlord. Landlord prior shall use commercially reasonable efforts to relet the commencement Demised Premises so as to mitigate damages. Landlord shall not be obligated to rent the Demised Premises any differently from other vacant space in its inventory or in the inventory of such suit, affiliated entities. Damages shall also include the unamortized portion of the cost of Landlord's Work and (iii) if any brokerage fees or commissions paid by Landlord. If the premises Demised Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-lettingreletting. For If the purposes Demised Premises or any part thereof to be relet by Landlord for the unexpired portion of subparagraph (a) the term of this Article 18Lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall reserved upon such reletting shall, prima facie, be deemed to be an amount equal to the amount of such additional rent payable by Tenant fair and reasonable rental value for the applicable period ending immediately preceding such termination Demised Premises, or part thereof, so relet during the term of this Lease or such re-entrythe reletting.
26.02. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been so terminated under the provisions of Article 16 hereof24, or under any provision of law, or had the Landlord not re-entered the premisesDemised Premises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to seek and obtain as liquidated damages by reason of the termination of this Lease or re-entry on the Demised Premises for the default of Tenant under this Lease, an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved whether or not such amount be greater, equal to, or less than any of the sums referred to in Section 26.01.
26.03. Landlord and Tenant agree that with respect to any lawsuit instituted or defended or any action to enforce all or any of the provisions of this Lease, the successful party shall be entitled to all costs and expenses incurred, including reasonably attorney's fees.
Appears in 1 contract
Sources: Lease Agreement (Intelligroup Inc)
Damages. In the event of any termination of this Lease under the provisions of Article 16 hereof or in the event (a) Tenant covenants and agrees that Landlord shall re-enter the premises under the provisions of Article 17 hereof or in the event of the termination of this Lease (or of re-entry by Landlord, under, any of the provisions of this Article or under any summary dispossess or other proceeding or action or any provision pursuant to law, by reason of law)default hereunder on the part of Tenant, Tenant will shall pay to Landlord Landlord, as damagesdamages with respect to this Lease, at the election of Landlord, either:
(a1) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of of:
(1i) the aggregate of the fixed rent and the additional rent under Article 24 hereof Rent which would have been paid hereunder payable by Tenant had this Lease not so terminated, for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for Expiration Date of this Lease, had this Lease not so terminated or had Landlord not so re-entered the expiration of the full term granted, over Demised Premises over
(2ii) the aggregate fair market rental value of the premises Demised Premises for the same period, ; or
(b2) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) Rent which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premisesDemised Premises, payable upon the due dates therefor days specified herein in this Lease following such termination or such re-entry and until the date hereinbefore set for the expiration Expiration Date of the full term hereby granted; this Lease, provided, however, that if Landlord (Landlord, however, not being obligated to do so) the Demised Premises shall be leased or re-let all or any part of the premises for all or any part of during said period, Landlord shall credit Tenant with the net rents actually rents, if any, received by Landlord from such leasing or re-letting, such net rents Rent to be determined by first deducting from the gross rents as and when received by Landlord from such leasing or re-letting the expenses, including attorneys fees, actual expenses incurred or paid by Landlord in terminating this Lease and/or or of re-entering the premises Demised Premises and of securing possession thereof, as well as the expenses actual expense of leasing and re-letting, including altering and preparing any portion of the premises Demised Premises for new tenants, brokers' commission, attorneys' fees commissions (attributable only to the remaining portion of Tenant's Term) and all other similar or dissimilar expenses properly chargeable against the premises Demised Premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Leasetherefrom; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums Rent, payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph .
(b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entry. Suit or suits for the recovery of such any and all damages, or any installments thereof, provided for hereunder may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereofthis Article, or under provisions of any provision of law, or had the Landlord not re-entered the premises. Demised Premises.
(c) Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, which Landlord may lawfully be entitled by reason of in any default hereunder on the part of Tenantcase other than those particularly provided for above.
Appears in 1 contract
Damages. Section 14.01 In the event of any termination a Default Termination of this Lease under the provisions of Article 16 hereof or in the event that Landlord shall re-enter the premises under the provisions of Article 17 hereof or in the event of the termination of this Lease (or of re-entry by or under any summary dispossess or other proceeding or action or any provision of law)Lease, Tenant will pay to Landlord as damages, at the election of the Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, Default Termination represents the then value of the excess, if any, of the Present Value, as hereinafter defined, of (1) the aggregate of the fixed rent Fixed Rent and the additional rent under Article 24 hereof 26 (if any) which would have been paid payable hereunder by Tenant had this Lease not so terminated, for the period commencing with such earlier termination of this Lease or the day following the date of any such re-entry, as the case may be, Default Termination and ending with the date hereinbefore set for the expiration of the full term grantedscheduled Expiration Date, over (2) the aggregate fair rental value of the premises Premises for the same periodperiod as determined by an independent real estate appraiser reasonably satisfactory to Tenant and Landlord and employed at Tenant’s expense, in which case such liquidated damages shall be accelerated to be due and payable to Landlord in one lump sum on demand at any time commencing with the day following the date of such Default Termination and shall bear interest at the Default Rate, as herein defined, until paid; or
(b) sums equal to the aggregate of the fixed rent Fixed Rent and the additional rent under Article 24 hereof 26 (if any) which would have been due and payable by Tenant during the remainder of the term had this Lease not so terminatedterminated by such Default Termination, or had Landlord not so re-entered in which case such liquidated damages shall be computed and payable in monthly installments, in advance, on the premises, payable upon the due dates therefor specified herein first day of each calendar month following such termination or such re-entry Default Termination of this Lease and continuing until the date hereinbefore set scheduled Expiration Date but for the expiration of the full term hereby grantedsuch Default Termination; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let relet all or any part of the premises Premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting until the scheduled Expiration Date, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or and of re-entering the premises and Premises and, to the extent applicable, of securing possession thereof, as well as the reasonable expenses of re-lettingreletting, including altering and preparing the premises Premises for new tenants, brokers' commission, attorneys' fees ’ commissions and all other similar or dissimilar expenses properly chargeable against the premises Premises and the rental therefrom in connection with such re-lettingreletting, it being understood that any such re-letting reletting may be for a period equal to, less than to or shorter or longer than the remaining term of this Leasesaid period; provided, further, that further that: (i) in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, ; (ii) in no event shall Tenant be entitled entitled, in any suit for the collection of damages pursuant to this subparagraph clause (b) ), to a credit in respect of any net rents from a re-letting reletting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, Landlord; and (iii) if the premises Premises or any part thereof should be re-let relet in combination with other space, then proper appropriate apportionment on a square foot rentable area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-lettingreletting. For the purposes of subparagraph (a) of Landlord shall have no obligation whatsoever to mitigate its damages upon ▇▇▇▇▇▇’s default under this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof Lease and Landlord shall not be deemed to be an amount equal to the amount of such additional rent payable by Tenant liable in any way whatsoever for the applicable period ending immediately preceding such termination of this Lease or such re-entry. Suit or suits for the recovery of such damages, failure to relet all or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until portion of the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of TenantPremises.
Appears in 1 contract
Sources: Lease (Warner Music Group Corp.)
Damages. In the event of any termination of (i) If this Lease and the Term shall expire and come to an end as provided in Article 17, or by or under the provisions of Article 16 hereof any summary proceeding or in the event that any other action or proceeding, or if Landlord shall re-enter the premises under the provisions of Article 17 hereof or Premises as provided in the event of the termination subsection A of this Lease (Article 18, or of re-entry by or under any summary dispossess or other proceeding or any other action or proceeding, then, in any provision of law), Tenant will pay to Landlord as damages, at the election of Landlord, eithersaid events:
(a) a sum at Tenant shall pay to Landlord all Rent, additional rent and other charges payable under this Lease by Tenant to Landlord to the date upon which at this Lease and the time Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(b) Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency (referred to as "Deficiency") between the Rent reserved in this Lease for the period which otherwise would have constituted the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of subsection A(i) of this Article 18 for any part of such period (first deducting from the rents collected under any such reletting all of Landlord's expenses in connection with the termination of this Lease, or Landlord's reentry upon the Premises and with such reletting including, but not limited to, all reasonable repossession costs, brokerage commissions, legal expenses, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Rent, Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(c) whether or at not Landlord shall have collected any monthly Deficiencies as aforesaid, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, in lieu of any further Deficiencies as and for liquidated and agreed final damages, a sum equal to the time amount by which the Rent reserved in this Lease for the period which otherwise would have constituted the unexpired portion of the Term exceeds the then fair and reasonable rental value of the Premises for the same period, less the aggregate amount of Deficiencies theretofore collected by Landlord pursuant to the provisions of subsection B(1)(b) of this Article 18 for the same period; it before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof shall have been relet by Landlord for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereot the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(ii) If the Premises, or any part thereof, shall be relet together with other space in the Building, the rents collected or reserved under any such reletting and the expenses of any such reletting shall be equitably apportioned for the purposes of this subsection B. Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents shall exceed the Rent reserved in this Lease. Solely for the purposes of this Article, the term "Rent" as used in subsection B(i) of this Article 18 shall mean the Rent in effect immediately prior to the date upon which this Lease and the Term shall have expired and come to an end, or the date of re-entry upon the Premises by Landlord, as the case may be, represents adjusted to reflect any increase or decrease pursuant to the then value provisions of the excess, if any, of (1) the aggregate of the fixed rent and the additional rent under Article 24 28 hereof which would have been paid hereunder by Tenant had this Lease not so terminated, for the period commencing with Comparison Year (as defined in said Article 28) immediately preceding such earlier termination of this Lease event. Nothing contained in Article 17 or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, over (2) the aggregate rental value of the premises for the same period, or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises for new tenants, brokers' commission, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof 18 shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease limit or such re-entry. Suit or suits for preclude the recovery of such damages, or any installments thereof, may be brought by Landlord from time Tenant of the maximum amount allowed to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, obtained as damages by any statute or under any provision rule of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, which Landlord may be entitled in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason set forth in subsection B(i) of any default hereunder on the part of Tenantthis Article 18.
Appears in 1 contract
Sources: Lease Agreement (Nextvenue Inc)
Damages. In the event of any termination of (i) If this Lease and the Term shall expire and come to an end as provided in Article 17, or by or under the provisions of Article 16 hereof any summary proceeding or in the event that any other action or proceeding, or if Landlord shall re-enter the premises under the provisions of Article 17 hereof or Premises as provided in the event of the termination subsection A of this Lease (Article 18, or of re-entry by or under any summary dispossess or other proceeding or any other action or proceeding, then, in any provision of law), Tenant will pay to Landlord as damages, at the election of Landlord, eithersaid events:
(a) a sum at Tenant shall pay to Landlord all Rent, additional rent and other charges payable under this Lease by Tenant to Landlord to the date upon which at this Lease and the time Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(b) Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency (referred to as "Deficiency") between the Rent reserved in this Lease for the period which otherwise would have constituted the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of subsection A(i) of this Article 18 for any part of such period (first deducting from the rents collected under any such reletting all of Landlord's expenses in connection with the termination of this Lease, or Landlord's reentry upon the Premises and with such reletting including, but not limited to, all reasonable repossession costs, brokerage commissions, legal expenses, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Rent, Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(c) whether or at not Landlord shall have collected any monthly Deficiencies as aforesaid, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, in lieu of any further Deficiencies as and for liquidated and agreed final damages, a sum equal to the time amount by which the Rent reserved in this Lease for the period which otherwise would have constituted the unexpired portion of the Term exceeds the then fair and reasonable rental value of the Premises for the same period, less the aggregate amount of Deficiencies theretofore collected by Landlord pursuant to the provisions of subsection B(1)(b) of this Article 18 for the same period; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, shall have been relet by Landlord for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(ii) If the Premises, or any part thereof, shall be relet together with other space in the Building, the rents collected or reserved under any such reletting and the expenses of any such reletting shall be equitably apportioned for the purposes of this subsection B. Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents shall exceed the Rent reserved in this Lease. Solely for the purposes of this Article, the term "Rent" as used in subsection B(i) of this Article 18 shall mean the Rent in effect immediately prior to the date upon which this Lease and the Term shall have expired and come to an end, or the date of re-entry upon the Premises by Landlord, as the case may be, represents adjusted to reflect any increase or decrease pursuant to the then value provisions of the excess, if any, of (1) the aggregate of the fixed rent and the additional rent under Article 24 28 hereof which would have been paid hereunder by Tenant had this Lease not so terminated, for the period commencing with Comparison Year (as defined in said Article 28) immediately preceding such earlier termination of this Lease event. Nothing contained in Article 17 or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, over (2) the aggregate rental value of the premises for the same period, or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises for new tenants, brokers' commission, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof 18 shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease limit or such re-entry. Suit or suits for preclude the recovery of such damages, or any installments thereof, may be brought by Landlord from time Tenant of the maximum amount allowed to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, obtained as damages by any statute or under any provision rule of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, which Landlord may be entitled in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason set forth in subsection B(i) of any default hereunder on the part of Tenantthis Article 18.
Appears in 1 contract
Sources: Assignment and Amendment of Lease (Talkpoint Communications Inc)
Damages. In the event of any termination of If this Lease is terminated under the provisions of Article 16 hereof Section 6.03, or in the event that if Landlord shall re-enter enters the premises Premises under the provisions of Article 17 hereof or in the event of the termination of this Lease (or of re-entry by or under any summary dispossess or other proceeding or action or any provision of law)Section 6.04, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which which, at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may betermination, represents the then value of the excess, if any, of (1) the aggregate of the fixed rent and the additional rent under Article 24 hereof which would have been paid hereunder by Tenant Rent which, had this Lease not so terminated, would have been payable hereunder by Tenant for the period commencing with such earlier termination of this Lease or on the day following the date of any such termination or re-entry, as entry to and including the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, Expiration Date over (2) the aggregate fair rental value of the premises Premises for the same periodperiod (for the purposes of this clause (a) the amount of Additional Charges which would have been payable by Tenant under Sections 2.04 and 2.05 shall, for each calendar year ending after such termination or re-entry, be deemed to be an amount equal to the amount of such Additional Charges payable by Tenant for the calendar year immediately preceding the calendar year in which such termination or re-entry shall occur), or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which Rent that would have been payable by Tenant through and including the Expiration Date had this Lease not so terminated, terminated or had Landlord not so re-entered the premisesPremises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby grantedin this Lease; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let relet all or any part of the premises Premises for all or any part of said periodthe period commencing on the day following the date of such termination or re-entry to and including the Expiration Date, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses actually incurred or paid by Landlord in terminating this Lease and/or and of re-entering the premises Premises and of securing possession thereof, as well as the expenses of re-lettingreletting, including including, without limitation, altering and preparing the premises Premises for new tenants, brokers' commission’ commissions, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises Premises and the rental therefrom in connection with such re-lettingreletting, it being understood that any such re-letting reletting may be for a period equal to, less than to or shorter or longer than the remaining term of this Leasesaid period; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunderunder this Lease, (ii) in no event shall Tenant be entitled entitled, in any suit for the collection of damages pursuant to this subparagraph (b) Section 6.05(b), to a credit in respect of any net rents from a re-letting reletting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suitLandlord, and (iii) if the premises Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot rentable area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-letting. For reletting and (iv) Landlord shall have no obligation to so relet the purposes of subparagraph (a) of this Article 18Premises and Tenant hereby waives any right Tenant may have, at law or in equity, to require Landlord to so relet the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entryPremises. Suit or suits for the recovery of such damagesany damages payable hereunder by Tenant, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease Term would have expired if it had not been terminated under the provisions of Article 16 hereof, but for such termination or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenantentry.
Appears in 1 contract
Damages. In the event of any termination of 18.1 If this Lease is terminated under the provisions of Article 16 hereof 16, or in the event that if Landlord shall re-enter the demised premises under the provisions of Article 17 hereof 17, or in the event of the termination of this Lease (Lease, or of re-entry entry, by or under any summary dispossess or other proceeding or action or any provision by reason of law)default hereunder on the part of Tenant, Tenant will shall pay to Landlord landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the present value (which present value shall be calculated at a discount rate equal to the then value legal rate of interest on judgments in New York State) of the excess, if any, of of
(1) the aggregate of the fixed annual rent and the additional rent under Article 24 hereof payable hereunder which would have been paid hereunder payable by Tenant had this Lease (conclusively presuming the additional rent to be the same as was payable for the year immediately preceding such termination except that additional rent on account of increases in Taxes and Expenses shall be presumed to increase at the average of the rates of increase thereof previously experienced by Landlord during the period (not so terminated, to exceed three (3) years) prior to such termination) for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for Expiration Date, had this Lease not so terminated or had Landlord not so re-entered the expiration of the full term granteddemised premises, over over
(2) the aggregate rental value of the demised premises for the same period, or
(b) sums equal to the aggregate of the fixed annual rent and the additional rent under Article 24 hereof (if anyas above presumed) payable hereunder which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the demised premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby grantedExpiration Date; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the demised premises for all or any part of during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting letting, the expenses, including attorneys fees, reasonable expenses incurred or paid by Landlord in terminating this Lease and/or of or in re-entering the demised premises and of in securing possession thereof, as well as the reasonable expenses of re-letting, including altering and preparing the demised premises for new tenants, brokers' commissioncommissions comparable to those then being paid in similar transactions, attorneys' fees and all other similar or dissimilar reasonable expenses properly chargeable against the demised premises and the rental therefrom in connection with such re-letting, thereof; it being understood that any such re-letting may be for a period equal to, less than shorter or longer than the remaining term of this Lease; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) subsection to a credit in respect of any net rents from a re-letting letting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the demised premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For If the purposes demised premises or any part thereof be re-let by Landlord in an arm's-length transaction for the unexpired portion of subparagraph (a) the term of this Article 18Lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or reserved upon such re-entry. letting shall, prima facie, be the fair and reasonable rental value for the demised premises, or part thereof, so re-let during the term of the re-letting.
18.2 Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been so terminated under the provisions of Article 16 hereof16, or under any provision of law, or had the Landlord not re-entered the demised premises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to prove for and obtain as liquidated damages by reason of the termination of this Lease or re-entry of the demised premises for the default of Tenant under this Lease, an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved whether or not such amount be greater, equal to, or less than any of the sums referred to in Section 18.1.
Appears in 1 contract
Sources: Lease Agreement (Interliant Inc)
Damages. In the event of any termination of 29.01 If this Lease is terminated under the provisions of Article 16 hereof 27, or in the event that if Landlord shall re-enter the premises Demised Premises under the provisions of Article 17 hereof 28, or in the event of the termination of this Lease (Lease, or of re-entry entry, by or under any summary dispossess or other proceeding or action or any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of (1i) the aggregate amount of the fixed rent and the additional rent under Article 24 hereof Rent which would have been paid hereunder payable by Tenant had this Lease not so terminated(conclusively presuming the average monthly Additional Charges payable for the year, or if less than 365 days have then elapsed since the Commencement Date, the partial year, immediately preceding such termination of re-entry) for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term grantedExpiration Date, over (2ii) the aggregate rental value of the premises Demised Premises for the same period, which amounts shall be discounted to present worth at a rate equal to nine percent (9%) per annum; or
(b) sums equal to the aggregate of the fixed rent Fixed Rent and the additional rent under Article 24 hereof (if any) Additional Charges which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premisesDemised Premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; Expiration Date, provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of relet the premises for all or any part of Demised Premises during said period, Landlord shall credit Tenant with the 49 53 net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of or in re-entering the premises Demised Premises and of in securing possession thereof, as well as the expenses of re-lettingreletting, including including, without limitation, altering and preparing the premises Demised Premises for new tenants, brokers' commissioncommissions, attorneys' fees legal fees, and all other similar or dissimilar expenses properly chargeable against the premises Demised Premises and the rental therefrom in connection with such re-lettingtherefrom, it being understood that any such re-letting reletting may be for a period equal to, less than shorter or longer than the remaining term of this Leaseperiod ending on the Expiration Date; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph subdivision (b) to a credit in respect of any net rents from a re-letting reletting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the premises Demised Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-lettingreletting. For If the purposes Demised Premises or any part thereof be relet by Landlord before presentation of subparagraph (a) proof of this Article 18such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall reserved upon such reletting shall, prima facie, be deemed to be an amount equal to the amount of such additional rent payable by Tenant fair and reasonable rental value for the applicable period ending immediately preceding Demised Premises, or part thereof, so relet during the term of the reletting. Landlord shall not be liable in any way whatsoever for its failure or refusal to relet the Demised Premises or any part thereof, or if the Demised Premises or any part thereof are relet, for its failure to collect the rent under such termination of reletting, and no such refusal or failure to relet or failure to collect rent shall release or affect Tenant's liability for damages or otherwise under this Lease or such re-entry. Lease.
29.02 Suit or suits for the recovery of such damagesdamages or, or any installments thereof, may be brought by Landlord at any time and from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant.elec-
Appears in 1 contract
Damages. In the event of any termination of 26.01. If this Lease is terminated under the provisions of Article 16 hereof 24, or in the event that if Landlord shall re-enter the premises Demised Premises under the provisions of Article 17 hereof 25, or in the event of the termination of this Lease (Lease, or of re-entry entry, by or under any summary dispossess or other proceeding or action or of any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a A sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of (1i) the aggregate of the fixed rent and the additional rent under Article 24 hereof payable hereunder which would have been paid hereunder payable by Tenant had this Lease not so terminated, (conclusively presuming the additional rent to be the same as was payable for the year immediately preceding such termination) for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for Expiration Date, had this Lease not so terminated or had Landlord not so re-entered the expiration of the full term grantedDemised Premises, over (2ii) the aggregate rental value of the premises Demised Premises for the same period, or
(b) sums Sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if anyas above presumed) payable hereunder which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premisesDemised Premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; Expiration Date, provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of relet the premises for all or any part of Demised Premises during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting, the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of or in re-entering the premises Demised Premises and of in securing possession thereof, as well as the expenses of re-lettingreletting, including altering and preparing the premises Demised Premises for new tenants, brokers' commissioncommissions, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises Demised Premises and the rental therefrom in connection with such re-letting, therefrom; it being understood that any such re-letting reletting may be for a period equal to, less than shorter or longer than the remaining term of this Lease; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) Subsection to a credit in respect of any net rents from a re-letting reletting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the premises Demised Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-lettingreletting. For If the purposes Demised Premises or any part thereof to be relet by Landlord for the unexpired portion of subparagraph (a) the term of this Article 18Lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall reserved upon such reletting shall, prima facie, be deemed to be an amount equal to the amount of such additional rent payable by Tenant fair and reasonable rental value for the applicable period ending immediately preceding such termination Demised Premises, or part thereof, so relet during the term of this Lease or such re-entrythe reletting.
26.02. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been so terminated under the provisions of Article 16 hereof24, or under any provision of law, or had the Landlord not re-entered the premisesDemised Premises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to seek and obtain as liquidated damages by reason of the termination of this Lease or re-entry on the Demised Premises for the default of Tenant under this Lease, an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved whether or not such amount be greater, equal to, or less than any of the sums referred to in Section 26.01.
26.03. In addition to the foregoing and without regard to whether this Lease is terminated and provided Landlord shall be the prevailing party, Tenant shall pay to Landlord upon demand, all costs and expenses incurred by Landlord, including reasonable attorney's fees, with respect to any lawsuit instituted or defended or any action taken by Landlord to enforce all or any of the provisions of this Lease.
Appears in 1 contract
Damages. (a) In the event of any termination of this Lease under the provisions of Article 16 hereof 19 or in the event that Landlord shall re-enter the premises Premises under the provisions of Article 17 hereof 20 or in the event of the termination of this Lease (or of re-entry entry) by or under any summary dispossess or other proceeding or action or any provision of law), Tenant will pay to Landlord as damages, at the election of Landlord, either:
(ai) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of (1) the aggregate of the fixed all rent and the additional rent under Article 24 hereof which would have been paid payable hereunder by Tenant had this Lease not so terminated, terminated for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term hereby granted, over (2) the aggregate of all rent of the Premises for the same period based upon the then local market rental value of the premises for the same periodPremises, or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises Premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises Premises for new tenants, brokers' commission, attorneys' fees ’ commissions and all other similar or dissimilar expenses properly chargeable against the premises Premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than to or shorter or longer than the remaining term of this Lease; provided, further, further that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by Tenant to Landlord hereunder, (ii1) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph subsection (b2) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii3) if the premises Premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot square-foot-area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. .
(b) For the purposes purpose of subparagraph (a) of this Article 1821, the amount of additional fixed rent which would have been payable by Tenant under Article 24 4 hereof for each lease year and/or tax year (as those terms are herein defined) ending after such termination of this Lease or such re-entry shall be deemed to be an amount equal to the amount of such additional fixed rent payable by Tenant for the applicable period lease year and/or tax year (as the case may be) ending immediately preceding such termination of this Lease or such re-entry. Suit or suits for the recovery of such damages, or any installments thereof, : may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof19, or under any provision of law, or had the Landlord not re-entered the premises. Premises.
(c) Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant.
Appears in 1 contract
Sources: Lease Agreement (Tangoe Inc)
Damages. In the event of any termination of (a) If this Lease is terminated under the provisions of Article 16 hereof 12, or in the event that if Landlord shall re-enter the premises Leased Premises under the provisions of Article 17 hereof 12, or in the event of the termination of this Lease (Lease, or of re-entry by or under any summary dispossess proceedings, ejectment or other proceeding or by any suitable action or any provision proceeding at law, or by agreement, by reason of law)default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(ai) On demand, a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, excess (discounted to present value) of (1i) the aggregate of the fixed rent Annual Fixed Rent and the additional rent under Article 24 hereof Additional Rent payable hereunder which would have been paid hereunder payable by Tenant had this Lease not so terminated, (conclusively presuming Additional Rent to be the same as was payable for the twelve (12) month period immediately preceding such termination) for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term grantedTerm, had this Lease not so terminated or had Landlord not so re-entered the Premises, over (2ii) the aggregate fair market rental value (calculated as of the premises date of such termination or re-entry) of the Premises for the same period, or
(bii) sums Sums equal to the aggregate of the fixed rent Annual Fixed Rent and the additional rent under Article 24 hereof (if any) Additional Rent payable hereunder which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premisesLeased Premises (conclusively presuming Additional Rent to be the same as was payable for the twelve (12) month period immediately preceding such termination), payable monthly but otherwise upon the due dates terms therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby grantedTerm; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all relet the Leased Premises or any part of the premises for all portion or any part of portions thereof during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such reletting. Such net rents to shall be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of or in re-entering the premises Leased Premises and of in securing possession thereof, as well as the reasonable expenses of re-lettingreletting, including altering and preparing the premises Leased Premises or any portion or portions thereof for new tenants, brokers' commission’ commissions, advertising expenses, reasonable attorneys' fees ’ fees, concessions of free rent as reasonably determined by Landlord, and all other similar or dissimilar expenses properly chargeable against the premises Leased Premises and the rental therefrom in connection with such re-letting, it being therefrom. It is understood that any such re-letting reletting may be for a period equal to, less than shorter or longer than the remaining term Term of this Lease; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) Section 13.1 to a credit in respect of any net rents from a re-letting reletting, except to the extent that such net rents are actually received by Landlord. Landlord prior shall use commercially reasonable efforts to relet the commencement of such suitLeased Premises, and (iii) if in so doing, Landlord may take into consideration all factors which a Landlord similarly situated could take into consideration including, without limitation, tenant mix and the premises proposed tenant’s financial status. If the Leased Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-letting. For reletting.
(b) If the purposes Leased Premises or any part thereof be relet by Landlord for the unexpired portion of subparagraph (a) the Term, or any part thereof, before presentation of this Article 18proof of such damages to any court, commission, or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall reserved upon such reletting shall, prima facie, be deemed to be an amount equal to the amount fair and reasonable rental value of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entry. Suit or suits for the recovery of such damagesLeased Premises, or any installments part thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when so relet during the term of this Lease would have expired if it had the reletting (unless such space is relet to any Party related to or affiliated with Landlord, in which event the rent shall not been terminated under be prima facie evidence of fair market rent). Landlord, however, shall in no event and in no way be responsible or liable for any failure to relet the provisions of Article 16 hereofLeased Premises or any part thereof or for failure to collect any rent due upon any such reletting, provided however that in all cases Landlord shall use reasonable efforts to relet the Leased Premises and to collect the rent.
(c) Notwithstanding anything herein to the contrary, except with respect to claims for such damages made by third parties, Landlord and Tenant each waive any consequential, punitive, or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenantspecial damages.
Appears in 1 contract
Sources: Lease Agreement (CarGurus, Inc.)
Damages. (a) In the event of any termination of this Lease under ------- the provisions of Article 16 hereof 19 or in the event that Landlord shall re-enter the premises under the provisions of Article 17 hereof 20 or in the event of the termination of this Lease (or of re-entry entry) by or under any summary dispossess dis- possess or other proceeding or action or any provision of law), Tenant will pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of (1) the aggregate of the fixed rent and the additional rent under Article 24 hereof which would have been paid hereunder by Tenant had this Lease not so terminated, for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, over (2) the aggregate rental value of the premises for the same period, or
(b) sums equal to the aggregate of the fixed all rent and the additional rent under Article 24 hereof (if any) which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premises, payable upon the due dates therefor therefore specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration expira- tion of the full term hereby granted; provided, however, provided however that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, reasona- ble expenses incurred or paid by Landlord in terminating this Lease and/or or of re-entering the premises and of securing possession thereof, thereof as well as the reasonable expenses of re-letting, including altering and preparing pre- paring the premises for new tenants, brokers' commission, attorneys' fees commissions and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than to or shorter or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph subsection (b2) to a credit in respect of any net rents from a re-letting reletting except to the extent that such net rents are actually received by Landlord prior to the commencement commence- ment of such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-re- letting. .
(b) For the purposes of subparagraph (a) of this Article 1821, the amount of additional fixed rent which would have been payable by Tenant under Article 24 4 hereof for each lease year and/or tax year (as those terms are herein defined) ending after such termination of this Lease or such re-entry shall be deemed to be an amount equal to the amount of such additional fixed rent payable by Tenant for the applicable period lease year and/or tax year (as the case may be) ending immediately preceding such termination of this Lease or such re-entry. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof19, or under any provision of law, or had the Landlord not re-entered the premises. .
(c) Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant.
Appears in 1 contract
Sources: Lease (Medicore Inc)
Damages. In the event of any termination of If this Lease is terminated under the provisions of Article 16 hereof Section 6.03, or in the event that if Landlord shall re-enter enters the premises Premises under the provisions of Article 17 hereof or in the event of the termination of this Lease (or of re-entry by or under any summary dispossess or other proceeding or action or any provision of law)Section 6.04, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which which, at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may betermination, represents the then value of the excess, if any, of (1) the aggregate of the fixed rent and the additional rent under Article 24 hereof which would have been paid hereunder by Tenant Rent which, had this Lease not so terminated, would have been payable hereunder by Tenant for the period commencing with such earlier termination of this Lease or on the day following the date of any such termination or re-entry, as entry to and including the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, Expiration Date over (2) the aggregate fair rental value of the premises Premises for the same periodperiod (for the purposes of this clause (a) the amount of Additional Rent which would have been payable by Tenant under Sections 2.04 and 2.05 shall, for each calendar year ending after such termination or re-entry, be deemed to be an amount equal to the amount of such Additional Rent payable by Tenant for the calendar year immediately preceding the calendar year in which such termination or re-entry shall occur), or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which Rent that would have been payable by Tenant through and including the Expiration Date had this Lease not so terminated, terminated or had Landlord not so re-re entered the premisesPremises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby grantedin this Lease; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let relet all or any part of the premises Premises for all or any part of said periodthe period commencing on the day following the date of such termination or re-entry to and including the Expiration Date, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or and of re-entering the premises Premises and of securing possession thereof, as well as the expenses of re-lettingreletting, including including, without limitation, altering and preparing the premises Premises for new tenants, brokers' commission’ commissions, attorneys' legal fees and all other similar or dissimilar expenses properly chargeable against the premises Premises and the rental therefrom in connection with such re-lettingreletting, it being understood that any such re-letting reletting may be for a period equal to, less than to or shorter or longer than the remaining term of this Leasesaid period; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunderunder this Lease, (ii) in no event shall Tenant be entitled entitled, in any suit for the collection of damages pursuant to this subparagraph (b) Section 6.05(b), to a credit in respect of any net rents from a re-letting reletting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot rentable area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-letting. For reletting and (iv) Landlord shall have no obligation to so relet the purposes of subparagraph (a) of this Article 18Premises and Tenant hereby waives any right Tenant may have, at law or in equity, to require Landlord to so relet the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entryPremises. Suit or suits for the recovery of such damagesany damages payable hereunder by Tenant, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease Term would have expired if it had not been terminated under the provisions of Article 16 hereof, but for such termination or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenantentry.
Appears in 1 contract
Damages. In the event of any termination of 18.01. If this Lease is terminated under the provisions of Article 16 hereof 16, or in the event that if Landlord shall re-enter the demised premises under the provisions of Article 17 hereof 17, or in the event of the termination of this Lease (Lease, or of re-entry by or under any summary dispossess or other proceeding or action or any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of of
(1) the aggregate of the fixed basic annual rent and the additional rent under Article 24 hereof payable hereunder which would have been paid hereunder payable by Tenant had this Lease (conclusively presuming the additional rent to be the same as was payable for the year immediately preceding such termination except that additional rent on account of Taxes and Property Expenses shall be presumed to increase at the average of the rates of increase thereof previously experienced by Landlord during the period (not so terminated, to exceed 3 years) prior to such termination) for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for Expiration Date, had this Lease not so terminated or had Landlord not so re-entered the expiration of the full term granteddemised premises, over over
(2) the aggregate rental value of the demised premises for the same period, or
(b) sums equal to the aggregate of the fixed basic annual rent and the additional rent under Article 24 hereof (if any) payable hereunder which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the demised premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby grantedExpiration Date; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the demised premises for all or any part of during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting, the expenses, including attorneys fees, actual expenses incurred or paid by Landlord in terminating this Lease and/or of re-entering or in reentering the demised premises and of in securing possession thereof, as well as the actual expenses of re-letting, including altering and preparing the demised premises for new tenants, brokers' commissioncommissions, attorneys' fees legal fees, and all other similar or dissimilar expenses properly chargeable against the demised premises and the rental therefrom in connection with such re-letting, thereof; it being understood that any such re-letting may be for a period equal to, less than shorter or longer than the remaining term of this Lease; provided, further, that (i) in . In no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunderhereunder for the period of such re-letting, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) subsection to a credit in respect of any net rents from a re-letting letting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the demised premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For If the purposes demised premises or any part thereof be re-let by Landlord for the unexpired portion of subparagraph (a) the term of this Article 18Lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or pursuant to such re-entryletting shall, prima facie, be the fair and reasonable rental value for the demised premises, or part thereof, so re-let during the term of the re-letting.
18.02. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease Term would have expired if it had not been so terminated under the provisions of Article 16 hereof16, or under any provision of law, or had the Landlord not re-entered the demised premises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to prove for and obtain as liquidated damages by reason of the termination of this Lease or re-entry of the demised premises for the default of Tenant under this Lease, an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved whether or not such amount be greater, equal to, or less than any of the sums referred to in Section 18.01.
Appears in 1 contract
Damages. In the event of any termination of 19.01 If this Lease is terminated under the provisions of Article 16 hereof or in the event that any other provision of this Lease, or if Landlord shall re-enter the premises Demised Premises under the provisions of Article 17 hereof or any other provision of this lease, or in the event of the termination of this Lease (Lease, or of re-entry entry, by or under any summary dispossess or other proceeding or action or any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of of:
(1i) the aggregate of the fixed rent Fixed Annual Rent and the additional rent under Article 24 hereof payable hereunder which would have been paid hereunder payable by Tenant had this Lease (conclusively presuming that additional rent on account of increases in Taxes shall increase at the average of the rates of increase thereof previously experienced by Landlord during the period (not so terminated, to exceed three (3) years) prior to such termination) for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for Expiration Date, had this Lease not so terminated or had Landlord not so re-entered the expiration of the full term grantedDemised Premises, over over
(2ii) the aggregate fair rental value of the premises Demised Premises for the same period, or
(b) sums equal to the aggregate of the fixed rent Fixed Annual Rent and the additional rent under Article 24 hereof (if any) payable hereunder which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premisesDemised Premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby grantedExpiration Date; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of Demised Premises during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of or in re-entering the premises Demised Premises and of in securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises Demised Premises for new tenants, brokers' commission’ commissions, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises Demised Premises and the rental therefrom in connection with such re-letting, thereof; it being understood that any such re-letting may be for a period equal to, less than shorter or longer than the remaining term of this Lease; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event or shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) subsection to a credit in respect of any net rents from a re-letting letting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the premises Demised Premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For If the purposes Demised Premises or any part thereof be re-let by Landlord for the unexpired portion of subparagraph (a) the term of this Article 18Lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or reserved upon such re-entry. letting shall, prima facie, be the fair and reasonable rental value for the Demised Premises, or part thereof, so re-let during the term of the re-letting.
19.02 Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been so terminated under the provisions of Article 16 hereof16, or under any provision of law, or had the Landlord not re-entered the premisesDemised Premises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant.
Appears in 1 contract
Damages. In the event of any termination of 18.01 If this Lease is terminated under the provisions of Article 16 hereof 16, or in the event that if Landlord shall re-enter the demised premises under the provisions of Article 17 hereof 17, or in the event of the termination of this Lease (Lease, or of re-entry entry, by or under any summary dispossess or other proceeding or action or any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then net present value of the excessexcess (discounted at an annual rate of 8%), if any, of of
(1) the aggregate of the fixed annual rent and the additional rent under Article 24 hereof payable hereunder which would have been paid hereunder payable by Tenant had this Lease (conclusively presuming that additional rent on account of increases in Taxes shall increase at the average of the rates of increase thereof previously experienced by Landlord during the period (not so terminated, to exceed three (3) years) prior to such termination) for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for Expiration Date, had this Lease not so terminated or had Landlord not so re-entered the expiration of the full term granteddemised premises, over over
(2) the aggregate fair rental value of the demised premises for the same period, or
(b) sums equal to the aggregate of the fixed annual rent and the additional rent under Article 24 hereof (if any) payable hereunder which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the demised premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby grantedExpiration Date; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the demised premises for all or any part of during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of or in re-entering the demised premises and of in securing possession thereof, as well as the commercially reasonable expenses of re-letting, including altering and preparing the demised premises for new tenants, brokers' commission’ commissions, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the demised premises and the rental therefrom in connection with such re-letting, thereof; it being understood that any such re-letting may be for a period equal to, less than shorter or longer than the remaining term of this Lease; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event or shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) subsection to a credit in respect of any net rents from a re-letting letting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the demised premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For If the purposes demised premises or any part thereof be re-let by Landlord in any arms-length transaction for the unexpired portion of subparagraph (a) the term of this Article 18Lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or reserved upon such re-entry. letting shall, prima facie, be the fair and reasonable rental value for the demised premises, or part thereof, so re-let during the term of the re-letting.
18.02 Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been so terminated under the provisions of Article 16 hereof16, or under any provision of law, or had the Landlord not re-entered the demised premises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to prove for and obtain as liquidated damages by reason of the termination of this Lease or re-entry of the demised premises for the default of Tenant under this Lease, an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved whether or not such amount be greater, equal to, or less than any of the sums referred to in Section 18.01.
Appears in 1 contract
Sources: Lease Agreement (Enernoc Inc)
Damages. In the event of any termination of (i) If this Lease and the Term shall expire and come to an end as provided in Article 17, or by or under the provisions of Article 16 hereof any summary proceeding or in the event that any other action or proceeding, or if Landlord shall re-enter the premises under the provisions of Article 17 hereof or Premises as provided in the event of the termination subsection A of this Lease (Article 18, or of re-entry by or under any summary dispossess or other proceeding or any other action or proceeding, then, in any provision of law), Tenant will pay to Landlord as damages, at the election of Landlord, eithersaid events:
(a) a sum at Tenant shall pay to Landlord all Rent, additional rent and other charges payable under this Lease by Tenant to Landlord to the date upon which at this Lease and the time Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(b) Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency (referred to as "Deficiency") between the Rent reserved in this Lease for the period which otherwise would have constituted the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of subsection A(i) of this Article 18 for any part of such period (first deducting from the rents collected under any such reletting all of Landlord's expenses in connection with the termination of this Lease, or Landlord's reentry upon the Premises and with such reletting including, but not limited to, all repossession costs, brokerage commissions, advertising, legal expenses, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Rent, Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(c) whether or not Landlord shall have collected any monthly Deficiencies as aforesaid, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, in lieu of any further Deficiencies as and for liquidated and agreed final damages, a sum equal to the present value (discounted at a rate of six percent (6%) per annum) of the time amount by which the Rent reserved in this Lease for the period which otherwise would have constituted the unexpired portion of the Term exceeds the then fair and reasonable rental value of the Premises for the same period, less the aggregate amount of Deficiencies theretofore collected by Landlord pursuant to the provisions of subsection B(1)(b) of this Article 18 for the same period; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, shall have been relet by Landlord for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(ii) If the Premises, or any part thereof, shall be relet together with other space in the Building, the rents collected or reserved under any such reletting and the expenses of any such reletting shall be equitably apportioned for the purposes of this subsection B. Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents shall exceed the Rent reserved in this Lease. Solely for the purposes of this Article, the term "Rent" as used in subsection B(i) of this Article 18 shall mean the Rent in effect immediately prior to the date upon which this Lease and the Term shall have expired and come to an end, or the date of re-entry upon the Premises by Landlord, as the case may be, represents adjusted to reflect any increase or decrease pursuant to the then value provisions of the excess, if any, of (1) the aggregate of the fixed rent and the additional rent under Article 24 28 hereof which would have been paid hereunder by Tenant had this Lease not so terminated, for the period commencing with Comparison Year (as defined in said Article 28) immediately preceding such earlier termination of this Lease event. Nothing contained in Article 17 or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, over (2) the aggregate rental value of the premises for the same period, or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises for new tenants, brokers' commission, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof 18 shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease limit or such re-entry. Suit or suits for preclude the recovery of such damages, or any installments thereof, may be brought by Landlord from time Tenant of the maximum amount allowed to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, obtained as damages by any statute or under any provision rule of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, which Landlord may be entitled in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason set forth in subsection B(i) of any default hereunder on the part of Tenant.this
Appears in 1 contract
Damages. In the event of any termination of 24.01. If this Lease lease is terminated under the provisions of Article 16 hereof 22 hereof, or in the event that if Landlord shall re-enter reenter the premises Premises under the provisions of Article 17 hereof 23 hereof, or in the event of the termination of this Lease (lease, or of re-entry reentry, by or under any summary dispossess or other proceeding or action or any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease lease or at the time of any such re-entry reentry by Landlord, as the case may be, represents the then value of the excess, if anyany (assuming a discount at a rate per annum equal to the interest rate then applicable to 7-year Federal Treasury Bonds), of (1i) the aggregate amount of the fixed rent Fixed Rent and the additional rent Additional Charges under Article 24 3 hereof which would have been paid hereunder payable by Tenant had this Lease not so terminated(conclusively presuming the average monthly Additional Charges under Article 3 hereof to be the same as were payable for the last twelve (12) calendar months, or if less than twelve (12) calendar months have then elapsed since the Commencement Date, all of the calendar months immediately preceding such termination or reentry) for the period commencing with such earlier termination of this Lease lease or the date of any such re-entryreentry, as the case may be, and ending with the date hereinbefore set for contemplated as the expiration of date hereof if this lease had not so terminated or if Landlord had not so reentered the full term grantedPremises, over (2ii) the aggregate fair market rental value of the premises Premises for the same period, or
(b) sums equal to the aggregate of the fixed rent Fixed Rent and the additional rent Additional Charges under Article 24 3 hereof (if any) which would have been payable by Tenant had this Lease lease not so terminated, or had Landlord not so re-entered reentered the premisesPremises, payable upon the due dates therefor specified herein following such termination or such re-entry reentry and until the date hereinbefore set for contemplated as the expiration of date hereof if this lease had not so terminated or if Landlord had not so reentered the full term hereby grantedPremises; providedPROVIDED, howeverHOWEVER, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of relet the premises for all or any part of Premises during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, reasonable and actual expenses incurred or paid by Landlord in terminating this Lease and/or of re-entering lease or in reentering the premises Premises and of in securing possession thereof, as well as the reasonable and actual expenses of re-lettingreletting, including including, without limitation, altering and preparing the premises Premises for new tenants, brokers' commissioncommissions, attorneys' fees reasonable legal fees, and all other similar or dissimilar customary and reasonable expenses properly chargeable against the premises Premises and the rental therefrom in connection with such re-lettingtherefrom, it being understood that any such re-letting reletting may be for a period equal to, less than shorter or longer than the remaining term of this Leaselease; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) subdivision to a credit in respect of any net rents from a re-letting reletting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the premises Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-lettingreletting. For If the purposes Premises or any part thereof be relet by Landlord for the unexpired portion of subparagraph (a) the term of this Article 18lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof reserved upon such reletting shall, prima facie, be the fair and reasonable rental value for the Premises, or part thereof, so relet during the term of the reletting, provided that such reletting shall be deemed to be an amount equal constitute a bona-fide arms-length third party transaction. Notwithstanding anything to the amount contrary contained in this lease, Landlord shall use reasonable efforts to relet the Premises, either in the name of Landlord or otherwise, to such additional tenant or tenants, for such term or terms ending before, on or after the Expiration Date, at such rental or rentals and upon such other conditions (that may include concessions and free rent payable by Tenant periods) as Landlord may reasonably determine, PROVIDED, HOWEVER, that Landlord shall not be liable in any way whatsoever for its failure to relet the applicable period ending immediately preceding Premises or any part thereof, or if the Premises or any part thereof are relet, for its failure to collect the rent under such termination of reletting, and no such failure to relet or failure to collect rent shall release or affect Tenant's liability for damages or otherwise under this Lease or such re-entrylease.
24.02. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease lease would have expired if it had not been so terminated under the provisions of Article 16 22 hereof, or under any provision of law, or had the Landlord not re-entered reentered the premisesPremises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to prove for and obtain as damages by reason of the termination of this lease or reentry on the Premises for the default of Tenant under this lease an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved whether or not such amount be greater than any of the sums referred to in Section 24.01 hereof. Notwithstanding any provisions of this lease to the contrary, Landlord shall not be liable to Tenant, and Tenant shall not be liable to Landlord, for consequential damages of any -130- kind or nature, even if arising from any act, omission or negligence of such party or from the breach by such party of its obligations under this lease; PROVIDED, HOWEVER, that the foregoing shall not be deemed to limit Tenant's obligation to reimburse Landlord for any damages as expressly required pursuant to Article 34 hereof, regardless of whether any court or arbitrator awarding such damages shall regard or classify same as consequential damages.
24.03. In addition, if this lease is terminated under the provisions of Article 22 hereof, or if Landlord shall reenter the Premises under the provisions of Article 23 hereof, Tenant agrees that:
(a) the Premises then shall be in the condition in which Tenant has agreed to surrender the same to Landlord at the expiration of the term hereof;
(b) Tenant shall have performed prior to any such termination any covenant of Tenant contained in this lease for the making of any Alterations or for restoring or rebuilding the Premises or the Building, or any part thereof; and
(c) for the breach of any covenant of Tenant set forth above in this Section 24.03, Landlord shall be entitled immediately, without notice or other action by Landlord, to recover, and Tenant shall pay, as and for liquidated damages therefor, the cost of performing such covenant (as estimated by a reputable independent contractor selected by Landlord).
24.04. In addition to any other remedies Landlord may have under this lease, and without reducing or adversely affecting any of Landlord's rights and remedies under Article 22 hereof, if any Fixed Rent, Additional Charges or damages payable hereunder by Tenant to Landlord are not paid within three (3) Business Days after the due date thereof, the same shall bear interest at the Base Rate plus five (5%) percent, from the due date thereof until paid, and the amount of such interest shall be an Additional Charge hereunder. For the purposes of this Section 24.04, a rent ▇▇▇▇ sent by first class mail, to the address to which notices are to be given under this lease, shall be deemed a proper demand for the payment of the amounts set forth therein.
Appears in 1 contract
Sources: Lease (Citigroup Inc)
Damages. In If Landlord elects to terminate Tenant's right to possession of the event Premises under section 7.1 following an Event of any termination of this Lease under the provisions of Article 16 hereof or in the event that Default, Landlord shall may re-enter and take possession of the premises under Premises, with or without legal process, whether by force or otherwise, and Tenant shell be obligated to pay to Landlord as damage upon demand, and Landlord shall be entitled to recover of and from Tenant (a) all Annual Base "Rent and Additional Rent payable to the provisions date of Article 17 hereof termination of Tenant's right to possession, plus (b) the cost to Landlord of all reasonable legal and other expenses and costs (including attorney's fees) incurred by Landlord in obtaining possession of the Premises, in enforcing any provision of this lease, in preserving the Premises during any period of vacancy, in making any repairs as Landlord may reasonably deem necessary or advisable in operating and maintaining the Premises, and in reletting the Premises, including all reasonable brokerage commissions therefor, plus (c) either (i) in the event of Landlord's giving notice of its intention to re-enter and take possession without terminating this lease, damages (payable in monthly installments, in advance, on the first day of each calendar month following the giving of such notice and continuing until the date originally fixed herein for the expiration of the then current Term of this lease) in amounts equal to the Base Rent and Additional Rent herein reserved, less the net amount of rent, if any, which may be collected and received by Landlord from the Premises for and during the balance of the Term; Landlord may relet the Premises, or any part or parts thereof (but in no event shall Landlord be obligated to do so), for a term or terms which may at Landlord's option be less than or exceed the period constituting the balance of the Term hereof, and Landlord may grant concessions or charge a rental in excess of that provided in this lease (Tenant shall have no right to any excess); or (ii) in the event of Landlord's giving notice of termination of this Lease (or of re-entry by or under any summary dispossess or other proceeding or action or any provision of law)lease, Tenant will pay to Landlord as damagesan award for liquidated damages in an amount which, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlordtermination, as the case may be, represents the then value of is equal to the excess, if any, of (1) the installments of Base Rent and the aggregate of all sums payable hereunder as Additional Rent (for such purpose considering the fixed rent and annual amount of Additional Rent to equal the additional rent under Article 24 hereof which would amount thereof payable for the 12 months immediately preceding the termination, or the annualized portion of Additional Rent payable from the Commencement Date to the date of the termination if this lease then shall have been paid in effect for less than 12 months) reserved hereunder by Tenant had this Lease not so terminated, for the period commencing with such earlier termination which would otherwise have constituted the unexpired portion of the then current Term of this Lease lease, plus the value of all other considerations to be paid or the date of any performed by Tenant during such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term grantedperiod, over (2) the aggregate fair rental value of the premises for the same periodPremises, or
(b) sums equal to the aggregate as of the fixed rent and the additional rent under Article 24 hereof (if any) which would have been payable by Tenant had this Lease not so terminateddate of such termination, or had Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following for such termination or such re-entry and until the date hereinbefore set for the expiration unexpired portion of the full term hereby granted; providedthen current Term of this lease, however, that if Landlord (Landlord, however, not being obligated said liquidated damage amount to do so) shall re-let all or any part be discounted at the then "generic" prime rate of interest as set forth in the most recently published Wall Street Journal to determine its present value at the time of the premises for all or any part of said period, Landlord shall credit Tenant with award. If the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises for new tenants, brokers' commission, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises Entire Premises or any part thereof should be re-let in combination with other spacerelet by Landlord for the unexpired Term or any part thereof before presentation of proof of liquidated damages to any court, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof reserved upon such reletting shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant fair and reasonable rental value for the applicable period ending immediately preceding such termination part or the whole of this Lease or such re-entry. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when Premises so relet during the term of the reletting. Prior to Tenant's full payment of any liquidated damages awarded to Landlord, Tenant shall continue to pay punctually to Landlord all Base Rent and Additional Rent to the same extent and at the same time as if this Lease would have expired if it lease had not been terminated under and receive full credit for such payments against the award for liquidated damages. If Landlord shall elect to re-enter and take possession without terminating this lease, Landlord shall have the right at any time thereafter to terminate this lease for the previous default, whereupon the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages this subsection with respect to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant.termination will thereafter apply
Appears in 1 contract
Damages. In the event of any termination of 26.01. If this Lease is terminated under the provisions of Article 16 hereof 24, or in the event that if Landlord shall re-enter the premises Demised Premises under the provisions of Article 17 hereof 25, or in the event of the termination of this Lease (Lease, or of re-entry by or under any summary dispossess proceedings, ejectment or other proceeding or by any suitable action or any provision proceeding at law, or by agreement, or by force or otherwise, by reason of law)default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(aA) on demand, a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, excess of (1) the aggregate of the fixed rent Fixed Rent and the additional rent under Article 24 hereof Additional Rent payable hereunder which would have been paid hereunder payable by Tenant had this Lease not so terminated, (conclusively presuming Additional Rent to be the same as was payable for the year immediately preceding such termination) for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for Expiration Date, had this Lease not so terminated or had Landlord not so re-entered the expiration of the full term grantedDemised Premises, over (2) the aggregate rental value (calculated as of the premises date of such termination or re-entry) of the Demised Premises for the same period, or
(bB) sums equal to the aggregate of the fixed rent Fixed Rent and the additional rent under Article 24 hereof Additional Rent (if anyas above presumed) payable hereunder which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premisesDemised Premises, payable quarterly but otherwise upon the due dates terms therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; Expiration Date, provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all relet the Demised Premises or any part of the premises for all portion or any part of portions thereof during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of or in re-entering the premises Demised Premises and of in securing possession thereof, as well as the expenses of re-lettingreletting, including altering and preparing the premises Demised Premises or any portion or portions thereof for new tenants, brokers' commissioncommissions, attorneys' fees advertising expenses, and all other similar or dissimilar expenses properly chargeable against the premises Demised Premises and the rental therefrom in connection with such re-letting, therefrom; it being understood that any such re-letting reletting may be for a period equal to, less than shorter or longer than the remaining term of this Lease; provided, further, that (i) Term but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) Subsection to a credit in respect of any net rents from a re-letting reletting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the premises Demised Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent rents received from such re-letting reletting and of the expenses of re-lettingreletting. For If the purposes Demised Premises or any part thereof be relet by Landlord for the unexpired portion of subparagraph (a) the Term, or any part thereof, before presentation of this Article 18proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof reserved upon such reletting shall, prima facie, be the fair and reasonable rental value of the Demised Premises, or part thereof, so relet during the term of the reletting. Landlord, however, shall in no event and in no way be deemed responsible or liable for any failure to be an amount equal relet the Demised Premises or any part thereof or for failure to the amount of collect any rent due upon any such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entryreletting.
26.02. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease Term would have expired if it had not been so terminated under the provisions of Article 16 hereof24, or under any provision of law, or had the Landlord not re-entered the premisesDemised Premises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder or otherwise on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to prove for and obtain as liquidated damages by reason of the termination of this Lease or re-entry on the Demised Premises for the default of Tenant under this Lease, an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved whether or not such amount be greater, equal to, or less than any of the sums referred to in Section 26.01.
Appears in 1 contract
Sources: Lease (RSL Communications PLC)
Damages. In the event of any termination of 16.01. If this Lease is terminated under the provisions of Article 16 hereof 14, or in the event that if Landlord shall re-enter the demised premises under the provisions of Article 17 hereof 15, or in the event of the termination of this Lease (Lease, or of re-entry entry, by or under any summary dispossess or other proceeding or action or any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of of
(1) the aggregate of the fixed annual rent and the additional rent under Article 24 hereof payable hereunder which would have been paid hereunder payable by Tenant had this Lease (conclusively presuming that additional rent on account of increases in Taxes, the Operating Expenses and Air-Conditioning Costs shall increase at the average of the rates of increase thereof previously experienced by Landlord during the period (not so terminated, to exceed three (3) years) prior to such termination) for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for Expiration Date, had this Lease not so terminated or had Landlord not so re-entered the expiration of the full term granteddemised premises, over over
(2) the aggregate fair rental value of the demised premises for the same period, or
(b) sums equal to the aggregate of the fixed annual rent and the additional rent under Article 24 hereof (if any) payable hereunder which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the demised premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby grantedExpiration Date; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the demised premises for all or any part of during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of or in re-entering the demised premises and of in securing possession thereof, as well as the expenses of re-letting, including altering and preparing the demised premises for new tenants, brokers' commissioncommissions, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the demised premises and the rental therefrom in connection with such re-letting, thereof; it being understood that any such re-letting may be for a period equal to, less than shorter or longer than the remaining term of this Lease; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event or shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) subsection to a credit in respect of any net rents from a re-letting letting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the demised premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For If the purposes demised premises or any part thereof be re-let by Landlord for the unexpired portion of subparagraph (a) the term of this Article 18Lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or reserved upon such re-entryletting shall, prima facie, be the fair and reasonable rental value for the demised premises, or part thereof, so re-let during the tern of the re-letting.
16.02. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been so terminated under the provisions of Article 16 hereof14, or under any provision of law, or had the Landlord not re-entered the demised premises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to prove for and obtain as liquidated damages by reason of the termination of this Lease or re-entry of the demised premises for the default of Tenant under this Lease, an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved whether or not such amount be greater, equal to, or less than any of the sums referred to in Section 16.01.
16.03. In addition to all of Landlord's other remedies pursuant to this Lease or by operation of law, and notwithstanding any other provision of this Lease, Landlord shall also be entitled to recover the unrealized value of broker's and other fees paid by Landlord relating to this Lease and the value of "rent concessions", "tenant improvement concessions" and other concessions (as such quoted terms are hereinafter defined) incurred by Landlord in connection with leasing the demised premises to Tenant. For the purposes of this Section, the term "unrealized value of broker's and other fees paid by Landlord relating to this Lease" shall mean (a) the amount of all broker's and other fees paid by Landlord relating to this Lease, including, but not limited to, attorneys', architects', engineers' and similar fees and expenses incurred by Landlord in the negotiation and preparation of this Lease, (b) divided by the total number of years in the term of this Lease, and (c) such quotient shall then be multiplied by the number of years (including any partial year) which remained in the term when the Lease was terminated. The term "rent concessions" shall mean any free fixed annual rent allowance, if any, granted to Tenant, together with the amount, if any, by which the market rental for the demised premises for the period prior to the termination of the Lease exceeds the fixed annual rent actually paid by Tenant during the period prior to the termination of the Lease (unless otherwise specified in Article 1 hereof, such market rental for the demised premises will be deemed to be the pro forma rental used by Landlord as of the date of this Lease in making Landlord's financial projections). The term "tenant improvement concessions" shall mean the amount, if any, of the total cost of changes and tenant improvements made to the demised premises and paid for by Landlord.
Appears in 1 contract
Damages. In the event of any termination of If this Lease is terminated under the provisions of Article 16 hereof Section 9.03, or in the event that if Landlord shall re-enter enters the premises Premises under the provisions of Article 17 hereof or in the event of the termination of this Lease (or of re-entry by or under any summary dispossess or other proceeding or action or any provision of law)Section 9.04, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which which, at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may betermination, represents the then present value of the excess, if any, of (1) the aggregate of the fixed rent and the additional rent under Article 24 hereof which would have been paid hereunder by Tenant Rent which, had this Lease not so terminated, would have been payable hereunder by Tenant for the period commencing with such earlier termination of this Lease or on the day following the date of any such termination or re-entry, as entry to and including the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, Expiration Date over (2) the aggregate fair rental value of the premises Premises for the same periodperiod (for the purposes of this clause (a) the amount of Additional Charges which would have been payable by Tenant under Article 4 shall, for each calendar year ending after such termination or re-entry, be deemed to be an amount equal to the amount of such Additional Charges payable by Tenant for the calendar year immediately preceding the calendar year in which such termination or re-entry shall occur), or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which Rent that would have been payable by Tenant through and including the Expiration Date had this Lease not so terminated, terminated or had Landlord not so re-entered the premisesPremises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby grantedin this Lease; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let relet all or any part of the premises Premises for all or any part of said periodthe period commencing on the day following the date of such termination or re-entry to and including the Expiration Date, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or and of re-entering the premises Premises and of securing possession thereof, as well as the expenses of re-lettingreletting, including including, without limitation, altering and preparing the premises Premises for new tenants, brokers' commissioncommissions, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises Premises and the rental therefrom in connection with such re-lettingreletting, it being understood that any such re-letting reletting may be for a period equal to, less than to or shorter or longer than the remaining term of this Leasesaid period; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunderunder this Lease, (ii) in no event shall Tenant be entitled entitled, in any suit for the collection of damages pursuant to this subparagraph (b) Section 9.05(b), to a credit in respect of any net rents from a re-letting reletting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot rentable area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entryreletting. Suit or suits for the recovery of such damagesany damages payable hereunder by Tenant, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease Term would have expired if it had not been terminated under the provisions of Article 16 hereof, but for such termination or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenantentry.
Appears in 1 contract
Damages. In the event None of any termination of this Lease under the provisions of Article 16 hereof or in the event that Landlord shall re-enter the premises under the provisions of Article 17 hereof or in the event of (A) the termination of this Lease pursuant to Section 16.2, (B) the eviction of the Lessee or the repossession of re-entry by the Leased Property, (C) the failure or under inability of the Lessor, notwithstanding reasonable good faith efforts, to relet the Leased Property, (D) the reletting of the Leased Property or (E) the failure of the Lessor to collect or receive any summary dispossess rentals due upon any such reletting, shall relieve the Lessee of its liability and obligations hereunder, all of which shall survive any such termination, repossession or other proceeding or action or reletting. In any provision of law)such event, Tenant will the Lessee shall forthwith pay to Landlord as damagesthe Lessor all Rent due and payable with respect to the Leased Property to and including the date of such termination, repossession or eviction. Thereafter, the Lessee shall forthwith pay to the Lessor, at the election of LandlordLessor's option, either:
(aI) the sum of: (X) all Rent that is due and unpaid at later to occur of termination, repossession or eviction, together with interest thereon at the Overdue Rate to the date of payment, plus (Y) the worth (calculated in the manner stated below) of the amount by which the unpaid Rent for the balance of the Term after the later to occur of the termination, repossession or eviction exceeds the fair market rental value of the Leased Property for the balance of the Term, plus (Z) any other amount necessary to compensate the Lessor for all damage proximately caused by the Lessee's failure to perform the Lease Obligations or which in the ordinary course would be likely to result therefrom; or
(II) each payment of Rent as the same would have become due and payable if the Lessee's right of possession or other rights under this Lease had not been terminated, or if the Lessee had not been evicted, or if the Leased Property had not been repossessed which Rent, to the extent permitted by law, shall bear interest at the Overdue Rate from the date when due until the date paid, and the Lessor may enforce, by action or otherwise, any other term or covenant of this Lease. There shall be credited against the Lessee's obligation under this Clause (ii) amounts actually collected by the Lessor from another tenant to whom the Leased Property may have actually been leased or, 95 106 if the Lessor is operating the Leased Property for its own account, the actual Cash Flow of the Leased Property. In making the determinations described in subparagraph (i) above, the "worth" of unpaid Rent shall be determined by a sum at which court having jurisdiction thereof using the lowest rate of capitalization (highest present worth) reasonably applicable at the time of such termination of this Lease or at the time of any such re-entry determination and allowed by Landlord, as the case may be, represents the then value of the excess, if any, of (1) the aggregate of the fixed rent and the additional rent under Article 24 hereof which would have been paid hereunder by Tenant had this Lease not so terminated, for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, over (2) the aggregate rental value of the premises for the same period, or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises for new tenants, brokers' commission, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entry. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant.
Appears in 1 contract
Sources: Facility Lease Agreement (Alternative Living Services Inc)
Damages. In the event None of any termination of this Lease under the provisions of Article 16 hereof or in the event that Landlord shall re-enter the premises under the provisions of Article 17 hereof or in the event of (A) the termination of this Lease pursuant to Section 16.2, (B) the eviction of the Lessee or the repossession of re-entry by the Leased Property, (C) the failure or under inability of the 105 Lessor, notwithstanding reasonable good faith efforts, to relet the Leased Property, (D) the reletting of the Leased Property or (E) the failure of the Lessor to collect or receive any summary dispossess rentals due upon any such reletting, shall relieve the Lessee of its liability and obligations hereunder, all of which shall survive any such termination, repossession or other proceeding or action or reletting. In any provision of law)such event, Tenant will the Lessee shall forthwith pay to Landlord as damagesthe Lessor all Rent due and payable with respect to the Leased Property to and including the date of such termination, repossession or eviction. Thereafter, the Lessee shall forthwith pay to the Lessor, at the election of LandlordLessor's option, either:
(aI) the sum of: (X) all Rent that is due and unpaid at later to occur of termination, repossession or eviction, together with interest thereon at the Overdue Rate to the date of payment, plus (Y) the worth (calculated in the manner stated below) of the amount by which the unpaid Rent for the balance of the Term after the later to occur of the termination, repossession or eviction exceeds the fair market rental value of the Leased Property for the balance of the Term, plus (Z) any other amount necessary to compensate the Lessor for all damage proximately caused by the Lessee's failure to perform the Lease Obligations or which in the ordinary course would be likely to result therefrom; or
(II) each payment of Rent as the same would have become due and payable if the Lessee's right of possession or other rights under this Lease had not been terminated, or if the Lessee had not been evicted, or if the Leased Property had not been repossessed which Rent, to the extent permitted by law, shall bear interest at the Overdue Rate from the date when due until the date paid, and the Lessor may enforce, by action or otherwise, any other term or covenant of this Lease. There shall be credited against the Lessee's obligation under this Clause (ii) amounts actually collected by the Lessor from another tenant to whom the Leased Property may have actually been leased or, if the Lessor is operating the Leased Property for its own account, the actual Cash Flow of the Leased Property. In making the determinations described in subparagraph (i) above, the "worth" of unpaid Rent shall be determined by a sum at which court having jurisdiction thereof using the lowest rate of capitalization (highest present worth) reasonably applicable at the time of such termination of this Lease or at the time of any such re-entry determination and allowed by Landlord, as the case may be, represents the then value of the excess, if any, of (1) the aggregate of the fixed rent and the additional rent under Article 24 hereof which would have been paid hereunder by Tenant had this Lease not so terminated, for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, over (2) the aggregate rental value of the premises for the same period, or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises for new tenants, brokers' commission, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entry. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant.
Appears in 1 contract
Sources: Facility Lease Agreement (Alternative Living Services Inc)
Damages. In the event of any termination of 24.01. If this Lease lease is terminated under the provisions of Article 16 hereof 22 hereof, or in the event that if Landlord shall re-enter reenter the premises Premises under the provisions of Article 17 hereof 23 hereof, or in the event of the termination of this Lease (lease, or of re-entry reentry, by or under any summary dispossess or other proceeding or action or any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease lease or at the time of any such re-entry reentry by Landlord, as the case may be, represents the then value of the excess, if any, of (1i) the aggregate amount of the fixed rent Fixed Rent and the additional rent Additional Charges under Article 24 3 hereof which would have been paid hereunder payable by Tenant had this Lease not so terminated(conclusively presuming the average monthly Additional Charges under Article 3 hereof to be the same as were payable for the last 12 calendar months, or if less than 12 calendar months have then elapsed since the Commencement Date, all of the calendar months immediately preceding such termination or reentry) for the period commencing with such earlier termination of this Lease lease or the date of any such re-entryreentry, as the case may be, and ending with the date hereinbefore set for contemplated as the expiration of date hereof if this lease had not so terminated or if Landlord had not so reentered the full term grantedPremises, over (2ii) the aggregate rental value of the premises Premises for the same period, or
(b) sums equal to the aggregate of the fixed rent Fixed Rent and the additional rent Additional Charges under Article 24 3 hereof (if any) which would have been payable by Tenant had this Lease lease not so terminated, or had Landlord not so re-entered reentered the premisesPremises, payable upon the due dates therefor specified herein following such termination or such re-entry reentry and until the date hereinbefore set for contemplated as the expiration of date hereof if this lease had not so terminated or if Landlord had not so reentered the full term hereby granted; Premises, provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of relet the premises for all or any part of Premises during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of re-entering lease or in reentering the premises Premises and of in securing possession thereof, as well as the expenses of re-lettingreletting, including including, without limitation, altering and preparing the premises Premises for new tenants, brokers' commission’ commissions, attorneys' fees legal fees, and all other similar or dissimilar expenses properly chargeable against the premises Premises and the rental therefrom in connection with such re-lettingtherefrom, it being understood that any such re-letting reletting may be for a period equal to, less than shorter or longer than the remaining term of this Leaselease; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) subdivision to a credit in respect of any net rents from a re-letting reletting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the premises Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-lettingreletting. For If the purposes Premises or any part thereof be relet by Landlord for the unexpired portion of subparagraph (a) the term of this Article 18lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall reserved upon such reletting shall, prima facie, be deemed to be an amount equal to the amount of such additional rent payable by Tenant fair and reasonable rental value for the applicable period ending immediately preceding Premises, or part thereof, so relet during the term of the reletting. Landlord shall not be liable in any way whatsoever for its failure or refusal to relet the Premises or any part thereof, or if the Premises or any part thereof are relet, for its failure to collect the rent under such termination of reletting, and no such refusal or failure to relet or failure to collect rent shall release or affect Tenant’s liability for damages or otherwise under this Lease or such re-entrylease.
24.02. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease lease would have expired if it had not been so terminated under the provisions of Article 16 22 hereof, or under any provision of law, or had the Landlord not re-entered reentered the premisesPremises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to prove for and obtain as damages by reason of the termination of this lease or reentry on the Premises for the default of Tenant under this lease an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved whether or not such amount be greater than any of the sums referred to in Section 24.01 hereof.
24.03. In addition, if this lease is terminated under the provisions of Article 22 hereof, or if Landlord shall, reenter the Premises under the provisions of Article 23 hereof, Tenant agrees that:
(a) the Premises then shall be in the condition in which Tenant has agreed to surrender the same to Landlord at the expiration of the term hereof;
(b) Tenant shall have performed prior to any such termination any covenant of Tenant contained in this lease for the making of any Alterations or for restoring or rebuilding the Premises or the Building, or any part thereof; and
(c) for the breach of any covenant of Tenant set forth above in this Section 24.03, Landlord shall be entitled immediately, without notice or other action by Landlord, to recover, and Tenant shall pay, as and for liquidated damages therefor, the cost of performing such covenant (as estimated by an independent contractor selected by Landlord).
24.04. In addition to any other remedies Landlord may have under this lease, and without reducing or adversely affecting any of Landlord’s rights and remedies under Article 22, if any Fixed Rent, Additional Charges or damages payable hereunder by Tenant to Landlord are not paid within five days after the due date thereof, the same shall bear interest at the rate of one and one-half (1 1/2%) percent per month or the maximum rate permitted by law, whichever is less, from the due date thereof until paid, and the amount of such interest shall be an Additional Charge hereunder. For the purposes of this Section 24.04, a rent ▇▇▇▇ sent by first class mail, to the address to which notices are to be given under this lease, shall be deemed a proper demand for the payment of the amounts set forth therein.
Appears in 1 contract
Damages. In the event of any termination of 18.1 If this Lease is terminated under the provisions of Article 16 hereof 16, or in the event that if Landlord shall re-enter the demised premises under the provisions of Article 17 hereof 17, or in the event of the termination of this Lease (Lease, or of re-entry entry, by or under any summary dispossess or other proceeding or action or any provision by reason of law)default hereunder on the part of Tenant, Tenant will shall pay to Landlord landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the present value (which present value shall be calculated at a discount rate equal to the then value legal rate of interest on judgments in New York State) of the excess, if any, of of
(1i) the aggregate of the fixed annual rent and the additional rent under Article 24 hereof payable hereunder which would have been paid hereunder payable by Tenant had this Lease (conclusively presuming the additional rent to be the same as was payable for the year immediately preceding such termination except that additional rent on account of increases in Taxes and Expenses shall be presumed to increase at the average of the rates of increase thereof previously experienced by Landlord during the period (not so terminated, to exceed three (3) years) prior to such termination) for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for Expiration Date, had this Lease not so terminated or had Landlord not so re-entered the expiration of the full term granteddemised premises, over over
(2ii) the aggregate rental value of the demised premises for the same period, or
(b) sums equal to the aggregate of the fixed annual rent and the 45 additional rent under Article 24 hereof (if anyas above presumed) payable hereunder which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the demised premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby grantedExpiration Date; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the demised premises for all or any part of during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting letting, the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of or in re-entering the demised premises and of in securing possession thereof, as well as the expenses of re-letting, including altering and preparing the demised premises for new tenants, brokers' commission, attorneys' fees commissions and all other similar or dissimilar expenses properly chargeable against the demised premises and the rental therefrom in connection with such re-letting, thereof; it being understood that any such re-letting may be for a period equal to, less than shorter or longer than the remaining term of this Lease; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) subsection to a credit in respect of any net rents from a re-letting letting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the demised premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For If the purposes demised premises or any part thereof be re-let by Landlord for the unexpired portion of subparagraph (a) the term of this Article 18Lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or reserved upon such re-entry. letting shall, prima facie, be the fair and reasonable rental value for the demised premises, or part thereof, so re-let during the term of the re-letting.
18.2 Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been so terminated under the provisions of Article 16 hereof16, or under any provision of law, or had the Landlord not re-entered the demised premises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to prove for and obtain as liquidated damages by reason of the termination of this Lease or re-entry of the demised 46 premises for the default of Tenant under this Lease, an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved whether or not such amount be greater, equal to, or less than any of the sums referred to in Section 18.1.
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Sources: Lease Agreement (Interliant Inc)