Common use of DEFAULT AND POSSESSION Clause in Contracts

DEFAULT AND POSSESSION. In the event that the Subtenant shall fail to pay said Rent and expenses as set forth herein, or any part thereof, when the same are due and payable, or shall otherwise be in default of any other terms of said Agreement for a period of more than fifteen (15) days, after receiving notice of said default, then the parties hereto expressly agree and covenant that the Tenant may declare the Agreement terminated and may immediately re-enter said Premises and take possession of the same together with any of Subtenant’s personal property, equipment, or fixtures left on the Premises which items may be held by the Tenant as security for the Subtenant’s eventual payment and/or satisfaction of rental defaults or other defaults of Subtenant under this Agreement. It is further agreed that if the Subtenant is in default, the Tenant shall be entitled to take any and all action to protect its interest in the personal property and equipment, to prevent the unauthorized removal of said property or equipment which threatened action would be deemed to constitute irreparable harm and injury to the Tenant in violation of its security interest in said items of personal property. Furthermore, in the event of default, the Tenant may expressly undertake all reasonable preparations and efforts to release the Premises including, but not limited to, the removal of all inventory, equipment, or leasehold improvements of the Subtenant’s, at the Subtenant’s expense, without the need to first procure an order of any court to do so, although obligated in the interim to undertake reasonable steps and procedures to safeguard

DEFAULT AND POSSESSION. In the event that the Subtenant Lessee shall fail to pay said Rent rent, and expenses as set forth herein, or any part thereof, when the same are due and payable, or shall otherwise be in default of any other terms of said Agreement Lease for a period of more than fifteen (15) days, after receiving notice of said default, or if Lessee defaults on its promise to repay Lessor pursuant to the terms of the “TERMINATION OF LEASE OBLIGATION AND REPAYMENT AGREEMENT,” or if Lessee abandons the Premises (evidenced by the cessation of routine and ordinary business by Lessee at the Premises), then the parties hereto expressly agree and covenant that the Tenant Lessor may declare the Agreement Lease terminated and may immediately re-enter said Premises and take possession of the same together with any of SubtenantLessee’s personal property, equipment, equipment or fixtures left on the Premises which items may be held by the Tenant Lessor as security for the SubtenantLessee’s eventual payment and/or satisfaction of rental defaults or other defaults of Subtenant Lessee under this Agreementthe Lease. It is further agreed agreed, that if the Subtenant Lessee is in default, that the Tenant Lessor shall be entitled to take any and all action to protect its interest in the personal property and equipment, to prevent the unauthorized removal of said property or equipment which threatened action would be deemed to constitute irreparable harm and injury to the Tenant in violation of its security interest in said items of personal property. Furthermore, in the event of default, the Tenant may expressly undertake all reasonable preparations and efforts to release the Premises including, but not limited to, the removal of all inventory, equipment, or leasehold improvements of the Subtenant’s, at the Subtenant’s expense, without the need to first procure an order of any court to do so, although obligated in the interim to undertake reasonable steps and procedures to safeguard

DEFAULT AND POSSESSION. In the event that the Subtenant Lessee shall fail to pay said Rent rent, and expenses as set forth herein, or any part thereof, when the same are due and payable, or shall otherwise be in default of any other terms of said Agreement Lease for a period of more than fifteen (15) 15 days, after receiving notice of said default, then the parties hereto expressly agree and covenant that the Tenant Lessor may declare the Agreement Lease terminated and may immediately re-enter said Premises and take possession of the same together with any of Subtenant▇▇▇▇▇▇’s personal property, equipment, equipment or fixtures left on the Premises which items may be held by the Tenant Lessor as security for the SubtenantLessee’s eventual payment and/or satisfaction of rental defaults or other defaults of Subtenant Lessee under this Agreementthe Lease. It is further agreed agreed, that if the Subtenant Lessee is in default, that the Tenant Lessor shall be entitled to take any and all action to protect its interest in the personal property and equipment, to prevent the unauthorized removal of said property or equipment which threatened action would be deemed to constitute irreparable harm and injury to the Tenant Lessor in violation of its security interest in said items of personal property. Furthermore, in the event of default, the Tenant Lessor may expressly undertake all reasonable preparations and efforts to release the Premises including, but not limited to, the removal of all inventory, equipment, equipment or leasehold improvements of the SubtenantLessee’s, at the SubtenantLessee’s expense, without the need to first procure an order of any court to do so, although obligated in the interim to undertake reasonable steps and procedures to safeguard(Choose One)