Default by Tenant. The occurrence of any of the following shall constitute an “Event of Default” under this Lease by Tenant: (a) Failure to pay when due the rent or any other monetary sums required hereunder. (b) Failure to perform any other agreement or obligation of Tenant hereunder, if such failure continues for fifteen (15) days after written notice by Landlord to Tenant except as to those Events of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion. (c) Abandonment or vacation of the Premises by Tenant, or failure to occupy the Premises for ten (10) consecutive days. (d) If any of the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after the filing thereof; (ii) Tenant makes a general assignment for the benefit of creditors; (iii) a receiver or trustee is appointed to take possession of any substantial part of Tenant’s assets, unless such appointment is vacated within thirty (30) days after the date thereof; (iv) Tenant consents to or suffers an attachment, execution or other judicial seizure of any substantial part of its assets or its interest under this Lease, unless such process is released or satisfied within thirty (30) days after the occurrence thereof. If a court of competent jurisdiction determines that any of the foregoing events is not a default under this Lease, and a trustee is appointed to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumption. (e) The occurrence of any other event that is deemed to be an Event of Default under any other provision of this Lease.
Appears in 3 contracts
Sources: Lease Agreement, Lease Agreement (Sophiris Bio Inc.), Lease Agreement (Sophiris Bio Inc.)
Default by Tenant. 14.1 The occurrence of any following shall be deemed a default by Tenant under the terms of the following shall constitute an Lease (“Event of Default” under this Lease ”):
a. The failure by Tenant:
(a) Failure Tenant to pay when due the any rent or any other monetary sums required hereunder.
sum of money due hereunder within ten (b) Failure to perform any other agreement or obligation of Tenant hereunder, if such failure continues for fifteen (1510) days after written notice from Landlord that such payment has not been made;
b. The failure by Landlord Tenant to perform any other of the terms, conditions or covenants of this Lease to be observed or performed by Tenant except as to those Events of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that for more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion.
(c) Abandonment or vacation of the Premises by Tenant, or failure to occupy the Premises for ten (10) consecutive days.
(d) If any of the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after the filing thereof; written notice from Landlord of such default, unless such default is of a nature that it cannot practicably be cured within a thirty (ii30) day period and Tenant makes a general is proceeding with due diligence to cure such default;
c. The making by Tenant of an assignment for the benefit of creditors; (iii) ;
d. The filing of a petition by or against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI of the Bankruptcy Act, or the commencement of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for the appointment of a receiver or trustee is appointed of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to take have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of any substantial part the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Tenant’s assetsDefault. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, unless Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such appointment is vacated within thirty (30) days after proceeds, if any, which may result from the date thereof; (iv) Tenant consents to or suffers an attachmentreletting of the Leased Premises.
14.3 Additionally, execution or other judicial seizure upon the occurrence of any substantial part Event of its assets or its interest under Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, unless such process is released Tenant’s liability for rent and other sums payable hereunder and to perform any other term, condition, covenant or satisfied within thirty (30) days after the occurrence thereof. If a court of competent jurisdiction determines that any of the foregoing events is not a default agreement on its part to be performed under this LeaseLease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, and a trustee is appointed to take possession (or if Tenant remains a debtor in possession)however, and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the for all rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant performance of all terms conditions and agreements relating to the provisions of any bankruptcy law shall be deemed without further act matters prior to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumptiontermination.
(e) The occurrence of 14.4 Additionally, the parties agree that any other event that is deemed default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to be an Event of Default cure such default under any other provision the terms of this LeaseAgreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreement.
Appears in 3 contracts
Sources: Lease Agreement (GreenCell, Inc), Lease Agreement (GreenCell, Inc), Lease Agreement (GreenCell, Inc)
Default by Tenant. The occurrence Tenant shall be in default of this Lease if at any time during the Lease Term (and regardless of the pendency of any bankruptcy, reorganization, receivership, insolvency, or other proceedings in law, or before any administrative tribunal which have or might have the effect of preventing Tenant from complying with the terms of this Lease):
13.1. Tenant fails to make payment of any installment of Base Monthly Rent or of any other sum specified in this Lease or in any of the following shall constitute an “Event of Default” under this Additional Lease Agreements (defined below) to be paid by Tenant:
(a) Failure to pay when due the rent Tenant or any other monetary sums required hereunder.
(b) Failure to perform any other agreement or obligation Affiliate of Tenant hereunderTenant, if such failure continues for within fifteen (15) days after of delivery of Landlord's written notice by Landlord to Tenant except as of such failure; PROVIDED, HOWEVER, Landlord shall be obligated to those Events give Tenant only three (3) notices in any calendar year during the Lease Term and thereafter during said calendar year Tenant shall be in default if Tenant fails to make payment when due, it being understood that whether or not notice is given, all payments of Default that are noncurablemonies shall accrue interest at the Prime Rate determined by Citibank, in N.A., New York, multiplied by one and one-half (1.5), where the Prime Rate shall be up dated every 180 days and shall apply until payment is effectively made (the "DEFAULT RATE"); or
13.2. Tenant fails to observe or perform any of its other covenants, agreements, or obligations under this Lease or any of the Additional Lease Agreements (other than the payment of money, which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfygoverned by SECTION 13.1), and such failure is not in addition tocured within thirty (30) days after Landlord's written notice to Tenant of such failure; provided, any and all legal notices required prior to commencement of an unlawful detainer actionhowever, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such Tenant's obligation is such that more than 15 thirty (30) days is are required for performance, then Tenant will not be in default if Tenant commences performance within such 15-thirty (30) day period and thereafter diligently prosecutes the same to completion.
completion within ninety (c) Abandonment or vacation of the Premises by Tenant, or failure to occupy the Premises for ten (10) consecutive days.
(d) If any of the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (3090) days after the filing thereofthereafter; (ii) Tenant makes a general assignment for the benefit of creditors; (iii) a receiver or trustee is appointed to take possession of any substantial part of Tenant’s assets, unless such appointment is vacated within thirty (30) days after the date thereof; (iv) Tenant consents to or suffers an attachment, execution or other judicial seizure of any substantial part of its assets or its interest under this Lease, unless such process is released or satisfied within thirty (30) days after the occurrence thereof. If a court of competent jurisdiction determines that any of the foregoing events is not a default under this Lease, and a trustee is appointed to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumption.
(e) The occurrence of any other event that is deemed to be an Event of Default under any other provision of this Lease.or
Appears in 2 contracts
Sources: Lease Agreement (Tarrant Apparel Group), Lease Agreement (Tarrant Apparel Group)
Default by Tenant. The Without intending to limit Landlord’s right to declare a default of this Lease for any other reason, the occurrence of any of the following shall shall, at Landlord’s election, constitute an “Event of Default” under this Lease by TenantLease:
(a) Failure to pay when due The vacation or abandonment of the rent Premises or any other monetary sums required hereunder.the Improvements by Tenant for a period of thirty (30) days;
(b) Failure Tenant’s failure to perform pay to Landlord any other agreement or obligation of Tenant hereunder, if such failure continues for fifteen amount due and payable hereunder within five (155) days after of receipt by Tenant of written notice of default given by Landlord to Tenant except as to those Events of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion.;
(c) Abandonment or vacation of the Premises by Tenant, or ’s failure to occupy timely commence construction or timely achieve Completion of Construction;
(d) A Stoppage of Construction for more than sixty (60) Business Days within any seventy (70) Business Day period;
(e) Tenant’s failure to meet the Premises for target dates set forth in the Construction Schedule by, in each case, ten (10) consecutive days.
(d) If any of the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal lawmore Business Days, and such petition is not dismissed Tenant’s failure to make up the necessary time to bring construction into conformance with the target dates set forth in the Construction Schedule within thirty (30) days after notice from Landlord;
(f) A failure by Tenant to observe and perform any other provision of this Lease to be observed or performed by Tenant, when such failure continues to the filing thereoflater to occur of (a) thirty (30) days after written notice thereof by Landlord to Tenant or (b) thirty (30) days after an arbitration has determined that there has been a default if such default is properly a matter of arbitration and same has been submitted to arbitration pursuant to the terms of this Lease; provided, however, that if the nature of such default is such that the same cannot reasonably be cured within such thirty (ii30) day period, Tenant makes shall not be deemed to be in default if Tenant shall within such period commence such cure and thereafter diligently prosecute the same to completion within a period not to exceed ninety (90) days additional; or
(g) The making by Tenant of any general assignment for the benefit of creditors, or the filing of a petition to have Tenant adjudicated as bankrupt, or the filing of a petition for reorganization or arrangement under any law relating to bankruptcy unless, in the case of a petition filed against Tenant, the same is dismissed within ninety (90) days; (iii) or the appointment of a trustee or receiver or trustee is appointed to take possession of any substantial part substantially all of Tenant’s assetsinterest in this Lease, unless such appointment when possession is vacated not restored to Tenant within thirty ninety (3090) days after days; or the date thereof; (iv) Tenant consents to or suffers an attachment, execution or other judicial seizure of any substantial part substantially all of its Tenant’s assets located on the Premises or its of Tenant’s interest under in this Lease, unless when such process is released or satisfied within thirty (30) days after the occurrence thereof. If a court of competent jurisdiction determines that any of the foregoing events seizure is not a default under this Lease, and a trustee is appointed to take possession discharged within ninety (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration90) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumptiondays.
(e) The occurrence of any other event that is deemed to be an Event of Default under any other provision of this Lease.
Appears in 2 contracts
Sources: Ground Lease, Ground Lease
Default by Tenant. The occurrence of Tenant shall be in default under this Lease if any of the following shall constitute an “Event of Default” under this Lease by Tenant:
occur: (ai) Failure Tenant fails to pay when due any Rent or other payment required to be paid by Tenant under this Lease and the rent or any other monetary sums required hereunder.
(b) Failure to perform any other agreement or obligation of Tenant hereunder, if such failure continues for fifteen (15) days after written notice by Landlord to Tenant except as to those Events of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance cured within such 15-day period and thereafter diligently prosecutes the same to completion.
(c) Abandonment or vacation of the Premises by Tenant, or failure to occupy the Premises for ten (10) consecutive days.
(d) If any calendar days after delivery of written notice to Tenant of the following occurs: failure; (iii) a petition Tenant fails to perform or observe any other covenant, agreement or condition which Tenant is filed for an order required to perform or observe, including without limitation the proper performance of relief Tenant's obligations under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal lawSection 5, above, and such petition is the failure shall not dismissed be cured within thirty (30) calendar days after delivery of written notice to Tenant of the filing failure (or, if the cure cannot be effected within the thirty day period, then within the additional period of time as may be required to cure the default provided Tenant is diligently and continuously pursuing the cure to completion); (iii) Tenant is named as a debtor in any voluntary or involuntary bankruptcy proceeding and such proceeding is not discharged or stayed within 90 days from the institution thereof; (iiiv) substantially all of Tenant's assets are placed in receivership or are subjected to attachment or other judiciary seizure and such proceeding is not discharged or stayed within 90 days from the institution thereof; (v) Tenant makes or suffers a general assignment for the benefit of creditors; (iii) a receiver creditors and such proceeding is not discharged or trustee is appointed to take possession of any substantial part of Tenant’s assets, unless such appointment is vacated stayed within thirty (30) 90 days after from the date institution thereof; or (ivvi) Tenant consents to abandons all or suffers an attachment, execution or other judicial seizure of any a substantial part of its assets or its interest under this Lease, unless such process is released or satisfied within thirty (30) days after the occurrence thereof. If a court of competent jurisdiction determines that any portion of the foregoing events is not a default under this Lease, and a trustee is appointed to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumptionPremises.
(e) The occurrence of any other event that is deemed to be an Event of Default under any other provision of this Lease.
Appears in 2 contracts
Sources: Commercial Lease (HyperSpace Communications, Inc.), Commercial Lease (HyperSpace Communications, Inc.)
Default by Tenant. The occurrence Upon default by Tenant of any obligation imposed hereunder, or breach of any of the following covenants and/or agreements contained herein, or if Tenant fails to satisfy any obligation or duty imposed on Tenant hereunder and if Landlord is not currently in default, Landlord shall constitute send Tenant written notice of the default by United States Mail, certified mail, return receipt requested, in accordance with paragraph 27 hereof, and Tenant shall have ten (10) days from the date said notice is posted (the "Notice Date") to cure said default; provided, however, if such default cannot be cured within said ten (10) day period for reasons beyond the control of Tenant, Tenant shall have an “Event of Default” under this Lease by Tenantadditional period not to exceed thirty (30) days from the Notice Date, in which to cure such default. If Tenant fails and/or refuses to cure such default within the time limits specified hereinabove, Landlord may:
(a) Failure Terminate this Lease and may file a Forcible Entry and Detainer suit in the proper court for possession and after giving such notice, or if filing suit for possession, Landlord may accept payment for sums due herein without waiving or diminishing Landlord's right to pay when proceed against Tenant for eviction, property damages, past or future rent, or other sums due herein, and demand that all monthly rentals for the rent remainder of the lease term or renewal or extension period shall be accelerated automatically without notice or demand, and shall immediately become due and payable, and Report any other monetary unpaid sums required hereunder.due herein, breaches of this Lease or property damages, to credit reporting agencies for addition to Tenant's credit files, or
(b) Failure to perform any other agreement or obligation of Tenant hereunderEnforce specific performance hereof, if such failure continues for fifteen (15) days after written notice by Landlord to Tenant except as to those Events of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion.and
(c) Abandonment Bring suit against Tenant for all damages incurred by Landlord as a result of Tenant's default or vacation negligence, including reasonable attorney's fees, costs of re-letting the Premises, which re-letting costs shall not exceed one month's rent. Landlord shall make a reasonable effort to re-let the Premises by as soon as possible and all rentals received from such re- letting, if any, shall be credited against Tenant, or failure to occupy the Premises 's liability for ten (10) consecutive days.
(d) If any of the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is future rentals. Such re-letting shall not dismissed within thirty (30) days after the filing thereof; (ii) relieve Tenant makes a general assignment for the benefit of creditors; (iii) a receiver or trustee is appointed to take possession of any substantial part of Tenant’s assets, unless such appointment is vacated within thirty (30) days after the date thereof; (iv) Tenant consents 's obligation to or suffers an attachment, execution or other judicial seizure of any substantial part of its assets or its interest under this Lease, unless such process is released or satisfied within thirty (30) days after the occurrence thereof. If a court of competent jurisdiction determines that any of the foregoing events is not a default under this Lease, and a trustee is appointed to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the pay all rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignmentdue. Any or all such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumptionremedies may be exercised either separately or concurrently.
(e) The occurrence of any other event that is deemed to be an Event of Default under any other provision of this Lease.
Appears in 2 contracts
Sources: Commercial Lease Agreement (Signal Advance Inc), Commercial Lease Agreement (Signal Advance Inc)
Default by Tenant. The occurrence of any of the following shall constitute an “Event of Default” under this Lease by Tenant:
If (a) Failure to pay when due Tenant defaults in the payment of rent or in the payment of any other monetary sums required hereunder.
sum due under this Lease, and such default shall continue for five (5) days after notice thereof in writing by Landlord to Tenant, or (b) Failure to perform if Tenant defaults in the prompt and full performance of any other covenant, condition, agreement or obligation provision of this Lease (including, without limitation, Tenant's compliance obligations under Section 3.1(c) hereof and Tenant's payment obligations under Section 5.2(b) hereof to the extent Landlord has exercised its right to require Tenant hereunder, if to pay any Fee Mortgage Obligations then due and payable directly to the Fee Mortgagee) and such failure continues default shall continue for fifteen thirty (1530) days after written notice thereof in writing by Landlord to Tenant except as to those Events of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion.
(c) Abandonment or vacation of the Premises by Tenant, or failure to occupy provided, however, that in the Premises for ten (10) consecutive days.
(d) If any case of the following occurs: (i) a petition is filed for an order default which cannot with reasonable diligence be cured within said period of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after the filing thereof; notice, Tenant shall have such additional time to cure the same as may reasonably be necessary (iiprovided Tenant is proceeding with reasonable diligence to cure the same), or (c) if Tenant makes a general assignment shall abandon the Premises for any period of thirty (30) consecutive days during the Term of this Lease, or (d) if Tenant shall cease to operate the Premises for the benefit Permitted Use for a period of creditors; thirty (iii30) consecutive days (other than as a result of a casualty or taking), or (e) if Tenant shall file a voluntary petition in bankruptcy or shall be adjudicated a bankrupt in any bankruptcy or insolvency proceedings and such petition or adjudication shall not be vacated or stayed within sixty (60) days, or (f) if any court shall enter an order, judgment or decree appointing a receiver or trustee is appointed to take possession of for Tenant or any substantial part of Tenant’s assets's property in a bankruptcy or other proceeding, unless and such appointment is vacated within thirty order, judgment or decree shall remain in force, undischarged or unstayed, for sixty (3060) days after it is entered, or (g) if any representation, warranty or statement contained herein proves to be untrue in any material respect as of the date thereofwhen made or at any time if such representation or warranty is a continuing representation or warranty, or (h) if either the state license to operate the Facility as a nursing home or the certification of the Facility to participate in the Medicare and Medicaid programs is revoked or terminated, or (i) if Tenant is in Default under any of the Other Leases, then in any such event of default (hereinafter a "Default") as herein described, Landlord may, at its option at any time during the continuation of such Default:
(A) give written notice to Tenant stating that this Lease is at an end, and thereafter, re-enter, repossess and enjoy the Premises together with all additions, alterations and improvements thereto, subject to any notice or waiting period and/or governmental approval process established or required under applicable federal or state licensure and/or certification regulations pertaining to a change of licensee or ownership of the Facility and in any event in a manner which ensures the safe transfer of care of the patients resident in the Facility, in which case Tenant shall be liable to Landlord for all rent accrued to the date of such termination of this Lease and any expenses actually incurred by Landlord, including attorneys fees, as a result of Tenant's Default hereunder; or
(ivB) re-enter the Premises and without terminating this Lease, relet the Premises or any part or parts thereof (subject to any notice or waiting period and/or governmental approval process established or required under applicable federal or state licensure and/or certification regulations pertaining to a change of licensee or ownership of the Facility and in any event in a manner which ensures the safe transfer of care of the patients resident in the Facility) on such terms and conditions as Landlord may determine for the account of Tenant, and receive and collect the rents or revenues therefrom, applying the same, first, (x) to any costs and expenses actually incurred by Landlord (including, without limitation, attorneys' fees and expenses) as a result of Tenant's Default, (y) to any costs and expenses actually incurred by Landlord in connection with reletting the Premises (including, without limitation, brokerage commissions, tenant improvement costs and other capital expenditures), and (z) to any costs and expenses actually incurred by Landlord in connection with operating and maintaining the Premises (including, without limitation, capital expenditures and any Fee Mortgage Reserves), and, second, to the fulfillment of the rental obligations of Tenant consents under this Lease. Tenant shall remain obligated to Landlord until the end of the Initial Term (if the Default occurs during the Initial Term) or suffers the end of the Extension Term then in effect (if the Default occurs during an attachmentExtension Term) for all rent and other charges required to be paid by Tenant under the terms of this Lease, execution reduced by rents or revenues received by Landlord from any reletting during the Term (less all costs and expenses described in the immediately preceding sentence); or
(C) at the option of Landlord exercised at any time, recover from Tenant, as liquidated damages, in addition to any other judicial seizure proper claims but in lieu of and not in addition to any amount which would thereafter have become payable by Tenant under the preceding clause (B), an amount equal to the sum of (x) all Annual Base Rent that is due and unpaid at the later to occur of termination, repossession or eviction, together with interest thereon at the Reference Rate, plus (y) the present value (calculated in the manner stated below) of the amount by which the unpaid Annual Base Rent for the balance of the Term after the later to occur of termination, repossession or eviction exceeds the fair market rental value (taking into account brokerage commissions and other costs and expenses of reletting the Premises) of the Premises for the balance of the Term, plus (z) any other amount necessary to compensate Landlord for all damages proximately caused by Tenant's failure to perform its obligations and covenants under this Lease (including, without limitation, the costs and expenses of operating and maintaining the Premises, including, without limitation, capital expenditures and any Fee Mortgage Reserves); the determination of the "present value" of unpaid Annual Base Rent to be based upon a discount rate of ten percent (10%) per year to present worth; it being understood by the parties hereto that Landlord's damages upon a Tenant Default would not be subject to accurate calculation and the amount established hereby as liquidated damages is a reasonable estimate of the damages, but not a penalty, which would be incurred by Landlord. Anything contained herein to the contrary notwithstanding, if any termination of this Lease shall be stayed by an order of any substantial part court having jurisdiction over any proceeding described in Section 18.1(e) or (f) hereof, or by federal or state statute, then, following the expiration of its assets any such stay, or its if the trustee appointed in any such proceeding, Tenant or Tenant as debtor-in-possession shall fail to assume Tenant's obligation under this Lease within the period prescribed therefor by law or within one hundred twenty (120) days after entry of the order for relief or as may be allowed by the court, or if said trustee, Tenant or Tenant as debtor-in-possession shall fail to provide adequate protection of Landlord's right, title and interest in and to the Premises or adequate assurance of the complete and continuous future performance of Tenant's obligations under this Lease, unless such process is released Landlord, to the extent permitted by law or satisfied within thirty (30) days after the occurrence thereof. If a court of competent jurisdiction determines that any by leave of the foregoing events is not a default under court having jurisdiction over such proceeding, shall have the right, at its election, to terminate this LeaseLease on five (5) days' notice to Tenant, Tenant as debtor-in-possession or said trustee and a upon the expiration of said five (5) day period this Lease shall cease and expire as aforesaid and Tenant, Tenant as debtor-in-possession or said trustee is appointed to take possession (or if Tenant remains a debtor in possession), shall immediately quit and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, surrender the Premises as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer aforesaid and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver liable to Landlord an instrument confirming such assumption.
(e) The occurrence of any other event that is deemed to be an Event of Default under any other provision as provided above upon a termination of this Lease.
Appears in 2 contracts
Sources: Lease Agreement (Harborside Healthcare Corp), Lease Agreement (Harborside Healthcare Corp)
Default by Tenant. The occurrence of any one or more of the following shall constitute an “Event of Default” a default by Tenant under this Lease by TenantLease:
(a) Failure of Tenant to timely pay when due the rent or any other monetary sums amounts payable under this Lease as and when first due and payable and such failure continues for five (5) Business Days after ▇▇▇▇▇▇▇▇’s written demand, provided, however, that in no event shall Landlord be required hereunder.to provide Tenant more than two (2) such notices in any twelve (12) month period;
(b) Failure to perform any other agreement or obligation of Tenant hereunderto perform, observe or comply with Section 4.8 of the Lease or any provision of the Prime Lease if such failure continues for fifteen or default is not cured to Landlord’s reasonable satisfaction within five (155) days Business Days after Landlord has given Tenant written notice by Landlord thereof;
(c) The failure of Tenant to Tenant except as to perform, observe, or comply with any of the terms, affirmative covenants, conditions or provisions contained in this Lease other than those Events of Default that are noncurableset forth in (a) and (b) above and including, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the Building Rules, as the same may be reasonably modified from time to time if such failure or default is not cured to Landlord’s reasonable satisfaction within thirty (30) calendar days after Landlord has given Tenant written notice requirements of California Code of Civil Procedure Sections 1161 et seq.thereof or such longer period (not to exceed ninety (90) days in the aggregate) as may reasonably be required, provided that if the nature of Tenant shall commence to cure such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-said thirty (30) day period and thereafter diligently prosecutes prosecute the same to completion.
(c) Abandonment or vacation of the Premises by Tenant, or failure to occupy the Premises for ten (10) consecutive days.conclusion;
(d) If The interest of Tenant under this Lease shall be levied on under execution or other legal process;
(e) Any petition in bankruptcy or other insolvency proceedings shall be filed by or against Tenant or any guarantor of this Lease, or any petition shall be filed or other action taken to declare Tenant or any such guarantor a bankrupt or to delay, reduce or modify Tenant’s or any such guarantor’s debts or obligations or to reorganize or modify Tenant’s or any such guarantor’s capital structure of indebtedness or to appoint a trustee, receiver or liquidator of Tenant or such guarantor or of any property of Tenant or such guarantor, or any proceeding or other action shall be commenced or taken by any governmental authority for the following occurs: dissolution or liquidation of Tenant or any such guarantor;
(i) a petition is filed for an order of relief under the federal Bankruptcy Code Tenant shall become insolvent or for an order otherwise fail to pay its monetary obligations in due course as they mature, or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after the filing thereof; (ii) Tenant makes a general shall make an assignment for the benefit of creditors; , or (iii) a receiver or trustee shall be appointed for Tenant or any of its properties and not discharged within five (5) Business Days; and
(g) Tenant shall do or permit to be done anything whereby a lien, security interest or other encumbrance (whether consensual or created by operation of law or otherwise) is appointed to take possession of created or filed against all or any substantial part of the Leased Premises, the Building or any property situated therein or Tenant’s assets, unless such appointment interest in this Lease which is vacated not discharged within thirty (30) days after the date thereof; (iv) Tenant consents to or suffers an attachment, execution or other judicial seizure of any substantial part of its assets or its interest under this Lease, unless such process is released or satisfied within thirty (30) days after the occurrence thereof. If a court of competent jurisdiction determines that any of the foregoing events is not a default under this Lease, and a trustee is appointed to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumptionfiling.
(e) The occurrence of any other event that is deemed to be an Event of Default under any other provision of this Lease.
Appears in 2 contracts
Sources: Lease Agreement (Aktis Oncology, Inc.), Lease Agreement (Aktis Oncology, Inc.)
Default by Tenant. The occurrence (1) In the event of Tenant’s default, Landlord, besides other rights or remedies that it may have, upon giving at least ten (10) days notice and the same having not been cured in that period, except in the case of defaults in the performance of any covenant for the payment of rent or other sums due hereunder (in which case Landlord shall not be required to provide notice of the alleged default, shall have the right to (i) accelerate all rent otherwise payable by Tenant over the remainder of the Lease term, in which case all such rent shall be immediately due and payable, or (ii) terminate this lease, or (iii) terminate Tenant’s right of continued possession of the leased premises and, from time to time, without terminating this Lease to relet the leased premises or any part thereof for the account and in the name of Tenant, for any such term or terms and conditions as Landlord in its sole reasonable discretion may deem advisable, with the right to make alterations and repairs to the leased premises deemed by Landlord to be necessary in conjunction with such reletting.
(2) Should Landlord terminate Tenant’s right of possession of the leased premises pursuant to this Article, then Tenant shall pay to Landlord all or any of the following: (a) any unpaid rent and other charges to be paid by Tenant hereunder up to the date when Landlord shall have so terminated Tenant’s right of possession, (b) the costs of recovering possession of the leased premises and any legal fees and expenses directly related to the breach, the recovery of possession and the collection of unpaid rent and other charges, (c) the costs incurred by Landlord in repairing and restoring the leased premises to the condition in which same were to have been surrendered to Landlord at the expiration of the Lease term, (d) the costs of removing any of Tenant’s property from the leased premises and, if same be stored, the cost of transporting and storing same (if Landlord shall store such property in the building or the business center then Landlord shall be entitled to a reasonable storage fee hereunder), (e) all brokerage fees advertising costs and commissions incurred by Lessor in reletting the leased premises.
(3) Rentals received by Landlord from any reletting pursuant to this Article shall be applied first to the payment of any of the following aforesaid enumerated items, in such order as Landlord shall constitute an “Event deem reasonably appropriate, and second to the payment of Default” under this Lease rent and other sums due and unpaid by Tenant:
(a) Failure to pay when due Tenant hereunder as of the date of Landlord’s receipt of said rentals. The residue, if any, shall be held by Landlord and applied in payment of future rent or any other monetary sums required hereunderdamages in the event of termination as the same may become due and payable hereunder and the balance, if any, at the end of the Lease term shall be paid to Tenant.
(b4) Failure No such reletting of the leased premises by Landlord pursuant to perform any other agreement or obligation this Article shall be construed as an election on its part to terminate this Lease unless a notice of Tenant hereunder, if such failure continues for fifteen (15) days after written notice intention be given by Landlord to Tenant except as to those Events of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion.
(c) Abandonment or vacation of the Premises by Tenant, or failure to occupy the Premises for ten (10) consecutive days.
(d) If any of the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after the filing thereof; (ii) Tenant makes a general assignment for the benefit of creditors; (iii) a receiver or trustee is appointed to take possession of any substantial part of Tenant’s assets, unless such appointment termination is vacated within thirty (30) days after the date thereof; (iv) Tenant consents to or suffers an attachment, execution or other judicial seizure of any substantial part of its assets or its interest under this Lease, unless such process is released or satisfied within thirty (30) days after the occurrence thereof. If decreed by a court of competent jurisdiction determines jurisdiction. Notwithstanding any reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach, provided it has not been cured.
(5) In the event that any of the foregoing events is not a default under this Lease, and a trustee is appointed to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and accelerate the rent payable by Tenant pursuant to any applicable provision of this Lease, and Tenant shall fail to pay same after Landlord’s demand therefore, then Landlord shall have the right to pursue all other rights and remedies existing at law.
(6) Should Landlord at any time terminate this Lease for any breach pursuant to this Article, then in addition to any other remedy Landlord may have by reason of such breach, Landlord shall have the right to recover from Tenant all or any of the following: (a) any unpaid rent and other charges to be paid by Tenant hereunder up to the date of termination, (b) the costs of recovering possession of the leased premises and any legal costs, fees and expenses directly related to the breach, the recovery of possession, and the collection of said arrearages in rent and other charges, (c) costs, as reasonably estimated by Landlord would be incurred in repairing or restoring the leased premises to the condition in which the same were to have been surrendered to Landlord as the expiration of the Lease term, (d) the costs of removing any of Tenant’s property from the leased premises, and if same be stored, the cost of transporting and storing same (if Landlord shall store such property in the building or the project, then Landlord shall be entitled to a reasonable storage fee hereunder), all brokerage fees and commissions incurred by Landlord in reletting the leased premises, and (f) compensation for the loss of profits occasioned by the breach and resultant termination of this lease, which loss the parties agree shall be determined by calculating the total amount of rent and other charges to be paid by Tenant, as if this Lease had not been terminated, from the date of termination to the otherwise expiration date of the Lease term, and deducting therefrom the net rental value of the leased premises for a like period which Tenant proves could have been reasonably achieved.
(7) Landlord shall have the right to recover, in execution of judgment(s) rendered in legal proceeding or otherwise, either jointly or from time to time severally, the applicable sums specified in clauses (a) through (e) of Paragraph (2) of this Article, and clauses (a) through (f) of Paragraph (6) of this Article. Landlord’s recovery of one or more of such sums shall not constitute a waiver of Landlord’s right to recover from Tenant the remaining sums. The cost of reletting the leased premises and the estimated cost of renovating or preparing the leased premises for a new tenant shall be substantiated by the affidavit of Landlord submitted with the demand for payment under this Article or any legal proceeding for the recovery thereof.
(8) Landlord shall have all rights and remedies now or hereafter existing at law with respect to the enforcement of Tenant’s obligations hereunder and the recovery of the leased premises, including, without limitation, those set forth in N.J.S.A. 2A:18-53, R.S. 2:32-256, L1898, c.228, as amended, and all amendments, modifications and substitutions thereof hereafter enacted. No right or remedy herein conferred upon or reserved to Landlord shall be exclusive of any other right or remedy, but shall be cumulative and in addition to all other rights and remedies given hereunder or now or hereafter existing at law. Landlord shall be entitled to injunctive relief in case of the violation, or attempted or threatened violation, of any covenant, agreement, condition or provision of this lease, or to a decree compelling performance of any covenant, agreement, condition or provision of this lease.
(9) Notwithstanding the foregoing provisions of this Article, if Tenant is in default hereunder, Any assignee pursuant to Landlord after the lapse of any time period and notice as may be applicable thereto under the provisions of Paragraph (1) of this Article shall have the right, without prejudice to any bankruptcy other right or remedy provided for hereunder or otherwise available, to cure the default; and in such case all of Landlord’s cost and expenses in so doing, plus interest at the maximum rate of interest per annum then permitted by law shall be deemed without further act due and payable to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shallLandlord, upon demand, execute and deliver to Landlord an instrument confirming such assumption.
(e) The occurrence of any other event that is deemed to be an Event of Default as additional rent under any other provision the terms of this Leaselease.
Appears in 2 contracts
Sources: Lease Agreement (ADS Tactical, Inc.), Lease Agreement (ADS Tactical, Inc.)
Default by Tenant. The occurrence of any Each of the following shall constitute be deemed to be an “Event event of Default” default by Tenant under this Lease by TenantLease:
(a) A. Failure of Tenant to pay when due any installment of Rent, or to pay or cause to be paid taxes (to the rent extent Tenant is obligated to pay or cause same to be paid), utilities, insurance premiums, or any other monetary sums required hereunder.
(b) Failure sum payable to perform any other agreement or obligation of Tenant Landlord hereunder, if on the date that same is due, and such failure continues shall continue thereafter for fifteen a period of ten (1510) days (the “10- day Grace Period”) and such failure shall not be cured within ten (10) days after written notice by Landlord thereof (the "Cure Period") to Tenant except as to those Events of Default that are noncurable(which Cure Period may overlap, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not whole or in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitationpart, the notice requirements 10 day Grace Period).
B. Failure of California Code Tenant to comply with any term, condition or covenant of Civil Procedure Sections 1161 et seq.this Lease (other than the payment of Rent or other sum of money, provided that if or the nature payment of taxes, utilities or insurance premiums, or other payments Tenant is to make under this Lease) and such obligation is such that more than 15 days is required for performance, then Tenant will failure shall not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion.
(c) Abandonment or vacation of the Premises by Tenant, or failure to occupy the Premises for ten (10) consecutive days.
(d) If any of the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed cured within thirty (30) days after written notice thereof to Tenant.
C. Tenant shall fail to deliver the filing thereof; Additional Deposit to Landlord within ten (10) days after the delivery by Landlord to Tenant of the Additional Deposit Notice.
D. Tenant, or any guarantor of Tenant hereunder, (i) becomes or is declared insolvent according to any Law, (ii) Tenant makes a general assignment transfer in fraud of creditors according to any applicable Law, or (iii) assigns or conveys all or a substantial portion of its property for the benefit of creditors; .
E. Tenant or any guarantor of Tenant hereunder, files a petition for relief, or is the subject of an order for relief, under the United States Bankruptcy Code, as amended, or any other present or future federal or state insolvency, bankruptcy or similar Laws (iii) collectively “Applicable Bankruptcy Law”).
F. Appointment of a receiver or trustee is appointed to take possession for Tenant (or any guarantor of any substantial part of Tenant hereunder) or Tenant’s assets(or any such guarantor’s) property; or the interest of Tenant (or any such guarantor) under this Lease is levied on under execution or under other legal process; or any involuntary petition is filed against Tenant (or any such guarantor) under Applicable Bankruptcy Law (provided, unless such appointment is vacated however, that no action described in this subparagraph F. or in subparagraphs D. or E. shall constitute a default by Tenant if Tenant (or any guarantor of Tenant hereunder) shall vigorously contest the action by appropriate proceedings and shall remove, vacate or terminate the action within thirty sixty (3060) days after the date thereof; (iv) of its inception.).
G. Abandonment by Tenant consents to or suffers an attachment, execution or other judicial seizure of any substantial part of its assets or its interest under this Lease, unless such process is released or satisfied within thirty (30) days after the occurrence thereof. If a court of competent jurisdiction determines that any portion of the foregoing events is not a default under this Lease, and a trustee is appointed to take possession (Premises or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions cessation of any bankruptcy law shall be deemed without further act to have assumed all use of the obligations of Premises for the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumptionpurposes leased.
(e) The occurrence H. Tenant is in default of any other event that is deemed to be an Event lease or agreement with, or any permit or license issued by, the Town of Default under any other provision of this LeaseAddison, Texas.
Appears in 2 contracts
Sources: Conventional Hangar Lease for Commercial Aviation Use, Conventional Hangar Lease
Default by Tenant. The occurrence of any of the following shall constitute an “Event of Default” under this Lease by Tenant:
(a) 21.1 Failure to pay when due the rent any Minimum Monthly Rent, Additional Rent or any other monetary sums required hereunderto be paid by Tenant under the terms of this Lease.
(b) 21.2 Failure to perform any other agreement or obligation of Tenant hereunder, if such failure continues for fifteen thirty (1530) days after written notice by Landlord to Tenant Tenant, except as to those Events of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, limitation the notice requirements of California Code of Civil Procedure Sections 1161 et seq.
21.3 Abandonment, provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion.
(c) Abandonment or vacation of the Premises by Tenant, or failure to occupy the Premises for a period of ten (10) consecutive days, coupled with the non-payment of rent.
(d) 21.4 If any of the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after the filing thereof; (ii) Tenant makes a general assignment for the benefit of creditors; (iii) a receiver or trustee is appointed to take possession of any substantial part of Tenant’s assets, unless such appointment is vacated within thirty (30) days after the date thereof; or (iv) Tenant consents to or suffers an attachment, execution or other judicial seizure of any substantial part of its assets or its interest under this Lease, unless such process is released or satisfied within thirty (30) days after the occurrence thereof. If a court of competent jurisdiction determines that any of the foregoing events is not a default under this Lease, and a trustee is appointed to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, receive the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, . Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumption.
(e) 21.5 The occurrence of any other event that is deemed to be an Event of Default under any other provision of this Lease, or any other lease to which Landlord (or any affiliate of Landlord) and Tenant (or any affiliate of Tenant) are parties.
Appears in 2 contracts
Sources: Standard Industrial Net Lease (Mabvax Therapeutics Holdings, Inc.), Standard Industrial Net Lease (Mabvax Therapeutics Holdings, Inc.)
Default by Tenant. The occurrence of any one or more of the following events shall constitute an “Event of Default” a default by Tenant under this Lease by TenantLease:
(ai) Failure Tenant shall fail to pay when due the rent to Landlord any Base Rental, Basic Costs or any other monetary sums required hereunder.charge due from Tenant hereunder as and when due and payable;
(bii) Failure Tenant breaches or fails to perform comply with any term, provision, condition or covenant of this Lease, other agreement than as described in Section 23(a)(i), or obligation with any of the Exhibit H, Building Rules and Regulations now or hereafter established to govern the operation of the Building;
(iii) An assignment or subletting by Tenant without the prior written approval of Landlord except for an assignment or subletting to an affiliate as set forth in Section 3(b);
(iv) The interest of Tenant hereunder, if such failure continues for fifteen (15) days after written notice by Landlord to Tenant except as to those Events of Default that are noncurable, in which case no such grace period under this Lease shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all be levied on under execution or other legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion.process;
(cv) Abandonment Any petition in bankruptcy or vacation of the Premises other insolvency proceedings shall be filed by or against Tenant, or failure any petition shall be filed or other action taken to occupy declare Tenant a bankrupt or to delay, reduce or modify Tenant's debts or obligations or to reorganize or modify Tenant's capital structure or indebtedness or to appoint a trustee, receiver or liquidator of Tenant or of any property of Tenant, or any proceeding or other action shall be commenced or taken by any governmental authority for the Premises for ten (10) consecutive days.
(d) If any dissolution or liquidation of the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal lawTenant and, and such petition is not dismissed within thirty (30) days after the filing thereafter, Tenant fails to secure a discharge thereof; ;
(iivi) Tenant makes a general shall become insolvent, or Tenant shall make an assignment for the benefit of creditors; (iii) , or Tenant shall make a transfer in fraud of creditors, or a receiver or trustee is shall be appointed to take possession for Tenant or any of its properties;
(vii) Tenant shall desert, abandon or vacate the Premises or any substantial part portion thereof or fails to operate its business in the Premises for any reason other than destruction or condemnation of the Premises without giving Landlord written notice of Tenant’s assets's intention to vacate, unless such appointment is vacated within thirty desert or abandon at least ninety (3090) days after prior to the date thereof; vacating, deserting or abandoning, and if Tenant otherwise fully complies with the terms of the Lease;
(ivviii) Tenant consents shall do or permit to be done anything which creates a lien upon the Premises or suffers an attachmentthe Building; or the term 'Tenant" as used in this Section 23 shall be deemed to include any guarantor of or any other person or entity primarily or secondarily liable for, execution or other judicial seizure any of any substantial part of its assets or its interest Tenant's obligations under this Lease, unless such process is released or satisfied within thirty (30) days after the occurrence thereof. If a court of competent jurisdiction determines that any of the foregoing events is not a default under this Lease, and a trustee is appointed to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumption.
(e) The occurrence of any other event that is deemed to be an Event of Default under any other provision of this Lease.
Appears in 2 contracts
Sources: Office Lease Agreement (Objectspace Inc), Office Lease Agreement (Objectspace Inc)
Default by Tenant. The Landlord and Tenant hereby agree that the occurrence of any one or more of the following events shall constitute be an “Event of Default” by Tenant under this Lease by and that said Event of Default shall give Landlord the rights described in Section 13.2. Landlord or Landlord’s authorized agent shall have the right to execute and to deliver any notice of default, notice to pay rent or quit or any other notice Landlord gives Tenant:.
(a) Failure Tenant’s failure to pay when due the rent make any payment of Base Rent, Tenant’s Share of Operating Expense increases, Tenant’s Share of Real Property Taxes, late charges, or any other monetary sums payment required to be made by Tenant hereunder, as and when due, where such failure shall continue for a period of five (5) business days after written notice thereof from Landlord to Tenant. In the event that Landlord serves Tenant with a notice to pay rent or quit pursuant to applicable summary process or unlawful detainer statutes, such notice shall also constitute the notice required by this Section 13.1(a).
(b) Failure to perform any other agreement or obligation The failure of Tenant hereunderto comply with any of its obligations under Sections 6.1, if such 6.2, 7.2, 7.3, 8, 11.3, 12, 18, 19, 21, 23, 24, 26, 34, 35 and 56 and failure continues for fifteen to cure the same within ten (1510) days after following written notice by from Landlord to Tenant. In the event that Landlord serves Tenant except as with a notice to those Events of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended pay rent or quit pursuant to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an applicable summary process or unlawful detainer actionstatutes, including without limitation, such notice shall also constitute the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completionby this Section 13.1(b).
(c) Abandonment The failure by Tenant to observe or vacation of the Premises by Tenant, or failure to occupy the Premises for ten (10) consecutive days.
(d) If perform any of the following occurs: covenants, conditions or provisions of this Lease to be observed or performed by Tenant (iother than those referenced in Sections 13.1(a), (b) and (c), above), where such failure shall continue for a petition is filed for an order period of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after written notice thereof from Landlord to Tenant; provided, however, that if the filing thereof; nature of Tenant’s non-performance is such that more than thirty (ii30) days are reasonably required for its cure, then an Event of Default shall not be deemed to exist if Tenant makes commences such cure within said thirty (30) day period and thereafter diligently pursues such cure to completion. In the event that Landlord serves Tenant with a notice to pay rent or quit pursuant to applicable summary process or unlawful detainer statutes, such notice shall also constitute the notice required by this Section 13.1(c).
(i) The making by Tenant or any guarantor of Tenant’s obligations hereunder of any general arrangement or general assignment for the benefit of creditors; (ii) Tenant or any guarantor becoming a “debtor” as defined in 11 U.S.C. Section 101 (the “Bankruptcy Code”) or any successor statute thereto (unless, in the case of a petition filed against Tenant or guarantor, the same is dismissed within sixty (60) days); (iii) the appointment of a trustee or receiver or trustee is appointed to take possession of any substantial part substantially all of Tenant’s assetsassets located at the Premises or of Tenant’s interest in this Lease, unless such appointment where possession is vacated not restored to Tenant within thirty (30) days after the date thereofdays; (iv) Tenant consents to or suffers an the attachment, execution or other judicial seizure of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is not discharged within thirty (30) days; (v) Tenant shall be adjudicated insolvent, or shall file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future Federal, State or other statute, law or regulation for the relief of debtors (other than the Bankruptcy Code), or shall seek or consent to or acquiesce in the appointment of any trustee, receiver or liquidator of Tenant or of all or any substantial part of its assets properties, or shall admit in writing its interest inability to pay its debts generally as they become due; (vi) a petition shall be filed against Tenant under any law other than the Bankruptcy Code seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under any present or future Federal, State or other statute, law or regulation and shall remain undismissed or unstayed for an aggregate of sixty (60) days (whether or not consecutive), or if any trustee, conservator, receiver or liquidator of Tenant or of all or any substantial part of its properties shall be appointed without the consent or acquiescence of Tenant and such appointment shall remain unvacated or unstayed for an aggregate of sixty (60) days (whether or not consecutive); or (vii) the occurrence of any of the events described in this paragraph (e) with respect to any guarantor of all or any portion of Tenant’s obligations under this Lease, unless such process is released or satisfied within thirty (30) days after . In the occurrence thereof. If a court of competent jurisdiction determines event that any provision of the foregoing events this Section 13.1(e) is not a default unenforceable under this Leaseapplicable law, and a trustee is appointed to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law provision shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on no force or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumptioneffect.
(e) The occurrence discovery by Landlord that any financial statement, representation or warranty given to Landlord by Tenant, or by any guarantor of Tenant’s obligations hereunder, is or was materially false. Tenant acknowledges that Landlord has entered into this Lease in material reliance on such information.
(f) If Tenant is a corporation, limited liability company, partnership, or other business entity, the dissolution or liquidation of Tenant.
(g) If Tenant’s obligations under this Lease are guaranteed: (i) the death of a guarantor, (ii) the termination of a guarantor’s liability with respect to this Lease other than in accordance with the terms of such guaranty, (iii) a guarantor’s becoming insolvent or the subject of a bankruptcy filing, (iv) a guarantor’s refusal to honor the guaranty, or (v) a guarantor’s breach of its guaranty obligation on an anticipatory breach basis.
(h) Even if, under paragraphs (a), (b) or (c) above, Landlord satisfies the applicable notice requirement by serving Tenant with a notice to pay rent or quit pursuant to applicable summary process or unlawful detainer statutes, the period within Tenant may cure the failure in question shall not be shorter by virtue of any other event that is deemed to be an Event of Default under any other provision of this Leasesuch statute than the period set forth in paragraph (a), (b) or (c) above, as applicable.
Appears in 2 contracts
Sources: Lease Agreement (NameMedia, Inc.), Lease Agreement (NameMedia, Inc.)
Default by Tenant. The occurrence of any one or more of the following events shall constitute an “Event a material Default of Default” under this Lease by Tenant:
(a) Failure to pay when due the rent 11.1.1 The vacation or any other monetary sums required hereunder.
(b) Failure to perform any other agreement or obligation of Tenant hereunder, if such failure continues for fifteen (15) days after written notice by Landlord to Tenant except as to those Events of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion.
(c) Abandonment or vacation abandonment of the Premises by Tenant, or . Vacation of the Premises shall include the failure to occupy the Premises for ten a continuous period of thirty (1030) consecutive daysdays without paying rent.
11.1.2 The failure by Tenant to make any payment of rent or any other payment required to be made by Tenant hereunder, as and when due, where such failure shall continue for a period of three (d3) If days after written notice thereof from Landlord to Tenant. In the event that Landlord serves Tenant with a Notice to Pay Rent or Quit pursuant to applicable unlawful detainer statutes such Notice to Pay Rent or Quit shall also constitute the notice required by this subsection.
11.1.3 The failure by Tenant to observe or perform any of the following occurs: (i) express or implied covenants, conditions or provisions of this Lease to be observed or performed by Tenant other than that referenced in subsection 11.1.2 above, where such failure shall continue for a petition is filed for an order period of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after written notice thereof from Landlord to Tenant; provided, however, that if the filing thereof; nature of Tenant's noncompliance is such that more than thirty (ii30) days are reasonably required for its cure, then Tenant makes shall not be deemed to be in default if Tenant commenced such cure within said thirty (30) day period and thereafter diligently pursues such cure to completion. To the extent permitted by law, such thirty (30) day notice shall constitute the sole and exclusive notice required to be given to Tenant under applicable unlawful detainer statutes.
11.1.4 The making by Tenant of a general assignment for the benefit of creditors; (iiia) Tenant's becoming a "debtor" as defined in 11 USC Section 101 or any successor statute thereto (unless, in the case of a petition filed against Tenant, the same is dismissed within sixty (60) days); (b) the appointment of a trustee or receiver or trustee is appointed to take possession of any substantial part substantially all of Tenant’s assets's assets located at the Premises or of Tenant's interest in this Lease, unless such appointment where possession is vacated not restored within thirty (30) days after days; or (c) the date thereof; (iv) Tenant consents to or suffers an attachment, execution or other judicial seizure of any substantial part substantially all of its Tenant's assets located at the Premises or its of Tenant's interest under in this Lease, unless where such process seizure is released or satisfied not discharged within thirty (30) days after days. In the occurrence thereof. If a court of competent jurisdiction determines event that any provision of this subsection 11.1.4 is contrary to any applicable law, such provision shall be of no force or effect.
11.1.5 The discovery by Landlord that any financial statement given to Landlord by Tenant, or its successor in interest or by any guarantor of Tenant's obligation hereunder was materially false or misleading.
11.1.6 If the foregoing events is not a default performance of Tenant's obligations under this LeaseLease is guaranteed: (a) the termination of a guarantors liability with respect to this Lease other than in accordance with the terms of such guaranty, (b) a guarantor's becoming insolvent or the subject of a bankruptcy filing, (c) a guarantors refusal or inability to honor the guarantee, or (d) a guarantor's breach of its guarantee obligation, and a trustee is appointed Tenant's failure within sixty (60) days following written notice by or on behalf of Landlord to take possession (Tenant of any such event, to provide Landlord with written alternative assurance or if security, which, when coupled with the then existing resources of Tenant, equals or exceeds the combined financial resources of Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to guarantors that existed at the provisions time of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumption.
(e) The occurrence of any other event that is deemed to be an Event of Default under any other provision execution of this Lease.
Appears in 2 contracts
Sources: Office Building Lease (Convera Corp), Office Building Lease (Convera Corp)
Default by Tenant. The occurrence happening of any of the following enumerated events shall constitute an “Event a default for which Landlord, in addition to other right or remedies it may have, shall have the immediate right of Default” under this Lease re-entry without service of notice or resort to legal process and without Landlord being guilty of trespass, or becoming liable for any loss or damage which may by Tenant:occasioned thereby.
(a) Failure failure of Tenant to pay when any rent due the rent or any other monetary sums required hereunder.
hereunder within ten (b) Failure to perform any other agreement or obligation of Tenant hereunder, if such failure continues for fifteen (1510) days after written notice by Landlord to Tenant except as to those Events of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such failure; (b) vacation of the Leased Premises by Tenant or advertising by Tenant in any manner that more than 15 days is required for performance, then would indicate or lead the public to believe that Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes was going out of business or intending to vacate the same to completion.
Leased Premises; (c) Abandonment the filing by, on behalf of or vacation against Tenant, of any petition or pleading to declare Tenant insolvent or unable to pay its debts or meet its obligations under the laws of the Premises United States or any state; or a receiver of the property of Tenant is appointed; or the levy of execution or other taking of property, assets or the leasehold interest of Tenant by process of law or otherwise in satisfaction of any judgment, debt or claim against Tenant; or (d) failure of Tenant to perform any of the other terms, conditions or failure to occupy the Premises covenants of this Lease agreement for more than ten (10) consecutive days.
(d) If any days after written notice of such failure shall have been given to Tenant. Should Landlord elect to re-enter and terminate Tenant's use of the following occurs: (i) a petition is filed for an order of relief Leased Premises as herein provided, or should Landlord take possession pursuant to legal proceedings or pursuant to any provisions under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after the filing thereof; (ii) Tenant makes a general assignment for the benefit of creditors; (iii) a receiver Landlord may either terminate this Lease or trustee is appointed it may from time to take possession of any substantial part of Tenant’s assets, unless such appointment is vacated within thirty (30) days after the date thereof; (iv) Tenant consents to or suffers an attachment, execution or other judicial seizure of any substantial part of its assets or its interest under time without terminating this Lease, unless make such process is released alterations and repairs as may be necessary in order to relet the Leased Premises, and relet the Leased Premises or satisfied within thirty any part thereof for such term or terms (30which may be for a term extending beyond the original or renewal terms of this Lease) days after and at such rent and upon such other terms and conditions as Landlord, in its sole discretion may deem advisable. Upon each such reletting all rent received by Landlord from such reletting shall be applied, first, to the occurrence thereofpayment of any indebtedness other than rent due hereunder from Tenant to Landlord; second, to the payment of any costs and expenses for such repossession and reletting, including brokerage fees and attorney's fees and costs of alterations and/or repairs, third, to the payment of rent due and unpaid hereunder, and the residue, if any, shall be held by Landlord and applied in payment of future rent as the same may become due and payable hereunder. If the Leased Premises are not relet as aforesaid, or if the rent received for such reletting during any month be less than that to be paid during the month by Tenant to Landlord hereunder, Tenant shall promptly pay the rental due hereunder or any such deficiency as the case may be to Landlord. Such deficiency shall be calculated and paid monthly. No such re-entry or taking possession of the Leased Premises by Landlord shall be construed as an election on its part to terminate this Lease unless a written notice of such election be given to Tenant or unless the termination he decreed by a court of competent jurisdiction determines that jurisdiction. Notwithstanding any of the foregoing events is not a default under such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease, Lease for such previous breach. Tenant will pay Landlord and a trustee is appointed to take possession (or if Tenant remains a debtor Agent respectively all expenditures incurred by them in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to enforcing the provisions of this Lease including reasonable fees of attorneys and others employed by Landlord of Agent. Except as expressly herein provided to the contrary, any bankruptcy law amount due to Landlord not paid when due shall bear simple interest at twelve percent (12%) per annum. All of this foregoing remedies shall be deemed without further act in addition to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumption.
(e) The occurrence of any other event that is rights Landlord may have at law or in equity, and waiver of one default shall not be deemed to be an Event a waiver of Default under any other provision of this Leasesubsequent default.
Appears in 2 contracts
Sources: Industrial Lease Agreement (Aderis Pharmaceuticals Inc), Industrial Lease Agreement (Aderis Pharmaceuticals Inc)
Default by Tenant. The Without intending to limit Landlord’s right to declare a default of this Lease for any other reason, the occurrence of any of the following shall shall, at Landlord’s election, constitute an “Event of Default” under this Lease by TenantLease:
(a) Failure to pay when due The vacation or abandonment of the rent Premises or any other monetary sums required hereunder.the Improvements by Tenant for a period of thirty (30) days;
(b) Failure Tenant’s failure to perform pay to Landlord any other agreement or obligation of Tenant hereunder, if such failure continues for fifteen amount due and payable hereunder within five (155) days after of receipt by Tenant of written notice of default given by Landlord to Tenant except as to those Events of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion.;
(c) Abandonment or vacation of the Premises by Tenant, or ’s failure to occupy timely commence construction or timely achieve Completion of Construction;
(d) A Stoppage of Construction for more than sixty (60) Business Days within any seventy (70) Business Day period;
(e) Tenant’s failure to meet the Premises for target dates set forth in the Construction Schedule by, in each case, ten (10) consecutive days.
(d) If any of the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal lawmore Business Days, and such petition is not dismissed Tenant’s failure to make up the necessary time to bring construction into conformance with the target dates set forth in the Construction Schedule within thirty (30) days after notice from Landlord;
(f) A failure by Tenant to observe and perform any other provision of this Lease to be observed or performed by Tenant, when such failure continues to the filing thereoflater to occur of (a) thirty (30) days after written notice thereof by Landlord to Tenant or (b) thirty (30) days after an arbitration has determined that there has been a default if such default is properly a matter of arbitration and same has been submitted to arbitration pursuant to the terms of this Lease; provided, however, that if the nature of such default is such that the same cannot reasonably be cured within such thirty (ii30) day period, Tenant makes shall not be deemed to be in default if Tenant shall within such period commence such cure and thereafter diligently prosecute the same to completion within a period not to exceed ninety (90) days additional; or
(g) The making by Tenant of any general assignment for the benefit of creditors, or the filing of a petition to have Tenant adjudicated as bankrupt, or the filing of a petition for reorganization or arrangement under any law relating to bankruptcy unless, in the case of a petition filed against Tenant, the same is dismissed within ninety (90) days; (iii) or the appointment of a trustee or receiver or trustee is appointed to take possession of any substantial part substantially all of Tenant’s assetsinterest in this Lease, unless such appointment when possession is vacated not restored to Tenant within thirty ninety (3090) days after days; or the date thereof; (iv) Tenant consents to or suffers an attachment, execution or other judicial seizure of any substantial part substantially all of its Tenant’s assets located on the Premises or its of Tenant’s interest under in this Lease, unless when such process is released or satisfied within thirty (30) days after the occurrence thereof. If a court of competent jurisdiction determines that any of the foregoing events seizure is not a default under this Lease, and a trustee is appointed to take possession discharged within ninety (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration90) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumptiondays.
(eh) The occurrence of any other event that is deemed to be those events set forth as an "Event of Default under any other provision of this LeaseDefault" in Sections 12.1 and 13.4.
Appears in 2 contracts
Sources: Ground Lease, Ground Lease
Default by Tenant. The occurrence It shall be an event of any of the following shall constitute an “Event of Default” default by Tenant under this Lease by Tenant:
if Tenant fails to (ai) Failure to pay when due the rent any Rent or any other monetary sums required hereunder.
obligation owing to Landlord under this Lease when due; (bii) Failure to perform any other agreement or obligation of Tenant hereunder, if such failure continues this Lease for fifteen (15) days after written notice by Landlord to Tenant except as to those Events of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion.
(c) Abandonment or vacation of the Premises by Tenant, or failure to occupy the Premises for ten (10) consecutive days.
(d) If any of the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after Landlord delivers written notice of such default and demand for performance to Tenant, provided that if such failure cannot be reasonably cured within said thirty (30) day period, Tenant shall not be in default hereunder so long as Tenant commences curative action within such thirty (30) day period and diligently and continuously pursues the filing thereofcurative action to completion; (iiiii) Tenant files a voluntary petition in bankruptcy or is adjudicated a bankrupt or insolvent, or takes the benefit of any relevant legislation that may be in force for bankrupt or insolvent debtors or files any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or proceedings are taken by Tenant under any relevant Bankruptcy Act in force in any jurisdiction available to Tenant, or Tenant seeks or consents to or acquiesces in the appointment of any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties or of the Premises, or makes a any general assignment for the benefit of creditors; (iii) a receiver or trustee is appointed to take possession of any substantial part of Tenant’s assets, unless such appointment is vacated within thirty (30) days after the date thereof; (iv) A petition is filed against Tenant consents to seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or suffers an attachmentsimilar relief under any present or future federal, execution state or other judicial seizure statute, law or regulation, and shall remain undismissed for an aggregate of 120 days, or if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its assets properties or its interest under this Lease, unless of the Premises is appointed without the consent or acquiescence of Tenant and such process is released or satisfied within thirty (30) days after appointment remains unvacated for an aggregate of 20 days. Upon the occurrence thereofof an event of default by Tenant, Landlord may (to the extent permitted by the Laws of the State of Colorado) (i) terminate this Lease upon written notice to Tenant, (ii) cure such default and be reimbursed by Tenant upon demand for the reasonable costs of such cure, and/or (iii) exercise any other remedy available at law, in equity or by statute for such default. If a court Reasonable attorneys' fees, expert witness fees, consulting fees and other expenses incurred by Landlord by reason of competent jurisdiction determines that the breach by Tenant in complying with any of the foregoing events is not a default under agreements, terms, conditions or covenants of this Lease, and a trustee is appointed Lease shall constitute additional sums to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) be paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumptionon demand.
(e) The occurrence of any other event that is deemed to be an Event of Default under any other provision of this Lease.
Appears in 2 contracts
Sources: Lease Agreement (Edgewise Therapeutics, Inc.), Lease Agreement (Edgewise Therapeutics, Inc.)
Default by Tenant. The occurrence In addition to other events stipulated to be Events of any of Defaults elsewhere in the Lease, the following shall events also constitute an “Event of Default” Default by Tenant under this Lease by TenantLease:
(a) Failure Tenant fails to pay when due any installment of Base Rent, Taxes and Insurance or Additional Rent within ten (10) days of receipt of written notice thereof from Landlord provided that if Landlord has delivered two (2) such notices in the rent preceding 12-month period, then Landlord shall not be obligated to deliver notice of late payment and the failure to pay within ten (10) days after the due date any installment of Base Rent, Taxes and Insurance, Operating Expenses or any other monetary sums required hereunder.Additional Rent shall automatically be deemed an Event of Default;
(b) Failure Tenant fails to perform comply with any term, provision or covenant of this Lease, other agreement than the payment of Base Rent or obligation of Tenant hereunder, if such failure continues for fifteen (15) days after written notice by Landlord to Tenant except as to those Events of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion.
(c) Abandonment or vacation of the Premises by Tenant, or failure to occupy the Premises for ten (10) consecutive days.
(d) If any of the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed Additional Rent within thirty (30) days after the filing thereof; receipt of written notice from Landlord specifying such failure or such shorter time as reasonable if expedited action is needed to avoid personal injury or property damage, or such additional time as may be reasonably necessary provided Tenant commences and diligently prosecutes cure of such failure, but in no event in excess of sixty (ii60) days;
(c) Tenant or any guarantor of Tenant’s obligations hereunder files, causes to be filed or has filed against it a petition in bankruptcy or is adjudged bankrupt or insolvent under any applicable federal or state bankruptcy or insolvency law, or admits that it cannot meet its financial obligations as they become due; or a receiver or trustee is appointed for all or substantially all of the assets of Tenant or such guarantor; or Tenant or any guarantor of Tenant’s obligations hereunder makes a general transfer in fraud of creditors or makes an assignment for the benefit of creditors; or
(iiid) Tenant does or permits to be done any act which results in a receiver or trustee is appointed to take possession lien (of any substantial part of Tenant’s assets, unless such appointment is vacated within thirty (30nature) days after being filed against the date thereof; (iv) Tenant consents to or suffers an attachment, execution or other judicial seizure of any substantial part of its assets or its interest under this Lease, unless such process is released or satisfied within thirty (30) days after the occurrence thereof. If a court of competent jurisdiction determines that any of the foregoing events Leased Premises which is not a default under this Lease, and a trustee is appointed to take possession otherwise bonded around or released within ten (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration10) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions business days of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumptionnotice thereof.
(e) The occurrence of any other event that is deemed to be an Event of Default under any other provision of this Lease.
Appears in 2 contracts
Sources: Commercial Lease (Oxford Immunotec Global PLC), Commercial Lease (Oxford Immunotec Global PLC)
Default by Tenant. The occurrence of any 13.1 Each of the following shall constitute be deemed an event of default (an “Event of Default” under ”) and a breach of this Lease by Tenant:
(a) Failure A. If Tenant shall fail to pay when due the rent or any other monetary sums required hereunderRent to be paid by Tenant hereunder for a period of five (5) business days after written notice of such default by Landlord to Tenant.
B. If Tenant shall default in the performance or observance of any of the other agreements, conditions, covenants or terms herein contained, and such default shall continue for thirty (b) Failure to perform any other agreement or obligation of Tenant hereunder, if such failure continues for fifteen (1530) days after written notice by Landlord to Tenant except as to those Events of Default that are noncurableTenant, in which case no or if such grace period shall apply. Landlord’s notice described herein default is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such a nature that more than 15 days is required for performance, then Tenant will it cannot be in default if Tenant commences performance within such 15-completely remedied with said thirty (30) day period and Tenant shall not commence within said thirty (30) day period to remedy such default and thereafter diligently prosecutes prosecute the same to completion.
C. If Tenant abandons the Premises, except as may be permitted in the case of any casualty, damage or condemnation.
D. If this Lease or the estate of Tenant hereunder shall be assigned, sublet, transferred, mortgaged or encumbered without compliance with the provisions of this Lease applicable thereto.
E. If (ci) Abandonment Tenant shall commence any case, proceeding or vacation other action (A) under any existing or future law of the Premises by any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to Tenant, or failure seeking to occupy the Premises adjudicate Tenant a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, liquidation, dissolution, composition or other relief with respect to Tenant or Tenant’s debts, or (B) seeking appointment of a receiver, trustee, custodian or other similar official for ten (10) consecutive days.
(d) If any of the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code Tenant or for an order all or decree any substantial part of insolvency Tenant’s property; or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after the filing thereof; (ii) Tenant makes shall make a general assignment for the benefit of Tenant’s creditors; or (iii) there shall be commenced against Tenant any case, proceeding or other action of a receiver nature referred to in clause (i) above or trustee is appointed to take possession seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of Tenant’s assetsproperty, unless such appointment is vacated within which case, proceeding or other action (x) results in the entry of an order for relief or (y) remains undismissed, undischarged or unbonded for a period of thirty (30) days after the date thereofdays; or (iv) Tenant consents shall take any action consenting to or suffers an attachment, execution or other judicial seizure approving of any substantial part of the acts set forth in clause (i) or (ii) above; or (v) Tenant shall generally not, or shall be unable to, pay Tenant’s debts as they become due or shall admit in writing Tenant’s inability to pay Tenant’s debts.
13.2 To the extent permitted by applicable law, if an Event of Default shall occur, Landlord may elect to declare all Rent for the remainder of the Term due and payable and, if Landlord shall make such an election, the present value of the Rent shall be due and payable ten (10) days after notice by Landlord to Tenant of such election. The aforesaid present value shall be determined by discounting each monthly installment of Rent for the remainder of the Term from the date such installment would have been due and payable to the date of Landlord’s election to accelerate, by a rate of one (1%) percent per annum less than the interest rate paid under a United States Treasury ▇▇▇▇ of comparable duration. Landlord also may elect to proceed by appropriate judicial proceedings, either at law or in equity, to enforce performance or observance by Tenant of the applicable provisions of this Lease and/or to recover damages for breach thereof.
A. If an Event of Default shall occur and Landlord, at any time thereafter, at its assets or its interest under option, gives written notice to Tenant stating that this LeaseLease and the Term shall expire and terminate on the date specified in such notice, unless such process is released or satisfied within thirty which date shall be not less than three (303) days after the occurrence thereof. If a court giving of competent jurisdiction determines that any such notice, and if, on the date specified in such notice, Tenant shall have failed to cure the default which was the basis for the Event of Default, then, all rights of Tenant under this Lease and to the Term herein demised shall expire and terminate as if the date specified in the notice given were the date herein definitely fixed for the expiration of the foregoing events is Term and Tenant immediately shall quit and surrender the Premises, which termination shall not relieve Tenant from any liability then or thereafter accruing hereunder.
B. If an Event of Default described in Sections 13.1(A) or (B) hereof shall occur, or this Lease shall be terminated as provided in Section 13.3(A) hereof, Landlord, without notice, and with or without court proceedings, (i) may re-enter and repossess the Premises using such force for that purpose as may be necessary without being liable to indictment, prosecution or damages therefor or (ii) may dispossess Tenant by summary proceedings or otherwise, which reentry and repossession by Landlord shall not relieve Tenant from any liability then or thereafter accruing hereunder.
13.4 If this Lease shall be terminated as provided in Section 13.3(A) hereof and/or Tenant shall be dispossessed by summary proceedings or otherwise as provided in Section 13.3(B) hereof,
A. Tenant shall pay to Landlord all Rent 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 to the date of re-entry upon the Premises by Landlord, as the case may be;
B. Landlord may repair and alter the Premises in such manner as Landlord may deem necessary or advisable without relieving Tenant of any liability under this Lease or otherwise affecting any such liability, and/or let or re-let the Premises or any parts thereof for the whole or any part of the remainder of the Term or for a default under longer period, in Landlord’s name or as agent of Tenant, and out of any rent and other sums collected or received as a result of such re-letting Landlord shall: (i) first, pay to itself the cost and expense of terminating this Lease, and a trustee is appointed to take possession (re-entering, retaking, repossessing, repairing and/or altering the Premises, or if Tenant remains a debtor in possession)any part thereof, and the cost and expense of removing all persons and property therefrom, including in such trustee or Tenant transfers Tenant’s interest hereundercosts brokerage commissions, then legal expenses and attorneys’ fees and disbursements, (ii) second, pay to itself the cost and expense sustained in securing any new tenants and other occupants, including in such costs brokerage commissions, legal expenses and attorneys’ fees and disbursements and other expenses of preparing the Premises for re-letting, and, if Landlord shall receivemaintain and operate the Premises, the cost and expense of operating and maintaining the Premises, and (iii) third, pay to itself any balance remaining on account of the liability of Tenant to Landlord. Landlord in no way shall be responsible or liable for any failure to re-let the Premises or any part thereof, or for any failure to collect any rent due on any such re-letting, and no such failure to re-let or to collect rent shall operate to relieve Tenant of any liability under this Lease or to otherwise affect any such liability;
C. Tenant shall be liable for and shall pay to Landlord, as Additional Rentdamages, the difference any deficiency (referred to as “Deficiency”) between the rent (or other consideration) paid Rent reserved in connection with such transfer this Lease for the period which otherwise would have constituted the unexpired portion of the Term and the rent payable by Tenant hereundernet amount, Any assignee if any, of rents collected under any re-letting effected pursuant to the provisions of Section 13.4(B) hereof for any bankruptcy law shall be deemed without further act to have assumed part of such period (first deducting from the rents collected under any such re-letting all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver payments to Landlord an instrument confirming described in Section 13.4(B) hereof); any such assumption.
(e) The occurrence of any other event that is deemed to Deficiency shall be an Event of Default under any other provision of paid in installments by Tenant on the days specified in this Lease.Lease for payment of
Appears in 2 contracts
Sources: Master Lease Agreement (Xylem Inc.), Master Lease Agreement (Xylem Inc.)
Default by Tenant. The occurrence of any 20.1 Each of the following shall constitute events is an “"Event of Default” under this Lease by Tenant":
(a1) Failure Any failure by Tenant to pay Rent on the due date unless such failure is cured within 10 business days after notice by Landlord; however, Tenant is not entitled to more than 2 notices of delinquent payments during any calendar year and, if thereafter during such calendar year any Rent is not paid when due due, an Event of Default shall automatically occur;
(2) Tenant vacates or abandons the rent Premises;
(3) This Lease or Tenant's interest is transferred whether voluntarily or by operation of law except as permitted in Section 14;
(4) This Lease or any other monetary sums required hereunder.
(b) Failure to perform any other agreement or obligation part of Tenant hereunder, if such failure continues for fifteen (15) days after written notice the Premises is taken by Landlord to Tenant except as to those Events process of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, law and is not in addition toreleased within 15 days after a levy;
(5) Commencement by Tenant of a proceeding under any provision of federal or state law relating to insolvency, any and all legal notices required prior to commencement bankruptcy, or reorganization ("Bankruptcy Proceeding");
(6) Commencement of a Bankruptcy Proceeding against Tenant, unless dismissed within 60 days after commencement;
(7) The insolvency of Tenant or execution by Tenant of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion.
(c) Abandonment or vacation of the Premises by Tenant, or failure to occupy the Premises for ten (10) consecutive days.
(d) If any of the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after the filing thereof; (ii) Tenant makes a general assignment for the benefit of creditors; the convening by Tenant of a meeting of its creditors or any significant class thereof for purposes of effecting a moratorium upon or extension or composition of its debts; or the failure of Tenant generally to pay its debts as they mature;
(iii8) The admission in writing by Tenant (or any general partner of Tenant if Tenant is a partnership), that it is unable to pay its debts as they mature or it is generally not paying its debts as they mature;
(9) a receiver or trustee is appointed Tenant fails to take possession of the Premises on the Commencement Date;
(10) Tenant fails to perform any substantial part of Tenant’s assets, unless such appointment is vacated within thirty (30) its other obligations and non-performance continues for 30 days after notice by Landlord or, if such performance cannot be reasonably had within such 30 day period, Tenant does not in good faith commence performance within such 30 day period and diligently proceed to completion; provided, however, Tenant's right to cure shall not exceed the date thereof; (iv) Tenant consents to or suffers an attachment, execution or other judicial seizure of any substantial part of its assets or its interest under this Lease, unless such process is released or satisfied within thirty (30) days after the occurrence thereof. If a court of competent jurisdiction determines that any of the foregoing events is not a default under this Lease, and a trustee is appointed to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable period provided by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumptionApplicable Law.
(e) The occurrence of any other event that is deemed to be an Event of Default under any other provision of this Lease.
Appears in 2 contracts
Sources: Office Lease (Kroll Inc), Office Lease (Factual Data Corp)
Default by Tenant. The occurrence following events (herein individually referred to as EVENT OF DEFAULT) each shall be deemed to be events of default by Tenant under this Lease:
A. Tenant shall fail to pay any installment of the following shall constitute an “Event of Default” under this Lease by Tenant:
(a) Failure to pay Rent herein reserved when due the rent due, or any other monetary sums payment or reimbursement to Landlord required hereunderherein when due, and such failure shall continue for a period of five (5) days from the date such payment was due.
(b) Failure to perform B. Tenant or any other agreement or obligation of Tenant hereunder, if such failure continues for fifteen (15) days after written notice by Landlord to Tenant except as to those Events of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion.
(c) Abandonment or vacation guarantor of the Premises by Tenant, or failure to occupy the Premises for ten (10) consecutive days.
(d) If any of the following occurs: 's obligations hereunder shall (i) a petition is filed for an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after the filing thereofbecome insolvent; (ii) Tenant makes admit in writing its inability to pay its debts; (iii) make a general assignment for the benefit of creditors; (iiiiv) commence any case, proceeding or other action seeking to have an order for relief entered on its behalf as a receiver debtor or trustee is appointed to take possession adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, liquidation, dissolution or composition of it or its debts under any law relating to bankruptcy, insolvency, reorganization or relief of debtors or seeking appointment of a receiver, trustee, custodian or other similar official for it or for all or of any substantial part of its property; or (v) take any action to authorize or in contemplation of any of the actions set forth above in this paragraph.
C. Any case, proceeding or other action against the Tenant or any guarantor of the Tenant’s assets's obligations hereunder shall be commenced seeking (i) to have an order for relief entered against it as debtor or to adjudicate it a bankrupt or insolvent; (ii) reorganization, unless arrangement, adjustment, liquidation, dissolution or composition of it or its debts under any law relating to bankruptcy, insolvency, reorganization or relief of debtors; (iii) appointment of a receiver, trustee, custodian or other similar official for it or for all or any substantial part of its property, and such appointment case, proceeding or other action (a) results in the entry of an order for relief against it which it is vacated not fully stayed within seven (7) business days after the entry thereof or (b) shall remain undismissed for a period of forty-five (45) days.
D. Tenant shall (i) vacate all or a substantial portion of the Premises or (ii) fail to continuously operate its business at the Premises for the permitted use set forth herein, whether or not Tenant is in default of the rental payments due under this Lease.
E. Tenant shall fail to discharge any lien placed upon the Premises or the Project, or any portion thereof, in violation of Paragraph 27 hereof within twenty (20) days after any such lien or encumbrance is filed.
F. Tenant shall fail to comply with any other terms in this Lease other than those for which an event of default has been described in this Paragraph 17, and such failure is not cured within thirty (30) days after the date thereof; (iv) Tenant consents written notice thereof to Tenant, or suffers an attachment, execution or other judicial seizure of any substantial part of its assets or its interest under this Lease, unless if such process is released or satisfied within failure cannot reasonably be cured in thirty (30) days after days, such time as is reasonable under the occurrence thereof. If a court of competent jurisdiction determines that any of the foregoing events is circumstances, not a default under this Leaseto exceed ninety (90) days, and a trustee is appointed provided that Tenant must diligently proceed to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, cure the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumptiondefault.
(e) The occurrence of any other event that is deemed to be an Event of Default under any other provision of this Lease.
Appears in 2 contracts
Sources: Commercial Lease Agreement (Mannatech Inc), Commercial Lease Agreement (Mannatech Inc)
Default by Tenant. The occurrence of any 20.1 Each of the following shall constitute events is an “Event of Default” under this Lease by Tenant”:
(a) Failure Any failure by Tenant to pay Rent on the due date unless such failure is cured within five (5) business days after written notice by Landlord (provided, however, Tenant is not entitled to more than one (1) written notices of delinquent payment during any twelve (12) month period, meaning that the second (2nd) time in any twelve (12) month period that Rent is not paid when due due, an Event of Default shall automatically occur without the rent or any other monetary sums required hereunder.requirement of written notice by Landlord;
(b) Failure to perform This Lease or Tenant’s interest is transferred whether voluntarily or by operation of law except as permitted in Section 14;
(c) This Lease or any other agreement or obligation part of Tenant hereunder, if such failure continues for the Premises is taken by process of law and is not released within fifteen (15) days after written notice by Landlord to Tenant except as to those Events of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion.
(c) Abandonment or vacation of the Premises by Tenant, or failure to occupy the Premises for ten (10) consecutive days.a levy;
(d) If Commencement by Tenant of a proceeding under any provision of the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency state law relating to insolvency, bankruptcy, or reorganization or rearrangement under any state or federal law(“Bankruptcy Proceeding”);
(e) Commencement of a Bankruptcy Proceeding against Tenant, and such petition is not unless dismissed within thirty (30) 60 days after the filing thereof; commencement;
(iif) The insolvency of Tenant makes a general or execution by Tenant of an assignment for the benefit of creditors; (iii) the convening by Tenant of a receiver or trustee is appointed to take possession of any substantial part of Tenant’s assets, unless such appointment is vacated within thirty (30) days after the date thereof; (iv) Tenant consents to or suffers an attachment, execution or other judicial seizure of any substantial part meeting of its assets creditors or any significant class thereof for purposes of effecting a moratorium upon or extension or composition of its interest under this Leasedebts; or the failure of Tenant generally to pay its debts as they mature, unless such process is released or satisfied within thirty (30) days after the occurrence thereof. If a court of competent jurisdiction determines that any of the foregoing events is not a default under this Leasewith respect to any Guarantor, and a trustee is appointed to take possession if any, of Tenant’s obligations;
(g) The admission in writing by Tenant (or any general partner of Tenant if Tenant remains is a debtor in possessionpartnership), that it is unable to pay its debts as they mature or it is generally not paying its debts as they mature;
(h) Tenant fails to perform any of its other obligations and non-performance continues for 30 days after notice by Landlord or, if such trustee or performance cannot be reasonably had within such 30 day period, Tenant transfers does not in good faith commence performance within such 30 day period and diligently proceed to completion; provided, however, Tenant’s interest hereunder, then Landlord right to cure shall receive, as Additional Rent, not exceed the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable period provided by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumption.Applicable Law; and
(ei) The occurrence of any other Any event that which is expressly defined as or deemed to be an Event of Default under any other provision of this LeaseLease including but not limited to section 18.1(h).
Appears in 2 contracts
Sources: Lease Agreement (Texas Republic Capital Corp), Lease Agreement (Texas Republic Capital Corp)
Default by Tenant. The occurrence following events shall be deemed to be events of any of the following shall constitute an “Event of Default” default by Tenant under this Lease by Tenantlease:
(a) Failure A. Tenant shall fail to pay when any installment of rent on the date the same is due the rent or any other monetary sums required hereunder.
(b) Failure to perform any other agreement or obligation of Tenant hereunder, if and such failure continues for fifteen (15) days after written notice by Landlord to Tenant except as to those Events a period of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion.
(c) Abandonment or vacation of the Premises by Tenant, or failure to occupy the Premises for ten (10) consecutive daysdays after Tenant receives written notice thereof in which event Tenant shall pay as additional rental an amount equal to ten per cent (10%) of the amount of rent in default. The penalty in this subparagraph A shall not apply as long as Western Electric Company, Incorporated is in possession of the premises.
(d) If B. Tenant shall fail to comply with any material term, provision or covenant of this lease, other than the following occurs: (i) a petition is filed for an order payment of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal lawrent, and shall not cure such petition is not dismissed failure within thirty (30) days after written notice thereof to Tenant or if such failure cannot reasonably be cured within the filing thereof; said thirty (ii30) days and Tenant makes shall not have commenced to cure such failure within such (30) day period and shall not thereafter with reasonable diligence and good faith cure such failure.
C. Tenant shall become insolvent, or shall make a general transfer in fraud of its creditors, or shall make an assignment for the benefit of creditorsits creditors or its interest is levied on by execution or other legal process.
D. Tenant shall file a petition under any section or chapter of the National Bankruptcy Act, as amended, or under any similar law or statute of the United States or any State thereof; (iii) a or Tenant shall be adjudged bankrupt or insolvent in proceedings filed against Tenant thereunder.
E. A receiver or trustee is shall be appointed for all or substantially all of the assets of Tenant. Upon the occurrence of any of such events of default, the Landlord shall have the option to pursue any one or more of the following remedies without any notice or demand whatsoever:
(1) Terminate this lease, in which event Tenant shall immediately surrender the premises to Landlord, and if Tenant fails so to do Landlord may, without prejudice to any other remedy which it may have for possession or arrearages in rent, enter upon or take possession of the leased premises and expel or remove Tenant and any substantial other person who may be occupying said premises or any part thereof, by force if necessary, without being liable for prosecution or any claim for damages therefor; and Tenant agrees to pay to Landlord on demand the amount of Tenant’s assetsall loss and damage which the Landlord may suffer by reason of such termination, unless such appointment is vacated within thirty whether through inability to relet the premises on satisfactory terms or otherwise.
(302) days after Enter upon and take possession of the date leased premises and expel or remove Tenant and any other person who may be occupying said premises or any part thereof, by force if necessary, without being liable for prosecution or any claim for damages therefor, and mature the rental payments for the balance of the lease term, and relet the premises and receive the rent thereof; and Tenant agrees to pay to Landlord on demand any deficiency that may arise by reason of such reletting.
(iv3) Enter upon the leased premises, by force if necessary, without being liable for prosecution or any claim for damages therefor, and do whatever Tenant consents is obligated to or suffers an attachmentdo under the terms of this lease, execution or other judicial seizure of and Tenant agrees to reimburse Landlord on demand for any substantial part of its assets or its interest expenses which Landlord may incur in thus effecting compliance with Tenant's obligations under this Leaselease, unless and Tenant further agrees that Landlord shall not be liable for any damages resulting to the Tenant from such process is released action, whether caused by the negligence of Landlord or satisfied within thirty otherwise, provided Landlord acts reasonably.
(304) days after Correct such default and recover the occurrence thereofamounts expended from the Tenant as additional rent.
(5) Enter upon and take custodial possession of the leased premises, maintaining the same, and use reasonable efforts to relet the premises for the balance of the lease term without thereby causing a termination or anticipatory breach of the lease and Tenant agrees to pay the Landlord the full amount of the rental, specified in the lease during the time that the premises are vacant, and in addition thereto to pay the Landlord for any deficiency by reason of reletting of the premises for less than the rental specified in the lease agreement. If a court Pursuit of competent jurisdiction determines that any of the foregoing events is remedies shall not preclude pursuit of any of the other remedies herein provided or any other remedies provided by law, nor shall pursuit of any remedy herein provided constitute a forfeiture or waiver or any rent due to Landlord hereunder or any damages accruing to Landlord by reason of the violation of any of the terms, provisions and covenants herein contained. Failure by Landlord to enforce one or more of the remedies herein provided upon an event of a default under this Lease, and a trustee is appointed to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall not be deemed without further act or construed to have assumed all of the obligations of the Tenant hereunder arising on or after the date constitute a waiver of such assignment. Any such assignee shalldefault, upon demand, execute and deliver to Landlord an instrument confirming such assumption.
(e) The occurrence or of any other event that is deemed to be an Event violation or breach of Default under any other provision of the terms, provisions and covenants herein contained. If, on account of any breach or default by Tenant of the terms, covenants and conditions of this Leaselease, Landlord employs an attorney to enforce Landlord's rights or remedies hereunder, Tenant shall be liable for any reasonable attorney's fees incurred by Landlord.
Appears in 1 contract
Sources: Sublease (Select Comfort Corp)
Default by Tenant. The occurrence of any of the following shall events constitute an “Event of Default” by Tenant under this Lease by TenantLease:
(a) Failure Tenant fails to pay when due any installment of Base Rent, Tenant’s Insurance or Additional Rent within ten (10) days of the rent or any other monetary sums required hereunder.date when due;
(b) Failure Tenant fails to perform comply with any term, provision or covenant of this Lease, other agreement than the payment of Base Rent or obligation of Tenant hereunderAdditional Rent or any event specifically described in this Section 10.01, if and such failure continues for fifteen (15) days after written notice by Landlord to Tenant except as to those Events in excess of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion.
(c) Abandonment or vacation of the Premises by Tenant, or failure to occupy the Premises for ten (10) consecutive days.
(d) If any of the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after written notice from Landlord, unless such failure is of such a nature that it cannot reasonably be cured within such 30-day period, in which case it shall not be an Event of Default so long as Tenant shall commence the filing curing of the default within such 30-day period and shall thereafter diligently prosecute the curing of the default;
(c) Tenant files, causes to be filed or has filed against it a petition in bankruptcy or is adjudged bankrupt or insolvent under any applicable federal or state bankruptcy or insolvency law, unless such proceeding shall not have been dismissed within sixty (60) days after the commencement thereof, or admits that it cannot meet its financial obligations as they become due; (ii) or a receiver or trustee is appointed for all or substantially all of the assets of Tenant; or Tenant makes a general transfer in fraud of creditors or makes an assignment for the benefit of creditors; or
(iiid) a receiver Without limiting the effect of, or trustee is appointed to take possession of any substantial part of Tenant’s assetsobligations under Section 6.03, unless such appointment is vacated within thirty (30) days after the date thereof; (iv) Tenant consents to or suffers an attachment, execution or other judicial seizure of any substantial part of its assets or its interest under this Lease, unless such process is released or satisfied within thirty (30) days after the occurrence thereof. If a court of competent jurisdiction determines that any of the foregoing events is not a default under this Lease, and a trustee is appointed to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord it shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumption.
(e) The occurrence of any other event that is deemed to be an Event of Default under if Tenant does or permits to be done any other provision act which results in a lien (of this Leaseany nature) being filed against the Leased Premises, the Building or the Real Property and such lien is not promptly removed upon Tenant receiving written notice from Landlord.
Appears in 1 contract
Default by Tenant. The occurrence following shall be deemed to be events of any default by Tenant under this Lease: (i) Tenant is not in good standing as a Registered Student Organization, (ii) associated members of Tenant’s Registered Student Organization are found responsible for behavior which in the sole discretion of Landlord impacts the good name and reputation of the following university, (iii) Tenant shall constitute an “Event of Default” under this Lease by Tenant:
(a) Failure fail to pay when due the any installment of rent or any other monetary sums payment required hereunder.
pursuant to this Lease; (biv) Failure to perform Tenant shall abandon any other agreement substantial portion of the Leased Premises; (v) Tenant or obligation any guarantor of Tenant's obligations hereunder shall file a petition or be adjudged bankrupt or insolvent under any applicable federal or state bankruptcy or insolvency law or admit that it cannot meet its financial obligations as they become due, or a receiver or trustee shall be appointed for all or substantially all of the assets of Tenant or any guarantor of Tenant's obligations hereunder, if such failure continues for fifteen (15) days after written notice by Landlord to Tenant except as to those Events of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion.
(c) Abandonment or vacation of the Premises by Tenant, or failure to occupy the Premises for ten (10) consecutive days.
(d) If any of the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after the filing thereof; (iivi) Tenant makes or any guarantor of Tenant's obligations hereunder shall make a general transfer in fraud of creditors or shall make an assignment for the benefit of creditors; (iiivii) Tenant shall do or permit to be done any act which results in a receiver lien being filed against the Leased Premises or trustee the Property; (viii) the liquidation, termination, dissolution or (if the Tenant is appointed to take possession a natural person) the death of Tenant or any guarantor of Tenant's obligations hereunder; or (ix) Tenant shall be in default of any substantial part other term, provision or covenant of Tenant’s assetsthis Lease, unless other than those specified in subparts (i) through (vii), above, and such appointment default is vacated not cured within thirty ten (3010) days after the date thereof; (iv) Tenant consents written notice thereof to or suffers an attachment, execution or other judicial seizure of any substantial part of its assets or its interest under this Lease, unless such process is released or satisfied within thirty (30) days after the occurrence thereof. If a court of competent jurisdiction determines that any of the foregoing events is not a default under this Lease, and a trustee is appointed to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumption.
(e) The occurrence of any other event that is deemed to be an Event of Default under any other provision of this Lease.
Appears in 1 contract
Sources: Residential Lease Agreement
Default by Tenant. The occurrence of any of the following shall constitute an “Event of Default” under this Lease by Tenant:
(a) Failure 's failure to pay when due the any installment of rent or any other monetary sums charges or expenses it is required hereunder.
(b) Failure to pay pursuant to this Lease when the same shall be due and payable, or Tenant's failure to perform any of the other agreement covenants, conditions and agreements herein contained on Tenant's part to be kept or obligation performed and the continuance of Tenant hereunder, if such failure continues for fifteen (15) days after written notice by Landlord to Tenant except as to those Events of Default that are noncurableperform such other covenants, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including conditions or agreements without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes curing the same or taking reasonable steps to completion.
(c) Abandonment or vacation cure the same, for a period of the Premises by Tenant, or failure to occupy the Premises for ten (10) consecutive days.
(d) If any of the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after receipt by Tenant of notice in writing from Landlord specifying in detail the filing thereof; (ii) Tenant makes nature of such failure, shall constitute a general assignment for the benefit of creditors; (iii) a receiver or trustee is appointed to take possession of any substantial part of Tenant’s assets, unless such appointment is vacated within thirty (30) days after the date thereof; (iv) Tenant consents to or suffers an attachment, execution or other judicial seizure of any substantial part of its assets or its interest default under this LeaseLease ("Tenant's Default"), unless provided, however, that, in the event of a default that cannot be reasonably cured during the said 30-day period, Tenant need only commence the cure of such process is released or satisfied default within thirty (the 30) days after -day period and thereafter shall diligently pursue the cure of such default through completion of the cure. Upon the occurrence thereof. If of a court Tenant's Default, Landlord may at any time thereafter, give a written termination notice to Tenant specifying a date on which this Lease shall terminate, and on such date, the Term of competent jurisdiction determines that any this Lease shall terminate and all rights of the foregoing events is not a default Tenant under this Lease shall cease unless before such date (i) all arrears of rent and all other sums payable by Tenant under this Lease, and a trustee is appointed all costs and expenses (including, without limitation, reasonable attorneys' fees) incurred by or on behalf of Landlord on account of such Tenant's Default shall have been paid by Tenant to take possession Landlord, and (ii) all other Tenant's Defaults at the time existing under this Lease shall have been fully cured to the reasonable satisfaction of Landlord. All costs and expenses incurred by or if on behalf of Landlord (including, without limitation, reasonable attorneys' fees) occasioned by any Tenant's Default shall constitute additional rent hereunder. If any Tenant's Default shall have occurred and be continuing and the Term of this Lease shall have been terminated pursuant to Section 24(b) above, Landlord may enter upon and repossess the Premises by self-help, summary proceeding, ejectment, or otherwise, and may remove Tenant remains a debtor in possessionand all other persons and any and all property therefrom. Landlord shall have no liability for or by reason of such entry, repossession or removal. The foregoing notwithstanding, Landlord will use reasonable efforts to arrange for an orderly repossession of the Premises before exercising its rights hereunder. After the repossession of the Premises pursuant to Section 24(c), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receiveuse reasonable efforts to relet the Premises on commercially reasonable terms. In the event of any termination or repossession under this Section 24, Tenant will pay to Landlord the rent and other sums required to be paid by Tenant up to the time of such termination or repossession, and thereafter Tenant shall be liable to Landlord for, and shall pay to Landlord, as Additional Rentliquidated and agreed current damages on account of such termination or repossession, the difference between (i) a sum equal to the rent and all other sums which would be payable under this Lease by Tenant in the absence of such termination or repossession for the remainder of the Term, plus (or other considerationii) paid all reasonable expenses of Landlord in connection with such transfer termination or repossession and the re-letting of the Premises (including, without limitation, reasonable legal expenses and attorneys' fees, advertising, signage, brokers' fees, managers' fees, and compensation for landlord's time); provided, however, that any amounts received by Landlord through the re-letting of the Premises, or any portion thereof shall be offset against amounts due hereunder. In the event Landlord re-lets the Premises to mitigate its damages, Landlord shall report to Tenant monthly (or at such other times as the parties may agree) all rents received by virtue of any such re-letting; provided however, that Landlord's failure to report to Tenant monthly or otherwise shall not constitute a defense to or waiver of Landlord's right to damages. Tenant shall pay such damages monthly on the days on which the rent would have been due and payable under this Lease in the absence of such termination or repossession. If Tenant shall fail to make any payment or perform any act required to be made or performed by Tenant it hereunder, Any assignee pursuant Landlord upon ten (10) days' notice to Tenant may (but shall be under no obligation to) at any time thereafter make payment or perform such act for the provisions account and at the expense of Tenant, and may enter upon the Premises or any bankruptcy law part thereof at reasonable times for such purpose and take all such action thereon as, in the opinion of Landlord, may be necessary or appropriate. No such entry shall be deemed an eviction of Tenant. All payments so made by Landlord and all costs and expenses (including, without further limitation, reasonable attorneys' fees and expenses) incurred in connection therewith or in connection with the performance by Landlord of any such act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver be reimbursed to Landlord an instrument confirming such assumption.
(e) The occurrence by Tenant as additional rent hereunder. Each right, power and remedy of Landlord provided for in this Lease or now or hereafter existing at law or in equity or by statute or otherwise shall be cumulative and concurrent and shall be in addition to every other right, power or remedy provided for in this Lease or now or hereafter existing at law or in equity or by statute or otherwise, and the exercise or beginning of the exercise by Landlord of any one or more of the rights, powers or remedies provided for in this Lease or now or hereafter existing at law or in equity or by statute or otherwise shall not preclude the simultaneous or later exercise by Landlord of any or all such other event that is deemed to be an Event of Default under any other provision of this Leaserights, powers or remedies.
Appears in 1 contract
Sources: Lease Agreement (Green Mountain Coffee Roasters Inc)
Default by Tenant. The occurrence of any of the following events will be an event of default by Tenant under the Lease:
A. Tenant shall constitute an “Event fail to pay Landlord any rental or' other sum of Default” money due under this Lease by or under any other agreement with Landlord concerning the Premises for more than (20) twenty consecutive days. Tenant:, however, shall not be deemed in default for late payment of rents, if Tenant can demonstrate to Landlord that late payment was a result of the New Mexico public Education Department, New Mexico Public Education Commission, the New Mexico Legislature or other governmental authority delaying distribution of funds to the Tenant necessary for payment of its Lease obligation.
B. Tenant shall fall to maintain any insurance that the Lease requires Tenant to maintain upon .notice to Tenant of such failure and, thereafter, failure to cure such default within thirty (a30) Failure days.
C. Tenant shall fail to pay when due perform or observe any term. covenant or condition of the rent Lease or any other monetary sums required hereunder.
agreement with Landlord concerning the Premises (bother than a failure to timely pay rent or other charges or to maintain insurance) Failure to perform any other agreement or obligation of and Tenant hereunder, if such shall not cure the failure continues for fifteen (15) within 30 days after written notice thereof is given by Landlord to Tenant except as to those Events of Default that are noncurableLandlord, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that but if the failure is of a nature of such obligation is such that more than 15 days is required for performance, then Tenant will it cannot be in cured within such 30 day period, Tenant shall not have committed an event of default if Tenant commences performance the curing or the failure within such 15-30 day period and thereafter diligently prosecutes pursues the curing of same and completes the cure within 60 days; provided, however, that if Tenant fails to completion.
(c) Abandonment perform or vacation of the Premises observe any suoh term, condition, covenant or provision 2 or more times in any Lease Year, then notwithstanding that such defaults have been cured by Tenant, any further similar failure shall be deemed an event of default without notice or failure opportunity to occupy the Premises for ten (10) consecutive dayscure.
(d) If any D. Tenant shall become insolvent, or shall admit in writing its inability to pay it debts when due, shall make a transfer in fraud of the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code its creditors, or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after the filing thereof; (ii) Tenant makes shall make a general assignment or arrangement for the benefit of creditors; (iii) a receiver , or trustee is appointed to take possession all or substantially all of Tenant's assets or the assets of any substantial part guarantor of Tenant’s assets, unless such appointment is vacated 's obligation under this Lease or Tenant's interest in this Lease are levied on by execution or other legal process.
E. Tenant shall abandon or vacate any substantial portion of the Premises or shall fail to occupy the Premises within thirty (30) 30 days after the date thereof; (iv) Tenant consents to or suffers an attachment, execution or other judicial seizure of any substantial part of its assets or its interest under this Lease, unless such process is released or satisfied within thirty (30) days after the occurrence thereofTerm commences and the. If a court of competent jurisdiction determines that any of the foregoing events is not a default under this Lease, and a trustee is appointed to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumptionPremises are ready for occupancy.
(e) The occurrence of any other event that is deemed to be an Event of Default under any other provision of this Lease.
Appears in 1 contract
Sources: Lease Agreement
Default by Tenant. The occurrence If (1) default is made in the payment of any sum to be paid by Tenant under this Lease (no notice being required for default in payment), (2) default is made in the performance of any of the following shall constitute an “Event of Default” other covenants or conditions which Tenant is required to observe and to perform under this Lease by Tenant:
Lease, and such non-monetary default shall continue for twenty (a) Failure to pay when due the rent or any other monetary sums required hereunder.
(b) Failure to perform any other agreement or obligation of Tenant hereunder, if such failure continues for fifteen (1520) days after written notice by Landlord to Tenant except as to those Events of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion.
(c) Abandonment or vacation of the Premises by Tenant, (3) the interest of Tenant under this Lease is levied on under execution or failure other legal process, (4) any petition is filed by or against Tenant to occupy declare Tenant bankrupt or to delay, reduce, or modify Tenant’s debts or obligations, (5) any petition is filed or other action taken to reorganize or modify Tenant’s capital structure, (6) Tenant is declared insolvent according to law, (7) any assignment of Tenant’s property is made for the benefit of creditors, (8) a receiver or trustee is appointed for Tenant or its property, (9) Tenant abandons the Leased Premises (which shall mean that Tenant is absent from the Leased Premises for ten (10) consecutive days.
(d) If ), , then Landlord may treat the occurrence of any one or more of the following occurs: foregoing events as a breach of this Lease (i) provided that no such levy, execution, legal process, or petition filed against Tenant shall constitute a petition is filed for an order breach of relief under this Lease if Tenant shall vigorously contest the federal Bankruptcy Code same by appropriate proceedings and shall remove or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed vacate the same within thirty (30) days after from the filing thereofdate of its creation, service, or filing) and thereupon, at its option Landlord may have any one or more of the following described remedies in addition to all other rights and remedies provided at law or in equity:
(a) Landlord may terminate this Lease and repossess the Leased Premises and be entitled to recover as damages a sum of money equal to the total of: (i) the cost of recovering the Leased Premises (including attorneys’ fees and costs of suit); (ii) Tenant makes a general assignment for the benefit unpaid rent earned at the time of creditorstermination, plus interest thereon at the rate provided herein; (iii) the present value of the balance of the rent for the remainder of the term less the present value of the fair market rental value of the Leased Premises for said period; and (iv) any other sum of money and damages owed by Tenant to Landlord.
(b) Landlord may terminate Tenant’s right of possession (but not the Lease) and may repossess the Leased Premises by forcible entry or detainer suit or otherwise, without demand or notice of any kind to Tenant and without terminating this Lease, in which event Landlord shall use reasonable efforts to relet the same for the account of Tenant for such rent and upon such terms as shall be satisfactory to Landlord. For the purpose of such reletting Landlord is authorized to decorate or to make any repairs, changes, alterations, or additions in or to the Leased Premises that may be necessary or convenient, and, if Landlord shall fail or refuse to relet the Leased Premises, then Tenant shall pay to Landlord as damages a sum equal to the amount of the rental reserved in this Lease for such period or periods, or, if the Leased Premises are relet and a sufficient sum shall not be realized from such reletting after paying the unpaid Base and Additional Rent due hereunder plus interest thereon at a maximum lawful rate, plus the cost of recovering possession, and all of the costs and expenses of such decorations, repairs, changes, alterations, and additions and the expenses of such reletting and of the collection of the rent accruing therefrom to satisfy the rent provided for in this Lease to be paid, then Tenant shall satisfy and pay any such deficiency upon demand therefor from time to time, and Tenant agrees that Landlord may file suit to recover any sums falling due under the terms of this paragraph from time to time, and that no delivery or recovery of any portion due Landlord hereunder shall be any defense to any subsequent action brought for any amount not theretofore reduced to judgment in favor of Landlord, nor shall such reletting be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention be given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach.
(c) At any time after an event of breach or default by Tenant has occurred, Landlord shall have the right to change or modify door locks on entry doors to the Leased Premises, and/or terminate all utility services to the Leased Premises, and such right to modify or change locks and/or terminate utility services shall continue so long as Tenant is in default hereunder. Landlord shall not be obligated to furnish Tenant with a new key or to allow Tenant to enter the Leased Premises, or to reinstate any terminated utility services until and unless Tenant has cured such default. Landlord may take such action as is required to cure any breach or default by Tenant hereunder and b▇▇▇ Tenant for any expenses incurred by Landlord in curing such breach, and Tenant shall be obligated to pay such b▇▇▇ immediately upon its receipt by Tenant.
(d) Landlord shall have the right to cause a receiver or trustee is to be appointed in any action against Tenant to take possession of any substantial the Leased Premises and/or to collect the rents or profits derived therefrom. The appointment of such receiver shall not constitute an election on the part of Tenant’s assets, Landlord to terminate this Lease unless such appointment is vacated within thirty (30) days after the date thereof; (iv) Tenant consents to or suffers an attachment, execution or other judicial seizure of any substantial part of its assets or its interest under this Lease, unless such process is released or satisfied within thirty (30) days after the occurrence thereof. If a court of competent jurisdiction determines that any of the foregoing events is not a default under this Lease, and a trustee is appointed to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date notice of such assignment. Any such assignee shall, upon demand, execute and deliver intention is given to Landlord an instrument confirming such assumptionTenant.
(e) The occurrence After terminating this Lease or Tenant’s right to possession of the Leased Premises, Landlord may remove any and all personal property located in the Leased Premises and place such property in a public or private warehouse or elsewhere. Tenant shall reimburse Landlord for all costs of such removal and storage upon demand. Tenant waives all claims for damages that may be caused by Landlord’s removing or storing the property as herein provided, and Tenant shall indemnify and hold Landlord free and harmless from and against any and all damages, including without limitation all costs of court and attorney’s fees of Landlord occasioned thereby.
(f) In addition to the other remedies provided in this Lease, Landlord shall be entitled, to the extent permitted by applicable law, to injunctive relief in case of the violation or attempted or threatened violation, of any of the provisions of this Lease, or to a decree compelling performance of any other event that is deemed to be an Event of Default under any other provision provisions of this Lease, or to any other remedy allowed at law or in equity.
Appears in 1 contract
Default by Tenant. The occurrence Upon the happening of any of the following shall constitute an “Event of Default” under this Lease by Tenantfollowing:
(1) if Tenant fails either (a) Failure to pay when any sum required to be paid hereunder by ▇▇▇▇▇▇ on the date due the rent or any other monetary sums required hereunder.
(b) Failure to perform any other agreement or obligation of Tenant hereunder, if and such failure continues for fifteen (15) days after written notice by Landlord to Tenant except as to those Events of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion.
(c) Abandonment or vacation of the Premises by Tenant, or failure to occupy the Premises continue for ten (10) consecutive days.
, or (db) If to perform or observe any other agreement or covenant or provision of the following occurs: (i) a petition is filed this Lease and any such failure shall continue for an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after written notice; or
(2) if any petition shall be filed by or against Tenant of any proceeding in bankruptcy, insolvency, receivership, reorganization, liquidation or similar proceeding, or to delay, reduce or modify Tenant’s debts or obligations or if any petition shall be filed or other action taken to reorganize or modify Tenant’s capital structure and as to action or proceedings commenced against Tenant, such action or proceeding is not dismissed within one hundred twenty (120) days of the filing thereof; or
(ii3) if Tenant admits its inability to pay its debts, or if a trustee or other court appointee is appointed for all or a substantial part of Tenant’s property; or
(4) if the leasehold interest of Tenant in the Leased Premises is levied upon or attached by process of law; or
(5) if ▇▇▇▇▇▇ makes a general an assignment for the benefit of creditors; or
(iii6) a receiver court appointee or trustee is appointed to take possession nominee of any substantial part of Tenant’s assetsname or character is made for Tenant or its property; or
(7) if Tenant shall abandon the Leased Premises during the Initial Term, unless such appointment a Renewal Term or any extension or renewal thereof;
(8) if Landlord determines in good faith that the Leased Premises is vacated within thirty (30) days after no longer being used or utilized for the date thereofpurposes identified herein; (iv) Tenant consents to or suffers an attachment, execution or other judicial seizure Then Landlord may treat the occurrence of any substantial part of its assets one or its interest under this Lease, unless such process is released or satisfied within thirty (30) days after the occurrence thereof. If a court of competent jurisdiction determines that any more of the foregoing events is not as a default under breach of this Lease and a waiver of all notice to quit and vacate (provided that no such levy, execution, legal process or petition filed against Tenant shall constitute a breach of this Lease if Tenant shall vigorously contest the same by appropriate proceedings and shall remove or vacate the same within sixty (60) days from the date of its creation, service or filing) and thereupon, at Landlord’s option, Landlord may have any one or more of the following described remedies in addition to all other rights and remedies available at law or in equity:
(i) Landlord may terminate this Lease and forthwith repossess the Leased Premises (together with all additions, alterations, fixtures, and improvements thereto), using peaceful means or a court order to evict Tenant, and Landlord may proceed to recover possession pursuant to the laws of the State of Mississippi. If Landlord does elect to terminate this Lease, Landlord shall be entitled to recover forthwith as damages a sum of money equal to the total of (i) the cost of recovering the Leased Premises, (ii) the unpaid Rent owed Landlord through the time of termination, plus interest thereon at the Default Rate from the due date until paid, (iii) the balance of the Rent for the remainder of the term to the extent it is greater than the fair market rental value of the Leased Premises for said period, and (iv) any other sum of money and damages owed by Tenant to Landlord;
(ii) Landlord may terminate Tenant’s right of possession (but not this Lease) and may repossess the Leased Premises by forcible entry or detainer suit, without demand or notice of any kind to Tenant (except such notice as is required by law) and without terminating this Lease, in which event Landlord may, but shall be under no obligation to do so, relet the same for the account of Tenant for such rent and upon such terms as shall be reasonably satisfactory to Landlord. If Landlord shall fail or decline to relet the Leased Premises, or if the same are relet and a trustee is appointed sum sufficient to take possession satisfy all rent provided for in this Lease to be paid by Tenant shall not be released from such reletting after paying the unpaid Rent due hereunder earned but unpaid at the time of reletting (or if Tenant remains a debtor in plus the cost of recovering possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations costs and expenses of such repairs, changes, alterations and additions and the expense of such reletting and of the collection of the rent accruing therefrom), then Tenant shall pay to Landlord as damages, in addition to such other items, a sum equal to the amount of the rental (including all Rent) reserved in this Lease for such period or under the terms of this §6.09, paragraph (ii), from time to time. No delivery or recovery of any portion due Landlord hereunder arising shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall the reletting be construed as an election on or after the date part of Landlord to terminate this Lease unless a written notice of such assignmentintention is given to Tenant by Landlord. Any Notwithstanding any such assignee shallreletting without termination, upon demand, execute Landlord may at any time thereafter elect to terminate this Lease for such previous breach. The rights and deliver remedies of Landlord under this §6.09 shall not limit or restrict Landlord from seeking or enforcing any other rights or remedies available to Landlord an instrument confirming such assumption.
(e) by reason of Tenant’s breach or default of this Lease. The occurrence provisions of any other event that is deemed to be an Event of Default under any other provision this §6.09 shall survive the termination of this Lease.
Appears in 1 contract
Sources: Lease Agreement
Default by Tenant. (a) The occurrence following events shall constitute events of default under this Lease:
(1) a default by Tena▇▇ ▇▇ the payment of any rent or other sum payable hereunder for a period of 10 days after the same is due, provided that if Tenant has failed one or more times in any twelve-month period to pay any rent or other sum within 10 days after the due date, no grace period shall thereafter be applicable hereunder;
(2) a default by Tenant in the performance of any of the following other terms, covenants, agreements, or conditions contained herein and, if the default is curable, the continuation of such default for a period of 10 days after notice by Landlord or beyond the time reasonably necessary for cure if the default is of the nature to require more than 10 days to remedy, provided that if Tenant has defaulted in the performance of the some obligation one or more times in any twelve-month period and notice of such default has been given by Landlord in each instance, no cure period shall constitute an “Event of Default” under this Lease by Tenantthereafter be applicable hereunder:
(a3) Failure to pay when due the rent bankruptcy or insolvency of Tenant, any transfer by Tena▇▇ in fraud of creditors, assignment by Tenant for the benefit of creditors, or the commencement of any proceedings of any kind by or against Tenant under any provision of the Federal Bankruptcy Act or under any other insolvency, bankruptcy or reorganization act unless, in the event any such proceedings are involuntary, Tenant is discharged from the same within 60 days thereafter; the appointment of a receiver for a substantial part of the assets of Tenant; or the levy upon this Lease or any other monetary sums required hereunderestate of Tenant hereunder by any attachment or execution; or
(4) the abandonment of the premises.
(b) Failure to perform Upon the occurrence of any other agreement or obligation event of default by Tenant hereunder, if Landlord may, at its option and without any further notice or demand, in addition to any other rights and remedies given hereunder or by law, do any of the following:
(1) Landlord shall have the right, so long as such failure continues default continues, to give notice of termination to Tenant, and on the date specified in such notice this Lease shall terminate.
(2) In the event of any such termination of this Lease, Landlord may then or at any time thereafter, re-enter the premises and remove therefrom all persons and property and again repossess and enjoy the premises, without prejudice to any other remedies that Landlord may have by reason of Tenant's default or of such termination.
(3) In the event of any such termination of this Lease, and in addition to any other rights and remedies Landlord may have, Landlord shall have all of the rights and remedies of a landlord provided by Section 1951.2 of the California Civil Code. The amount of damages which Landlord may recover in event of such termination shall include, without limitation, (i) the worth at the time of award (computed by discounting such amount at the discount rate of the Federal Reserve Bank of San Francisco at the time of award plus one percent) of the amount by which the unpaid rent for fifteen balance of the term after the time of award exceeds the amount of rental loss that Tenant proves could be reasonably avoided, (15ii) days after written notice all legal expenses and other related costs incurred by Landlord following Tenant's default, (iii) all costs incurred by Landlord in restoring the premises to Tenant except as to those Events of Default that are noncurablegood order and condition, or in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfyremodeling, renovating or otherwise preparing the premises for reletting, and is not (iv) all costs (including, without limitation, any brokerage commissions) incurred by Landlord in addition toreletting the premises.
(4) For the purpose of determining the unpaid rent in the event of a termination of this Lease, or the rent due hereunder in the event of a reletting of the premises, the monthly rent reserved in this Lease shall be deemed to be the sum of the rental due under paragraph 3 above and the amounts last payable by Tenant pursuant to paragraph 4 above.
(5) After terminating this Lease, Landlord may remove any and all legal notices required prior to commencement personal property located in the premises and place such property in a public or private warehouse or elsewhere at the sole cost and expense of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completionTenant.
(c) Abandonment Even though Tena▇▇ ▇▇▇ breached this Lease and abandoned the premises, this Lease shall continue in effect for so long as Landlord does not terminate Tenant's right to possession, and Landlord may enforce all its rights and remedies under this Lease, including the right to recover rental as it becomes due under this Lease. Acts of maintenance or vacation of preservation, efforts to relet the Premises by Tenantpremises, or failure the appointment of a receiver upon initiative of Landlord to occupy the Premises for ten (10) consecutive daysprotect Land▇▇▇▇'▇ ▇nterest under this Lease, shall not constitute a termination of Tenant's right to possession.
(d) If The remedies provided for in this Lease are in addition to any of the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after the filing thereof; (ii) Tenant makes a general assignment for the benefit of creditors; (iii) a receiver or trustee is appointed to take possession of any substantial part of Tenant’s assets, unless such appointment is vacated within thirty (30) days after the date thereof; (iv) Tenant consents to or suffers an attachment, execution or other judicial seizure of any substantial part of its assets or its interest under this Lease, unless such process is released or satisfied within thirty (30) days after the occurrence thereof. If a court of competent jurisdiction determines that any of the foregoing events is not a default under this Lease, and a trustee is appointed to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver remedies available to Landlord an instrument confirming such assumptionat law or in equity, by statute or otherwise.
(e) The occurrence of any other event that is deemed to be an Event of Default under any other provision of this Lease.
Appears in 1 contract
Default by Tenant. The occurrence 10.01. In the event of any failure of the following shall constitute an “Event of Default” under this Lease by Tenant:
(a) Failure Tenant to pay when any rental due hereunder within five (5) days after the rent same shall be due, or any other monetary sums required hereunder.
(b) Failure failure to perform any other agreement of the terms, conditions or obligation covenants of this Lease to be observed or performed by Tenant hereunder, if such failure continues for fifteen more than ten (1510) days after written notice by Landlord to Tenant except as to those Events of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same shall have been mailed to completion.
(c) Abandonment or vacation of the Premises by Tenant, or failure if Tenant shall become bankrupt or insolvent, or file any debtor proceedings, or take or have taken against Tenant in any court pursuant to occupy the Premises for ten (10) consecutive days.
(d) If any statute either of the following occurs: (i) United States or of any State a petition is filed for an order of relief under the federal Bankruptcy Code in bankruptcy or insolvency or for an order or decree of insolvency or reorganization or rearrangement under any state for the appointment of a receiver or federal lawtrustee of all or a portion of Tenant’s property, and such petition is not dismissed within thirty (30) days after the filing thereof; (ii) or if Tenant makes a general an assignment for the benefit of creditors; (iii) , or petitions for or enters into an arrangement, or if Tenant shall abandon said premises, or suffer this Lease to be taken under any writ of execution, then Landlord, besides other rights or remedies it may have, shall have the immediate right of re-entry and may remove all persons and property from the Leased Premises and such property may be removed and stored in a receiver public warehouse or trustee is appointed elsewhere at the cost of, and for the account of, Tenant all without service of notice or resort to legal process and without being deemed guilty of trespass, or becoming liable for any loss or damage which may be occasioned thereby.
10.02. Should Landlord elect to re-enter, as herein provided, or should it take possession of pursuant to legal proceedings or pursuant to any substantial part of Tenant’s assetsnotice provided for by law, unless such appointment is vacated within thirty (30) days after the date thereof; (iv) Tenant consents it may either terminate this Lease or it may, from time to or suffers an attachment, execution or other judicial seizure of any substantial part of its assets or its interest under time without terminating this Lease, unless make such process is released alterations and repairs as may be necessary in order to relet the premises, and relet said premises or satisfied within thirty any part thereof for such term or terms (30which may be for a term extending beyond the term of this Lease) days after and at such rental or rentals and upon such other terms and conditions as Landlord in its sole discretion may deem advisable; upon each such reletting all rentals received by the occurrence thereofLandlord from such reletting shall be applied, first, to the payment of any indebtedness other than rent due hereunder from Tenant to Landlord; second, to the payment of any costs and expenses of such reletting, including brokerage fees and attorney’s fees and costs of such alterations and repairs; third, to the payments of rent due and unpaid hereunder, and the residue, if any, shall be held by the Landlord and applied in payment of future rent as the same may become due and payable hereunder. If such rentals received from such reletting during any month are less than that to be paid during that month by Tenant hereunder, Tenant shall pay any such deficiency to Landlord. Such deficiency shall be calculated and paid monthly. No such re-entry or taking possession of said premises by Landlord shall be construed as an election on its part to terminate this Lease unless a written notice of such intention be given to Tenant or unless the termination thereof be decreed by a court of competent jurisdiction determines that jurisdiction. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach. Should Landlord at any time terminate this Lease for any breach, in addition to any other remedies it may have, it may recover from Tenant all damages it may incur by reason of such breach, including the cost of recovering the Leased Premises, reasonable attorney’s fees, and including the worth at the time of such termination of the foregoing events is not a default under excess, if any, of the amount of rent and charges equivalent to rent reserved in this LeaseLease for the remainder of the stated term over the then reasonable rental value of the Leased Premises for the remainder of the stated term, all of which amounts shall be immediately due and a trustee is appointed payable from Tenant to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between Landlord. In determining the rent (or other consideration) paid in connection with such transfer and the rent which would be payable by Tenant hereunder, Any assignee pursuant subsequent to default, the provisions of Article 2 shall govern.
10.03. In case suit shall be brought for recovery of possession of the Leased Premises, for the recovery of rent or any bankruptcy law other amount due under the provisions of this Lease, or because of the breach of any other covenant herein contained on the part of Tenant to be kept or performed, and a breach shall be established, Tenant shall pay to Landlord all expenses incurred therefore, including reasonable attorney’s fees and costs of suit. Any such sums expended by Landlord shall be deemed without further act to have assumed all additional rent.
10.04. The parties hereto shall and they hereby do waive trial by jury in any action, proceeding or counterclaim brought by either of the obligations parties hereto against the other on any matters whatsoever arising out of or in any way connected with this Lease, the relationship of Landlord and Tenant, Tenant’s use or occupancy of the Tenant hereunder arising on Leased Premises, and/or any claim of injury or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumptiondamage.
(e) The occurrence 10.05. Tenant agrees that Landlord shall be entitled to recover the sums set forth in Sections 10.02 and 10.03 hereof in one action, or at Landlord’s option, in several actions, and in such latter event, Tenant hereby waives the right to assert the rule against splitting a cause of any other event that is deemed to be an Event of Default under any other provision of this Leaseaction, or bringing all claims in one action, as a defense thereto.
Appears in 1 contract
Sources: Lease Agreement (Asta Funding Inc)
Default by Tenant. 13.1 The occurrence of any following shall be deemed a default by Tenant under the terms of the following shall constitute an “Lease ("Event of Default” under this Lease "):
a. The failure by Tenant:
(a) Failure Tenant to pay when any rent, utility allowance, or other sum of money due the rent or any other monetary sums required hereunder.
hereunder within ten (b) Failure to perform any other agreement or obligation of Tenant hereunder, if such failure continues for fifteen (1510) days after written notice from Landlord that such payment has not been made;
b. The failure by Landlord Tenant to perform any other of the terms, conditions or covenants of this Lease to be observed or performed by Tenant except as to those Events of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that for more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion.
(c) Abandonment or vacation of the Premises by Tenant, or failure to occupy the Premises for ten (10) consecutive days.
(d) If any of the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after the filing thereof; written notice from Landlord of such default, unless such default is of a nature that it cannot practicably be cured within a thirty (ii30) day period and Tenant makes a general is proceeding with due diligence to cure such default;
c. The making by Tenant of an assignment for the benefit of creditors; (iii) ;
d. The filing of a petition by or against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI of the Bankruptcy Act, or the commencement of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for the appointment of a receiver or trustee is appointed of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to take have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
13.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of any substantial part the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Tenant’s assetsDefault. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, unless Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such appointment is vacated within thirty (30) days after proceeds, if any, which may result from the date thereof; (iv) Tenant consents to or suffers an attachmentreletting of the Leased Premises.
13.3 Additionally, execution or other judicial seizure upon the occurrence of any substantial part Event of its assets or its interest under Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, unless such process is released Tenant's liability for rent and other sums payable hereunder and to perform any other term, condition, covenant or satisfied within thirty (30) days after the occurrence thereof. If a court of competent jurisdiction determines that any of the foregoing events is not a default agreement on its part to be performed under this LeaseLease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, and a trustee is appointed to take possession (or if Tenant remains a debtor in possession)however, and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the for all rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant performance of all terms conditions and agreements relating to the provisions of any bankruptcy law shall be deemed without further act matters prior to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumptiontermination.
(e) The occurrence of any other event that is deemed to be an Event of Default under any other provision of this Lease.
Appears in 1 contract
Default by Tenant. The occurrence of any one or more of the following events shall constitute an “Event of Default” a default by Tenant under this Lease by TenantLease:
(a) Failure Tenant shall fail to pay when due the rent to Landlord any Rent or any other monetary sums charge due from Tenant hereunder on or before five (5) business days after written notice thereof from Landlord to Tenant, provided that Landlord shall not be required hereunder.to provide such notice more than twice during any twelve (12) month period with respect to nonpayment of Rent, the third such nonpayment constituting a default without the requirement of notice;
(b) Failure Tenant breaches or fails to perform comply with any term, provision, condition or covenant of this Lease, other agreement or obligation of Tenant hereunder, if than as described in Section 8.1(a) and such failure continues for fifteen thirty (1530) days after Tenant’s receipt of written notice by from Landlord to Tenant except as to those Events of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., (provided that if the nature of such obligation is such that more than 15 days is required for performancefailure cannot be reasonably cured within thirty (30) days, then Tenant will not be in default if shall have an additional reasonable period of time within which to cure such failure so long as Tenant commences performance the cure thereof within such 15-thirty (30) day period and thereafter diligently prosecutes the same to completion.completion of such cure);
(c) Abandonment or vacation A Transfer (hereinafter defined) shall occur without the prior written approval of Landlord (to the Premises by Tenant, or failure extent Landlord’s approval is otherwise required pursuant to occupy the Premises for ten (10) consecutive days.terms and conditions of this Lease);
(d) If The interest of Tenant under this Lease shall be levied on under execution or other legal process;
(e) Any petition in bankruptcy or other insolvency proceedings shall be filed by or against Tenant, or any petition shall be filed or other action taken to declare Tenant a bankrupt or to delay, reduce or modify Tenant’s debts or obligations or to reorganize or modify Tenant’s capital structure or indebtedness or to appoint a trustee, receiver or liquidator of Tenant or of any property of Tenant, or any proceeding or other action shall be commenced or taken by any governmental authority for the following occurs: (i) a petition is filed for an order dissolution or liquidation of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal lawTenant and, and such petition is not dismissed within thirty (30) days after the filing hereafter, Tenant fails to secure a discharge thereof; ;
(iif) Tenant makes a general shall become insolvent, or Tenant shall make an assignment for the benefit of creditors; (iii) , or Tenant shall make a transfer in fraud of creditors, or a receiver or trustee shall be appointed for Tenant or any of its properties; or
(g) Tenant shall do or permit to be done anything which creates a lien upon the Premises, the Project or any portion thereof and such lien is appointed to take possession of any substantial part of Tenant’s assets, unless such appointment is vacated not otherwise released (or bonded over) within thirty (30) days after the date thereof; (iv) Tenant consents to or suffers an attachment, execution or other judicial seizure of any substantial part of its assets or its interest under this Lease, unless such process is released or satisfied within thirty (30) days after the occurrence thereof. If a court of competent jurisdiction determines that any of the foregoing events is not a default under this Lease, and a trustee is appointed to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumptionfollowing written notice from Landlord.
(e) The occurrence of any other event that is deemed to be an Event of Default under any other provision of this Lease.
Appears in 1 contract
Default by Tenant. The occurrence 13.01. Tenant shall be in default of this Lease if at any time during the Lease Term (and regardless of the pendency of any bankruptcy, reorganization, receivership, insolvency, or other proceedings in law, or before any administrative tribunal which have or might have the effect of preventing Tenant from complying with the following shall constitute an “Event terms of Default” under this Lease Lease):
(i) Tenant fails to make payment of any installment of Monthly Rent, or of any other sum herein specified to be paid by Tenant:, within ten (10) days of delivery of Landlord's written notice to Tenant of such failure; provided, however, Landlord shall be obligated to give Tenant only three (3) notices in any calendar year during the Lease Term and thereafter during said calendar year Tenant shall be in default if Tenant fails to make payment when due, it being understood that whether or not notice is given and notwithstanding anything herein to the contrary, all payments of monies past due shall accrue interest at the Prime Rate determined by City Bank, New York, plus three. Such Prime Rate shall be updated every 180 days and shall apply until payment is effectively made; or
(aii) Failure Tenant fails to pay when due the rent observe or any other monetary sums required hereunder.
(b) Failure to perform any of its other agreement covenants, agreements, or obligation of Tenant obligations hereunder, if and such failure continues for fifteen is not cured within thirty (1530) days after Landlord's written notice by Landlord to Tenant except as to those Events of Default that are noncurablesuch failure; provided, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfyhowever, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such Tenant's obligation is such that more than 15 thirty (30) days is are required for performance,, then Tenant will not be in default if Tenant commences performance within such 15-thirty (30) day period and thereafter diligently prosecutes the same to completion.completion within ninety (90) days thereafter;
(ciii) Abandonment Tenant makes a transfer in fraud of its creditors, makes a transfer for the benefit of its creditors, is the subject of a bankruptcy petition, is adjudged bankrupt or vacation of the Premises by insolvent (suspension de pagos) in proceedings filed against Tenant, a receiver , trustee, or failure custodian is appointed for all of substantially all of Tenant's Assets, fails to occupy pay its debts as they become due, convenes a meeting of all or a portion of its creditors, or performs any act of bankruptcy or insolvency, including the selling of its assets to pay creditors; or
(iv) Tenant has abandoned the Premises for ten (10) consecutive days.
(d) If any of the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after the filing thereof; (ii) Tenant makes a general assignment for the benefit of creditors; (iii) a receiver or trustee is appointed to take possession of any substantial part of Tenant’s assets, unless such appointment is vacated within thirty (30) days after the date thereof; (iv) Tenant consents to or suffers an attachment, execution or other judicial seizure of any substantial part of its assets or its interest under this Lease, unless such process is released or satisfied within thirty (30) days after the occurrence thereof. If a court of competent jurisdiction determines that any of the foregoing events is not a default under this Lease, and a trustee is appointed to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumption.
(e) The occurrence of any other event that is deemed to be an Event of Default under any other provision of this Lease.days
Appears in 1 contract
Sources: Lease Agreement (International Manufacturing Services Inc)
Default by Tenant. The occurrence of any of In the following event Tenant shall constitute an “Event of Default” under this Lease by Tenant:
(a) Failure fail to pay when any payment coming due hereunder from Tenant to Lessor within ten (10) days from the rent due date thereof, or any other monetary sums required hereunder.
(b) Failure in the event Tenant shall violate or fail to perform any other agreement covenant, condition or obligation provision of Tenant hereunder, if such failure continues for this lease within fifteen (15) days after written notice by Landlord thereof is given to Tenant except as by Lessor, Lessor shall be entitled to those Events the following remedies:
a. Without terminating this lease, Lessor shall be entitled to recover from Tenant any amounts due hereunder, or any damages arising out of Default that are noncurablethe violation or failure of Tenant to perform any covenant, in which case no condition or provision of this lease.
▇. ▇▇▇▇▇▇ may elect to terminate this lease and any and all interest and claim of Tenant by virtue of such grace period shall apply. Landlord’s notice described herein lease, whether such interest or claim is intended to satisfyexisting or prospective, and is to terminate all interest of Tenant in the Leased Premises. Such termination shall, at the election of Lessor, also terminate any sublease by Tenant, whether or not Lessor has theretofore consent to such sublease.
▇. ▇▇▇▇▇▇ may elect to relet the Leased Premises. The foregoing remedies shall be in addition to, and shall not exclude, any and all legal notices required prior other remedy available to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be Lessor at law or in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion.
(c) Abandonment or vacation of the Premises by Tenant, or failure to occupy the Premises for equity. The ten (10) consecutive days.
(d) If any day grace period for the payment of amounts coming due hereunder is in recognition of the following occurs: ten (i10) a petition is filed for an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after the filing thereof; (ii) Tenant makes a general assignment day grace period for the benefit payment of creditors; (iii) a receiver or trustee is appointed to take possession of any substantial part of Tenant’s assets, unless such appointment is vacated within thirty (30) days after rent provided by the date thereof; (iv) Tenant consents to or suffers an attachment, execution or other judicial seizure of any substantial part of its assets or its interest under this Lease, unless such process is released or satisfied within thirty (30) days after the occurrence thereof. If a court of competent jurisdiction determines that any statutes of the foregoing events is state of Oregon; and shall not a default under this Leasebe construed as an addition to, and a trustee is appointed to take possession (or if Tenant remains a debtor in possession)an extension of, and such trustee or Tenant transfers Tenant’s interest hereundergrace period provided the statute. All remedies, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law extent they are not inconsistent with each other, shall be deemed without further act cumulative. The election by Lessor of one remedy shall not prevent the subsequent election by Lessor of an inconsistent remedy unless Tenant has substantially changed Tenant’s position in reliance upon such prior election by Lessor. In the event this Lease is terminated, all obligations and indebtedness of Tenant to have assumed all Lessor arising out of the obligations of the Tenant hereunder arising on or after this lease prior to the date of such assignmenttermination shall survive such termination. Any Upon such assignee shalltermination, or upon the election by Lessor to relet the Leased Premises, Lessor may reenter the Leased Premises and take possession thereof and remove any persons and property by legal action or by self-help with the use of reasonable force and without liability for damages, and Tenant shall indemnify and hold Lessor harmless from any claim or demand arising out of such reentry and removal of persons or property. In the event Lessor reenters the Leased Premises upon termination, or for the purpose of reletting, Lessor shall make all reasonable good faith efforts to mitigate its damages and may relet all or some portion of the Leased Premises, alone or in conjunction with other properties, for a term longer or shorter than the term of this lease, upon demandany reasonable terms and conditions, execute including the granting of a period of rent-free occupancy or other rental concession, and deliver Lessor may, but shall not be required to, relet the Leased Premises for any use or purpose other than specified in this lease, and Lessor shall not be required to Landlord an instrument confirming such assumptionrelet to any tenant which Lessor may reasonably consider objectionable. In the event of termination by Lessor, Lessor shall be entitled to recover immediately as damages, subject to reasonable good faith mitigation efforts, the total of the following amounts:
a. Any amount by which Tenant’s total obligations under this lease exceed the reasonable rental value of the Leased Premises as at the date of default, for the remaining term of the lease.
(e) b. The occurrence reasonable costs of reentry and reletting, including, but not limited to, any expense of cleaning, repairing, altering, remodeling, refurbishing, removing Tenant’s property, or any other event that is deemed to be an Event expense incurred in recovering possession of Default under any other provision the Leased Premises or reletting the Leased Premises, including, but not limited to, attorney’s fees, court costs, broker’s commissions and advertising expense.
c. The loss of this Leaserent accruing until the date when a new tenant has been, or with the exercise of reasonable diligence could have been, obtained.
Appears in 1 contract
Default by Tenant. The occurrence of any one of the following events shall constitute an “Event a material breach of Default” under this Lease by Tenant:Tenant (an "EVENT OF DEFAULT");
(a) Failure A. Any failure by Tenant to pay when due the rent Base Rent or to make any other monetary sums payment required hereunderto be made by Tenant hereunder when due, and the continuation of such failure for 10 days.
(b) Failure B. Tenant abandons, vacates, or substantially moves out of the Premises and/or ceases business operations at the Premises, without continuing to pay rent.
C. Any failure by Tenant to observe and perform any other agreement provision of this Lease to be observed or obligation of Tenant hereunderperformed by Tenant, if where such failure continues for fifteen thirty (1530) days (except where a different period of time is specified in this Lease) after Landlord has given Tenant written notice by Landlord to Tenant except as to those Events of Default that are noncurable, in which case no such grace period shall applynotice. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if If the nature of such obligation default is such that more than 15 days is required for performancethe same can be cured by cannot reasonably be cured within such twenty-day period, then Tenant will shall not be deemed to be in default if in Tenant commences performance shall, within such 15-thirty (30) day period period, commence cure and thereafter diligently prosecutes and continuously prosecute the same to completion, provided such additional cure period shall not exceed an additional thirty (30) days.
(c) Abandonment D. The making or vacation furnishing by Tenant of any warranty, representation or statement to Landlord in connection with this Lease, or any other agreement to which Tenant and Landlord are parties, which is or was false or misleading in any material respect when made or furnished.
E. The transfer of all or any substantial portion of the Premises assets of Tenant or the incurring of any material obligation by Tenant, unless such transfer or obligation is incurred in the ordinary course of Tenant's business or in good faith for fair equivalent consideration, or with Landlord's consent and the assumption of this Lease by the assignee.
F. Tenant's becoming insolvent as defined in the Federal Bankruptcy Code, admission in writing of its insolvency or of its present or prospective inability to pay its debts as they become due, the inability or failure of Tenant to occupy pay all or any material portion (in number of dollar amount) of its debts as they become due, Tenant's permission or sufferance of a judgment to exist against it which affects Tenant's ability to conduct its business in the Premises ordinary course (unless enforcement thereof is stayed pending appeal), Tenant's making or proposing an assignment for ten (10) consecutive daysthe benefit of creditors, or any class thereof, for purposes of effecting a moratorium upon or extension or composition of its debts, proposing any such moratorium, extension or composing, or commencing or proposing to commence any bankruptcy, reorganization or insolvency proceeding, or other proceeding under any federal, state or other law for the relief of debtors.
(d) If any of G. Tenant's failure to obtain the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal lawdismissal, and such petition is not dismissed within thirty (30) days after the filing commencement thereof; (ii) Tenant makes a general assignment , of any bankruptcy, reorganization or insolvency proceeding, or other proceeding under any law for the benefit relief of creditors; (iii) a receiver debtors, instituted against it by one or more third parties or failure to actively oppose any such proceeding, or, in any such proceeding, defaulting or filing any answer admitting the material allegations upon which the proceeding was based or alleging its willingness to have an order for relief entered or its desire to seek liquidation, reorganization or adjustment of any of its debts.
H. The appointment of any receiver, trustee is appointed or custodian to take possession of all or any substantial part portion of the assets of Tenant’s assets, unless such appointment is vacated within thirty (30) days after or the date thereof; (iv) Tenant consents to or suffers an attachment, execution or other judicial seizure formation of any substantial part committee of its assets Tenant's creditors, or its interest under this Leaseany class thereof, unless for the purpose of monitoring or investigating the financial affairs of Tenant or enforcing such process is released or satisfied within thirty (30) days after the occurrence thereof. If a court of competent jurisdiction determines that any of the foregoing events is not a default under this Lease, and a trustee is appointed to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumptioncreditors' rights.
(e) The occurrence of any I. Any other event event, occurrence, action or failure that is deemed to be an Event of Default under any other provision of this Lease.
Appears in 1 contract
Sources: Industrial Lease Agreement (Advanced Materials Group Inc)
Default by Tenant. The occurrence This Lease is made upon the condition that the Tenant shall punctually and faithfully perform all of the covenants and agreements by it to be performed as herein set forth, and if any of the following events of default shall constitute an “Event of Default” under this Lease by Tenant:
occur, to-wit: (a) Failure to pay when due the rent any installment of rent, additional rent, taxes, or any other monetary sums required hereunder.
(b) Failure to perform any other agreement or obligation of be paid by Tenant hereunder, if such failure continues or any part thereof, shall at any time be in arrears and unpaid for fifteen (15) days after written notice by thereof, or (b) there be any default on the part of Tenant in the observance or performance of any of the other covenants, agreements, or conditions of this Lease on the part of Tenant to be kept and performed, and said default shall continue for a period of fifteen (15) days after written notice thereof from Landlord to Tenant except as (unless such default cannot reasonably be cured within fifteen (15) days and Tenant shall have commenced to those Events cure said default within said fifteen (15) days and continue diligently to pursue the curing of Default that are noncurablethe same), in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion.
or (c) Abandonment Tenant shall file a petition in bankruptcy or vacation be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or make an assignment for the benefit of creditors, or (d) any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties or of the Premises shall be appointed in any action, suit or proceeding by Tenant, or failure to occupy the Premises for ten (10) consecutive days.
(d) If any of the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, against Tenant and such petition is proceeding or action shall not have been dismissed within thirty (30) days after such appointment, or (e) the filing thereof; leasehold estate hereby created shall be taken on execution or by other process of law, or (iif) Tenant makes a general assignment for shall vacate or abandon the benefit Premises before the end of creditors; (iii) a receiver or trustee is appointed to the Term, then and in any of said cases, Landlord at its option may terminate this Lease and re-enter upon the Premises and take possession thereof with full right to sue ▇▇▇ and collect all sums or amounts with respect to which Tenant may then be in default and accrued up to the time of such entry, including damages to Landlord by reason of any substantial breach or default on the part of Tenant’s assets, unless or Landlord may, if it elects to do so, bring suit for the collection of such appointment is vacated within thirty (30) days rents and damages without entering into possession of the Premises or voiding this Lease. In addition to, but not in limitation of, any of the remedies set forth in this Lease or given to Landlord by law or in equity, Landlord shall also have the right and option, in the event of any default by Tenant under this Lease and the continuance of such default after the date thereof; (iv) period of notice above provided, to discontinue services to Tenant consents and/or to retake possession of the Premises from Tenant without process of law, by summary proceedings or suffers an attachmentotherwise, execution or other judicial seizure and it is agreed that the commencement and prosecution of any substantial part action by Landlord in forcible entry and detainer, ejectment or otherwise, or any execution of any judgment or decree obtained in any action to recover possession of the Premises, shall not be construed as an election to terminate this Lease unless Landlord expressly exercises its option hereinabove provided to declare the term hereof ended, whether or not such entry or re-entry be had to taken under summary proceedings or otherwise, and shall not be deemed to have absolved or discharged Tenant from any of its assets or its interest under obligations and liabilities for the remainder of the term of this Lease, unless and Tenant shall notwithstanding such process entry or re-entry, continue to be liable for the payment of the rents and the performance of the other covenants and conditions hereof and shall pay to Landlord all monthly deficits after any such re-entry in monthly installments as the amounts of such deficits from time to time are ascertained, and if in the event of any such ouster Landlord rents or leases the Premises to some other person, firm or corporation (whether for a term greater, less than or equal to the unexpired portion of the term created hereunder) for an ag8regate rent during the portion of such new lease co-extensive with the term created hereunder which is released less than the rent and other charges which Tenant would pay hereunder for such period, Landlord may immediately upon the making of such new lease or satisfied within thirty (30) days after the occurrence thereofcreation of such new tenancy sue ▇▇▇ and recover the differences between the aggregate rental provided for in said new lease for the portion of the term co-extensive with the term created hereunder and the rent which Tenant would pay hereunder for such period, together with any expense to which Landlord may be put for brokerage commission, placing the Premises in tenantable condition, reasonable attorneys fees, or otherwise. If such new lease or tenancy is made for a court of competent jurisdiction determines that any shorter term than the balance of the foregoing events is term of this Lease, any such action brought by Landlord to collect the deficit for that period shall not a bar Landlord from thereafter suing for any loss accruing during the balance of the unexpired term of this Lease. If Tenant at any time shall fail to pay any taxes, assessments, or liens, or to make any payment or perform any act required by this Lease to be made or performed by it, Landlord without waiving or releasing Tenant from any obligation or default under this Lease, may (but shall be under no obligation to) at any time thereafter make such payment or perform such act for the account and a trustee is appointed to take possession at the expense of Tenant. All sums so paid by Landlord and all costs and expenses so incurred shall accrue interest at the annual rate of six (6%) percent from the date of payment or if Tenant remains a debtor in possession)incurring thereof by Landlord and, and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection together with such transfer and the interest, shall constitute additional rent payable by Tenant hereunderunder this Lease and shall be paid by Tenant to Landlord upon demand. All other sums payable by Tenant to Landlord under this Lease, Any assignee pursuant including rent and late charges thereon, if not paid within any applicable grace period when due, shall accrue interest at the rate of six (6%) percent per annum from their due date until paid, said interest to be additional rent under this Lease and paid to Landlord by Tenant upon demand. All rights and remedies of Landlord herein enumerated shall be cumulative, an none shall exclude any other remedies allowed at law or in equity. If Tenant defaults in the provisions performance of any bankruptcy law shall be deemed without further act to have assumed all of the obligations covenants of this Lease and by reason thereof Landlord employs the services of any attorney to enforce performance by Tenant, to evict Tenant, to collect moneys due by Tenant, or to perform any service based upon said default, then the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute shall pay a reasonable attorney's fee and deliver to all reasonable expenses and costs incurred by Landlord an instrument confirming such assumptionpertaining thereto.
(e) The occurrence of any other event that is deemed to be an Event of Default under any other provision of this Lease.
Appears in 1 contract
Default by Tenant. The occurrence of If Tenant defaults in fulfilling any of the following covenants in this lease, Landlord shall constitute an “Event notify Tenant of Default” under this Lease by Tenant:
(a) Failure to pay when due the rent or any other monetary sums required hereunder.
(b) Failure to perform any other agreement or obligation of Tenant hereunder, if such failure continues for fifteen (15) days after written notice by Landlord to Tenant except as to those Events of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of the default. If such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion.
(c) Abandonment or vacation of the Premises by Tenant, or failure to occupy the Premises for ten (10) consecutive days.
(d) If any of the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed remedied within thirty (30) days after the filing thereof; (ii) Tenant makes a general assignment for the benefit of creditors; (iii) a receiver or trustee is appointed to take possession of any substantial part following such notice, all of Tenant’s assets, unless rights under this lease shall terminate and Tenant shall immediately quit and surrender the premises to Landlord. If the nature of the default is such appointment is vacated that it cannot reasonably be cured within thirty (30) days after and work thereon has been commenced within that period and diligently prosecuted to completion, Tenant’s rights under this lease shall not terminate as a result of such default. If Tenant’s rights under this lease are terminated due to default, Landlord may immediately, or at any time thereafter, re-enter the date leased premises and remove all persons and all property by any suitable action or proceeding by law and enjoy the premises. Landlord may, at its option, repair, alter, remodel and/or change the character of the premises as it may deem fit and/or at any time re-let the leased premises or any part thereof; (iv) Tenant consents to or suffers an attachment, execution or other judicial seizure . The exercise by Landlord of any substantial part right granted in the sentence immediately preceding shall not relieve Tenant from the obligation to fulfill all other covenants required by this lease, at the time and in the manner provided herein. Landlord shall have the obligation to make reasonable attempts to re-let the premises and to mitigate its damages from the default. Landlord’s expenses incurred in connection with repairing, altering, or remodeling the premises and any other expenses incurred by it in connection with the re-letting of its assets or its interest under this Leasethe leased premises (including but not limited to brokerage fees) if any, unless such process is released or satisfied within thirty (30) days after shall be Landlord’s obligation. In the occurrence thereof. If event of a court breach by Tenant of competent jurisdiction determines that any of the foregoing events is not a default under covenants or provisions of this Leaselease, and a trustee is appointed in addition to take possession (or if Tenant remains a debtor in possession)the remedies provided above, and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (have all other remedies available at law or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumptionequity.
(e) The occurrence of any other event that is deemed to be an Event of Default under any other provision of this Lease.
Appears in 1 contract
Sources: Lease Agreement
Default by Tenant. All covenants and agreements contained in this Lease are declared to be conditions to this Lease and to the term hereby leased to Tenant. The occurrence of any of the following shall constitute an “Event a material default and breach of Default” under this Lease by Tenant:
(a) Failure Tenant's failure to pay rent when due when the rent or any other monetary sums required hereunder.
(b) Failure to perform any other agreement or obligation of Tenant hereunder, if such failure continues for fifteen (15) days after written notice by Landlord to Tenant except as to those Events of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion.
(c) Abandonment or vacation of the Premises by Tenant, or failure to occupy the Premises for ten (10) consecutive days.business days after written notice to pay that rent or surrender possession of the Premises is served on Tenant by Landlord; or
(db) If Any failure to perform any of other covenant, condition, or agreement contained in this Lease when the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition failure is not dismissed cured within thirty (30) days after written notice of the filing thereofspecific failure is given by Landlord to Tenant; or
(iic) The bankruptcy or insolvency of Tenant, the making by Tenant makes a of any general assignment for the benefit of creditors; the filing by or against Tenant of a petition to have Tenant adjudged a bankrupt or of a petition for reorganization or arrangement under the Bankruptcy Act (iiiunless, in the case of a petition filed against Tenant, it is dismissed within sixty (60) days); the appointment of a trustee or receiver or trustee is appointed to take possession of any substantial part substantially all of Tenant’s assets's assets located at the Premises or of Tenant's interest in this Lease, unless such appointment if possession is vacated not restored to Tenant within thirty (30) days after days; or the date thereof; (iv) Tenant consents to or suffers an attachment, execution execution, or other judicial seizure of any substantial part substantially all of its Tenant's assets located at the Promises or its of Tenant's interest under in this Lease, unless such process when that seizure is released or satisfied not discharged within thirty (30) days after the occurrence thereof. If a court of competent jurisdiction determines that any days.
(d) The abandonment or vacating of the foregoing events is not a default under Premises by Tenant (which, for purposes of this Lease, shall mean Tenant's failure to occupy and operate the Premises for business for a trustee is appointed to take possession (or if Tenant remains a debtor in possessionperiod of at least 30 consecutive days), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumption.
(e) The occurrence of any other event that is deemed to be an Event of Default under any other provision of this Lease.
Appears in 1 contract
Default by Tenant. The Landlord and Tenant hereby agree that the occurrence of any one or more of the following shall constitute an “Event of Default” events is a default by Tenant under this Lease by and that said default shall give Landlord the rights described in Section 17.2. Landlord or Landlord's authorized agent shall have the right to execute and to deliver any notice of default, notice to pay rent or quit or any other notice Landlord gives Tenant:.
(a) Failure Tenant's failure to pay when due the rent make any payment of Base Rent, Operating Expenses, Real Property Taxes, Insurance Costs or any other monetary sums payment required to be made by Tenant hereunder, as and when due, where such failure shall continue for a period of five (5) days after written notice thereof from Landlord to Tenant.
(b) Failure to perform any other agreement or obligation of Tenant hereunder, if such failure continues for fifteen (15) days after written notice by Landlord to Tenant except as to those Events of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion.
(c) Abandonment or vacation The abandonment of the Premises by Tenant, or failure in which event Landlord shall not be obligated to occupy give any notice of default to Tenant. For purposes of this Lease, the Premises for ten shall not be deemed abandoned so long as Tenant (10i) consecutive dayshas provided Landlord with prior written notice, (ii) pays rent and all other charges due under this Lease as and when due, and (iii) maintains the physical appearance of the Premises.
(dc) If Tenant's failure to comply with any of the following occurs: covenants, conditions or provisions of this Lease to be observed or performed by Tenant (iother than those referenced in Sections 17.1(a) and (b) above), where such failure shall continue for a petition is filed for an order period of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after written notice thereof from Landlord to Tenant; provided, however, that if the filing thereof; nature of Tenant's nonperformance is such that more than thirty (ii30) days are reasonably required for its cure, then Tenant makes a shall be allowed additional time (not to exceed 90 days) as is reasonably necessary to cure the failure so long as Tenant commences such cure within said thirty (30) day period and thereafter diligently pursues such cure to completion.
(i) The making by Tenant or any guarantor of Tenant's obligations hereunder of any general assignment for the benefit of creditors; (iiiii) the appointment of a trustee or receiver or trustee is appointed to take possession of any substantial part substantially all of Tenant’s assets's assets located at the Premises or of Tenant's interest in this Lease, unless such appointment where possession is vacated not restored to Tenant within thirty sixty (3060) days after the date thereofdays; (iviii) Tenant consents to or suffers an the attachment, execution or other judicial seizure of any substantial part substantially all of its Tenant's assets located at the Premises or its of Tenant's interest under in this Lease, unless where such process seizure is released not discharged within sixty (60) days; or satisfied (iv) the initiating of an insolvency or bankruptcy proceeding against Tenant, which proceeding is not discharged within thirty sixty (3060) days after of the occurrence filing thereof. If a court of competent jurisdiction determines In the event that any of the foregoing events is not a default under this Lease, and a trustee is appointed to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumption.
(e) The occurrence of any other event that is deemed to be an Event of Default under any other provision of this LeaseSection 17.1(d) is unenforceable under applicable law, such provision shall be of no force or effect.
Appears in 1 contract
Sources: Industrial Lease Agreement (G Iii Apparel Group LTD /De/)
Default by Tenant. The occurrence A. In the event of: (i) any failure of any of the following shall constitute an “Event of Default” under this Lease by Tenant:
(a) Failure Tenant to pay when any rental or other charges due hereunder for more than ten (10) days after the rent same shall be due; or (ii) any other monetary sums required hereunder.
(b) Failure failure of Tenant to perform any other agreement of the terms, conditions or obligation covenants of this Lease to be observed or performed by Tenant hereunder, if such failure continues for fifteen (15) days after written notice by Landlord to Tenant except as to those Events of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion.
(c) Abandonment or vacation of the Premises by Tenant, or failure to occupy the Premises for ten (10) consecutive days.
(d) If any of the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after written notice of such default shall have been given to Tenant; or (iii) if Tenant or any guarantor of this Lease shall become bankrupt or insolvent, or file any debtor proceedings, or take or have taken against Tenant or any guarantor of this Lease in any Court pursuant to any statute, either of the filing thereofUnited States or of any state, a petition in bankruptcy or insolvency or for reorganization or for appointment of a receiver or a trustee of all or a portion of Tenant's or any such guarantor's property; or (iiiv) if Tenant or any such guarantor makes a general an assignment for the benefit of creditors, or petitions for or enters into any agreement; or (iiiv) if Tenant shall abandon the Leased Premises or suffer this Lease to be taken under any writ of execution; then Landlord, in addition to the other rights or remedies it may have, shall have the immediate right of re-entry and remove all persons and property from the Leased Premises; and such property may be removed and stored in a receiver public warehouse or trustee is appointed to take possession of any substantial part elsewhere at the cost of, and for the account of Tenant’s assets, unless such appointment and without being deemed guilty of trespass, or becoming liable for any loss or damage which may be occasioned thereby. It is vacated expressly agreed by Tenant that Minimum Rent and CAM charges and any other monthly payments due under this Lease are due on the days specified herein; and utility reimbursement shall be paid within thirty ten (3010) days after receipt of the date invoice or notice thereof; . Any charge for Minimum Rent, CAM charges or utility reimbursement not paid when due shall bear interest at eighteen percent (iv18%) Tenant consents per annum.
B. Should Landlord elect to re-enter, as herein provided, or suffers an attachmentshould it take possession pursuant to legal proceedings or pursuant to any notice provided for by law, execution it may either terminate this Lease or other judicial seizure of any substantial part of its assets or its interest under it may, from time to time, without terminating this Lease, unless make such process is released alterations and repairs as may be reasonably necessary in order to relet the Leased Premises, and relet the Leased Premises, or satisfied within thirty any part thereof, for such term or terms (30which may be for a term extending beyond the Lease Term) days after and at such rental or rentals and upon such other terms and conditions as Landlord, in its reasonable discretion, may deem advisable. Upon each such reletting, all rentals received by Landlord from such reletting shall be applied, first to the occurrence thereofpayment of any indebtedness other than rent due hereunder from Tenant to Landlord; second to the payment of any costs and expenses of such reletting, including brokerage fees and attorney fees and costs of such alterations and repairs; third to the payment of rent due and unpaid hereunder; and the residue, if any, shall be held by Landlord and applied in payment of future rent as the same may become due and payable hereunder. If a court such rental is received from such reletting during any month be less than that to be paid during that month by Tenant hereunder, Tenant shall pay any such deficiency to Landlord. Such deficiency shall be calculated and paid monthly. Should Landlord at any time terminate this Lease for any breach, in addition to any other remedies it may have, it may recover from Tenant all damages it may incur by reason of competent jurisdiction determines that any such breach, including the cost of recovering the Leased Premises, attorney fees, and including the worth at the time of such termination of the foregoing events is not a default under this Leaseexcess, if any, of the amount of rent and a trustee is appointed charges equivalent to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid reserved in connection with such transfer this Lease for the remainder of this Lease Term over the then reasonable rental value of the Leased Premises for the remainder of the Lease Term. All of which amount shall be immediately due and payable from Tenant to Landlord. In determining the rent which would be payable by Tenant hereunder, Any assignee pursuant subsequent to default, the annual rent for each month of the unexpired term shall be equal to the average monthly minimum and Additional Rent paid by Tenant from the commencement of the Lease Term to the time of default, or during the preceding twelve (12) full calendar months, whichever period is shorter, adjusted, however, to include any provision herein for increases in Minimum Rent.
C. If as a result of any default by Tenant, Landlord shall make any collection efforts or a suit shall be brought for recovery of possession of the Leased Premises or for the recovery of rent or any other amount due under the provisions of any bankruptcy law shall be deemed without further act to have assumed all this Lease, or because of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumption.
(e) The occurrence breach of any other event that is deemed covenant herein contained on the part of Tenant to be an Event of Default under kept or performed, and a breach shall be established, Landlord shall be entitled to recover from Tenant all expenses actually incurred therefor, including reasonable attorney fees.
D. Should Tenant breach any other provision of this Lease, then the Landlord may give the Tenant ten (10) days written notice to correct the breach. If the breach is not corrected, then the Lease may be terminated. Notice to the Tenant shall be sent to: PO Box 1291, 601 Fourth Street, Platte City, Missouri 6▇▇▇▇
▇. ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇, waive trial by jury in any action, proceeding or counterclaim brought by either of the parties hereto against the other on any matters whatsoever arising out of or in any way connected with this Lease, the relationship of Landlord and Tenant, Tenant's use or occupancy of the Leased Premises, and/or any claim for injury or damage. The Tenant agrees that the venue for any lawsuit shall be in Platte County, Missouri.
Appears in 1 contract
Sources: Commercial Lease (Integrated Management Information, Inc.)
Default by Tenant. The occurrence This lease is made upon the condition that the Tenant shall punctually and faithfully perform all of the covenants and agreements by it to be performed as herein set forth, and if any of the following events of default shall constitute an “Event of Default” under this Lease by Tenant:
occur, to-wit: (a) Failure to pay when due the rent any installment of rent, additional rent, taxes, or any other monetary sums required hereunder.
(b) Failure to perform any other agreement or obligation of be paid by Tenant hereunder, if such failure continues or any part thereof, shall at any time be in arrears and unpaid for fifteen (15) days after written demand thereof, or (b) there be any default on the part of Tenant in the observance or performance of any of the other continue for a period of fifteen (15) days after written notice by thereof from Landlord to Tenant except as (unless such default cannot reasonably be cured within fifteen (15) days and Tenant shall have commenced to those Events cure said default within fifteen (15) days and continues diligently to pursue the curing of Default that are noncurablethe same), in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion.
or (c) Abandonment or vacation of the Premises by TenantTenant shall file a petition in bankruptcy, or failure to occupy file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law, or regulation, or make assignment for the Premises for ten (10) consecutive days.
benefit of creditors, or (d) If any trustee, receiver or liquidator of Tenant or (e) of all or any substantial part of its properties or (f) of the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code leased premises shall be appointed in any action, suit or for an order proceeding by or decree of insolvency or reorganization or rearrangement under any state or federal law, against Tenant and such petition is proceeding or action shall not have been dismissed within thirty (30) days after such appointment, or the filing thereof; leasehold estate hereby created shall admit in writing its inability to pay its obligations generally as they become due, or (iig) Tenant makes a general assignment for shall vacate or abandon the benefit leased premises, then and in any of creditors; (iii) a receiver or trustee is appointed to said cases, Landlord at its option may terminate this lease and re-enter upon the leased premises and take possession thereof with full right to sue for and collect all sums or amounts with respect to which Tenant ▇▇▇ then be in default and accrued up to the time of such entry, including damages to Landlord by reason of any substantial breach or default on the part of Tenant’s assets, unless or Landlord may, if it elects to do so, bring suit for the collection of such appointment is vacated within thirty (30) days after rents and damages without entering into possession of the date thereof; (iv) Tenant consents to leased premises or suffers an attachmentvoiding this lease. In addition to, execution or other judicial seizure of any substantial part of its assets or its interest under this Leasebut not in limitation of, unless such process is released or satisfied within thirty (30) days after the occurrence thereof. If a court of competent jurisdiction determines that any of the foregoing events remedies set forth in this lease or given to Landlord by law or in equity, Landlord shall also have the right and option, in the event of any default by Tenant under this lease and the continuance of such default after the period of notice above provided, to retake possession of the leased premises from Tenant without process of law, by summary proceedings or otherwise, and it is agreed that the commencement and prosecution of any action by Landlord in forcible entry and detainer, ejectment or otherwise, or any execution of any judgment or degree obtained in any action to recover possession of the leased premises, shall not be construed as an election to terminate this lease unless Landlord expressly exercises its option hereinabove provided to declare the term hereof ended, whether such entry or re-entry be had or taken under summary proceedings or otherwise, and shall not be deemed to have absolved or discharged Tenant from any of its obligations and liability for the remainder of the term of this lease, and Tenant shall, notwithstanding such entry or re-entry, continue to be liable for conditions hereof and shall pay to Landlord all monthly deficits after any such re-entry in monthly installments as the amounts of such deficits from time to time are ascertained and, in the event of any such ouster, Landlord rents or leases the leased premises to some other person, firm or corporation (whether for a term greater, less than or equal to the unexpired portion of the term created hereunder) for an aggregate rent during the portion of such new lease co-extensive with the term created hereunder which is less the rent and other charges which Tenant would pay hereunder for such period, Landlord may immediately upon the making of such new lease or the creation of such new tenancy sue for the recovery of the differences between the aggregate rental ▇▇▇vided, for in said new lease for the portion of the term co-extensive with the term created hereunder and the rent which Tenant would pay hereunder for such period, together with any expense to which Landlord may be put for brokerage commission, placing the leased premises in tenantable condition or otherwise. If such new lease or tenancy is made for a shorter term than the balance of the term of this lease, any such action brought by Landlord to collect the deficit for that period shall not bar Landlord from thereafter suing for any loss accruing during the balance of the unexpired term of this lease. If Tenant at any time shall fail to pay any assessments or liens, or to make any payment or perform any action required by this lease to be made or performed by it, Landlord, without waiving or releasing Tenant from any obligation or default under this Leaselease, may (but shall be under no obligation to) at any time thereafter make such payment or perform such act for the account and at the expense of Tenant provided Landlord has given a trustee is appointed 15 day prior notification in writing to take possession Tenant. All sums so paid by Landlord and all costs and expenses so incurred shall accrue interest at the rate of eighteen (18%) percent from the date of payment or if Tenant remains a debtor in possession), incurring thereof by Landlord and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the constitute additional rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law under this lease and shall be deemed without further act paid by Tenant to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, Landlord upon demand, execute and deliver . All other sums payable by Tenant to Landlord an instrument confirming such assumption.
under this lease, if not paid when due, provided Landlord has given a 15 day written notice to Tenant, shall accrue interest at the rate of eighteen (e18%) The occurrence percent from their due date until paid, said interest to be so much additional rent under this lease and shall be paid to Landlord by Tenant upon demand. All rights and remedies of Landlord herein are cumulative, and none shall exclude any other event that is deemed to be an Event of Default under any other provision of this Leaseremedies allowed at law or in equity.
Appears in 1 contract
Default by Tenant. The occurrence of any 14.1 Each of the following shall constitute an “Event be deemed a default by Tenant and a breach of Default” under this Lease by Tenantlease:
(a) Failure to pay when due Filing of a petition by the Tenant for adjudication as a bankrupt, or for reorganization, or for an arrangement under any federal or state statute, except in a Chapter 11 Bankruptcy where the rent or any other monetary sums required hereunder.and additional rent stipulated herein is being paid and the terms of the lease are being complied with;
(b) Failure to perform any other agreement or obligation of Tenant hereunderto make any payment of any rent or additional rent herein reserved or any part thereof, if such failure which continues for fifteen (15) 3 days after written telephone notice by of non-payment from Landlord. However, Landlord shall not be obligated to Tenant except as to those Events of Default that are noncurable, in which case no such grace period shall apply. Landlord’s provide said notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be twice in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completionany calendar year.
(c) Abandonment A default in the performance of any other covenant or vacation condition of this Lease on the part of the Premises by TenantTenant to be performed for a period of 10 days after notice. However, no default on the part of Tenant shall be deemed to exist if it diligently commences efforts to rectify same and Landlord is indemnified against loss or failure to occupy liability arising from the Premises for ten (10) consecutive daysdefault.
(d) If any of 14.2 In the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after the filing thereof; (ii) Tenant makes a general assignment for the benefit of creditors; (iii) a receiver or trustee is appointed to take possession event of any substantial part of Tenant’s assetsdefault set forth above, unless such appointment is vacated within thirty (30) Landlord may serve written notice upon the Tenant electing to terminate this lease upon a specified date not less than 10 days after the date thereof; (iv) Tenant consents to or suffers an attachment, execution or other judicial seizure of any substantial part serving such notice and this Lease shall then expire on the date so specified as if that date had been originally fixed as the expiration date of its assets the term herein granted.
14.3 In case this Lease shall be terminated Landlord or its interest under this Leaseagents may, unless such process is released immediately or satisfied within thirty (30) days after the occurrence thereof. If a court of competent jurisdiction determines that any time thereafter, re-enter and resume possession of the foregoing events is not a default under this LeaseLeased Premises or such part thereof, and remove all persons and property therefrom, either by summary proceedings or by a trustee is appointed to take possession (suitable action or if Tenant remains a debtor in possession)proceeding at law, and such trustee or Tenant transfers Tenant’s interest hereunder, then without being liable for any damages therefor. No re-entry by Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act an acceptance of a surrender of this lease. However, if the Tenant is in default and moves out, or is dispossessed, and fails to have assumed all remove any property, machinery, equipment and fixtures or other property within 10 days after such default, dispossession or removal, then and in that event, the said property, machinery, equipment and fixtures or other property shall at the option of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shallLandlord, upon demand, execute and deliver to Landlord an instrument confirming such assumption.
(e) The occurrence of any other event that is be deemed to be an Event abandoned, or the Landlord may remove such property and charge the reasonable cost and expense of Default under removal and storage to the Tenant. The Tenant shall be liable for any other provision damage which it causes in the removal of said property from the Leased Premises.
14.4 In case this LeaseLease shall be terminated, Landlord may relet the whole or any portion of the Leased Premises for any period equal to or greater or less than the remainder of the then current term, for any sum which it may deem reasonable, to any tenant which it may deem suitable and satisfactory, and for any use and purpose which it may deem appropriate. In connection with any such lease Landlord may make such changes in the character of the improvements on the Leased Premises as Landlord may determine to be appropriate or helpful in effecting such lease and may grant concessions or free rent. Landlord shall make reasonable efforts to relet the Leased Premises. Landlord shall not in any event be required to pay Tenant any sums received by Landlord on a reletting of the Leased Premises, but Tenant shall receive credit for any such rents to offset its liability pursuant to Paragraph 15 hereof.
14.5 In the event this Lease is terminated and whether or not the Leased Premises be relet, Landlord shall be entitled to recover from the Tenant all rent due and all expenses, including reasonable counsel fees, incurred by Landlord in recovering possession of the Leased Premises, and all reasonable costs and charges for the care of the Leased Premises while vacant, which damages shall be due at such time as they are incurred by Landlord; and a sum equal to all damages set forth in this Paragraph 14 and in Paragraph 15. Without any previous notice or demand, separate actions may be maintained by Landlord against Tenant from time to time to recover any damages which have become due and payable to the Landlord without waiting until the end of the term.
Appears in 1 contract
Sources: Lease Agreement (Enamelon Inc)
Default by Tenant. (a) The occurrence following events shall be deemed to be events of any of the following shall constitute an “Event of Default” default by Tenant under this Lease by Tenant:(after the giving of any applicable notice and the expiration of any applicable cure period, as provided below):
(ai) Failure Tenant shall fail to pay when due the rent any Base Rent, Tenant’s Additional Rent or any other monetary sums required hereunder.
(b) Failure to perform any other agreement or obligation of payable by Tenant hereunder, if such which failure continues for fifteen seven (157) days after written notice by Landlord to Tenant except as of such failure, provided Landlord shall not be obligated to those Events give such notice after the second such failure in any period of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq.twelve (12) months, provided that if Tenant thereafter cures such default and does not commit any further default for the nature of such obligation is such that more than 15 days is required for performancenext twenty-four (24) months, then Tenant will not be in default if Tenant commences performance within such 15-day the foregoing notice and cure period and thereafter diligently prosecutes the same to completionshall again apply.
(cii) Abandonment The interest of Tenant under this Lease shall be levied on under execution or vacation of any petition shall be filed by or against Tenant or Guarantor to declare Tenant or Guarantor a bankrupt or to delay or reduce the Premises by payment of, Tenant’s debts or obligations, or failure if any petition shall be filed to occupy reorganize or modify Tenant’s or Guarantor’s capital structure in a manner that would delay, reduce or otherwise adversely impact the Premises for ten payment of any obligations hereunder, or if Tenant or Guarantor shall, in a judicial proceeding, be declared insolvent according to law (10) consecutive days.
(d) If any provided that no such levy, execution, legal process or petition filed against Tenant or Guarantor shall, constitute a breach of this Lease if Tenant or Guarantor shall vigorously contest the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed same within thirty (30) days after from the date of its creation, service, or filing thereof; and diligently thereafter).
(iiiii) Tenant makes or Guarantor shall make a general assignment for the benefit of creditors; .
(iiiiv) a A receiver or trustee shall be appointed for all or substantially all of the assets of Tenant or Guarantor unless Tenant or Guarantor vigorously contests such proceeding and such proceeding is appointed dismissed within ninety (90) days thereafter.
(v) If Tenant is a limited partnership and Tenant shall dissolve, liquidate or otherwise cease to take possession exist as a limited partnership in good standing in the state of any substantial its incorporation (except as the result of a conversion into another validly formed limited liability entity succeeding to all the assets of Tenant a part of a reorganization that preserves the operations of Tenant’s assets, or as a result of an assignment, merger or consolidation permitted in accordance with the terms of this Lease), or if Tenant is converted into a new entity if Tenant shall thereafter be dissolved or otherwise liquidated except as contemplated in this subsection (v).
(vi) Tenant shall do or permit to be done any act which results in a lien being filed against the Leased Premises or the Property unless Tenant bonds against such appointment lien in accordance with the provisions of Section 4.6 and such lien is vacated not released within thirty (30) days after the date thereof; written notice of such lien to Tenant.
(ivvii) Tenant consents shall fail to comply with or suffers an attachment, execution or to observe any other judicial seizure provision of any substantial part of its assets or its interest under this Lease, unless and such process is released or satisfied within failure continues for thirty (30) days after written notice to Tenant, or if such failure is of a nature that the failure cannot be cured within said 30-day period, Tenant fails to commence to cure such failure within said 30-day period and thereafter continuously and in good faith diligently works to complete same as promptly as reasonably possible thereafter.
(b) Upon the occurrence thereofof any event of default by Tenant specified in this Lease, Landlord, at Landlord’s option, may have any one or more of the following described remedies in addition to all other rights and remedies provided at law or in equity:
(i) Landlord may terminate this Lease and forthwith enter upon and take possession of the Leased Premises, and expel or remove Tenant and any other person who may be occupying the Leased Premises, without being liable for prosecution or any claim of damages therefor, and be entitled to recover forthwith as damages a sum of money equal to the total of (1) the reasonable cost of recovering the Leased Premises (including attorneys’ fees and costs of suit), (2) the unpaid Base Rent, Tenant’s Additional Rent or other sums payable by Tenant hereunder earned or accrued at the time of termination plus interest thereon at the Default Rate from the date of default, (3) the present value (discounted at the rate of eight percent (8%) per annum) of the balance of the Base Rent and estimated Tenant’s Additional Rent (based on the amount thereof for the Lease Year in which the termination occurs) for the remainder of the Lease Term less the present value (discounted at the same rate) of the fair market rent value for the Leased Premises for said period (taking into consideration a fair and reasonable amount of the Operating Costs that a prospective tenant would be required to pay), and (4) any other sum of money and damages owed by Tenant to Landlord;
(ii) Landlord may terminate Tenant’s right of possession (but not the Lease) and may enter upon and take possession of the Leased Premises and expel or remove Tenant and any other person who may be occupying the Leased Premises, by forcible entry or detainer suit or otherwise, without demand or notice of any kind to Tenant and without terminating this Lease and without being liable for prosecution or any claim of damages therefor, except to the extent provided in Section 4.5. To the extent required by Texas law, Landlord shall seek to mitigate its damages by using objectively reasonable efforts to relet the Leased Premises for the account of Tenant, for such rent and upon such terms and conditions as shall be commercially reasonable and Landlord may collect and receive any rents payable by reason of such reletting, and all sums collected through such reletting shall be applied as an offset against Tenant’s obligations hereunder. For the purpose of such reletting Landlord may make any repairs and changes in or to the Leased Premises that may be necessary to relet the Leased Premises. If a court of competent jurisdiction determines that any during the balance of the foregoing events Lease Term Landlord shall fail to relet the Leased Premises, or if the same are relet and a sufficient sum shall not be realized from such reletting to cover (i) the unpaid rent and other obligations due and unpaid at the time of the reletting and the rent and other obligations due for the balance of the Lease Term, plus interest thereon at the Default Rate, (ii) the cost of recovering possession, (iii) all of the reasonable costs and expenses of repairs, changes and alterations to the Leased Premises necessary to relet the Leased Premises, and (iv) the reasonable expenses of such reletting, then, subject in any event to the last sentence of this subsection 7.1(b)(ii), Tenant shall pay to Landlord upon demand from time to time as damages a sum equal to the amount of the Base Rent and Tenant’s Additional Rent provided in this Lease for the period or periods the Leased Premises are not relet, and if the Leased Premises have been relet, Tenant shall pay the amount of the above described deficiency (the “Deficiency”) for the periods the Leased Premises are relet, as applicable. In calculating any Deficiency, any amounts expended under clause (iii) above by the Landlord by way of alterations or other leasehold capital improvements shall be amortized over the term of the lease for such reletting of the Lease Premises on a straight-line basis and only that portion of the amortized cost that is attributable to the unexpired portion of Tenant’s Lease Term shall be included in computing the Deficiency. Moreover, excluding (A) those obligations already due Landlord as of the date Tenant’s possession of the Leased Premises is terminated under this subsection 7.1(b)(ii), (B) those obligations arising under this Lease that are attributable to events, circumstances, actions or omissions existing, occurring or commencing prior to the termination of Tenant’s possession even if not a default fully manifested or discovered by Landlord until after possession is terminated (such as, by way of illustration but not limitation, environmental damage or other injury to the Building), and (C) attorneys’ fees and related expenses and costs, if any, incurred by Landlord in securing legal enforcement of its rights under this Lease, and a trustee in no event shall the amount of damages recoverable by Landlord that is appointed attributable to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers the period after Tenant’s possession is terminated exceed the total amount of Base Rent and Additional Rent that Tenant would have been required to pay through the expiration of the Lease Term had the Tenant’s possession and occupancy continued without termination until such date plus interest hereunder, then Landlord on such amounts at the Default Rate. Tenant shall receive, as Additional Rent, the difference between the rent (not be entitled to any rents or other consideration) paid payments received by Landlord in connection with such transfer reletting even if such rents and other payments are in excess of the amounts that would otherwise be payable to Landlord under this Lease, but such amounts shall be taken into account in calculating any deficiency. Tenant agrees that Landlord may file suit to recover any sums falling due under the terms of this subsection from time to time, and that no delivery or recovery of any portion due Landlord hereunder shall be any defense to any subsequent action brought for any amount not theretofore reduced to judgment in favor of Landlord, nor shall such reletting be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention be given to Tenant by Landlord. Landlord shall not be liable for any failure to relet the Leased Premises or any part thereof or for any failure to collect any rent payable due upon any such reletting; however, such failure may give rise to a defense to a claim under this provision. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach.
(iii) Enter upon the Leased Premises, by force if necessary, without having any civil liability (except as provided in Section 4.5) or criminal liability therefor, and do whatever Tenant hereunderis obligated to do under the terms of this Lease, Any assignee and Tenant covenants and agrees to reimburse Landlord on demand for any expenses which Landlord may reasonably incur in thus affecting compliance with Tenant’s obligations under this Lease together with interest at the Default Rate from the date of the default; and
(iv) Landlord may prevent Tenant from entering the Leased Premises by changing the door locks in accordance with the Texas Property Code. If Landlord changes the door locks, Landlord shall place a written notice on the front door of the Leased Premises, stating the name and address or telephone number of an individual or company from which a new key may be obtained by Tenant; provided, however, (1) the new key needs to be provided only during Landlord’s regular business hours and (2) Landlord may condition delivery of the new key upon Tenant’s payment of all rent and other sums then due and/or the curing of any non-monetary default. Costs and expenses reasonably incurred by Landlord in exercise of its right pursuant to the provisions of any bankruptcy law this subsection (iv) shall be deemed without further act to have assumed be expenditures and damages recoverable from Tenant pursuant to subsections (i)-(iii) above; and Except for any failure to perform any legal duty to mitigate, no repossession or reentering of the Leased Premises or any part thereof pursuant to this section or otherwise and no reletting of the Leased Premises or any part thereof pursuant to Section 7(b) (ii) shall relieve Tenant of its liabilities and obligations hereunder, all of the obligations which shall survive such repossession of the Tenant hereunder arising on reentering and reletting. No right or after the date of such assignment. Any such assignee shall, remedy herein conferred upon demand, execute and deliver or reserved to Landlord an instrument confirming such assumption.
(e) The occurrence is intended to be exclusive of any other event that is deemed right or remedy, and each and every right and remedy shall be cumulative and in addition to any right or remedy given hereunder or now or hereafter existing at law or in equity or by statute. In addition to other remedies provided in this Lease, Landlord shall be an Event entitled, to the extent permitted by applicable law, to injunctive relief in case of Default under the violation, or attempted or threatened violation, of any of the covenants, agreements, conditions, or provisions of this Lease, or to a decree compelling performance of any of the other covenants, agreements, conditions, or provisions of this Lease, or to any other provision remedy allowed to Landlord at law or in equity. Pursuit of any one or more of the remedies set forth in this Section 7.1 shall not preclude pursuit of any one or more of the remedies provided elsewhere in this Lease or provided by law, nor shall pursuit of any remedy hereunder or at law constitute a forfeiture or waiver of any rent or damages accruing to Landlord by reason of the violation of any of the terms, provisions or covenants of this Lease.
Appears in 1 contract
Sources: Lease Agreement (Pharmaceutical Product Development Inc)
Default by Tenant. The occurrence of 19.1 Should Tenant at any of the following shall constitute an “Event of Default” under this Lease time be in default hereunder with respect to any rental or Direct Expenses payments or other charges payable by Tenant:
(a) Failure to pay when due the rent or any other monetary sums required hereunder.
(b) Failure to perform any other agreement or obligation of Tenant hereunder, if and should such failure continues default continue for fifteen a period of ten (1510) business days after written notice by from Landlord to Tenant; or should Tenant be in default in the prompt and full performance of any other of its promises, covenants or agreements herein contained and should such default or breach of performance continue for more than a reasonable time (not exceeding thirty (30) days) after written notice thereof from Landlord to Tenant except specifying the particulars of such default or breach of performance; or should Tenant vacate or abandon the Premises; then Landlord may treat the occurrence of any one or more of the foregoing events as to those Events a breach of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfythis Lease, and is not in addition toto any or all other rights or remedies of Landlord hereunder and by the law provided, it shall be, at the option of Landlord, without further notice or demand of any kind to Tenant or any other person: (a) the right of Landlord to terminate this Lease and declare the lease term ended and to reenter the Premises and take possession thereof and remove all legal notices required prior persons therefrom, and Tenant shall have no further claim thereon or thereunder; or (b) the right of Landlord without declaring this Lease ended, to commencement reenter the Premises and occupy the whole or any part thereof for and on account of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided Tenant and to collect said rent and any other rent that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period may thereafter become payable; and thereafter diligently prosecutes the same to completion.
(c) Abandonment the right of Landlord, even though Landlord may have reentered the Premises on account of Tenant, to thereafter elect to terminate this Lease and all of the rights of Tenant in or vacation to the Premises.
19.2 Should Landlord have reentered the Premises under the provisions of subparagraph (b) of ▇▇▇▇▇▇▇▇▇ ▇▇.▇, ▇▇▇▇▇▇▇▇ shall not be deemed to have terminated this Lease or the liability of Tenant to pay rent thereafter to accrue or Tenant's liability for damages under any of the provisions hereof, by any such reentry or by any action in unlawful detainer or otherwise, to obtain possession of the Premises, unless Landlord shall have notified Tenant in writing that Landlord has so elected to terminate this Lease. Tenant covenants that the service by Landlord of any notice pursuant to the unlawful detainer statutes of the state in which the Premises are located and the surrender of possession pursuant to such notice shall not be deemed to be a termination of this Lease (unless Landlord elects to the contrary at the time of or at any time subsequent to the serving of such notices and such election be evidenced by a written notice to Tenant). In the event of any entry or taking possession of the Premises as aforesaid, Landlord shall have the right, but not the obligation, to remove therefrom all or any part of the personal property located therein and may place the same in storage at a public warehouse at the expense and risk of the owner or owners thereof.
19.3 Should Landlord elect to terminate this Lease under the provisions of subparagraphs (a) or (c) of ▇▇▇▇▇▇▇▇▇ ▇▇.▇, ▇▇▇▇▇▇▇▇ may recover from Tenant as damages: (i) the worth at the time of award of any unpaid rent which had been earned at the time of such termination; plus (ii) the worth at the time of award of the amount by which the unpaid rent which would have been earned after termination until the time of award exceeds the amount of such rental loss that Tenant proves could have been reasonably avoided; plus (iii) the worth at the time of award of the amount by which the unpaid rent for the balance of the term after the time of award exceeds the amount of such rental loss that Tenant proves could be reasonably avoided; plus (iv) any other amount necessary to compensate Landlord for all the detriment proximately caused by Tenant, or 's failure to occupy perform its obligations under this Lease or which in the ordinary course of things would be likely to result therefrom, including but not limited to any costs or expenses incurred by Landlord in maintaining or preserving the Premises after such default, preparing the Premises for reletting to a new tenant, any repairs or alterations to the Premises for such reletting, leasing commissions, or any other costs necessary or appropriate to relet the Premises; and (v) at Landlord's election, such other amounts in addition to or in lieu of the foregoing as may be permitted from time to time by the laws of the State of California. As used in clauses (i) and (ii) above, the "worth at the time of award" shall be computed by allowing interest at the rate of ten (10) consecutive dayspercent per annum. As used in clause (iii) above, the "worth at the time of award" shall be computed by discounting such amount at the discount rate of the Federal Reserve Bank situated nearest to the location of the Building at the time of award plus one percent (1%).
(d) If any 19.4 For all purposes of this Section 19, the term "rent" shall be deemed to be the monthly rental, Tenant's share of Direct Expenses, and all other sums required to be paid by Tenant pursuant to the terms of this Lease. All such sums, other than the monthly rental, shall be computed on the basis of the following occurs: average monthly amount thereof accruing during the immediately preceding twelve (i12) a petition is filed for an order month period, except that if it becomes necessary to compute such rental before such twelve (12) month period has occurred then on the basis of relief under the federal Bankruptcy Code or for an order or decree average monthly amount thereof accruing during such shorter period.
19.5 In the event of insolvency or reorganization or rearrangement under any state or federal lawdefault, all the Tenant's fixtures, equipment, improvements, additions, alterations and other personal property shall remain on the Premises and in that event, and continuing during the length of said default, Landlord shall have the right to take exclusion possession of same and to use same, rent or charge free, until all defaults are cured or, at Landlord's option, at any time during the term of this Lease, to require Tenant to forthwith remove the same.
19.6 Notwithstanding any other provisions of this Section 19, Landlord agrees that if the default complained of, other than for payment of money, is of such petition is a nature that the same cannot dismissed be rectified or cured within the thirty (30) day period requiring such rectification or curing as specified in the written notice relating thereto, then such default shall be deemed to be rectified or cured if Tenant within such period of thirty (30) days after shall have commenced the filing thereof; (ii) Tenant makes a general assignment for rectification and curing thereof and shall continue thereafter with all due diligence to cause such rectification and curing and does so complete the benefit same with the use of creditors; (iii) a receiver such diligence.
19.7 The remedies given to Landlord in this Section 19 shall be in addition and supplemental to all other rights or trustee is appointed to take possession remedies which Landlord may have under the laws then in force. The waiver by Landlord of any substantial part of Tenant’s assets, unless such appointment is vacated within thirty (30) days after the date thereof; (iv) Tenant consents to or suffers an attachment, execution or other judicial seizure breach of any substantial part term, covenant or condition herein shall not be deemed to be a waiver of its assets such term, covenant or its interest under condition. The subsequent acceptance of rent by Landlord shall not be deemed to be a waiver of any preceding breach by Tenant of any term, covenant or condition of this Lease, unless other than the failure of Tenant to pay the particular rental so accepted, regardless of Landlord's knowledge of such process is released preceding breach at the time of acceptance of such rent. No covenant, term, or satisfied within thirty (30) days after the occurrence thereof. If a court condition of competent jurisdiction determines that any of the foregoing events is not a default under this Lease, and a trustee is appointed to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law Lease shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of been waived by Landlord unless such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumptionwaiver be in writing.
(e) The occurrence of any other event that is deemed to be an Event of Default under any other provision of this Lease.
Appears in 1 contract
Default by Tenant. The occurrence 7.1.1 Each of the following occurrences relative to Tenant shall constitute an "Event of Default":
7.1.1.1 Failure or refusal by Tenant to make the timely payment of any rent or other sums payable under this Lease when and as the same shall become due and payable; or
7.1.1.2 Abandonment of the Leased Premises; or
7.1.1.3 Failure by Tenant in the performance or compliance with any of the following shall constitute an “Event of Default” agreements, terms, covenants or conditions under this Lease by Tenant:
applicable to Tenant (a) Failure to pay when due the rent or any other than monetary sums required hereunder.
obligations), for a period of sixty (b) Failure to perform any other agreement or obligation of Tenant hereunder, if such failure continues for fifteen (1560) days after written notice by from Landlord to Tenant except as specifying the items in default.
7.1.2 This Lease and Term and estate hereby made are subject to those Events the limitation that if and whenever any Event of Default that are noncurableshall occur, Landlord may, at Landlord's option and without order of any court or further written notice to ▇▇▇▇▇▇, in addition to all other remedies given hereunder or by the law or equity and without limiting in any manner whatsoever any other options available, do any one or more of the following:
7.1.2.1 Terminate this Lease in which case no such grace period event ▇▇▇▇▇▇ shall apply. immediately surrender possession of the Leased Premises to Landlord’s notice described herein is intended to satisfy;
7.1.2.2 Pursue any other remedy available at law, and is not or in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completionequity.
(c) Abandonment 7.1.3 Exercise by Landlord of any one or vacation more remedies shall not constitute an acceptance of surrender of the Leased Premises by Tenant▇▇▇▇▇▇, whether by agreement or by operation of law, it being understood that such surrender can be effected only by the written agreement of Landlord and ▇▇▇▇▇▇.
7.1.4 If Tenant should fail to make any payment, perform any obligation, or cure any default hereunder, Landlord, without obligation to do so and without thereby waiving such failure to occupy or default, may make such payment, perform such obligation, and/or remedy such other default for the account of Tenant (and enter the Leased Premises for ten (10) consecutive days.
(d) If any of the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after the filing thereof; (ii) Tenant makes a general assignment for the benefit of creditors; (iii) a receiver or trustee is appointed to take possession of any substantial part of Tenant’s assets, unless such appointment is vacated within thirty (30) days after the date thereof; (iv) Tenant consents to or suffers an attachment, execution or other judicial seizure of any substantial part of its assets or its interest under this Lease, unless such process is released or satisfied within thirty (30) days after the occurrence thereof. If a court of competent jurisdiction determines that any of the foregoing events is not a default under this Lease, and a trustee is appointed to take possession (or if Tenant remains a debtor in possessionpurpose), and Tenant shall pay upon demand all reasonable costs, expenses and disbursements (including reasonable attorney's fees) incurred by Landlord in taking such trustee or Tenant transfers remedial action (provided that Landlord’s remedy of such default shall not be deemed to cure Tenant’s interest hereunder, then default and Landlord shall receive, be entitled to exercise its remedies under this Lease as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date a result of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumptiondefault).
(e) The occurrence of any other event that is deemed to be an Event of Default under any other provision of this Lease.
Appears in 1 contract
Sources: Lease Agreement
Default by Tenant. The occurrence of any Each of the following shall constitute an “Event of Default” under this Lease by Tenant:
(a) Failure The failure of Tenant to pay when due the rent Base Rent, any other installment of Rent, or any other monetary sums required hereunder.part thereof when due; provided that on the first occasion of Tenant’s failure to timely pay Rent, Landlord shall give Tenant written notice of such failure and if such failure is cured within ten (10) days after such notice is given, no Event of Default will be deemed to have occurred;
(b) Failure Tenant shall fail to perform fulfill or perform, in whole or in part, any of its obligations under this Lease (other agreement or obligation than the payment of Tenant hereunder, if Rent) and such failure continues or non-performance shall continue for a period of fifteen (15) days after written notice thereof has been given by Landlord to Tenant except as to those Events of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion.Tenant;
(c) Abandonment The entry of a decree or vacation order by a court having jurisdiction adjudging Tenant to be bankrupt or insolvent or approving as properly filed a petition seeking reorganization of Tenant under the Premises by National Bankruptcy Act, or any other similar applicable Federal or State law, or a decree or order of a court having jurisdiction for the appointment of a receiver or liquidator or a trustee or assignee in bankruptcy or insolvency of Tenant or its property or for the winding up or liquidation of its affairs; or Tenant shall institute proceedings to be adjudicated a voluntary bankrupt or shall consent to the filing of any bankruptcy, reorganization, receivership or other proceeding against Tenant, or failure to occupy any such proceedings shall be instituted against Tenant and the Premises for ten same shall not be vacated within ninety (10) consecutive days.
(d) If any of the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (3090) days after the filing thereofsame are commenced; (ii) or Tenant makes a general shall make an assignment for the benefit of creditors; (iii) a receiver or trustee is appointed to take possession of any substantial part of Tenant’s assets, unless such appointment is vacated within thirty creditors or admit in writing Tenant’s inability to pay the debts of Tenant generally as they may become due;
(30) days after the date thereof; (ivd) Tenant consents shall do or permit to be done anything which creates a lien upon the Premises or suffers an attachment, execution or other judicial seizure of any substantial part of its assets or its interest under this Lease, unless such process is released or satisfied within thirty (30) days after the occurrence thereof. If a court of competent jurisdiction determines that any portion of the foregoing events is not a default under this Lease, and a trustee is appointed to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumption.Project; and
(e) The occurrence Tenant shall fail to initiate and diligently prosecute construction of improvements in accord with the Approved Drawings within fifteen (15) days after Tenant obtains a Building Permit or shall, after occupying the Premises, desert or vacate, or commence to desert or vacate, the Premises or any other event that is deemed substantial portion of the Premises, or shall remove or attempt to be an Event remove, without the prior written consent of Default under any other provision Landlord, all or a substantial value of this LeaseTenant’s personal property from the Premises.
Appears in 1 contract
Sources: Lease (Tesco Corp)
Default by Tenant. The occurrence of any of the following shall constitute an “Event of Default” under this Lease by Tenant:
(a) Failure In the event Tenant shall fail to pay any installments of Rent or Additional Rent or other amounts owed Landlord when due due; or if Tenant is adjudicated as bankrupt; or if Tenant files a petition in bankruptcy under any section or provision of any bankruptcy law; or if an involuntary petition in bankruptcy is filed against Tenant, and same is not withdrawn or dismissed within sixty (60) days from the rent filing thereof; or any other monetary sums required hereunder.
if a receiver or trustee is appointed for Tenant's property and the order appointing such receiver or trustee remains in force for thirty (b) Failure to perform any other agreement or obligation of Tenant hereunder, if such failure continues for fifteen (1530) days after written notice by Landlord to Tenant except as to those Events of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature entry of such obligation order, or if, whether voluntarily or involuntarily, Tenant takes advantage of any debtor relief proceedings under any present or future law, whereby the Base Rent or Additional Rent or any part thereof is such that more than 15 days or is required for performanceproposed to be, then Tenant will not be in default reduced or payment thereof deferred; or if Tenant commences performance within such 15-day period and thereafter diligently prosecutes makes an assignment for the same to completion.
(c) Abandonment benefit of creditors; or vacation of the Premises by if Tenant, 's effects should be levied upon or failure to occupy the Premises for ten (10) consecutive days.
(d) If any of the following occurs: (i) a petition is filed for an order of relief attached under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal lawprocess against Tenant, and such petition levy or attachment is not dismissed satisfied or dissolved within thirty (30) days after the filing written notice from Landlord to Tenant to obtain satisfaction thereof; or if Tenant shall vacate or abandon the Premises; or if Tenant shall fail to perform or observe any other covenant, agreement, or condition to be performed or kept by Tenant under the terms and provisions of this Lease including without limitation the Operations Guidelines, and such failure shall continue for ten (10) days after written notice thereof has been given by Landlord to Tenant; then in any of such events, Landlord shall have the right, at the option of Landlords (1) to pursue any one or more remedies available to Landlord under North Carolina law; and/or (2) to cure such default or defaults at the expense of Tenant without prejudice to any other remedies which Landlord might otherwise have. Any expense incurred by Landlord in curing such default shall bear interest thereon at twelve (1256) percent per annum, or at such maximum legal rates as permitted by North Carolina Law, whichever shall be lower, to be and become Additional Rent to be paid by Tenant within fifteen (15) days of written request therefor from Landlord; and/or to the extent permitted by law, (3) to re-enter the Premises by force and dispossess Tenant and anyone claiming under Tenant, by summary proceedings or otherwise and remove and take complete possession of the Premises and either (i) declare this Lease forfeited and the term ended, and/or (ii) Tenant makes a general assignment for elect to continue this Lease in full force and effect, but with the benefit of creditors; right at any time thereafter to declare this Lease forfeited and the Term ended, and/or (iii) a receiver or trustee is appointed to take possession of any substantial part of Tenant’s assets, unless such appointment is vacated within thirty (30) days after the date thereof; (iv) Tenant consents to or suffers an attachment, execution or other judicial seizure of any substantial part of its assets or its interest under this Lease, unless such process is released or satisfied within thirty (30) days after the occurrence thereof. If a court of competent jurisdiction determines that any of the foregoing events is not a default under this Lease, and a trustee is appointed to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumption.
(e) The occurrence of exercise any other event that is deemed to be an Event of Default under any other provision of this Lease.remedies
Appears in 1 contract
Default by Tenant. The Landlord and Tenant hereby agree that the occurrence of any one or more of the following shall constitute an “Event of Default” events, which are not remedied within the applicable notice or grace period, is a default by Tenant under this Lease by and that said default shall give Landlord the rights described in Section 13.2. Landlord or Landlord’s authorized agent shall have the right to execute and deliver any notice of default, notice to pay rent or quit or any other notice Landlord gives Tenant:.
(a) Failure Tenant’s failure to pay when due the rent make any payment of Rent, late charges or any other monetary sums payment required to be made by Tenant hereunder, as and when due, where such failure shall continue for a period of ten (10) days after written notice thereof from Landlord to Tenant (provided however that in no event shall Landlord be obligated to provide written notice more than twice in any twelve month period).
(b) Failure to perform any other agreement or obligation The abandonment of the Premises by Tenant hereunder, if such failure continues for fifteen (15) days after written notice by Landlord to Tenant except as to those Events of Default that are noncurable, in which case no such grace period event Landlord shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in obligated to give any notice of default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completionTenant.
(c) Abandonment or vacation of the Premises by Tenant, or ’s failure to occupy the Premises for ten (10) consecutive days.
(d) If comply with any of the following occurs: covenants, conditions or provisions of this Lease to be observed or performed by Tenant (iother than those referenced in Sections 13.1(a) and (b) above), where such failure shall continue for a petition is filed for an order period of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after written notice thereof from Landlord to Tenant; provided, however, that if the filing thereof; nature of Tenant’s nonperformance is such that more than thirty (ii30) days is reasonably required for its cure, then Tenant makes shall be allowed additional time (not to exceed 60 days) as is reasonably necessary to cure the failure so long as Tenant commences such cure within said thirty (30) day period and thereafter diligently pursues such cure to completion. In the event that Landlord serves Tenant with a notice to quit or any other notice pursuant to applicable unlawful detainer statutes, said notice shall also constitute the notice required by this Section 13.1(c).
(i) The making by Tenant or any guarantor of Tenant’s obligations hereunder of any general arrangement or general assignment for the benefit of creditors; (iiiii) the appointment of a trustee or receiver or trustee is appointed to take possession of any substantial part substantially all of Tenant’s assetsassets located at the Premises or of Tenant’s interest in this Lease, unless such appointment where possession is vacated not restored to Tenant within thirty ninety (3090) days after the date thereofdays; (iviii) Tenant consents to or suffers an the attachment, execution or other judicial seizure of any substantial part substantially all of its Tenant’s assets located at the Premises or its of Tenant’s interest under in this Lease, unless where such process seizure is released not discharged within ninety (90) days; or satisfied (iv) the insolvency of Tenant or Tenant becoming subject to state insolvency or federal bankruptcy which is not dismissed within thirty ninety (3090) days after days. In the occurrence thereof. If a court of competent jurisdiction determines event that any of the foregoing events is not a default under this Lease, and a trustee is appointed to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumption.
(e) The occurrence of any other event that is deemed to be an Event of Default under any other provision of this LeaseSection 13.1(d) is unenforceable under applicable law, such provision shall be of no force or effect.
Appears in 1 contract
Sources: Office Lease (Douglas Elliman Inc.)
Default by Tenant. The occurrence of any Each of the following events shall constitute an a “Default” or “Event of Default” under of this Lease by Tenant:
(a) Failure to pay when due If Tenant shall file a petition in bankruptcy or insolvency or for reorganization under any bankruptcy act, or shall voluntarily take advantage of any such act by answer or otherwise, or shall make an assignment for the rent or any other monetary sums required hereunderbenefit of creditors.
(b) Failure If involuntary proceedings under any bankruptcy law or insolvency act shall be instituted against Tenant, or if a receiver or trustee shall be appointed for all or substantially all of the property of Tenant, and such proceedings shall not be dismissed or the receivership or trusteeship vacated within twenty (20) days after the institution or appointment.
(c) If Tenant fails to perform pay Rent or make any other agreement or obligation of payment required to be made by Tenant hereunder, if such under this Lease which failure continues for fifteen ten (1510) days after written notice by Landlord to Tenant except as to those Events of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation non-payment is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same given to completion.
(c) Abandonment or vacation of the Premises by Tenant, or failure to occupy the Premises for ten (10) consecutive days.
(d) If any Tenant fails to make the Phase I Improvements or Phase II Improvements by the applicable date set forth in Section 1.06.01 (subject to Force Majeure) and if such failure shall continue for a period of the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after written notice thereof by Landlord to Tenant, or, if the filing thereof; performance cannot be reasonably had within the thirty (ii30) day period, Tenant makes shall not have commenced performance within said thirty (30) day period and shall not diligently and continuously proceed to completion of performance.
(e) If Tenant shall fail to perform or comply with any of the conditions of this Lease other than the nonpayment of Rent, and if the nonperformance shall continue for a general assignment for the benefit period of creditors; (iii) a receiver or trustee is appointed to take possession of any substantial part of Tenant’s assets, unless such appointment is vacated within thirty (30) days after written notice thereof by Landlord to Tenant, or, if the date thereof; (iv) Tenant consents to or suffers an attachment, execution or other judicial seizure of any substantial part of its assets or its interest under this Lease, unless such process is released or satisfied performance cannot be reasonably had within the thirty (30) days after day period, Tenant shall not have promptly commenced performance within said thirty (30) day period and shall not diligently and continuously proceed to completion of performance, but in no event shall said period extend beyond one hundred eighty (180) days, provided that the occurrence thereof. If a court Prime Lease permits said cure period to be extended for the same length of competent jurisdiction determines that time.
(f) Tenant breaches any of the foregoing events is not terms of the Prime Lease that are applicable to Tenant vis a default under vis this Lease, and a trustee is appointed to take possession beyond the applicable cure period set forth above in subparagraph (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideratione) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumptionabove.
(eg) The occurrence If Tenant makes a Transfer in violation of any other event that is deemed to be an Event of Default under any other provision the terms of this Lease.
Appears in 1 contract
Default by Tenant. The occurrence of any Each of the following events shall constitute be deemed an event of default (“Event of Default” ”) under this Lease by Tenantand also a material breach of this Lease:
(a) A. Failure by Tenant to pay when due the rent make any payment of Rent or any other monetary sums required hereundermonies due under this Lease to Landlord when due.
(b) B. Failure by Tenant to perform or observe any other agreement obligation or obligation of condition to be performed or observed by Tenant hereunder, if under this Lease and failure by Tenant to correct such failure continues for default within fifteen (15) days after written Landlord gives Tenant notice by Landlord to Tenant except as to those Events do so or, if because of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will the default it cannot be in default if Tenant commences performance corrected within such fifteen (15-) day period, failure by Tenant to commence correction within such fifteen (15) day period and thereafter diligently prosecutes to expeditiously and continuously prosecute the same correction to completion.
(c) C. Abandonment or vacation of the Premises by Tenant. For purposes of this Agreement, or failure to occupy the term “abandonment” shall mean the apparent desertion of the Premises for ten a continuous period of two (102) consecutive daysweeks while the Rent remains unpaid.
(d) If D. Termination, assignment, or sublease of Tenant’s interest in this Lease or change of ownership in Tenant, if Tenant is a partnership or corporation, whether voluntarily or by operation of law except as provided for in Section 28 herein.
E. The filing, execution, or occurrence of any one or more of the following occursfollowing: Initial---Landlord: _____ Tenant: _____
(i1) Petition in bankruptcy by or against Tenant or any guarantor (“Guarantor”) of Tenant’s obligations hereunder;
(2) Petition or answer seeking with respect to Tenant or any Guarantor a petition is filed for an order reorganization, arrangement, composition, readjustment, liquidation, dissolution, or relief of relief under the federal Bankruptcy Code same or for an order or decree of insolvency or reorganization or rearrangement different kind, under any state provision of the Bankruptcy Act or federal law, and such petition any statute of like tenor or effect;
(3) Adjudication of Tenant or any Guarantor as a bankrupt or that Tenant is not dismissed within thirty insolvent;
(304) days after the filing thereof; (ii) Tenant makes a general assignment Assignment for the benefit of creditors of Tenant or any Guarantor whether by trust, mortgage, or otherwise, or the execution of a composition agreement with Tenant’s or any Guarantor’s creditors; ;
(iii5) Petition or other proceeding by or against Tenant or any Guarantor for, or the appointment of, a receiver trustee, receiver, guardian, conservator, or trustee is appointed liquidator of Tenant or any Guarantor with respect to take possession of any substantial part all or substantially all of Tenant’s assetsor any Guarantor’s property;
(6) Petition or other proceeding by or against Tenant or any Guarantor for its dissolution or termination; or
(7) Taking of the Leasehold created hereby or any part thereof or any property of Tenant located thereon upon execution, unless such appointment is vacated within thirty (30) days after the date thereof; (iv) Tenant consents to or suffers an attachment, execution or other judicial seizure process of any substantial part of its assets law or its interest under this Lease, unless such process is released or satisfied within thirty (30) days after the occurrence thereof. If a court of competent jurisdiction determines that any of the foregoing events is not a default under this Lease, and a trustee is appointed to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumptionequity.
(e) The occurrence of any other event that is deemed to be an Event of Default under any other provision of this Lease.
Appears in 1 contract
Sources: Commercial Lease Agreement (Cardinal Energy Group, Inc.)
Default by Tenant. The occurrence of any one or more of the following events shall constitute an “Event a default and breach of Default” under this Lease by Tenant:
(a) Failure Tenant fails to pay when due the rent Rent or any other monetary sums payment required hereunder.
(b) Failure to perform any other agreement or obligation of be made by Tenant hereunder, if as and when due, where such failure continues shall continue for fifteen a period of three (153) days after written notice by Landlord to Tenant.
(b) Landlord determines that Tenant except has failed to provide the Programs and Services, or fails to submit quarterly Monitoring Reports, as set forth in Section 2.1.c.
(c) Tenant violates the Continuous Operations Covenant set forth in Section 3.5. Section 5.1.
(d) Tenant fails to those Events provide the insurance policies in compliance with
(e) A failure by Tenant to observe or perform any other covenants, conditions or provisions of Default that are noncurablethis Lease to be observed or performed by Tenant, in which case no where such grace failure shall continue for a period shall apply. Landlord’s of thirty (30) days after written notice described herein is intended by Landlord to satisfyTenant; provided, and is not in addition tohowever, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is the default involves such that more than 15 thirty (30) days is are reasonably required for performanceits cure, then Tenant will shall not be deemed to be in default if Tenant commences performance such cure within such 15-thirty (30) day period and thereafter diligently prosecutes the same said cure to completion.
(cf) Abandonment Tenant makes any general assignment or vacation general arrangement for the benefit of the Premises by Tenantcreditors, or failure to occupy the Premises for ten (10) consecutive days.
(d) If any filing by or against Tenant of the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code to have Tenant adjudged a bankrupt, or for an order or decree of insolvency a petition or reorganization or rearrangement arrangement under any state law relating to bankruptcy (unless, in the case of a petition filed against Tenant, the same is dismissed within sixty (60) days); or federal lawthe appointment of a trustee or a receiver to take possession of substantially all of Tenant’s assets located in or about the Leased Premises or of Tenant’s interest in this Lease, and such petition where possession is not dismissed restored to Tenant within thirty (30) days after days; or the filing thereof; (ii) Tenant makes a general assignment for the benefit of creditors; (iii) a receiver or trustee is appointed to take possession of any substantial part of Tenant’s assets, unless such appointment is vacated within thirty (30) days after the date thereof; (iv) Tenant consents to or suffers an attachment, execution or other judicial seizure of any substantial part substantially all of its Tenant’s assets located in or its about the Leased Premises or of Tenant’s interest under in this Lease, unless where such process seizure is released or satisfied within not discharged in thirty (30) days after days. Any repetitive failure by Tenant to perform its obligations, though intermittently cured, may, at the occurrence thereofsole election of Landlord, be deemed an incurable default. If a court Any notice required to be given by Landlord under this Section 8.1 shall be in lieu of competent jurisdiction determines that and not in addition to any notice required under Section 1161 of the foregoing events is not a default under this Lease, and a trustee is appointed to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions California Code of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumptionCivil Procedure.
(e) The occurrence of any other event that is deemed to be an Event of Default under any other provision of this Lease.
Appears in 1 contract
Sources: Lease Agreement
Default by Tenant. The occurrence following events (herein individually referred to as EVENT OF DEFAULT) each shall be deemed to be events of default by Tenant under this Lease:
A. Tenant shall fail to pay any installment of the following shall constitute an “Event of Default” under this Lease by Tenant:
(a) Failure to pay Rent herein reserved when due the rent due, or any other monetary sums payment or reimbursement to Landlord required hereunder.
(b) Failure to perform any other agreement or obligation of Tenant hereunderherein when due, if and such failure continues shall continue for fifteen (15) days after written notice by Landlord to Tenant except as to those Events a period of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion.
(c) Abandonment or vacation of the Premises by Tenant, or failure to occupy the Premises for ten (10) consecutive daysdays after receipt of written notice from Landlord; provided, however, that an event of default will occur without any obligation of Landlord to deliver any notice if Landlord has given Tenant written notice under this Paragraph 18A on two (2) or more occasions during the twelve (12) month period preceding the current failure by Tenant to timely pay Rent (though Tenant in such instances is granted a five (5) day grace period from the date upon which the subject payment was due).
(d) If B. Tenant or any guarantor of the following occurs: Tenant's obligations hereunder shall (i) a petition is filed for an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after the filing thereofbecome insolvent; (ii) Tenant makes admit in writing its inability to pay its debts; (iii) make a general assignment for the benefit of creditors; (iii) a receiver or trustee is appointed to take possession of any substantial part of Tenant’s assets, unless such appointment is vacated within thirty (30) days after the date thereof; (iv) Tenant consents to or suffers an attachmentcommence any case, execution proceeding or other judicial seizure action seeking to have an order for relief entered on its behalf as a debtor or to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, liquidation, dissolution or composition of it or its debts under any law relating to bankruptcy, insolvency, reorganization or relief of debtors or seeking appointment of a receiver, trustee, custodian or other similar official for it or for all or of any substantial part of its assets property; or (v) take any action to authorize or in contemplation of any of the actions set forth above in this paragraph.
C. Any case, proceeding or other action against the Tenant or any guarantor of the Tenant's obligations hereunder shall be commenced seeking (i) to have an order for relief entered against it as debtor or to adjudicate it a bankrupt or insolvent; (ii) reorganization, arrangement, adjustment, liquidation, dissolution or composition of it or its interest debts under this Leaseany law relating to bankruptcy, unless insolvency, reorganization or relief of debtors; (iii) appointment of a receiver, trustee, custodian or other similar official for it or for all or any substantial part of its property, and such process case, proceeding or other action (a) results in the entry of an order for relief against it which it is released or satisfied not fully stayed within thirty seven (307) business days after the occurrence thereof. If entry thereof or (b) shall remain undismissed for a court period of competent jurisdiction determines that any of the foregoing events is not a default under this Lease, and a trustee is appointed to take possession forty-five (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration45) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumptiondays.
(e) The occurrence of any other event that is deemed to be an Event of Default under any other provision of this Lease.
Appears in 1 contract
Default by Tenant. The Landlord and Tenant hereby agree that the occurrence of any one or more of the following shall constitute events (each an “"Event of Default” under this Lease by Tenant") shall give Landlord the rights described in Article 21:
(a) Failure Tenant shall neglect or fail to pay perform or observe any of the Tenant's covenants or agreements herein, with regard to the payment when due the rent of rent, additional charges, reimbursement for increase in Landlord's costs, or any other monetary sums required hereundercharge payable by Tenant to Landlord (all of which shall be considered as part of Yearly Rent for the purposes of invoking Landlord's statutory or other rights and remedies in respect of payment defaults) within five (5) days after written notice from Landlord to Tenant.
(b) Failure Tenant shall fail or neglect to perform any other agreement or obligation of Tenant hereunder, if such failure continues for fifteen (15) days after written notice by Landlord to Tenant except as to those Events of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion.
(c) Abandonment or vacation of the Premises by Tenant, or failure to occupy the Premises for ten (10) consecutive days.
(d) If observe any of the following occurs: (iTenant's covenants or agreements under this Lease other than those specified in 21.1(a) a petition is filed for an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after the filing thereofwritten notice from Landlord of said failure, or such longer time as is reasonably necessary to cure said failure provided Tenant diligently commences and pursues such cure but in no event to exceed sixty (60) days.
(i) Tenant being involved in financial difficulties as evidenced by an admission in writing by Tenant of Tenant's inability to pay its debts generally as they become due, or by making or offering to make a composition of its debts with its creditors; (ii) Tenant makes or any guarantor becoming a general assignment for "debtor" as defined in 11 U.S.C. 101 or any successor statute thereto (unless, in the benefit case of creditorsa petition filed against Tenant or guarantor, the same is dismissed within sixty (60) days); (iii) the institution of proceedings seeking the appointment of a trustee, sequesterer, receiver or trustee is appointed similar officer to take possession of any substantial part substantially all of Tenant’s assets's assets located at the Premises or of Tenant's interest in this Lease, unless where either such appointment shall not be vacated within sixty (60) days or such possession is vacated not restored to Tenant within sixty (60) days or the institution of a foreclosure proceeding against Tenant's real or personal property; (iv) an attachment on mesnes process, on execution or otherwise, or other legal process shall issue against Tenant or its property and a sale of any of its assets shall be held thereunder; (v) any judgment, final beyond appeal or any lien, attachment or the like shall be entered, recorded or filed against Tenant in any court, registry, etc. and Tenant shall fail to pay such judgment within sixty (60) days after the judgment shall have become final beyond appeal or to discharge or secure by surety bond such lien, attachment, etc. within thirty (30) days after of such entry, recording or filing, as the date thereof; case may be, or (ivvi) Tenant consents to or suffers an the attachment, execution or other judicial seizure of any substantial part substantially all of its Tenant's assets located at the Premises or its of Tenant's interest under in this Lease, unless where such process seizure is released or satisfied not discharged within thirty sixty (3060) days after the occurrence thereof. If a court of competent jurisdiction determines days.
(d) The discovery by Landlord that any financial statement, representation or warranty given to Landlord by Tenant, or by any guarantor of the foregoing events is not a default under this Lease, and a trustee is appointed to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest 's obligations hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (is or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumptionwas materially false.
(e) The occurrence If Tenant is a corporation or a partnership, the dissolution or liquidation of Tenant or if any other event that is deemed to be an Event of Default under shall occur or any other provision of contingency shall arise whereby this Lease, or the term and estate thereby created, would (by operation of law or otherwise) devolve upon or pass to any person, firm or corporation other than Tenant, except as expressly permitted under Article 21 hereof. Landlord or Landlord's authorized agent shall have the right (without obligation except as may be required by law) to serve any notice of default, notice to pay rent or quit or similar notice.
Appears in 1 contract
Default by Tenant. The occurrence of any 20.1 Each of the following shall constitute events is an “"Event of Default” under this Lease by Tenant":
(a1) Failure Any failure by Tenant to pay when Rent on the due date unless such failure is cured within 5 business days after notice by Landlord;
(2) Tenant vacates (other than temporary vacation during which period Tenant is engaged in. trying to relet the rent Premises) or abandons the Premises;
(3) This Lease or Tenant's interest is transferred whether voluntarily or by operation of law except as permitted in Section 14;
(4) This Lease or any other monetary sums required hereunder.
(b) Failure to perform any other agreement or obligation part of Tenant hereunder, if such failure continues for fifteen (15) days after written notice the Premises is taken by Landlord to Tenant except as to those Events process of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, law and is not in addition toreleased within 15 days after a levy;
(5) Commencement by Tenant of a proceeding under any provision of federal or state law relating to insolvency, any and all legal notices required prior to commencement bankruptcy, or reorganization ("Bankruptcy Proceeding");
(6) Commencement of a Bankruptcy Proceeding against Tenant, unless dismissed within 90 days after commencement;
(7) The insolvency of Tenant or execution by Tenant of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion.
(c) Abandonment or vacation of the Premises by Tenant, or failure to occupy the Premises for ten (10) consecutive days.
(d) If any of the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after the filing thereof; (ii) Tenant makes a general assignment for the benefit of creditors; the convening by Tenant of a meeting of its creditors or any significant class thereof for purposes of effecting a moratorium upon or extension or composition of its debts; or the failure of Tenant generally to pay its debts as they mature, or the occurrence of any of the foregoing with respect to any Guarantor, if any, of Tenant's obligations;
(iii8) The admission in writing by Tenant (or any general partner of Tenant if Tenant is a partnership), that it is unable to pay its debts as they mature or it is generally not paying its debts as they mature;
(9) a receiver or trustee is appointed Tenant fails to take possession of any substantial part the Premises by the 90th day following the Commencement Date (which deadline may be extended by delays beyond the reasonable control of Tenant’s assets, unless such appointment provided that Tenant is vacated within thirty proceeding with due diligence to complete the Finish Work and move into the Premises);
(3010) Tenant fails to perform any of its other obligations and non-performance continues for 30 days after notice by Landlord or, if such performance cannot be reasonably had within such 30 day period, Tenant does not in good faith commence performance within such 30 day period and diligently proceed to completion; provided, however, Tenant's right to cure shall not exceed the date thereof; (iv) Tenant consents to or suffers an attachment, execution or other judicial seizure of any substantial part of its assets or its interest under this Lease, unless such process is released or satisfied within thirty (30) days after the occurrence thereof. If a court of competent jurisdiction determines that any of the foregoing events is not a default under this Lease, and a trustee is appointed to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable period provided by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumption.Applicable Law;
(e11) The occurrence of any other Any event that which is expressly defined as or deemed to be an Event of Default under any other provision of this Lease.
Appears in 1 contract
Default by Tenant. The Landlord and Tenant hereby agree that the occurrence of any one or more of the following shall constitute an events beyond all applicable notice and cure periods is a “Event of Defaultdefault” by Tenant under this Lease by and that said default shall give Landlord the rights described in Section 16.2. Landlord or Landlord’s authorized agent shall have the right to execute and to deliver any notice of default, notice to pay rent or quit or any other notice Landlord gives Tenant:.
(a) Failure Tenant’s failure to pay when due the rent make any payment of Base Rent, Real Property Taxes or any other monetary sums payment required to be made by Tenant hereunder, as and when due, where such failure shall continue for a period of five (5) business days after written notice thereof from Landlord to Tenant. In the event that Landlord serves Tenant with a notice to pay rent or quit pursuant to applicable unlawful detainer statutes, such notice shall also constitute the notice required by this Section 16.1(a).
(b) Failure The abandonment of the Premises by Tenant, coupled with the nonpayment of rent, in which event Landlord shall not be obligated to give any notice of default to Tenant.
(c) The failure of Tenant to comply with any of its obligations under Sections 4, 9, 15, 23, 24, 25 and 26 where Tenant fails to comply with its obligations or fails to cure any earlier breach of such obligation within ten (10) days following written notice from Landlord to Tenant. In the event Landlord serves Tenant with a notice to quit or any other notice pursuant to applicable unlawful detainer statutes, said notice shall also constitute the notice required by this Section 16.1(c).
(d) The failure by Tenant to observe or perform any of the covenants, conditions or provisions of this Lease to be observed or performed by Tenant (other agreement or obligation of Tenant hereunderthan those referenced in Sections 16.1(a), if (b) and (c), above), where such failure continues shall continue for fifteen a period of twenty (1520) days after written notice by thereof from Landlord to Tenant except as to those Events of Default that are noncurableTenant; provided, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfyhowever, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation Tenant’s nonperformance is such that more than 15 twenty (20) days is are reasonably required for performanceits cure, then Tenant will shall not be deemed to be in default if Tenant commences performance such cure within such 15-said twenty (20) day period and thereafter diligently prosecutes the same pursues such cure to completion. In the event that Landlord serves Tenant with a notice to quit or any other notice pursuant to applicable unlawful detainer statutes, said notice shall also constitute the notice required by this Section 16.1(d).
(c) Abandonment or vacation of the Premises by Tenant, or failure to occupy the Premises for ten (10) consecutive days.
(d) If any of the following occurs: (i) a petition is filed for an order The making by Tenant or any guarantor of relief under the federal Bankruptcy Code Tenant’s obligations hereunder of any general arrangement or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after the filing thereof; (ii) Tenant makes a general assignment for the benefit of creditors; (ii) Tenant or any guarantor becoming a “debtor” as defined in 11 U.S.C. 101 or any successor statute thereto (unless, in the case of a petition filed against Tenant or guarantor, the same is dismissed within sixty (60) days); (iii) the appointment of a trustee or receiver or trustee is appointed to take possession of any substantial part substantially all of Tenant’s assetsassets located at the Premises or of Tenant’s interest in this Lease, unless such appointment where possession is vacated not restored to Tenant within thirty (30) days after the date thereofdays; (iv) Tenant consents to or suffers an the attachment, execution or other judicial seizure of any substantial part substantially all of its Tenant’s assets located at the Premises or its of Tenant’s interest under in this Lease, unless where such process seizure is released or satisfied not discharged within thirty (30) days after days; or (v) the occurrence thereofinsolvency of Tenant. If a court of competent jurisdiction determines In the event that any provision of the foregoing events this Section 16.1(e) is not a default unenforceable under this Leaseapplicable law, and a trustee is appointed to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law provision shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on no force or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumptioneffect.
(ef) The occurrence discovery by Landlord that any financial statement, representation or warranty given to Landlord by Tenant, or by any guarantor of any Tenant’s obligations hereunder, was materially false at the time given. Tenant acknowledges that Landlord has entered into this Lease in material reliance on such information.
(g) If Tenant is a corporation, partnership, limited liability company or similar entity, the dissolution or liquidation of Tenant.
(h) If Tenant’s obligations under this Lease are guaranteed: (i) the death of a guarantor, (ii) the termination of a guarantor’s liability with respect to this Lease other event that than in accordance with the terms of such guaranty, (iii) a guarantor’s becoming insolvent or the subject of a bankruptcy filing, (iv) a guarantor’s refusal to honor the guaranty, (v) a guarantor’s breach of its guaranty obligation on an anticipatory breach basis or (vi) if the guarantor is deemed to be an Event a corporation, limited liability company or partnership, the dissolution of Default under any other provision the guarantor or the termination of this Leasethe guarantor’s existence.
Appears in 1 contract
Default by Tenant. The occurrence If Tenant vacates or abandons the Leased Premises or permits the same to remain vacant or unoccupied for a period of thirty (30) days, or if the rent, or any part thereof to Tenant, or if default shall be made in the prompt and full performance of any of the following shall constitute an “Event of Default” under covenants, conditions or agreements in this Lease to be kept or performed by Tenant:
(a) Failure to pay when due the rent ▇▇▇▇▇▇ and such default or any other monetary sums required hereunder.
(b) Failure to perform any other agreement or obligation breach of Tenant hereunder, if such failure continues performance shall continue for more than fifteen (15) days after written notice to Tenant, then:
(i) Landlord shall have the right to cancel and terminate this Lease by Landlord thirty (30) day’s prior written notice to Tenant except as to those Events of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended intention to satisfy, do so and is not in addition to, accordance with any legal requirements governing such termination and all legal notices required prior to commencement of an unlawful detainer actionthe right, including without limitationtitle and interest of Tenant hereunder, but not Tenant’s liability, shall terminate in the same manner and with the same force and effect as if the date fixed in the notice requirements of California Code cancellation and termination were the end of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completionterm herein originally determined.
(cii) Abandonment Landlord may elect, but shall not be obligated, to make any payment required of Tenant herein or vacation of the Premises comply with any agreement, term, or condition required hereby to be performed by Tenant, or failure and, following reasonable prior notification, Landlord shall have the right to occupy enter the Leased Premises for the purpose of correcting or remedying any such default and to remain until the default has been corrected or remedied, but any expenditure for the correction by Landlord shall not be deemed to waive or release the default of Tenant or the right of Landlord to take any action as may be otherwise permissible hereunder in the case of any default.
(iii) Landlord may re-enter the Leased Premises immediately in accordance with any legal requirements governing such repossession and remove the property and personnel of Tenant and store the property in a public warehouse or at a place selected by Landlord at the expense of Tenant. After re-entry, Landlord may terminate this Lease on giving ten (10) consecutive daysdays written notice of termination to Tenant. Without notice, re-entry will not terminate this Lease. ▇▇▇▇▇▇▇▇’s exercise of any of its remedies or its receipt of Tenant’s keys shall not be considered an acceptance or surrender of the Leased Premises by ▇▇▇▇▇▇; a surrender must be agreed to in writing and signed by both parties.
(div) After re-entry, Landlord may release the Leased Premises or any part thereof for any term without terminating this Lease, at such rent and on such terms as Landlord may choose. Landlord shall use commercially reasonable efforts to mitigate its damages. Landlord may make alterations and repairs to the Leased Premises. If any the Leased Premises are released as provided herein, in addition to Tenant’s liability to Landlord for rent or other indebtedness due hereunder, Tenant shall be liable for all actual costs and expenses of the following occurs: (i) a petition is filed release, for an order of relief any necessary and reasonable expenses incurred by Landlord in enforcing its remedies, and for the difference, if any, between the rent received by Landlord under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, new lease and such petition is not dismissed within thirty (30) days after the filing thereof; (ii) Tenant makes a general assignment rent installments that are due for the benefit same period under this lease.
(v) Landlord shall apply the rent received from releasing to the Leased Premises (1) to reduce the indebtedness of creditors; (iii) a receiver or trustee is appointed Tenant to take possession of any substantial part of Tenant’s assets, unless such appointment is vacated within thirty (30) days after the date thereof; (iv) Tenant consents to or suffers an attachment, execution or other judicial seizure of any substantial part of its assets or its interest Landlord under this Lease, unless such process is released or satisfied within thirty not including indebtedness of rent, (302) days after the occurrence thereof. If a court of competent jurisdiction determines that any to expenses of the foregoing events is not a default releasing and necessary alterations and repairs made, (3) to rent due under this Lease, and a trustee is appointed (4) to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, payment of future rent under this Lease as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumptionit becomes due.
(e) The occurrence of any other event that is deemed to be an Event of Default under any other provision of this Lease.
Appears in 1 contract
Sources: Lease Agreement
Default by Tenant. The occurrence of any Each of the following shall constitute an “Event of a "Default” under this Lease " by Tenant:
(a) Failure The failure of Tenant to pay the Base Rent, any other installment of Rent, or any part thereof when due and the rent or continuance of such failure for ten (10) days after receipt of written notice from Landlord; provided, however, Landlord shall not be required to give such ten (10) day notice, and Tenant shall not be entitled to same, more than two (2) times during any other monetary sums required hereunder.calendar year, and any such subsequent failure during such calendar year shall be a Default upon the occurrence thereof without any notice whatsoever to Tenant; or
(b) Failure Tenant shall fail to perform fulfill or perform, in whole or in part, any of its obligations under this Lease (other agreement or obligation than the payment of Tenant hereunder, if Rent) and such failure continues or non-performance shall continue for fifteen a period of thirty (1530) days after written notice thereof has been given by Landlord to Tenant except as to those Events of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq.Tenant, provided that if the nature of such obligation is such that more than 15 days is required for performancecannot reasonably be performed within thirty (30) days, then Tenant will not be in default shall have such time as is reasonably necessary to effect such performance if Tenant commences performance within such 15-thirty (30) day period and thereafter diligently prosecutes the same to completion.same; or
(c) Abandonment The entry of a decree or vacation order by a court having jurisdiction adjudging Tenant or any guarantor to be bankrupt or insolvent or approving as properly filed a petition seeking reorganization of Tenant or such guarantor under the Premises by TenantNational Bankruptcy Act, or failure to occupy the Premises for ten (10) consecutive days.
(d) If any of the following occurs: (i) other similar applicable Federal or State law, or a petition is filed for an decree or order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after the filing thereof; (ii) Tenant makes a general assignment court having jurisdiction for the benefit appointment of creditors; (iii) a receiver or liquidator or a trustee is appointed or assignee in bankruptcy or insolvency of Tenant or such guarantor or its property or for the winding up or liquidation of its affairs; or Tenant or any guarantor shall institute proceedings to take possession be adjudicated a voluntary bankruptcy or shall consent to the filing of any substantial part of Tenant’s assetsbankruptcy, unless reorganization, receivership or other proceeding against Tenant or such appointment is guarantor, or any such proceedings shall be instituted against Tenant or any guarantor and the same shall not be vacated within thirty (30) days after the date thereofsame are commenced; or
(ivd) Tenant consents shall make an assignment for the benefit of Tenant's creditors or admit in writing Tenant's inability to or suffers an attachmentHome Interiors & Gifts, execution or other judicial seizure of any substantial part of its assets or its interest under this LeaseInc. Granite Tower at The Centre, unless such process is released or satisfied within thirty (30) days after the occurrence thereof. If a court of competent jurisdiction determines that any of the foregoing events is not a default under this Lease, and a trustee is appointed to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumption.
(e) The occurrence of any other event that is deemed to be an Event of Default under any other provision of this Lease.8/17/1999
Appears in 1 contract
Default by Tenant. The occurrence following provisions shall govern default by the TENANT:
16.1. TENANT will be in default under this Lease upon the happening of any one or more of the following shall constitute an “Event of Default” under this Lease by Tenantevents:
(a) 16.1.1. Failure of TENANT to pay make any payment required to be made as and when due the rent or any other monetary sums required hereunder.
(b) Failure to perform any other agreement or obligation of Tenant hereunder, if and such failure continues shall continue for fifteen a period of thirty (1530) days after written notice by Landlord LANDLORD to Tenant except as to those Events of Default TENANT that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completionpayment was due.
(c) Abandonment 16.1.2. Failure of TENANT to comply with any term, provision or vacation covenant of the Premises by Tenant, or failure to occupy the Premises for ten (10) consecutive days.this Lease other than a default pursuant to
(d) If any of the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, 16.1.1 and such petition is not dismissed within failure shall continue for a period of thirty (30) days after the filing thereof; (ii) Tenant makes a general assignment for the benefit of creditors; (iii) a receiver or trustee is appointed written notice by LANDLORD to take possession of any substantial part of Tenant’s assetsTENANT, unless such appointment is vacated within provided that if more than thirty (30) days after is reasonably required to cure, TENANT shall not be in default if the date thereof; (iv) Tenant consents curing is prosecuted to completion with due diligence.
16.1.3. TENANT abandons the Premises, or suffers TENANT'S leasehold interest in the Premises is attached or taken under any court order or writ of execution.
16.2. If TENANT defaults, LANDLORD may enforce its rights by an attachmentaction for rent and possession, execution unlawful detainer, or other judicial seizure legal remedy. TENANT agrees to remain liable for and shall pay LANDLORD rent to the end of any substantial part the then-applicable term of its assets this Lease or its interest under up until the point in time that the Premises has been relet to a new tenant. LANDLORD, upon TENANT'S default, shall have the right, without terminating this Lease, unless such process is released to make alterations and repairs for the purpose of reletting the Premises. LANDLORD may relet or satisfied within thirty (30) days after attempt to relet the occurrence thereof. If a court of competent jurisdiction determines that Premises or any part of the foregoing events is not a default under Premises for the remainder of the then- applicable Lease term or for any longer or shorter period as opportunity may offer, to such persons and at such rent as may be obtained. Nothing in this LeaseLease shall require LANDLORD to relet or make any attempt to relet the Premises, and a trustee is appointed to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law reletting shall be deemed without done by LANDLORD as agent for TENANT. In the event the Premises is relet to a new tenant, TENANT shall be released from all further act to have assumed all of liabilities and obligations required under the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumption.
(e) The occurrence of any other event that is deemed to be an Event of Default under any other provision terms of this LeaseAgreement.
Appears in 1 contract
Sources: Lease Agreement
Default by Tenant. The occurrence If Tenant fails to pay any installment of rent or make any other payment required to be made by Tenant when the same shall become due and payable hereunder, or if Tenant fails to observe and perform any other provision, covenant, or condition of the following shall constitute an “Event of Default” this Lease required under this Lease to be observed and performed by Tenant:
(a) Failure to pay when due the rent or any other monetary sums required hereunder.
(b) Failure to perform any other agreement or obligation of Tenant hereunder, if such failure continues for within fifteen (15) days after written Landlord shall have given notice by Landlord to Tenant except as of the failure of Tenant to those Events of Default that are noncurableobserve and perform the same, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default or if Tenant commences performance within such 15-day period and thereafter diligently prosecutes abandons or vacates the same to completion.
(c) Abandonment or vacation Leased Premises during the continuance of the Premises by Tenantthis Lease, or failure to occupy the Premises for ten (10) consecutive days.
(d) If any of the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after the filing thereof; (ii) if Tenant makes a general an assignment for the benefit of creditors or enters into a composition agreement with its creditors, or if the interest of Tenant in the Leased Premises is attached, levied upon, or seized by legal process, or if this Lease is assigned in violation of the terms hereof or is terminated by operation of law, then, in any such event, immediately or at any time thereafter, at the option of Landlord, Landlord shall, as it elects, either:
(a) declare this Lease to be in default, in which event this Lease shall immediately cease and terminate, and Landlord may possess and enjoy the Leased Premises as though this Lease had never been made, without prejudice, however, to any and all rights of action when Landlord may have against Tenant for rent and other charges payable by Tenant hereunder (both past due and future rent due Landlord and past due and future charges payable by Tenant), damages, or breach of covenant, in respect to which Tenant shall remain and continue liable notwithstanding such termination; or
(iiib) a receiver relet the Leased Premises, or trustee is appointed to take possession of any substantial part thereof, for such term or terms and on such conditions, as Landlord deems appropriate for and on behalf of Tenant’s assets, unless such appointment is vacated within thirty (30) days after for the date thereof; (iv) Tenant consents to highest rental reasonably attainable in the judgment of Landlord, which reletting shall not be considered as a surrender or suffers an attachment, execution acceptance back of the Leased Premises or other judicial seizure a termination of any substantial part of its assets or its interest under this Lease, unless and recover from Tenant any deficiency between the amount of rent and all other charges payable by Tenant under this Lease and those amounts obtained from such process reletting, plus any expenses incurred by Landlord in connection with such reletting, including, without limitation, the expenses of any repairs or alterations Landlord deems necessary or appropriate to make in connection with such reletting and all sums expended for brokerage commissions and reasonable attorneys’ fees, but Landlord shall be under no duty to relet the Leased Premises; or
(c) declare the whole amount of the rent and other charges which would otherwise have been paid by Tenant over the balance of the lease term to be immediately due and payable, without prejudice, however, to any and all other rights of action which Landlord may have against Tenant for past due rent and other charges payable by Tenant hereunder, damages or breach of covenant, in respect to which Tenant shall remain and continue liable notwithstanding Landlord’s election to proceed under this clause (c). In the event that a bankruptcy or insolvency proceeding is released filed by or satisfied within thirty (30) days after the occurrence thereof. If against Tenant, or if a court of competent jurisdiction determines that or other governmental authority approves a petition seeking a reorganization, arrangement, composition or other similar relief with respect to Tenant, or appoints a trustee, receiver or liquidator of Tenant or of all, or substantially all, of Tenant’s property or affairs, or assumes custody or control of all, or substantially all, of the property or affairs of Tenant, Landlord shall have the right to elect any of the foregoing events remedies set forth above. If this Lease is not assumed or assigned to a default trustee, receiver, liquidator or other court-appointed person or entity without Landlord’s prior written consent, the parties and their respective successors (whether by operation of law or otherwise agree that, upon such an assignment or assumption, all defaults of Tenant prior to such assignment or assumption must be cured or that adequate assurances that such defaults will be promptly cured must be given and that adequate assurances of future performance under this Lease, and Lease must be provided. Such adequate assurances shall mean that a trustee is appointed to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law bond shall be deemed without further act issued in favor of Landlord in the amount equal to have assumed one year’s future rent and that an amount equal to all existing monetary obligations of Tenant which are in default shall be escrowed with an escrow agent acceptable to Landlord. Additionally, all past due monetary obligations of Tenant which are in default shall be paid to Landlord within sixty (60) days after the assignment or assumption and rent will be currently and continually paid on a timely basis commencing with the first day of the obligations month following the 60th day of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute assignment and deliver to Landlord an instrument confirming such assumption.
(e) The occurrence of any other event that is deemed to be an Event of Default under any other provision of this Lease.
Appears in 1 contract
Default by Tenant. The occurrence of any of the following events and the expiration of any grace periods hereafter described shall constitute an “Event of Default” a default by Tenant under this Lease by TenantLease:
(a) Failure The failure to pay any Rent when due, and the continuance of such failure for a period of five (5) calendar days after the date Tenant receives written notice of such delinquency from Landlord; provided, however, that if Landlord has delivered two (2) such written notices of monetary default within the immediately preceding twelve (12) calendar month period, Tenant shall thereafter be in default if Tenant fails to pay any Rent when due and such failure continues for a period of three (3) calendar days after the rent or any other monetary sums required hereundercalendar date such Rent is due.
(b) Failure Tenant assigns its interest in this Lease or sublets any portion of the Premises except as permitted in this Lease or Tenant otherwise breaches the provisions of Section 6.2 of this Lease.
(c) Tenant breaches or fails to perform comply with any provision or covenant in this Lease (other agreement than as described in Subsections (a) or obligation of Tenant hereunder(b) above), if and such breach or failure continues for fifteen (15) calendar days after written notice by Landlord to Tenant. However, if such failure cannot reasonably be cured within such fifteen (15) day period Tenant except as to those Events of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if under this Lease so long as Tenant commences performance curative action within that fifteen (15) day period, diligently and continuously pursues that corrective action, and completely cures that failure within sixty (60) days after Landlord's notice to Tenant or such 15-day period and thereafter diligently prosecutes the same to completion.
(c) Abandonment or vacation of the Premises later date as Landlord may approve in writing after a request for additional curative time by Tenant, which approval will not be unreasonably withheld, conditioned, or failure to occupy delayed. For purposes of this Subsection, the Premises phrase "commences curative action" shall mean, at a minimum, that Tenant has taken steps in preparation for ten that cure (10) consecutive daysincluding, if applicable, contacting third parties who may supply labor or materials in the prosecution of that cure.
(d) If any the interest of the following occurs: (i) a petition Tenant under this Lease is filed for levied on under execution or other legal process, or if Tenant becomes insolvent, makes an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after the filing thereof; (ii) Tenant makes a general assignment for the benefit of creditors; (iii) , or makes a transfer in fraud of creditors, or if a receiver or trustee is appointed for Tenant or any of its properties, or if any petition in bankruptcy or other insolvency proceedings is filed by or against Tenant, or any petition is filed or other action taken to take possession declare Tenant as bankrupt or to delay, reduce or modify Tenant's debts or obligations or to reorganize or modify Tenant's capital structure or indebtedness or to appoint a trustee, receiver or liquidator of Tenant or of any substantial part property of Tenant’s assets, unless such appointment is vacated within thirty (30) days after the date thereof; (iv) Tenant consents to or suffers an attachment, execution any proceedings or other judicial seizure action is commenced or taken by a governmental authority for the dissolution or liquidation of any substantial part Tenant (provided that no such levy, execution, legal process or petition filed against Tenant shall constitute a breach of its assets or its interest under this Lease, unless such process is released or satisfied within thirty (30) days after the occurrence thereof. If a court of competent jurisdiction determines that any of the foregoing events is not a default under this Lease, and a trustee is appointed to take possession (or Lease if Tenant remains a debtor in possession), shall vigorously contest the same by appropriate proceedings and such trustee shall remove or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, vacate the difference between the rent same within sixty (or other consideration60) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after calendar days from the date of such assignment. Any such assignee shallits creation, upon demandservice, execute and deliver to Landlord an instrument confirming such assumptionor filing).
(e) The occurrence of any other event that is deemed to be an Event of Default under any other provision of this Lease.
Appears in 1 contract
Sources: Lease Agreement (SMTC Corp)
Default by Tenant. The Landlord and Tenant hereby agree that the occurrence of any one or more of the following shall constitute an “Event of Default” events is a material default by Tenant under this Lease by Tenant:and that said default shall give Landlord the rights described in Section 13.2. Landlord or Landlord's authorized agent shall have the right to serve any notice of default, notice to pay rent or quit or similar notice.
(a) Failure Tenant's failure to pay when due the rent make any payment of Base Rent, Electric Energy Charge, Tenant's Share of Operating Expense increases, parking charges, charges for after hours HVAC, late charges, or any other monetary sums payment required to be made by Tenant hereunder, as and when due, where such failure shall continue for a period of five (5) business days after written notice thereof from Landlord to Tenant. In the event that Landlord serves Tenant with a notice to pay rent or quit pursuant to applicable unlawful detainer statutes, such notice shall also constitute the notice required by this Section 13.1(a).
(b) Failure The abandonment of the Premises by Tenant in which event Landlord shall not be obligated to give any notice of default to Tenant, unless expressly required by law.
(c) The failure by Tenant to observe or perform any of the covenants, conditions or provisions of this Lease to be observed or performed by Tenant (other agreement or obligation of Tenant hereunderthan those referenced in Sections 13.1(a) and (b), if above), where such failure continues shall continue for fifteen a period of thirty (1530) days after written notice by thereof from Landlord to Tenant except as to those Events of Default that are noncurableTenant; provided, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfyhowever, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation Tenant's non-performance is such that more than 15 thirty (30) days is are reasonably required for performanceits cure, then Tenant will shall not be deemed to be in default if Tenant commences performance such cure within such 15-said thirty (30) day period and thereafter diligently prosecutes the same pursues such cure to completion. In the event that Landlord serves Tenant with a notice to quit pursuant to applicable unlawful detainer statutes, said notice shall also constitute the notice required by this Section 13.1(c).
(c) Abandonment or vacation of the Premises by Tenant, or failure to occupy the Premises for ten (10) consecutive days.
(d) If any of the following occurs: (i) a petition is filed for an order The making by Tenant or any guarantor of relief under the federal Bankruptcy Code any general arrangement or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after the filing thereof; (ii) Tenant makes a general assignment for the benefit of creditors; (ii) Tenant or any guarantor becoming a "debtor" as defined in 11 U.S.C. 101 or any successor statute thereto (unless, in the case of a petition filed against Tenant or guarantor, the same is dismissed within sixty (60) days); (iii) the institution of proceedings seeking the appointment of a trustee or receiver or trustee is appointed to take possession of any substantial part substantially all of Tenant’s assets's assets located at the Premises or of Tenant's interest in this Lease, unless such appointment where possession is vacated not restored to Tenant within thirty (30) days after or the date thereofinstitution of a foreclosure proceeding against Tenant's real or personal property; (iv) Tenant consents to or suffers an attachment, execution or other judicial seizure of any substantial part of its assets or its interest under this Lease, unless such process is released or satisfied within thirty (30) days after the occurrence thereof. If a court of competent jurisdiction determines that any of the foregoing events is not a default under this Lease, and a trustee is appointed to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumption.
(e) The occurrence of any other event that is deemed to be an Event of Default under any other provision of this Lease.or
Appears in 1 contract
Sources: Standard Office Lease (Pdi Inc)
Default by Tenant. The occurrence of any A. Any one or more of the following events shall constitute an “Event of Default” under this Lease be deemed to be a default by TenantTENANT:
(a1) Failure to pay when due the rent any installment of Rent, Additional Rent, or pay any other monetary sums required hereunder.change or amount to be paid by TENANT under this Lease when due,
(b2) Failure to perform comply with any term, provision or covenant of this Lease other agreement or obligation of Tenant hereunder, if such failure continues for fifteen (15) days after written notice by Landlord than the covenants to Tenant except as to those Events of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion.pay rent,
(c3) Abandonment If TENANT or vacation Surety becomes insolvent, makes a transfer in Fraud of Creditors, makes an Assignment for the Premises by TenantBenefit of Creditors, or failure to occupy the Premises for ten (10) consecutive days.
(d) If any of the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after the filing thereof; (ii) Tenant makes a general assignment for the benefit of creditors; (iii) a receiver or trustee is Receiver be appointed to take possession of the Demised Premises, the assets of the TENANT or the Surety,
(4) If TENANT does any substantial part act which creates a lien on the Demised Premises or the land on which the Demised Premises are located.
B. Prior to LANDLORD's availing itself of Tenant’s assetsany of the remedies hereinafter set forth, unless such appointment is vacated within thirty LANDLORD shall give the following written notices:
(301) In the case of a default under subparagraph A (1) five (5) days after notice to cure said default, which period shall include the three (3) day statutory notice. The giving of Statutory Notice shall not be deemed an election of remedies.
(2) In the case of a default under subparagraphs A (2), A (3), or A (4), ten (10) days notice to cure said default which period shall include the three (3) day statutory notice.
C. In addition to any other remedies provided by law, the following remedies are available to LANDLORD at its option and may be applied cumulatively or individually:
(1) Terminate this Lease by notice in writing in which event this Lease shall end automatically by its own limitation and TENANT shall immediately surrender the Demised Premises. In this case, TENANT shall pay LANDLORD all sums due as of the date thereof; of termination. TENANT hereby waives any rights of redemption TENANT may have in the Demised Premises.
(iv2) Tenant consents to or suffers an attachmentRe-enter and take possession of the Demised Premises holding the same for the account of TENANT, execution or other judicial seizure in which case, the entire amount of any substantial part base rent for the term of its assets or its interest under this Lease, unless such process is released or satisfied within thirty (30) days after plus other charges enumerated in this Lease for the occurrence thereof. If a court of competent jurisdiction determines that any remainder of the foregoing events is term, plus any costs of reletting including rehabilitation and brokerage costs, less an amount equal to the base monthly rent multiplied by the number of months remaining on the term of this Lease for which the Demised Premises are relet, if any, shall be immediately due and payable. TENANT hereby waives any claim TENANT may have to rent obtained in reletting in excess of that required to be paid by TENANT. Acceptance of surrender shall be by written notice only and the acceptance of keys or changing of the locks shall not a default under be deemed an acceptance of surrender of the Demised Premises.
(3) Without prejudice to any present or future right of possession, bring an action in law or in equity to collect rent and other charges due, for general or special damages, to restrain any violation of any term, provision or covenant of this Lease and/or to foreclose or protect any security interest or lien arising out of this Lease, and a trustee is appointed to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference separate agreement between the rent (parties covering property within the Demised Premises, operation of law, or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumptionstatute.
(e4) The occurrence In any litigation arising out of any other event that is deemed to be an Event of Default TENANT's default under any other provision the terms of this Lease, the prevailing party shall be entitled to its costs and payment of a reasonable attorney's fee. Delinquent rent shall bear interest at eighteen (18%) percent per annum, or at the highest rate permitted by the usury laws of the State of Florida, whichever rate is less.
Appears in 1 contract
Default by Tenant. The occurrence of any one or more of the following events shall constitute an “Event a default and breach of Default” under this Lease by Tenant:
(a) Failure The failure by Tenant to pay when due the make any payment of rent or any other monetary sums payment required hereunderto be made by Tenant hereunder within a period of ten (10) days after the same is due and payable.
(b) Failure The failure by Tenant to observe or perform any of the covenants, conditions, or provisions of this Lease to be observed or performed by the Tenant, other agreement or obligation of Tenant hereunderthan to make the payments set out in subsection (a) above, if where such failure continues shall continue for fifteen a period of thirty (1530) days after written notice by Landlord thereof to Tenant except as to those Events of Default that are noncurableby Landlord; provided, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfyhowever, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation Tenant’s default is such that more than 15 thirty (30) days is are reasonably required for performanceits cure, then Tenant will shall not be deemed to be in default if Tenant commences performance such cure within such 15-said thirty (30) day period and thereafter diligently prosecutes the same such cure to completion.
(c) Abandonment or vacation The making by Tenant of the Premises by Tenant, or failure to occupy the Premises for ten (10) consecutive days.
(d) If any of the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after the filing thereof; (ii) Tenant makes a general assignment or general arrangement for the benefit of creditors; or the filing by or against Tenant of a petition to have Tenant adjudged bankrupt, or a petition or reorganization or arrangement under any law relating to bankruptcy (iii) unless, in the case of the petition filed against Tenant, the same is dismissed within 60 days); or the appointment of a trustee or a receiver or trustee is appointed to take possession of any substantial part substantially all of Tenant’s assetsassets located at the Leased Premises or of Tenant’s interest in this Lease, unless such appointment where possession is vacated not restored to Tenant within thirty (30) days after 30 days; or the date thereof; (iv) Tenant consents to or suffers an attachment, execution or other judicial seizure of any substantial part substantially all of its Tenant’s assets located at the Leased Premises or its of Tenant’s interest under in this Lease, unless where such process is released or satisfied within thirty (30) days after the occurrence thereof. If a court of competent jurisdiction determines that any of the foregoing events seizure is not a default under this Lease, and a trustee is appointed to take possession discharged in 30 days.
(or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other considerationd) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations The failure of the Tenant hereunder arising on to keep the Leased Premises or after the date Property free of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumption.
(e) The occurrence of any other event that is deemed to be an Event of Default under any other provision of liens as required by this Lease.
Appears in 1 contract
Sources: Lease Agreement (BMB Munai Inc)
Default by Tenant. The Landlord and Tenant hereby agree that the occurrence of any one or more of the following shall constitute an “Event of Default” events, which are not remedied within the applicable notice or grace period, is a default by Tenant under this Lease by and that said default shall give Landlord the rights described in Section 13.2. Landlord or Landlord's authorized agent shall have the right to execute and deliver any notice of default, notice to pay rent or quit or any other notice Landlord gives Tenant:.
(a) Failure Tenant's failure to pay when due the rent make any payment of Rent, late charges or any other monetary sums payment required to be made by Tenant hereunder, as and when due, where such failure shall continue for a period of ten (10) days after written notice thereof from Landlord to Tenant (provided however that in no event shall Landlord be obligated to provide written notice more than twice in any twelve month period).
(b) Failure to perform any other agreement or obligation The abandonment of the Premises by Tenant hereunder, if such failure continues for fifteen (15) days after written notice by Landlord to Tenant except as to those Events of Default that are noncurable, in which case no such grace period event Landlord shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in obligated to give any notice of default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completionTenant.
(c) Abandonment or vacation of the Premises by Tenant, or ’s failure to occupy the Premises for ten (10) consecutive days.
(d) If comply with any of the following occurs: covenants, conditions or provisions of this Lease to be observed or performed by Tenant (iother than those referenced in Sections 13.1(a) and (b) above), where such failure shall continue for a petition is filed for an order period of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after written notice thereof from Landlord to Tenant; provided, however, that if the filing thereof; nature of Tenant's nonperformance is such that more than thirty (ii30) days is reasonably required for its cure, then Tenant makes shall be allowed additional time (not to exceed 60 days) as is reasonably necessary to cure the failure so long as Tenant commences such cure within said thirty (30) day period and thereafter diligently pursues such cure to completion. In the event that Landlord serves Tenant with a notice to quit or any other notice pursuant to applicable unlawful detainer statutes, said notice shall also constitute the notice required by this Section 13.1(c).
(i) The making by Tenant or any guarantor of Tenant's obligations hereunder of any general arrangement or general assignment for the benefit of creditors; (iiiii) the appointment of a trustee or receiver or trustee is appointed to take possession of any substantial part substantially all of Tenant’s assets's assets located at the Premises or of Tenant's interest in this Lease, unless such appointment where possession is vacated not restored to Tenant within thirty ninety (3090) days after the date thereofdays; (iviii) Tenant consents to or suffers an the attachment, execution or other judicial seizure of any substantial part substantially all of its Tenant's assets located at the Premises or its of Tenant's interest under in this Lease, unless where such process seizure is released not discharged within ninety (90) days; or satisfied (iv) the insolvency of Tenant or Tenant becoming subject to state insolvency or federal bankruptcy which is not dismissed within thirty ninety (3090) days after days. In the occurrence thereof. If a court of competent jurisdiction determines event that any of the foregoing events is not a default under this Lease, and a trustee is appointed to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumption.
(e) The occurrence of any other event that is deemed to be an Event of Default under any other provision of this LeaseSection 13.1(d) is unenforceable under applicable law, such provision shall be of no force or effect.
Appears in 1 contract
Sources: Office Lease (Vector Group LTD)
Default by Tenant. The occurrence of This Lease Agreement is subject to the limitation that if, at any time, any one or more of the following events (herein called an "event of default") shall constitute an “Event of Default” under occur, then Landlord, in addition to the other rights and remedies it may have, shall have the right immediately to declare this Lease terminated and all of the right, title and interest of the Tenant hereunder shall wholly cease and expire upon receipt by TenantTenant of a Notice of Termination from Landlord. Tenant shall then immediately quit and surrender the Leased Premises to Landlord but Tenant shall remain liable to Landlord as hereinafter provided. The events of default are:
(a) Failure to pay when due If Tenant shall make an assignment for the rent or any other monetary sums required hereunder.benefit of its creditors; or
(b) Failure to perform any If the leasehold estate hereby created in Tenant shall be taken by attachment, execution or by other agreement or obligation process of Tenant hereunder, if such failure continues for fifteen (15) days after written notice by Landlord to Tenant except as to those Events of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfylaw, and same is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance released within such 15-day period and thereafter diligently prosecutes the same to completion.ninety (90) days; or
(c) Abandonment If any petition shall be filed against Tenant in any court, whether or vacation not pursuant to any statute of the Premises United States or of any State, in any bankruptcy, reorganization, composition, extension, arrangement or insolvency proceedings, and Tenant shall thereafter be adjudicated bankrupt, or such petition shall be approved by the Court, or the Court shall assume jurisdiction of the subject matter and if such proceeding shall not be dismissed within one hundred and twenty (120) days after the institution of the same, or if any such petition shall be so filed by Tenant; or
(d) If, in any proceeding, a receiver or trustee be appointed for Tenant's property and such receivership or trusteeship shall not be vacated or set aside within one hundred and twenty (120) days after the appointment of such receiver or trustee; or
(e) If Tenant shall fail to pay any installment of Rent and such failure to occupy the Premises shall continue for ten (10) consecutive daysdays after Landlord has given Tenant written notice of same.
(df) If Tenant shall fail to pay any installment of Real Estate Tax Increase or Operating Expenses Increase or electrical charges as may be due to the following occurs: (i) a petition is filed for an order of relief under utility company providing same to the federal Bankruptcy Code Leased Premises, or for an order or decree of insolvency or reorganization or rearrangement under any state or federal lawpart thereof, when the same shall become due and payable, and such petition is not dismissed within failure shall continue for twenty (20) days after Landlord has given Tenant written notice of same.
(g) If Tenant shall fail to pay any other charge required to be paid by Tenant under this Lease Agreement and such failure shall continue for thirty (30) days after Landlord has given written notice of same.
(h) If Tenant shall fail to perform or observe any other requirement, condition, covenant or agreement of this Lease Agreement on the filing thereof; (ii) Tenant makes a general assignment for the benefit of creditors; (iii) a receiver or trustee is appointed to take possession of any substantial part of Tenant’s assets, unless Tenant to be performed or observed and such appointment is vacated within failure shall continue for thirty (30) days after the date thereof; (iv) Landlord has given Tenant consents to or suffers an attachment, execution or other judicial seizure written notice of any substantial part of its assets or its interest under this Lease, unless such process is released or satisfied within thirty (30) days after the occurrence thereof. If a court of competent jurisdiction determines that any of the foregoing events is not a default under this Lease, and a trustee is appointed to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumptionsame.
(e) The occurrence of any other event that is deemed to be an Event of Default under any other provision of this Lease.
Appears in 1 contract
Sources: Lease Agreement (Electronic Retailing Systems International Inc)
Default by Tenant. The occurrence It is mutually understood and agreed that if Tenant shall default in the payment of any of the following shall constitute an “Event of Default” under this Lease by Tenant:
(a) Failure to pay when due the rent rents above stipulated or any part thereof, or shall default in the payment of any other monetary sums monies required hereunder.
(b) Failure to be paid hereunder or any part thereof, or shall be in default for breach of, noncompliance with or failure to perform any covenant, agreement, condition or provision required on Tenant’s part to be kept, complied with or performed hereunder (other agreement than the payment of rent or obligation other monies hereunder), each or any of which events or occurrences shall constitute a default of Tenant hereunderunder this Lease, if Landlord shall have the right to terminate this Lease as hereinafter provided. If Landlord, in the event of any such failure continues for default, desires to terminate this Lease, Landlord shall give written notice of the default to Tenant, and Tenant shall have fifteen (15) days after written the giving of such notice by Landlord to Tenant except cure any default based upon the nonpayment of any rent or other monies as to those Events of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfyaforesaid, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion.
(c) Abandonment or vacation of the Premises by Tenant, or failure to occupy the Premises for ten (10) consecutive days.
(d) If any of the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within shall have thirty (30) days after to cure any other default. However, if at the filing thereof; (ii) Tenant makes a general assignment for the benefit end of creditors; (iii) a receiver or trustee is appointed to take possession of any substantial part of Tenant’s assets, unless such appointment is vacated within that thirty (30) days after day period such other default has not been completely cured but Tenant has commenced to cure the date thereof; (iv) same and has employed diligent efforts to do so, the right of Landlord to terminate this Lease shall be abated as long as Tenant consents proceeds with due diligence to cure such default. If the default is not cured within the applicable period of time above provided, it shall be lawful for Landlord, or suffers an attachmentLandlord’s agents, execution attorneys or assigns, in addition to any and all other judicial seizure of any substantial part of its assets remedies provided by law or its interest under this Lease, unless such to declare the Term ended and to re-enter said Leased Premises either with or without process is released of law, and to expel or satisfied within thirty (30) days after remove Tenant or any person or persons occupying the occurrence thereof. If a court of competent jurisdiction determines that any same, and to retake possession of the foregoing events is not a default under this LeaseLeased Premises and all buildings and other improvements located thereon, without hindrance or delay, and a trustee is appointed without prejudice to take possession (any remedies or if Tenant remains a debtor rights which Landlord may have for rent in possession)arrears or any preceding breach of covenants, and such trustee or Tenant transfers Tenant’s interest hereunder, then for future rents accruing during the remainder of the Term which Landlord shall receivenot reasonably be able to mitigate, as Additional Rentwhether such expulsion or removal is accomplished directly by Landlord, the difference between the rent (by legal proceedings instituted for such purpose, or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumptionotherwise.
(e) The occurrence of any other event that is deemed to be an Event of Default under any other provision of this Lease.
Appears in 1 contract
Default by Tenant. The occurrence of any of the following shall constitute an “Event of Default” under this Lease Tenant may be declared in default hereunder by Tenant:Landlord if
(a) Failure Tenant fails to pay when due the rent any payment of rental or any other monetary sums required hereunder.sum of money payable to Landlord hereunder and such failure continues for more than 10 days after written notice from Landlord to Tenant;
(b) Failure It becomes necessary for Landlord to give (and Landlord does give) more than two notices of non-payment to Tenant pursuant to clause (a) above in any period of 12 consecutive months; or
(c) Tenant fails to perform or observe any covenant or condition (other agreement than for the payment of rental or obligation other sum of money to Landlord) which Tenant hereunder, if is required to perform or observe hereunder and such failure continues for fifteen (15) 30 days after written notice by from Landlord to Tenant except as to those Events specifying the nature of Default such failure (unless the failure is of such nature that are noncurableit cannot reasonably be cured within 30 days, in which case no such grace period Tenant shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance to cure within such 15the 30-day period and thereafter diligently prosecutes pursues the same cure to completion.
(c) Abandonment or vacation of the Premises by Tenant). In addition, or failure to occupy the Premises for ten (10) consecutive days.
(d) If any of the following occurs: Landlord may declare Tenant in default if (i) a petition Tenant is filed for an order of relief under the federal Bankruptcy Code adjudicated bankrupt or for an order or decree of insolvency or reorganization or rearrangement under any state or federal lawinsolvent, and such petition is not dismissed within thirty (30) days after the filing thereof; (ii) Tenant makes a general assignment for the benefit of creditors; , (iii) a receiver or trustee is appointed to take possession of any for a substantial part portion of Tenant’s assets, unless such appointment is vacated within thirty (30) days after the date thereof; 's assets or (iv) Tenant consents to or suffers an Tenant's interest in the Leased Premises is sold under attachment, execution or similar legal process. If Landlord declares Tenant in default, Landlord shall have the right and option to pursue any and all remedies provided by law or in this Lease. All rights and remedies herein provided shall be cumulative and shall not exclude any other judicial seizure rights or remedies. Such rights and remedies may be exercised and enforced concurrently or whenever or as often as the occasion therefor arises. If Tenant is declared in default, Landlord shall have the right to re-enter and take possession of the Leased Premises, to remove all persons and property from the Leased Premises and to store such property at Tenant's expense, all without notice or resort to legal process and without being deemed guilty of trespass or becoming liable for any substantial part of its assets loss or its interest under damage occasioned thereby. If Tenant is declared in default and Landlord does not elect to terminate this Lease, unless such process is released or satisfied within thirty (30) days after Landlord shall have the occurrence thereofright to correct the default and to recover the reasonable cost thereof from Tenant, which cost Tenant agrees to pay to Landlord upon written demand. If a court of competent jurisdiction determines that any Landlord takes possession of the foregoing events is not a default under Leased Premises without terminating this Lease, and a trustee is appointed to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receiveuse good faith and best efforts to relet the same on reasonable terms, as Additional Rentwith Tenant remaining liable to pay rentals hereunder for the remainder of the term of this Lease, less the difference between net amount realized from such reletting. Should the rent (or other consideration) paid in connection with sum realized from such transfer and reletting be less than the rent payable by rentals, Tenant hereunder, Any assignee pursuant to the provisions shall pay such deficiency each month upon demand therefor. No act of any bankruptcy law Landlord shall be deemed without further an act to have assumed all of terminating this Lease or declaring the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumption.
(e) The occurrence of any other event that is deemed to be an Event of Default under any other provision term of this LeaseLease ended unless a written notice is served upon Tenant by Landlord expressly setting forth therein that Landlord elects to terminate this Lease or to declare the term ended, in which event Tenant shall thereby be released from any liabilities hereunder.
Appears in 1 contract
Sources: Ground Lease (Lubys Inc)
Default by Tenant. The Any failure by Tenant to fully and completely perform or comply with any covenant, condition, term or provision on the part of Tenant to be performed or complied with under any Article of, and/or Exhibit to, this Lease shall constitute a breach of this Lease after the applicable notice and cure period. Landlord shall have the right to treat the occurrence of any one or more of the following shall constitute an “Event of Default” events as a default under this Lease (provided, no such levy, execution, legal process or petition as set forth in Subsections (3) through (7) below filed against Tenant shall constitute a default under this Lease if Tenant shall vigorously contest the same by Tenant:
appropriate proceedings, and shall remove or vacate the same within sixty (a60) Failure to days from the date of its creation, service or filing): Tenant does not pay when due the rent Rent or any other monetary sums sum required hereunder.
to be paid by Tenant under this Lease within five (b) Failure to perform any other agreement or obligation of Tenant hereunder, if such failure continues for fifteen (155) days after written notice by from Landlord but in no event shall Landlord be obligated to give Tenant except as such notice more than two (2) times during any calendar year or within five (5) days of due date after Tenant has received two (2) notices from Landlord in any calendar year; or Tenant does not perform or comply with any covenant, condition, term or provision on the part of Tenant to those Events of Default that are noncurablebe performed or complied with under any Article of, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition and/or Exhibit to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion.
(c) Abandonment or vacation of the Premises by Tenant, or failure to occupy the Premises for ten (10) consecutive days.
(d) If any of the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, this Lease and such petition is not dismissed within non-performance or non-compliance continues for thirty (30) days after notice to Tenant, unless the filing thereofsame cannot be cured within thirty (30) days, then within such additional time as is reasonably necessary to complete such cure, provided that Tenant has commenced such cure within the initial thirty (30) day period and diligently pursues such cure to completion within ninety (90) days. the interest of Tenant under this Lease is levied on under execution or other legal process; (ii) or any petition is filed by or against Tenant makes to declare Tenant a general bankrupt or to delay, reduce or modify Tenant’s debts or obligations; or any petition is filed to reorganize or modify Tenant’s debts or obligations; or any petition is filed to reorganize or modify Tenant’s capital structure; or Tenant is declared insolvent according to law; or any assignment of Tenant’s property is made for the benefit of creditors; (iii) or a receiver or trustee is appointed for Tenant or its property; or Tenant vacates or abandons the Leased Premises or any part thereof at any time during the Term for a period of fifteen (15) or more continuous days; or Tenant is a corporation and Tenant ceases to take possession of any substantial part of Tenant’s assets, unless such appointment is vacated within thirty (30) days after exist as a corporation in good standing in the date thereof; (iv) Tenant consents to or suffers an attachment, execution or other judicial seizure of any substantial part state of its assets or its interest under incorporation after receipt of notice from the Secretary of State of Delaware. Tenant expressly acknowledges and agrees that this Lease, unless such process is released or satisfied as well as any invoices and notices relating thereto, constitutes evidence of an indebtedness within thirty (30) days after the occurrence thereof. If a court meaning of competent jurisdiction determines that any of the foregoing events is not a default under this Lease, and a trustee is appointed to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumptionNorth Carolina General Statutes Section 6-21.2.
(e) The occurrence of any other event that is deemed to be an Event of Default under any other provision of this Lease.
Appears in 1 contract
Sources: Lease Agreement (Trans1 Inc)
Default by Tenant. The Landlord and Tenant hereby agree that the occurrence of any one or more of the following events shall constitute be an “Event of Default” by Tenant under this Lease by and that said Event of Default shall give Landlord the rights described in Section 13.2. Landlord or Landlord’s authorized agent shall have the right to execute and to deliver any notice of default, notice to pay rent or quit or any other notice Landlord gives Tenant:.
(a) Failure Tenant’s failure to pay when due the rent make any payment of Base Rent, Tenant’s Share of Operating Expense increases, Tenant’s Share of Real Property Taxes, late charges, or any other monetary sums payment required to be made by Tenant hereunder, as and when due, where such failure shall continue for a period of five (5) days after written notice thereof from Landlord to Tenant. In the event that Landlord serves Tenant with a notice to pay rent or quit pursuant to applicable summary process or unlawful detainer statutes, such notice shall also constitute the notice required by this Section 13.1(a), so long as Tenant has the benefit of the grace period described above.
(b) Failure The abandonment of the Premises by Tenant, in which event Landlord shall not be obligated to give any notice of default to Tenant.
(c) The failure of Tenant to (1) comply with any of its obligations under Sections 7.3, 8, 12, 21, 23 or 26 and failure to cure the same within fifteen (15) days following written notice from Landlord to Tenant, or (2) comply with any of its obligations under Section 6.2 and failure to cure the same within such time as may be allowed by the applicable legal or regulatory requirement, so long as (i) Tenant shall diligently and continuously work to effect such cure at the soonest practicable time, and (ii) the time used by Tenant to effect such a cure shall not in any way subject Landlord or the Property to civil or criminal sanction or liability or create a default under Landlord’s mortgage or any other lease or contract to which Landlord is a party or by which Landlord or the Property is bound, and all enforcement proceedings against Landlord or the Property shall be stayed. In the event Landlord serves Tenant with a notice to quit or any other notice pursuant to applicable summary process or unlawful detainer statutes, said notice shall also constitute the notice required by this Section 13.1(c), so long as Tenant has the benefit of the grace period described above.
(d) The failure by Tenant to observe or perform any of the covenants, conditions or provisions of this Lease to be observed or performed by Tenant (other agreement or obligation of Tenant hereunderthan those referenced in Sections 13.1(a), if (b) and (c), above), where such failure continues shall continue for a period of thirty (30) days after written notice thereof from Landlord to Tenant; provided, however, that if the nature of Tenant’s non-performance is such that more than thirty (30) days are reasonably required for its cure, then an Event of Default shall not be deemed to exist if Tenant commences such cure within fifteen (15) days after written such notice by Landlord to Tenant except as to those Events of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same pursues such cure to completion. In the event that Landlord serves Tenant with a notice to quit or any other notice pursuant to applicable summary process or unlawful detainer statutes, said notice shall also constitute the notice required by this Section 13.1(d), so long as Tenant has the benefit of the grace period described above.
(c) Abandonment or vacation of the Premises by Tenant, or failure to occupy the Premises for ten (10) consecutive days.
(d) If any of the following occurs: (i) a petition is filed for an order The making by Tenant or any guarantor of relief under the federal Bankruptcy Code Tenant’s obligations hereunder of any general arrangement or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after the filing thereof; (ii) Tenant makes a general assignment for the benefit of creditors; (ii) Tenant or any guarantor becoming a “debtor” as defined in 11 U.S.C. Section 101 (the “Bankruptcy Code”) or any successor statute thereto (unless, in the case of a petition filed against Tenant or guarantor, the same is dismissed within sixty (60) days); (iii) the appointment of a trustee or receiver or trustee is appointed to take possession of any substantial part substantially all of Tenant’s assetsassets located at the Premises or of Tenant’s interest in this Lease, unless such appointment where possession is vacated not restored to Tenant within thirty (30) days after the date thereofdays; (iv) Tenant consents to or suffers an the attachment, execution or other judicial seizure of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is not discharged within thirty (30) days; (v) Tenant shall be adjudicated insolvent, or shall file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future Federal, State or other statute, law or regulation for the relief of debtors (other than the Bankruptcy Code), or shall seek or consent to or acquiesce in the appointment of any trustee, receiver or liquidator of Tenant or of all or any substantial part of its assets properties, or shall admit in writing its interest inability to pay its debts generally as they become due; (vi) a petition shall be filed against Tenant under any law other than the Bankruptcy Code seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under any present or future Federal, State or other statute, law or regulation and shall remain undismissed or unstayed for an aggregate of sixty (60) days (whether or not consecutive), or if any trustee, conservator, receiver or liquidator of Tenant or of all or any substantial part of its properties shall be appointed without the consent or acquiescence of Tenant and such appointment shall remain unvacated or unstayed for an aggregate of sixty (60) days (whether or not consecutive); or (vii) the occurrence of any of the events described in this paragraph (e) with respect to any guarantor of all or any portion of Tenant’s obligations under this Lease, unless such process is released or satisfied within thirty (30) days after . In the occurrence thereof. If a court of competent jurisdiction determines event that any provision of the foregoing events this Section 13.1(e) is not a default unenforceable under this Leaseapplicable law, and a trustee is appointed to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law provision shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on no force or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumptioneffect.
(ef) The occurrence discovery by Landlord that any financial statement, representation or warranty given to Landlord by Tenant, or by any guarantor of any Tenant’s obligations hereunder, is or was materially false. Tenant acknowledges that Landlord has entered into this Lease in material reliance on such information.
(g) If Tenant is a corporation, limited liability company, partnership, or other event that is deemed business entity, the dissolution or liquidation of Tenant.
(h) If Tenant’s obligations under this Lease are guaranteed: (i) the death of a guarantor, (ii) the termination of a guarantor’s liability with respect to be an Event this Lease other than in accordance with the terms of Default under any other provision such guaranty, (iii) a guarantor’s becoming insolvent or the subject of this Leasea bankruptcy filing, or (iv) a guarantor’s refusal to honor the guaranty.
Appears in 1 contract
Sources: Lease Agreement (Nitromed Inc)
Default by Tenant. The occurrence following events shall be deemed to be events of any of the following shall constitute an “Event of Default” default by Tenant under this Lease by TenantLease:
(a) Failure Tenant shall fail to pay when due the any installment of rent or any other monetary sums required hereundersum due to Landlord when due. Notwithstanding the above, Tenant shall not be deemed in default if not more than twice during any calendar year it pays such installment of rent or any other sum due Landlord within five (5) days of receipt of written notice of nonpayment. After delivery of the two notices as set forth above, Landlord shall give no other notices of nonpayment.
(b) Failure Tenant shall fail to perform comply with any term, provision or covenant of this Lease, other agreement than payment of rent or obligation of Tenant hereunderother sums due to Landlord, if and shall not cure such failure continues for fifteen (15) days after written notice by Landlord to Tenant except as to those Events of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion.
(c) Abandonment or vacation of the Premises by Tenant, or failure to occupy the Premises for ten (10) consecutive days.
(d) If any of the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after written notice thereof to Tenant, provided, however that if such default cannot reasonably be cured within such thirty (30) day period, Tenant shall not be deemed in default if it has commenced to cure, is diligently prosecuting same to completion, provides Landlord with reasonably satisfactory evidence of same and the filing thereof; cure period does not exceed ninety (ii90) days from the date such cure was timely commenced.
(c) Tenant makes shall die, cease to exist as a general corporation or partnership or be otherwise dissolved or liquidated or become insolvent, or shall make a transfer in fraud of creditors, or shall make an assignment for the benefit of creditors; creditors or is otherwise unable to pay its debts as they come due.
(iii) a receiver or trustee is appointed to take possession of any substantial part of Tenant’s assets, unless such appointment is vacated within thirty (30) days after the date thereof; (ivd) Tenant consents to shall file a petition under any section or suffers an attachment, execution or other judicial seizure of any substantial part of its assets or its interest under this Lease, unless such process is released or satisfied within thirty (30) days after the occurrence thereof. If a court of competent jurisdiction determines that any chapter of the foregoing events is not national bankruptcy act as amended or under any similar law or statute of the United States or any state thereof, or have a default under this Lease, and petition filed or a trustee is appointed to take possession (or if Tenant remains request for a debtor in possession), and such trustee receiver; or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on adjudged bankrupt or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumptioninsolvent in proceedings filed against Tenant.
(e) The occurrence A receiver or trustee shall be appointed for all of the Premises or for all or substantially all of the assets of Tenant.
(f) Tenant shall abandon or vacate any other event that is deemed to be an Event portion of Default under any other provision the Premises, in whole or in part.
(g) Tenant assigns or sublets in violation of the provisions of this Lease.
(h) Tenant fails to deliver the instruments pursuant to Articles 17 and 18 hereof, time being of the essence.
Appears in 1 contract
Sources: Office Lease (Usurf America Inc)
Default by Tenant. The Landlord and Tenant hereby agree that the occurrence of any one or more of the following shall constitute events set forth in this Section 13.1 is an “Event of Default” by Tenant under this Lease by and that said default shall give Landlord the rights described in Section 13.2. Landlord or Landlord's authorized agent shall have the right to execute and to deliver any notice of default, notice to pay rent or quit or any other notice Landlord gives Tenant:.
(a) Failure Tenant's failure to pay when due the rent make any payment of Base Rent, Tenant's Share of Operating Expense increases, Tenant's Share of Real Property Taxes, Non-Business Hours HVAC Charges, late charges, or any other monetary sums payment required hereunder.
(b) Failure to perform any other agreement or obligation of be made by Tenant hereunder, if as and when due, where such failure continues shall continue for fifteen a period of three (153) business days after written notice by thereof from Landlord to Tenant except as to those Events of Default Tenant; provided however, that are noncurable, any such notice shall be in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfylieu of, and is not in addition to, any and all legal notices notice required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of under California Code of Civil Procedure Section 1161 or any similar or successor law. In the event that Landlord serves Tenant with a notice to pay rent or quit pursuant to applicable unlawful detainer statutes, such notice shall also constitute the notice required by this Section 13.1(a).
(b) The abandonment of the Premises by Tenant pursuant to applicable law, coupled with the nonpayment of rent in which event Landlord shall not be obligated to give any notice of default to Tenant.
(c) The failure of Tenant to comply with any of its obligations under Sections 1161 et seq.6.1, provided 6.2(b), 7.2, 7.3, 8, 12, 18, 19, 21, 23, 24, 26, 34, 35 and 56 where Tenant fails to comply with its obligations or fails to cure any earlier breach of such obligation within ten (10) business days following written notice from Landlord to Tenant; provided, however, that if the nature of such obligation Tenant's non-performance under Section 7.2(a) is such that more than 15 ten (10) business days is are reasonably required for performanceits cure, then Tenant will shall not be deemed to be in default if Tenant commences performance such cure within such 15-said ten (10) business day period and thereafter diligently prosecutes the same pursues such cure to completion.
(c) Abandonment ; provided however, that any such notice shall be in lieu of, and not in addition to, any notice required under California Code of Civil Procedure Section 1161 or vacation of any similar or successor law. In the Premises event Landlord serves Tenant with a notice to quit or any other notice pursuant to applicable unlawful detainer statutes, said notice shall also constitute the notice required by Tenant, or failure to occupy the Premises for ten (10) consecutive daysthis Section 13.1(c).
(d) If The failure by Tenant to observe or perform any of the following occurs: covenants, conditions or provisions of this Lease to be observed or performed by Tenant (iother than those referenced in Sections 13.1(a), (b) and (c), above), where such failure shall continue for a petition is filed for an order period of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after written notice thereof from Landlord to Tenant; provided, however, that if the filing thereofnature of Tenant's non-performance is such that more than thirty (30) days are reasonably required for its cure, then Tenant shall not be deemed to be in default if Tenant commences such cure within said thirty (30) day period and thereafter diligently pursues such cure to completion; provided however, that any such notice shall be in lieu of, and not in addition to, any notice required under California Code of Civil Procedure Section 1161 or any similar or successor law. In the event that Landlord serves Tenant with a notice to quit or any other notice pursuant to applicable unlawful detainer statutes, said notice shall also constitute the notice required by this Section 13.1(d).
(iii) The making by Tenant makes a of any general arrangement or general assignment for the benefit of creditors; (ii) Tenant becoming a "debtor" as defined in 11 U.S.C. 101 or any successor statute thereto (unless, in the case of a petition filed against Tenant, the same is dismissed within sixty (60) days); (iii) the appointment of a trustee or receiver or trustee is appointed to take possession of any substantial part substantially all of Tenant’s assets's assets located at the Premises or of Tenant's interest in this Lease, unless such appointment where possession is vacated not restored to Tenant within thirty (30) days after the date thereofdays; (iv) Tenant consents to or suffers an the attachment, execution or other judicial seizure of any substantial part substantially all of its Tenant's assets located at the Premises or its of Tenant's interest under in this Lease, unless where such process seizure is released or satisfied not discharged within thirty (30) days after days; or (v) the occurrence thereofinsolvency of Tenant. If a court of competent jurisdiction determines In the event that any provision of the foregoing events this Section 13.1(e) is not a default unenforceable under this Leaseapplicable law, and a trustee is appointed to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law provision shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on no force or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumptioneffect.
(ef) The occurrence discovery by Landlord that any financial statement, representation or warranty given to Landlord by Tenant was materially false at the time given. Tenant acknowledges that Landlord has entered into this Lease in material reliance on such information.
(g) If Tenant is a corporation, limited liability company or a partnership, the dissolution or liquidation of any other event that is deemed to be an Event of Default under any other provision of this LeaseTenant.
Appears in 1 contract
Default by Tenant. 16.1 The occurrence prompt payment of rent for the demised premises upon the dates named, or when billed therefor, the faithful performance of all covenants of this Lease and the faithful observance of the rules and regulations of the entire building, ground and parking facilities now in existence, and which are hereby made a part of this Lease, and so such further reasonable rules and regulations for the entire building, grounds and parking facilities which may be hereafter made by the Landlord, are the conditions upon which this Lease is made and accepted. Any failure on the part of Tenant to comply with the terms of this Lease, or any of the following reasonable rules and regulations now in existence, or hereafter prescribed by the Landlord, shall constitute an “Event at the option of Default” under Landlord, after giving notice as provided in this paragraph, work a forfeiture of this Lease and all of the rights of the Tenant hereunder, and thereupon Landlord, its agent or attorneys, shall have the right to enter the demised premises and remove all persons therefrom and shall have the right to declare the entire rent for the balance of the term, or any part thereof, immediately due and payable in full and may proceed to collect same either by distress or otherwise, and thereupon the Lease shall terminate.
16.2 If Tenant shall abandon or vacate the demised premises before the end of the term of this lease, or permit the rent to be in arrears or otherwise fail to comply with the terms of this lease, Landlord may, at its option, forthwith terminate this Lease or may enter the demised premises as the agent of Tenant:, in any manner not prohibited by law, without being liable in any way therefore, and relet the demised premises with or without any furniture, fixtures, and equipment that may be situated therein, at such rent and upon such terms and for such duration of time as Landlord may determine and receive the rent therefor, applying the same to the payment of the rent due hereunder. If the full rental herein provided shall not be realized by Landlord over and above the expenses in reletting, Tenant shall pay any deficiency.
(a) Failure 16.3 Tenant agrees to pay when due pay, to the extent not prohibited by law, all expenses which Landlord may incur in reletting the demised premises after Tenant's forfeiture of the Lease, abandonment or vacating of the demised premises. Tenant also agrees that if Landlord retains an attorney to enforce the provisions of this Lease, or if suit is brought for recovery of possession of the Premises, for the recovery of rent or any other monetary sums required hereunder.
(b) Failure to perform amount due under this lease, or because of the breach of any other agreement covenant herein to be kept or obligation of Tenant hereunder, if such failure continues for fifteen (15) days after written notice by Landlord to Tenant except as to those Events of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion.
(c) Abandonment or vacation of the Premises performed by Tenant, or failure Tenant shall pay to occupy the Premises for ten (10) consecutive daysLandlord all expenses incurred, including reasonable attorney's fees, which fees shall include services at trial and appellate levels.
(d) If 16.4 The rights and remedies of Landlord upon any of the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after the filing thereof; (ii) Tenant makes a general assignment for the benefit of creditors; (iii) a receiver or trustee is appointed to take possession of any substantial part of Tenant’s assets, unless such appointment is vacated within thirty (30) days after the date thereof; (iv) Tenant consents to or suffers an attachment, execution or other judicial seizure of any substantial part of its assets or its interest under this Lease, unless such process is released or satisfied within thirty (30) days after the occurrence thereof. If a court of competent jurisdiction determines that any of the foregoing events is not a default under this Lease, and a trustee is appointed to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law as set forth in this Lease shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute cumulative and deliver to Landlord an instrument confirming such assumption.
(e) The occurrence not exclusive of any other event that is deemed rights or remedies at law or in equity. The failure of Landlord to be an Event of Default under promptly exercise any other provision of this Leaseright or remedy shall not operate to forfeit any right or remedy.
Appears in 1 contract
Sources: Lease (Serefex Corp)
Default by Tenant. The occurrence of any A. Any one or more of the following events shall constitute an “Event of Default” under this Lease be deemed to be a default by TenantTENANT:
(a1) Failure to pay when due the rent any installment of Rent, Additional Rent, or pay any other monetary sums required hereunder.change or amount to be paid by TENANT under this Lease when due,
(b2) Failure to perform comply with any term, provision or covenant of this Lease other agreement or obligation of Tenant hereunder, if such failure continues for fifteen (15) days after written notice by Landlord than the covenants to Tenant except as to those Events of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion.pay rent,
(c3) Abandonment If TENANT or vacation Surety becomes insolvent, makes a transfer in Fraud of Creditors, makes an Assignment for the Premises by TenantBenefit of Creditors, or failure to occupy the Premises for ten (10) consecutive days.
(d) If any of the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after the filing thereof; (ii) Tenant makes a general assignment for the benefit of creditors; (iii) a receiver or trustee is Receiver be appointed to take possession of the Demised Premises, the assets of the TENANT or the Surety,
(4) If TENANT does any substantial part act which creates a lien on the Demised Premises or the land on which the Demised Premises are located.
B. Prior to LANDLORD's availing itself of Tenant’s assetsany of the remedies hereinafter set forth, unless such appointment is vacated within thirty LANDLORD shall give the following written notices:
(301) In the case of a default under subparagraph A (1) five (5) days after notice to cure said default, which period shall include the three (3) day statutory notice. The giving of Statutory Notice shall not be deemed an election of remedies.
(2) In the case of a default under subparagraphs A (2), A (3), or A (4), ten (10) days notice to cure said default.
C. In addition to any other remedies provided by law, the following remedies are available to LANDLORD at its option and may be applied cumulatively or individually:
(1) Terminate this Lease by notice in writing in which event this Lease shall end automatically by its own limitation and TENANT shall immediately surrender the Demised Premises. In this case, TENANT shall pay LANDLORD all sums due as of the date thereof; of termination. TENANT hereby waives any rights of redemption TENANT may have in the Demised Premises.
(iv2) Tenant consents to or suffers an attachmentRe-enter and take possession of the Demised Premises holding the same for the account of TENANT, execution or other judicial seizure in which case, the entire amount of any substantial part base rent for the term of its assets or its interest under this Lease, unless such process is released or satisfied within thirty (30) days after plus other charges enumerated in this Lease for the occurrence thereof. If a court of competent jurisdiction determines that any remainder of the foregoing events is term, plus any costs of reletting including rehabilitation and brokerage costs, less an amount equal to the base monthly rent multiplied by the number of months remaining on the term of this Lease for which the Demised Premises are relet, if any, shall be immediately due and payable. TENANT hereby waives any claim TENANT may have to rent obtained in reletting in excess of that required to be paid by TENANT. Acceptance of surrender shall be by written notice only and the acceptance of keys or changing of the locks shall not a default under be deemed an acceptance of surrender of the Demised Premises.
(3) Without prejudice to any present or future right of possession, bring an action in law or in equity to collect rent and other charges due, for general or special damages, to restrain any violation of any term, provision or covenant of this Lease and/or to foreclose or protect any security interest or lien arising out of this Lease, and a trustee is appointed to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference separate agreement between the rent (parties covering property within the Demised Premises, operation of law, or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumptionstatute.
(e4) The occurrence In any litigation arising out of any other event that is deemed to be an Event of Default TENANT's default under any other provision the terms of this Lease, the prevailing party shall be entitled to its costs and payment of a reasonable attorney's fee. Delinquent rent shall bear interest at eighteen (18%) percent per annum, or at the highest rate permitted by the usury laws of the State of Florida, whichever rate is less.
Appears in 1 contract
Default by Tenant. The occurrence Landlord shall give Tenant written notice of any default by Tenant under this Lease. If Landlord notifies Tenant of a monetary default, Tenant shall have ten (10) Business Days after Tenant's receipt of Landlord's default notice to cure such default; provided, however, that if the following default relates to Landlord's dispute of Tenant's right to deduct any amount pursuant to this Lease, Tenant shall constitute an “Event of Default” not be in default under this Lease by Tenant:
(a) Failure to unless Landlord receives a final judgment in its favor regarding the disputed amount and Tenant does not pay when due the rent or any other monetary sums required hereunder.
(b) Failure to perform any other agreement or obligation of Tenant hereunder, if such failure continues for fifteen (15) judgment within five days after Tenant's receipt of written notice from Landlord of such judgment. If Tenant defaults three times in the payment of rent within a 12-month period, Tenant shall pay a 5% penalty of the amount due for the third and subsequent defaults, after notice of each default by Landlord. If Landlord notifies Tenant of a non-monetary default, Tenant shall have 30 days after Tenant's receipt of Landlord's default notice to Tenant except as to those Events of Default that are noncurablecure such default (unless such default cannot reasonably be cured within 30 days, in which case no Tenant shall have as much time to cure such grace period default as is reasonably necessary provided Tenant promptly commences and diligently pursues such cure). Tenant shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, have any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion.
(c) Abandonment or vacation of the Premises by Tenant, or failure to occupy the Premises for ten (10) consecutive days.
(d) If any of the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after the filing thereof; (ii) Tenant makes a general assignment for the benefit of creditors; (iii) a receiver or trustee is appointed to take possession of any substantial part of Tenant’s assets, unless such appointment is vacated within thirty (30) days after the date thereof; (iv) Tenant consents to or suffers an attachment, execution or other judicial seizure of any substantial part of its assets or its interest implied obligations under this Lease, unless such process is released or satisfied within thirty (30) days after the occurrence thereof. If a court of competent jurisdiction determines that any of the foregoing events is Tenant shall not a be considered in default under this Lease unless Tenant breaches, violates or defaults an express provision of this Lease, and a trustee is appointed to take possession (does not cure such breach, violation or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest default within the time period permitted hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumption.
(e) The occurrence of any other event that is deemed to be an Event of Default under any other provision of this Lease.
Appears in 1 contract
Sources: Shopping Center Lease (Nbi Inc)
Default by Tenant. The occurrence of any Any of the following events shall constitute an “Event be deemed to be events of Default” default under this Lease by TenantSublease:
(a) Failure of Tenant to pay when any installment of the Base Rent, Additional Rent or other sum payable to Landlord hereunder on the date that same is due and the rent or any other monetary sums required hereundersame continues for three (3) days after written notice from Landlord thereof.
(b) Failure to perform any other agreement or obligation of Tenant hereunderto comply with any term, condition or covenant of this Sublease or the Prime Lease, other than the payment of Base Rent, Additional Rent or other sum of money and Tenant shall fail to remedy the same within twenty (20) days after prior written notice to Tenant specifying such failure, or if such failure continues for fifteen is of such a nature that Tenant cannot reasonably remedy the same within such twenty (1520) day period, Tenant shall fail to commence promptly to remedy the same and to prosecute such remedy to completion with diligence and continuity, provided that such cure is effected within forty-five (45) days after such prior written notice by Landlord to Tenant except as to those Events of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completionnotice.
(c) Abandonment or vacation The making by Tenant of the Premises by Tenant, or failure to occupy the Premises for ten (10) consecutive days.
(d) If any of the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after the filing thereof; (ii) Tenant makes a general assignment for the benefit of creditors; (iii) , or its admitting in writing its inability to pay its debts as they mature, or its adjudication as a receiver bankrupt, or trustee is appointed its filing of a petition in voluntary bankruptcy of a petition or answer seeking reorganization or an arrangement with creditors under the federal bankruptcy laws or any other similar law or statute of the United States or any state, or its filing of a petition to take possession advantage of any substantial part debtor's or insolvency act.
(d) Filing of a petition under any section or chapter of the National Bankruptcy Act, as amended, or under any similar law or statute of the United States or any State thereof by Tenant or any guarantor of Tenant’s assets, unless 's obligations or adjudication as a bankrupt or insolvent in proceedings filed against Tenant or such appointment is vacated within thirty (30) days after the date thereof; (iv) Tenant consents to or suffers an attachment, execution or other judicial seizure of any substantial part of its assets or its interest under this Lease, unless such process is released or satisfied within thirty (30) days after the occurrence thereof. If a court of competent jurisdiction determines that any of the foregoing events is not a default under this Lease, and a trustee is appointed to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumptionguarantor.
(e) The occurrence Appointment of a receiver or trustee for all or substantially all of the assets of Tenant or any other event that is deemed to be an Event guarantor of Default under any other provision of this LeaseTenant's obligation hereunder.
Appears in 1 contract
Sources: Sublease Agreement (Biopure Corp)
Default by Tenant. The occurrence following events shall be deemed to be ----------------- events of any of the following shall constitute an “Event of Default” default by Tenant under this Lease by TenantLease:
(a) Failure Subject to Section 3.3, Tenant shall fail to pay when due the any installment of rent or any other monetary sums required hereundersum due to Landlord when due. Notwithstanding the above, Tenant shall not be deemed in default if not more than twice during any calendar year it pays such installment of rent or any other sum due Landlord within five (5) business days of receipt of written notice of nonpayment. After delivery of the two notices as set forth above, Landlord shall have no obligation to give other notices of nonpayment during such calendar year and any such other event of nonpayment shall cause an automatic event of default under this Lease.
(b) Failure Tenant shall fail to perform comply with any term, provision or covenant of this Lease, other agreement than payment of rent or obligation of Tenant hereunderother sums due to Landlord, if and shall not cure such failure continues for fifteen (15) days after written notice by Landlord to Tenant except as to those Events of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion.
(c) Abandonment or vacation of the Premises by Tenant, or failure to occupy the Premises for ten (10) consecutive days.
(d) If any of the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after written notice thereof to Tenant provided, however that if such default cannot reasonably be cured within such thirty (30) day period, Tenant shall not be deemed in default if it has commenced to cure, is diligently prosecuting same to completion, provides Landlord with reasonably satisfactory evidence of same and the filing thereof; cure period does not exceed one hundred eighty (ii180) days from the date such cure was timely commenced.
(c) Except for a permitted assignment as set forth in Article 7 hereof, Tenant makes shall die, cease to exist as a general corporation or partnership or be otherwise dissolved or liquidated or become insolvent, or shall make a transfer in fraud of creditors, or shall make an assignment for the benefit of creditors; creditors or is otherwise unable to pay its debts as they come due.
(iiid) Tenant shall file a petition under any section or chapter of the national bankruptcy act as amended or under any similar law or statute of the United States or any state thereof, or have a petition filed or a request for a receiver or trustee is appointed to take possession of any substantial part of Tenant’s assets, (unless such appointment is vacated dismissed within thirty ninety (3090) days after the date thereofof filing); or Tenant shall be adjudged bankrupt or insolvent in proceedings filed against Tenant (iv) Tenant consents to or suffers an attachment, execution or other judicial seizure of any substantial part of its assets or its interest under this Lease, unless such process is released or satisfied dismissed within thirty ninety (3090) days after the occurrence thereof. If a court of competent jurisdiction determines that any of the foregoing events is not a default under this Lease, and a trustee is appointed to take possession (or if Tenant remains a debtor in possessionfiling), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumption.
(e) The occurrence A receiver or trustee shall be appointed for all of the Premises or for all or substantially all of the assets of Tenant or any other event that is deemed to be an Event guarantor of Default Tenant's obligations under this Lease.
(f) Tenant shall abandon or vacate any other provision portion of the Premises, in whole or in part, in violation of Section 32.11 hereof.
(g) Tenant assigns or sublets in violation of the provisions of this Lease.
(h) Tenant fails to deliver the instruments pursuant to Articles 17 and 18 hereof, time being of the essence.
Appears in 1 contract
Sources: Office Lease (Sm&a Corp)
Default by Tenant. The occurrence of any (a) Any of the following shall constitute be an “"Event of Default” " by Tenant under this Lease by TenantLease:
(ai) Failure Tenant fails or refuses to pay when due the rent any installment of Annual Rental or any other monetary sums required hereunder.
(b) Failure to perform any other agreement or obligation of Tenant hereunder, if Additional Rental and such failure or refusal continues for fifteen (15) days after written notice by Landlord to Tenant except as to those Events of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion.
(c) Abandonment or vacation of the Premises by Tenant, or failure to occupy the Premises for ten (10) consecutive days.days following delivery of written notice to Tenant; provided, however, following the fourth (4th) notice of nonpayment of Annual Rental and/or Additional Rental given by Landlord in any lease year, Landlord shall not be required to give any written notice for any subsequent failure of Tenant to timely pay any installment of Annual Rental or Additional Rental occurring during such calendar year; or
(dii) If Tenant fails or refuses to perform any of the following occurs: (i) a petition is filed for an order of relief its other covenants under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal lawthis Lease, and such petition is failure or refusal continues beyond a reasonable time to cure such nonperformance, not dismissed within to exceed thirty (30) days after the filing thereof; receipt by Tenant of written notice from Landlord unless additional time, up to a maximum of ninety (ii90) Tenant makes a general assignment for days in the benefit of creditors; (iii) a receiver or trustee aggregate is appointed required to take possession of any substantial part of Tenant’s assetscure the default which despite diligent and continuous effort, unless such appointment is vacated cannot by its very nature be cured within thirty (30) days after the date thereof; (iv) Tenant consents days, provided cure is commenced as soon as commercially reasonable and is diligently prosecuted to or suffers an attachment, execution or other judicial seizure of any substantial part of its assets or its interest under this Lease, unless such process is released or satisfied within thirty (30) days after the occurrence thereof. If a court of competent jurisdiction determines that any of the foregoing events is not a default under this Lease, and a trustee is appointed to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumptioncompletion.
(eb) The occurrence of any other event that is deemed to be Following an Event of Default under and which is not cured within the cure periods set out above, Landlord shall have the following remedies in addition to those other remedies at law or in equity which are not inconsistent therewith:
(i) Landlord may terminate this Lease and forthwith repossess the Premises and be entitled to recover forthwith as damages a sum of money equal to the total of (a) the cost of recovering the Premises, (b) the unpaid rent earned through the date of termination, plus interest thereon at the Default Rate from the due date, and (c) any other provision sum of money and damages owed by Tenant to Landlord under this Lease at the time of termination.
(ii) Landlord may terminate Tenant's right of possession (but not the Lease) and may repossess the leased premises by self-help, forcible entry or detainer suit or otherwise, without demand or notice of any kind to Tenant and without terminating this Lease, in which event Landlord may relet the same for the account of Tenant, such right to relet being on the following terms and conditions: (a) Landlord shall only relet on commercially reasonable terms and rent, and if the Premises are relet in whole or in part, Tenant shall be entitled to a credit in the net amount of the Annual Rental or Additional Rental received by Landlord as a result (after deducting all reasonable costs incurred by Landlord in finding a new tenant, including brokerage fees, agent's commissions, redecorating costs, construction allowance, lease concessions, parking, attorneys' fees and any other reasonable costs and expenses incident thereto). Tenant shall remain obligated to pay the amount of any deficiency in the Annual Rental or any Additional Rental obtained on such reletting, but if the Annual Rental or any Additional Rental obtained on such reletting is greater than that provided for herein plus Landlord's costs, such excess rentals shall be the sole property of Landlord, and (b) Landlord shall have the right to collect from Tenant amounts equal to said deficiencies provided for above by suits or proceedings brought from time to time on one or more occasions without Landlord being obligated to wait until the expiration of the term of this Lease; provided, however, Landlord shall not have the right to accelerate payments of future rents. Any rentals not paid by Tenant when due shall bear interest at the Default Rate. No such reletting or other action of Landlord shall be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention is given to Tenant by Landlord. Notwithstanding the foregoing in this Section 13.01(b)(ii), Landlord will use reasonable efforts to mitigate its damages resulting from Tenant's default.
(c) An election by Landlord of its remedies to terminate Tenant's right of possession under Section 13.01(b)(ii) shall not prohibit Landlord from subsequently exercising its rights to terminate the Lease under Section 13.01(b)(i).
Appears in 1 contract
Sources: Office Lease (Helmerich & Payne Inc)
Default by Tenant. The occurrence of any Each of the following shall constitute an “Event be deemed a default by Tenant and a breach of Default” under this Lease by TenantLease:
(a) Failure to pay when due 1. The filing of a petition by or against Tenant for adjudication as a bankrupt under the rent U.S. Bankruptcy Code, as now or hereafter amended or supplemented, or for reorganization under Chapter 11 of said Bankruptcy Code, or the filing of any other monetary sums required hereunderpetition by or against Tenant under any further bankruptcy act for the same or similar relief. Also constituting default is the dissolution or the commencement of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against Tenant or for the appointment of a receiver or trustee of the property of Tenant.
(b) Failure to perform any other agreement or obligation of Tenant hereunder, if such failure continues for fifteen (15) days after written notice by Landlord to Tenant except as to those Events of Default that are noncurable, in which case no such grace period shall apply2. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion.
(c) Abandonment or vacation The taking possession of the Premises or property of Tenant upon the Premises by Tenantany governmental officer or agency pursuant to statutory authority for the dissolution, rehabilitation, reorganization, or failure to occupy the Premises for ten (10) consecutive daysliquidation of Tenant.
(d) If 3. The making by Tenant of any of the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after the filing thereof; (ii) Tenant makes a general "assignment for the benefit of creditors; ." If any event of default described in subparagraph (iii1), (2) a receiver or trustee is appointed to take possession of any substantial (3) above shall be involuntary on the part of Tenant’s assets, unless such appointment is vacated there shall be no default within thirty (30) days after the date thereof; (iv) Tenant consents to or suffers an attachment, execution or other judicial seizure meaning of any substantial part of its assets or its interest under this Lease, unless if such process event is released dismissed or satisfied vacated by Tenant within thirty (30) 60 days from the occurrence of such event; otherwise such event shall constitute a default hereunder.
4. A failure to pay the rent herein reserved, or additional rent, or any part thereof, for a period of 5 days after receipt of written notice.
5. Failure in the occurrence thereof. If a court of competent jurisdiction determines that any of the foregoing events is not a default under this Lease, and a trustee is appointed to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions performance of any bankruptcy law other covenant or condition of this Lease on the part of Tenant to be performed, for a period of 30 days after receipt of written notice.
a. For the purposes of subparagraph (5) of this paragraph V., no failure on the part of Tenant in the performance of work required to be performed or acts to be done or conditions to be modified shall be deemed without further act to have assumed all exist if steps shall have, in good faith, been commenced promptly by Tenant to rectify the same and shall be prosecuted to completion with diligence and continuity. If the matter in question shall involve building construction and if Tenant shall be subject to unavoidable delay, either by reason of governmental regulations restricting the obligations availability of labor or materials, or by strikes or other labor troubles, or by reason of conditions beyond the Tenant hereunder arising on or after the date control of Tenant, Tenant's time to perform under said subparagraph (5) of this paragraph V. shall be extended for a period commensurate with such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumptiondelay.
(e) The occurrence b. In the event of any other event that is deemed to be an Event such default of Default under any other provision of this Lease.Tenant, Landlord may serve a
Appears in 1 contract
Sources: Commercial Lease (Intuit Inc)
Default by Tenant. The occurrence of (a) Subtenant agrees that any of the following events shall constitute an “Event be considered events of default as said term is used herein (any such default, following expiration of the stated notice and cure period, being referred to herein as a "Default” under this Lease by Tenant:"):
(ai) Failure Subtenant shall fail to pay when any Rent or other payment due the rent or any other monetary sums required hereunder.
(b) Failure to perform any other agreement or obligation of Tenant hereunder, if such failure continues for fifteen (15) days after written notice by Landlord to Tenant except as to those Events of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance hereunder within such 15-day period and thereafter diligently prosecutes the same to completion.
(c) Abandonment or vacation of the Premises by Tenant, or failure to occupy the Premises for ten (10) consecutive days.days following receipt of notice from Sublandlord that the same is past due; or
(dii) If Subtenant shall fail to keep, observe or perform any of the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code its other covenants or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, agreements herein contained and such petition is failure shall continue for thirty (30) days after notice thereof in writing to Subtenant from Sublandlord (or such longer time as may be reasonably necessary in the event the failure cannot dismissed reasonably be cured within thirty (30) days after provided Subtenant commences the filing thereof; (ii) Tenant makes a general assignment for the benefit of creditors; (iii) a receiver or trustee is appointed to take possession of any substantial part of Tenant’s assets, unless cure within such appointment is vacated within thirty (30) days after day period and thereafter diligently pursues such cure to completion).
(b) Upon the date thereofoccurrence of a Default, Sublandlord at its election, may either: (i) terminate this Sublease, or (ii) terminate Subtenant's right of possession of the Subleased Premises without terminating this Sublease, or (iii) Sublandlord may collect and ▇▇▇ Subtenant from time to time for the amount of any Rent or other amounts then owing by Subtenant to Sublandlord pursuant to this Sublease; or (iv) Tenant consents Sublandlord may do whatever Subtenant is obligated to or suffers an attachmentdo under the terms of this Sublease, execution or other judicial seizure of in which event Subtenant shall reimburse Sublandlord on demand for any substantial part of its assets or its interest reasonable costs and expenses incurred by Sublandlord in carrying out Subtenant's duties and obligations under this Lease, unless such process is released Sublease. Upon termination of this Sublease (or satisfied within thirty (30) days after the occurrence thereof. If a court Subtenant's right of competent jurisdiction determines that any possession of the foregoing events is not a default Subleased Premises), Subtenant shall surrender possession of the Subleased Premises to Sublandlord in the condition required under this LeaseSublease, and a trustee is appointed hereby grants to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, Sublandlord the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shallright, upon demandreasonable advance notice to Subtenant, execute to enter into and deliver upon the Subleased Premises and in such event to Landlord an instrument confirming such assumptionrepossess the Subleased Premises as Sublandlord's former estate and to expel or remove Subtenant and any others who may be occupying or within the Subleased Premises without relinquishing Sublandlord's rights to Rent or any other right given to Sublandlord hereunder or by operation of law.
(ec) The occurrence Sublandlord's forbearance in pursuing or exercising one or more of its remedies shall not be deemed or construed to constitute a waiver of any other event default or any remedy, and no waiver by Sublandlord of any right or remedy on one occasion shall be construed as a waiver of that is deemed right or remedy on any subsequent occasion or as a waiver of any right or remedy then or thereafter existing. No failure of Sublandlord to be an Event pursue or exercise any of Default under its rights or remedies or to insist upon strict compliance by the Subtenant with any other term or provision of this LeaseSublease, and no custom or practice at variance with the terms of this Sublease, shall constitute a waiver by Sublandlord of the right to demand strict compliance with the terms and provisions of this Sublease.
(d) Sublandlord shall in all cases use reasonable efforts to mitigate its damages under this Sublease.
Appears in 1 contract
Sources: Stock Purchase Agreement (Belk Inc)
Default by Tenant. The occurrence All rights and remedies of Landlord herein set forth are in addition to any of the following shall constitute an “Event of Default” under this Lease and all rights and remedies allowed by Tenant:law and equity.
(a) Failure If any voluntary or involuntary petition or similar pleading under any Act of Congress relating to bankruptcy shall be filed by or against Tenant, or if any voluntary or involuntary proceedings in any court or tribunal shall be instituted by or against Tenant to declare Tenant insolvent or unable to pay when due Tenant’s debts, then and in any such event Landlord may avail itself of all rights and remedies afforded or available to it under the rent or Bankruptcy Reform Act of 1978 and any other monetary sums required hereundersubsequent amendments thereto.
(b) Failure If Tenant shall fail to perform any other agreement or obligation of Tenant hereunder, if such failure continues for fifteen (15) days after written notice by Landlord to Tenant except as to those Events of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described pay the Annual Base Rent and Additional Charges reserved herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion.
(c) Abandonment or vacation of the Premises by Tenantwhen due, or failure to occupy the Premises for within ten (10) consecutive days.
(d) If days after notice from Landlord that said Annual Base Rent and/or Additional Charges has not been paid, or defaults in the prompt and full performance of any of the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, Tenant’s covenants and such petition agreements hereunder and said default is not dismissed corrected within thirty (30) days after notice from Landlord of said default; provided, however, that if the filing thereof; term, condition, covenant or obligation to be performed by Tenant is of such nature that the same cannot reasonably be performed within such thirty (ii30) day period, such matter shall not constitute a default so long as Tenant makes a general assignment for commences to cure such default within said thirty (30) day period and thereafter diligently and continuously undertakes to complete the benefit same, or if the leasehold interest of creditors; (iii) a receiver or trustee is appointed to take possession of any substantial part of Tenant’s assets, unless such appointment is vacated Tenant be levied upon and Tenant shall not have the lien removed within thirty (30) days after the date thereof; (iv) Tenant consents to notice from Landlord of said lien or suffers an attachment, levy under execution or other judicial seizure be attached, or if Tenant makes an assignment for the benefit of creditors or if a receiver be appointed for any substantial part property of its assets Tenant, or its interest under if Tenant abandons the Premises, then and in any such event Landlord may, if Landlord so elects, and with or without notice of such election and with or without further demand whatsoever, forthwith terminate this Lease and Tenant’s right or possession of the Premises, or Landlord may, without terminating this Lease, unless such process is released or satisfied within thirty (30) days after the occurrence thereof. If a court of competent jurisdiction determines that any terminate Tenant’s right to possession of the foregoing events is not a default under Premises.
(c) Upon the termination of this Lease, or upon the termination of Tenant’s right to possession without termination of the Lease, Tenant shall surrender possession and a trustee is appointed to take possession (or if Tenant remains a debtor in possession)vacate the Premises immediately, and Landlord may enter into and repossess the Premises with or without process of law and remove all persons and property therefrom in the same manner and with the same rights as if this Lease had not been made, and for the purpose of such trustee entry and repossession, Tenant waives any notice provided by law or Tenant transfers otherwise to be given in connection therewith.
(d) If Landlord elects to terminate Tenant’s interest hereunderright to possession only, then without terminating the Lease as above provided, Landlord may remove from the Premises any and all property found therein and such repossession shall not release Tenant from Tenant’s obligation to pay the rent reserved herein. After any such repossession by Landlord without termination of the Lease, Landlord shall receivemake reasonable efforts to relet the Premises, or any part thereof, as Additional Rentagent of Tenant to any person, the difference between the rent (firm or other consideration) paid corporation and for such time and upon such terms as Landlord, in connection with such transfer Landlord’s sole discretion, may determine. Landlord may make repairs, alterations and the rent payable by Tenant hereunder, Any assignee pursuant additions in and to the provisions of any bankruptcy law shall be Premises and redecorate the same to the extent reasonably deemed without further act to have assumed all of the obligations of the by Landlord necessary, and Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute pay the reasonable cost thereof together with Landlord’s expenses (including any broker’s commission) of reletting. If the rents and deliver Additional Charges collected by Landlord upon any such reletting are not sufficient to pay monthly the full amount of the rent and Additional Charges reserved herein together with the costs of such repairs, alterations, additions, redecorating and expenses, Tenant shall pay to Landlord an instrument confirming such assumptionthe amount of each monthly deficiency upon demand.
(e) The occurrence Any and all property which may be removed from the Premises by Landlord may be handled, removed, stored or otherwise disposed of by Landlord at the risk and expense of Tenant, and Landlord shall in no event be responsible for the preservation of safekeeping thereof. Tenant shall pay to Landlord, upon demand, any other event that is and all expenses incurred in such removal and all storage charges against the said property so long as the same shall be in Landlord’s possession or under Landlord’s control. If any property shall remain in the Premises or in the possession of Landlord and shall not be removed by Tenant within a period of seven (7) days from and after the time when the Premises are either abandoned by Tenant or repossessed by Landlord under the terms of this Lease, said property shall conclusively be deemed to have been forever abandoned by Tenant.
(f) If Tenant shall default in performing any term, covenant or condition of this Lease on the part of Tenant to be performed by Tenant, which default may be cured by the expenditure of money, Landlord at Landlord’s option may, but shall not be obligated to, on behalf of Tenant, expend such sum as may be necessary to perform and fulfill such term, covenant or condition, and any and all sums so expended by Landlord, with interest thereon at the rate of two percent (2%) per month from the date of such expenditure, shall be deemed to be an Event Additional Charges, in addition to the Annual Base Rent, and shall be repaid by Tenant to Landlord on demand but no such payment or expenditure by Landlord shall be deemed a waiver of Default under Tenant’s default nor shall it affect any other provision remedy of this LeaseLandlord by reason of such default.
Appears in 1 contract
Default by Tenant. The occurrence of any of the following shall constitute an “Event of Default” under this Lease by Tenant:
(a) Failure to pay when due the rent or any other monetary sums required hereunder.
(b) Failure to perform any other agreement or obligation of Tenant hereunder, if such failure continues for fifteen (15) days after written notice by Landlord to Tenant except as to those Events of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion.
(c) Abandonment or vacation of the Premises by Tenant, Occupants, invitees or failure guests violate any terms of this Lease Agreement including but not limited to occupy the Premises following violations: (A) Tenant does not pay Total Monthly Rent or other amounts that Tenant owes when due; (B) Tenant moves out before this Lease Agreement expires without paying Total Monthly Rent through the Termination Date or end of any renewal period; (C) Tenant fails to give written move-out notice as required by Paragraphs 18 or 31; (D) Tenant, Occupants, invitees or guests violate Landlord’s House Rules or fire, safety, health, or criminal laws, regardless of whether or where arrest or conviction occurs; (E) Tenant abandons the Apartment as defined in the Chicago Residential Landlord and Tenant Ordinance (the “RLTO”); (F) Tenant gives incorrect or false answers in a rental application; (G) Tenant, Occupants, invitees or guests are arrested, convicted, or given deferred adjudication for ten a felony or Class A misdemeanor offense involving actual or potential physical harm to a person, or involving possession, manufacture, or delivery of a controlled substance, marijuana, or drug paraphernalia, or illegal sexual activity; (10H) consecutive days.
any illegal drugs, illegal weapons, or drug paraphernalia are found in the Apartment; (dI) If Tenant, Occupants, invitees or guests engage in any of the following occurs: prohibited conduct described in Paragraph 16; and/or (iJ) Tenant violates any terms of any separate agreement and/or rider that references this Lease Agreement and is signed by Tenant. If Tenant, Occupants, invitees or guests, on one or more occasions, use or permit the use of the Apartment or the Property for the commission of a petition is filed for an order of relief felony or class A misdemeanor under the federal Bankruptcy Code or for an order or decree laws of insolvency or reorganization or rearrangement under any state or federal lawthis state, Landlord shall have the right to void the Lease Agreement and such petition is not dismissed within thirty (30) days after the filing thereof; (ii) Tenant makes a general assignment for the benefit of creditors; (iii) a receiver or trustee is appointed to take recover possession of any substantial part of Tenant’s assets, unless such appointment is vacated within thirty (30) days after the date thereof; (iv) Tenant consents to or suffers an attachment, execution or other judicial seizure of any substantial part of its assets or its interest under this Lease, unless such process is released or satisfied within thirty (30) days after the occurrence thereof. If a court of competent jurisdiction determines that any of the foregoing events is not a default under this Lease, Apartment and a trustee is appointed to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumptionleased premises.
(e) The occurrence of any other event that is deemed to be an Event of Default under any other provision of this Lease.
Appears in 1 contract
Sources: Lease Agreement
Default by Tenant. The occurrence following events (herein individually referred to as EVENT OF DEFAULT) each shall be deemed to be events of default by Tenant under this Lease:
A. Tenant shall fail to pay any installment of the following shall constitute an “Event of Default” under this Lease by Tenant:
(a) Failure to pay Rent herein reserved when due the rent due, or any other monetary sums payment or reimbursement to Landlord required hereunder.
(b) Failure to perform any other agreement or obligation of Tenant hereunderherein when due, if and such failure continues shall continue for fifteen (15) days after written notice by Landlord to Tenant except as to those Events a period of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion.
(c) Abandonment or vacation of the Premises by Tenant, or failure to occupy the Premises for ten (10) consecutive daysdays after receipt of written notice from Landlord; provided, however, that an event of default will occur without any obligation of Landlord to deliver any notice if Landlord has given Tenant written notice under this Paragraph 18A on two (2) or more occasions during the twelve (12) month period preceding the current failure by Tenant to timely pay Rent (though Tenant in such instances is granted a five (5) day grace period from the date upon which the subject payment was due).
(d) If B. Tenant or any guarantor of the following occurs: Tenant's obligations hereunder shall (i) a petition is filed for an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after the filing thereofbecome insolvent; (ii) Tenant makes admit in writing its inability to pay its debts; (iii) make a general assignment for the benefit of creditors; (iii) a receiver or trustee is appointed to take possession of any substantial part of Tenant’s assets, unless such appointment is vacated within thirty (30) days after the date thereof; (iv) Tenant consents to or suffers an attachmentcommence any case, execution proceeding or other judicial seizure action seeking to have an order for relief entered on its behalf as a debtor or to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, liquidation, dissolution or composition of it or its debts under any law relating to bankruptcy, insolvency, reorganization or relief of debtors or seeking appointment of a receiver, trustee, custodian or other similar official for it or for all or of any substantial part of its assets property; or its interest under this Lease, unless such process is released (v) take any action to authorize or satisfied within thirty (30) days after the occurrence thereof. If a court in contemplation of competent jurisdiction determines that any of the foregoing events is not a default under actions set forth above in this Leaseparagraph.
C. Any case, and a trustee is appointed to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (proceeding or other consideration) paid in connection with such transfer and action against the rent payable by Tenant hereunder, Any assignee pursuant to or any guarantor of the provisions of any bankruptcy law Tenant's obligations hereunder shall be deemed without further act commenced seeking
(i) to have assumed all an order for relief entered against it as debtor or to adjudicate it a bankrupt or insolvent; (ii) reorganization, arrangement, adjustment, liquidation, dissolution or composition of the obligations of the Tenant hereunder arising on it or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumption.
(e) The occurrence of any other event that is deemed to be an Event of Default its debts under any other provision law relating to bankruptcy, insolvency, reorganization or relief of this Lease.debtors;
Appears in 1 contract
Sources: Sublease (Mannatech Inc)
Default by Tenant. The occurrence of If Tenant shall fail or refuse to pay ----------------- the rent reserved herein or any other sums due by Tenant hereunder and such default continues for a period often (10) days after the date due; or if Tenant shall fail to observe or comply with any of the following shall constitute an “Event terms, provisions or conditions of Default” under this Lease to be observed and performed by Tenant:
(a) Failure to pay when due the rent or any other monetary sums required hereunder.
(b) Failure to perform any other agreement or obligation of Tenant hereunder, if and such failure default continues for fifteen (15) days after written notice by Landlord to Tenant except as to those Events a period of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion.
(c) Abandonment or vacation of the Premises by Tenant, or failure to occupy the Premises for ten (10) consecutive days.
(d) If any of the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after receipt of written notice by Landlord to Tenant; or upon the filing thereof; (ii) making by Tenant makes a of any general assignment for the benefit of creditors; , the filing by or against Tenant of a petition to have Tenant adjudged a bankrupt or a petition for reorganization or arrangement under any law relating to bankruptcy (iiiunless, in the case of a petition filed against Tenant, the same is dismissed with prejudice within sixty (60) days), the appointment of a trustee or receiver or trustee is appointed to take possession of any substantial part of Tenant’s assets, unless such appointment that is vacated not restored to Tenant within thirty (30) days after days, or the date thereof; (iv) Tenant consents to or suffers an attachment, execution or other judicial seizure of any substantial part of its assets or its interest under this Lease, unless such process that is released or satisfied not discharged within thirty (30) days after days, then in any such case or event, Landlord, at Landlord's option and in addition to any other remedies Landlord may have, shall have the occurrence following rights, which may be exercised independently or concurrently:
(1) The right to declare the entire remaining unpaid rental for the term of this Lease immediately due and payable forthwith at the then-current rate of monthly rental and take any legal action to recover and collect the same;
(2) The right, without further notice or demand, to terminate this Lease, to re-enter the Leased Premises, or any part thereof, and expel and remove all persons or property occupying the Leased Premises, and to take possession of any and all furniture, fixtures and chattels in or on the Leased Premises and sell same, in whole or in part, at any place, or cause the same to be sold at public or private sale, with notice to Tenant, without obtaining any execution order or decrees, to the highest bidder for cash, with or without such property being present at the sale, and apply the proceeds thereof to the payment of costs and expenses of taking and removing the property and holding the sale and of rents and amounts owing Landlord; any excess going to Tenant, and Tenant agrees to make good any deficiency; and/or
(3) The right, but the Landlord shall not be under any obligation to do so, to enter the Leased Premises, or any part thereof, and expel and remove all persons, property and signs therefrom, and relet the same, for the account of the Tenant, for such rent and such terms as shall be satisfactory to Landlord without such re-entry working on a forfeiture of the rents to be paid and the covenants to be performed by the Tenant during the full term of this Lease. If a court sufficient sum shall not be realized monthly from such re-letting after paying all the costs and expenses of competent jurisdiction determines that any such repairs, changes, alterations or additions, the expenses of such re-letting and the collection of the foregoing events is rent accruing therefrom to satisfy the monthly rent provided herein to be paid by the Tenant, then the Tenant shall and will, and does hereby covenant to pay such deficiency each month upon demand therefor. If a non-monetary default by Tenant requires more than thirty (30) days to cure, Tenant shall not a be deemed to be in default, if, in good faith, it has commenced to cure such default under within said thirty (30) day period and diligently pursues the same. Notwithstanding anything to the contrary contained in this Lease, and a trustee is appointed to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between pays the rent (or other consideration) paid provided in connection with such transfer and this Lease then Tenant shall be deemed not to have abandoned the rent payable by Tenant hereunderLeased Premises, Any assignee pursuant subject to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumptionSection 6.
(e) The occurrence of any other event that is deemed to be an Event of Default under any other provision of this Lease.
Appears in 1 contract
Sources: Lease Agreement (Crawford Equipment & Engineering Co)
Default by Tenant. The occurrence Default on the part of Tenant in paying rent or any installment thereof, as provided herein, or default in compliance with any obligation agreed or assumed herein shall authorize Landlord, at its option, at any time after such default has continued for a period of the following shall constitute an “Event of Default” under this Lease by Tenantten (10) days and without prior notice, to:
(a) Failure to pay when due accelerate the rent or any other monetary sums required hereunder.for the whole of the unexpired Term of this Lease, which rent shall become immediately due and exigible; or
(b) Failure to perform any other agreement or obligation of Tenant hereunder, if such failure continues for fifteen (15) days after written notice by Landlord to Tenant except as to those Events of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion.immediately cancel this lease; or
(c) Abandonment proceed for past due installments only, reserving its right to later proceed for the remaining installments; or vacation of the Premises by Tenant, or failure to occupy the Premises for ten (10) consecutive days.
(d) If any re-enter the Premises and let them for such price and on such terms as may be immediately obtainable and apply the net amount realized to the payment of the following occurs: (i) a petition is filed for an order of relief under rent. If Landlord has elected to accelerate the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after the filing thereof; (ii) Tenant makes a general assignment rent for the benefit unexpired Term of creditors; (iii) a receiver or trustee is appointed to take possession of any substantial part of Tenant’s assets, unless such appointment is vacated within thirty (30) days after the date thereof; (iv) Tenant consents to or suffers an attachment, execution or other judicial seizure of any substantial part of its assets or its interest under this Lease, unless then, at Landlord's option, Landlord shall have the further option to re-enter the premises and to attempt to lease them for such process rent and on such terms as Landlord may be able to obtain, in reduction of the amount due Landlord, or, if Landlord is released unable to lease them, to let them on a month-to-month basis, and credit the net amount realized on the payment of rent due for the full expired Term of this Lease, reserving the right to ▇▇▇ thereafter for any balance remaining due after credit for the rent actually received or satisfied within thirty (30) days after estimated to be received. Any balance thus due shall be considered rent due under this Lease and shall be secured by the occurrence thereoflessor's privilege and right of detention. If a court Exercise of competent jurisdiction determines that this right of re-entry and privilege to re-let shall not in any way prejudice Landlord's right to hold Tenant liable for any amount due under this Lease in excess of the amount for which the property is re-let. In addition, if Tenant fails or refuses to permit Landlord to re-enter the premises, Landlord shall have the right to eject Tenant in accordance with the provisions of Louisiana Code of Civil Procedure, Articles 4701-4735, without forfeiting any of Landlord's right under this paragraph or under the foregoing events is not a default under other terms of this Lease, and a trustee is appointed Landlord may at the same time or subsequently ▇▇▇ for any money due or to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then enforce any other rights which Landlord shall receive, as Additional Rent, may have. In the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions event of any bankruptcy law default, Tenant shall be deemed without further act to have assumed remain responsible for all damages or losses suffered by Landlord. Tenant waives any requirement of the obligations of the Tenant hereunder arising on or after the date of "putting-in-default" for any such assignment. Any such assignee shallbreach, upon demand, execute and deliver to Landlord an instrument confirming such assumption.
(e) The occurrence of any other event that is deemed to be an Event of Default under any other provision of except as expressly required by this Lease.
Appears in 1 contract
Default by Tenant. (a) The occurrence of any of the following shall constitute an “Event be considered events of Default” under this Lease by Tenantdefault hereunder:
(a1) Failure to pay when due Non-payments by Tenant of any installment of the stipulated rent or any other monetary sums required hereunder.
(b) Failure to perform any other agreement or obligation of Tenant hereunder, if such failure continues for fifteen (15) days after written notice by Landlord to Tenant except as to those Events of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance additional rent within such 15-day period and thereafter diligently prosecutes the same to completion.
(c) Abandonment or vacation of the Premises by Tenant, or failure to occupy the Premises for ten (10) consecutive daysdays of due date.
(d2) If Non-compliance by Tenant with any of the following occurs: terms, conditions or covenants of this Lease except for non-payment of rent, after notice of such non-compliance has been given to Tenant, and the same has not been corrected within thirty (i30) a petition is filed for days hereafter.
(3) Vacation, desertion or abandonment of the premises.
(4) The levy of an attachment or other order to secure the effectiveness of relief under judgement, or the federal Bankruptcy Code levy of execution upon the property of tenant in the Demised Premises or for an upon the lease, in any proceeding pending againts Tenant in any court of competent jurisdiction, unless such attachment, order or decree execution be discharged by bond, or otherwise, not later than twenty (20) days couted from the date upon which Tenant shall have received notice thereof.
(5) The mere filing by tenant of insolvency or reorganization or rearrangement a voluntary bankruptcy proceeding.
(6) The filing by any creditor against Tenant, in a court of competent jurisdiction, of any involuntary proceedings permitted under any state bankruptcy statute then in force, unless the same shall have been dismissed or federal law, and such petition is not dismissed set aside within thirty (30) days after the filing thereof; .
(ii7) Tenant makes The issuance of an order placing the tenant's leasehold estate under the control or management of a general assignment for trustee, liquidator or receiver, with the benefit exception of creditors; (iii) a receiver or trustee custodial receiver, if same is appointed to take possession of any substantial part of Tenant’s assets, unless such appointment is not vacated within thirty twenty (3020) days after the date thereof; or receipt of notice thereof by Tenant.
(ivb) Tenant consents to or suffers an attachment, execution or other judicial seizure In the event of any substantial part of its assets such default, landlord shall have, in addition to all other rights and limitations provided for by law, the right without notice to tenant to terminate this lease, in which event Landlord may relet the Demised Premises, in whole or its interest under this Leasein part, unless such process is released or satisfied within thirty (30) days after for the occurrence thereof. If a court of competent jurisdiction determines that any non-expired portion of the foregoing events is not a default under term of this Leaseor any part thereof, and a trustee is appointed received the rent therefor and apply it to take possession (or if Tenant remains a debtor in possession)the rent due hereunder, the terms and conditions of such reletting to be at the sole discretion of the Landlord, and such trustee Landlord's action shall be final and binding upon the Tenant; and Tenant agrees to pay promptly to Landlord on demand, at one time or Tenant transfers Tenant’s interest hereunderfrom time to time, then Landlord shall receive, as Additional Rent, the any difference between the rent (payable hereunder and any lesser amounts collected by Landlord from the lessee or other consideration) paid in connection with such transfer and lessees to whom the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall Demised Premises may be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumptionrelet as aforesaid.
(ec) The occurrence All remedies given or reserved to landlord hereunder shall be cumulative and non-exclusive of any other event that is deemed to be an Event of Default under any other provision of this Leaseremedies in law or in equity which Landlord might make use in the exercise or in defense or its rights hereunder.
Appears in 1 contract
Default by Tenant. The occurrence following provisions shall govern default by the Tenant:
A. Tenant will be in default under this Lease upon the happening of any one or more of the following shall constitute an “Event of Default” under this Lease by Tenantevents:
(a) i. Failure of Tenant to pay when due the timely make any rent payment or fully perform any other monetary sums required hereunderobligation contained in this Lease.
(b) Failure to perform any other agreement ii. Tenant is dissolved or obligation of its existence terminated; Tenant hereunderbecomes insolvent, if such failure continues for fifteen (15) days after written notice by Landlord to Tenant except as to those Events of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion.
(c) Abandonment or vacation of the Premises by Tenantits business fails, or failure to occupy the Premises a receiver is appointed for ten (10) consecutive days.
(d) If any of the following occurs: (i) a petition Tenant's Premises; Tenant is filed for an order of relief under the federal Bankruptcy Code generally not paying its debts as they become due; or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after the filing thereof; (ii) Tenant makes a general an assignment for the benefit of creditors; (iii) a receiver its creditors or trustee is appointed to take possession the subject of any substantial part voluntary or involuntary bankruptcy or insolvency proceeding.
iii. Tenant abandons the Premises, or the Premises or Tenant's leasehold interest in the Premises are attached or taken under any court order or writ of Tenant’s assetsexecution.
B. If Tenant defaults, unless such appointment is vacated within thirty Landlord may (30i) days after re-let the date thereof; (iv) Tenant consents to or suffers an attachment, execution or other judicial seizure of any substantial part of its assets or its interest under this Lease, unless such process is released or satisfied within thirty (30) days after Premises for the occurrence thereof. If a court of competent jurisdiction determines that any remainder of the foregoing events is not a default under this LeaseLease Term or for any shorter or longer period as opportunity may offer, to such persons and a trustee is appointed to take possession (or if at such rent as may be obtained and Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, pay the difference between the amount of rent (or other consideration) paid in connection with such transfer payable during the remainder of the Term and the rent payable received by Tenant hereunder, Any assignee pursuant to Landlord from the provisions of any bankruptcy law shall be deemed without further act to have assumed all re-letting; or (ii) re-enter the Premises and take possession of the obligations Premises, with or without force or legal process, and shall have the right to declare this Lease void and the term herein contained ended, without prejudice to any remedies which Landlord may have to collect arrears of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumptionrent.
(e) The occurrence of any other event that is deemed to be an Event of Default under any other provision of this Lease.
Appears in 1 contract
Sources: Building Lease
Default by Tenant. The occurrence of Tenant shall pay to the Landlord the annual rent and any additional rent (both said annual rent and said additional rent hereinafter sometimes called or referred to as the "rent") at such times and in the manner set forth herein without any previous demand being required by the Landlord. If the Tenant does not pay the rent as set forth herein within ten days after it becomes due, or if the demised premises shall be deserted or vacated, or if the Tenant violates any of the following conditions, covenants, terms or agreements set forth in this Lease, or any of the rules and regulations now or hereafter established by the Landlord, and such violation continues for more than ten days after the Landlord gives notice thereof to the Tenant, then the Tenant shall constitute an “Event be deemed to be in default of Default” the terms of this Lease and at the option of the Landlord, the Landlord may declare this Lease null and void. If the Landlord so declares this Lease null and void, then all rights of the Tenant to repossess and occupy the demised premises under this Lease shall be forfeited. The Landlord or its agents shall thereafter have the right to and may enter the demised premises as the agent of the Tenant, either by Tenant:
(a) Failure force or otherwise, without being liable for any prosecution or damages therefore. In addition the Landlord or its agent may relet the demised premises as the agent of the Tenant upon such terms as the Landlord deems satisfactory, and receive any rent therefore. No actions hereunder by the Landlord, including such reentry of the demised premises, shall operate to pay when due release the Tenant from any rent required to be paid hereunder or any other monetary sums required covenants to be performed hereunder.
(b) Failure . In furtherance of the Landlord's reletting the demised premises, the Landlord is hereby authorized to perform any other agreement make such repairs or obligation of alterations in or to the demised premises as the Landlord deems necessary to place the same in good order and condition. The Tenant hereunder, if such failure continues agrees to be liable to the Landlord for fifteen (15) days after written notice by Landlord to Tenant except as to those Events of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature costs of such obligation repairs or alterations, and all expenses relating to the Landlord's reletting the demised premises. If the Landlord relets the demised premises and any rent received by the Landlord as a result of said reletting is such that more than 15 days not sufficient to satisfy the rent which is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion.
(c) Abandonment or vacation responsibility of the Premises by Tenant, or failure to occupy the Premises for ten (10) consecutive days.
(d) If any of the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after the filing thereof; (ii) Tenant makes a general assignment for the benefit of creditors; (iii) a receiver or trustee is appointed to take possession of any substantial part of Tenant’s assets, unless such appointment is vacated within thirty (30) days after the date thereof; (iv) Tenant consents to or suffers an attachment, execution or other judicial seizure of any substantial part of its assets or its interest under this Lease, unless such process is released or satisfied within thirty (30) days after then the occurrence thereof. If a court of competent jurisdiction determines that any of landlord, at the foregoing events is not a default under this LeaseLandlords option, and a trustee is appointed to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of may demand the Tenant hereunder arising on to pay such deficiency either month by month or after in advance for the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumption.
(e) The occurrence of any other event that is deemed to be an Event of Default under any other provision entire remaining term of this Lease. The Tenant shall not be entitled to any surplus which may accrue to the Landlord as a result of such reletting.
Appears in 1 contract
Default by Tenant. The occurrence of any of the following events and the expiration of any grace periods hereafter described shall constitute an “Event of Default” a default by Tenant under this Lease by TenantLease:
(a) Failure The failure of Tenant to pay when due the rent or any other monetary sums required hereunder.Rent for a period of ten (10) days after written notice;
(b) Failure Tenant assigns its interest in this Lease or sublets any portion of the Premises except as permitted in this Lease or Tenant otherwise breaches the provisions of Section 6.2 of this Lease;
(c) Tenant uses the Premises for any purpose other than the Permitted Use or otherwise breaches Tenant's operational covenants under Sections 2.3 of this Lease;
(d) Tenant breaches or fails to perform comply with any non-financial material term, provision, covenant, or condition of this Lease (other agreement than as described in Subsections [a], [b], or obligation [c] above), or with any of Tenant hereunderthe Building Rules now or subsequently established, if and such breach or failure continues for fifteen thirty (1530) calendar days after written notice by Landlord to Tenant except (or, if such default cannot reasonably be cured within said thirty (30) day period, such longer period of time as is reasonably necessary to those Events of Default that are noncurable, in which case no cure such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq.default, provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance to cure such default within such 15-said thirty (30) day period and thereafter diligently prosecutes the continues to prosecute same to completion.);
(ce) Abandonment If the interest of Tenant under this Lease is levied on under execution or vacation of the Premises other legal process, or if any petition in bankruptcy or other insolvency proceedings is filed by or against Tenant, or failure to occupy the Premises for ten (10) consecutive days.
(d) If any of the following occurs: (i) a petition is filed or other action taken to declare Tenant as bankrupt or to delay, reduces or modify Tenant's debts or obligations or to reorganize or modify Tenant's capital structure or indebtedness or to appoint a trustee, receiver or liquidator of Tenant or of any property of Tenant, or any proceedings or other action is commenced or taken by a governmental authority for an order the dissolution or liquidation of relief under Tenant (provided that no such levy, execution, legal process; or petition filed against Tenant shall constitute a breach of this Lease if Tenant shall vigorously contest the federal Bankruptcy Code same by appropriate proceedings and shall remove or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed vacate the same within thirty (30) calendar days after from the filing thereof; date of its creation, service, or filing);
(iif) Tenant becomes insolvent, makes a general an assignment for the benefit of creditors, or makes a transfer in fraud of creditors; (iii) or a receiver or trustee is appointed to take possession for Tenant or any of any substantial part its properties; 1001 3rd Avenue South - Select Comfort Corporation - NNN (2016 v1.1)
(g) Tenant permanently abandons the Premises during the Lease Term; or
(h) If Tenant is an individual person, the death or legal incapacity of Tenant’s assets; if Tenant is a corporation, unless such appointment is vacated within thirty (30) days after Tenant ceases to exist as a corporation in good standing in the date thereof; (iv) Tenant consents to or suffers an attachment, execution or other judicial seizure of any substantial part state of its assets or its interest under this Lease, unless such process is released or satisfied incorporation and/or ceases to be duly authorized to transact business within thirty (30) days after the occurrence thereof. If a court State of competent jurisdiction determines that any of the foregoing events is not a default under this Lease, and a trustee is appointed to take possession (Minnesota; or if Tenant remains is a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (partnership or other consideration) paid in connection with such transfer and the rent payable by entity, Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on is dissolved or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumptionotherwise liquidated.
(e) The occurrence of any other event that is deemed to be an Event of Default under any other provision of this Lease.
Appears in 1 contract
Default by Tenant. 18.1 The occurrence prompt payment of rent for the demised premises upon the dates named, or when billed therefore, the faithful performance of all covenants of this Lease and the faithful observance of the rules and regulations of the entire building, grounds and parking facilities now in existence, and which are hereby made a part of this lease, and of such further reasonable rules and regulations for the entire building, grounds and parking facilities Which may be hereafter made by the Landlord are the conditions upon which this Lease is made and accepted. Any failure on the part of Tenant to comply with the terms of this Lease, or any of the following reasonable rules and regulations now in existence, or hereafter prescribed by the Landlord, shall constitute an at the option of Landlord, after giving notice as provided In this paragraph, work a forfeiture of this Lease and all of the rights of Tenant hereunder, and thereupon Landlord, its agent or attorneys, shall have the right to enter the demised premises and remove all persons therefrom and shall have the right to declare the entire rent for the balance of the term, or any part thereof, immediately due and payable in full and may proceed to collect same either by distress or otherwise, and thereupon the lease shall terminate. The expression “Event entire rent for the balance of Defaultthe term” as used herein shall mean all of the rent prescribed to be paid by the Tenant to the, Landlord for the full term of the Lease, Jess any payments that have been made on account of and pursuant to the terms of the lease. Tenant shall be entitled to ten days notice of any monetary default under this Lease and thirty days notice of any non-monetary default, but Tenant agrees that if Tenants default has not been cured within the time prescribed by any notice of default Landlord, its agent or attorneys, may immediately re-enter the demised premises and dispossess Tenant without further legal notice or the Institution of any legal proceedings whatsoever, to the extent that such waiver and agreement by Tenant:, or such acts by Landlord are not prohibited by law.
(a) Failure 18.2 If Tenant shall abandon or vacate the demised premises before the end of the term of this Lease, or permit the rent to be in arrears or otherwise fail to comply with the terms of this Lease, Landlord may, at its option, forthwith terminate this Lease or may enter the demised premises as the agent of Tenant, in any manner not prohibited by law, without being liable In any way therefor, and relet the demised premises with or without any furniture, fixtures and equipment that may be situated therein at such rent and upon such terms and for such duration of time as Landlord may determine, and receive the rent therefor, applying the same to the payment of the rent due hereunder. If the full rental herein provided shall not be realized by Landlord over and above the expenses to Landlord in reletting, Tenant shall pay when due any deficiency.
18.3 Tenant agrees to pay, to the extent not prohibited by law, all expenses which landlord may incur in reletting the demised premises after Tenant’s forfeiture of the Lease, abandonment or vacation of the demised premises. Tenant also agrees that if Landlord retains an attorney to enforce the provisions of this Lease, or if suit is brought for recovery of possession of the Premises for the recovery of rent or any other monetary sums required hereunder.
(b) Failure to perform any other agreement or obligation of Tenant hereunder, if such failure continues for fifteen (15) days after written notice by Landlord to Tenant except as to those Events of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion.
(c) Abandonment or vacation of the Premises by Tenant, or failure to occupy the Premises for ten (10) consecutive days.
(d) If any of the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after the filing thereof; (ii) Tenant makes a general assignment for the benefit of creditors; (iii) a receiver or trustee is appointed to take possession of any substantial part of Tenant’s assets, unless such appointment is vacated within thirty (30) days after the date thereof; (iv) Tenant consents to or suffers an attachment, execution or other judicial seizure of any substantial part of its assets or its interest amount due under this Lease, unless such process is released or satisfied within thirty (30) days after the occurrence thereof. If a court of competent jurisdiction determines that any because of the foregoing events is not a default under this Lease, and a trustee is appointed to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumption.
(e) The occurrence breach of any other event that is deemed covenant herein to be an Event kept or performed by Tenant, Tenant shall pay to Landlord all expenses incurred. Including reasonable attorneys’ fees, which fees shall include services at trial and appellate levels.
18.4 The rights and remedies of Default under Landlord upon any default by Tenant as set forth in this Lease shall be cumulative and not exclusive of any other provision rights or remedies at law or in equity. The failure of this Leaselandlord to promptly exercise any right or remedy shall not operate to forfeit any right or remedy.
Appears in 1 contract
Sources: Lease Agreement (Smartdisk Corp)
Default by Tenant. The occurrence of any of the following If Tenant shall constitute an “Event of Default” under this Lease by Tenant:
(a) Failure fail to pay when any rental or other payment due hereunder within five (5) days after it is due, or if the rent Tenant shall breach or any other monetary sums required hereunder.
(b) Failure fail to perform any agreement contained herein (other than the agreement to pay rent) and shall fail to cure such breach or obligation of Tenant hereunder, if perform such failure continues for fifteen agreement within ten (1510) days after written notice by Landlord is given, or if the Tenant shall desert or vacate any portion of Premises during the Term hereof, then the Tenant shall be in default and the Landlord, at its option, elect to Tenant except as to those Events do and perform any one or more of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not the following in addition to, and not in limitation of, any and other remedy or right permitted by law or by this Lease (all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion.which are hereby reserved by Landlord):
(ca) Abandonment or vacation Terminate Tenant’s occupancy of the Premises, resume possession of the Premises for its own account and recover immediately from the Tenant all sums past due plus a sum equal to the average annual rental, including Minimum Guaranteed Rental, Percentage Rent and all other charges due, for the immediately preceding two (2) years or portion of the actually expired Term if less than two (2) years, multiplied by the number of years and fractions thereof remaining in the full Term stated herein, together with any other damages occasioned by or resulting from such breach or default; or
(b) Terminate Tenant’s occupancy of the Premises, resume possession and lease or failure to occupy rent the Premises for ten (10) consecutive days.
(d) If any the remainder of the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after the filing thereof; (ii) Tenant makes a general assignment Term for the benefit account of creditors; (iii) a receiver Tenant and recover from Tenant, at the end of the Term or trustee is appointed to take possession at the time each payment of any substantial part of Tenant’s assets, unless such appointment is vacated within thirty (30) days after the date thereof; (iv) Tenant consents to or suffers an attachment, execution or other judicial seizure of any substantial part of its assets or its interest rent comes due under this Lease, unless such process is released or satisfied within thirty (30) days after as the occurrence thereof. If a court of competent jurisdiction determines that any of the foregoing events is not a default under this Lease, and a trustee is appointed to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rentmay choose, the difference between the rent (provided for in this Lease and the rent received on the re-lease or other consideration) paid renting, together with all costs and expenses of the Landlord in connection with such transfer the re-leasing or re-rental and collection of rent and the cost of all repairs or renovations reasonably necessary in connection with the re-leasing or re-rental. If this option is exercised Landlord shall not be obligated to re-lease or rent payable the Premises and, in addition, shall be entitled to recover from Tenant immediately any other damages occasioned by or resulting from the abandonment or a breach or default other than a default in payment of rent. In addition to the remedies set forth in subparagraphs (a) and (b) above, Landlord shall be entitled to terminate this Lease at any time and from time to time after such defaults have occurred even if such termination occurs after the remedies set forth above and other remedies of Landlord have been partially or fully exercised, provided, however, in no event shall Landlord be required to terminate this Lease in order to exercise any of Landlord’s remedies upon default by Tenant hereunder. Tenant shall remain liable and obligated to perform all obligations set forth hereunder even if Tenant’s occupancy is terminated, this Lease is terminated or Landlord exercises any other remedies upon Tenant’s default hereunder. Any assignee act of abandonment or cessation of business operations within the Premises by Tenant shall automatically render Tenant’s right to occupy the Premises null and void, and Landlord may reclaim possession to the Premises immediately for re-letting without terminating Tenant’s obligation or liability to pay rent and other charges outlined herein throughout the full term of this Lease. The remedies provided in this Paragraph 31 shall not be exclusive and in addition thereto the Landlord shall be entitled to pursue such other remedies as are provided by law or in equity in the event of any breach, default or abandonment by Tenant or termination of this Lease or termination of Tenant’s occupancy. In any event and irrespective of any option exercised, Tenant agrees to pay and the Landlord shall be entitled to recover all costs and expenses incurred by the Landlord, including the greater of (i) fifteen percent (15%) of the sums owed as attorney fees; or (ii) all of Landlord’s actual attorney’s fees, in connection with collection of rental or damages or enforcing other rights of the Landlord in the event of any breach, default or abandonment by Tenant. The Tenant hereby expressly waives any and all rights of redemption, if any, granted by or under any present or future law in the event the Tenant shall be evicted or disposed for any cause, or in the event the Landlord shall obtain possession of the Premises by virtue of the provisions of this Lease, or otherwise. All past due rent, and any other amount which the Landlord has advanced in order to cure the Tenant’s defaults hereunder, shall bear interest at the rate of fifteen percent (15%) per annum from date of payment until paid. Any amounts advanced by the Landlord pursuant to the terms and provisions of any bankruptcy law this Lease shall be deemed without further act paid to have assumed all the Landlord by the Tenant upon the earlier of demand by the Landlord or the first day of the obligations of the Tenant hereunder arising on or after the calendar month following date of such assignmentadvances. Any If any rent or such assignee shallother amounts owing under this Lease is collected by or through an attorney-at-law, upon demandTenant agrees to pay the full amount of all of Landlord’s costs and expenses in connection therewith as required above, execute and deliver to Landlord an instrument confirming such assumptionincluding, but not limited to, Landlord’s attorney fees at trial or on appeal.
(e) The occurrence of any other event that is deemed to be an Event of Default under any other provision of this Lease.
Appears in 1 contract
Default by Tenant. The occurrence of any Each of the following shall constitute be deemed an “Event event of Default” under ----------------- default by Tenant and a material breach of this Lease by TenantLease:
(a1) Failure to pay all or any portion of any monthly Base Rent when due the rent or any other monetary sums required hereunder.and such failure shall continue for ten (10) days after written notice to Tenant specifying such failure;
(b2) Failure to perform pay any additional rent or other agreement or obligation of Tenant hereunder, if payments required under this Lease as the same shall become due and payable to Landlord and such failure continues shall continue for fifteen (15) days after written notice by Landlord to Tenant except as to those Events of Default that are noncurable, in which case no specifying such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion.failure;
(c3) Abandonment or vacation of the Premises by TenantFailure to do so, or failure to occupy the Premises for ten (10) consecutive days.
(d) If observe, keep and perform any of the following occurs: (i) a petition is filed for an order other terms, covenants, conditions, agreements and provisions of relief under the federal Bankruptcy Code this Lease to be done observed, kept or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, performed by Tenant and such petition is not dismissed within failure shall continues for thirty (30) days after written notice to Tenant specifying such failure, unless such failure is one which cannot reasonably be cured within such period so long as Tenant has commenced to cure such failure within such period and thereafter continues its efforts to cure such failure with reasonable diligence;
(4) The filing by Tenant of a voluntary petition in bankruptcy or the filing thereof; (ii) making by Tenant makes of a general assignment for the benefit of its creditors; ;
(iii5) The taking by execution or judgment or other process or law of all or any part of the leasehold interest of Tenant, the adjudication of Tenant to be a bankrupt, the appointment of a receiver of all or trustee is appointed to take possession of any substantial part of Tenant’s assets's interest in the Premises in any action, unless such appointment is vacated within thirty (30) days after suit or proceeding by or against Tenant, the date thereof; (iv) filing against Tenant consents to or suffers of an attachmentinvoluntary petition in bankruptcy, execution or other judicial seizure of any substantial part of its assets or its interest under this Leasewhich, unless such process is released or satisfied within thirty (30) days after the occurrence thereof. If a court of competent jurisdiction determines that in any of the foregoing events cases, is not a default under this Leasedismissed, and a trustee is appointed to take possession reversed or stayed within ninety (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration90) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions days of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumptionits occurrence.
(e) The occurrence of any other event that is deemed to be an Event of Default under any other provision of this Lease.
Appears in 1 contract
Sources: Lease Agreement (Wells Real Estate Investment Trust Inc)
Default by Tenant. The occurrence of any Each of the following shall constitute an “Event of a "Default” under this Lease " by Tenant:
(a) Failure The failure of Tenant to pay when due the rent Base Rent, any other installment of Rent, or any other monetary sums required hereunder.part thereof when due; or
(b) Failure Tenant shall fail to perform fulfill or perform, in whole or in part, any of its obligations under this Lease (other agreement or obligation than the payment of Tenant hereunder, if Rent) and such failure continues or non-performance shall continue for a period of fifteen (15) days after written notice thereof has been given by Landlord to Tenant except as to those Events of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion.Tenant; or
(c) Abandonment The entry of a decree or vacation order by a court having jurisdiction adjudging Tenant to be bankrupt or insolvent or approving as properly filed a petition seeking reorganization of Tenant under the Premises by National Bankruptcy Act, or any other similar applicable Federal or State law, or a decree or order of a court having jurisdiction for the appointment of a receiver or liquidator or a trustee or assignee in bankruptcy or insolvency of Tenant or its property or for the winding up or liquidation of its affairs; or Tenant shall institute proceedings to be adjudicated a voluntary bankrupt or shall consent to the filing of any bankruptcy, reorganization, receivership or other proceeding against Tenant, or failure any such proceedings shall be instituted against Tenant and the same shall not be vacated within ninety (90) days after the same are commenced; or Tenant shall make an assignment for the benefit of Tenant's creditors or admit in writing Tenant's inability to occupy pay the Premises for ten (10) consecutive days.debts of Tenant generally as they may become due; or
(d) If Tenant shall desert or vacate or shall commence to desert or vacate the Premises or any substantial portion of the following occurs: Premises or shall remove or attempt to remove, without the prior written consent of Landlord, all or a substantial value of Tenant's personal property from the Premises; or
(ie) Tenant shall do or permit to be done anything which creates a petition is filed for an order lien upon the Premises or any portion of relief under the federal Bankruptcy Code or for an order or decree Project; or
(f) Tenant shall fail to take possession of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed the Premises within thirty (30) days after Landlord notifies Tenant that the filing thereof; (ii) Tenant makes a general assignment same are ready for the benefit of creditors; (iii) a receiver or trustee is appointed to take possession of any substantial part of Tenant’s assets, unless such appointment is vacated within thirty (30) days after the date thereof; (iv) Tenant consents to or suffers an attachment, execution or other judicial seizure of any substantial part of its assets or its interest under this Lease, unless such process is released or satisfied within thirty (30) days after the occurrence thereof. If a court of competent jurisdiction determines that any of the foregoing events is not a default under this Lease, and a trustee is appointed to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumptionoccupancy.
(e) The occurrence of any other event that is deemed to be an Event of Default under any other provision of this Lease.
Appears in 1 contract
Sources: Lease (TaxMasters, Inc.)
Default by Tenant. The occurrence of any of the following shall constitute an be deemed to be events of default (“Event of Default” ”) by Tenant under this Lease by TenantLease:
(a1) Failure Tenant shall fail to pay when due the any installment of rent or any other monetary sums payment required hereunder.
pursuant to this Lease; (b2) Failure Tenant shall abandon any substantial portion of the Premises; (3) Tenant shall fail to perform comply with any term, provision or covenant of this Lease, other agreement or obligation than the payment of Tenant hereunderrent, if such and the failure continues for fifteen is not cured within ten (1510) days after written notice by Landlord to Tenant; (4) Tenant except as to those Events of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein file a petition or if an involuntary petition is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion.
(c) Abandonment or vacation of the Premises by filed against Tenant, or failure to occupy the Premises becomes insolvent, under any applicable federal or state bankruptcy or insolvency law or admit that it cannot meet its financial obligations as they become due; or a receiver or trustee shall be appointed for ten (10) consecutive days.
(d) If any all or substantially all of the following occurs: (i) assets of Tenant; or Tenant shall make a petition is filed for transfer in fraud of creditors or shall make an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after the filing thereof; (ii) Tenant makes a general assignment for the benefit of creditors; or (iii5) Tenant shall do or permit to be done any act which results in a receiver lien being filed against the Premises or the Building and/or project of which the Premises are a part. In the event that an order for relief is entered in any case under Title 11, U.S.C. (the “Bankruptcy Code”) in which Tenant is the debtor and: (A) Tenant as debtor-in-possession, or any trustee is who may be appointed in the case (the “Trustee”) seeks to take possession assume the Lease, then Tenant, or Trustee if applicable, in addition to providing adequate assurance described in applicable provisions of any substantial part the Bankruptcy Code, shall provide adequate assurance to Landlord of Tenant’s assets, unless such appointment is vacated within thirty future performance under the Lease by depositing with Landlord a sum equal to the lesser of twenty-five percent (3025%) days after the date thereof; (iv) Tenant consents to or suffers an attachment, execution or other judicial seizure of any substantial part of its assets or its interest under this Lease, unless such process is released or satisfied within thirty (30) days after the occurrence thereof. If a court of competent jurisdiction determines that any of the foregoing events is not a default rental and other charges due for the balance of the Lease term of six (6) months’ rent (“Security”), to be held (without any allowance for interest thereon) to secure Tenant’s obligations under this the Lease, and (B) Tenant, or Trustee if applicable, seeks to assign the Lease after assumption of the same, then Tenant, in addition to providing adequate assurance described in applicable provisions of the Bankruptcy Code, shall provide adequate assurance to Landlord of the proposed assignee’s future performance under the Lease by depositing with Landlord a trustee sum equal to the Security to be held (without any allowance or interest thereon) to secure performance under the Lease. Nothing contained herein expresses or implies, or shall be construed to express or imply, that Landlord is appointed consenting to take possession (or if Tenant remains a debtor in possession)assumption and/or assignment of the Lease by Tenant, and such trustee Landlord expressly reserves all of its rights to object to any assumption and/or assignment of the Lease. Neither Tenant nor any Trustee shall conduct or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, permit the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions conduct of any bankruptcy law shall be deemed without further act to have assumed all “fire”, “bankruptcy”, “going out of business” or auction sale in or from the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumptionPremises.
(e) The occurrence of any other event that is deemed to be an Event of Default under any other provision of this Lease.
Appears in 1 contract
Default by Tenant. (a) The occurrence of any one or more of the following events (any such event being specified herein as a “failure” or “default”) shall constitute an “Event of Default” under this Lease Lease: (i) a failure by Tenant:
Tenant to make: (ax) Failure to pay when due the rent or any other monetary sums required hereunder.
payment of Base Rent which continues unremedied for a period of ten (b) Failure to perform any other agreement or obligation of Tenant hereunder, if such failure continues for fifteen (1510) days after written notice thereof is given to Tenant by Landlord or (y) any payment of Additional Rent or other sum herein required to be paid by Tenant except as to those Events which continues unremedied for a period of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion.
(c) Abandonment or vacation of the Premises by Tenant, or failure to occupy the Premises for ten (10) consecutive days.
(d) If any of the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after the filing thereofwritten notice thereof is given to Tenant by Landlord; or (ii) failure by Tenant makes to perform and observe, or a general assignment violation or breach of, any other provision in this Lease, with such default continuing for the benefit a period of creditors; (iii) a receiver or trustee is appointed to take possession of any substantial part of Tenant’s assets, unless such appointment is vacated within thirty (30) days after the date thereof; (iv) written notice thereof by Landlord to Tenant consents to or suffers an attachmentor, execution or other judicial seizure if such default is of any substantial part such a nature that it cannot reasonably be cured within such period of its assets or its interest under this Lease, unless such process is released or satisfied within thirty (30) days after days, as applicable, such period shall be extended for such longer time as is reasonably necessary [but in no event to exceed a total of one (1) year] and such extension period not to terminate any sooner than the termination of Leasehold Mortgagee’s right to cure any such default; provided, that Tenant has commenced to cure such default within said period of thirty (30) days, and is actively, diligently and in good faith proceeding with continuity to remedy such default and provided that any delay in curing such default shall not result in a material adverse effect on the value of the Leased Property.
(b) Upon the occurrence thereof. If a court of competent jurisdiction determines that any Event of the foregoing events is not a default under Default, Landlord may terminate this Lease, and exercise any and all other remedies available, at law or in equity to obtain possession of the Leased Property; provided, however, that as a trustee is appointed condition precedent to take possession Landlord’s right to terminate this Lease after the occurrence of an Event of Default, Landlord shall have provided Tenant and Leasehold Mortgagee with an additional written notice (the “Final Notice”) of Landlord’s intent to terminate, and Tenant (or Leasehold Mortgagee, if applicable) thereafter shall have failed to cure such Event of Default within ninety (90) days after the delivery of such Final Notice. Notwithstanding any action by Landlord, unless and until any termination of this Lease, the liability of Tenant remains a debtor in possessionfor the Base Rent and Additional Rent shall not be relinquished, diminished, or extinguished for the balance of the Term.
(c) In the event of any expiration or termination of this Lease pursuant to Section 13.1(b), Tenant shall peaceably quit and such trustee surrender the Leased Property to Landlord and Landlord may, without further notice, enter upon, re-enter, possess, and repossess itself thereof, by force, summary proceedings, ejectment, or otherwise, and may dispossess and remove Tenant transfers Tenant’s interest hereunderand all other persons and Property from the Leased Property (without being liable for damages therefor or deemed guilty of any manner of trespass or constructive eviction, then Landlord shall receiveand without prejudice to any remedies for arrears of Rent or breach of covenant) and may have, as Additional Renthold and enjoy the Leased Property and the right to receive all rental and other income of and from the same, the difference between the rent (or may otherwise exercise any rights set forth in this Lease. Any personalty or other considerationproperty belonging to Tenant or to any persons holding by, through, or under Tenant otherwise found upon the Leased Property, may, at the option of Landlord, be removed therefrom and stored in any public warehouse at the cost of and for the account of Tenant, or may be deemed abandoned.
(d) paid in connection with such transfer Upon any termination of this Lease pursuant to Section 13.1(b), Tenant shall peaceably quit and surrender the Leased Property to Landlord and Landlord may without further notice enter upon, re-enter, possess and repossess itself thereof, by force, summary proceedings, ejectment or otherwise, and may dispossess and remove Tenant and all other persons and property from the Leased Property (without being liable for damages therefor or deemed guilty of any manner of trespass or constructive eviction, and without prejudice to any remedies for arrears of Rent or breach of covenant) and may have, hold and enjoy the Leased Property and the rent payable by right to receive all rental and other income of and from the same, or may otherwise exercise any rights set forth in this Lease. Any personalty or other property belonging to Tenant hereunderor to any persons holding by, Any assignee pursuant to through, or under Tenant otherwise found upon the provisions Leased Property, may, at the option of Landlord, be removed therefrom and stored in any bankruptcy law shall public warehouse at the cost of and for the account of Tenant, or may be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumptionabandoned.
(e) The occurrence If any statute or rule of law governing a proceeding in which liquidated final damages are to be proved shall validly limit the amount thereof to an amount less than the amount above agreed upon, Landlord shall be entitled to the maximum amount allowable under such statute or rule of law.
(f) No right or remedy conferred upon or reserved to Landlord in this Lease is intended to be exclusive of any other event that is deemed right or remedy; and each and every right and remedy shall be cumulative and in addition to be an Event of Default under any other provision right or remedy contained in this Lease. No delay or failure by Landlord to enforce its rights under this Lease shall be construed as a waiver, modification or relinquishment thereof. In addition to the other remedies provided in this Lease, Landlord shall be entitled, to the extent permitted by applicable law, to injunctive relief in case of the violation or attempted or threatened violation of any of the provisions of this Lease, or to specific performance of any of the provisions of this Lease.
(g) Tenant hereby waives and surrenders for itself and all those claiming under it, including creditors of all kinds, any right and privilege which it or any of them may have under any present or future law to redeem any of the Leased Property or to have a continuance of this Lease after termination of this Lease or of Tenant’s right of occupancy or possession pursuant to any court order or any provision hereof.
(h) Each of Tenant and Landlord (herein called “Paying Party”) agrees to pay to the other party (herein called “Demanding Party”) any and all reasonable costs and expenses (including, without limitation, attorneys’ fees) incurred by the Demanding Party in connection with any litigation or other action instituted by the Demanding Party to enforce the obligations of the Paying Party under this Lease, to the extent that the Demanding Party has prevailed in any such litigation or other action. Any amount payable by Tenant to Landlord pursuant to this Section 13.1(h) shall be due and payable by Tenant to Landlord as Additional Rent.
(i) No waiver by a party of any breach by the other party of any of its obligations, agreements or covenants hereunder shall be a waiver of any subsequent breach of any obligation, agreement or covenant nor shall forbearing by such party to seek a remedy for any breach by the other party shall be a waiver of its rights and remedies with respect to such subsequent breach.
Appears in 1 contract
Sources: Ground Lease Agreement (Cornerstone Healthcare Plus Reit, Inc.)
Default by Tenant. 13.1 The occurrence of any following shall be deemed a default by Tenant under the terms of the following shall constitute an “Lease ("Event of Default” under this Lease "):
a. The failure by Tenant:
(a) Failure Tenant to pay when due the any rent or any other monetary sums required hereunder.
sum of money due hereunder within ten (b) Failure to perform any other agreement or obligation of Tenant hereunder, if such failure continues for fifteen (1510) days after written notice from Landlord that such payment has not been made;
b. The failure by Landlord Tenant to perform any other of the terms, conditions or covenants of this Lease to be observed or performed by Tenant except as to those Events of Default that are noncurable, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that for more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion.
(c) Abandonment or vacation of the Premises by Tenant, or failure to occupy the Premises for ten (10) consecutive days.
(d) If any of the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after the filing thereof; written notice from Landlord of such default, unless such default is of a nature that it cannot practicably be cured within a thirty (ii30) day period and Tenant makes a general is proceeding with due diligence to cure such default;
c. The making by Tenant of an assignment for the benefit of creditors; (iii) ;
d. The filing of a petition by or against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI of the Bankruptcy Act, or the commencement of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for the appointment of a receiver or trustee is appointed of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to take have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
13.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of any substantial part the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Tenant’s assetsDefault. Notwithstanding such re-entry and possession of the Leased Premises are relet by Landlord an [sic] for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, unless such appointment is vacated within thirty (30) days after if any, which may result from the date thereof; (iv) Tenant consents to or suffers an attachmentreletting of the Leased Premises.
13.3 Additionally, execution or other judicial seizure upon the occurrence of any substantial part Event of its assets or its interest under Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, unless such process is released Tenant's liability for rent and other sums payable hereunder and to perform any other term, condition, covenant or satisfied within thirty (30) days after the occurrence thereof. If a court of competent jurisdiction determines that any of the foregoing events is not a default agreement on its part to be performed under this LeaseLease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, and a trustee is appointed to take possession (or if Tenant remains a debtor in possession)however, and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the for all rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant performance of all terms conditions and agreements relating to the provisions of any bankruptcy law shall be deemed without further act matters prior to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumptiontermination.
(e) The occurrence of any other event that is deemed to be an Event of Default under any other provision of this Lease.
Appears in 1 contract
Sources: Lease Agreement (Iron Age Corp)
Default by Tenant. The Landlord and Tenant hereby agree that the occurrence of any one or more of the following shall constitute an “Event of Default” events is a material default by Tenant under this Lease by and that said default shall give Landlord the rights described in Section 13.2. Landlord or Landlord’s authorized agent shall have the right to execute and deliver any notice of default, notice to pay rent or quit or any other notice Landlord gives Tenant:.
(a) Failure Tenant’s failure to pay when due the rent make any payment of Base Rent, Tenant’s Share of Operating Expense increases, Tenant’s Share of Real Property Tax increases, parking charges, charges for after hours HVAC, late charges, or any other monetary sums payment required to be made by Tenant hereunder, as and when due, where such failure shall continue for a period of five (5) days after written notice thereof from Landlord to Tenant. In the event that Landlord serves Tenant with a notice to pay rent or quit pursuant to applicable unlawful detainer statutes, such notice shall also constitute the notice required by this Section 13.1(a).
(b) Failure The abandonment of the Premises by Tenant in which event Landlord shall not be obligated to give any notice of default to Tenant.
(c) The failure of Tenant to comply with any of its obligations under Sections 6.1, 6.2(b), 7.2, 7.3, 8, 12, 18, 20, 22, 23, 25, 33, 34, and 55 and 59 where Tenant fails to comply with its obligations or fails to cure any earlier breach of such obligation within ten (10) days following written notice from Landlord to Tenant. In the event Landlord serves Tenant with a notice to quit or any other notice pursuant to applicable unlawful detainer statutes, said notice shall also constitute the notice required by this Section 13.1(c).
(d) The failure by Tenant to observe or perform any of the covenants, conditions or provisions of this Lease to be observed or performed by Tenant (other agreement or obligation of Tenant hereunderthan those referenced in Sections 13.1(a), if (b) and (c), above), where such failure continues shall continue for fifteen a period of ten (1510) business days after written notice by thereof from Landlord to Tenant except as to those Events of Default that are noncurableTenant; provided, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfyhowever, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation Tenant’s non-performance is such that more than 15 ten (10) business days is are reasonably required for performanceits cure, then Tenant will shall not be deemed to be in default if Tenant commences performance such cure within such 15-said ten (10) business day period and thereafter diligently prosecutes the same pursues such cure to completion. In the event that Landlord serves Tenant with a notice to quit pursuant to applicable unlawful detainer statutes, said notice shall also constitute the notice required by this Section 13.1(d).
(c) Abandonment or vacation of the Premises by Tenant, or failure to occupy the Premises for ten (10) consecutive days.
(d) If any of the following occurs: (i) a petition is filed for an order The making by Tenant or any guarantor of relief under the federal Bankruptcy Code Tenant’s obligations hereunder of any general arrangement or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after the filing thereof; (ii) Tenant makes a general assignment for the benefit of creditors; (ii) Tenant or any guarantor becoming a “debtor” as defined in 11 U.S.C. 101 or any successor statute thereto (unless, in the case of a petition filed against Tenant or guarantor, the same is dismissed within sixty (60) days); (iii) the appointment of a trustee or receiver or trustee is appointed to take possession of any substantial part substantially all of Tenant’s assetsassets located at the Premises or of Tenant’s interest in this Lease, unless such appointment where possession is vacated not restored to Tenant within thirty (30) days after the date thereofdays; (iv) Tenant consents to or suffers an the attachment, execution or other judicial seizure of any substantial part substantially all of its Tenant’s assets located at the Premises or its of Tenant’s interest under in this Lease, unless where such process seizure is released or satisfied not discharged within thirty (30) days after days; or (v) the occurrence thereofinsolvency of Tenant. If a court of competent jurisdiction determines In the event that any provision of the foregoing events this Section 13.1(e) is not a default under this Leasecontrary to any applicable law, and a trustee is appointed to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law provision shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on no force or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumptioneffect.
(ef) The occurrence discovery by Landlord that any financial statement, representation or warranty given to Landlord by Tenant, or by any guarantor of any Tenant’s obligations hereunder was materially false at the time given. Tenant acknowledges that Landlord has entered into this Lease in material reliance on such information.
(g) If Tenant is a corporation, a partnership, or a limited liability company, the dissolution or liquidation of Tenant.
(h) If Tenant’s obligations under this Lease are guaranteed; (i) the death of a guarantor, (ii) the termination of a guarantor’s liability with respect to this Lease other event that is deemed than in accordance with the terms of such guaranty, (iii) a guarantor becoming insolvent or the subject of a bankruptcy filing, (iv)a guarantor’s refusal to be honor the guaranty, or (v) a guarantor’s breach of its guaranty obligation on an Event of Default under any other provision of this Leaseanticipatory breach basis.
Appears in 1 contract
Default by Tenant. The occurrence following events shall be deemed to be events of any of the following shall constitute an “Event of Default” default by Tenant under this Lease by TenantLease:
(a) Failure Tenant shall fail to pay when due the any installment of rent or any other monetary sums required hereundersum due to Landlord within five (5) days of receipt of written notice of such nonpayment.
(b) Failure Tenant shall fail to perform comply with any term, provision or covenant of this Lease, other agreement than payment of rent or obligation of Tenant hereunderother sums due to Landlord, if and shall not cure such failure continues for within fifteen (15) days after written notice by Landlord thereof to Tenant except as to those Events of Default that are noncurable, in which case no or if such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is default cannot in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 reasonably be cured within fifteen (15) days is required for performance, then Tenant will shall not be in default if Tenant commences performance so long as it has commenced to cure within such fifteen (15-day period ) days and thereafter is diligently prosecutes the prosecuting same to completion.
(c) Abandonment Tenant or vacation any guarantor of the Premises by Tenant’s obligations under this Lease shall die, cease to exist as a corporation or partnership or be otherwise dissolved or liquidated or become insolvent, or failure to occupy the Premises for ten (10) consecutive days.
(d) If any shall make a transfer in fraud of the following occurs: (i) a petition is filed for creditors, or shall make an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after the filing thereof; (ii) Tenant makes a general assignment for the benefit of creditors; , or is otherwise unable to pay its debts as they come due.
(iiid) a receiver Tenant or trustee is appointed to take possession of any substantial part guarantor of Tenant’s assets, unless such appointment is vacated within thirty (30) days after obligations under this Lease shall file a petition under any section or chapter of the date national bankruptcy act as amended or under any similar law or statute of the United States or any state thereof; (iv) or Tenant consents to or suffers an attachment, execution any guarantor of Tenant’s obligations under this Lease shall be adjudged bankrupt or other judicial seizure insolvent in proceedings filed against Tenant or any guarantor of any substantial part of its assets or its interest Tenant’s obligations under this Lease, unless such process is released or satisfied within thirty (30) days after the occurrence thereof. If a court of competent jurisdiction determines that any of the foregoing events is not a default under this Lease, and a trustee is appointed to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumption.
(e) The occurrence A receiver or trustee shall be appointed for all of the Premises or for all or substantially all of the assets of Tenant or any other event that is deemed to be an Event guarantor of Default Tenant’s obligations under this Lease.
(f) Tenant shall abandon or vacate any other provision portion of the Premises, in whole or in part.
(g) Tenant assigns or sublets in violation of the provisions of this Lease.
Appears in 1 contract
Default by Tenant. The occurrence This Lease is made upon the condition that the Tenant shall punctually and faithfully perform all of the covenants and agreements by it to be performed as herein set forth, and if any of the following events of default shall constitute an “Event of Default” under this Lease by Tenant:
occur, to-wit: (a) Failure to pay when due the rent any installment of Rent, additional rent, CAM charges, or any other monetary sums required hereunder.
(b) Failure to perform any other agreement or obligation of be paid by Tenant hereunder, if such failure continues or any part thereof, shall at any time be in arrears and unpaid for fifteen (15) days after it is due, or (b) there be any default on the part of Tenant in the observance or performance of any of the other covenants, agreements, or conditions of this Lease on the part of Tenant to be kept and performed, and said default shall continue for a period of thirty (30) days after written notice by thereof from Landlord to Tenant except as (unless such default cannot reasonably be cured within thirty (30) days and Tenant shall have commenced to those Events cure said default within said thirty (30) days and continues diligently to pursue the curing of Default that are noncurablethe same), in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion.
or (c) Abandonment Tenant shall file a petition in bankruptcy or vacation of the Premises by Tenantbe adjudicated a bankrupt, or failure to occupy file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or make an assignment for the Premises for ten (10) consecutive days.
benefit of creditors, or (d) If any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties or of the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code Demised Premises shall be appointed in any action, suit or for an order proceeding by or decree of insolvency or reorganization or rearrangement under any state or federal law, against Tenant and such petition is proceeding or action shall not have been dismissed within thirty (30) days after such appointment, or (e) the filing thereof; leasehold estate hereby created shall be taken on execution or by other process of law, or (iif) Tenant makes a general assignment for shall admit in writing its inability to pay its obligations generally as they become due, or (g) Tenant shall vacate or abandon the benefit Demised Premises, then and in any of creditors; (iii) a receiver or trustee is appointed to said cases, Landlord at its option may terminate this Lease and re-enter upon the Demised Premises and take possession thereof with full right to sue for and collect all sums or amounts with respect to which Tenant may then be in default and accrued up to the time of such entry, including damages to Landlord by reason of any substantial breach or default on the part of Tenant’s assets, unless or Landlord may, if it elects to do so, bring suit for the collection of such appointment is vacated within thirty (30) days rents and damages without entering into possession of the Demised Premises or voiding this Lease. In addition to, but not in limitation of, any of the remedies set forth in this Lease or given to Landlord by law or in equity, Landlord shall also have the right and option, in the event of any default by Tenant under this Lease and the continuance of such default after the date thereof; (iv) period of notice above provided, retake possession of the Demised Premises from Tenant consents to without process of law, by summary proceedings or suffers an attachmentotherwise, execution or other judicial seizure and it is agreed that the commencement and prosecution of any substantial part action by Landlord in forcible entry and detainer, ejectment or otherwise, or any execution of any judgment or decree obtained in any action to recover possession of the Demised Premises, shall not be construed as an election to terminate this Lease unless Landlord expressly exercises its option hereinabove provided to declare deemed to have absolved or discharged Tenant from any of its assets or its interest under obligations and liabilities for the remainder of the term of this Lease, unless and Tenant shall, notwithstanding such process entry or re-entry, continue to be liable for the payment of the Rent and any additional rent and the performance of the other amounts of such deficits from time to time are ascertained and, in the event of any such ouster, Landlord rents or leases the Demised Premises to some other person, firm or corporation (whether for a term greater, less than or equal to the unexpired portion of the term created hereunder) for an aggregate rent during the portion of such new lease co-extensive with the term created hereunder which is released less than the rent and other charges which T▇▇▇▇▇ would pay hereunder for such period, Landlord may immediately upon the making of such new lease of the creation of such new tenancy sue for and recover the differences between the aggregate rental provided for in said new lease for the portion of the term co-extensive with the term created hereunder and the rent which T▇▇▇▇▇ would pay hereunder for such period, together with any expense to which Landlord may be put for brokerage commission, placing the Demised Premises in tenantable condition or satisfied within thirty (30) days after the occurrence thereofotherwise. If a court of competent jurisdiction determines that any such now lease or tenancy is made for shorter term than the balance of the foregoing events is term of this Lease, any such action brought by Landlord to collect the deficit for that period shall not bar Landlord from thereafter suing for any loss during the balance of the unexpired terms of this Lease. For the avoidance of doubt, in the event of a default and unless and until Tenant cures the default, Landlord withholds the right to prevent Tenant from occupying the Demised Premises. Moreover, in the event of a default, Landlord may, at its sole option, terminate the Lease and upon termination, Tenant shall pay the balance of the then-current Lease Tem immediately due and payable, together with all other charges, payments, costs, and expenses payable by Tenant as though such amounts were payable in advance on the date the Event of Default occurred. If Tenant at any time shall fail to pay any assessments or liens, or to make any payment or perform any act required by this Lease to be made or performed by it, Landlord, without waiving or releasing Tenant from any obligation or default under this Lease, may (but shall be under no obligation to) at any time thereafter make such payment or perform such act for the account and a trustee at the expense of Tenant. All sums so paid by L▇▇▇▇▇▇▇ and all costs and expenses so incurred shall accrue interest at the rate of 12% per annum or the highest rate permitted by law, whatever is appointed to take possession (less, from the date of payment or if Tenant remains a debtor in possession), incurring thereof by Landlord and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the constitute additional rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law under this Lease and shall be deemed without further act paid by Tenant to have assumed Landlord upon demand. All rights and remedies of Landlord herein enumerated shall be cumulative, and none shall exclude any other remedies allowed at law or in equity. T▇▇▇▇▇ agrees to pay reasonable attorney’s fee and all of costs if Landlord, in its sole discretion, employs an attorney to collect any rent, additional rent, or any other sums payable under this Lease agreement or to enforce any covenants, agreements, or conditions on the obligations part of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumption.
(e) The occurrence of any other event that is deemed to be an Event of Default under any other provision of this Leasekept and performed.
Appears in 1 contract
Sources: Lease Agreement (Hut 8 Corp.)
Default by Tenant. The occurrence Tenant shall be considered to be in default if Tenant at any time during the Term of this Lease shall:
a. Vacate or abandon the Premises while failing to pay Base Rent and Additional Rent; or
b. Default in the payment of any installment of the following shall constitute an “Event of Default” under this Lease by Tenant:
(a) Failure to pay when due the rent Base Rent and Additional Rent or any other monetary sums required hereunder.sum specifically to be paid by Tenant hereunder and such default shall not have been cured within ten (10) days after the Landlord shall have given to Tenant written notice specifying such default; or
c. Default in the observance or performance of any Tenant's other covenants hereunder (b) Failure other than the covenant to perform pay Base Rent and Additional Rent or any other agreement or obligation of Tenant hereunder, if sum herein specified to be paid by Tenant) and such failure continues for default shall not have been cured within fifteen (15) days after Landlord shall have given to Tenant written notice by Landlord to Tenant except as to those Events of Default that are noncurablespecifying such default; provided, in which case no such grace period shall apply. Landlord’s notice described herein is intended to satisfyhowever, and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature default complained of shall be of such obligation is a nature that the same cannot be completely remedied or cured within such that more than 15 days is required for performancefifteen (15) day period, then Tenant will such default shall not be in an enforceable default against Tenant for, the purposes of this Paragraph if Tenant commences performance shall have commenced curing such default within such fifteen (15-) day period and thereafter diligently prosecutes shall proceed with reasonable diligence and in good faith to remedy the same to completion.default complained of; or
(c) Abandonment d. Finally and without further possibility of appeal or vacation of the Premises by Tenantreview, or failure to occupy the Premises for ten (10) consecutive days.
(d) If any of the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code be adjudicated bankrupt or for an order insolvent, or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after the filing thereof; (ii) have a receiver or trustee appointed for all or substantially all of its business or assets on the ground of Tenant's insolvency, or (iii) suffer and order to be entered approving a petition filed against Tenant makes a general seeking reorganization of Tenant under the Federal Bankruptcy Laws or any other applicable law or statute of the United States thereof; or
e. Make an assignment for the benefit of its creditors; (iii) , or file a voluntary petition in bankruptcy or a petition or answer seeking reorganization or arrangement under the Federal Bankruptcy Laws or any other applicable law or statute of the United States or any State thereof, or shall file a petition to take advantage of any insolvency act or shall consent to the appointment of a receiver or trustee is appointed to take possession of any substantial part of Tenant’s assets, unless such appointment is vacated within thirty (30) days after the date thereof; (iv) Tenant consents to all or suffers an attachment, execution or other judicial seizure of any a substantial part of its assets or its interest under this Lease, unless such process is released or satisfied within thirty (30) days after the occurrence thereof. If a court of competent jurisdiction determines that any of the foregoing events is not a default under this Lease, business and a trustee is appointed to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of any bankruptcy law shall be deemed without further act to have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumptionproperty.
(e) The occurrence of any other event that is deemed to be an Event of Default under any other provision of this Lease.
Appears in 1 contract
Sources: Lease (Iwo Holdings Inc)