Default by Tenant. The following will be events of default by Tenant under this Lease: (a) Failure to pay when due any installment of Rent or any other payment required pursuant to this Lease within five (5) days of due date; (b) The filing of a petition for bankruptcy or insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or the appointment or a receiver or trustee for all or substantially all of the assets of Tenant; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations of Tenant under this Lease (each, a “Guarantor”); (c) A transfer in fraud of creditors or an assignment for the benefit of creditors, whether by Tenant or any Guarantor; (d) The filing or imposition of a lien against the Premises, the Buildings or the Property as a result of any act or omission of Tenant and the failure of Tenant to satisfy or bond the lien in its entirety within thirty (30) days after receipt of notice of same; (e) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor; (f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof to Tenant; provided, however, that if such breach cannot be cured within such 20 day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice thereof, then such cure period shall be extended for so long as Tenant continues to use diligent efforts to cure, not to exceed a total of sixty (60) days from the date of Landlord’s notice; (g) Tenant’s breach of the same provision of this Lease, other than the obligation to pay Rent, more than twice (2) in any twelve (12) month period; (h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and (i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantors.
Appears in 12 contracts
Sources: Lease Agreement (Power REIT), Lease Agreement (Millennium Investment & Acquisition Co Inc.), Lease Agreement (Power REIT)
Default by Tenant. The occurrence of one or more of the following will be events shall constitute an event of default by Tenant under this Lease:Agreement (“Tenant Event of Default”):
(a) Failure to pay when due any installment of Rent or any other payment required pursuant to this Lease within five (5) days of due date;
(bi) The filing failure of a petition for bankruptcy or insolvency under Tenant to timely perform and satisfy any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or the appointment or a receiver or trustee for all or substantially all of the assets of Tenant; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the material duties and obligations of Tenant under this Lease Agreement and/or the Development Plan and Budget; provided, however, Tenant shall not be deemed to be in default of this Agreement if: (each, i) in the event the default is a “Guarantor”);
monetary default and Tenant cures such monetary default within ten (c10) A transfer business days after receipt of written notice from the Landlord of such monetary default; or (ii) in fraud the event the default is a non-monetary default and Tenant commences the cure of creditors or an assignment for such non-monetary default as soon as reasonably practicable following written notice thereof from the benefit of creditors, whether by Tenant or any Guarantor;
(d) The filing or imposition of a lien against the Premises, the Buildings or the Property as a result of any act or omission of Tenant Landlord and the failure of Tenant to satisfy or bond the lien in its entirety completes such cure within thirty (30) calendar days after receipt of such written notice of same;
(e) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof to Tenant; provided, however, that however if such breach non-monetary default cannot reasonably be cured within such 20 thirty (30) calendar day period using diligent efforts and period, Tenant promptly commenced efforts shall not be deemed to be in default of this Agreement if Tenant commences to cure such breach upon receipt of Landlord’s notice thereofnon-monetary default within such thirty (30) calendar day period, then such cure period shall be extended for so long as Tenant continues and thereafter diligently pursues the same to use diligent efforts to cure, not to exceed a total of sixty (60) days from the date of Landlord’s notice;completion; or
(gii) The commission of any act of gross negligence, willful misconduct, fraud, or intentional misrepresentation by Tenant’s breach , or any executive-level employee of Tenant, in connection with the performance by Tenant of its duties and obligations under this Agreement; or
(iii) The occurrence of any Default by Tenant under the Lease. Upon the occurrence of a Tenant Event of Default, Landlord and Tenant acknowledge and agree that such Tenant Event of Default shall constitute a Default by Tenant under the Lease and Landlord shall have all of the same provision rights and remedies afforded to Landlord upon the occurrence of this a Default by Tenant under the Lease, as well as any other than rights and remedies afforded to Landlord at law or in equity, including, without limitation, the obligation right to pay Rentseek specific performance. Notwithstanding the foregoing, more than twice (2) in any twelve (12) month period;
(h) Failure each of Landlord and Tenant hereby waive the right to deliverrecover consequential, maintain special or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantorspunitive damages under this Agreement.
Appears in 5 contracts
Sources: Development Agreement (Innovative Industrial Properties Inc), Development Agreement (Innovative Industrial Properties Inc), Development Agreement (Innovative Industrial Properties Inc)
Default by Tenant. The occurrence of any one or more of the following will be events shall constitute an “Event of default by Tenant Default” under this LeaseLease Agreement:
(a) Failure A. The failure of Tenant to pay any Rent as and when due any installment of Rent or any other payment required pursuant to under this Lease within Agreement and such failure continues for five (5) business days after Landlord gives Tenant written notice of such failure; provided, however, that once Landlord has given Tenant two (2) such notices during any calendar year of this Lease Agreement for any payments that are not made when due datehereunder, Landlord shall not be required to give further notice or any notice at all with respect to subsequent defaults in such payments in such calendar year, and the failure or refusal by Tenant to timely make any payment thereafter due hereunder during such calendar year shall immediately constitute an Event of Default entitling Landlord to pursue its remedies without notice or demand;
(b) B. The filing of a petition for bankruptcy or insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or the appointment or a receiver or trustee for all or substantially all of the assets of Tenant; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations of Tenant under this Lease (each, a “Guarantor”);
(c) A transfer in fraud of creditors or an assignment for the benefit of creditors, whether by Tenant or any Guarantor;
(d) The filing or imposition of a lien against the Premises, the Buildings or the Property as a result of any act or omission of Tenant and the failure of Tenant to satisfy perform, comply with or bond observe any of the lien other covenants or conditions contained in its entirety within this Lease Agreement and the continuance of such failure for the period of time as may be specified elsewhere in this Lease Agreement for such specific covenant or condition, or should no period of time be specified elsewhere in this Lease Agreement with respect to such specific covenant or condition, a period of thirty (30) days after receipt of written notice of same;
(e) The liquidation, termination or dissolution of Tenant or any Guarantor, to Tenant; or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof to Tenant; provided, however, that if such breach failure cannot reasonably be cured within such 20 said thirty (30) day period using despite Tenant’s diligent efforts and good faith efforts, the failure of Tenant to promptly commenced commence its diligent good faith efforts to cure such breach upon receipt failure within said thirty (30) day period and/or the continuance of Landlordsuch failure for a period of ninety (90) days notwithstanding Tenant’s notice thereof, then such cure period shall be extended for so long as Tenant continues to use diligent efforts to cure, not ;
C. Tenant shall fail to exceed a total of sixty execute and acknowledge or otherwise respond in good faith and in writing within ten (6010) days from the date after submission to Tenant of Landlord’s notice;
(g) Tenant’s breach a request for confirmation of the same provision subordination of this Lease, other than the obligation to pay Rent, more than twice (2) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit Lease Agreement pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors 24 or an estoppel certificate pursuant to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantors.Section 35;
Appears in 4 contracts
Sources: Lease Agreement (Bellicum Pharmaceuticals, Inc), Lease Agreement (Bellicum Pharmaceuticals, Inc), Lease Agreement (Bellicum Pharmaceuticals, Inc)
Default by Tenant. The Each of the following will be events shall constitute an Event of default Default (herein so called) by Tenant under this Lease:
(ai) Failure Tenant fails to pay when due any installment of Base Rent or any other payment required pursuant to in full under this Lease within five (5) days of due dateafter notice from Landlord that such payment was not received when due;
(bii) The filing Tenant fails to pay any installment of a petition for bankruptcy or insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or the appointment or a receiver or trustee for all or substantially all of the assets of Tenant; Additional Rent in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations of Tenant full under this Lease within ten (each, a “Guarantor”)10) days after notice from Landlord that such payment was not received when due;
(ciii) A transfer in fraud Tenant fails to observe or perform any other provision of creditors this Lease required to be observed or an assignment for the benefit of creditors, whether performed by Tenant or any Guarantor;
(d) The filing or imposition of a lien against the Premises, the Buildings or the Property as a result of any act or omission of Tenant and the does not cure such failure of Tenant to satisfy or bond the lien in its entirety within thirty (30) days after receipt notice thereof from Landlord; provided that if such default is not capable of notice of samebeing cured within thirty (30) days and Tenant promptly commences such cure, said thirty (30) day period shall be extended so long as Tenant diligently and continuously pursues such cure;
(eiv) The liquidation, termination Tenant or dissolution any guarantor of Tenant's obligations under this Lease (a "Guarantor") makes a general assignment for the benefit of creditors;
(v) A receiver or trustee of Tenant or any Guarantor, or, if Tenant Guarantor or any Guarantor of their respective assets is appointed by entry of an order by a natural personcourt of competent jurisdiction and the same is not vacated, the death of Tenant discharged or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, dismissed within twenty (20) days after notice thereof to Tenant; provided, however, that if such breach cannot be cured within such 20 day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice thereof, then such cure period shall be extended for so long as Tenant continues to use diligent efforts to cure, not to exceed a total of sixty (60) days from the date of Landlord’s noticethereafter;
(gvi) Tenant’s breach A petition for relief is filed by Tenant or any Guarantor under any bankruptcy or insolvency law seeking a plan of reorganization or arrangement under any law relating to bankruptcy, or any such petition is filed against Tenant or any Guarantor and same is not dismissed, discharged or vacated within sixty (60) days thereafter;
(vii) The interest of Tenant in the Premises is sold under execution or other legal process;
(viii) Tenant fails to maintain any insurance required under Section 12.1 of this Lease within five (5) days after notice from Landlord of such failure; or
(ix) Tenant assigns this Lease or subleases any portion of the same provision Premises in violation of Section 13 of this Lease, other than the obligation to pay Rent, more than twice (2) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantors.
Appears in 4 contracts
Sources: Assignment and Assumption of Lease (Aei Net Lease Income & Growth Fund Xix Limited Partnership), Assignment and Assumption of Lease (Aei Net Lease Income & Growth Fund Xx Limited Partnership), Assignment and Assumption of Lease (Aei Income & Growth Fund 25 LLC)
Default by Tenant. The following will be events of default by Tenant under this Lease:
(a) Failure to pay when due any installment of Rent or any other payment required pursuant to this Lease within five (5) days of due date;
(b) The filing of a petition for bankruptcy or insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or the appointment or a receiver or trustee for all or substantially all of the assets of Tenant; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations of Tenant under this Lease (each, a “Guarantor”);
(c) A transfer in fraud of creditors or an assignment for the benefit of creditors, whether by Tenant or any GuarantorTenant;
(d) The filing or imposition of a lien against the Premises, the Buildings or the Property as a result of any act or omission of Tenant and the failure of Tenant to satisfy or bond the lien in its entirety within thirty (30) days after receipt of notice of same;
(e) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such GuarantorTenant;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof to Tenant; provided, however, that if such breach cannot be cured within such 20 day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice thereof, then such cure period shall be extended for so long as Tenant continues to use diligent efforts to cure, not to exceed a total of sixty (60) days from the date of Landlord’s notice;
(g) Tenant’s breach of the same provision of this Lease, other than the obligation to pay Rent, more than twice (2) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantors.
Appears in 3 contracts
Sources: Lease Agreement, Lease Agreement (Millennium Sustainable Ventures Corp.), Lease Agreement (Power REIT)
Default by Tenant. The following will be events of default by Tenant under this Lease:
(a) Failure to pay when due any installment of Rent or any other payment required pursuant to this Lease within five Lease; provided that Landlord shall give Tenant notice of the first two (52) such instances of non-payment in each calendar year of the Term and Tenant shall have a period of ten (10) days of due dateafter receipt thereof to cure such non-payment before a default shall be deemed to have occurred;
(b) The filing of a petition for bankruptcy or insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or the appointment or of a receiver or trustee for all all, or substantially all all, of the assets of Tenant; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any each party guaranteeing the obligations of Tenant under this Lease (each, a “Guarantor”);
(c) A transfer in fraud of creditors or an assignment for the benefit of creditors, whether by Tenant ▇▇▇▇▇▇ or any Guarantor;
(d) The filing or imposition of a lien against the Premises, the Buildings or the Property Premises as a result of any act or omission of Tenant and the failure of Tenant to satisfy or bond the lien in its entirety within thirty (30) days after receipt of notice by Landlord of sameits filing;
(e) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party toLease, other than the obligation to pay Rent, within twenty thirty (2030) days after notice thereof to Tenant; provided, however, that if such breach cannot be cured within such 20 30 day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice thereof, then such cure period shall be extended for so long as Tenant continues to use diligent efforts to cure, not to exceed a total of sixty ninety (6090) days from the date of Landlord’s notice;
(g) Tenant’s breach of the same provision of this Lease, other than the obligation to pay Rent, more than twice (2) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantors.
Appears in 3 contracts
Sources: Commercial Lease Agreement, Commercial Lease Agreement, Lease Agreement
Default by Tenant. The Each of the following will be events shall constitute an Event of default Default (herein so called) by Tenant under this Lease:
(ai) Failure Tenant fails to pay when due any installment of Base Rent or any other payment required pursuant to in full under this Lease within five (5) days of due dateafter notice from Landlord that such payment was not received when due;
(bii) The filing Tenant fails to pay any installment of a petition for bankruptcy or insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or the appointment or a receiver or trustee for all or substantially all of the assets of Tenant; Additional Rent in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations of Tenant full under this Lease within ten (each, a “Guarantor”);
10) days after notice from Landlord that such payment was not received when due; (ciii) A transfer in fraud Tenant fails to observe or perform any other provision of creditors this Lease required to be observed or an assignment for the benefit of creditors, whether performed by Tenant or any Guarantor;
(d) The filing or imposition of a lien against the Premises, the Buildings or the Property as a result of any act or omission of Tenant and the does not cure such failure of Tenant to satisfy or bond the lien in its entirety within thirty (30) days after receipt notice thereof from Landlord; provided, that if such default is not capable of notice being cured within thirty (30) days and Tenant promptly commences such cure, said thirty (30) day period shall be extended so long as Tenant diligently and continuously pursues such cure; (iv) Tenant or any guarantor of same;
Tenant's obligations under this Lease (ea "Guarantor") The liquidation, termination makes a general assignment for the benefit of creditors; (v) A receiver or dissolution trustee of Tenant or any Guarantor, or, if Tenant Guarantor or any Guarantor of their respective assets is appointed by entry of an order by a natural personcourt of competent jurisdiction and the same is not vacated, the death of Tenant discharged or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, dismissed within twenty (20) days after notice thereof to Tenant; provided, however, that if such breach cannot be cured within such 20 day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice thereof, then such cure period shall be extended for so long as Tenant continues to use diligent efforts to cure, not to exceed a total of sixty (60) days thereafter; (vi) A petition for relief is filed by Tenant or any Guarantor under any bankruptcy or insolvency law seeking a plan of reorganization or arrangement under any law relating to bankruptcy, or any such petition is filed against Tenant or any Guarantor and same is not dismissed, discharged or vacated within sixty (60) days thereafter; (vii) The interest of Tenant in the Premises is sold under execution or other legal process; (viii) Tenant fails to maintain any insurance required under Section 12.1 of this Lease within five (5) days after notice from the date Landlord of Landlord’s notice;
such failure; or (gix) Tenant’s breach Tenant assigns this Lease or subleases any portion of the same provision Premises in violation of Section 13 of this Lease, other than the obligation to pay Rent, more than twice (2) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantors.
Appears in 3 contracts
Sources: Assignment and Assumption of Lease and Guaranty (AEI Income & Growth Fund 26 LLC), Lease Agreement (Aei Income & Growth Fund 24 LLC), Lease Agreement (AEI Income & Growth Fund 26 LLC)
Default by Tenant. The occurrence of any of the ----------------- following will be events and the expiration of any grace periods hereafter described shall constitute a default by Tenant under this Lease:
(a) Failure The failure of Tenant to pay any Rent within ten (10) days after Tenant's receipt of Landlord's written notice of such failure to pay; provided Landlord shall be required to give such notice only twice in any twelve (12) month period and thereafter Tenant shall be in default if any such payment is not received when due any installment of Rent or any other payment required pursuant to and without notice;
(b) Tenant assigns its interest in this Lease within 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, or 6.8 of this Lease after five (5) days of due date;
(b) The filing of a petition for bankruptcy or insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or the appointment or a receiver or trustee for all or substantially all of the assets of Tenant; in each of the foregoing cases, if not dismissed within 30 days Landlord's written notice of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations of Tenant under this Lease (each, a “Guarantor”);
(c) A transfer in fraud of creditors or an assignment for the benefit of creditors, whether by Tenant or any Guarantorbreach;
(d) The filing Tenant breaches or imposition fails to comply with any term, provision, covenant, or condition of a lien against this Lease (other than as described in Subsections [a], [b], or [c] above), or with any of the PremisesBuilding Rules now or subsequently established, the Buildings and such breach or the Property as a result of any act or omission of Tenant and the failure of Tenant to satisfy or bond the lien in its entirety within continues for thirty (30) calendar days after receipt of written notice of same;
(e) The liquidation, termination or dissolution of by Landlord to Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof to Tenant; provided, however, that if such breach condition cannot reasonably be cured within such 20 thirty (30) day period using diligent efforts and period, Tenant promptly commenced efforts shall fail to cure such breach upon receipt of Landlord’s notice thereof, then commence such cure within such thirty (30) day period, or having commenced such cure within such period shall be extended for so long as Tenant continues thereafter diligently and continuously fail to use diligent efforts prosecute such cure to cure, not to exceed a total of completion within sixty (60) days from the date of Landlord’s notice's notice of such default;
(e) If the interest of Tenant under this Lease is levied on under execution or other legal process, 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 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 the dissolution or liquidation of 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 same by appropriate proceedings and shall remove or vacate the same within thirty (30) calendar days from the date of its creation, service, or filing);
(f) Tenant becomes insolvent, makes an assignment for the benefit of creditors, or makes a transfer in fraud of creditors; or a receiver or trustee is appointed for Tenant or any of its properties;
(g) Tenant’s breach of Tenant abandons the same provision of this Lease, other than Premises during the obligation to pay Rent, more than twice (2) in any twelve (12) month period;Lease Term; or
(h) Failure If Tenant is an individual person, the death or legal incapacity of Tenant; if Tenant is a corporation, Tenant ceases to deliver, maintain or restore exist as a corporation in good standing in the Security Deposit pursuant state of its incorporation and/or ceases to Section 11.2 hereof be duly authorized to transact business within the timeframes providedState of Texas; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantorsif Tenant is a partnership or other entity, Tenant is dissolved or otherwise liquidated.
Appears in 3 contracts
Sources: Lease Agreement (Equinix Inc), Lease Agreement (Equinix Inc), Lease Agreement (Equinix Inc)
Default by Tenant. (a) The following will events shall be deemed to be events of default by Tenant under this Lease:Lease (hereinafter called an “Event of Default”):
(a1) Failure Tenant shall fail to timely pay when due any installment Rent and such failure shall continue for a period of Rent or any other payment required pursuant to this Lease within five ten (5) days of due date;
(b) The filing of a petition for bankruptcy or insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or the appointment or a receiver or trustee for all or substantially all of the assets of Tenant; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations of Tenant under this Lease (each, a “Guarantor”);
(c) A transfer in fraud of creditors or an assignment for the benefit of creditors, whether by Tenant or any Guarantor;
(d) The filing or imposition of a lien against the Premises, the Buildings or the Property as a result of any act or omission of Tenant and the failure of Tenant to satisfy or bond the lien in its entirety within thirty (3010) days after receipt of written notice of same;
(e) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof default shall have been given to Tenant; provided, however, that Landlord shall not be obligated to give Tenant written notice of its failure to pay Rent more than two times in any 12-month period and after the second notice, an Event of Default shall occur automatically upon Tenant’s failure to timely pay any Rent within such 12-month period without the requirement of any further notice from Landlord;
(2) Tenant shall fail to comply with any terms, provisions or covenants of this Lease or any other agreement between Landlord and Tenant not requiring the payment of Rent, all of which terms, provisions and covenants shall be deemed material, and such failure shall continue for a period of thirty (30) days after written notice of such failure is delivered to Tenant or, if such breach failure cannot reasonably be cured within such 20 thirty (30) day period using diligent efforts and period, Tenant promptly commenced efforts shall fail to commence to cure such breach upon receipt failure within such thirty (30) day period and/or shall thereafter fail to prosecute such cure diligently and continuously to completion within sixty (60) days of the date of Landlord’s notice of default;
(3) Tenant or any guarantor takes any action to, or notifies Landlord that Tenant or any guarantor intends to, file a petition under any section or chapter of the United States Bankruptcy Code, as amended from time to time, or under any similar Law of the United States or any state thereof, then such cure period ; or a petition shall be extended for so long as filed against Tenant continues to use diligent efforts to cure, or any guarantor under any such statute and shall not to exceed a total of be dismissed within sixty (60) days thereafter;
(4) a receiver or trustee shall be appointed for Tenant’s leasehold interest in the Premises or for all or a substantial part of the assets of Tenant or any guarantor; or
(5) Tenant abandons all, or substantially all, of the Premises, without providing Landlord with (a) thirty (30) days prior written notice of its intent to vacate, (b) an affirmative statement that this Lease is in full force and effect and that there are no uncured events of default by Landlord or Tenant, (c) an affirmative statement that Tenant intends to comply with all of the terms and conditions of the Lease including, without limitation, the payment of Rent, (d) current financial statements and (e) a forwarding address and telephone number.
(b) Upon the occurrence of any Event of Default, Landlord may, at its option and without further notice to Tenant and without judicial process, in addition to all other remedies given hereunder or by Law or equity, do any one or more of the following: (1) terminate this Lease, in which event Tenant shall immediately surrender possession of the Premises to Landlord; (2) enter upon and take possession of the Premises and expel or remove Tenant therefrom, with or without having terminated this Lease; (3) apply all or any part of the Security Deposit to cure such Event of Default; (4) change or re-key all locks to entrances to the Premises, and Landlord shall have no obligation to give Tenant a new key to the Premises until such Event of Default is cured; and (5) remove from the Premises any furniture, fixtures, equipment or other personal property of Tenant, without liability for trespass or conversion, and store such items either in the Complex or elsewhere at the sole cost of Tenant and without liability to Tenant. Any of such furniture, fixtures, equipment or personal property not claimed within thirty (30) days from the date of removal shall be deemed abandoned.
(c) Exercise by Landlord of any one or more remedies hereunder shall not constitute forfeiture or an acceptance of surrender of the Premises by Tenant, it being understood that such surrender can be effected only by the written agreement of Landlord and Tenant.
(d) If Landlord terminates this Lease by reason of an Event of Default, Tenant shall pay to Landlord the sum of (1) the cost of recovering the Premises, (2) the cost of repairing any damage to the Premises, (3) any amounts owed by Tenant under this Lease that have accrued but not been paid, (4) any other damages or relief which Landlord may be entitled to for any Event of Default other than the non-payment of rent at law or in equity, and (5) the Rent payable over what would have been the remainder of the Term absent such Lease termination less fair market value of the Premises over such remainder of the Term, as discounted by present value at one percent (1%) per annum. In no event shall Landlord have any obligation to refund to Tenant any of the Base Rental prepaid on this Lease, irrespective of whether Landlord relets all or any portion of the Premises following an Event of Default.
(e) If Tenant should fail to make any payment, perform any obligation, or cure any default hereunder within the notice and cure period set forth in Section 27(a), Landlord, without obligation to do so and without thereby waiving such failure or default, may make such payment, perform such obligation, and/or remedy such other default for the account of Tenant (and enter the Premises for such purpose), and Tenant shall, within ten (10) days following written demand, pay all costs, expenses and disbursements (including attorneys’ fees) incurred by Landlord in taking such remedial action, plus, at the option of Landlord, interest thereon at the Default Rate.
(f) If an Event of Default occurs, Landlord shall use reasonable efforts to mitigate its damages. Landlord’s notice;duty to mitigate damages as a result of an Event of Default will be satisfied in full if Landlord undertakes to lease the Premises to another tenant (a “Substitute Tenant”) in accordance with the following criteria: (a) Landlord will have no obligation to solicit or entertain negotiations with any other prospective tenants for the Premises until Landlord obtains full and complete possession of the Premises including, without limitation, the final and unappealable legal right to relet the Premises free of any claim of Tenant; (b) Landlord will not be obligated to lease or show the Premises on a priority basis, or offer the Premises to a prospective tenant when other space in the Building suitable for the prospective tenant’s use is (or soon will be) available; (c) Landlord will not be obligated to lease the Premises to a Substitute Tenant for a Base Rental less than the current fair market Base Rental then prevailing for similar uses in comparable buildings in the same market area as the Building, nor will Landlord be obligated to enter into a new lease under other terms and conditions that are unacceptable to Landlord under Landlord’s then current leasing policies for comparable space in the Building; (d) Landlord will not be obligated to enter into a lease with a Substitute Tenant whose use would (i) violate any restriction, covenant, or requirement contained in the lease of another tenant of the Building; (ii) adversely affect the reputation of the Building; or (iii) be incompatible with other uses of the Building; (e) Landlord will not be obligated to enter into a lease with any proposed Substitute Tenant that does not have, in Landlord’s reasonable opinion, sufficient financial resources to operate the Premises in a first class manner; and (f) Landlord will not be required to expend any amount of money to alter, remodel, or otherwise make the Premises suitable for use by a proposed Substitute Tenant unless: (i) Tenant pays any such sum to Landlord in advance of Landlord’s execution of a lease with the proposed Substitute Tenant (which payment will not be in lieu of any damages or other sums to which Landlord may be entitled as a result of Tenant’s default under this Lease); or (ii) Landlord, in Landlord’s reasonable discretion, determines that any such expenditure is financially justified in connection with entering into a lease with the prospective Substitute Tenant. Tenant hereby waives any right to assert, claim or allege that Landlord has not fulfilled its duty to mitigate damages as a result of an Event of Default if Landlord’s efforts to mitigate are in compliance with the provisions of this Section 27.
(g) Tenant’s Tenant will reimburse and compensate Landlord on demand and as Additional Rent for any actual loss Landlord incurs in connection with, resulting from or related to any breach or default of the same provision of Tenant under this Lease, regardless of whether the breach or default constitutes an Event of Default, and regardless of whether suit is commenced or judgment is entered. Such loss includes all reasonable legal fees, costs and expenses (including paralegal fees, expert fees, and other than professional fees and expenses) Landlord incurs investigating, negotiating, settling or enforcing any of Landlord’s rights or remedies or otherwise protecting Landlord’s interests under this Lease. In addition to the obligation foregoing, Landlord is entitled to pay Rentreimbursement of all of Landlord’s reasonable fees, more than twice (2) expenses and damages, including, but not limited to, reasonable attorneys’ fees and paralegal and other professional fees and expenses, Landlord incurs in connection with any bankruptcy or insolvency proceeding involving Tenant including, without limitation, any proceeding under any chapter of the Bankruptcy Code; by exercising and advocating rights under Section 365 of the Bankruptcy Code; by proposing a plan of reorganization and objecting to competing plans; and by filing motions for relief from stay. Such fees and expenses are payable on demand, or, in any twelve (12) month period;event, upon assumption or rejection of this Lease in bankruptcy.
(h) Failure to deliverTenant waives and releases all Claims, maintain or restore Tenant may have resulting from Landlord’s re-entry and taking possession of the Security Deposit Premises pursuant to this Section 11.2 hereof within 27 by any lawful means and removing, storing or disposing of Tenant’s property as permitted under this Lease, regardless of whether this Lease is terminated and, to the timeframes provided; and
fullest extent allowable under the Laws, Tenant releases and will indemnify, protect, defend (iwith counsel reasonably acceptable to Landlord) Failure of and hold harmless Landlord and the Landlord Related Parties from and against any of the guarantors and all Claims arising therefrom. No such re-entry is to fulfill the terms and conditions of the Guaranty be considered or the breach of the Guaranty construed as a forcible entry by one of the GuarantorsLandlord. THIS INDEMNITY PROVISION IS INTENDED TO INDEMNIFY LANDLORD, LANDLORD RELATED PARTIES AND THEIR RESPECTIVE AGENTS AGAINST THE CONSEQUENCES OF THEIR OWN NEGLIGENCE OR FAULT WHEN LANDLORD OR ITS AGENTS ARE JOINTLY, COMPARATIVELY, OR CONCURRENTLY NEGLIGENT WITH TENANT (BUT NOT WHEN THE NEGLIGENCE OR FAULT OF LANDLORD, LANDLORD RELATED PARTIES OR THEIR AGENTS IS THE SOLE BASIS OF THE CLAIM). No such re-entry is to be considered or construed as a forcible entry by Landlord.
Appears in 3 contracts
Sources: Office Lease Agreement, Office Lease Agreement (Aptinyx Inc.), Office Lease Agreement (Aptinyx Inc.)
Default by Tenant. The occurrence of any one or more of the following will be events shall constitute an “Event of default by Tenant Default” under this Lease:
(a) Failure Tenant shall fail to pay when due any installment sum of Rent or any other payment required pursuant to this Lease within five when due, and such failure shall continue for ten (510) days of after such due date;; and exceeds the one time grace period per lease year.
(b) The filing Tenant shall fail to execute and acknowledge or otherwise respond in good faith and in writing within ten (10) business days after submission to Tenant of a petition request for bankruptcy confirmation of the subordination of this Lease pursuant to Section 11.1(a), confirmation of the subordination of a mortgage or insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication deed of bankruptcy or insolvency trust lien to this Lease pursuant to Section 11.1(b) or an admission that it cannot meet its financial obligations as they become due, or the appointment or a receiver or trustee for all or substantially all of the assets of Tenant; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply estoppel certificate pursuant to any party guaranteeing the obligations of Tenant under this Lease (each, a “Guarantor”)Section 11.2;
(c) A transfer Tenant shall fail in fraud the performance of creditors any of the other covenants or an assignment conditions not included in subparagraphs (a) and (b) of this Section 8.2 which Tenant is required to observe and to perform under this Lease, inclusive of the exhibits hereto and such failure shall continue for the benefit of creditors, whether by thirty (30) days after written notice to Tenant or any Guarantor;
(d) The filing or imposition such longer period as is reasonably necessary to remedy such default if it is of a lien against the Premises, the Buildings or the Property as a result of any act or omission of Tenant and the failure of Tenant to satisfy or bond the lien in its entirety nature that it cannot be cured within thirty (30) days after receipt and as long as Tenant is actively and diligently pursuing the cure of notice of same;
such default, unless such failure (ei) The liquidationmaterially and adversely affects the Building or the operation thereof or other tenants, termination or dissolution of (ii) violates Legal Requirements, and in either such event, Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure fails to cure the breach same within ten (10) business days of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof to Tenant; provided, however, that if such breach cannot be cured within such 20 day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s written notice thereof, then such cure period shall be extended for so long as Tenant continues to use diligent efforts or in the event of an issue requiring more than ten (10) business days to cure, Tenant fails to commence to cure said item within ten (10) business days of receipt of said notice and actually cures within sixty (60) days receipt of written notice.
(d) The interest of Tenant under this Lease shall be levied on under execution or other legal process; any petition shall be filed by or against Tenant 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; Tenant is declared insolvent according to law; any assignment of Tenant’s property shall be made for the benefit of creditors; or a receiver or trustee is appointed for Tenant or its property and such levy, execution, legal process, petition, declaration, assignment or appointment is not to exceed a total of removed or vacated within sixty (60) days from the date of Landlord’s noticeits creation, service or filing;
(ge) Tenant’s breach Tenant shall vacate or abandon the Premises for a period of thirty (30) or more continuous days at any time during the same provision of this LeaseTerm, other than the obligation to pay Rent, more than twice (2) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
unless (i) Failure Tenant gives Landlord thirty (30) days’ prior written notice of any its intent to vacate the Premises and (ii) Tenant complies with all other terms of the guarantors Lease, including the payment of Rent and the maintenance of insurance; or
(f) Tenant, if a corporation, shall cease to fulfill exist as a corporation in good standing in the terms and conditions state of the Guaranty its incorporation, or the breach of the Guaranty by one of the GuarantorsTenant, if a partnership or other entity, shall be dissolved or otherwise liquidated.
Appears in 2 contracts
Sources: Lease Agreement (Q2 Holdings, Inc.), Lease Agreement (Q2 Holdings, Inc.)
Default by Tenant. (a) The following will events shall be deemed to be events of default by Tenant under this Lease:Lease (hereinafter called an “Event of Default”):
(a1) Failure Tenant shall fail to timely pay when due any installment Rent and such failure shall continue for a period of Rent ten (10) Business Days after written notice of such default shall have been received by Tenant;
(2) Tenant shall fail to comply with any terms, provisions or covenants of this Lease or any other agreement between Landlord and Tenant not requiring the payment required pursuant to this Lease within five of Rent, all of which terms, provisions and covenants shall be deemed material, and such failure shall continue for a period of thirty (530) days after written notice of due datesuch failure is delivered to Tenant or, if such failure cannot reasonably be cured within such thirty (30) day period, Tenant shall fail to commence to cure such failure within such thirty (30) day period and/or shall thereafter fail to prosecute such cure diligently and continuously to completion;
(b3) The filing of Tenant takes any action to, or notifies Landlord that Tenant intends to, file a petition for bankruptcy or insolvency under any applicable federal section or state bankruptcy or insolvency law; an adjudication chapter of bankruptcy or insolvency or an admission that it cannot meet its financial obligations the United States Bankruptcy Code, as they become dueamended from time to time, or under any similar Law of the appointment United States or any state thereof; or a petition shall be filed against Tenant under any such statute and shall not be dismissed within sixty (60) days thereafter; or
(4) a receiver or trustee shall be appointed for Tenant’s leasehold interest in the Premises or for all or substantially all a substantial part of the assets of Tenant; .
(b) Upon the occurrence of any Event of Default arising under Section 26(a) only, Landlord may, at its option and without further notice to Tenant and with only such judicial/legal process as is required by the Laws, in each addition to all other remedies given hereunder or by Laws or equity, do any one or more of the foregoing casesfollowing: (1) terminate this Lease, in which event Tenant shall immediately surrender possession of the Premises to Landlord; (2) if not dismissed within 30 days Landlord recovers possession of the Premises in accordance with appropriate legal action, Landlord may: (i) enter upon and take possession of the Premises and expel or remove Tenant therefrom, with or without having terminated this Lease; and (ii) remove from the Premises any furniture, fixtures, equipment or other personal property of Tenant, without liability for trespass or conversion, and store such items either in the Complex or elsewhere at the sole cost of Tenant and without liability to Tenant and any of such filingfurniture, adjudicationfixtures, admission equipment or appointmentpersonal property not claimed within the time period prescribed by the Laws shall be deemed abandoned. Notwithstanding anything to the contrary set forth in this Lease, in no event will Landlord exercise the remedies set forth in this Section 26(b) for an Event of Default arising under Section 26(a)(2) unless such Event of Default significantly and detrimentally affects the value of the Property, as applicablereasonably determined by Landlord in good faith.
(c) Exercise by Landlord of any one or more remedies hereunder shall not constitute forfeiture or an acceptance of surrender of the Premises by Tenant, it being understood that such surrender can be effected only by the written agreement of Landlord and Tenant.
(d) If Landlord terminates this Lease by reason of an Event of Default arising under Section 26(a) only, Tenant shall pay to Landlord the sum of: (i) the cost of recovering the Premises; (ii) the foregoing shall also apply cost of repairing any damage to the Premises; (iii) the cost of preparing the Premises for a replacement tenant; (iv) any party guaranteeing the obligations of amounts owed by Tenant under this Lease that have accrued but not been paid; and (each, a “Guarantor”);v) any actual other damages or relief which Landlord may be entitled to at law or in equity.
(ce) A transfer in fraud If Tenant should fail to make any payment, perform any obligation, or cure any default hereunder within ten (10) days after receipt of creditors written notice thereof, Landlord, without obligation to do so and without thereby waiving such failure or an assignment default, may make such payment, perform such obligation, and/or remedy such other default for the benefit of creditors, whether by Tenant or any Guarantor;
(d) The filing or imposition of a lien against the Premises, the Buildings or the Property as a result of any act or omission account of Tenant (and enter the failure of Premises for such purpose), and Tenant to satisfy or bond the lien in its entirety shall, within thirty (30) days after receipt following written demand, pay all costs, expenses and disbursements (including reasonable attorneys’ fees) incurred by Landlord in taking such remedial action, plus, at the option of notice of same;
(e) The liquidationLandlord, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, interest thereon at the death of Tenant or such Guarantor;Default Rate.
(f) Failure Nothing in this Lease will be construed as imposing any duty upon Landlord to cure relet the breach Premises. Whether or not the Laws of the State impose on Landlord a duty to mitigate damages as a result of an Event of Default, Landlord’s duty will be satisfied in full if Landlord undertakes to lease the Premises to another tenant (a “Substitute Tenant”) in accordance with the following criteria: (a) Landlord will have no obligation to solicit or entertain negotiations with any other prospective tenants for the Premises until Landlord obtains full and complete possession of the Premises including, without limitation, the final and unappealable legal right to relet the Premises free of any provision claim of this Lease or any other Tenant; (b) Landlord will not be obligated to lease or agreement show the Premises on a priority basis, or offer the Premises to a prospective tenant when other space in the Building suitable for the prospective tenant’s use is (or soon will be) available; (c) Landlord and will not be obligated to lease the Premises to a Substitute Tenant are for a party to, other Base Rent less than the obligation current fair market Base Rent then prevailing for similar uses in comparable buildings in the same market area as the Building, nor will Landlord be obligated to pay Rent, within twenty enter into a new lease under other terms and conditions that are unacceptable to Landlord under Landlord’s then current leasing policies for comparable space in the Building; (20d) days after notice thereof to Tenant; provided, however, that if such breach canLandlord will not be cured within obligated to enter into a lease with a Substitute Tenant whose use would (i) violate any restriction, covenant, or requirement contained in the lease of another tenant of the Building; (ii) adversely affect the reputation of the Building; or (iii) be incompatible with other uses of the Building; (e) Landlord will not be obligated to enter into a lease with any proposed Substitute Tenant that does not have, in Landlord’s reasonable opinion, sufficient financial resources to operate the Premises in a first class manner; and (f) Landlord will not be required to expend any amount of money to alter, remodel, or otherwise make the Premises suitable for use by a proposed Substitute Tenant unless: (i) Tenant pays any such 20 day period using diligent efforts and Tenant promptly commenced efforts sum to cure such breach upon receipt Landlord in advance of Landlord’s notice thereofexecution of a lease with the proposed Substitute Tenant (which payment will not be in lieu of any damages or other sums to which Landlord may be entitled as a result of Tenant’s default under this Lease); or (ii) Landlord, then in Landlord’s reasonable discretion, determines that any such cure period shall be extended for so long expenditure is financially justified in connection with entering into a lease with the prospective Substitute Tenant; and (f) Tenant hereby waives any right to assert, claim or allege that Landlord has not fulfilled its duty to mitigate damages as Tenant continues to use diligent a result of an Event of Default if Landlord’s efforts to cure, not to exceed a total mitigate are in compliance with the provisions of sixty (60) days from the date of Landlord’s notice;this Section 26.
(g) Tenant’s breach Tenant will reimburse and compensate Landlord on demand and as Additional Rent for any actual loss Landlord incurs in connection with, resulting from or related to any Event of the same provision Default of Tenant under this Lease, regardless of whether suit is commenced or judgment is entered. Such loss includes all reasonable and actual legal fees, costs and expenses (including paralegal fees, expert fees, and other than professional fees and expenses) Landlord incurs investigating, negotiating, settling or enforcing any of Landlord’s rights or remedies under this Lease. In addition to the obligation foregoing, Landlord is entitled to pay Rentreimbursement of all of Landlord’s actual and reasonable fees, more than twice expenses and damages, including, but not limited to, reasonable attorneys’ fees and paralegal and other professional fees and expenses, Landlord incurs in connection with any bankruptcy or insolvency proceeding involving Tenant including, without limitation, any proceeding under any chapter of the Bankruptcy Code; by exercising and advocating rights under Section 365 of the Bankruptcy Code; by proposing a plan of reorganization and objecting to competing plans; and by filing motions for relief from stay. Such fees and expenses set forth in this Section 26(g) are payable within thirty (230) in any twelve (12) month period;days following Landlord’s invoice to Tenant with reasonable supporting documentation.
(h) Failure to deliver, maintain or restore Tenant waives and releases all Claims Tenant may have resulting from Landlord’s re-entry and taking possession of the Security Deposit Premises pursuant to this Section 11.2 hereof within 26 by appropriate legal proceedings and removing, storing or disposing of Tenant’s property as permitted under this Lease, regardless of whether this Lease is terminated and, to the timeframes provided; andfullest extent allowable under the Laws. No such re-entry is to be considered or construed as a forcible entry by Landlord.
(i) Failure If, except for written notice as may be required by this Lease and the passage of any time, Landlord would have the right under the provisions of this Lease to cure a default of Tenant and the guarantors default is one wherein an emergency situation exists, then Landlord may cure the default to fulfill the terms and conditions extent reasonably necessary under the circumstances without the need to provide the otherwise required notice and/or to await the otherwise prescribed time.
(j) In no instance will Tenant be liable to Landlord for special or punitive damages for a failure to perform or an Event of the Guaranty or the breach of the Guaranty by one of the GuarantorsDefault under this Lease.
Appears in 2 contracts
Sources: Office Lease Agreement, Office Lease Agreement (FSP 50 South Tenth Street Corp)
Default by Tenant. The Landlord and Tenant hereby agree that the occurrence of any one or more of the following will be events of is a default by Tenant under this Lease:Lease 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 make any installment payment of Rent Base Rent, Tenant’s Share of Common Area Expense increases, Tenant’s Share of Real Property Taxes, late charges, or any other payment required pursuant to this Lease within five be made by Tenant hereunder, as and when due, where such failure shall continue for a period of three (53) business days of due date;after written notice thereof from Landlord to Tenant.
(b) The filing Tenant’s failure to make any payment of a petition for bankruptcy Base Rent, Tenant’s Share of Common Area Expenses, Tenant’s Share of Real Property Taxes, late charges, or insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations other payment required to be made by Tenant hereunder, as they become and when due, or more than three times in succession, or, in the appointment or a receiver or trustee for all or substantially all case of the assets of Tenant; Base Rent, more than four times in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations of Tenant under this Lease (each, a “Guarantor”);twelve month period,
(c) A transfer in fraud The abandonment of creditors or an assignment for the benefit of creditors, whether Premises by Tenant or coupled with the nonpayment of rent in which event Landlord shall not be obligated to give any Guarantor;notice of default to Tenant.
(d) The filing or imposition of a lien against the Premises, the Buildings or the Property as a result of any act or omission of Tenant and the failure of by Tenant to satisfy observe or bond perform any of the lien covenants, conditions or provisions of this Lease to be observed or performed by Tenant (other than those referenced in its entirety within Sections 13.1(a) and (b), above), where such failure shall continue for a period of thirty (30) days after receipt of notice of same;
(e) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after written notice thereof from Landlord to Tenant; provided, however, that if the nature of Tenant’s non-performance is such breach canthat more than thirty (30) days are reasonably required for its cure, then Tenant shall not be cured deemed to be in default if Tenant commences such cure within such 20 said thirty (30) day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice thereof, then thereafter diligently pursues such cure period shall be extended to completion.
(i) The making by Tenant or any guarantor of Tenant’s obligations hereunder of any general arrangement or general assignment for so long 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 continues to use diligent efforts to cureor guarantor, not to exceed a total of the same is dismissed within sixty (60) days from days); (iii) the date appointment of Landlord’s notice;
(g) a trustee or receiver to take possession of substantially all of Tenant’s breach assets located at the Premises or of Tenant’s interest in this Lease, where possession is not restored to Tenant within thirty (30) days; (iv) the same 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; or (v) the insolvency of Tenant. In the event that any provision of this LeaseSection 13.1(d) is unenforceable under applicable law, other than the obligation to pay Rent, more than twice (2) in any twelve (12) month period;
(h) Failure to deliver, maintain such provision shall be of no force or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantorseffect.
Appears in 2 contracts
Sources: Standard NNN Lease (Vaxcyte, Inc.), Standard NNN Lease (SutroVax, Inc.)
Default by Tenant. The Each of the following will be events shall constitute an Event of default Default by Tenant under this Lease:
(a) Failure The failure to pay when due any installment of Rent Minimum Rent, Excess Real Estate Taxes, Excess Operating Costs, Additional Rent, or any other payment required pursuant to this Lease within sum of money when due and such failure continues for a period of five (5) days of due dateafter written notice; provided, however, that Landlord shall not be required to give such notice more than two times in any calendar year;
(b) An unpermitted assignment or other transfer of this Lease or any interest therein, or an unpermitted subletting or transfer of all or any part of the Demised Premises;
(c) The filing commencement by or against Tenant, or any guarantor of Tenant’s obligations under this Lease (“Guarantor”), of any voluntary or involuntary bankruptcy, insolvency, receivership or similar proceedings under any state or federal law and, in the event of any involuntary proceeding, such proceeding is not terminated or discharged within thirty (30) days after commencement;
(d) An assignment for the benefit of creditors by Tenant or Guarantor, the appointment of a petition for bankruptcy or insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or the appointment or a receiver or trustee for all or substantially all of the assets of Tenant; in each of Tenant or Guarantor, or the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations insolvency of Tenant under this Lease (each, a “or Guarantor”);
(c) A transfer in fraud of creditors or an assignment for the benefit of creditors, whether by Tenant or any Guarantor;
(d) The filing or imposition of a lien against the Premises, the Buildings or the Property as a result of any act or omission of Tenant and the failure of Tenant to satisfy or bond the lien in its entirety within thirty (30) days after receipt of notice of same;
(e) The liquidation, termination A levy or dissolution of execution upon or against Tenant or any Guarantor, or, if Tenant Guarantor or any Guarantor is a natural person, of its or their assets whether or not located upon or at the death of Tenant or such GuarantorDemised Premises;
(f) Failure the use of the Demised Premises for a use or purpose other than the Permitted Use and such conduct continues for a period of three (3) business days after Tenant’s receipt of written notice;
(g) Tenant fails to cure the breach of comply with or breaches any provision of this Lease pertaining to the Building or the Common Areas and that conduct continues for a period of five (5) days after Tenant’s receipt of written notice;
(h) Tenant acts or fails to act in any manner which materially interferes with other tenants or occupants of the Building or The Neshaminy Interplex, which creates a risk of imminent bodily injury or death, or which creates a risk of substantial damage to property and that conduct or failure to act continues for a period of two (2) days after Tenant’s receipt of written notice;
(i) Tenant acts or fails to act in a manner which constitutes a nuisance or which interferes with the occupancy, use or enjoyment of premises leased by other tenants or occupants of the Building or The Neshaminy Interplex and such actions or omissions continue for a period of two (2) business days after Tenant’s receipt of written notice;
(j) the use of the Demised Premises or the Common Areas in violation of any applicable law, ordinance, code, rule or regulation and such conduct, omission or use continues for a period of two (2) business days after written notice; and
(k) except where a shorter period of time is specified elsewhere in this Lease, the failure to comply with any other lease or agreement Landlord provision of this Lease and Tenant are that failure continues for a party to, other than the obligation to pay Rent, within period of twenty (20) days after notice thereof to Tenantwritten notice; provided, however, that if if, despite due diligence, such breach failure cannot be cured within such 20 this twenty (20) day period using diligent efforts and period, Tenant promptly commenced efforts shall have an additional ten (10) days to cure such breach upon receipt of Landlord’s notice thereof, then such cure period shall be extended for failure so long as Tenant continues to use diligent efforts to cure, not to exceed a total has promptly commenced and is diligently pursuing the correction of sixty (60) days from the date of Landlord’s notice;
(g) Tenant’s breach of the same provision of this Lease, other than the obligation to pay Rent, more than twice (2) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantorssuch default.
Appears in 2 contracts
Sources: Lease Agreement (SEMrush Holdings, Inc.), Lease Agreement (SEMrush Holdings, Inc.)
Default by Tenant. The Each of the following will occurrences shall be events deemed an event of default (“Default”) by Tenant under this Lease:
(a1) Failure to pay when Tenant has not paid any past due any installment of Rent or any other payment required pursuant to this Lease within five (5) days after Landlord gives written notice of due date;nonpayment to Tenant, provided, however, that no more than one such notice shall be required to be given in any calendar year; or
(b2) The filing Tenant has not complied with any term, provision or covenant of this Lease, other than the payment of Rent, and has not cured such noncompliance within ten (10) days after written notice to Tenant, or such longer period as may be reasonably required, not to exceed an additional forty-five (45) days, if the nature of cure is such that it cannot be completed within ten (10) days, so long as Tenant commenced cure within the initial ten (10) day period and thereafter diligently pursues cure to completion; or
(3) Tenant files a petition, or an involuntary petition for bankruptcy is filed against Tenant (and is not dismissed within sixty (60) days), or insolvency Tenant becomes insolvent under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy , or insolvency or an admission Tenant admits that it cannot meet its financial obligations as they become due, or the appointment or a receiver or trustee shall be appointed for all or substantially all of the assets of Tenant; in each of the foregoing cases, if Tenant (and is not dismissed within 30 days of such filingsixty (60) days), adjudication, admission or appointment, as applicable; the foregoing Tenant shall also apply to any party guaranteeing the obligations of Tenant under this Lease (each, make a “Guarantor”);
(c) A transfer in fraud of creditors or shall make an assignment for the benefit of creditors; or
(4) Tenant does or permits to be done any act which results in a lien being filed against the Premises or the Project, whether and such lien is not discharged or bonded over pursuant to Section 11.H. of this Lease. If a Default under Section 18.A.(3) occurs, nothing contained herein shall be construed to express or imply that Landlord consents to any assumption and/or assignment of the Lease by Tenant or any Guarantor;
(d) The filing or imposition of a lien against the Premises, the Buildings or the Property as a result of any act or omission of Tenant and the failure of Tenant to satisfy or bond the lien in its entirety within thirty (30) days after receipt of notice of same;
(e) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision inclusion of this Lease within Tenant’s bankruptcy estate, and Landlord expressly reserves the right to object to any assumption and/or assignment of the Lease and to any inclusion of this Lease within Tenant’s bankruptcy estate. Neither Tenant nor any trustee who may be appointed in such case shall conduct or permit of any “fire”, “bankruptcy”, “going out of business”, auction sale or other lease public sale in or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof to Tenant; provided, however, that if such breach cannot be cured within such 20 day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice thereof, then such cure period shall be extended for so long as Tenant continues to use diligent efforts to cure, not to exceed a total of sixty (60) days from the date of Landlord’s notice;
(g) Tenant’s breach of the same provision of this Lease, other than the obligation to pay Rent, more than twice (2) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the GuarantorsPremises.
Appears in 2 contracts
Sources: Lease Agreement (Sunshine Heart, Inc.), Lease Agreement (CSAV Holding Corp.)
Default by Tenant. The following will Any other provisions of this Lease to the contrary notwithstanding, it shall be events deemed to be an “Event of default by Tenant Default” under this Lease:
Lease if: (a) Failure Tenant fails to pay when due any installment of Rent which is due and payable hereunder by Tenant and such failure continues for a period of thirty (30) after Tenant’s receipt of notice thereof from Landlord, or any other payment required pursuant to this Lease within five (5) days of due date;
(b) The filing Tenant fails to keep, observe or perform any other term, covenant or condition of a petition this Lease to be kept, observed or performed by Tenant and such failure continues after Tenant’s receipt of notice of default thereof from Landlord for bankruptcy or insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission more than thirty (30) days, provided that it if the same cannot meet its financial obligations be cured within thirty (30) days, then within such additional time, if any, as they become dueis 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, or (c) Tenant and/or Bloom Energy Corporation shall (i) voluntarily be adjudicated a bankrupt or insolvent; (ii) consent to the appointment or of a receiver or trustee for all itself or substantially all for any of the assets of TenantPremises or Improvements; (iii) file a petition in each of bankruptcy, or a petition or answer seeking reorganization under the foregoing casesFederal Bankruptcy Code, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicablea petition seeking relief under any other debtor relief law; the foregoing shall also apply to any party guaranteeing the obligations of Tenant under this Lease or (each, iv) file a “Guarantor”);
(c) A transfer in fraud of creditors or an general assignment for the benefit of creditors, whether by Tenant ; or any Guarantor;
(d) The filing a court shall enter an order, judgment, or imposition decree (i) appointing, with or without the voluntary consent of Tenant, a lien receiver or trustee for Tenant and/or Bloom Energy Corporation or for the Premises or Improvements; or (ii) adjudicating Tenant and/or Bloom Energy Corporation bankrupt or approving a petition filed against the Premises, the Buildings or the Property as a result of any act or omission Tenant and/or Bloom Energy Corporation which seeks reorganization of Tenant and/or Bloom Energy Corporation under the Federal Bankruptcy Code or seeks relief under any judgment or debtor relief law, and the failure of Tenant to satisfy such order, judgment, or bond the lien decree shall remain in its entirety within thirty force, undischarged or unstayed, ninety (3090) days after receipt of notice of same;
it is entered or (e) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, abandons the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof to Tenant; provided, however, that if such breach cannot be cured within such 20 day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice thereof, then such cure period shall be extended for so long as Tenant continues to use diligent efforts to cure, not to exceed a total of sixty (60) days from the date of Landlord’s notice;
(g) Tenant’s breach of the same provision Premises. For purposes of this Lease, other than abandonment shall be deemed to have occurred if Tenant ceases business operations at the obligation to pay Rent, more than twice (2) in any Premises for a period of twelve (12) month period;
(h) Failure consecutive months or otherwise after vacating the Premises unequivocally evidences an intention to deliver, maintain or restore abandon indefinitely the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the GuarantorsProject.
Appears in 2 contracts
Sources: Ground Lease (Bloom Energy Corp), Ground Lease (Bloom Energy Corp)
Default by Tenant. The (a) Any of the following will be events shall constitute events of default by Tenant under this Lease:
(a1) Failure Tenant's failure to pay when due any installment rent or other sum payable hereunder for a period of Rent five (5) days following notice of delinquency; provided that if Tenant has failed one or more times in any 12-month period to pay any rent or other payment required pursuant to this Lease sum within five (5) days following notice of due date;delinquency, no notice and grace period shall thereafter be applicable hereunder.
(b2) The filing Tenant's failure to perform any of the other terms, covenants, agreements or conditions contained herein (other than Tenant's breach of paragraph 12(a) or paragraph 17 as to which no cure period shall apply) and, if the default is curable, the continuation of such default for a petition period of 30 days after notice by Landlord or beyond the time reasonably necessary for cure if the default is of the nature to require more than 30 days to remedy, provided that if Tenant has defaulted in the performance of the same obligation more than one time in any twelve-month period and notice of such default has been given by Landlord in such instance, such cure period shall be five days after notice by Landlord or beyond the time reasonably necessary for cure if the default is of the nature to require more than five days to remedy but in any event, within 60 days following Landlord's notice.
(3) the bankruptcy or insolvency under of Tenant, any applicable federal or state bankruptcy or insolvency law; an adjudication transfer by Tena▇▇ ▇▇ fraud of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become duecreditors, 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 or of a receiver or trustee for all or substantially all a substantial part of the assets of Tenant; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations of Tenant under this Lease (each, a “Guarantor”);
(c) A transfer in fraud of creditors or an assignment for the benefit of creditors, whether by Tenant or any Guarantor;
(d) The filing or imposition of a lien against the Premises, the Buildings or the Property as a result of any act or omission of Tenant and the failure of Tenant to satisfy or bond the lien in its entirety within thirty (30) days after receipt of notice of same;
(e) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision of levy upon this Lease or any estate of Tenant hereunder by any attachment or execution; or
(4) the abandonment of the Premises.
(b) Upon the occurrence of any event of default by Tenant hereunder, Landlord may, at its option and without any further notice or demand, in addition to any other lease rights and remedies given hereunder or agreement by law, do any of the following:
(1) Landlord and Tenant are a party toshall have the right, other than the obligation to pay Rent, within twenty (20) days after notice thereof to Tenant; provided, however, that if such breach cannot be cured within such 20 day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice thereof, then such cure period shall be extended for so long as Tenant continues such default continues, to use diligent efforts give notice of termination to cureTenant, not to exceed a total of sixty (60) days from and on the date of Landlord’s notice;specified in such notice this Lease shall terminate.
(g2) Tenant’s breach In the event of the same provision any such termination of this Lease, Landlord may then or at any time thereafter, reenter the Premises and remove therefrom all persons and property and again repossess and enjoy the Premises, without prejudice to any other than the obligation to pay Rent, more than twice (2) in any twelve (12) month period;remedies that Landlord may have by reason of Tenant's default or of such termination.
(h3) Failure In the event of any such termination of this Lease, and in addition to deliverany other rights and remedies Landlord may have, maintain or restore Landlord shall have all of the Security Deposit pursuant to rights and remedies of a landlord provided by Section 11.2 hereof within 1951.2 of the timeframes provided; and
California Civil Code. The amount of damages which Landlord may recover in event of such termination shall include, without limitation, (i) Failure the worth at the time of any award (computed by discounting such amount at the discount rate of the guarantors to fulfill Federal Reserve Bank of San Francisco at the terms and conditions time of award plus one percent) of the Guaranty amount by which the unpaid rent for balance of the term after the time of award exceeds the amount of rental loss that Tenant proves could be reasonably avoided, (ii) 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 good order and condition, or in remodeling, renovating or otherwise preparing the Premises as reasonably required for reletting, and (iv) all costs (including, without limitation, any brokerage commissions) incurred by Landlord in reletting the Premises.
(4) Landlord shall also have the remedy described in California Civil Code Section 1951.4 (lessor may continue the lease in effect after less▇▇'▇ ▇reach and abandonment and recover rent as it becomes due, if less▇▇ ▇▇▇ right to sublet or assign, subject only to reasonable limitations).
(5) For the purpose of determining the unpaid rent in the event of a termination of this Lease, or the breach rent due hereunder in the event of the Guaranty by one a reletting of the Guarantors.the
Appears in 2 contracts
Sources: Net Office Tech Lease (Silicon Energy Corp), Net Office Tech Lease (Silicon Energy Corp)
Default by Tenant. The occurrence of any one or more of the ----------------- following will be events shall constitute an "Event of default Default" by Tenant:
A. The failure by Tenant under this Lease:
(a) Failure to pay when due make any installment payment of Rent rental or any other payment required pursuant to this Lease within be made by Tenant hereunder, and any interest for late payment thereof, as and when due, where such failure shall continue for a period of five (5) days of due date;
(b) The filing after receipt by Tenant of a petition for bankruptcy written notice thereof from Landlord.
B. The failure by Tenant to observe or insolvency under perform any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or the appointment or a receiver or trustee for all or substantially all of the assets covenants, conditions or provisions of Tenant; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations of Tenant under this Lease (each, a “Guarantor”);
(c) A transfer in fraud of creditors or an assignment for other than the benefit of creditors, whether failure by Tenant or any Guarantor;
(ddescribed in subparagraph E below) The filing or imposition where such failure shall continue for a period of a lien against the Premises, the Buildings or the Property as a result of any act or omission of Tenant and the failure of Tenant to satisfy or bond the lien in its entirety within thirty (30) days after receipt by Tenant of notice of same;
(e) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after written notice thereof to Tenantfrom Landlord; provided, however, that if the nature of Tenant's default is such breach that it cannot be cured solely by payment of money (and in the reasonable judgment of Landlord said default is susceptible to cure) and that more than thirty (30) days may be reasonably required for such cure, then Tenant shall not be deemed to be in default if Tenant shall commence such cure within such 20 thirty (30) day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice thereof, then shall thereafter diligently prosecute such cure period shall be extended to completion.
(a) the making of any general arrangement or any assignment by Tenant for so long as Tenant continues to use diligent efforts to cure, not to exceed a total the benefit of sixty (60) days from the date of Landlord’s noticecreditors;
(gb) the filing by or against Tenant of a petition to have Tenant adjudged a bankrupt or a petition of reorganization or arrangement under any law relating to bankruptcy (unless, in the case of a petition filed against Tenant’s breach , the petition is dismissed within ninety (90) days of the same provision date filed);
(c) the appointment of a trustee or receiver to take possession of substantially all of Tenant's assets; and
(d) the attachment, execution or other judicial seizure of substantially all of Tenant's assets.
D. An assignment or subletting by Tenant in violation of Paragraph 14 hereof.
E. The failure by Tenant in keeping, observing or performing any of the terms contained in this Lease, other than those referred to in Subparagraphs 14 A, B, C and D above, and which exposes Landlord to criminal liability, and such default shall continue after written notice thereof given ______ Landlord to Tenant, and Tenant fails to proceed timely and promptly with all due diligence and in good faith to cure the obligation same and thereafter to pay Rentprosecute the curing of such default with all due diligence, more than twice (2) it being intended that in any twelve (12) month period;
(h) Failure connection with a default which exposes Landlord to deliver, maintain criminal liability that Tenant shall proceed immediately to cure or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors to fulfill the terms correct such condition with continuity and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantorswith all due diligence and in good faith.
Appears in 2 contracts
Sources: Sublease (R2 Technology Inc), Sublease Agreement (R2 Technology Inc)
Default by Tenant. (a) The following will events shall be deemed to be events of default by Tenant under this Lease:Lease (hereinafter called an “Event of Default”):
(a1) Failure Tenant shall fail to timely pay when due any installment Rent and such failure shall continue for a period of Rent or any other payment required pursuant to this Lease within five (5) days of due date;
(b) The filing of a petition for bankruptcy or insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or the appointment or a receiver or trustee for all or substantially all of the assets of Tenant; in each of the foregoing cases, if not dismissed within 30 days after written notice of such filing, adjudication, admission or appointment, as applicable; the foregoing default shall also apply to any party guaranteeing the obligations of Tenant under this Lease (each, a “Guarantor”);
(c) A transfer in fraud of creditors or an assignment for the benefit of creditors, whether by Tenant or any Guarantor;
(d) The filing or imposition of a lien against the Premises, the Buildings or the Property as a result of any act or omission of Tenant and the failure of Tenant to satisfy or bond the lien in its entirety within thirty (30) days after receipt of notice of same;
(e) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof have been delivered to Tenant; provided, however, that once Landlord has given Tenant two (2) such notices during any twelve (12) month period (whether as to one or more than one failure to pay), Landlord shall not be required to give further notice and thereafter the failure or refusal by Tenant to timely make any payment of Rent when due hereunder within the following twelve (12) months shall be an Event of Default without notice or grace period;
(2) Tenant shall fail to comply with any terms, provisions or covenants of this Lease or any other agreement between Landlord and Tenant not requiring the payment of Rent, all of which terms, provisions and covenants shall be deemed material, and such failure shall continue for a period of thirty (30) days after written notice of such failure is delivered to Tenant or, if such breach failure cannot reasonably be cured within such 20 thirty (30) day period using diligent efforts and period, Tenant promptly commenced efforts shall fail to commence to cure such breach upon receipt failure within such thirty (30) day period and/or shall thereafter fail to prosecute such cure diligently and continuously to completion within sixty (60) days of the date of Landlord’s notice of default;
(3) Tenant or any Guarantor takes any action to, or notifies Landlord that Tenant or any Guarantor intends to, file a petition under any section or chapter of the United States Bankruptcy Code, as amended from time to time, or under any similar law or statute of the United States or any state thereof, then such cure period ; or a petition shall be extended for so long as filed against Tenant continues to use diligent efforts to cure, or any Guarantor under any such statute and shall not to exceed a total of be dismissed within sixty (60) days thereafter; or
(4) a receiver or trustee shall be appointed for Tenant’s leasehold interest in the Premises or for all or a substantial part of the assets of Tenant or any Guarantor; or
(5) Tenant refuses to take occupancy of the Premises after Landlord completes the Initial Improvements.
(b) Upon the occurrence of any Event of Default, Landlord may, at its option and without further notice to Tenant and without judicial process, in addition to all other remedies given hereunder or by law or equity, do any one or more of the following: (1) terminate this Lease, in which event Tenant shall immediately surrender possession of the Premises to Landlord; (2) enter upon and take possession of the Premises and expel or remove Tenant therefrom, with or without having terminated this Lease; (3) apply all or any portion of the Security Deposit to cure such Event of Default; (4) change or re-key all locks to entrances to the Premises, and Landlord shall have no obligation to give Tenant a new key to the Premises until such Event of Default is cured; and (5) remove from the Premises any furniture, fixtures, equipment or other personal property of Tenant, without liability for trespass or conversion, and store such items either in the Project or elsewhere at the sole cost of Tenant and without liability to Tenant. Landlord may retain control over all such property for the purpose of foreclosing the security interest created by Section 34. Any of such furniture, fixtures, equipment or personal property not claimed within thirty (30) days from the date of Landlord’s notice;removal shall be deemed abandoned.
(gc) Tenant’s breach Exercise by Landlord of any one or more remedies hereunder shall not constitute forfeiture or an acceptance of surrender of the same provision Premises by Tenant, it being understood that such surrender can be effected only by the written agreement of Landlord and Tenant.
(d) If Landlord terminates this LeaseLease by reason of an Event of Default, other than Tenant shall pay to Landlord the obligation to pay Rentsum of (1) the cost of recovering the Premises, more than twice (2) the unpaid Rent and all other indebtedness accrued hereunder to the date of such termination, (3) the amounts stated in any twelve Section 27(f), and (124) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within total Rent which Landlord would have received under this Lease for the timeframes provided; and
(i) Failure of any remainder of the guarantors to fulfill Lease Term minus the terms and conditions Fair Market Rental Value (hereinafter defined) of the Guaranty Premises for the same period, both discounted to present value at the Prime Rate (hereinafter defined) in effect upon the date of determination, and (5) any other damages or relief which Landlord may be entitled to at law or in equity. For the breach purposes of this section, “Fair Market Rental Value” shall be the Guaranty rental rate that would be received from a comparable tenant for a comparable lease for premises and other properties of equivalent quality, size, condition and location as the Premises, taking into account any free rent or other concessions, that are generally prevailing in the market place at the time of Tenant’s default, market conditions and the period of time the Premises may reasonably be expected to remain vacant before Landlord is able to re-let the Premises to a suitable new tenant. For purposes of this section, “Prime Rate” shall mean the per annum rate of interest announced or published from time to time by one Bank of the GuarantorsAmerica, N.A. (or its successors or assigns) as its prime commercial lending rate.
Appears in 2 contracts
Sources: Office Lease Agreement, Office Lease Agreement (Masergy Communications Inc)
Default by Tenant. The following will be events 44 A. In the event of default by (i), (ii), (iii), (iv) or (v) below, Landlord may serve a ten (10) days' 45 Notice of cancellation of this Lease upon Tenant, and upon the expiration of said ten (10) days, this 1 Lease and the term hereunder shall end and expire as fully and completely as if the date of expiration of 2 such ten (10) day period were the day herein definitely fixed for the end and expiration of this Lease and 3 the term thereof and Tenant under shall then quit and surrender the Demised Premises to Landlord but Tenant 4 shall remain liable as hereinafter provided:
5 (i) Tenant defaults in fulfilling any of the covenants of this Lease:
(a) Failure to pay when due any installment , other than 6 the covenants for the payment of Fixed Rent, Percentage Rent or Additional Rent or any other payment required pursuant to this Lease within five (5) days of due date;
(b) The filing of a petition for bankruptcy or insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or the appointment or a receiver or trustee for all or substantially all of the assets of Tenant; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission other 7 covenants for which a different (or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations of Tenant no) notice and/or cure period applies under this Lease (each8 Section 20.01A or 20.01B, then, upon Landlord serving a “Guarantor”);
(c) A transfer in fraud of creditors or an assignment for the benefit of creditors, whether by Tenant or any Guarantor;
(d) The filing or imposition of a lien against the Premises, the Buildings or the Property as a result of any act or omission of Tenant and the failure of Tenant to satisfy or bond the lien in its entirety within thirty (30) days after receipt of notice of same;
(e) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof days' Notice upon Tenant 9 specifying the nature of said default, and upon the expiration of said twenty (20) days, if Tenant shall 10 have failed to Tenant; providedcomply with or remedy such default, however, or if the said default shall be of such a nature that if such breach the 11 same cannot be completely cured or remedied within said twenty (20) day period, and Tenant shall not 12 have diligently commenced curing such default within such 20 twenty (20) day period using diligent efforts and Tenant promptly commenced efforts shall not 13 thereafter with reasonable diligence and in good faith proceed to remedy or cure such breach upon receipt of Landlord’s notice thereofdefault, then such in 14 order to exercise the remedy set forth above in this Section 20.01A Landlord shall give to Tenant a 15 second Notice in bold type specifying a cure period shall be extended for so long as Tenant continues to use diligent efforts to cure, date not to exceed a total of sixty less than twenty (6020) days from the date of Landlord’s notice;the 16 giving of such second Notice, and Tenant shall have failed to cure or remedy such default by the date set 17 forth in such second Notice (or if such default shall be of a nature that the same cannot be completely 18 cured or remedied within such second twenty (20) day period, and Tenant shall not have diligently 19 commenced curing such default within such twenty (20) day period and shall not thereafter with 20 reasonable diligence and in good faith proceed to remedy or cure such default, provided that in no event 21 shall Tenant be entitled to an extension of the initial 20 day cure period for any default in its reporting 22 obligations hereunder; or
23 (gii) Tenant shall default in the payment of the first payment of the Estimated 24 Tenant’s breach Expense Payment following delivery to Tenant of an Expense Estimate or a Revised Estimate or 25 Tenant’s PILOT Payment following delivery to Tenant of a PILOT Statement or a PILOT Estimate 26 Statement (each such first payment, an “Initial Estimated Payment”), or any other payment(s) of 27 Additional Rent (other than Estimated Tenant’s Expense Payments, Fixed Expense Payments and 28 Tenant’s PILOT Payments) which are in the aggregate equal at least $250,000, for more than thirty (30) 29 days after Notice from Landlord of such default, then in order to exercise the remedy set forth above in 30 this Section 20.01A Landlord shall give to Tenant a second Notice in bold type specifying a cure date not 31 less than thirty (30) days from the date of the same provision giving of this Leasesuch second Notice in which to cure such default, other than 32 and Tenant shall have failed to cure such default by the obligation to pay date set forth in such second Notice; or
33 (iii) Tenant shall default in the payment of Fixed Rent, Percentage Rent, 34 Estimated Tenant’s Expense Payments, Fixed Expense Payments or Tenant’s PILOT Payment (except for 35 Initial Estimated Payments) for more than twice ten (210) days after Notice from Landlord of such default, then 36 in any twelve order to exercise the remedy set forth above in this Section 20.01A Landlord shall give to Tenant a 37 second Notice in bold type specifying a cure date not less than ten (1210) month period;
(h) Failure to deliver, maintain or restore days from the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any date of the guarantors giving of 38 such second Notice in which to fulfill cure such default, and Tenant shall have failed to cure such default by the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantors.39 date set forth in such second Notice; or
Appears in 2 contracts
Default by Tenant. 17.1 The occurrence of any of the following will be events shall constitute a breach of the Lease, and a default if not cured by Tenant under this Leaseafter notice and a reasonable opportunity to cure such breach:
(a) 17.1.1 Failure by Tenant to pay when due any installment of Rent or any other payment required pursuant to amount due hereunder when such amount becomes payable in accordance with this Lease within five (5) days of due date;
(b) The filing of a petition for bankruptcy or insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become dueLease, or the appointment or a receiver or trustee for all or substantially all of the assets of Tenant; in each of the foregoing casesto duly, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to promptly and completely perform any party guaranteeing the obligations obligation of Tenant under this Lease Articles 14 or 15 above, and continuation of such failure for a period of three (each, a “Guarantor”);3) business days after receipt of the written statutory notice from Landlord to Tenant specifying the nature of such failure.
(c) A transfer in fraud of creditors or an assignment for the benefit of creditors, whether 17.1.2 Failure by Tenant in the due, prompt and complete performance or any Guarantor;
(d) The filing or imposition of a lien against the Premises, the Buildings or the Property as a result observance of any act other express or omission implied covenant, agreement or obligation of Tenant contained in this Lease, and the continuation of such failure for a period of Tenant to satisfy or bond the lien in its entirety within thirty (30) days after receipt written notice from Landlord to Tenant specifying the nature of notice of same;
(e) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof to Tenantfailure; provided, however, that if any such breach failure cannot reasonably be cured within such 20 day period using diligent efforts and period, Tenant shall not be deemed to be in default hereunder if Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice thereof, then commences such cure within such period and thereafter diligently pursues such cure to completion.
17.1.3 Tenant’s abandoning the Premises, which shall mean for these purposes, Tenant’s absence for a period of more than two (2) weeks from the Premises while otherwise in default of this Lease as described in this Article 17.
17.1.4 Tenant, its assignee, sublessee, other transferee, successor or any guarantor of this Lease gives to Landlord any financial statement or representation which proves to be extended materially false or materially misleading.
17.1.5 The insolvency of Tenant; the making by Tenant of any assignment for so long as the benefit of creditors; the filing by or against Tenant continues of a petition to use diligent efforts have Tenant adjudged bankrupt or of a petition for reorganization or arrangement under any law relating to curebankruptcy, not to exceed insolvency or creditors’ rights in general (unless in the case of a total of petition filed against Tenant, the same is dismissed within sixty (60) days from days); the date appointment of Landlord’s notice;
(g) a trustee or receiver to take possession of all or a substantial part of Tenant’s breach assets or of the same provision of Tenant’s interest under this Lease, other than the obligation to pay Rent, more than twice where such seizure is not discharged within sixty (260) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure days. The occurrence of any of the guarantors acts or events referred to fulfill the terms in this Article with respect to any Guarantor of this Lease shall also constitute a default hereunder.
17.1.6 The attachment, execution or other judicial seizure of a substantial portion of Tenant’s assets or of Tenant’s interest in this Lease, where such seizure is not discharged within sixty (60) days.
17.2 The notices referred to in Article 17.1.1 and conditions 17.1.2 above shall be in lieu of, and not in addition to, any notice required under Section 1161 et seq. of the Guaranty or the breach California Code of the Guaranty by one of the GuarantorsCivil Procedure.
Appears in 2 contracts
Sources: Lease (National Mercantile Bancorp), Lease (National Mercantile Bancorp)
Default by Tenant. The following will be events of default by Tenant under this Lease:
(a) Failure to pay when due any installment of Rent or any other payment required pursuant to this Lease within five (5) business days of following written notice that the same is past due date(provided however that in no event shall Landlord be obligated to provide written notice more than twice in any twelve (12) month period);
(b) The filing of a petition for bankruptcy or insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or the appointment or a receiver or trustee for all or substantially all of the assets of Tenant; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations of Tenant under this Lease (each, a “Guarantor”);
(c) A transfer in fraud of creditors or an assignment for the benefit of creditors, whether by Tenant or any Guarantor;
(d) The filing or imposition of Any act which results in a lien being filed against the Premises, the Buildings Premises or the Property as a result of any act or omission of Tenant and Park which is not cured within the failure of Tenant to satisfy or bond the lien in its entirety within thirty (30) days after receipt of notice of sameapplicable time period provided for herein;
(e) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such GuarantorTenant;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party toLease, other than the obligation to pay Rent, within twenty (20) where such failure shall continue for a period of 30 days after written notice thereof from Landlord to Tenant; provided, however, that if the nature of Tenant’s non-performance is such breach canthat more than 30 days are reasonably required for its cure, then Tenant shall not be cured deemed to be in default if Tenant commences such cure within such 20 said 30 day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice thereof, then thereafter diligently pursues such cure to completion then Tenant shall have an additional reasonable period shall be extended for so long as Tenant continues of time to use diligent efforts to complete such cure, not to exceed a total of sixty (60) days from the date of Landlord’s notice;; and
(g) Tenant’s breach of the same provision of this Lease, other than the obligation to pay Rent, more than twice (2) in any twelve (12) -month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantors.
Appears in 2 contracts
Default by Tenant. The following will be events of default by Tenant under this Lease:
(a) Failure to pay when due any installment of Rent or any other payment required pursuant to this Lease within five (5) days of due date;
(b) The filing of a petition for bankruptcy or insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or the appointment or a receiver or trustee for all or substantially all of the assets of Tenant; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations of Tenant under this Lease (each, a “Guarantor”);
(c) A transfer in fraud of creditors or an assignment for the benefit of creditors, whether by Tenant or any Guarantor;
(d) The filing or imposition of a lien against the Premises, the Buildings Building or the Property as a result of any act or omission of Tenant and the failure of Tenant to satisfy or bond the lien in its entirety within thirty (30) days after receipt of notice of same;
(e) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof to Tenant; provided, however, that if such breach cannot be cured within such 20 day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice thereof, then such cure period shall be extended for so long as Tenant continues to use diligent efforts to cure, not to exceed a total of sixty (60) days from the date of Landlord’s notice;
(g) Tenant’s breach of the same provision of this Lease, other than the obligation to pay Rent, more than twice (2) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantors.
Appears in 2 contracts
Sources: Lease Agreement (Power REIT), Lease Agreement (Power REIT)
Default by Tenant. The occurrence of any one or more of the following will be events shall constitute an “Event of default Default” by Tenant under this Lease:
(a) Failure of Tenant to timely pay when due any installment of Rent rent or any other payment required pursuant to amounts payable under this Lease as and when first due and payable; provided, however, that Landlord will give Tenant written notice and an opportunity to cure any failure to pay Rent within five (5) 5 business days of due dateany such written notice not more than twice in any 12 month period;
(b) The filing Failure of a petition for bankruptcy Tenant to perform, observe or insolvency under comply with any applicable federal negative covenant or state bankruptcy or insolvency law; an adjudication agreement set forth in Section 4.8 of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become duethis Lease;
(c) Failure of Tenant to perform, observe, or the appointment or a receiver or trustee for all or substantially all comply with any of the assets of Tenant; terms, covenants, conditions or provisions contained in each of this Lease including, without limitation, the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointmentBuilding Rules, as applicable; the foregoing same may be reasonably modified from time to time (other than covenants to pay rent, which shall also apply be governed by (a) above) if such failure or default is not cured to any party guaranteeing Landlord’s satisfaction within thirty (30) calendar days after Landlord has given Tenant written notice thereof or such longer period as may reasonably be required, provided that Tenant shall commence to cure such default within said thirty (30) day period and thereafter diligently prosecute the obligations same to conclusion;
(d) The interest of Tenant under this Lease (each, a “Guarantor”)shall be levied on under execution or other legal process;
(ce) A transfer Any petition in fraud bankruptcy or other insolvency proceedings shall be filed by or against Tenant or any guarantor of creditors 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 dissolution or liquidation of Tenant or any such guarantor; or
(i) Tenant shall become insolvent or otherwise fail to pay its monetary obligations in due course as they mature, or (ii) Tenant shall make an assignment for the benefit of creditors, whether by or (iii) a receiver or trustee shall be appointed for Tenant or any Guarantor;
of its properties and not discharged within five (d5) The filing or imposition of a lien against the Premises, the Buildings or the Property as a result of any act or omission of Tenant and the failure of Tenant to satisfy or bond the lien in its entirety within thirty (30) days after receipt of notice of same;
(e) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof to Tenant; provided, however, that if such breach cannot be cured within such 20 day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice thereof, then such cure period shall be extended for so long as Tenant continues to use diligent efforts to cure, not to exceed a total of sixty (60) days from the date of Landlord’s notice;
(g) Tenant’s breach of the same provision of this Lease, other than the obligation to pay Rent, more than twice (2) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the GuarantorsBusiness Days.
Appears in 2 contracts
Sources: Lease Agreement (Entrada Therapeutics, Inc.), Lease (Entrada Therapeutics, Inc.)
Default by Tenant. The occurrence of any one or more of the following will be events shall constitute a material default and breach of default this Lease by Tenant under this LeaseTenant:
(a) Failure to pay when due any installment The vacating or abandonment of Rent or any other payment required pursuant to this Lease within five (5) days of due datethe Property by Tenant;
(b) The filing failure by Tenant to make any payment of a petition for bankruptcy Base Rent, additional rent or insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations other payment required to be made by Tenant hereunder, as they become and when due, or the appointment or where such failure shall continue for a receiver or trustee for all or substantially all period of fifteen (15) days after notice by Landlord to Tenant of the assets of Tenant; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply failure to any party guaranteeing the obligations of Tenant under this Lease (each, a “Guarantor”)receive payment;
(c) A transfer in fraud of creditors or an assignment for the benefit of creditors, whether The failure by Tenant to observe or perform any Guarantor;
(d) The filing of the covenants, conditions, or imposition provisions of a lien against any franchise agreement affecting the Premises, the Buildings Property or the Property as business operated thereon, or under this Lease to be observed or performed by Tenant, where such failure shall continue for a result period of any act or omission of Tenant and the failure of Tenant to satisfy or bond the lien in its entirety within thirty (30) days after receipt of written notice of same;
(e) The liquidationthereof, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement from Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof to Tenant; provided, however, that if the nature of Tenant's default is such breach canthat more than thirty (30) days are reasonably required for its cure, than Tenant shall not be cured deemed to be in default if Tenant commenced the cure within such 20 the thirty (30) day period using diligent efforts and thereafter diligently prosecutes the cure to completion;
(d) The making by Tenant promptly commenced efforts of any general assignment or general arrangement for the benefit of creditors without the consent of Landlord or the beneficiary under any deed of trust encumbering the Property;
(e) The filing by or against Tenant, or any guarantor of this Lease, of a petition to cure such breach upon receipt have Tenant, or any guarantor of Landlord’s notice thereofthis Lease, then such cure period shall be extended adjudicated a bankrupt or a petition for so long as Tenant continues reorganization or arrangement under any law relating to use diligent efforts to curebankruptcy (unless, not to exceed in the case of a total petition filed against Tenant, or any guarantor of this Lease, the same is dismissed within sixty (60) days from days);
(f) The appointment of a trustee or receiver to take possession of substantially all of Tenant's, or any guarantor's of this Lease, assets located at the date Property or of Landlord’s notice;Tenant's, or any guarantor's of this Lease, interest in this Lease, where possession is not restored to Tenant, or any guarantor of this Lease, within ninety (90) days; or
(g) The attachment, execution or judicial seizure of substantially all of Tenant’s breach of the same provision 's, or any guarantor's of this Lease, other than assets located at the obligation to pay RentProperty or of Tenant's, more than twice or any guarantor's of this Lease, interest in this Lease, if not discharged within ninety (290) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantorsdays.
Appears in 1 contract
Default by Tenant. 22.1 The following will be events term "Event of default by Tenant under this LeaseDefault" refers to the occurrence of any one (1) or more of the following:
(a) Failure of Tenant to pay when due any installment of Rent or any other payment sum required pursuant to this Lease be paid hereunder (the "Monetary Default") within five (5) days of due date;
(b) The filing of a petition for bankruptcy or insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or the appointment or a receiver or trustee for all or substantially all of the assets of Tenant; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations of Tenant under this Lease (each, a “Guarantor”);
(c) A transfer in fraud of creditors or an assignment for the benefit of creditors, whether by Tenant or any Guarantor;
(d) The filing or imposition of a lien against the Premises, the Buildings or the Property as a result of any act or omission of Tenant and the failure of Tenant to satisfy or bond the lien in its entirety within thirty (30) days after receipt of written notice of same;
(e) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof to Tenantfrom Landlord; provided, however, that if such breach cannot be cured within such 20 day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice thereof, then such cure period shall be extended for so long as Tenant continues to use diligent efforts to cure, not to exceed a total of sixty (60) days from after the date of Landlord’s notice;
(g) Tenant’s breach of the same provision of this Lease, other than the obligation first failure to pay Rent, more than twice (2) any sum required to be paid hereunder in any twelve (12) month period, in the event that Tenant fails a second time to pay when due any sum required to be paid hereunder during such twelve (12) month period, such failure shall be deemed to automatically constitute a Monetary Default without any obligation on Landlord to provide any additional written notice, and provided further that Tenant acknowledges that any such written notice provided hereunder shall be in lieu of, and not in addition to, any notice to pay rent or quit pursuant to any applicable statutes;
(hb) Failure of Tenant, after fifteen (15) days written notice thereof, to deliverperform any of Tenant's obligations, maintain covenants, or restore agreements except a Monetary Default, provided that if the Security Deposit pursuant cure of any such failure is not reasonably susceptible of performance within such fifteen (15) day period, then an Event of Default of Tenant shall not be deemed to have occurred so long as Tenant has promptly commenced and thereafter diligently prosecutes such cure to completion and completes that cure within thirty (30) days;
(c) Tenant, or any guarantor of Tenant's obligations under this Lease (the "Guarantor"), admits in writing that it cannot meet its obligations as they become due; or is declared insolvent according to any law; or assignment of Tenant's or Guarantor's property is made for the benefit of creditors; or a receiver or trustee is appointed for Tenant or Guarantor or its property; or the interest of Tenant or Guarantor under this Lease is levied on under execution or other legal process; or any petition is filed by or against Tenant or Guarantor to declare Tenant bankrupt or to delay, reduce, or modify Tenant's debts or obligations; or any petition filed or other action taken to reorganize or modify Tenant's or Guarantor's capital structure if Tenant is a corporation or other entity. Any such levy, execution, legal process, or petition filed against Tenant or Guarantor shall not constitute a breach of this Lease provided Tenant or Guarantor shall vigorously contest the same by appropriate proceedings and shall remove or vacate the same within ninety (90) days from the date of its creation, service, or filing;
(d) The abandonment (as defined in California Civil Code section 1951.3) of the Premises by Tenant;
(e) The discovery by Landlord that any financial statement given by Tenant or any of its assignees, subtenants, successors-in-interest, or Guarantors was materially false; or
(f) If Tenant or any Guarantor shall die, cease to exist as a corporation or partnership, or be otherwise dissolved or liquidated (except to the extent the same is a Permitted Transfer) or become insolvent, or shall make a transfer in fraud of creditors.
22.2 In the event of any Event of Default by Tenant, Landlord, at its option, may pursue one or more of the following remedies without notice or demand in addition to all other rights and remedies provided for at law or in equity:
(a) Landlord may continue this Lease in full force and effect, and this Lease shall continue in full force and effect as long as Landlord does not terminate Tenant's right to possession, and Landlord shall have the right to collect Rent when due. Landlord may enter the Premises and relet it, or any part of it, to third parties for Tenant's account, provided that any Rent in excess of the Rent due hereunder shall be payable to Landlord. Tenant shall be liable immediately to Landlord for all costs Landlord incurs in reletting the Premises, including, without limitation, brokers' commissions, expenses of cleaning and redecorating the Premises required by the reletting and like costs. Reletting may be for a period shorter or longer than the remaining Term of this Lease. Tenant shall pay to Landlord the Rent and other sums due under this Lease on the dates the Rent is due, less the Rent and other sums Landlord receives from any reletting. No act by Landlord allowed by this Section 11.2 hereof within 22.2(a) shall terminate this Lease unless Landlord notifies Tenant in writing that Landlord elects to terminate this Lease.
(b) Landlord may terminate Tenant's right to possession of the timeframes provided; andPremises at any time by giving written notice to that effect. No act by Landlord other than giving written notice to Tenant shall terminate this Lease. Acts of maintenance, efforts to relet the Premises or the appointment of a receiver on Landlord's initiative to protect Landlord's interest under this Lease shall not constitute a termination of Tenant's right to possession. On termination, Landlord shall have the right to remove all personal property of Tenant and store it at Tenant's cost and to recover from Tenant as damages:
(i) Failure the worth at the time of any award of unpaid Rent and other sums due and payable which had been earned at the time of termination; plus (ii) the worth at the time of award of the guarantors to fulfill amount by which the terms unpaid Rent and conditions other sums due and payable which would have been payable after termination until the time of award exceeds the amount of the Guaranty or Rent loss that Tenant proves could have been reasonably avoided; plus (iii) the breach worth at the time of award of the Guaranty amount by one which the unpaid Rent and other sums due and payable for the balance of the Guarantors.Term after the time of award exceeds the amount of the Rent 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's failure to perform Tenant's obligations under this Lease, or which, in the ordinary course of things, would be likely to result therefrom, including, without limitation, any costs or expenses incurred by Landlord: (A) in retaking possession of the Premises, including reasonable attorneys' fees and costs therefor; (B) maintaining or preserving the Premises for reletting to a new tenant, including repairs or alterations to the Premises for the reletting;
Appears in 1 contract
Sources: Lease Agreement (Everbridge, Inc.)
Default by Tenant. The occurrence of any one or more of the following will be events shall constitute a material default and breach of default this Amended Lease by Tenant under this LeaseTenant:
(a) Failure to pay when due any installment The vacating or abandonment of Rent or any other payment required pursuant to this Lease within five (5) days of due datethe Property by Tenant;
(b) The filing failure by Tenant to make any payment of a petition for bankruptcy rent or insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations other payment required to be made by Tenant hereunder, as they become and when due, or the appointment or where such failure shall continue for a receiver or trustee for all or substantially all period of fifteen (15) days after notice by Landlord to Tenant of the assets of Tenant; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply failure to any party guaranteeing the obligations of Tenant under this Lease (each, a “Guarantor”)receive payment;
(c) A transfer in fraud of creditors or an assignment for the benefit of creditors, whether The failure by Tenant to observe or perform any Guarantor;
(d) The filing of the covenants, conditions, or imposition provisions of a lien against any franchise agreement affecting the Premises, the Buildings Property or the Property as business operated thereon, or under this Amended Lease to be observed or performed by Tenant, where such failure shall continue for a result period of any act or omission of Tenant and the failure of Tenant to satisfy or bond the lien in its entirety within thirty (30) days after receipt of written notice of same;
(e) The liquidationthereof, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement from Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof to Tenant; provided, however, that if the nature of Tenant's default is such breach canthat more than thirty (30) days are reasonably required for its cure, than Tenant shall not be cured deemed to be in default if Tenant commenced the cure within such 20 the thirty (30) day period using diligent efforts and thereafter diligently prosecutes the cure to completion;
(d) The making by Tenant promptly commenced efforts of any general assignment or general arrangement for the benefit of creditors without the consent of Landlord or the beneficiary under any deed of trust encumbering the Property;
(e) The filing by or against Tenant, or any guarantor of this Amended Lease, of a petition to cure such breach upon receipt have Tenant, or any guarantor of Landlord’s notice thereofthis Amended Lease, then such cure period shall be extended adjudicated a bankrupt or a petition for so long as Tenant continues reorganization or arrangement under any law relating to use diligent efforts bankruptcy (unless, in the case of a petition filed against Tenant, or any guarantor of this Amended Lease, the same is dismissed within ninety (90) days;
(f) The appointment of a trustee or receiver to curetake possession of substantially all of Tenant's, or any guarantor's of this Amended Lease, assets located at the Property or of Tenant's, or any guarantor's of this Amended Lease, interest in this Amended Lease, where possession is not restored to exceed a total Tenant, or any guarantor of sixty this Amended Lease, within ninety (6090) days from the date of Landlord’s notice;days; or
(g) The attachment, execution or judicial seizure of substantially all of Tenant’s breach of the same provision 's, or any guarantor's of this Amended Lease, other than assets located at the obligation to pay RentProperty or of Tenant's, more than twice or any guarantor's of this Amended Lease, interest in this Amended Lease, if not discharged within ninety (290) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantorsdays.
Appears in 1 contract
Sources: Triple Net Hospital Building Lease (Integrated Healthcare Holdings Inc)
Default by Tenant. The following will be events of default by Tenant under this Lease:
(a) Failure to pay when due any installment of Rent or any other payment required pursuant to this Lease within five ten (510) days of due date;
(b) The filing of a petition for bankruptcy or insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or the appointment or a receiver or trustee for all or substantially all of the assets of Tenant; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations of Tenant under this Lease (each, a “Guarantor”);
(c) A transfer in fraud of creditors or an assignment for the benefit of creditors, whether by Tenant T▇▇▇▇▇ or any Guarantor;
(d) The filing or imposition of a lien against the Premises, the Buildings or the Property as a result of any act or omission of Tenant and the failure of Tenant to satisfy or bond the lien in its entirety within thirty (30) days after receipt of notice of same;
(e) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are may be a party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof to Tenant; provided, however, that if such breach cannot be cured within such 20 twenty (20) day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice thereof, then such cure period shall be extended for so long as Tenant continues to use diligent efforts to cure, not to exceed a total of sixty (60) days from the date of Landlord’s notice;
(g) TenantT▇▇▇▇▇’s breach of the same provision of this Lease, other than the obligation to pay Rent, more than twice (2) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 11.1 hereof within the timeframes provided; and
(i) Failure of any of the guarantors Guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantors.
Appears in 1 contract
Sources: Lease Agreement (Power REIT)
Default by Tenant. The 20.1 Each of the following will be events is an "Event of default by Tenant under this LeaseDefault":
(a1) Failure Any failure by Tenant to pay Rent on the due date unless such failure is cured within 5 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 any installment due, an Event of Rent or any other payment required pursuant to this Lease within five (5) days of due dateDefault shall automatically occur;
(b2) The filing of a petition for bankruptcy Tenant vacates (other than temporary vacation during which period Tenant is engaged in trying to relet the Premises) or insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it canabandons the Premises (as evidenced by vacating the Premises with the intent by Tenant not meet its financial obligations as they become due, or to be bound by the appointment or a receiver or trustee for all or substantially all terms of the assets of Tenant; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointmentLease, as applicable; evidenced by a breach of any of its other obligations under the foregoing shall also apply to any party guaranteeing Lease, including the obligations payment of Tenant under this Lease (each, a “Guarantor”Rent);
(c3) A transfer This Lease or Tenant's interest is transferred whether voluntarily or by operation of law except as permitted in fraud Section 14;
(4) This Lease or any part of creditors the Premises is taken by process of law against Tenant and is not released within 15 days after a levy;
(5) Commencement by Tenant of a proceeding under any provision of federal or state law relating to insolvency, 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 assignment for the benefit of creditors, whether by Tenant ; or any Guarantor;
(d) The filing or imposition of a lien against the Premises, the Buildings or the Property as a result of any act or omission of Tenant and the failure of Tenant generally to satisfy pay its debts as they mature, or bond the lien in its entirety within thirty (30) days after receipt occurrence of notice any of samethe foregoing with respect to any Guarantor, if any, of Tenant's obligations;
(e) 8) The liquidation, termination admission in writing by Tenant (or dissolution 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) Tenant fails to take possession of the Premises by the 90th day following the Commencement Date (which deadline may be extended by delays beyond the reasonable control of Tenant, provided that Tenant is proceeding with due diligence to complete the Finish Work and move into the Premises);
(10) Tenant fails to perform any Guarantor, 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 or any Guarantor is a natural person, the death of Tenant or does not in good faith commence performance within such Guarantor;
(f) Failure 30 day period and diligently proceed to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof to Tenantcompletion; provided, however, that if such breach cannot Tenant's failure would constitute a violation of Applicable Law and Landlord would be cured within such 20 day period using diligent efforts and Tenant promptly commenced efforts subject to fines or penalties or use of the Building Complex by another tenant would be adversely affected, Tenant's right to cure such breach upon receipt of Landlord’s notice thereof, then such cure shall not exceed the period shall be extended for so long as Tenant continues to use diligent efforts to cure, not to exceed a total of sixty (60) days from the date of Landlord’s noticeprovided by Applicable Law;
(g11) Tenant’s breach Any event which is expressly defined as or deemed an Event of the same provision Default under Sections 9 and 27.22 of this Lease, other than the obligation to pay Rent, more than twice (2) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantors.
Appears in 1 contract
Default by Tenant. (a) The following will shall be deemed to be events of default by Tenant under this Lease:
Lease (aeach, a “Tenant Default”): (i) Failure Tenant shall fail to pay when due any installment of Rent or any other payment required pursuant to this Lease within five twenty (520) days after Tenant’s receipt of due date;
written notice of nonpayment thereof (ba “Monetary Default”); or (ii) The filing Tenant shall fail to comply with any term, provision or covenant of this Lease, other than the payment of Rent, and the failure is not cured within thirty (30) days after Tenant’s receipt of written notice thereof, or such longer period as may be reasonable under the circumstances so long as Tenant commences to cure within such thirty (30) day period and thereafter diligently prosecutes such cure to completion (a “Non-Monetary Default”); or (iii) Tenant shall file a petition for bankruptcy or insolvency be adjudged bankrupt or insolvent under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or the appointment law or a receiver or trustee shall be appointed for all or substantially all of the assets of Tenant; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission Tenant or appointment, as applicable; the foregoing Tenant shall also apply to any party guaranteeing the obligations of Tenant under this Lease (each, make a “Guarantor”);
(c) A transfer in fraud of creditors or shall make an assignment for the benefit of creditors, whether by creditors and same is not dismissed within ninety (90) days thereafter; or (iv) this Lease or the Tenant’s Leasehold Estate is transferred in violation of the requirements of this Lease. Any permitted assignee or lender (including a Leasehold Mortgagee) may cure any Tenant or any Guarantor;Default hereunder.
(db) The filing If Landlord shall claim that Tenant Default exists, Landlord shall have the right, subject to the provisions of Exhibit “F” and any Recognition Agreement executed pursuant to the provisions of this Lease, to institute from time to time an action or imposition actions (i) to recover damages (exclusive of consequential, punitive, or special damages), (ii) for injunctive and/or other equitable relief, or (iii) only in the event of Monetary Default, or a lien against Non-Monetary Default which has resulted or is reasonably likely to result in irreparable and material damage to the Leased Premises, to recover possession of the Buildings or Leased Premises and tenninate this Lease. Notwithstanding the Property as a result of any act or omission of foregoing, Landlord agrees that Tenant and the failure of Tenant to satisfy or bond the lien in its entirety within shall have thirty (30) days after receipt commencement by Landlord of notice any proceedings to file an appropriate pleading in the action initiated by Landlord to contest the claim of same;Tenant Default or to cure such Tenant Default; no action shall be taken by Landlord during such thirty (30) day period to regain possession of the Leased Premises from Tenant or to terminate this Lease. If the Tenant Default is not cured, Landlord’s rights and Tenant’s obligations shall be resolved by the final detennination made by the court in which Landlord’s proceedings were initiated. For purposes hereof, a “final determination” shall occur when the judgment or order entered can be enforced by execution, issuance of a writ of restitution, judicial sale or specific enforcement and no such judgment or order shall be considered final for purposes hereof during the pendency of a stay of execution in connection with an appeal. Notwithstanding anything herein to the contrary, if there is a Monetary Default which arises out of a dispute as to an amount owed or the amount of an offset, this Lease shall not tenninate if Tenant pays to Landlord the amount the court detennines to be owed within the period of time permitted by law, or ten (10) days after such determination if no such grace period is permitted.
(ec) The liquidationTenant shall have no personal, termination corporate or dissolution entity liability under this Lease, and in the event of a Tenant Default, (i) the recourse of Landlord against Tenant with respect to any Tenant Default shall extend only to Tenant’s Leasehold Estate, and not to any other assets of Tenant or any Guarantorof its directors, orofficers, if shareholders, employees, agents, constituent partners, members, beneficiaries, trustees or representatives; and (ii) except to the extent of Tenant’s interest in the Leasehold Estate (and the proceeds therefrom), no personal liability or personal responsibility shall be asserted or enforceable against Tenant or any Guarantor is a natural personof its directors, the death of Tenant officers, shareholders, employees, agents, constituent partners, members, beneficiaries, trustees or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof to Tenant; provided, however, that if such breach canrepresentatives. The foregoing paragraph shall not be cured within such 20 day period using diligent efforts and Tenant promptly commenced efforts applicable to cure such breach upon receipt of Landlord’s notice thereof, then such cure period shall be extended for so long as Tenant continues to use diligent efforts to cure, not to exceed a total of sixty (60) days from the date of Landlord’s notice;
(gA) Tenant’s breach of the same provision liability under Section 4.02(b) of this Lease, (B) misappropriation of insurance or condemnation proceeds in contravention of this Lease, (C) conversion of Sublease rentals and other than income from the obligation to pay Rent, more than twice (2) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any operation of the guarantors Leased Premises following a court order to fulfill deliver such amounts to Landlord, (D) willful failure to maintain the terms insurance coverages required of Tenant hereunder, and conditions (E) a sale, transfer, or assignment of this Lease and/or the Guaranty or the breach Leased Premises in contravention of the Guaranty by one of the GuarantorsArticle 9.0 hereof.
Appears in 1 contract
Sources: Garage Lease (Virgin Trains USA LLC)
Default by Tenant. The Each of the following will be events shall constitute an event of default by Tenant under this Lease:Lease (each, “Event of Default”):
(a) Failure Tenant’s failure to pay when due make any installment of Rent or any other payment required pursuant to under this Lease within when due, where this failure continues for a period of five (5) business days of due dateafter written notice from Landlord to Tenant;
(b) The filing failure of a petition for bankruptcy or insolvency under Tenant to perform any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become duethe covenants, conditions, or the appointment provisions of this Lease to be performed by Tenant (other than those requiring any payment to Landlord), where this failure continues for a period of 30 days (or a receiver or trustee for all or substantially all of the assets of Tenant; in each of the foregoing casessuch shorter period, if not dismissed within any, set forth for cure in the applicable provision of this Lease) after written notice from Landlord to Tenant or, if Tenant’s obligation requires more than 30 days of such filingfor performance, adjudication, admission or appointment, as applicable; Tenant shall not be in default if Tenant commences to perform within the foregoing shall also apply to any party guaranteeing the obligations of Tenant under this Lease (each, a “Guarantor”)30 day period and afterwards completes it with due diligence and continuity;
(c) A transfer in fraud Any of creditors the following (to the extent permitted by law):
(i) The making by Tenant of any general arrangements or an assignment assignments for the benefit of creditors;
(ii) The filing by or against Tenant of any proceeding under an insolvency or bankruptcy law, whether by unless (in the case of an involuntary proceeding) the proceeding is dismissed within 60 days;
(iii) The appointment of a trustee or receiver to take possession of substantially all of Tenant’s assets at the Leased Premises or of Tenant’s interest in this Lease, where possession is not restored to Tenant within 60 days of this appointment; or
(iv) The attachment, execution, or any Guarantor;other judicial seizure of substantially all of Tenant’s assets located at the Leased Premises or of Tenant’s interest in this Lease, where this seizure is not discharged within 60 days after the seizure.
(d) The filing or imposition Tenant’s Assignment in violation of a lien against the Premises, the Buildings or the Property as a result of any act or omission of Tenant and the failure of Tenant to satisfy or bond the lien in its entirety within thirty (30) days after receipt of notice of same;Article 17; and
(e) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof to Tenant; provided, however, that if such breach cannot be cured within such 20 day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice thereof, then such cure period shall be extended for so long as Tenant continues to use diligent efforts to cure, not to exceed a total of sixty (60) days from the date of Landlord’s notice;
(g) Tenant’s breach of the same provision of this Leasefailure to execute or deliver any estoppel certificate required under Part III, other than the obligation to pay Rent, more than twice (2) Article 24 in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantorsa timely manner.
Appears in 1 contract
Sources: Lease (Marvel Entertainment, Inc.)
Default by Tenant. (a) The following will be events shall constitute events of default by Tenant under this Lease:
(a1) Failure a default by Tenant in 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 when due any installment of Rent rent or any other payment required pursuant to this Lease sum within five (5) 10 days of after the due date, no grace period shall thereafter be applicable hereunder;
(b2) The filing a default by Tenant in the performance of any of the other terms, covenants, agreements, or conditions contained herein and, if the default is curable, the continuation of such default for a petition 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 thereafter be applicable hereunder:
(3) the bankruptcy or insolvency under of Tenant, any applicable federal or state bankruptcy or insolvency law; an adjudication transfer by Tenant in fraud of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become duecreditors, 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 or of a receiver or trustee for all or substantially all a substantial part of the assets of Tenant; in each or the levy upon this Lease or any estate of Tenant hereunder by any attachment or execution; or
(4) the abandonment of the foregoing casespremises.
(b) Upon the occurrence of any event of default by Tenant hereunder, if not dismissed within 30 days 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 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 filingtermination.
(3) In the event of any such termination of this Lease, adjudication, admission or appointment, as applicable; the foregoing shall also apply and in addition to any party guaranteeing other rights and remedies Landlord may have, Landlord shall have all of the obligations 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 balance of the term after the time of award exceeds the amount of rental loss that Tenant under proves could be reasonably avoided, (ii) 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 good order and condition, or in remodeling, renovating or otherwise preparing the premises for reletting, and (iv) all costs (including, without limitation, any brokerage commissions) incurred by Landlord in reletting 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.
(each5) After terminating this Lease, Landlord may remove any and all personal property located in the premises and place such property in a “Guarantor”);public or private warehouse or elsewhere at the sole cost and expense of Tenant.
(c) A transfer Even though Tenant has breached this Lease and abandoned the premises, this Lease shall continue in fraud 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 creditors maintenance or an assignment for preservation, efforts to relet the benefit premises, or the appointment of creditorsa receiver upon initiative of Landlord to protect Landlord's interest under this Lease, whether by Tenant or any Guarantor;shall not constitute a termination of Tenant's right to possession.
(d) The filing or imposition of a lien against the Premises, the Buildings or the Property as a result of any act or omission of Tenant and the failure of Tenant to satisfy or bond the lien remedies provided for in its entirety within thirty (30) days after receipt of notice of same;
(e) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or are in addition to any other lease remedies available to Landlord at law or agreement Landlord and Tenant are a party toin equity, other than the obligation to pay Rent, within twenty (20) days after notice thereof to Tenant; provided, however, that if such breach cannot be cured within such 20 day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice thereof, then such cure period shall be extended for so long as Tenant continues to use diligent efforts to cure, not to exceed a total of sixty (60) days from the date of Landlord’s notice;
(g) Tenant’s breach of the same provision of this Lease, other than the obligation to pay Rent, more than twice (2) in any twelve (12) month period;
(h) Failure to deliver, maintain by statute or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantorsotherwise.
Appears in 1 contract
Sources: Sublease (Depomed Inc)
Default by Tenant. 22.1 The following will be events term "Event of default by Tenant under this LeaseDefault" refers to the occurrence of any one (1) or more of the following:
(a) Failure of Tenant to pay when due any installment of Rent or any other payment sum required pursuant to this Lease be paid hereunder (the "Monetary Default") within five (5) days of due date;
(b) The filing of a petition for bankruptcy or insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or the appointment or a receiver or trustee for all or substantially all of the assets of Tenant; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations of Tenant under this Lease (each, a “Guarantor”);
(c) A transfer in fraud of creditors or an assignment for the benefit of creditors, whether by Tenant or any Guarantor;
(d) The filing or imposition of a lien against the Premises, the Buildings or the Property as a result of any act or omission of Tenant and the failure of Tenant to satisfy or bond the lien in its entirety within thirty (30) days after receipt of written notice of same;
(e) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof to Tenantfrom Landlord; provided, however, that if such breach cannot be cured within such 20 day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice thereof, then such cure period shall be extended for so long as Tenant continues to use diligent efforts to cure, not to exceed a total of sixty (60) days from after the date of Landlord’s notice;
(g) Tenant’s breach of the same provision of this Lease, other than the obligation first failure to pay Rent, more than twice (2) any sum required to be paid hereunder in any twelve (12) month period, in the event that Tenant fails a second time to pay when due any sum required to be paid hereunder during such twelve (12) month period, such failure shall be deemed to automatically constitute a Monetary Default without any obligation on Landlord to provide any additional written notice, and provided further that the Tenant acknowledges that any such written notice provided hereunder shall be in lieu of, and not in addition to, any notice to pay rent or quit pursuant to any applicable statutes;
(hb) Failure of Tenant, after thirty (30) days written notice thereof, to deliverperform any of Tenant's obligations, maintain covenants, or restore agreements except a Monetary Default, provided that if the Security Deposit pursuant cure of any such failure is not reasonably susceptible of performance within such thirty (30) day period, then an Event of Default of Tenant shall not be deemed to Section 11.2 hereof have occurred so long as Tenant has promptly commenced and thereafter diligently prosecutes such cure to completion;
(c) Tenant admits in writing that it cannot meet its obligations as they become due; or is declared insolvent according to any law; or assignment of Tenant's property is made for the benefit of creditors; or a receiver or trustee is appointed for Tenant or its property; or the interest of Tenant under this Lease is levied on under execution or other legal process; or any petition is filed by or against Tenant to declare Tenant bankrupt or to delay, reduce, or modify Tenant's debts or obligations. Any such levy, execution, legal process, or petition filed against Tenant shall not constitute a breach of this Lease provided Tenant shall vigorously contest the same by appropriate proceedings and shall remove or vacate the same within ninety (90) days from the timeframes provideddate of its creation, service, or filing;
(d) The abandonment of the Premises by Tenant, which shall mean that Tenant has vacated the Premises for ten (10) consecutive days, while Tenant is in Monetary Default and such abandonment has impaired Landlord's insurance coverage for the Premises or the Building;
(e) The discovery by Landlord that any financial statement given by Tenant or any of its assignees or successors-in-interest was materially false; andor
(f) Except in connection with a Permitted Transfer, if Tenant shall cease to exist as a corporation or partnership, or be otherwise dissolved or liquidated or become insolvent.
22.2 In the event of any Event of Default by Tenant, Landlord, at its option, may pursue one or more of the following remedies without notice or demand in addition to all other rights and remedies provided for at law or in equity:
(a) Landlord may continue this Lease in full force and effect, and this Lease shall continue in full force and effect as long as Landlord does not terminate Tenant's right to possession, and Landlord shall have the right to collect Rent when due.
(b) Landlord may terminate Tenant's right to possession of the Premises at any time by giving written notice to that effect. Acts of maintenance, efforts to relet the Premises or the appointment of a receiver on Landlord's initiative to protect Landlord's interest under this Lease shall not constitute a termination of Tenant's right to possession. On termination, Landlord shall have the right to remove all personal property of Tenant and store it at Tenant's cost in accordance with applicable law, and to recover from Tenant as damages: (i) Failure the worth at the time of award of unpaid Rent and other sums due and payable which had been earned at the time of termination; plus (ii) the worth at the time of award of the amount by which the unpaid Rent and other sums due and payable which would have been payable after termination until the time of award exceeds the amount of the Rent 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 and other sums due and payable for the balance of the Term after the time of award exceeds the amount of the Rent 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's failure to perform Tenant's obligations under this Lease, or which, in the ordinary course of things, would be likely to result therefrom, including, if appropriate, any costs or expenses incurred by Landlord: (A) in retaking possession of the Premises, including reasonable attorneys' fees and costs therefor; (B) maintaining or preserving the Premises for reletting to a new tenant, including repairs to the Premises for the reletting; (C) leasing commissions; (D) any other costs necessary or appropriate to relet the Premises; and (E) 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. The "worth at the time of award" of the amounts referred to in Sections 22.2(b)(i) and 22.2(b)(ii) shall be calculated by allowing interest at the lesser of ten percent (10%) per annum or the maximum rate permitted by law, on the unpaid Rent and other sums due and payable from the termination date through the date of award. The "worth at the time of award" of the amount referred to in Section 22.2(b)(iii) shall be calculated by discounting the amount at the discount rate of the Federal Reserve Bank of San Francisco at the time of award, plus one percent (1%). Tenant waives redemption or relief from forfeiture under California Code of Civil Procedure Sections 1174 and 1179, or under any other present or future law, if Tenant is evicted or Landlord takes possession of the Premises by reason of any Event of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty Default by one of the GuarantorsTenant.
Appears in 1 contract
Sources: Lease Agreement (Shutterfly Inc)
Default by Tenant. (a) The following will shall be deemed to be events of default by Tenant under this Lease:
Lease (aeach, a “Tenant Default”): (i) Failure Tenant shall fail to pay when due any installment of Rent or any other payment required pursuant to this Lease within five twenty (520) days after Tenant’s receipt of due date;
written notice of nonpayment thereof (ba “Monetary Default”); or (ii) The filing Tenant shall fail to comply with any term, provision or covenant of this Lease, other than the payment of Rent, and the failure is not cured within thirty (30) days after Tenant’s receipt of written notice thereof, or such longer period as may be reasonable under the circumstances so long as Tenant commences to cure within such thirty (30) day period and thereafter diligently prosecutes such cure to completion (a “Non-Monetary Default”); or (iii) Tenant shall file a petition for bankruptcy or insolvency be adjudged bankrupt or insolvent under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or the appointment law or a receiver or trustee shall be appointed for all or substantially all of the assets of Tenant; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission Tenant or appointment, as applicable; the foregoing Tenant shall also apply to any party guaranteeing the obligations of Tenant under this Lease (each, make a “Guarantor”);
(c) A transfer in fraud of creditors or shall make an assignment for the benefit of creditors, whether by creditors and same is not dismissed within ninety (90) days thereafter; or (iv) this Lease or the Tenant’s Leasehold Estate is transferred in violation of the requirements of this Lease. Any permitted assignee or lender (including a Leasehold Mortgagee) may cure any Tenant or any Guarantor;Default hereunder.
(db) The filing If Landlord shall claim that Tenant Default exists, Landlord shall have the right, subject to the provisions of Exhibit “F” and any Recognition Agreement executed pursuant to the provisions of this Lease, to institute from time to time an action or imposition actions (i) to recover damages (exclusive of consequential, punitive, or special damages), (ii) for injunctive and/or other equitable relief, or (iii) only in the event of Monetary Default, or a lien against Non-Monetary Default which has resulted or is reasonably likely to result in irreparable and material damage to the Leased Premises, to recover possession of the Buildings or Leased Premises and terminate this Lease. Notwithstanding the Property as a result of any act or omission of foregoing, Landlord agrees that Tenant and the failure of Tenant to satisfy or bond the lien in its entirety within shall have thirty (30) days after receipt commencement by Landlord of notice any proceedings to file an appropriate pleading in the action initiated by Landlord to contest the claim of same;Tenant Default or to cure such Tenant Default; no action shall be taken by Landlord during such thirty (30) day period to regain possession of the Leased Premises from Tenant or to terminate this Lease. If the Tenant Default is not cured, Landlord’s rights and Tenant’s obligations shall be resolved by the final determination made by the court in which Landlord’s proceedings were initiated. For purposes hereof, a “final determination” shall occur when the judgment or order entered can be enforced by execution, issuance of a writ of restitution, judicial sale or specific enforcement and no such judgment or order shall be considered final for purposes hereof during the pendency of a stay of execution in connection with an appeal. Notwithstanding anything herein to the contrary, if there is a Monetary Default which arises out of a dispute as to an amount owed or the amount of an offset, this Lease shall not terminate if Tenant pays to Landlord the amount the court determines to be owed within the period of time permitted by law, or ten (10) days after such determination if no such grace period is permitted.
(ec) The liquidationTenant shall have no personal, termination corporate or dissolution entity liability under this Lease, and in the event of a Tenant Default, (i) the recourse of Landlord against Tenant with respect to any Tenant Default shall extend only to Tenant’s Leasehold Estate, and not to any other assets of Tenant or any Guarantorof its directors, orofficers, if shareholders, employees, agents, constituent partners, members, beneficiaries, trustees or representatives; and (ii) except to the extent of Tenant’s interest in the Leasehold Estate (and the proceeds therefrom), no personal liability or personal responsibility shall be asserted or enforceable against Tenant or any Guarantor is a natural personof its directors, the death of Tenant officers, shareholders, employees, agents, constituent partners, members, beneficiaries, trustees or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof to Tenant; provided, however, that if such breach canrepresentatives. The foregoing paragraph shall not be cured within such 20 day period using diligent efforts and Tenant promptly commenced efforts applicable to cure such breach upon receipt of Landlord’s notice thereof, then such cure period shall be extended for so long as Tenant continues to use diligent efforts to cure, not to exceed a total of sixty (60) days from the date of Landlord’s notice;
(gA) Tenant’s breach of the same provision liability under Section 4.02(b) of this Lease, (B) misappropriation of insurance or condemnation proceeds in contravention of this Lease, (C) conversion of Sublease rentals and other than income from the obligation to pay Rent, more than twice (2) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any operation of the guarantors Leased Premises following a court order to fulfill deliver such amounts to Landlord, (D) willful failure to maintain the terms insurance coverages required of Tenant hereunder, and conditions (E) a sale, transfer, or assignment of this Lease and/or the Guaranty or the breach Leased Premises in contravention of the Guaranty by one of the GuarantorsArticle 9.0 hereof.
Appears in 1 contract
Sources: Garage Lease (Virgin Trains USA LLC)
Default by Tenant. The occurrence of any one or more of the following will be events shall constitute a default and breach of default this Lease by Tenant under this LeaseTenant:
(a) Failure The vacation or abandonment of the Premises by ▇▇▇▇▇▇.
(b) The failure by Tenant to pay when due make any installment payment of Rent rent or any other payment required pursuant to this Lease within five be made by Tenant hereunder, as and when due where such failure shall continue for a period of ten (510) days of due date;
(b) The filing of a petition for bankruptcy or insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or the appointment or a receiver or trustee for all or substantially all of the assets of after written notice thereof from Landlord to Tenant; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations of Tenant under this Lease (each, a “Guarantor”);.
(c) A transfer The failure by Tenant to observe any of the covenants, conditions, or provisions of this Lease to be observed or performed by Tenant, other than described in fraud Paragraph (b) above, where such failure shall continue for a period of creditors thirty (30) days after written notice thereof from Landlord to Tenant provided, however, that if the nature of Tenant’s default 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 commenced such cure within said thirty (30) day period and thereafter diligently prosecutes such cure to completion.
(d) (i) The making by Tenant of any general assignment, or an general assignment for the benefit of creditors, whether ; (ii) the filing by or against Tenant or any Guarantor;
(d) The filing or imposition of a lien petition to have Tenant adjudged a bankrupt or petition for reorganization or arrangement under any law relating to bankruptcy (unless, in the case of a petition filed against the Premises▇▇▇▇▇▇, the Buildings same is dismissed within sixty (60) days); (iii) the appointment of a trustee or receiver to take possession of substantially all of Tenant’s assets located at the Property as a result Premises or of any act or omission of Tenant’s interest in this Lease, where possession is not restored to Tenant and the failure of Tenant to satisfy or bond the lien in its entirety within thirty (30) days after receipt days; or (iv) the attachment, execution or other judicial seizure of notice substantially all of same;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.
(e) The liquidationThree (3) or more late payments of Rent, termination or dissolution of Tenant or any Guarantorother charges due hereunder, or, if Tenant or any Guarantor is a natural person, during the death of Tenant or such Guarantor;Lease term.
(f) Failure to cure the breach Any payment of any provision of this Lease Rent, or any other lease or agreement charges due hereunder, by check that is later returned to Landlord and “NSF”. Tenant are may cure this default by providing to Landlord a party toreplacement check from an account with sufficient funds, other than the obligation together with payment of an NSF fee to pay Rent, within twenty Landlord of Five Hundred Dollars (20$500.00) days after notice thereof to Tenant; provided, however, that if such breach cannot be cured within such 20 day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of as reimbursement for Landlord’s notice thereof, then such cure period shall be extended for so long as Tenant continues to use diligent efforts to cure, not to exceed a total of sixty (60) days from the date of Landlord’s notice;
(g) Tenant’s breach of the same provision of this Lease, other than the obligation to pay Rent, more than twice (2) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantorsincreased handling expenses.
Appears in 1 contract
Default by Tenant. The occurrence of any one or more of the following will be events of default shall constitute a material breach by Tenant under of this Lease:
(a) Failure the failure by Tenant to pay when due make any installment payment of Rent rent or any other payment required pursuant to this Lease within five be made by Tenant hereunder, as and when due, where such failure shall continue for a period of ten (510) days after receipt of due date;written notice thereof by Tenant from Landlord; or
(b) The filing of a petition for bankruptcy the failure by Tenant to observe or insolvency under perform any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or the appointment or a receiver or trustee for all or substantially all of the assets covenants, conditions or provisions of Tenant; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations of Tenant under this Lease (each, where such failure shall continue for a “Guarantor”);
(c) A transfer in fraud period of creditors or an assignment for the benefit of creditors, whether by Tenant or any Guarantor;
(d) The filing or imposition of a lien against the Premises, the Buildings or the Property as a result of any act or omission of Tenant and the failure of Tenant to satisfy or bond the lien in its entirety within thirty (30) days after receipt of notice of same;
(e) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after written notice thereof to Tenant; by Tenant from Landlord, provided, however, that if the nature of Tenant's default is such breach that it cannot be cured solely by payment of money and that more than thirty (30) days may be reasonably required for such cure, then Tenant shall not be deemed to be in default if Tenant shall commence such cure within such 20 thirty (30) day period using diligent efforts and shall thereafter diligently prosecute such cure to completion; or
(c) the making of any general arrangement or any assignment by Tenant promptly commenced for the benefit of creditors; the filing by or against Tenant of a petition to have Tenant adjudged a bankrupt or a petition of reorganization or arrangement under any law relating to bankruptcy (unless, in the case of a petition filed against Tenant, such petition is dismissed within ninety (90) days); the appointment of a trustee or receiver to take possession of substantially all of Tenant's assets; or the attachment, execution or other judicial seizure of substantially all of Tenant's assets. In the event of any material breach of this Lease by Tenant, then Landlord, in addition to other rights or remedies it may have, shall have the right to terminate this Lease upon fifteen (15) days written notice to Tenant, and also the right, with or without termination of this Lease, to reenter and take possession of the Leased Premises and Landlord may remove all persons and property from the Leased Premises; such property may be removed and stored in any other place in the Building or in any other reasonably secure place for the account of and at the expense and risk of Tenant. Should Landlord elect to reenter, as herein provided, or should it take possession pursuant to legal proceedings or pursuant to any notice provided for by law, Landlord may either terminate this Lease, or Landlord, without terminating this Lease, shall use its reasonable efforts to cure relet the Leased Premises or any part thereof for such breach upon receipt terms and conditions as may be reasonable, with the right to make minor alterations and repairs to the Leased Premises. Rental received by Landlord from such reletting shall be applied first, to the payment of Landlord’s notice thereofany costs of such reletting including reasonable brokerage and attorneys' fees; 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. Should such rentals received from such reletting during any month be less than the monthly gross rent reserved hereunder, then Tenant shall pay such cure period deficiency to Landlord. Such deficiency shall be extended calculated and paid monthly. No such reentry or taking possession of the Leased Premises by Landlord shall be construed as an election on its part to terminate this Lease, unless written notice of such intention be given to Tenant, in which event Tenant's obligations to Landlord shall forthwith cease, or unless the termination thereof be decreed by a court of competent jurisdiction. Any default by Tenant under this Lease shall be deemed an event of default under the Franchise Agreement (the "Franchise Agreement") entered into or to be entered into between Tenant and Kiddie Academy International, Inc., a Maryland corporation ("Franchisor"). In addition, Landlord acknowledges that if at any time Tenant defaults under the Franchise Agreement, Franchisor, shall have the option to either:
(i) enter upon the Leased Premises and operate the Kiddie Academy Child Care Learning Center at the Leased Premises until such time as Franchisor determines that the default of Tenant under the Franchise Agreement has been cured, or
(ii) take possession of the Leased Premises and become the assignee of this lease for so long as Tenant continues to use diligent efforts to cure, a period not less than one (1) year and not to exceed a total of sixty two (602) days years from the date of assumption, with no liability for any default caused by the Tenant up to the point of assumption. In the event a new franchisee is selected, the one year minimum period will be waived by Landlord’s notice;
. In the event Franchisor exercised option (gii) Tenant’s breach above, Landlord hereby agrees that the Franchisor may seek another Franchisee to take over the operation of the same provision Kiddie Academy Center at the Leased Premises and that when a new franchisee is selected by Franchisor and approved by Landlord within a reasonable period of time, the new franchisee will become the tenant under this Lease, Maryland Day Care Centers, Inc. will continue as the co-guarantor thereby leaving the Landlord undiminished with respect to guaranty. Landlord further agrees that if Franchisor does not select a new franchisee within two (2) years from the date of assignment of the Lease under (ii) above, Franchisor shall have no further liability under the Lease as of the end of that two (2) year period. SUBSTITUTION OF FRANCHISEE - Landlord will not withhold such consent to the selection of a new franchisee if at the time of such substitution of franchisee, the succeeding franchisee maintains financial standing at least equivalent to that of the original franchisee under this Lease. Landlord must have reasonable assurance of the payment of all rents and other amounts required under this Lease and reasonable assurance of compliance with all other terms, covenants, provisions and conditions of this Lease, other than the obligation to pay Rent, more than twice (2) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantors.
Appears in 1 contract
Default by Tenant. The following will be events shall constitute an “Event of default Default” by Tenant under this Lease:
(a) Failure of Tenant to timely pay when due any installment of Rent the Capital Lease Payment, or any other payment required pursuant to this Lease within five (5) days of charge due date;
(b) The filing of a petition hereunder, and such default continues for bankruptcy or insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or the appointment or a receiver or trustee for all or substantially all of the assets of Tenant; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations of Tenant under this Lease (each, a “Guarantor”);
(c) A transfer in fraud of creditors or an assignment for the benefit of creditors, whether by Tenant or any Guarantor;
(d) The filing or imposition of a lien against the Premises, the Buildings or the Property as a result of any act or omission of Tenant and the failure of Tenant to satisfy or bond the lien in its entirety within thirty (30) days after receipt of written notice of same;from Landlord; or
(eb) The liquidation, termination or dissolution Failure of Tenant to comply with the material terms, conditions, or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision covenants of this Lease that Tenant is required to observe or any other lease or agreement Landlord and Tenant are a party to, perform (other than the obligation to pay Rent, within twenty monetary obligations referenced in Section 16(a) above) and such breach continues for a period of thirty (2030) days after written notice thereof to Tenantfrom Landlord; provided, however, that if such breach the cure cannot reasonably be cured effected within such 20 thirty 30-day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice thereofperiod, then such the cure period shall be extended for such additional time as may be required for Tenant to cure such breach (but in no event longer than one hundred twenty (120) days after written notice of the breach from Landlord to Tenant) so long as Tenant continues has commenced cure actions during the initial 30-day cure period and diligently pursues the cure during the extended cure period; or
(c) This Lease or the Leased Premises or any part thereof are taken upon execution or by other process of law directed against ▇▇▇▇▇▇, or are taken upon or subjected to use diligent efforts to cureany attachment by any creditor of Tenant or claimant against Tenant, and such attachment is not to exceed a total of sixty discharged within ninety (6090) days after its levy; or
(d) A breach or termination by Tenant (or any affiliate of Tenant) of any written agreement relating to the development of the Development between Tenant (or an affiliate of Tenant) and Landlord that continues for a period of thirty (30) days after written notice from Landlord of such breach; provided, however, that if the date cure cannot reasonably be effected within such thirty (30) day period, the cure period shall be extended for such additional time as may be required for Tenant to cure such breach (but in no event longer than 120 days after written notice from Landlord to Tenant) so long as Tenant has commenced cure actions during the initial 30-day cure period and diligently pursues the cure during the extended cure period; or
(e) Filing, by the Tenant, of Landlord’s notice;a voluntary petition for bankruptcy or a voluntary petition seeking reorganization, or initiating, by the Tenant, of a plan or an arrangement with or for the benefit of ▇▇▇▇▇▇'s creditors; or
(f) Applying for or consenting to, by the Tenant, the appointment of a receiver, trustee or conservator for any portion of Tenant's property under this lease, or having such appointment made without ▇▇▇▇▇▇'s consent, and not removed within ninety (90) days; or
(g) Tenant’s breach After Commencement Date, abandonment of the same provision Development or vacation of this Lease, other than the obligation to pay Rent, Leased Premises by Tenant for a period of more than twice ninety (290) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantorsconsecutive days.
Appears in 1 contract
Sources: Ground Lease Agreement
Default by Tenant. The following will be events of In addition to any other default by Tenant under specifically described in this Lease:
, each of the following occurrences shall be a “Default”: (a) Failure Tenant’s failure to pay when due any installment portion of Rent or any other payment required pursuant to this Lease within when due, if the failure continues for five (5) days after written notice of due date;
Default to Tenant (“Monetary Default”); (b) The filing Tenant’s failure (other than a Monetary Default) to comply with any term, provision, condition or covenant of a petition for bankruptcy or insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it this Lease, if the failure is not cured within 20 days after written notice to Tenant provided, however, if Tenant’s failure to comply cannot meet its financial obligations reasonably be cured within twenty (20) days, Tenant shall be allowed additional time (not to exceed sixty (60) days) as they become due, or the appointment or a receiver or trustee for all or substantially all of the assets of Tenant; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations of Tenant under this Lease (each, a “Guarantor”);
(c) A transfer in fraud of creditors or an assignment for the benefit of creditors, whether by Tenant or any Guarantor;
(d) The filing or imposition of a lien against the Premises, the Buildings or the Property as a result of any act or omission of Tenant and the failure of Tenant to satisfy or bond the lien in its entirety within thirty (30) days after receipt of notice of same;
(e) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure reasonably necessary to cure the breach of any provision of this Lease or any other lease or agreement Landlord and failure so long as Tenant are a party to, other than begins the obligation to pay Rent, cure within twenty (20) days after and thereafter diligently pursues the cure to completion; (c) a Tenant Insolvency Event occurs; (d) Tenant’s interest in this Lease shall be Transferred to any third party, whether by operation of Law or otherwise, except as expressly permitted under Article 11, the leasehold estate is taken by process or operation of Law; (d) Tenant does not take possession of or abandons or vacates all or any portion of the Premises; (f) Tenant is in default beyond any notice thereof to Tenant; provided, however, that if such breach cannot be cured within such 20 day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice thereof, then such cure period shall be extended for so long as Tenant continues to use diligent efforts to cureunder any other lease or agreement with Landlord at the Building or Property, not to exceed a total of sixty (60) days from the date of Landlord’s notice;
(g) if Landlord applies or retains any portion of the Security Deposit, and Tenant fails to deposit with Landlord the amount so applied or retained by Landlord, or to provide Landlord with a replacement Letter of Credit, if applicable, within five (5) Business Days after notice by Landlord to Tenant stating the amount applied or retained, (h) a Letter of Credit Default, or (i) if Landlord provides Tenant with notice of Tenant’s breach of failure to comply with the same provision of this Lease, other than the obligation to pay Rent, more than twice Lease on two (2) in separate occasions during any twelve (12) month period;
(h) Failure , Tenant’s subsequent violation of such provision shall, at Landlord’s option, be an incurable Default by Tenant. All notices sent under this Section 19.01 shall be in lieu of, and not in addition to, any notice required under Section 1161 of the California Code of Civil Procedure or any other law now or hereafter in effect requiring that notice of default be given prior to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure commencement of any of the guarantors to fulfill the terms and conditions of the Guaranty unlawful detainer or the breach of the Guaranty by one of the Guarantorsother legal proceeding.
Appears in 1 contract
Sources: Lease Agreement (PagerDuty, Inc.)
Default by Tenant. The occurrence of any one or more of the following will be events shall constitute a material default and breach of default this Lease by Tenant under this LeaseTenant:
(ai) The vacating or abandonment of the Premises by Tenant. (Failure to pay when due use or occupy the Premises for fifteen (15) consecutive days shall be deemed a vacation or abandonment.)
(ii) The failure by Tenant to make any installment payment of Rent rental, or any other payment required pursuant to be made by Tenant here- under, as and when due, where such failure shall continue for a period of ten (10) days after notice thereof by Landlord to Tenant.
(iii) The failure by Tenant to observe or perform any of the terms, covenants or conditions of this Lease within five to be observed or performed by Tenant, other than described in Sub- sections (5A (i)) days and (A (ii)) hereinabove, where such failure shall continue for a period of due date;
(b) The filing of a petition for bankruptcy or insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or the appointment or a receiver or trustee for all or substantially all of the assets of Tenant; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations of Tenant under this Lease (each, a “Guarantor”);
(c) A transfer in fraud of creditors or an assignment for the benefit of creditors, whether by Tenant or any Guarantor;
(d) The filing or imposition of a lien against the Premises, the Buildings or the Property as a result of any act or omission of Tenant and the failure of Tenant to satisfy or bond the lien in its entirety within thirty (30) days after receipt of notice of same;
(e) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof by Landlord to Tenant; provided, however, that if the nature of Tenant's default and breach is such breach canthat more than thirty (30) days are reasonably required for its cure, then Tenant shall not be cured deemed to be in default and breach if Tenant commences such cure within such 20 said thirty (30) day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice thereof, then thereafter diligently prosecutes such cure period shall be extended to completion within ninety (90) days.
(iv) The making by Tenant of any general assignment or general arrangement for so long as the benefit of creditors; or the filing by or against Tenant continues of a petition to use diligent efforts have Tenant adjudged a bankrupt, or a petition or reorganization or arrangement under any law relating to curebankruptcy (unless, not to exceed in the case of a total of petition filed against Tenant, the same is dismissed within sixty (60) days from days); or the date appointment of Landlord’s notice;
(g) a trustee or a receiver to take possession of substantially all of Tenant’s breach 's personal property at the Premises or of the same provision of Tenant's interest in this Lease, other than the obligation where possession is not restored to pay Rent, more than twice Tenant within thirty (230) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provideddays; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach attachment, execution or other judicial seizure of substantially all of a Tenant's personal property at the Guaranty by one Premises or of the GuarantorsTenant's interest in this Lease, where such seizure is not discharged within thirty (30) days.
Appears in 1 contract
Sources: Lease Agreement
Default by Tenant. The occurrence of any one or more of the following will be events shall constitute a material default and breach of default this Lease by Tenant: (i) the abandonment of the Premises by Tenant under this Lease:
or the vacating of the Premises for more than thirty (a30) Failure consecutive days; (ii) the failure by Tenant to pay when due make any installment payment of Rent or any other payment required pursuant to this Lease within five be made by Tenant hereunder, where that failure shall continue for a period of three (53) business days after Landlord gives written notice to Tenant of that failure; (iii) the failure by Tenant to observe or perform any of the other covenants, conditions or provisions of the Lease, where such failure shall continue for a period of twenty (20) days; provided, however, if more than twenty (20) days are reasonably required for its cure then Tenant shall not be deemed to be in default if Tenant commences such cure within said 20-day period and thereafter diligently prosecutes such cure to completion; (iv) the making by Tenant of due date;
(b) The filing of a petition for bankruptcy any general assignment or insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or the appointment or a receiver or trustee for all or substantially all of the assets of Tenant; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations of Tenant under this Lease (each, a “Guarantor”);
(c) A transfer in fraud of creditors or an assignment general arrangement for the benefit of creditors, whether ; (v) the filing by or against Tenant or any Guarantor;
(d) The filing or imposition of a lien petition to have Tenant adjudged bankrupt or a petition for reorganization or arrangement under any law relating to bankruptcy (unless, in the case of a petition filed against the PremisesTenant, the Buildings same is dismissed within sixty (60) days); (vi) the appointment of a trustee or receiver to take possession of substantially all of Tenant's assets located at the Property as a result Premises or of any act or omission of Tenant's interest in the Lease, where possession is not restored to Tenant and the failure of Tenant to satisfy or bond the lien in its entirety within thirty (30) days after receipt days; or (vii) the attachment, execution or other judicial seizure of notice substantially all of same;
(e) The liquidation, termination Tenant's assets located at the Premises or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof to Tenant; provided, however, that if such breach cannot be cured within such 20 day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice thereof, then such cure period shall be extended for so long as Tenant continues to use diligent efforts to cure, not to exceed a total of sixty (60) days from the date of Landlord’s notice;
(g) Tenant’s breach of the same provision of 's interest in this Lease, other than the obligation to pay Rent, more than twice where such seizure is not discharged within thirty (230) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantorsdays.
Appears in 1 contract
Default by Tenant. The following will be events of default by Tenant under this Lease:
(a) 16.1.1 Failure to pay when due any installment of Rent or any Rent;
16.1.2 Any other payment required pursuant to this Lease within five (5) days of due dateafter notice from Landlord to Tenant that such payment is past due;
(b) 16.1.3 The filing of a petition for bankruptcy or insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or the appointment or of a receiver or trustee for all all, or substantially all all, of the assets of Tenant; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any each party guaranteeing the obligations of Tenant under this Lease (each, a “Guarantor”);
(c) 16.1.4 A transfer in fraud of creditors or an assignment for the benefit of creditors, whether by Tenant or any Guarantor;
(d) 16.1.5 The filing or imposition of a lien against the Premises, the Buildings or the Property Premises as a result of any act or omission of Tenant and the failure of Tenant to satisfy or bond the lien in its entirety within thirty (30) days after receipt of notice by Landlord of sameits filing;
(e) 16.1.6 The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) 16.1.7 Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party toLease, other than the obligation to pay Rent, within twenty thirty (2030) days after notice thereof to Tenant; provided, however, that if such breach cannot be cured within such 20 30 day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice thereof, then such cure period shall be extended for so long as Tenant continues to use diligent efforts to cure, not to exceed a total of sixty ninety (6090) days from the date of Landlord’s notice;
(g) Tenant’s breach of the same provision of this Lease, other than the obligation to pay Rent, more than twice (2) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantors.
Appears in 1 contract
Sources: Commercial Lease Agreement
Default by Tenant. The occurrence of any one or more of the ----------------- following will be events of shall constitute a default (a "Default") by Tenant under this ------- Lease:
(a) Failure Tenant shall fail to pay to Landlord any Rent, Additional Rent or other monetary charges due (after ten (10) days prior written notice or as otherwise specifically provided herein) from Tenant hereunder as and when due any installment of Rent or any other payment required pursuant to this Lease within five and payable (5) days of due datea "Monetary Default");
(b) The filing Tenant breaches or fails to comply with any term, provisions, conditions or covenant of a petition for bankruptcy or insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations this Lease, other than as they become duedescribed in Section 8.1(a), or the appointment or a receiver or trustee for all or substantially all with any of the assets of Tenant; in each Building rules and regulations now or hereafter established to govern the operation of the foregoing casesProject, if provided that such breach or failure is not dismissed cured within 30 thirty (30) days after written notice from Landlord of such filingdefault or such longer period of time as may be reasonably necessary if Tenant is proceeding with its best efforts to cure such default, adjudication, admission or appointment, as applicable; but in no event later than ninety (90) days from the foregoing shall also apply to any party guaranteeing the obligations date Tenant receives notice of Tenant under this Lease (each, a “Guarantor”)such default;
(c) A transfer Transfer (hereinafter defined) other than a Permitted Transfer (as hereinafter defined) shall occur, without the prior written approval of Landlord;
(d) The interest of Tenant under this Lease shall be levied on under execution or other legal process;
(e) Any petition in fraud 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 creditors Tenant or of any property of Tenant, or any proceeding or other action shall be commenced or taken by any governmental authority for the dissolution or liquidation of Tenant and, within thirty (30) days hereafter, Tenant fails to secure a discharge thereof;
(f) Tenant shall become insolvent, or Tenant shall make an assignment for the benefit of creditors, whether by or Tenant shall make a transfer in fraud of creditors, or a receiver or trustee shall be appointed for Tenant or any Guarantor;
(d) The filing or imposition of a lien against the Premises, the Buildings or the Property as a result of any act or omission of Tenant and the failure of Tenant to satisfy or bond the lien in its entirety within thirty (30) days after receipt of notice of same;
(e) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof to Tenantproperties; provided, however, that if such breach cannot be cured within such 20 day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice thereof, then such cure period shall be extended for so long as Tenant continues to use diligent efforts to cure, not to exceed a total of sixty (60) days from the date of Landlord’s notice;and
(g) Tenant’s breach of Tenant shall do or permit to be done anything which creates a lien upon the same provision of this Lease, other than the obligation to pay Rent, more than twice (2) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty Premises or the breach of the Guaranty by one of the GuarantorsProject.
Appears in 1 contract
Sources: Lease Agreement (Naviant Inc)
Default by Tenant. The following will shall be deemed to be events of default (“Default”) by Tenant under this Lease:
(a1) Failure Tenant shall fail to pay when due any installment of Rent rent or any other payment required pursuant to this Lease Lease; (2) Tenant shall fail to comply with any term, provision or covenant of this Lease, other than the payment of rent, and the failure is not cured within five ten (510) days of after written notice to Tenant or such additional time period as is reasonably necessary to cure such default, provided Tenant commences such cure and proceeds with due date;
diligence to cure such default: (b3) The filing of Tenant shall file a petition for bankruptcy or insolvency if an involuntary petition is filed against Tenant, or becomes insolvent, under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy law or insolvency or an admission admits that it cannot meet its financial obligations obligation as they become due, or the appointment or a receiver or trustee shall be appointed for all or substantially all of the assets of Tenant; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing Tenant shall also apply to any party guaranteeing the obligations of Tenant under this Lease (each, make a “Guarantor”);
(c) A transfer in fraud of creditors or shall make an assignment for the benefit of creditors; or (4) Tenant shall do or permit to be done any act which results in a 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, whether by U.S.C. (the “Bankruptcy Code”) in which Tenant is the debtor and: (A) Tenant as debtor-in-possession, or any Guarantor;
trustee who may be appointed in the case (dthe “Trustee”) The filing seeks to assume the Lease, then Tenant, or imposition Trustee if applicable, in addition to providing adequate assurance described in applicable provisions of the Bankruptcy Code, shall provide adequate assurance to Landlord of Tenant’s future performance under this Lease by depositing with Landlord a lien against sum equal to the Premises, lesser of twenty-five percent (25%) of the Buildings rental or other charges due for the Property as a result of any act or omission of Tenant and the failure of Tenant to satisfy or bond the lien in its entirety within thirty (30) days after receipt of notice of same;
(e) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision balance of this Lease term or six (6) months’ rent (“Security”), to be held (without any other lease allowance or agreement interest thereon) to secure Tenant’s obligation under 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 and Tenant are of the proposed assignee’s future performance under the Lease by depositing with Landlord, a party tosum 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, other than the obligation or shall be construed to pay Rent, within twenty (20) days after notice thereof to Tenant; provided, howeverexpress or imply, that if such breach cannot be cured within such 20 day period using diligent efforts Landlord is consenting to assumption and/or assignment of the Lease by Tenant, and Landlord expressly reserves all of its rights to object to any assumption and/or assignment of the Lease. Neither Tenant promptly commenced efforts to cure such breach upon receipt nor any Trustee shall conduct or permit the conduct of Landlord’s notice thereofany “fire”, then such cure period shall be extended for so long as Tenant continues to use diligent efforts to cure“bankruptcy”, not to exceed a total “going out of sixty (60) days business” or auction sale in or from the date of Landlord’s notice;
(g) Tenant’s breach of the same provision of this Lease, other than the obligation to pay Rent, more than twice (2) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the GuarantorsPremises.
Appears in 1 contract
Default by Tenant. The following will be events of shall constitute a default by Tenant under this Lease:
(aA) Failure Continued uncorrected nonpayment of any rental or additional rental for thirty (30) days after the mailing date of a written notice that the same shall be due and payable; or
(B) Continued uncorrected failure by Tenant to pay when due any installment of Rent perform or comply with any other payment required pursuant to condition or term of this Lease within five for thirty (530) days after date of due date;written notice to Tenant by Landlord; or
(bC) The filing by Tenant of a petition for bankruptcy or insolvency under any applicable federal or state bankruptcy or insolvency law; an in bankruptcy, the adjudication of bankruptcy Tenant as a bankrupt, filing against Tenant of any proceedings in involuntary bankruptcy, the filing against Tenant of any action for its dissolution or insolvency or an admission that it cannot meet its financial obligations as they become duerearrangement, or the appointment or on behalf of Tenant of a receiver or trustee for all or substantially all of trustee, the assets of Tenant; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations of assignment by Tenant under this Lease (each, a “Guarantor”);
(c) A transfer in fraud of creditors or an assignment for the benefit of creditorsany creditor, whether by or the filing or entry against Tenant or against the Premises of any Guarantor;lien, judgment, decree, order, or encumbrance attributable to Tenant's action or inaction under this Lease. Tenant shall have thirty (30) days from filing or entry to cure or remove the encumbrance.
(dD) The filing or imposition of a lien against the PremisesNo default shall be deemed uncorrected, the Buildings or the Property as a result of any act or omission of Tenant and the failure of Tenant to satisfy or bond the lien in its entirety if within thirty (30) days after receipt of notice of same;
(e) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof to Tenant; provided, however, that if such breach cannot be cured within such 20 day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s following notice thereof, then Tenant shall commence and continue the correction of same with due diligence, and provided, further, such cure period shall default does not involve the failure to perform an undertaking prior to a date which may not be extended for so long as Tenant continues to use diligent efforts to cure, not to exceed a total of sixty (60) days from the date of Landlord’s notice;
(g) Tenant’s breach of the same provision of this Lease, other than the obligation to pay Rent, more than twice (2) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantorsreason whatsoever.
Appears in 1 contract
Default by Tenant. The following will be events of default by Tenant under this Lease:
(a) Failure to pay when due any installment of Rent or any other payment required pursuant to this Lease within five Lease; provided that Landlord shall give Tenant notice of the first two such instances of non-payment in each calendar year of the Term and Tenant shall have a period of ten (510) days of due dateafter receipt thereof to cure such non-payment before a default shall be deemed to have occurred;
(b) The filing of A petition in bankruptcy, insolvency or for reorganization or arrangement is filed by or against Tenant (and Tenant fails to secure a petition for bankruptcy stay or insolvency under any applicable federal or state bankruptcy or insolvency lawdischarge thereof within sixty (60) days thereafter); an adjudication of bankruptcy or insolvency or an admission by Tenant that it cannot meet its financial obligations as they become due, or the appointment or a receiver or trustee for all or substantially all of the assets of Tenant; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any each party guaranteeing the obligations of Tenant under this Lease (each, a “Guarantor”);
(c) A transfer in fraud of creditors or an assignment for the benefit of creditors, whether by Tenant or any Guarantor;
(d) The filing or imposition of a lien against the Premises, the Buildings or the Property Premises as a result of any act or omission of Tenant and the failure of Tenant to satisfy or bond the lien in its entirety within thirty (30) days after receipt of notice by Landlord of sameits filing;
(e) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party toLease, other than the obligation to pay Rent, within twenty thirty (2030) days after notice thereof to Tenant; provided, however, that if such breach cannot be cured within such 20 30 day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice thereof, then such cure period shall be extended for so long as Tenant continues to use diligent efforts to cure, not to exceed a total of sixty (60) days from the date of Landlord’s notice;
(g) Tenant’s breach of the same provision of this Lease, other than the obligation to pay Rent, more than twice (2) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantors.
Appears in 1 contract
Sources: Lease Agreement
Default by Tenant. The occurrence of any one or more of the following will be events shall constitute a material default and breach of default this Lease by Tenant under this LeaseTenant:
(a) Failure to pay when due any installment The vacating or abandonment of Rent or any other payment required pursuant to this Lease within five (5) days of due datethe Property by Tenant;
(b) The filing failure by Tenant to make any payment of a petition for bankruptcy rent or insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations other payment required to be made by Tenant hereunder, as they become and when due, or the appointment or where such failure shall continue for a receiver or trustee for all or substantially all period of fifteen (15) days after notice by Landlord to Tenant of the assets of Tenant; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply failure to any party guaranteeing the obligations of Tenant under this Lease (each, a “Guarantor”)receive payment;
(c) A transfer in fraud of creditors or an assignment for the benefit of creditors, whether The failure by Tenant to observe or perform any Guarantor;
(d) The filing of the covenants, conditions, or imposition provisions of a lien against any franchise agreement affecting the Premises, the Buildings Property or the Property as business operated thereon, or under this Lease to be observed or performed by Tenant, where such failure shall continue for a result period of any act or omission of Tenant and the failure of Tenant to satisfy or bond the lien in its entirety within thirty (30) days after receipt of written notice of same;
(e) The liquidationthereof, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement from Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof to Tenant; provided, however, that if the nature of Tenant's default is such breach canthat more than thirty (30) days are reasonably required for its cure, than Tenant shall not be cured deemed to be in default if Tenant commenced the cure within such 20 the thirty (30) day period using diligent efforts and thereafter diligently prosecutes the cure to completion;
(d) The making by Tenant promptly commenced efforts of any general assignment or general arrangement for the benefit of creditors without the consent of Landlord or the beneficiary under any deed of trust encumbering the Property;
(e) The filing by or against Tenant, or any guarantor of this Lease, of a petition to cure such breach upon receipt have Tenant, or any guarantor of Landlord’s notice thereofthis Lease, then such cure period shall be extended adjudicated a bankrupt or a petition for so long as Tenant continues reorganization or arrangement under any law relating to use diligent efforts bankruptcy (unless, in the case of a petition filed against Tenant, or any guarantor of this Lease, the same is dismissed within ninety (90) days);
(f) The appointment of a trustee or receiver to curetake possession of substantially all of Tenant's, or any guarantor's of this Lease, assets located at the Property or of Tenant's, or any guarantor's of this Lease, interest in this Lease, where possession is not restored to exceed a total Tenant, or any guarantor of sixty this Lease, within ninety (6090) days from the date of Landlord’s notice;days; or
(g) The attachment, execution or judicial seizure of substantially all of Tenant’s breach of the same provision 's, or any guarantor's of this Lease, other than assets located at the obligation to pay RentProperty or of Tenant's, more than twice or any guarantor's of this Lease, interest in this Lease, if not discharged within ninety (290) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantorsdays.
Appears in 1 contract
Sources: Rescission, Restructuring and Assignment Agreement (Integrated Healthcare Holdings)
Default by Tenant. The Each of the following will be events an event of default by Tenant under this LeaseSublease:
(a) Failure to pay when due any installment of Rent or any other payment required pursuant to this Lease within five Sublease; (5except for such failure to constitute an event of default Landlord must provide Tenant with ten (10) days written notice of due dateTenant's failure to timely pay such sums one time for any twelve month period);
(b) The filing filing, with respect to Tenant, of a petition for bankruptcy or insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication adjudication, with respect to Tenant, of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or the appointment or of a receiver or trustee for all or substantially all of the assets of Tenant; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any each party guaranteeing the obligations of Tenant under this Lease Sublease (each, a “"Guarantor”");
(c) A transfer in fraud of creditors or an assignment for the benefit of creditors, whether by Tenant or any Guarantor;
(d) The filing or imposition of a lien against the Premises, the Buildings Premises or the Property Building as a result of any act or omission of Tenant and the failure of Tenant to satisfy or bond the lien in its entirety within thirty twenty (3020) days after receipt of notice of samethereafter;
(e) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any non-monetary provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, Sublease within twenty thirty (2030) days after written notice thereof to Tenant; provided, however, that if such breach cannot be cured within such 20 30 day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s 's written notice thereof, then such cure period shall be extended for so long as Tenant continues to use diligent efforts to cure, not to exceed a total of sixty (60) days from the date of Landlord’s 's notice;; and
(g) Tenant’s breach of the same provision of this Lease, other than the obligation to pay Rent, more than twice (2) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit Deposit, inclusive of the letter of credit, pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantors12.2 hereof.
Appears in 1 contract
Sources: Sublease Agreement (A21 Inc)
Default by Tenant. The following will shall be deemed to be events of default by Tenant under this Lease:;
(a1) Failure Tenant shall fail to pay when due any installment of Rent rent or any other payment required pursuant to this Lease within five three (53) days after written notice thereof to Tenant;
(2) Tenant shall fail to commence business within thirty (30) days of due date;
the Rent Commencement Date or shall abandon any substantial portion of the Leased Premises; (b3) The filing Tenant or any guarantor of Tenant's obligations hereunder shall file a petition for bankruptcy or insolvency be adjudged bankrupt or insolvent under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy law or insolvency or an admission admit that it cannot meet its financial obligations as they become due, or the appointment 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; in each (4) Tenant or any guarantor of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing Tenant's obligations hereunder shall also apply to any party guaranteeing the obligations of Tenant under this Lease (each, make a “Guarantor”);
(c) A transfer in fraud of creditors or shall make an assignment for the benefit of creditors, whether by ; (5) Tenant shall do or permit to be done any Guarantor;
(d) The filing or imposition of act which results in a lien being filed against the Premises, the Buildings Leased Premises or the Property as a result of any act or omission of Tenant and Property; (6) the failure of Tenant to satisfy or bond the lien in its entirety within thirty (30) days after receipt of notice of same;
(e) The liquidation, termination termination, dissolution or dissolution of (if the Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, ) the death of Tenant or such Guarantor;
any guarantor of Tenant's obligations hereunder; or (f7) Failure to cure the breach Tenant shall be in default of any other term, provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof to Tenant; provided, however, that if such breach cannot be cured within such 20 day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice thereof, then such cure period shall be extended for so long as Tenant continues to use diligent efforts to cure, not to exceed a total of sixty (60) days from the date of Landlord’s notice;
(g) Tenant’s breach of the same provision covenant of this Lease, other than the obligation those specified in subparts (1) through (6), above, and such default is not cured within ten(10) days after written notice thereof to pay RentTenant, more than twice (2) in any twelve (12) month period;
(h) Failure to deliverprovided however, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any if such default is of the guarantors type which can not be cured within ten (10) days. Tenant shall not be in default if it commences to fulfill the terms cure within such ten (10) day period and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantorsdiligently prosecutes such cure to completion.
Appears in 1 contract
Default by Tenant. The Upon the occurrence of any of the following will events, Tenant shall be events deemed to be in default under the terms of default by Tenant under this Lease:. Landlord may treat any such occurrence as a breach of this Lease and Landlord shall have the remedies set forth in Section 18.2.
(a) Failure Tenant fails to pay when due any installment of Rent or any other payment sum required pursuant to this Lease be paid hereunder, and such failure is not cured within five ten (510) days after delivery of due datewritten notice of such failure;
(b) The filing of a petition for bankruptcy or insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become dueTenant (1) violates Section 6, Section 10, or Section 13 (after notice and a reasonable opportunity to cure); (2) abandons or vacates the appointment Leased Premises for a period exceeding sixty (60) days; or (3) by word or action, indicates a receiver or trustee for all or substantially all clear intent not to continue with performance of the assets of Tenant; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations of Tenant under this Lease or gives the appearance of its inability to perform hereunder and does not provide reasonable assurances of its ability or intent to so perform within ten (each, a “Guarantor”)10) days following Landlord’s demand for such;
(c) A transfer in fraud of creditors or an assignment for the benefit of creditors, whether by Tenant or its agent falsifies any Guarantorreport, statement, or instrument required to be furnished to Landlord hereunder, or submits a report, statement, or instrument which is materially incorrect;
(d) The filing Tenant fails to perform or imposition of a lien against the Premisesviolates any other term, the Buildings condition, or the Property as a result of any act or omission of Tenant covenant required to be performed by it pursuant to this Lease and the such failure of Tenant to satisfy or bond the lien in its entirety is not cured within thirty (30) days after receipt of Landlord delivers written notice of same;such failure to Tenant (or, if such failure cannot reasonably be cured within thirty (30) days, Tenant fails to commence the cure within thirty (30) days or thereafter fails to diligently prosecute such cure to completion); or
(e) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof to Tenant; provided, however, that if such breach cannot be cured within such 20 day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice thereof, then such cure period shall be extended for so long as Tenant continues to use diligent efforts to cure, not to exceed a total of sixty (60) days from the date of Landlord’s notice;
(g) Tenant’s breach of the same provision of this have executed an Additional Space Lease, other than Tenant is in default under the obligation to pay Rent, more than twice (2) in Additional Space Lease beyond any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantorsapplicable cure periods set forth therein.
Appears in 1 contract
Sources: Lease Agreement (inContact, Inc.)
Default by Tenant. The Each of the following will be events shall constitute an Event of default Default (herein so called) by Tenant under this Lease:
(ai) Failure Tenant fails to pay when due any installment of Base Rent or any other payment required pursuant to in full under this Lease within five (5) days of due dateafter notice from Landlord that such payment was not received when due;
(bii) The filing Tenant fails to pay any installment of a petition for bankruptcy or insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or the appointment or a receiver or trustee for all or substantially all of the assets of Tenant; Additional Rent in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations of Tenant full under this Lease within ten (each, a “Guarantor”)10) days after notice from Landlord that such payment was not received when due;
(ciii) A transfer in fraud Tenant fails to observe or perform any other provision of creditors this Lease required to be observed or an assignment for the benefit of creditors, whether performed by Tenant or any Guarantor;
(d) The filing or imposition of a lien against the Premises, the Buildings or the Property as a result of any act or omission of Tenant and the does not cure such failure of Tenant to satisfy or bond the lien in its entirety within thirty (30) days after receipt notice thereof from Landlord; provided, that if such default is not capable of notice of samebeing cured within thirty (30) days and Tenant promptly commences such cure, said thirty (30) day period shall be extended so long as Tenant diligently and continuously pursues such cure;
(eiv) The liquidation, termination Tenant or dissolution any guarantor of Tenant's obligations under this Lease (a "Guarantor") makes a general assignment for the benefit of creditors;
(v) A receiver or trustee of Tenant or any Guarantor, or, if Tenant Guarantor or any Guarantor of their respective assets is appointed by entry of an order by a natural personcourt of competent jurisdiction and the same is not vacated, the death of Tenant discharged or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, dismissed within twenty (20) days after notice thereof to Tenant; provided, however, that if such breach cannot be cured within such 20 day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice thereof, then such cure period shall be extended for so long as Tenant continues to use diligent efforts to cure, not to exceed a total of sixty (60) days from the date of Landlord’s noticethereafter;
(gvi) Tenant’s breach A petition for relief is filed by Tenant or any Guarantor under any bankruptcy or insolvency law seeking a plan of reorganization or arrangement under any law relating to bankruptcy, or any such petition is filed against Tenant or any Guarantor and same is not dismissed, discharged or vacated within sixty (60) days thereafter;
(vii) The interest of Tenant in the Premises is sold under execution or other legal process;
(viii) Tenant fails to maintain any insurance required under Section 12.1 of this Lease within five (5) days after notice from Landlord of such failure; or
(ix) Tenant assigns this Lease or subleases any portion of the same provision Premises in violation of Section 13 of this Lease, other than the obligation to pay Rent, more than twice (2) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantors.
Appears in 1 contract
Sources: Lease Agreement (Aei Income & Growth Fund Xxi LTD Partnership)
Default by Tenant. The occurrence of one or more of the following will be events of is a default by Tenant under this LeaseLease by Tenant:
(a) Failure to pay when due any installment of Rent rent or make any other payment required pursuant to under this Lease within five ten (510) days of following a due date;
(b) The filing Failure to comply with any provision of a petition this Lease other than subparagraph (a) if the failure continues for bankruptcy or insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or the appointment or a receiver or trustee for all or substantially all of the assets of ten (10) days after written notice from Landlord to Tenant; in each of but if the foregoing casesdefault is one that requires more than ten (10) days to cure, Tenant shall have a reasonable time to cure it if not dismissed he begins curing within 30 ten (10) days of such filing, adjudication, admission or appointment, as applicable; after the foregoing shall also apply notice and diligently prosecutes it to any party guaranteeing the obligations of Tenant under this Lease (each, a “Guarantor”)completion;
(c) A transfer in fraud Assignment of creditors this Lease by Tenant, or an the subletting or all or any portion of the Premises without first obtaining the written consent of Landlord as required by the terms of this Lease;
(d) Making a general assignment or arrangement for the benefit of creditors, whether by Tenant ; or any Guarantor;
(d) The filing being adjudicated a bankrupt; or imposition of a lien against receiving the Premises, the Buildings or the Property as a result benefit of any act insolvency, readjustment of debts, reorganization or omission bankruptcy law, or entering into an agreement of Tenant and composition with creditors; or having a receiver or trustee appointed to take possession of Tenant's assets on the failure of Tenant Premises or his interest in this Lease when possession is not restored to satisfy or bond the lien in its entirety him within thirty (30) days after receipt days; or the seizing under legal process of notice of sameTenant's assets on the Premises or his interest in this Lease when the seizure is not discharged within thirty (30) days;
(e) The liquidation, termination Vacating or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, abandoning the death of Tenant or such GuarantorPremises for more than fifteen (15) consecutive days;
(f) Failure to cure Ceasing its business operations on the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof to TenantPremises; provided, however, that if such breach cannot be cured within such 20 day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice thereof, then such cure period shall be extended for so long as Tenant continues to use diligent efforts to cure, not to exceed a total of sixty (60) days from the date of Landlord’s notice;or
(g) Tenant’s breach of Allowing a lien to be placed on the same provision of this Lease, other than the obligation to pay Rent, more than twice (2) in any twelve (12) month period;
(h) Failure to deliver, maintain Premises for services performed or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes materials provided; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantors.. Landlord _______ Page 12 Tenant _________
Appears in 1 contract
Default by Tenant. (a) The following will be events shall constitute events of default by Tenant under this Lease:
(a1) Failure a failure by Tenant to pay when due any installment of Rent or any other payment required pursuant to this Lease within deliver an estoppel certificate (as provided in Paragraph 17 below) where such failure continues for five (5) days of due dateafter written notice by Landlord to Tenant;
(b2) The filing of a petition for the bankruptcy or insolvency under of Tenant, any applicable federal or state bankruptcy or insolvency law; an adjudication transfer by Tena▇▇ ▇▇ defraud creditors, any assignment by Tenant for the benefit of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become duecreditors, 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 sixty (60) days thereafter; the appointment or of a receiver or trustee for all or substantially all a substantial part of the assets of Tenant; in each of or the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission levy upon this Lease or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations estate of Tenant under this Lease (each, a “Guarantor”)hereunder by any attachment or execution;
(c3) A transfer the abandonment or vacation of the Premises;
(4) the discovery by Landlord that any financial statement given to Landlord by Tena▇▇, ▇▇y assignee of Tenant, any subtenant of Tenant, any successor in fraud interest of creditors or an assignment for the benefit of creditors, whether by Tenant or any Guarantor;guarantor of Tenant's obligation hereunder, and any of them, was materially false; and
(d5) The filing or imposition of a lien against the Premises, the Buildings or the Property as a result of any act or omission of Tenant and the failure of by Tenant to satisfy perform any of the terms, covenants, agreements or bond the lien in its entirety within conditions of this Lease to be observed or performed by Tenant (excluding any event of default under Paragraph 14(a)(1) above), where such failure continues for thirty (30) days after receipt of notice of same;
(e) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after written notice thereof is received by Tenant from Landlord via certified mail, postage prepaid, by Landlord to Tenant; provided, however, that if the nature of the default is such breach that the same cannot reasonably be cured within the 30-day period, Tenant shall not be deemed to be in default if Tenant shall within such 20 day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice thereof, then commence such cure and thereafter diligently prosecute the same to completion.
(b) In the event of any material default or breach by Tenant, Landlord may at anytime thereafter, without limiting Landlord in the exercise of any right or remedy at law or inequity which Landlord may have by reason of such default or breach:
(1) Pursue the remedy described in California Civil Code Section 1951.4 whereby Landlord may continue this Lease in full force and effect after Tena▇▇'▇ ▇reach and abandonment and recover the Rent and any other monetary charges as they become due, without terminating Tena▇▇'▇ ▇ight to sublet or assign this Lease, subject only to reasonable limitations as herein provided. During the period Tenant is in default, Landlord shall have the right to do all acts necessary to preserve and maintain the Premises as Landlord deems reasonable and necessary, including removal of all persons and property from the Premises, and Landlord can enter the Premises and relet them, or any part of them, to third parties for Tena▇▇'▇ ▇ccount. Tenant shall be extended liable immediately to Landlord for all costs Landlord incurs in reletting the Premises, including, without limitation, brokers' commissions, expenses of remodeling the Premises required by the reletting, and like costs. Reletting can be for a period shorter or longer than the remaining Term.
(2) Pay or perform such obligation due (but shall not be obligated to do so),if Tenant fails to pay or perform any obligations when due under this Lease within the time permitted for their payment or performance. In such case, the costs incurred by Landlord in connection with the performance of any such obligation will be additional rent due under this Lease and will become due and payable on demand by Landlord.
(3) Terminate Tenant's rights to possession by any lawful means, in which case this Lease shall terminate and Tena▇▇ ▇▇▇ll immediately surrender possession of the Premises to Landlord. In such event Landlord shall be entitled to recover from Tenant all damages incurred by Landlord by reason of Tenant's default, including, without limitation, the following: (A) the worth at the time of award of any unpaid Rent which had been earned at the time of such termination; plus (B) 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 Rent loss that is proved could have been reasonably avoided; plus (C) 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 Rent loss that is proved could be reasonably avoided; plus (D) any other amount necessary to compensate Landlord for all the detriment proximately caused by Tena▇▇'▇ ▇ailure to perform its obligations under this Lease or which in the ordinary course of events would be likely to result therefrom; plus (E) 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 applicable State law. Upon any such termination of Tena▇▇'▇ ▇ossessory interest in and to the Premises, Tenant (and at Landlord's sole election, Tena▇▇'▇ ▇ublessees) shall no longer have any interest in the Premises, and Landlord shall have the right to make any reasonable repairs, alterations or modifications to the Premises which Landlord in its sole discretion deems reasonable and necessary. The "worth at the time of award" of the amounts referred to in subparagraphs (A) and (B) above is computed by allowing interest at the maximum rate of eight and one-half percent (8.50%). The worth at the time of award of the amount referred to in subparagraph (C) above is 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 (1%).
(4) Pursue any other legal or equitable remedy available to Landlord. Unpaid installments of Rent and other unpaid monetary obligations of Tenant under the terms of this Lease shall bear interest from the date due at the rate of ten percent (10%) per annum.
(c) In the event Tenant is evicted or Landlord takes possession of the Premises by reason of any default by Tenant hereunder, Tenant hereby waives any right of redemption or relief from forfeiture as provided by law.
(d) Even though Tena▇▇ ▇▇▇ breached this Lease and abandoned the Premises, this Lease shall continue in effect for so long as Tenant continues Landlord does not terminate Tenant's right to use diligent possession, and Landlord may enforce all its rights and remedies under this Lease, including the right to recover Rent as it becomes due under this Lease. Acts of maintenance or preservation, efforts to curerelet the Premises, or the appointment of a receiver upon initiative of Landlord to protect Land▇▇▇▇'▇ ▇nterest under this Lease, shall not constitute a termination of Tenant's right to exceed a total of sixty (60) days from the date of Landlord’s notice;possession.
(ge) Tenant’s breach of In the same event Tenant is in material default under any provision of this LeaseLease then, other than the obligation to pay Rent, more than twice (2) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
at Landlord's sole election: (i) Failure Tenant shall not have the right to exercise any available right, option or election under this Lease ("Tenant's Exercise Rights") if at such time Tenant is in default hereunder, (ii) Tenant shall not have the right to consummate any transaction or event triggered by the exercise of any of Tenant's Exercise Rights if at such time Tenant is in default hereunder, and (iii) Landlord shall not be obligated to give Tenant any required notices or information relating to the guarantors to fulfill the terms and conditions exercise of the Guaranty or the breach any of the Guaranty by one of the GuarantorsTenant's Exercise Rights hereunder.
Appears in 1 contract
Default by Tenant. The occurrence of any one or more of the following will be events shall constitute a material default and breach of default this Lease by Tenant under this LeaseTenant:
(ai) The vacating or abandonment of the Premises by Tenant. (Failure to pay when due use or occupy the Premises for fifteen (15) consecutive days shall be deemed a vacation or abandonment.)
(ii) The failure by Tenant to make any installment payment of Rent rental, or any other payment required pursuant to be made by Tenant hereunder, as and when due, where such failure shall continue for a period of ten (10) days after notice thereof by Landlord to Tenant.
(iii) The failure by Tenant to observe or perform any of the terms, covenants or conditions of this Lease within five to be observed or performed by Tenant, other than described in Sub-sections (5A (i)) days and (A (ii)) hereinabove, where such failure shall continue for a period of due date;
(b) The filing of a petition for bankruptcy or insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or the appointment or a receiver or trustee for all or substantially all of the assets of Tenant; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations of Tenant under this Lease (each, a “Guarantor”);
(c) A transfer in fraud of creditors or an assignment for the benefit of creditors, whether by Tenant or any Guarantor;
(d) The filing or imposition of a lien against the Premises, the Buildings or the Property as a result of any act or omission of Tenant and the failure of Tenant to satisfy or bond the lien in its entirety within thirty (30) days after receipt of notice of same;
(e) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof by Landlord to Tenant; provided, however, that if the nature of Tenant's default and breach is such breach canthat more than thirty (30) days are reasonably required for its cure, then Tenant shall not be cured deemed to be in default and breach if Tenant commences such cure within such 20 said thirty (30) day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice thereof, then thereafter diligently prosecutes such cure period shall be extended to completion within ninety (90) days.
(iv) The making by Tenant of any general assignment or general arrangement for so long as the benefit of creditors; or the filing by or against Tenant continues of a petition to use diligent efforts have Tenant adjudged a bankrupt, or a petition or reorganization or arrangement under any law relating to curebankruptcy (unless, not to exceed in the case of a total of petition filed against Tenant, the same is dismissed within sixty (60) days from days); or the date appointment of Landlord’s notice;
(g) a trustee or a receiver to take possession of substantially all of Tenant’s breach 's personal property at the Premises or of the same provision of Tenant's interest in this Lease, other than the obligation where possession is not restored to pay Rent, more than twice Tenant within thirty (230) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provideddays; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach attachment, execution or other judicial seizure of substantially all of a Tenant's personal property at the Guaranty by one Premises or of the GuarantorsTenant's interest in this Lease, where such seizure is not discharged within thirty (30) days.
Appears in 1 contract
Sources: Lease Agreement
Default by Tenant. The (a) Any of the following will be events shall constitute events of default by Tenant under this Lease:
(a1) Failure to pay when due a default by Tenant in the payment of any installment of Rent rent or any other payment sum payable hereunder which continues for 10 days after written notice from Landlord (which notice may be that required or permitted pursuant to Section 1161 et seq. of the California Code of Civil Procedure or successor -- --- statutes, with the provisions of this Lease within five (5) days not requiring the giving of due datea notice in addition to such statutory notice to terminate this Lease and Tenant's right to possession of the Premises);
(b2) The filing a default by Tenant in the performance of any of the other terms, covenants, agreements or conditions contained herein and, if the default is curable, the continuation of such default for a petition period of 30 days after notice by Landlord or beyond the time reasonably necessary for cure if the default is of the nature to require more than 30 days to remedy, provided that if Tenant has defaulted in the performance of the same obligation more than one time in any twelve-month period and notice of such default has been given by Landlord in such instance, no cure period shall thereafter be applicable hereunder;
(3) the bankruptcy or insolvency under of Tenant, any applicable federal or state bankruptcy or insolvency law; an adjudication transfer by ▇▇▇▇▇▇ in fraud of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become duecreditors, assignment by ▇▇▇▇▇▇ 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 or of a receiver or trustee for all or substantially all a substantial part of the assets of Tenant; in each or the levy upon this Lease or any estate of Tenant hereunder by any attachment or execution; or
(4) the abandonment of the foregoing casesPremises.
(b) Upon the occurrence of any event of default by Tenant hereunder, if not dismissed within 30 days 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 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 filingtermination.
(3) In the event of any such termination of this Lease, adjudication, admission or appointment, as applicable; the foregoing shall also apply and in addition to any party guaranteeing other rights and remedies Landlord may have, Landlord shall have all of the obligations 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 balance of the term after the time of award exceeds the amount of rental loss that Tenant under proves could be reasonably avoided, (ii) 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 good order and condition, or in remodeling, renovating or otherwise preparing the Premises for reletting, and (iv) all costs (including, without limitation, any brokerage commissions) incurred by Landlord in reletting 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 and any "free rent" or rent waived or abated by Landlord as an inducement for Tenant to enter into this Lease.
(each5) Landlord's acceptance of payment from Tenant of less than the amount of rent then due shall not constitute a waiver of any rights of Landlord or Tenant including, without limitation, any right of Landlord to recover possession of the Premises.
(6) After terminating this Lease, Landlord may remove any and all personal property located in the Premises and place such property in a “Guarantor”);public or private warehouse or elsewhere at the sole cost and expense of Tenant.
(c) A transfer Even though ▇▇▇▇▇▇ has breached this Lease and abandoned the Premises, this Lease shall continue in fraud 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 creditors maintenance or an assignment for preservation, efforts to relet the benefit Premises, or the appointment of creditorsa receiver upon initiative of Landlord to protect ▇▇▇▇▇▇▇▇'s interest under this Lease, whether by Tenant or any Guarantor;shall not constitute a termination of Tenant's right to possession.
(d) The filing Tenant hereby waives all rights under California Code of Civil Procedure Section 1179 and California Civil Code Section 3275 providing for relief from forfeiture, and any other right now or imposition of a lien against hereafter existing to redeem the Premises, the Buildings Premises or the Property as a result reinstate this Lease after termination pursuant to this paragraph or by order or judgment of any act court or omission of Tenant and the failure of Tenant to satisfy or bond the lien in its entirety within thirty (30) days after receipt of notice of same;by any legal process.
(e) The liquidationLandlord and Tenant hereby waive trial by jury in any action, termination proceeding or dissolution counterclaim brought by either of Tenant the parties hereby against the other on any matters not relating to personal injury or property damage but otherwise arising out of or in any way connected with this Lease, the relationship of Landlord and Tenant, ▇▇▇▇▇▇'s use or occupancy of the Premises, and any emergency statutory or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;other statutory remedy.
(f) Failure to cure the breach of any provision of The remedies provided for in this Lease or are in addition to any other lease remedies available to Landlord at law or agreement Landlord and Tenant are a party toin equity, other than the obligation to pay Rent, within twenty (20) days after notice thereof to Tenant; provided, however, that if such breach cannot be cured within such 20 day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice thereof, then such cure period shall be extended for so long as Tenant continues to use diligent efforts to cure, not to exceed a total of sixty (60) days from the date of Landlord’s notice;
(g) Tenant’s breach of the same provision of this Lease, other than the obligation to pay Rent, more than twice (2) in any twelve (12) month period;
(h) Failure to deliver, maintain by statute or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantorsotherwise.
Appears in 1 contract
Sources: Office Lease (Smartage Corp)
Default by Tenant. (a) The following will shall be deemed to be events of default by Tenant under this Lease:
Lease (aeach, a “Tenant Default”): (i) Failure Tenant shall fail to pay when due any installment of Rent or any other payment required pursuant to this Lease within five twenty (520) days after Tenant’s receipt of due date;
written notice of nonpayment thereof (ba “Monetary Default”); or (ii) The filing Tenant shall fail to comply with any term, provision or covenant of this Lease, other than the payment of Rent, and the failure is not cured within thirty (30) days after Tenant’s receipt of written notice thereof, or such longer period as may be reasonable under the circumstances so long as Tenant commences to cure within such thirty (30) day period and thereafter diligently prosecutes such cure to completion (a “Non-Monetary Default”); or (iii) Tenant shall file a petition for bankruptcy or insolvency be adjudged bankrupt or insolvent under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or the appointment law or a receiver or trustee shall be appointed for all or substantially all of the assets of Tenant; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission Tenant or appointment, as applicable; the foregoing Tenant shall also apply to any party guaranteeing the obligations of Tenant under this Lease (each, make a “Guarantor”);
(c) A transfer in fraud of creditors or shall make an assignment for the benefit of creditors, whether by creditors and same is not dismissed within ninety (90) days thereafter; or (iv) this Lease or the Tenant’s Leasehold Estate is transferred in violation of the requirements of this Lease. Any permitted assignee or lender (including a Leasehold Mortgagee) may cure any Tenant or any Guarantor;Default hereunder.
(db) The filing If Landlord shall claim that Tenant Default exists, Landlord shall have the right, subject to the provisions of Exhibit “E” and any Recognition Agreement executed pursuant to the provisions of this Lease, to institute from time to time an action or imposition actions (i) to recover damages (exclusive of consequential, punitive, or special damages), (ii) for injunctive and/or other equitable relief, or (iii) only in the event of Monetary Default, or a lien against Non-Monetary Default which has resulted or is reasonably likely to result in irreparable and material damage to the Leased Premises, to recover possession of the Buildings or Leased Premises and terminate this Lease. Notwithstanding the Property as a result of any act or omission of foregoing, Landlord agrees that Tenant and the failure of Tenant to satisfy or bond the lien in its entirety within shall have thirty (30) days after receipt commencement by Landlord of notice any proceedings to file an appropriate pleading in the action initiated by Landlord to contest the claim of same;Tenant Default or to cure such Tenant Default; no action shall be taken by Landlord during such thirty (30) day period to regain possession of the Leased Premises from Tenant or to terminate this Lease. If the Tenant Default is not cured, Landlord’s rights and Tenant’s obligations shall be resolved by the final determination made by the court in which Landlord’s proceedings were initiated. For purposes hereof, a “final determination” shall occur when the judgment or order entered can be enforced by execution, issuance of a writ of restitution, judicial sale or specific enforcement and no such judgment or order shall be considered final for purposes hereof during the pendency of a stay of execution in connection with an appeal. Notwithstanding anything herein to the contrary, if there is a Monetary Default which arises out of a dispute as to an amount owed or the amount of an offset, this Lease shall not terminate if Tenant pays to Landlord the amount the court determines to be owed within the period of time permitted by law, or ten (10) days after such determination if no such grace period is permitted.
(ec) The liquidationTenant shall have no personal, termination corporate or dissolution entity liability under this Lease, and in the event of a Tenant Default, (i) the recourse of Landlord against Tenant with respect to any Tenant Default shall extend only to Tenant’s Leasehold Estate, and not to any other assets of Tenant or any Guarantorof its directors, orofficers, if shareholders, employees, agents, constituent partners, members, beneficiaries, trustees or representatives; and (ii) except to the extent of Tenant’s interest in the Leasehold Estate (and the proceeds therefrom), no personal liability or personal responsibility shall be asserted or enforceable against Tenant or any Guarantor is a natural personof its directors, the death of Tenant officers, shareholders, employees, agents, constituent partners, members, beneficiaries, trustees or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof to Tenant; provided, however, that if such breach canrepresentatives. The foregoing paragraph shall not be cured within such 20 day period using diligent efforts and Tenant promptly commenced efforts applicable to cure such breach upon receipt of Landlord’s notice thereof, then such cure period shall be extended for so long as Tenant continues to use diligent efforts to cure, not to exceed a total of sixty (60) days from the date of Landlord’s notice;
(gA) Tenant’s breach of the same provision liability under Section 4.02(b) of this Lease, (B) misappropriation of insurance or condemnation proceeds in contravention of this Lease, (C) conversion of Sublease rentals and other than income from the obligation to pay Rent, more than twice (2) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any operation of the guarantors Leased Premises following a court order to fulfill deliver such amounts to Landlord, (D) willful failure to maintain the terms insurance coverages required of Tenant hereunder, and conditions (E) a sale, transfer, or assignment of this Lease and/or the Guaranty or the breach Leased Premises in contravention of the Guaranty by one of the GuarantorsArticle 9.0 hereof.
Appears in 1 contract
Sources: Garage Lease (Virgin Trains USA LLC)
Default by Tenant. The Landlord and Tenant hereby agree that the occurrence of any one or more of the following will be events of is a default by Tenant under this Lease:Lease 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 make any installment payment of Rent Rent, late charges or any other payment required pursuant to this Lease within five be made by Tenant hereunder, as and when due, where such failure shall continue for a period of ten (510) days of due date;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) The filing of a petition for bankruptcy or insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or the appointment or a receiver or trustee for all or substantially all abandonment of the assets Premises by Tenant in which event Landlord shall not be obligated to give any notice of default to Tenant; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations of Tenant under this Lease (each, a “Guarantor”);.
(c) A transfer in fraud Tenant’s failure to comply with any of creditors the covenants, conditions or an assignment for the benefit of creditors, whether by Tenant or any Guarantor;
(d) The filing or imposition of a lien against the Premises, the Buildings or the Property as a result of any act or omission of Tenant and the failure of Tenant to satisfy or bond the lien in its entirety within thirty (30) days after receipt of notice of same;
(e) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision provisions of this Lease to be observed or any other lease or agreement Landlord and performed by Tenant are a party to, (other than the obligation to pay Rentthose referenced in Sections 13.1(a) and (b) above), within where such failure shall continue for a period of twenty (20) days after written notice thereof from Landlord to Tenant; provided, however, that if the nature of Tenant’s nonperformance is such breach canthat more than twenty (20) days is reasonably required for its cure, then Tenant shall be allowed additional time (not be cured within such 20 day period using diligent efforts and Tenant promptly commenced efforts to exceed 60 days) as is reasonably necessary to cure such breach upon receipt of Landlord’s notice thereof, then such cure period shall be extended for the failure so long as Tenant continues commences such cure within said twenty (20) day period and thereafter diligently pursues such cure to use diligent efforts completion. In the event that Landlord serves Tenant with a notice to cure, not to exceed a total of sixty (60) days from the date of Landlord’s notice;
(g) Tenant’s breach of the same provision of this Lease, quit or any other than the obligation to pay Rent, more than twice (2) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit notice pursuant to applicable unlawful detainer statutes, said notice shall also constitute the notice required by this Section 11.2 hereof within the timeframes provided; and13.1(c).
(i) Failure 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) the guarantors appointment of a trustee or receiver to fulfill take possession of substantially all of Tenant’s assets located at the terms and conditions Premises or of Tenant’s interest in this Lease, where possession is not restored to Tenant within thirty (30) days; (iii) the Guaranty attachment, execution or other judicial seizure of substantially all of Tenant’s assets located at the breach Premises or of Tenant’s interest in this Lease, where such seizure is not discharged within thirty (30) days; or (iv) the Guaranty by one insolvency of Tenant or Tenant becoming subject to state insolvency or federal bankruptcy. In the Guarantorsevent that any provision of this Section 13.1(d) is unenforceable under applicable law, such provision shall be of no force or effect.
Appears in 1 contract
Sources: Office Lease (Ladenburg Thalmann Financial Services Inc)
Default by Tenant. The occurrence of any one or more of the following will be events shall constitute an “Event of default by Tenant Default” under this Lease:
(a) Failure Tenant shall fail to pay when due any installment sum of Rent or any other payment required pursuant to this Lease when due, and such failure shall continue for five (5) days after such due date; provided however that Landlord agrees that Landlord shall have provided Tenant with written notice of nonpayment and Tenant shall not be in default if it cures such nonpayment within five (5) days of due datereceipt of such notice. Landlord’s obligation to give notice shall be a one time obligation during any consecutive twelve-month period of the Lease term and, once given by Landlord, Landlord shall have no further obligation to give written notice with respect to such default or any subsequent monetary default during such twelve-month period;
(b) The filing Tenant shall fail to execute and acknowledge or otherwise respond in good faith and in writing within ten (10) days after submission to Tenant of a request for confirmation of the subordination of this Lease pursuant to Section 11.01 (a), confirmation of the subordination of a mortgage or deed of trust lien to this Lease pursuant to Section 11.01 (b) or an estoppel certificate pursuant to Section 11.02;
(c) Tenant shall fail in the performance of any of the other covenants or conditions not included in Subparagraphs (a) and (b) of this Section 8.02 which Tenant is required to observe and to perform under this Lease, and such failure shall continue for thirty (30) days after written notice to Tenant; unless such default materially and adversely affects the Building or the operation thereof or other tenants or violates law and in such event Tenant fails to cure same within ten (10) days of receipt of written notice; however if the default requires performance of any obligation that cannot be fully performed within such thirty (30) day period or ten (10) day period, as applicable, then Tenant shall not be in default hereof if it commences to cure such default within such thirty (30) day period or ten (10) day period, as applicable, and diligently prosecutes completion of such cure;
(d) the interest of Tenant under this Lease shall be levied on under execution or other legal process; any petition for bankruptcy shall be filed by or insolvency under any applicable federal against Tenant to declare Tenant a bankrupt or state bankruptcy to delay, reduce or insolvency modify Tenant’s debts or obligations, or to reorganize or modify Tenant’s capital structure; Tenant is declared insolvent according to law; an adjudication any assignment of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or Tenant’s property shall be made for the appointment benefit of creditors; or a receiver or trustee is appointed for all Tenant or substantially all its property and such levy, execution, legal process, petition, declaration, assignment or appointment is not removed or vacated within thirty (30) days from the date of the assets of Tenant; in each of the foregoing casesits creation, if not dismissed within 30 days of such service or filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations of Tenant under this Lease (each, a “Guarantor”);
(ce) A transfer Tenant shall vacate or abandon the Premises (in fraud whole or in part) for a period of creditors thirty (30) or an assignment for more continuous days at any time during the benefit term of creditors, whether by Tenant this Lease or any Guarantor;renewals or extensions thereof provided,, however, Tenant may vacate the Premises in whole or in part provided (i) Tenant gives Landlord thirty (30) days prior written notice of its intent to vacate, and (ii) Tenant complies with all other terms of the Lease including payment of Rent and maintaining insurance; or
(df) The filing or imposition of Tenant, if a lien against the Premisescorporation, the Buildings or the Property shall cease to exist as a result corporation in good standing in the state of any act or omission of Tenant its incorporation and the such failure of Tenant to satisfy or bond the lien exist in its entirety good standing is not cured within thirty (30) days after receipt of written notice of same;
(e) The liquidationfrom Landlord, termination or dissolution of Tenant or any Guarantor, orTenant, if Tenant a partnership or any Guarantor is a natural personother entity, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof to Tenant; provided, however, that if such breach cannot be cured within such 20 day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice thereof, then such cure period shall be extended for so long as Tenant continues to use diligent efforts to cure, not to exceed a total of sixty (60) days from the date of Landlord’s notice;
(g) Tenant’s breach of the same provision of this Lease, other than the obligation to pay Rent, more than twice (2) in any twelve (12) month period;
(h) Failure to deliver, maintain dissolved or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantorsotherwise liquidated.
Appears in 1 contract
Default by Tenant. The following will shall be deemed to be events of default by Tenant under this Lease:
: (a1) Failure Tenant shall fail to pay when due any installment of Rent rent or any other payment required pursuant to this Lease and such default is not cured within five (5) days after receipt by Tenant of due date;
written notice thereof from Landlord; (b2) The filing Tenant or any guarantor of Tenant’s obligations hereunder shall file a petition for bankruptcy or insolvency he adjudged bankrupt or insolvent under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy law or insolvency or an admission admit that it cannot meet its financial obligations as they become due, or the appointment 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, and the same shall not be lifted or stayed within ninety (90) days thereafter; in each (3) Tenant or any guarantor of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing Tenant’s obligations hereunder shall also apply to any party guaranteeing the obligations of Tenant under this Lease (each, make a “Guarantor”);
(c) A transfer in fraud of creditors or shall make an assignment for the benefit of creditors, whether by ; or (4) Tenant or any Guarantor;
(d) The filing or imposition of a lien against the Premises, the Buildings or the Property as a result shall be in default of any act other term, provision or omission of Tenant and the failure of Tenant to satisfy or bond the lien in its entirety within thirty (30) days after receipt of notice of same;
(e) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof to Tenant; provided, however, that if such breach cannot be cured within such 20 day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice thereof, then such cure period shall be extended for so long as Tenant continues to use diligent efforts to cure, not to exceed a total of sixty (60) days from the date of Landlord’s notice;
(g) Tenant’s breach of the same provision covenant of this Lease, other than the obligation those specified in subparts (1) through (3) above, and such default is not cured within fifteen (15) days after receipt of written notice thereof from Landlord, provided that it shall not be an event of default if, as to pay Rentdefaults not reasonably capable of being cured within such fifteen (15) days, more than twice Tenant is diligently and continuously (2subject to force majeure) in any twelve prosecuting a cure of such default beyond such fifteen (1215) month day cure period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantors.
Appears in 1 contract
Sources: Office Lease (Interhealth Facility Transport, Inc.)
Default by Tenant. The occurrence of any one or more of the following will be events shall constitute an event of default by Tenant under this LeaseTenant:
(a) Failure the failure by Tenant to pay when due make any installment payment of Rent rent or any other payment required pursuant to this Lease within five be made by Tenant hereunder, as and when due, where such failure shall continue for a period of ten (510) days after receipt of due datewritten notice thereof by Tenant from Landlord;
(b) The filing of a petition for bankruptcy the failure by Tenant to observe or insolvency under perform any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or the appointment or a receiver or trustee for all or substantially all of the assets covenants, conditions or provisions of Tenant; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations of Tenant under this Lease (each, where such failure shall continue for a “Guarantor”);
(c) A transfer in fraud period of creditors or an assignment for the benefit of creditors, whether by Tenant or any Guarantor;
(d) The filing or imposition of a lien against the Premises, the Buildings or the Property as a result of any act or omission of Tenant and the failure of Tenant to satisfy or bond the lien in its entirety within thirty (30) days after receipt of notice of same;
(e) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after written notice thereof to Tenant; by Tenant from Landlord, provided, however, that if the nature of Tenant's default is such breach that it cannot be cured solely by payment of money and that more than thirty (30) days may be reasonably required for such cure, then Tenant shall not be deemed to be in default if Tenant shall commence such cure within such 20 thirty (30) day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice thereof, then shall thereafter diligently prosecute such cure period shall be extended for so long as Tenant continues to use diligent efforts to cure, not to exceed a total of sixty (60) days from the date of Landlord’s noticecompletion;
(g) Tenant’s breach of the same provision of this Lease, other than the obligation to pay Rent, more than twice (2) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure the making of any general arrangement or any assignment by Tenant for the benefit of creditors;
(ii) the guarantors filing by or against Tenant of a petition to fulfill have Tenant adjudged a bankrupt or a petition of reorganization or arrangement under any law relating to bankruptcy (unless, in the terms and conditions case of a petition filed against Tenant, when such petition is dismissed within ninety (90) days);
(iii) the Guaranty appointment of a trustee or receiver to take possession of substantially all of Tenant's assets;
(iv) the breach attachment, execution or other judicial seizure of the Guaranty by one substantially all of the GuarantorsTenant's assets.
Appears in 1 contract
Default by Tenant. The occurrence of any of the following will be events shall constitute an event of default by Tenant under this LeaseTenant:
(a) Failure to pay when due any In the event that the monthly installment of Rent or any other payment required pursuant to this Lease within basic rent is more than five (5) days late, Tenant shall incur a ten (10%) percent penalty of the basic monthly installment, but the Tenant shall not be deemed in default unless it exceeds a fifteen (15) day grace period after the due date;date of the rent.
(b) The filing of a petition for bankruptcy Failure by Tenant to perform or insolvency under comply with any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or the appointment or a receiver or trustee for all or substantially all of the assets of Tenant; conditions or covenants contained in each of this Lease, other than those referred to in the foregoing casessubsection (a), if not dismissed within 30 days for a period of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations of Tenant under this Lease (each, a “Guarantor”);
(c) A transfer in fraud of creditors or an assignment for the benefit of creditors, whether by Tenant or any Guarantor;
(d) The filing or imposition of a lien against the Premises, the Buildings or the Property as a result of any act or omission of Tenant and the failure of Tenant to satisfy or bond the lien in its entirety within thirty (30) days after receipt of written notice of same;such failure is delivered to Tenant, except for any default not susceptible of being cured within such thirty (30) day period, in which event the time permitted Tenant to cure such default shall be extended for as long as shall be necessary to cure such default, provided Tenant commences promptly and proceeds diligently to cure such default, and provided further that such period of time shall not be so extended as to jeopardize the interest of Landlord in this Lease or so as to subject Landlord or Tenant to any civil or criminal liabilities.
(c) Filing by Tenant in any court pursuant to any statute, either of the United States or any state, of a petition in bankruptcy or insolvency, or for reorganization, or for an arrangement, or for the appointment of a receiver or trustee of all or a portion of Tenant’s property, or an assignment by Tenant for the benefit of creditors.
(d) Filing against Tenant in any court, pursuant to any statute, either of the United States or of any state, of a petition in bankruptcy or insolvency, or for reorganization, or for appointment of a receiver or trustee of all or a portion of Tenant’s property, if within sixty (60) days after the commencement of any such proceeding against Tenant, such petition shall not have been dismissed or stayed.
(e) The liquidationtaking by any party of the Tenant’s interest in the Leased Premises, termination or dissolution of Tenant or any Guarantorpart thereof, orupon foreclosure, if Tenant levy, execution, attachment, or any Guarantor is a natural person, the death other process of Tenant law or such Guarantor;equity.
(f) Failure Any warranty, representation, or statement made or furnished to cure the breach of any provision of this Lease Landlord by or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof to Tenant; provided, however, that if such breach cannot be cured within such 20 day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice thereof, then such cure period shall be extended for so long as Tenant continues to use diligent efforts to cure, not to exceed a total of sixty (60) days from the date of Landlord’s notice;
(g) Tenant’s breach on behalf of the same provision of this Lease, other than the obligation Tenant which proves to pay Rent, more than twice (2) have been false in any twelve (12) month period;
(h) Failure to deliver, maintain material respect when made or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantorsfurnished.
Appears in 1 contract
Sources: Lease Agreement (Cereplast Inc)
Default by Tenant. The (a) Any of the following will be events shall constitute events of default by Tenant under this Lease:
(a1) Failure Tenant's failure to pay when due any installment of Rent rent or any other payment required pursuant to this Lease sum payable hereunder within five (5) days after Landlord has given Tenant notice of due datenonpayment;
(b2) The filing Tenant's failure to perform any of the other terms, covenants, agreements or conditions contained herein and the continuation of such default for a petition period of thirty (30) days after notice by Landlord or beyond the time reasonably necessary for cure if the default is of the nature to require more than thirty (30) days to remedy, but in any event within sixty (60) days following Landlord's notice;
(3) the bankruptcy or insolvency under of Tenant, any applicable federal or state bankruptcy or insolvency law; an adjudication transfer by Tenant in fraud of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become duecreditors, 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; the appointment or of a receiver or trustee for all or substantially all a substantial part of the assets of Tenant; or the levy upon this Lease or any estate of Tenant hereunder by any attachment or execution; unless, in each the event any such proceedings are involuntary, Tenant is discharged from the same within sixty (60) days thereafter; or
(4) the abandonment of the foregoing casesPremises.
(b) Upon the occurrence of any event of default by Tenant hereunder, 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 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, reenter 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 balance of the term after the time of award exceeds the amount of rental loss that Tenant proves could be reasonably avoided, (ii) 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 good order and condition, or in remodeling, renovating or otherwise preparing the Premises for reletting, and (iv) all costs (including, without limitation, any brokerage commissions) incurred by Landlord in-reletting the Premises, to the extent allocable to the remaining term of this Lease.
(4) Landlord shall also have the remedy described in California Civil Code Section 1951.4 (lessor may continue the lease in effect after lessee's breach and abandonment and recover rent as it becomes due, if not dismissed within 30 days lessee has right to sublet or assign, subject only to reasonable limitations).
(5) For the purpose of such filingdetermining the unpaid rent in the event of a termination of this Lease, adjudicationor the rent due hereunder in the event of a reletting of the Premises, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations of Tenant under 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 and any "free rent" or rent waived or abated by Landlord as an inducement for Tenant to enter into this Lease.
(each6) Landlord's acceptance of payment from Tenant of less than the amount of rent then due shall not constitute a waiver of any rights of Landlord or Tenant including, without limitation, any right of Landlord to recover possession of the Premises.
(7) After terminating this Lease, Landlord may remove any and all personal property located in the Premises and place such property in a “Guarantor”);public or private warehouse or elsewhere at the sole cost and expense of Tenant.
(c) A transfer Even though Tenant has breached this Lease to and abandoned the Premises, this Lease shall continue in fraud 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 creditors maintenance or an assignment for preservation, efforts to relet the benefit Premises, or the appointment of creditors, whether by Tenant or any Guarantor;a receiver upon initiative of Landlord to protect Landlord's interest under this Lease shall not constitute a termination of Tenant's right to possession.
(d) The filing Landlord and Tenant hereby waive trial by jury in any action, proceeding or imposition counterclaim brought by either of a lien the parties hereby against the other on any matter not relating to personal injury or property damage but otherwise arising out of or in any way connected with this Lease, Tenant's use or occupancy of the Premises, the Buildings or the Property as a result of and any act or omission of Tenant and the failure of Tenant to satisfy or bond the lien in its entirety within thirty (30) days after receipt of notice of same;statutory remedy.
(e) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision of remedies provided for in this Lease or are in addition to any other lease remedies available to Landlord at law or agreement Landlord and Tenant are a party toin equity, other than the obligation to pay Rent, within twenty (20) days after notice thereof to Tenant; provided, however, that if such breach cannot be cured within such 20 day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice thereof, then such cure period shall be extended for so long as Tenant continues to use diligent efforts to cure, not to exceed a total of sixty (60) days from the date of Landlord’s notice;
(g) Tenant’s breach of the same provision of this Lease, other than the obligation to pay Rent, more than twice (2) in any twelve (12) month period;
(h) Failure to deliver, maintain by statute or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantorsotherwise.
Appears in 1 contract
Sources: Net Office Lease (Doubletwist Inc)
Default by Tenant. The occurrence of any of the following will be events shall constitute an “Event of default by Tenant Default” under this LeaseLease by Tenant:
(a) 21.1 Failure to pay when within 10 days after due any installment of Minimum Monthly Rent, Additional Rent or any other payment monetary sums required pursuant to be paid by Tenant under the terms of this Lease within five Lease.
21.2 Failure to perform any other agreement or obligation of Tenant hereunder, if such failure continues for thirty (530) days after written notice by Landlord to Tenant or, if such default is not susceptible of due date;cure during such 30 day period and Tenant has not commenced and is not diligently prosecuting the cure of same. ▇▇▇▇▇▇▇▇’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.
21.3 Abandonment or vacation of the Premises by Tenant, or failure to occupy the Premises for a period of ten (b10) The filing consecutive days.
21.4 If any of the following occurs: (i) a petition is filed for bankruptcy an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any applicable state or federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or the appointment or a receiver or trustee for all or substantially all of the assets of Tenant; in each of the foregoing cases, if and such petition is not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations of Tenant under this Lease (each, a “Guarantor”);
(c) A transfer in fraud of creditors or an assignment for the benefit of creditors, whether by Tenant or any Guarantor;
(d) The filing or imposition of a lien against the Premises, the Buildings or the Property as a result of any act or omission of Tenant and the failure of Tenant to satisfy or bond the lien in its entirety within thirty (30) days after receipt the filing thereof; (ii) Tenant makes a general assignment for the benefit of notice of same;
creditors; (eiii) The liquidation, termination a receiver or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor trustee is a natural person, the death of Tenant or such Guarantor;
(f) Failure appointed to cure the breach take possession of any provision substantial part of this Lease or any other lease or agreement Landlord and Tenant are a party toTenant’s assets, other than the obligation to pay Rent, unless such appointment is vacated within twenty thirty (2030) days after notice thereof 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; provided, however, that if such breach cannot be cured within such 20 day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice thereofinterest hereunder, then Landlord shall receive the difference between the rent (or other consideration) paid in connection with such cure period transfer and the rent payable by Tenant hereunder. Any assignee pursuant to the provisions of any bankruptcy law shall be extended for so long as deemed without further act to have assumed all of the obligations of the Tenant continues to use diligent efforts to cure, not to exceed a total of sixty (60) days from hereunder arising on or after the date of Landlord’s notice;such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumption.
(g) Tenant’s breach 21.5 The occurrence of the same any other event that is deemed to be an Event of Default under any other provision of this Lease, or any other than the obligation lease to pay Rent, more than twice which Landlord (2or any affiliate of Landlord) in and Tenant (or any twelve (12affiliate of Tenant) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantorsare parties.
Appears in 1 contract
Sources: Standard Industrial Net Lease (CardioVascular BioTherapeutics, Inc.)
Default by Tenant. 17.1 The occurrence of any of the following will be events shall constitute a breach of the Lease, and a default if not cured by Tenant under this Leasewithin the time provided below to cure such breach:
(a) 17.1.1 Failure by Tenant to pay when due any installment of Rent or any other payment required pursuant to amount due hereunder when such amount becomes payable in accordance with this Lease within five (5) days of due date;
(b) The filing of a petition for bankruptcy or insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become dueLease, or the appointment or a receiver or trustee for all or substantially all of the assets of Tenant; in each of the foregoing casesto duly, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to promptly and completely perform any party guaranteeing the obligations obligation of Tenant under this Lease Articles 14 or 15 above, and continuation of such failure for a period of three (each, a “Guarantor”);3) business days after receipt of the written statutory notice from Landlord to Tenant specifying the nature of such failure.
(c) A transfer in fraud of creditors or an assignment for the benefit of creditors, whether 17.1.2 Failure by Tenant in the due, prompt and complete performance or any Guarantor;
(d) The filing or imposition of a lien against the Premises, the Buildings or the Property as a result observance of any act other express or omission implied covenant, agreement or obligation of Tenant contained in this Lease, and the continuation of such failure for a period of Tenant to satisfy or bond the lien in its entirety within thirty (30) days after receipt written notice from Landlord to Tenant specifying the nature of notice of same;
(e) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof to Tenantfailure; provided, however, that if any such breach failure cannot reasonably be cured within such 20 day period using diligent efforts and period, Tenant shall not be deemed to be in default hereunder if Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice thereof, then commences such cure within such period shall be extended for so long as Tenant continues and thereafter diligently pursues such cure to use diligent efforts to cure, not to exceed a total of sixty completion and completes such cure within ninety (6090) days from the date of Landlord’s notice;days.
(g) 17.1.3 Tenant’s breach abandoning the Premises, which shall mean for these purposes, Tenant’s absence for a period of the same provision of this Lease, other than the obligation to pay Rent, more than twice two (2) weeks from the Premises while otherwise in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure default of any of the guarantors to fulfill the terms and conditions of this Lease.
17.1.4 Tenant, its assignee, sublessee, other transferee, successor or any guarantor of this Lease gives to Landlord any financial statement or representation which proves to be materially false or materially misleading.
17.1.5 The insolvency of Tenant; the Guaranty making by Tenant of any assignment for the benefit of creditors; the filing by or against Tenant of a petition to have Tenant adjudged bankrupt or of a petition for reorganization or arrangement under any law relating to bankruptcy, insolvency or creditors’ rights in general (unless in the breach case of a petition filed against Tenant, the same is dismissed within sixty (60) days); the appointment of a trustee or receiver to take possession of all or a substantial part of Tenant’s assets or of Tenant’s interest under this Lease, where such seizure is not discharged within sixty (60) days. The occurrence of any of the Guaranty by one acts or events referred to in this Article with respect to any Guarantor of this Lease shall also constitute a default hereunder.
17.1.6 The attachment, execution or other judicial seizure of a substantial portion of Tenant’s assets or of Tenant’s interest in this Lease, where such seizure is not discharged within sixty (60) days.
17.2 The notices referred to in Article 17.1.1 and 17.1.2 above shall be in lieu of, and not in addition to, any notice required under Section 1161 et seq. of the GuarantorsCalifornia Code of Civil Procedure.
Appears in 1 contract
Sources: Lease (Ritter Pharmaceuticals Inc)
Default by Tenant. The Any one or more of the following will be events of default by Tenant under this Lease:
shall constitute an "EVENT OF DEFAULT": (a) Failure failure of Tenant to pay when due any an installment of Rent or any other payment required pursuant to this Lease within five sum payable by Tenant hereunder and such default shall continue for a period of ten (510) days of due date;
days; (b) The filing the making by Tenant of a petition for bankruptcy or insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or the appointment or a receiver or trustee for all or substantially all of the assets of Tenant; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations of Tenant under this Lease (each, a “Guarantor”);
(c) A transfer in fraud of creditors or an assignment for the benefit of its creditors, whether ; (c) institution by Tenant of proceedings for reorganization, liquidation, or any Guarantor;
bankruptcy of Tenant, unless the same is discharged within sixty (60) days, Tenant's adjudication as a bankrupt; (d) The filing institution against Tenant of proceedings for reorganization, liquidation, or imposition bankruptcy which are not dismissed within sixty (60) days; (e) the appointment of a lien against the Premisesreceiver, the Buildings trustee or the Property as a result liquidator to take charge of any act all or omission substantially all of Tenant and the Tenant's assets which is not vacated within sixty (60) days; (f) failure of Tenant to satisfy or bond maintain the lien in its entirety Insurance required hereunder; (g) failure of Tenant to perform any of Tenant's other obligations under this Lease within thirty (30) days after receipt of Landlord gives Tenant written notice of same;
(e) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof to Tenantthereof; provided, however, that if such breach failure is curable, but cannot with reasonable diligence be cured within such 20 thirty (30) day period using diligent efforts and period, then such failure shall not be deemed an Event of Default provided Tenant promptly commenced efforts commences to cure such breach upon receipt default within such thirty (30) day period and thereafter cures such default with due diligence, but in no event shall such extended period of cure exceed ninety (90) days. If an Event of Default occurs Landlord’s notice thereof, then at its option, shall have the right to terminate this Lease or terminate Tenant's right to possession of the Premises, and enter into and take possession of the Premises and remove all persons and their property therefrom (said repossession being hereinafter referred to as "Repossession"), and shall further be entitled to pursue all other remedies available to Landlord at law or in equity. Following an Event of Default Landlord may relet the Premises for such cure term or terms (which may be greater or less than the period which would otherwise have constituted the balance of the Term) and for such terms (which may include concessions or free rent) and for such uses as Landlord may elect and Landlord may collect and receive rent therefor. Any rent received shall be extended applied against Tenant's obligations hereunder, but Landlord shall not be responsible or liable for so long as any failure to collect any rent due upon any reletting, and no such reletting or failure to relet shall relieve Tenant continues to use diligent efforts to cure, not to exceed a total of sixty (60) days from the date its obligations hereunder. No termination of Landlord’s notice;
(g) Tenant’s breach this Lease and no Repossession of the same provision Premises shall relieve Tenant of its liabilities and obligations under this Lease, all of which shall survive any such termination or Repossession. In the event of any such termination or Repossession, whether or not the Premises shall have been relet, Tenant shall pay to Landlord the Rent and other than sums and charges to be paid by Tenant up to the obligation time of such termination or Repossession, and thereafter Tenant, until the end of what would have been the Term in the absence of such termination or Repossession, shall pay to pay Rentthe Landlord the amount of the Rent and such other sums and charges which are payable under this Lease (if not terminated) or would be payable under this Lease by Tenant if this Lease were still in effect, more than twice (2) less the net rental paid, if any, in any twelve (12) month period;
(h) Failure reletting after deducting all of Landlord's expenses in connection with such reletting. In addition to deliverall other remedies of Landlord, maintain Landlord shall be entitled to reimbursement upon demand of all reasonable attorneys' fees incurred by Landlord in connection with any default. No right or restore the Security Deposit pursuant remedy herein conferred upon or reserved to Section 11.2 hereof within the timeframes provided; and
(i) Failure either party is intended to be exclusive of any other right or remedy unless expressly so provided herein, and each and every right and remedy shall be cumulative and in addition to any other right or remedy given hereunder, or now or hereafter existing at law, in equity or by statute. No waiver by Landlord or Tenant of performance by the other party shall be considered a continuing waiver or shall preclude Landlord or Tenant from exercising its rights in the event of a subsequent default. No acceptance by Landlord of a partial payment tendered by Tenant shall be deemed to be a waiver of the guarantors to fulfill the terms and conditions balance of the Guaranty or amount due even if the breach of the Guaranty by one of the Guarantorstender states that acceptance will constitute payment in full.
Appears in 1 contract
Sources: Asset Purchase Agreement (International Wire Group Inc)
Default by Tenant. The following will be events of default by Tenant under this Lease:
(a) Each of the following occurrences relative to Tenant shall constitute an "Event of Default:"
(1) Failure or refusal of Tenant to pay when due make the timely payment of any installment of Rent or any other payment required pursuant to payable under this Lease within five (5) business days of following written notice from Landlord, that the same is due dateand payable, but not yet received by Landlord;
(b2) The filing or execution or occurrence of a petition for in bankruptcy or other insolvency proceeding by or against Tenant or petition or answer seeking relief under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or the appointment or a receiver or trustee for all or substantially all provision of the assets of TenantBankruptcy Act; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations of Tenant under this Lease (each, a “Guarantor”);
(c) A transfer in fraud of creditors or an assignment for the benefit of creditorscreditors or composition; or a petition or other proceeding by or against the Tenant for the appointment of a trustee, whether by receiver or liquidator of Tenant or any Guarantorof Tenant's property; or a proceeding by any governmental authority for the dissolution or liquidation of Tenant or any guarantor of Tenant;
(3) Failure by Tenant in the performance or compliance with any of the agreements, terms, covenants or conditions provided in this Lease, other than those referred to in (1) and (2) above, for a period of thirty (30) days (or longer so long as Tenant is diligently pursuing any compliance or cure) after notice from Landlord to Tenant specifying the items in default.
(b) This Lease and the Term and estate hereby made are subject to the limitation that if and whenever any Event of Default shall occur, Landlord may, at its option and without further written notice to Tenant, in addition to all other remedies given hereunder or by law or equity, do any one or more of the following:
(1) Terminate this Lease, in which event Tenant shall immediately surrender possession of the Leased Premises to Landlord;
(2) Enter upon and take possession of the Leased Premises and expel or remove Tenant and any other occupant and all property therefrom with or without having terminated the Lease; and
(3) Alter locks and other security devices at the Leased Premises so that Tenant will not have access to the Leased Premises (other than to retrieve files, chattels and personal belongings, which Landlord shall provide access to the Leased Premises for such purposes during the normal business hours of the Building). Landlord may take these actions without incurring any liability and without relinquishing Landlord's right to Rent or any other right given to Landlord hereunder or by operation of law; Tenant hereby waiving any right to claim damage for such re-entry expulsion.
(c) Once all applicable written notices are given, cure periods have elapsed and an Event of Default has occurred, any right of Tenant to receive notice of Landlord's intent to exercise any of its remedies is hereby waived.
(d) The filing Exercise by Landlord of any one or imposition more remedies shall not constitute an acceptance of surrender of the Leased Premises by Tenant, it being understood that such surrender can be effected only by the written agreement of the Landlord and Tenant, with the prior written consent of any Landlord's Mortgagee (as defined in Section 4.10).
(e) If Landlord terminates this Lease by reason of an Event of Default, Tenant shall pay to Landlord the sum of all Rent and other indebtedness accrued hereunder to the date of such termination, the amounts stated in Section 5.06(f) hereof, plus, as liquidated damages, an amount equal to the then present value of the Rent and all other indebtedness as would otherwise have been required to be paid by Tenant to Landlord during the period following the termination of the Term measured from the date of such termination to the date of expiration stated in section 1.02, less the then present fair market rental value of the Leased Premises for such period as reasonably determined by arbitration proceedings.
(f) If Landlord repossesses the Leased Premises without terminating the Lease, then Tenant shall pay to Landlord all Rent and other indebtedness accrued to the date of such repossession, plus Rent and other sums required to be paid by Tenant during the remainder of the Term, diminished by any net sums thereafter received by Landlord through reletting the Leased Premises during said period (after deducting expenses incurred by Landlord as provided below); reentry by Landlord will not affect the obligations of Tenant for the unexpired Term. Tenant shall not be entitled to any excess of any Rent obtained by reletting over the Rent herein reserved. Actions to collect amounts due by Tenant may be brought on one or more occasions, without the necessity of Landlord's waiting until expiration of the Term.
(g) In case of an Event of Default, to the extent the same were not paid or deducted, as appropriate, under Section 5.06(e) or (f), Tenant shall also pay to Landlord: (i) broker's fees incurred by Landlord in connection with reletting the whole or any part of the Leased Premises; (ii) the cost of removing and storing Tenant's or any other occupant's property; (iii) and the cost of repairing, altering, remodeling or otherwise putting the Leased Premises into condition acceptable to a lien new tenant or tenants; and (iv) all reasonable expenses incurred by Landlord in enforcing Landlord's remedies, including reasonable attorney's fees and court costs. Notwithstanding the above, Tenant's obligation pursuant to this Section (g) shall be limited to the total of items (i), (ii), (iii) and (iv) multiplied by the percentage obtained by dividing the remainder of Tenant's Lease Term by the substitute tenant(s) lease term.
(h) Upon termination or repossession of the Leased Premises for an Event of Default, Landlord shall use reasonable efforts to relet the Leased Premises, or any portion thereof, and to collect rental after reletting. In the event of reletting, Landlord may relet the whole or any portion of the Leased Premises for any period, to any tenant, and for any use and purpose. In no event shall Landlord be required to extend any preference to the reletting of the Leased Premises or any portion thereof over other vacant space in the Building. Notwithstanding the above, Landlord shall not discriminate against the PremisesLeased Premises over the leasing of other vacant space in the Building.
(i) Any and all property which may be removed from the Leased Premises by Landlord pursuant to the authority of this Lease or of law, to which Tenant is or may be entitled, may be handled, removed and stored, as the Buildings case may be, by or at the Property direction of Landlord at the risk, cost and expense of Tenant, and Landlord shall use reasonable efforts to safeguard such property. Tenant shall pay to Landlord, upon demand, any and all expenses incurred in such removal and all storage charges against such property so long as a result of any act the same shall be in Landlord's possession or omission under Landlord's control. Any such property of Tenant and the failure of not retaken by Tenant to satisfy or bond the lien in its entirety from storage within thirty (30) days after receipt removal from the Leased Premises shall, at Landlord's option, be deemed conveyed by Tenant to Landlord under this Lease as by a ▇▇▇▇ of notice of same;sale without further payment or credit by Landlord to Tenant.
(ej) The liquidationIf Tenant should fail to make any payment or perform any obligation hereunder, termination and such failure continues beyond any applicable cure period allowed hereunder, Landlord, without obligation to do so and without thereby waiving such failure or dissolution default, may make such payment and/or perform such obligation for the account of Tenant or any Guarantor(and enter the Lease Premises for such purpose), orand Tenant shall pay upon demand all costs, expenses and disbursements (including reasonable attorneys' fees) incurred by Landlord in taking such remedial action, plus interest thereon at the highest rate of interest permitted by law.
(k) In addition to the foregoing, if Tenant abandons or fails to occupy the Leased Premises (without the payment of rent), or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof to Tenant; provided, however, that if such breach cannot be cured within such 20 day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice significant portion thereof, then such cure period shall be extended for so long as Tenant continues to use diligent efforts to cureLandlord may, not to exceed a total of sixty (60) days from the date of Landlord’s notice;
(g) Tenant’s breach of the same provision of at its election, terminate this Lease, other than the obligation to pay Rent, more than twice (2) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantors.
Appears in 1 contract
Sources: Lease Agreement (Wells Real Estate Investment Trust Inc)
Default by Tenant. The occurrence of any one or more of the following will be events shall constitute an “Event of default by Tenant Default” under this LeaseLease Agreement:
(a) Failure A. The failure of Tenant to pay when due any installment of Rent or any other payment required pursuant to this Lease within five (5) days of after written notice to Tenant and as when due date;
(b) The filing of a petition for bankruptcy or insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or the appointment or a receiver or trustee for all or substantially all of the assets of Tenant; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations of Tenant under this Lease (each, a “Guarantor”)Agreement;
(c) A transfer in fraud of creditors or an assignment for the benefit of creditors, whether by Tenant or any Guarantor;
(d) B. The filing or imposition of a lien against the Premises, the Buildings or the Property as a result of any act or omission of Tenant and the failure of Tenant to satisfy perform, comply with or bond observe any of the lien other covenants or conditions contained in its entirety within this Lease Agreement and the continuance of such failure for the period of time as may be specified elsewhere in this Lease Agreement for such specific covenant or condition, or should no period of time be specified elsewhere in this Lease Agreement with respect to such specific covenant or condition, a period of thirty (30) days after receipt of written notice of same;
(e) The liquidation, termination or dissolution of Tenant or any Guarantor, to Tenant; or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof to Tenant; provided, however, that if such breach failure cannot reasonably be cured within such 20 said thirty (30) day period using despite Tenant’s diligent efforts and good faith efforts, the failure of Tenant to promptly commenced commence its diligent good faith efforts to cure such breach upon receipt failure within said thirty (30) day period and/or the continuance of Landlordsuch failure for a period of thirty (30) days notwithstanding Tenant’s notice thereof, then such cure period shall be extended for so long as Tenant continues to use diligent efforts to cure, not ;
C. Tenant shall fail to exceed a total of sixty execute and acknowledge or otherwise respond in good faith and in writing within ten (6010) days from the date after submission to Tenant of Landlord’s notice;
(g) Tenant’s breach a request for confirmation of the same provision subordination of this Lease, other than the obligation to pay Rent, more than twice (2) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit Lease Agreement pursuant to Section 11.2 hereof within 24 or an estoppel certificate pursuant to Section 35.
D. The failure of Tenant to occupy the timeframes provided; andLeased Premises during the entire Term;
E. The filing of a petition by or against Tenant or any guarantor of Tenant’s obligations under this Lease Agreement (i) Failure of naming Tenant or any of the guarantors to fulfill the terms and conditions of the Guaranty guarantor as debtor in any bankruptcy or the breach of the Guaranty by one of the Guarantors.other insolvency proceeding,
Appears in 1 contract
Sources: Lease Agreement
Default by Tenant. The following will 14.1 Tenant shall be events deemed in default (i) in the event Tenant fails to pay the Rent within ten (10) days after the date such is due, (ii) in the performance of default by Tenant under any of the terms and provisions of this Lease:
(a) Failure to pay when due any installment , other than the payment of Rent or any other payment required pursuant to this Lease within five (5) days of charges due date;
(b) The filing of a petition for bankruptcy or insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or the appointment or a receiver or trustee for all or substantially all of the assets of Tenant; in each of the foregoing caseshereunder, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; it has failed to cure the foregoing shall also apply to any party guaranteeing the obligations of Tenant under this Lease (each, a “Guarantor”);
(c) A transfer in fraud of creditors or an assignment breach for the benefit of creditors, whether by Tenant or any Guarantor;
(d) The filing or imposition of a lien against the Premises, the Buildings or the Property as a result of any act or omission of Tenant and the failure of Tenant to satisfy or bond the lien in its entirety nonperformance within thirty (30) days after receipt written notice from Landlord; provided, however, if Tenant is diligently pursuing a cure, but the default cannot be cured within thirty (30) days, Tenant shall have such additional time needed to cure the default as is commercially reasonable, or (iii) in the event any proceedings under any bankruptcy law or insolvency act of notice of same;
(e) The liquidation, termination or for the dissolution of Tenant shall be instituted against, or any Guarantorby, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof to Tenant; provided, however, that if such breach cannot be cured within such 20 day period using diligent efforts and proceeding is involuntary, Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice thereof, then such cure period shall be extended for so long as Tenant continues to use diligent efforts to cure, not to exceed a total of have sixty (60) days to cure. In the event Tenant is in default hereunder beyond any applicable notice and/or cure period, then, as its sole and exclusive ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, Landlord, its certain attorney, representatives and assigns, upon ten (10) days’ written notice to Tenant, may terminate this Lease and lawfully re-enter into and repossess the Premises and remove Tenant and any other persons occupying the Premises. If an Advisory Board is in place for the District under Act 436, any termination of this Lease by the District or repossession of the Premises by the District requires the approval of the Advisory Board.
14.2 If Tenant fails to pay any sum of money, other than Rent, required to be paid hereunder or fails to perform any act on its part to be performed hereunder, including without limitation the performance of all covenants pertaining to the condition and repair of the Premises, above, and such failure shall continue for a period of thirty (30) days (or a reasonable period of less than thirty (30) days when life, person or property is in jeopardy) after notice thereof by Landlord, Landlord may but shall not be required to, and without waiving or releasing Tenant from any of Tenant’s obligations, make any such payment or perform any such other act. All sums so paid by ▇▇▇▇▇▇▇▇ and all necessary incidental costs, including without limitation the cost of repair, maintenance or restoration of the Premises if so performed by Landlord hereunder, shall be deemed Additional Rent and, together with interest thereon at the rate set forth in Section 4, from the date of payment by Landlord until the date of repayment by Tenant to Landlord’s notice;, shall be payable to Landlord within five (5) days after receipt of invoice by Tenant. On default in such payment, Landlord shall have the same remedies as on default in payment of Rent. The rights and remedies granted to Landlord under this Section shall be in addition to, and not in lieu of all other remedies, if any, available to Landlord under this Lease or otherwise, and nothing herein contained shall be construed to limit such other remedies of Landlord with respect to any matters covered herein.
(g) Tenant’s 14.3 Each and every of the rights, remedies and benefits provided by this Lease are cumulative, and are not exclusive of any other of said rights, remedies and benefits, or of any other rights, remedies and benefits allowed by law. One or more waivers of any covenant or condition by Landlord will not be construed as a waiver of a further or subsequent breach of the same provision of this Leasecovenant or condition, other than and the obligation consent or approval by Landlord to pay Rent, more than twice (2) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any act by Tenant requiring Landlord’s consent or approval will not be deemed to waive or render unnecessary Landlord’s consent or approval to or of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty any subsequent similar act by one of the GuarantorsTenant.
Appears in 1 contract
Sources: Lease Agreement
Default by Tenant. The Any of the following will be events shall constitute an event of default (the "Event of Default") by Tenant under this Leasehereunder:
(a) Failure failure to pay when due to Port any installment of Rent or any other payment required pursuant to this Lease within five sum payable hereunder when due, and such default continues for a period of three (53) days following written notice from Port. Notwithstanding the foregoing, Port shall not be required to provide such notice more than twice during any 12-month period, and any such failure by Tenant after ▇▇▇▇▇▇ has received two (2) such notices in such 12-month period shall constitute an Event of due date;Default by Tenant hereunder without any further action by Port or opportunity of Tenant to cure except as may be required by Section 1161 of the California Code of Civil Procedure; or
(b) The filing failure by Tenant to deliver the Participation Rent Statement, revised or confirmation statement or Annual Statement when due and such default continues for a period of a petition for bankruptcy ten (10) days following written notice from Port. Notwithstanding the foregoing, Port shall not be required to provide such notice more than twice during any twelve (12) month period, and any such failure by Tenant after Tenant has received two (2) such notices in such twelve (12) month period shall, at the option of Port, constitute an Event of Default by Tenant hereunder without any further action by Port (including, but not limited to, notice to Tenant of such failure) or insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication opportunity of bankruptcy or insolvency or an admission that it cannot meet its financial obligations Tenant to cure except as they become due, or the appointment or a receiver or trustee for all or substantially all may be required by Section 1161 of the assets California Code of TenantCivil Procedure; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations of Tenant under this Lease (each, a “Guarantor”);or
(c) A a second understatement by Tenant of its Gross Revenues for any audit period by five percent (5%) or more within any three (3) year period of the first such understatement; or
(d) Failure to maintain and repair Port buildings or Port’s Equipment and such failure continues for a period of thirty (30) days after written notice by Port, provided that if such default is not capable of cure within such thirty (30) day period, Tenant shall have a reasonable period to complete such cure if Tenant promptly undertakes action to cure such default within such thirty (30) day period and thereafter diligently prosecutes the same to completion within sixty (60) days (or such longer period as determined by Port upon Tenant’s failure to cure after diligent prosecution) after the receipt of notice of default by Port. Port shall not be required to provide such notice more than twice in any twelve (12) month period with respect to any material non-monetary defaults and after the second notice in any calendar year, any subsequent failure by Tenant during such twelve (12) month period shall automatically constitute an Event of Default hereunder; or
(e) failure to comply with Tenant's continuous operations covenant set forth in Section 5.1, as determined by Port in its sole and absolute discretion and such failure continues for a period of thirty (30) days following written notice from Port; or
(f) abandonment or vacation of the Premises by Tenant; or
(g) failure to conduct only the Permitted Use or failure to seek Port’s prior written consent for a material new or modified use, as determined by Port in its sole and absolute discretion and such failure continues for a period of forty-eight (48) hours following written notice from Port; or
(h) failure by Tenant to execute and deliver to Port the estoppel certificate within the time period and in the manner required by Section 36 below, and ▇▇▇▇▇▇'s failure to cure the foregoing default within ten (10) days following written notice from Port; or
(i) a Transfer, or attempted Transfer, of this Lease or the Premises by Tenant contrary to the provision of Section 23 above; or
(j) failure by Tenant or Tenant's broker as applicable to provide evidence of insurance coverage complying with the provisions of Section 18 above, failure to maintain any insurance required to be maintained by Tenant pursuant to this Lease, or if any such insurance shall be canceled or terminated or shall expire or be reduced or materially changed, except as permitted in this Lease, and Tenant's or Tenant's broker's failure to deliver evidence of such coverage or failure to reinstate such coverage, all within three (3) business days following written notice from Port; or
(k) failure by Tenant to comply with the provisions of Section 17 above and ▇▇▇▇▇▇'s failure to cure the foregoing default within twenty-four (24) hours following written notice from Port. If such default cannot reasonably be cured within such twenty-four (24) hour period, Tenant shall not be in default of this Lease if Tenant commences to cure the default within such twenty-four (24) hour period and diligently and in good faith continues to cure the default, provided, however, in no event shall Tenant have more than thirty (30) days to cure such default; or
(l) failure by Tenant to discharge any lien or encumbrance placed on the Facility or any part thereof in violation of this Lease within ten (10) days after the date such lien or encumbrance is filed or recorded against the Facility or any part thereof, or if Tenant has no knowledge of such lien, then Tenant shall discharge such lien or encumbrance within fifteen (15) days following Tenant's knowledge of such lien or encumbrance; or
(m) failure by Tenant to observe, keep or perform any of the other terms, covenants, agreements or conditions contained in this Lease and required to be observed or performed by Tenant and not specifically enumerated in this Section 24, and such failure continues for a period of thirty (30) days after written notice by Port, provided that if such default is not capable of cure within such thirty (30) day period, Tenant shall have a reasonable period to complete such cure if Tenant promptly undertakes action to cure such default within such thirty (30) day period and thereafter diligently prosecutes the same to completion within sixty (60) days (or such longer period as determined by Port upon Tenant’s failure to cure after diligent prosecution) after the receipt of notice of default by Port. Port shall not be required to provide such notice more than twice in any twelve (12) month period with respect to any material non-monetary defaults and after the second notice in any calendar year, any subsequent failure by Tenant during such twelve (12) month period shall automatically constitute an Event of Default hereunder; or
(n) Tenant shall become bankrupt or insolvent or make a transfer in fraud of creditors creditors, or make an assignment for the benefit of creditors, whether by or bring or have brought against Tenant any action or any Guarantor;
(d) The filing or imposition of a lien against the Premises, the Buildings or the Property as a result proceedings of any act or omission of Tenant and the failure of Tenant to satisfy or bond the lien in its entirety within thirty (30) days after receipt of notice of same;
(e) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of kind under any provision of this Lease the U.S. Bankruptcy Code or under any other lease insolvency, bankruptcy or agreement Landlord and reorganization act and, in the event such proceedings are involuntary, Tenant are a party to, other than is not discharged from the obligation to pay Rent, same within twenty (20) days after notice thereof to Tenant; provided, however, that if such breach cannot be cured within such 20 day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice thereof, then such cure period shall be extended for so long as Tenant continues to use diligent efforts to cure, not to exceed a total of sixty (60) days from the date of Landlord’s notice;thereafter; or
(go) Tenant’s breach a receiver is appointed for a substantial part of the same provision assets of this Lease, other than the obligation to pay Rent, more than twice Tenant and such receiver is not discharged within sixty (260) in any twelve (12) month period;days; or
(hp) Failure to deliver, maintain this Lease or restore the Security Deposit pursuant to Section 11.2 hereof any estate of Tenant under this Lease shall be levied upon by any attachment or execution and such attachment is not stayed or lifted within the timeframes providedsixty (60) days; andor
(iq) Failure without limiting the provisions of any of Sections 24(d), 24(g), 24(k), or 24(m) or lengthening the guarantors cure periods under those subsections, failure by Tenant to fulfill comply with Laws and Tenant's failure to cure the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantorsforegoing default within forty-eight (48) hours following written notice from Port.
Appears in 1 contract
Sources: Lease Agreement
Default by Tenant. The following will be events of default by Tenant under this Lease:
(a) Failure to pay when due any installment of Rent or any other payment required pursuant to this Lease within five Lease; provided that Landlord shall give Tenant notice of the first two (52) such instances of non-payment in each calendar year of the Term and Tenant shall have a period of ten (10) days of due dateafter receipt thereof to cure such non-payment before a default shall be deemed to have occurred;
(b) The filing of a petition for bankruptcy or insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or the appointment or of a receiver or trustee for all all, or substantially all all, of the assets of Tenant; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any each party guaranteeing the obligations of Tenant under this Lease (each, a “Guarantor”);
(c) A transfer in fraud of creditors or an assignment for the benefit of creditors, whether by Tenant or any Guarantor;
(d) The filing or imposition of a lien against the Premises, the Buildings or the Property Premises as a result of any act or omission of Tenant and the failure of Tenant to satisfy or bond the lien in its entirety within thirty (30) days after receipt of notice by Landlord of sameits filing;
(e) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party toLease, other than the obligation to pay Rent, within twenty thirty (2030) days after notice thereof to Tenant; provided, however, that if such breach cannot be cured within such 20 30 day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice thereof, then such cure period shall be extended for so long as Tenant continues to use diligent efforts to cure, not to exceed a total of sixty ninety (6090) days from the date of Landlord’s notice;
(g) Tenant’s breach of the same provision of this Lease, other than the obligation to pay Rent, more than twice (2) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantors.
Appears in 1 contract
Sources: Lease Agreement
Default by Tenant. The Landlord may treat the occurrence of any one or more of the following will be events as a breach of default by Tenant under this Lease:
Lease (each, an “Event of Default”): (a) Failure Tenant fails to pay when due any installment Base Rent, Tenant’s Share of Rent Operating Cost or Tenant’s Share of Taxes, or any other payment required pursuant to sums, charges, expenses and costs of any kind or nature identified in this Lease within five as additional rent, in full on the date such sums are due, and such failure to pay rent continues for a period of ten (510) calendar days of due date;
after written notice addressed to Tenant has been delivered by Landlord to Tenant; (b) The filing default shall be made in the performance of any of the other, non-monetary covenants or conditions which Tenant is required to observe and to perform, and such default shall continue for thirty (30) days after notice thereof (or such additional time as is reasonably necessary, provided Tenant commenced to cure such default within such thirty (30) day period and is diligently prosecuting such cure to completion, which additional time, however, shall in no event exceed one hundred twenty (120) days after Landlord’s default notice); (c) if a petition is filed by or against Tenant (the term “Tenant” shall include, for the purpose of this paragraph of Section 25, any guarantor of Tenant’s obligations hereunder): (i) in any bankruptcy or other insolvency proceeding; (ii) seeking any relief under any state or federal debtor relief law; (iii) for the appointment of a petition for bankruptcy liquidator or insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or the appointment or a receiver or trustee for all or substantially all of Tenant’s property or for Tenant’s interest in this Lease; or (iv) for the assets reorganization or modification of Tenant’s capital structure; in each of the foregoing caseshowever, if such a petition is filed against Tenant, then such filing shall not be a default unless Tenant fails to have the proceedings initiated by such petition dismissed within 30 ninety (90) calendar days of such filingafter the filing thereof, adjudication, admission or appointment, as applicableif Tenant shall be liquidated or dissolved; the foregoing shall also apply to any party guaranteeing the obligations of Tenant under this Lease (each, a “Guarantor”);
(c) A transfer in fraud of creditors or an assignment for the benefit of creditors, whether by Tenant or any Guarantor;
(d) The filing or imposition Tenant fails to make the deliveries required pursuant to Section 17 of a lien against this Lease within the Premisesten (10) Business Day period required for such deliveries, the Buildings or the Property as a result of any act or omission of Tenant and the such failure of Tenant to satisfy or bond the lien in its entirety within thirty continues for five (305) days after receipt of following Landlord’s notice of same;
to Tenant thereof; (e) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, fails to maintain the death of Tenant or insurance coverage required by Section 29 hereof and such Guarantor;
failure continues for more than ten (10) Business Days following the date on which Tenant’s insurance coverage lapsed; (f) Failure Tenant shall permanently vacate the Premises for a period in excess of three hundred sixty five (365) days (for reasons other than casualty, condemnation or remodeling as permitted in this Lease) during the Term or any renewals or extensions thereof with the intent not to cure the return; or (g) there shall occur any breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof to Tenant; provided, however, that if expressly provides such breach cannot be cured within such 20 day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt constitutes an “Event of Landlord’s notice thereof, then such cure period shall be extended for so long as Tenant continues to use diligent efforts to cure, not to exceed a total of sixty (60) days from the date of Landlord’s notice;
(g) Tenant’s breach of the same provision of this Lease, other than the obligation to pay Rent, more than twice (2) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the GuarantorsDefault”.
Appears in 1 contract
Default by Tenant. The following will be events of default by Tenant under this Lease:
It is a Default for TENANT: (a) Failure to pay when due any installment of Rent if Gross Rent, Base Rent, Additional Rent, or any other payment required pursuant to sum due by TENANT under this Lease within five shall be unpaid for a period of ten (510) days of due date;
after notice from LANDLORD that payment is required; (b) The filing of a petition for bankruptcy or insolvency under if TENANT fails to perform any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or the appointment or a receiver or trustee for all or substantially all of the assets of Tenant; in each of the foregoing casesother terms, if not dismissed within 30 days of such filingconditions, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the covenants and obligations of Tenant under this Lease (each, a “Guarantor”);
(c) A transfer in fraud of creditors to be observed or an assignment performed by TENANT for the benefit of creditors, whether by Tenant or any Guarantor;
(d) The filing or imposition of a lien against the Premises, the Buildings or the Property as a result of any act or omission of Tenant and the failure of Tenant to satisfy or bond the lien in its entirety within more than thirty (30) days after receipt of LANDLORD gives TENANT written notice of same;
such Default (it being agreed that a Default, other than failure to pay Gross Rent, Base Rent, Additional Rent or other sums due, which is of such a character that the cure thereof reasonably requires longer than thirty (30) days, shall be deemed cured within said period, if TENANT in good faith commences a cure within the thirty (30) day period and diligently undertakes to complete the cure with reasonably dispatch); (c) if TENANT abandons the Leased Premises (it being agreed that the Leased Premises shall be considered abandoned should TENANT fail to openly conduct business from the aforementioned premises for a period of seven (7) calendar days, TENANT fails to keep the Leased Premises locked and TENANT provides LANDLORD with no forwarding address prior to vacating the Leased Premises); (d) if TENANT or guarantor knowingly misrepresents any material fact in any written statement provided to LANDLORD or at its request, pursuant to or in connection with this Lease; or (e) The liquidationif TENANT, termination any guarantor or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof to Tenant; provided, however, that if such breach cannot be cured within such 20 day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice thereof, then such cure period shall be extended for so long as Tenant continues to use diligent efforts to cure, not to exceed a total of sixty (60) days from the date of Landlord’s notice;
(g) Tenant’s breach of the same provision of this Lease, other than the obligation to pay Rent, more than twice (2) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty general partner becomes insolvent or the breach subject of the Guaranty by one of the Guarantorsa bankruptcy petition.
Appears in 1 contract
Sources: Office/Service Building Lease (Summit Medical Systems Inc /Mn/)
Default by Tenant. The following events will be deemed to be events of default by Tenant under this LeaseLease (each an "Event of Default"^:
(a) Failure Tenant fails to timely pay when due any installment Rent and such failure continues for a period of Rent or any other payment required pursuant 10 days after written notice of such default has been delivered to this Lease within five (5) days of due dateTenant;
(b) The filing Tenant fails to comply with any terms, provisions or covenants of this Lease (other than a failure related to the non-payment of Rent), and such failure continues for a period of 30 days after written notice of such failure has been delivered to Tenant, or if such failure cannot reasonably be cured within such 30-day period, Tenant fails to commence to cure such failure within such 30-day period and/or thereafter fails to prosecute the cure diligently and continuously until cured;
(c) Tenant takes any action to, or notifies Landlord that Tenant or intends to, file a petition for bankruptcy or insolvency under any applicable federal section or state bankruptcy or insolvency law; an adjudication chapter of bankruptcy or insolvency or an admission that it cannot meet its financial obligations the United States Bankruptcy Code, as they become dueamended from time to time, or under any similar law or statute of the appointment United States or any state thereof; or a petition is filed against Tenant or under any such statute and is not dismissed within 90 days thereafter;
(d) A receiver or trustee is appointed for Tenant's leasehold interest in the Premises or for all or substantially all a substantial part of the assets of Tenant; in each or
(e) A breach of the foregoing casespayment obligations by Texas A&M University ("Texas A&M") pursuant to Sections 3.1(c), if not dismissed within 30 days 12.9 or 12.10 of such filingthe Asset Purchase Agreement dated August 2, adjudication2013 (the "APA"), admission or appointmentbetween Landlord, as applicable; the foregoing shall also apply to any party guaranteeing the obligations of Tenant under this Lease (each"Seller", a “Guarantor”);
(c) A transfer in fraud of creditors or an assignment for the benefit of creditorsand Texas A&M, whether by Tenant or any Guarantor;
(d) The filing or imposition of a lien against the Premisesas "Buyer", the Buildings or the Property payment obligations with respect to the Contingency Gifts (as a result defined in the APA) pursuant to Section 12.6 of any act or omission of Tenant and the failure of Tenant to satisfy or bond the lien in its entirety APA, which breach has not been cured by Texas A&M within thirty (30) days after receipt of receiving written notice of same;
from Landlord (e) The liquidationcollectively, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof to Tenant; "APA Payment Breach"'): provided, however, that if such breach canan Event of Default shall not be cured within such 20 day period using diligent efforts deemed to have occurred under this Section 11.1(e) if Landlord has materially breached the APA (including its obligations under Sections 12.6, 12.9 and Tenant promptly commenced efforts to cure such breach upon receipt 12.10 of Landlord’s notice thereofthe APA), then such cure period shall be extended this Lease or the Option Agreement for so long as Tenant continues to use diligent efforts to cure, not to exceed a total of sixty (60) days from the date of such breach remains uncured by Landlord’s notice;
(g) Tenant’s breach of the same provision of this Lease, other than the obligation to pay Rent, more than twice (2) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantors.
Appears in 1 contract
Sources: Triple Net Lease Agreement
Default by Tenant. The following will If (a) Tenant fails to timely pay any sum to be events of default paid by Tenant under this Lease:
Lease provided, however, Landlord agrees to give Tenant one (a1) Failure “warning notice” (as hereinafter defined) during any consecutive twelve (12) month period during the Term, in which event Tenant shall be entitled to pay when due any installment of Rent or any other payment required pursuant to this Lease within a five (5) days business day cure period and Landlord agrees that Landlord will not commence any enforcement actions against Tenant until the expiration of such cure period, provided that, at the expiration of such cure period, if the breach of this Lease has not been remedied, then a breach of the Lease shall exist (a “warning notice” for these purposes shall be in writing, delivered in any manner permitted by Section 28 and may be sent at any time after a payment is due date;
and before payment of the full delinquent amount has been received; a warning notice will be effective on, and the five (5) business day cure period shall be counted from, the date the notice is deemed delivered under Section 28 hereof; in addition, Tenant shall be entitled to no more than one (1) warning notice per calendar month); (b) The filing Tenant fails to perform any of a petition for bankruptcy its other duties or insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or the appointment or a receiver or trustee for all or substantially all of the assets of Tenant; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations of Tenant under this Lease and such default continues for twenty (each20) days after Landlord delivers written notice to Tenant or deposits written notice in the U.S. Mail addressed to Tenant’s address above; provided, a “Guarantor”);
however, that in the event such default cannot be cured by Tenant using reasonable diligence, then Tenant shall have such additional period of time as is necessary to cure such default but in no event more than an additional forty-five (45) days; (c) A transfer in fraud any of creditors the following actions occur and Tenant fails to vigorously contest and cause same to be removed, dismissed, or an vacated within thirty (30) days from the date of entry or filing: (i) Tenant’s interest under this Lease is levied on under execution or other legal process, or (ii) any petition is filed by or against Tenant to declare Tenant a bankrupt or to delay, reduce or modify Tenant’s debts or obligations, or (iii) any petition under the Bankruptcy Code is filed or other action taken to reorganize or modify Tenant’s capital structure, or (iv) Tenant is declared insolvent according to law, or (v) any general assignment of Tenant’s property is made for the benefit of creditors, whether by or (vi) a receiver or trustee is appointed for Tenant or any Guarantor;
its property; (d) The filing except as otherwise expressly provided herein, Tenant vacates or imposition of a lien against abandons the Premises, the Buildings or the Property as a result of any act or omission of Tenant and Premises (which shall include the failure to have the Premises reasonably staffed, stocked and open for business for any period of Tenant to satisfy five (5) consecutive days, or bond the lien in its entirety within thirty (30) days after receipt of notice of same;
(e) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof to Tenant; provided, however, that if such breach cannot be cured within such 20 day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice thereof, then such cure period shall be extended for so long as Tenant continues to use diligent efforts to cure, not to exceed a total of sixty ten (6010) business days from the date of Landlord’s notice;
(g) Tenant’s breach of the same provision of this Lease, other than the obligation to pay Rent, more than twice (2) in during any Lease Year [being that twelve (12) month period;
period beginning on the first day of the first full calendar month of the Term or any anniversary thereof, and running to the next succeeding anniversary of such day]); (he) Failure if Tenant is a corporation, Tenant ceases to deliverexist as a corporation in good standing in the State of Texas; or (f) if Tenant is a partnership or other entity, maintain Tenant is dissolved or restore otherwise liquidated, then Landlord may treat the Security Deposit pursuant to Section 11.2 hereof within occurrence of any one or more of the timeframes provided; and
(i) Failure foregoing events as a breach of this Lease. Upon the occurrence of any of the guarantors foregoing events, at Landlord’s option, Landlord shall have any one or more of the following described remedies, in addition to fulfill all other rights and remedies provided at law or in equity:
(a) Landlord may terminate this Lease and forthwith repossess the Premises and recover damages in a sum of money equal to the total of (i) the cost of recovering the Premises, including the cost of the removal and storage of any of Tenant’s possessions left within the Premises, (ii) the unpaid Rent earned at the time of termination, plus interest thereon at the lesser of eighteen percent (18%) or the then maximum interest rate permitted to be charged by applicable law (the “Interest”) from the due date until paid, (iii) the balance of the Rent for the remainder of the Term, discounted to its present value at the rate of six percent (6%) per annum, less the fair market rental value (allowing a reasonable period for reletting) of the Premises for said period (provided said sum shall not be less than zero), and (iv) any other sum of money and/or damages owed by Tenant to Landlord.
(b) Without terminating this Lease, Landlord may terminate Tenant’s right of possession and repossess the Premises by forcible detainer suit or otherwise, without demand or notice of any kind to Tenant. If Landlord pursues this remedy, Landlord shall use reasonable efforts to relet the Premises for Tenant’s account, for such rent and upon such terms and conditions as Landlord deems satisfactory. Landlord shall be deemed to have used “reasonable efforts” to relet the Premises if Landlord offers the Premises “for lease” and entertains in good faith, bona fide offers to lease submitted to Landlord. In no event shall Landlord be obligated to lease the Premises in priority of other space in the Building or adjacent buildings owned by Landlord or any affiliate thereof. For the purpose of such reletting, Landlord is authorized to decorate or to make any repairs, changes, alterations or modifications in or to the Premises as it deems necessary to prepare the Premises to relet at Tenant’s expense. If Landlord fails to relet the Premises, then Tenant shall pay to Landlord as damages a sum equal to the amount of the Guaranty Rent provided for in this Lease for such period or periods. If Landlord relets the breach Premises and fails to realize a sufficient sum from such reletting after deducting (a) the due and unpaid Rent, (b) the accrued Interest thereon, (c) the cost of recovering possession, (d) the costs and expenses of all decorations, repairs, changes, alteration and modifications, (e) the expense of such reletting and the collection of the Guaranty rent accruing therefrom, (f) the cost of any brokerage fees or commissions payable by Landlord in connection with such reletting or attempted reletting, (g) the cost of removing and storing the furniture, trade fixtures, equipment, inventory and/or personal property of Tenant or any other occupant’s property left on the Premises or Land after reentry, (h) any other costs incurred by Landlord in such reletting, and (i) any other sum or money or damages owed by Tenant to Landlord at law, in equity, or hereunder, then Tenant shall pay to Landlord any such deficiency upon demand from time to time. Landlord may file one or more suits to recover any sums falling due under this Section from time to time. Any reletting shall not be an election by Landlord to terminate this Lease unless Landlord gives a written notice of such intention to Tenant. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous default.
(c) Landlord may change the locks on the Premises and Landlord will not have to give the Tenant a new key unless the Tenant cures the default(s); the new key will be provided only during Landlord’s regular business hours.
(d) Landlord may enter upon the Premises and do whatever Tenant is obligated to do under the terms of this Lease, and Tenant agrees to reimburse Landlord on demand for any expenses which Landlord may incur in effecting compliance with Tenant’s obligations under this Lease plus fifteen percent (15%) of such cost to cover overhead, plus Interest, and Tenant further agrees that Landlord shall not be liable for any damages resulting to Tenant from such action. No action taken by Landlord under this Section shall relieve Tenant from any of its obligations under this Lease or from any consequences or liabilities arising from the failure to perform such obligations.
(e) Any furniture, trade fixtures, equipment, inventory or other personal property of Tenant which remains on the Premises following (i) the termination date of this Lease, or (ii) Landlord’s termination of Tenant’s possession of the GuarantorsPremises pursuant to this Section 23, shall conclusively be deemed abandoned, and without notice to Tenant, Landlord may dispose of the same in any manner deemed suitable by Landlord, sell such property and retain the proceeds therefor, or store such property at Tenant’s expense.
(f) Landlord shall have the right to exercise any and all other remedies available to Landlord in this Lease, at law or in equity.
Appears in 1 contract
Sources: Lease Agreement (American International Holdings Corp.)
Default by Tenant. The following events will be deemed to be events of default by Tenant under this Lease:Lease (each an "Event of Default"):
(a) Failure Tenant fails to timely pay when due any installment Rent and such failure continues for a period of Rent 10 days after written notice of such default has been delivered to Tenant; Tenant fails to comply with any terms, provisions or any other payment required pursuant to covenants of this Lease (other than a failure related to the non-payment of Rent), and such failure continues for a period of 30 days after written notice of such failure has been delivered to Tenant, or if such failure cannot reasonably be cured within five (5) days of due datesuch 30-day period, Tenant fails to commence to cure such failure within such 30-day period and/or thereafter fails to prosecute the cure diligently and continuously until cured;
(b) The filing of Tenant takes any action to, or notifies Landlord that Tenant or intends to, file a petition for bankruptcy or insolvency under any applicable federal section or state bankruptcy or insolvency law; an adjudication chapter of bankruptcy or insolvency or an admission that it cannot meet its financial obligations the United States Bankruptcy Code, as they become dueamended from time to time, or under any similar law or statute of the appointment United States or any state thereof; or a petition is filed against Tenant or under any such statute and is not dismissed within 90 days thereafter;
(d) A receiver or trustee is appointed for Tenant's leasehold interest in the Premises or for all or substantially all a substantial part of the assets of Tenant; in each or A breach of the foregoing casespayment obligations by Texas A&M University ("Texas A&M") pursuant to Sections 3.1(c), if not dismissed within 30 days 12.9 or 12.10 of such filingthe Asset Purchase Agreement dated "APA"), adjudication, admission or appointmentbetween Landlord, as applicable; the foregoing shall also apply to any party guaranteeing the obligations of Tenant under this Lease (each"Seller", a “Guarantor”);
(c) A transfer in fraud of creditors or an assignment for the benefit of creditorsand Texas A&M, whether by Tenant or any Guarantor;
(d) The filing or imposition of a lien against the Premisesas "Buyer", the Buildings or the Property payment obligations with respect to the Contingency Gifts (as a result defined in the APA) pursuant to Section 12.6 of any act or omission of Tenant and the failure of Tenant to satisfy or bond the lien in its entirety APA, which breach has not been cured by Texas A&M within thirty (30) days after receipt of receiving written notice of same;
from Landlord (e) The liquidationcollectively, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof to Tenant"APA Payment Breach"); provided, however, that if such breach canan Event of Default shall not be cured within such 20 day period using diligent efforts deemed to have occurred under this Section 11.1(e) if Landlord has materially breached the APA (including its obligations under Sections 12.6, 12.9 and Tenant promptly commenced efforts to cure such breach upon receipt 12.10 of Landlord’s notice thereofthe APA), then such cure period shall be extended this Lease or the Option Agreement for so long as Tenant continues to use diligent efforts to cure, not to exceed a total of sixty (60) days from the date of such breach remains uncured by Landlord’s notice;.
(ge) Tenant’s breach of the same provision of this Lease, other than the obligation to pay Rent, more than twice 2013 (2) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantors.the
Appears in 1 contract
Sources: Asset Purchase Agreement
Default by Tenant. The occurrence of any one or more of the following will be events of default shall constitute a material breach by Tenant under of this Lease:
(a) Failure the failure by Tenant to pay when due make any installment payment of rent, Additional Rent or any other payment required pursuant to this Lease within five (5) days of due datebe made by Tenant hereunder, as and when due;
(b) The filing of a petition for bankruptcy the failure by Tenant to observe or insolvency under perform any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or the appointment or a receiver or trustee for all or substantially all of the assets covenants, conditions or provisions of Tenant; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations of Tenant under this Lease where such failure shall continue for a period of fifteen (each, a “Guarantor”);
(c) A transfer in fraud of creditors or an assignment for the benefit of creditors, whether by Tenant or any Guarantor;
(d) The filing or imposition of a lien against the Premises, the Buildings or the Property as a result of any act or omission of Tenant and the failure of Tenant to satisfy or bond the lien in its entirety within thirty (3015) days after receipt of notice of same;
(e) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after written notice thereof to Tenant; by Tenant from Landlord, provided, however, that if the nature of Tenant's default is such breach that it cannot be cured solely by payment of money and that more than fifteen (15) days may be reasonable required for such cure, than Tenant shall not be deemed to be in default if Tenant shall commence such cure within such 20 fifteen (15) day period using diligent efforts and shall thereafter diligently prosecute such cure to completion;
(c) the making of any general arrangement or any assignment by Tenant promptly commenced for the benefit of creditors; the filing by or against Tenant of a petition to have Tenant adjudged a bankrupt or a petition of reorganization or arrangement under any law relating to bankruptcy (unless, in the case of a petition filed against Tenant, such petition is dismissed within ninety (90) days); the appointment of a trustee or receiver to take possession of substantially all of Tenant's assets; or the attachment, execution or other judicial seizure of substantially all of Tenant's assets;
(d) if the Leased Premises are vacant, unoccupied or deserted for a period of fifteen (15) days or more at any time during the term In the event of any material breach of this Lease by Tenant, then Landlord, in addition to other rights or remedies it may have, shall have the right to terminate this Lease, and also the right, with or without termination of this Lease, to reenter and take possession of the Leased Premises and Landlord may remove all persons and property from the Leased Premises; such property may be removed and stored in any other place in the Building or in any other reasonably secure place for the account of and at the expense and risk of Tenant. Should Landlord elect to reenter, as herein provided, or should it take possession pursuant to legal proceedings or pursuant to any notice provided for by law, Landlord may either terminate this Lease or, Landlord, without terminating this Lease, shall use its reasonable efforts to cure relet the Leased Premises or any part thereof for such breach upon receipt terms and conditions as may be reasonable, with the right to make alterations and repairs to the Leased Premises. Rental received by Landlord from such reletting shall be applied first, to the payment of any costs of such reletting including reasonable brokerage and attorneys' fees; 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 or Tenant shall pay to Landlord’s notice thereof, at Landlord's sole option, the difference between the rent reserved under this Lease and the fair rental value of the Leased Premises for the balance of the term to be determined as the date of re-entry. Should such rentals received from such reletting during any month be less than the monthly basic rent reserved hereunder, then Tenant shall pay such cure period deficiency to Landlord. Such deficiency shall be extended for so long calculated and paid monthly. No such reentry or taking possession of the Leased Premises by Landlord shall be construed as an election on its part to terminate this Lease, unless written notice of such intention be given to Tenant, in which event Tenant's obligations to Landlord shall forthwith cease, or unless the termination thereof be decreed by a court of competent jurisdiction. In the event Tenant continues fails to use diligent efforts to cure, not to exceed a total of sixty pay Landlord any rental payment or other charge due hereunder within ten (6010) days from the date of on which any such payment was due, Tenant shall pay Landlord’s notice;
, a late charge equal to fifteen percent (g15%) Tenant’s breach of the same provision of this Leaserental payment or other such charge, other than the obligation to pay Rent, more than twice (2) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors to fulfill the terms which late charge shall be considered Additional Rent and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantorscollectible as Additional Rent without notice from Landlord.
Appears in 1 contract
Default by Tenant. The following will be events of default by Tenant under this Lease:
(a) Failure to pay when due any installment of Rent or any other payment required pursuant to this Lease within five (5) days of due date;
(b) The filing of a petition for bankruptcy or insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or the appointment or a receiver or trustee for all or substantially all of the assets of Tenant; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations of Tenant under this Lease (each, a “Guarantor”);
(c) A transfer in fraud of creditors or an assignment for the benefit of creditors, whether by Tenant or any Guarantor;
(d) The filing or imposition of a lien against the Premises, the Buildings or the Property as a result of any act or omission of Tenant and the failure of Tenant to satisfy or bond the lien in its entirety within thirty (30) days after receipt of notice of same;
(e) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantorboth of H▇▇▇▇▇ P▇▇▇ and K▇▇▇▇▇▇ ▇▇▇▇;
(f) Failure Except where another period is specified herein, failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof to Tenant; provided, however, that if such breach cannot be cured within such 20 day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice thereof, then such cure period shall be extended for so long as Tenant continues to use diligent efforts to cure, not to exceed a total of sixty (60) days from the date of Landlord’s notice;
(g) Tenant’s breach of the same provision of this Lease, other than the obligation to pay Rent, more than twice (2) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and;
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantors; and
(j) Any Tenant Party, or their employees or representatives, engaging in activities in violation of Applicable Law or Permits and Approvals.
Appears in 1 contract
Sources: Lease Agreement (Power REIT)
Default by Tenant. The occurrence of any one or more of the following will be events shall constitute a breach of default this Lease by Tenant under this Lease:Tenant:
(a) Failure The failure by Tenant to pay when due make any installment payment of Rent or any other payment required pursuant to this Lease within five be made by Tenant hereunder, as and when due, where such failure shall continue for a period of thirty (530) days of due dateafter written notice thereof from Landlord to Tenant;
(b) The filing of a petition for bankruptcy or insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or the appointment or a receiver or trustee for all or substantially all of the assets of Tenant; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations of Tenant under this Lease (each, a “Guarantor”);
(c) A transfer in fraud of creditors or an assignment for the benefit of creditors, whether by Tenant or any Guarantor;
(d) The filing or imposition of a lien against the Premises, the Buildings or the Property as a result of any act or omission of Tenant and the failure of Tenant to satisfy observe or bond perform any of the lien in its entirety within thirty covenants, conditions or provisions of this Lease to be observed or performed by Tenant, other than payment of Rent or other requisite payments, where such failure shall continue for a period of sixty (3060) days after receipt of notice of same;
(e) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after written notice thereof from Landlord to Tenant; provided, however, that if the nature of Tenant’s default is such breach cannot be cured within such 20 day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice thereof, then such cure period shall be extended for so long as Tenant continues to use diligent efforts to cure, not to exceed a total of that more than sixty (60) days from are reasonably required for its cure, than Tenant shall not be deemed to be in default if Tenant commences such cure with such sixty (60) days period and thereafter diligently pursues such cure to completion;
(c) The abandonment by Tenant of the date Premises or a substantial portion thereof;
(d) The making by Tenant of Landlordany general assignment for the benefit of creditors;
(e) 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 (unless, in the case of a petition filed against Tenant, the same is dismissed within thirty [30] days);
(f) The appointment of a trustee or receiver to take possession of all or substantially all of Tenant’s noticeassets located at the Premises, or of Tenant’s interest in this Lease;
(g) The attachment, execution or other judicial seizure of all or substantially all of Tenant’s breach assets located at the Premises, or of the same provision of Tenant’s interest in this Lease, other than the obligation to pay Rent, more than twice where such seizure is not discharged within thirty (230) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantorsdays.
Appears in 1 contract
Sources: Commercial Lease
Default by Tenant. The following will be events of default by Tenant under this Lease:
(a) Failure to pay when pay, within 10 days of the due date thereof, any installment of Rent or any other payment required pursuant to this Lease within five (5) days of due dateLease;
(b) The filing of a petition for bankruptcy or insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or the appointment or a receiver or trustee for all or substantially all of the assets of Tenant; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any each party guaranteeing the obligations of Tenant under this the Lease (each, a “Guarantor”"GUARANTOR");
(c) A transfer in fraud of creditors or an assignment for the benefit of creditors, whether by Tenant or any Guarantor;
(d) The filing or imposition of Any act by Tenant which results in a lien being filed against the Premises, the Buildings Premises or the Property as a result of any act or omission of Tenant and the failure of Tenant to satisfy or bond the lien in its entirety within thirty (30) days after receipt of notice of samePark;
(e) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party toLease, other than the obligation to pay Rent, within twenty (20) 30 days after notice thereof to Tenant; Tenant (provided, however, that (1) if such breach cure cannot reasonably be cured accomplished within a 30-day period, (2) Tenant has commenced performance of the cure during such 20 30-day period using diligent efforts period, and (3) Tenant promptly commenced efforts to cure is diligently prosecuting such breach upon receipt of Landlord’s notice thereofcure, then Tenant shall have an additional reasonable period of time to complete such cure period shall be extended for so long as Tenant continues to use diligent efforts to cure, not to exceed a total of sixty (60) days from the date of Landlord’s notice);
(g) Tenant’s 's breach of the same material provision of this Lease, other than the obligation to pay Rent, more than twice (2) in any twelve (12) -month period;; and
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section SECTION 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantorshereof.
Appears in 1 contract
Default by Tenant. (a) The following will be events shall constitute events of default by Tenant under this Lease:
(a1) Failure a failure by Tenant to pay when due any installment of Rent or any other payment required pursuant to this Lease within deliver an estoppel certificate (as provided in Paragraph 17 below) where such failure continues for five (5) days of due dateafter written notice by Landlord to Tenant;
(b2) The filing of a petition for the bankruptcy or insolvency under of Tenant, any applicable federal or state bankruptcy or insolvency law; an adjudication transfer by ▇▇▇▇▇▇ to defraud creditors, any assignment by Tenant for the benefit of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become duecreditors, 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 sixty (60) days thereafter; the appointment or of a receiver or trustee for all or substantially all a substantial part of the assets of Tenant; in each of or the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission levy upon this Lease or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations estate of Tenant under this Lease (each, a “Guarantor”)hereunder by any attachment or execution;
(c3) A transfer the abandonment or vacation of the Premises;
(4) the discovery by Landlord that any financial statement given to Landlord by ▇▇▇▇▇▇, any assignee of Tenant, any subtenant of Tenant, any successor in fraud interest of creditors or an assignment for the benefit of creditors, whether by Tenant or any Guarantor;guarantor of Tenant’s obligation hereunder, and any of them, was materially false; and
(d5) The filing or imposition of a lien against the Premises, the Buildings or the Property as a result of any act or omission of Tenant and the failure of by Tenant to satisfy perform any of the terms, covenants, agreements or bond the lien in its entirety within conditions of this Lease to be observed or performed by Tenant (excluding any event of default under Paragraph 14(a)(1) above), where such failure continues for thirty (30) days after receipt of notice of same;
(e) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after written notice thereof by Landlord to Tenant; provided, however, that if the nature of the default is such breach that the same cannot reasonably be cured within the 30-day period, Tenant shall not be deemed to be in default if Tenant shall within such 20 day period using diligent efforts commence such cure and thereafter diligently prosecute the same to completion,
(b) In the event of any material de fault or breach by ▇▇▇▇▇▇, Landlord may at any time thereafter, without limiting Landlord in the exercise of any right or remedy at law or in equity which Landlord may have by reason of such default or breach:
(1) Pursue the remedy described in California Civil Code Section 1951.4 whereby Landlord may continue this Lease in full force and effect after ▇▇▇▇▇▇’s breach and abandonment and recover the Rent and any other monetary charges as they become due, without terminating Tenant’s right to sublet or assign this Lease, subject only to reasonable limitations as herein provided. During the period Tenant is in default, Landlord shall have the right to do all acts necessary to preserve and maintain the Premises as Landlord deems reasonable and necessary, including removal of all persons and property from the Premises, and Landlord can enter the Premises and relet them, or any part of them, to third parties for ▇▇▇▇▇▇’s account. Tenant shall be liable immediately to Landlord for all costs Landlord incurs in reletting the Premises, including, without limitation, brokers’ commissions, expenses of remodeling the Premises required by the reletting, and like costs. Reletting can be for a period shorter or longer than the remaining Term.
(2) Pay or perform such obligation due (but shall not be obligated to do so), if Tenant fails to pay or perform any obligations when due under this Lease within the time permitted for their payment or performance. In such case, the costs incurred by Landlord in connection with the performance of any such obligation will be additional tent due under this Lease and will become due and payable on demand by Landlord.
(3) Terminate Tenants rights to possession by any lawful means, in which case this Lease shall terminate and Tenant promptly commenced efforts shall immediately surrender possession of the Premises to cure Landlord. In such breach upon receipt event Landlord shall be entitled to recover from Tenant all damages incurred by Landlord by reason of Tenant’s default, including, without limitation, the following: (A) the worth at the time of award of any unpaid Rent which had been earned at the time of such termination; plus (B) 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 Rent loss that is proved could have been reasonably avoided; plus (C) 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 Rent loss that is proved could be reasonably avoided; plus (D) any other amount necessary to compensate Landlord for all the detriment proximately caused by Tenant’s failure to perform its obligations under this Lease or which in the ordinary course of events would be likely to result therefrom; plus (E) at Landlord’s notice thereofelection, then such cure period other amounts in addition to or in lieu of the foregoing as may be permitted from time to time by applicable State law. Upon any such termination of ▇▇▇▇▇▇’s possessory interest in and to the Premises, Tenant (and at Landlord’s sole election, Tenants sublessees) shall be extended no longer have any interest in the Premises, and Landlord shall have the right to make any reasonable repairs, alterations or modifications to the Premises which Landlord in its sole discretion deems reasonable and necessary. The “worth at the time of award of the amounts referred to in subparagraphs (A) and (B) above is computed by allowing interest at the maximum rate an individual is permitted by law to charge. The worth at the time of award of the amount referred to in subparagraph (C) above is 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 (1%).
(4) Pursue any other legal or equitable remedy available to Landlord. Unpaid installments of Rent and other unpaid monetary obligations of Tenant under the terms of this Lease shall bear interest from the date due at the rate of ten percent (10%) per annum.
(c) In the event Tenant is evicted or Landlord takes possession of the Premises by reason of any default by Tenant hereunder, Tenant hereby waives any right of redemption or relief from forfeiture as provided by law.
(d) Even though ▇▇▇▇▇▇ has breached this Lease and abandoned the Premises, this Lease shall continue in effect for so long as Tenant continues Landlord does not terminate Tenant’s right to use diligent possession, and Landlord may enforce all its rights and remedies under this Lease, including the right to recover Rent as it becomes due under this Lease. Acts of maintenance or preservation, efforts to curerelet the Premises, not or the appointment of a receiver upon initiative of Landlord to exceed a total of sixty (60) days from the date of protect Landlord’s notice;interest under this Lease, shall not constitute a termination of Tenant’s right to possession.
(ge) Tenant’s breach of In the same event Tenant is in material default under any provision of this LeaseLease then, other than the obligation to pay Rent, more than twice (2) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
at Landlord’s sole election: (i) Failure Tenant shall not have the right to exercise any available right, option or election under this Lease (“Tenant’s Exercise Rights”) if at such time Tenant is in default hereunder, (ii) Tenant shall not have the right to consummate any transaction or event triggered by the exercise of any of Tenant’s Exercise Rights if at such time Tenant is in default hereunder, and (iii) Landlord shall not be obligated to give Tenant any required notices or information relating to the guarantors to fulfill the terms and conditions exercise of the Guaranty or the breach any of the Guaranty by one of the GuarantorsTenant’s Exercise Rights hereunder.
Appears in 1 contract
Default by Tenant. The occurrence of anyone or more of the following will events shall be events a breach of and default under this Lease (an "Event of Default"):
(i) failure to pay, when due, any sum to be paid by Tenant under this Lease:
Lease and such failure shall continue for ten (a) Failure to pay when due any installment of Rent or any other payment required pursuant to this Lease within five (510) days after written notice to Tenant (provided, however, after Landlord has given Tenant written notice of due datesuch default on two separate occasions during any calendar year, Landlord shall not be required to give Tenant any further notice for subsequent failure(s)) during any calendar year;
(bii) The filing of a petition for bankruptcy or insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or the appointment or a receiver or trustee for all or substantially all of the assets of Tenant; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations of Tenant under this Lease (each, a “Guarantor”);
(c) A transfer in fraud of creditors or an assignment for the benefit of creditors, whether by Tenant or any Guarantor;
(d) The filing or imposition of a lien against the Premises, the Buildings or the Property as a result of any act or omission of Tenant and the failure of Tenant to satisfy execute or bond otherwise respond in good faith and in writing to a request for confirmation of the lien in its entirety subordination of this Lease pursuant to Section 7.09 or for an estoppel certificate pursuant to Section 7.10 within thirty (30) days after receipt submission of notice of samesame to Tenant;
(eiii) The liquidation, termination failure by Tenant in the performance of any of the other covenants or dissolution conditions which Tenant is required to observe and to perform not included in subparagraphs (i) and (ii) of Tenant or any Guarantor, this Section 7.02 and such failure shall continue for thirty (30) days after written notice to Tenant; or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof to Tenant; provided, however, that if such breach failure cannot reasonably be cured within such 20 said thirty (30) day period using despite Tenant's diligent efforts and good faith efforts, the failure of Tenant to promptly commenced commence its diligent good faith efforts to cure such breach upon receipt failure within said thirty (30) day period and/or the continuance of Landlord’s notice thereof, then such cure failure for a period shall be extended for so long as Tenant continues to use diligent efforts to cure, not to exceed a total of sixty (60) days notwithstanding Tenant's efforts to cure;
(iv) the interest of Tenant under this Lease shall be levied on under execution or other legal process;
(v) any petition shall be filed by or against Tenant to declare Tenant a bankrupt or to delay, reduce or modify Tenant's debts or obligations,
(vi) any petition shall be filed or other action taken to reorganize or modify Tenant's capital structure;
(vii) Tenant is declared insolvent according to law, or any assignment of Tenant's property shall be made for the benefit of creditors;
(viii) a receiver or trustee is appointed for Tenant or its property;
(ix) Tenant, if a corporation, shall cease to exist as a corporation in good standing in the state of its incorporation, or Tenant, if a partnership or other entity, shall be dissolved or otherwise liquidated; or
(x) the assignment of this Lease or the subletting of all or any part of the Leased Premises without the prior written consent of Landlord as and if required in accordance with Section 8.01. (provided that no such levy, execution, legal process or petition filed against Tenant as described in (iii), (iv), (v), (vi) or (vii) of this Section 7.02 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 ninety (90) days from the date of its creation, service or filing). Thereupon, at Landlord’s notice's option, for as long as an Event of Default is continuing hereunder Landlord may have anyone 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 forthwith repossess the Leased Premises and be entitled to recover forthwith as damages a sum of money equal to the total of (i) the cost of recovering the Leased Premises (including reasonable attorneys' fees and costs of suit), (ii) the accrued and unpaid rent at the date of termination, plus interest thereon at the Default Interest Rate, (iii) the present value (discounted at the rate often percent (10%) per annum) of the balance of the unpaid rent which would have accrued and become payable under this Lease during the remainder of the lease term less the present value (discounted at the same rate) of the fair market rental value (taking into account factors relating to the interruption of a continuous rental stream (such as reasonably estimated costs associated with the potential period of time until a new tenant commences payment of rental) and actual out-of-pocket expenses incurred by Landlord) of the Leased Premises for said period plus reasonable costs to Landlord associated and incurred in connection with the reletting for such period, (such as the cost of preparation of the Leased Premises, leasing commissions and reasonable attorneys' fees associated with occupancy by a new tenant) and (iv) any other sum of money and damages owed by Tenant to Landlord;
(gb) Landlord may terminate Tenant’s breach 's right of possession (but not this Lease) and may repossess the same provision Leased Premises by forcible entry and detainer suit or otherwise, without thereby releasing Tenant from any liability hereunder and without demand or notice of any kind to Tenant and without terminating this Lease. Landlord shall use reasonable efforts under the circumstances to relet the Leased Premises on such terms and conditions as Landlord in its sole discretion may determine (including a term different than the term of this Lease, other than rental concessions, alterations and repair of the obligation to pay RentLeased Premises); provided, more than twice (2) in any twelve (12) month period;
(h) Failure to deliverhowever, maintain or restore Landlord hereby reserves the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
right (i) Failure to lease any other comparable space available in the Building or in any other building owned by Landlord prior to leasing the Leased Premises for lease and (ii) to refuse to lease the Leased Premises to any potential tenant which does not meet Landlord's standards and criteria for leasing other comparable space in the Building. Landlord shall not be liable for, nor shall Tenant's obligations hereunder be diminished because of, Landlord's failure to relet the Leased Premises or collect rental due in respect of such reletting. For the purpose of such reletting Landlord is authorized to decorate or to make any reasonable repairs, changes, alterations or additions in or to Leased Premises as may be reasonably necessary or desirable. If 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 (after first deducting therefrom, for retention by Landlord, the previously accrued but unpaid rental due hereunder at the time of reletting plus interest thereon at the rate specified in Section 2.02(c), the cost of recovering possession [(including reasonable attorneys' fees and costs of suit)], all of the reasonable costs and expenses of such decorations, repairs, changes, alterations and additions, the expense of such reletting and the cost of collection of the rental accruing therefrom) to satisfy the rental obligations of Tenant provided for in this Lease, then (y) 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, plus the cost of recovering possession of the Leased Premises (including reasonable attorneys' fees and costs of suit), the previously accrued but unpaid rent earned at the time of repossession, plus interest thereon at the Default Interest Rate, and the reasonable costs incurred in any attempt by Landlord to relet the Leased Premises, or (z) if the Leased Premises have been relet, the Tenant shall satisfy and pay any such deficiency. Any such payments due Landlord shall be made as and when due from time to time and Tenant agrees that Landlord may file suit to recover any sums falling due under the terms of this Section 7.02 from time to time. No delivery to or recovery by Landlord of any portion due Landlord hereunder shall be any defense in any action to recover any other amount not received by 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; or
(c) Landlord may, and is hereby entitled and authorized to, without any notice to Tenant whatsoever, enter upon the Leased Premises by use of a master key, a duplicate key or other peaceable means, and to change, alter or modify the door locks on all entry doors of the guarantors Leased Premises, thereby permanently excluding therefrom Tenant and its officers, principals, agents. employees, representatives and invitees. In the event that Landlord has either permanently repossessed the Leased Premises or terminated this Lease pursuant to fulfill its right to do so under the terms provisions of this Lease and conditions by virtue of an Event of Default, Landlord shall not thereafter be obligated to provide Tenant with a key to the Leased Premises at any time except as set forth in this Section 7.02(c). If Landlord elects to exclude Tenant from the Leased Premises without permanently repossessing the Leased Premises or terminating this Lease pursuant to the provisions of this Lease, then Landlord (at any time prior to permanent repossession or termination) shall not be obligated to provide for Tenant a key to re-enter the Leased Premises until such time as all delinquent rental and other amounts due under this Lease have been paid in full (and all other Events of Default, if any, have been completely cured to Landlord's satisfaction). Upon any such permanent repossession or during any such temporary period of exclusion by Landlord, Landlord will, during Landlord's regular business hours, at Landlord's convenience and upon written request by Tenant, escort Tenant or its authorized personnel to the Leased Premises to retrieve personal belongings of Tenant's employees and Tenant's files, business records and other proprietary materials and information. This remedy of Landlord is intended to override and control any conflicting provisions of the Guaranty or Texas Property Code to the breach of the Guaranty by one of the Guarantorsfullest extent permitted.
Appears in 1 contract
Sources: Lease Agreement (Howell Corp /De/)
Default by Tenant. The occurrence of any of the following will be events of shall constitute a breach of, and default under, this Lease by Tenant:
19.1 Failure by Tenant under to pay any amount (including, without limitation, monthly installments of Base Rent and Additional Rent) when and as same becomes payable in accordance with the provisions of this Lease:, and the continuation of such failure for a period of ten (10) days.
(a) 19.2 Failure to pay when due any installment by Tenant in the due, prompt and complete performance or observance of Rent or any other payment required pursuant to express or implied covenant, agreement or obligation of Tenant contained in this Lease within five (5) days of due date;
(b) The filing of a petition for bankruptcy or insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become dueLease, or and the appointment or a receiver or trustee for all or substantially all of the assets of Tenant; in each of the foregoing cases, if not dismissed within 30 days continuation of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations failure for a period of Tenant under this Lease (each, a “Guarantor”);
(c) A transfer in fraud of creditors or an assignment for the benefit of creditors, whether by Tenant or any Guarantor;
(d) The filing or imposition of a lien against the Premises, the Buildings or the Property as a result of any act or omission of Tenant and the failure of Tenant to satisfy or bond the lien in its entirety within thirty (30) days after receipt written notice from Landlord to Tenant specifying the nature of notice of same;
(e) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof to Tenantfailure; provided, however, that if any such breach failure not involving a hazardous condition cannot reasonably be cured within such 20 day period using diligent efforts and period, Tenant shall not be deemed to be in default hereunder if Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice thereof, then commences such cure within such period shall and thereafter diligently pursues such cure to completion within a reasonable time but, in no event, more than one hundred twenty (120) days after such notice.
19.3 Tenant's vacating, abandoning or failing to accept tender of possession of the Premises or any significant portion thereof.
19.4 Any financial statement or any representation given to Landlord by Tenant, or any assignee, sublessee or successor of Tenant or any guarantor of this Lease, proves to be extended materially false or misleading.
19.5 The insolvency of Tenant; the making by Tenant of any assignment for so long as the benefit of creditors; the filing by or against Tenant continues of a petition to use diligent efforts have Tenant adjudged bankrupt or of a petition for reorganization or arrangement under any law relating to curebankruptcy, not to exceed insolvency or creditors' rights in general (unless in the case of a total of petition filed against Tenant, the same is dismissed within sixty (60) days from days); the date appointment of Landlord’s notice;
a trustee or receiver to take possession of all or a substantial part of Tenant's assets or of Tenant's interest under this Lease, where such seizure is not discharged within sixty (g60) Tenant’s breach days. The occurrence of any of the same provision acts or events referred to in this subsection with respect to any guarantor of this Lease, if any, shall also constitute a default hereunder.
19.6 The attachment, execution or other than judicial seizure of a substantial portion of Tenant's assets or of Tenant's interest in this Lease, where such seizure is not discharged within sixty (60) days.
19.7 Tenant's failure to cause to be released any mechanics' liens filed against the obligation Premises or the Project as required in the Lease.
19.8 Tenant's failure to pay Rent, more than twice observe or perform according to the provisions of Section 14 and Section 16 hereof within two (2) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantorsbusiness days after notice from Landlord.
Appears in 1 contract
Default by Tenant. The Each of the following will occurrences shall be events deemed an event of default (“Default”) by Tenant under this Lease:
(a1) Failure to pay when Tenant has not paid any past due any installment of Rent or any other payment required pursuant to this Lease or utility charges due under Section 8 of this Lease within five (5) days after Landlord gives written notice of nonpayment to Tenant; provided, however, no more than one (1) such notice shall be required to be given in any calendar year and any additional payments not paid within five (5) days of the date due date;shall be a Default without notice from Landlord; or
(b2) The filing Failure to maintain insurance in accordance with Section 11.D; or
(3) Tenant has not complied with any term, provision or covenant of this Lease, other than the payment of Rent or maintenance of insurance pursuant to Section 11.D of this Lease, and has not cured such noncompliance within thirty (30) days after written notice to Tenant, or such longer period as may be reasonably required, not to exceed an additional forty-five (45) days, if the nature of cure is such that it cannot be completed within thirty (30) days, so long as Tenant commenced such cure within the initial thirty (30) day period and thereafter diligently pursues such cure to completion; or
(4) Tenant files a petition, or an involuntary petition for bankruptcy is filed against Tenant (and is not dismissed within sixty (60) days), or insolvency Tenant becomes insolvent under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy , or insolvency or an admission that it Tenant cannot meet its financial obligations as they become due, or the appointment or a receiver or trustee shall be appointed for all or substantially all of the assets of Tenant; in each of the foregoing cases, if Tenant (and is not dismissed within 30 days of such filingsixty (60) days), adjudication, admission or appointment, as applicable; the foregoing Tenant shall also apply to any party guaranteeing the obligations of Tenant under this Lease (each, make a “Guarantor”);
(c) A transfer in fraud of creditors or shall make an assignment for the benefit of creditors; or
(5) Tenant does or permits to be done any act which results in a lien being filed against the Premises or the Project, whether and such lien is not discharged or bonded over or an escrow is established pursuant to Section 11.H of this Lease. If a Default under Section 18.A(4) herein occurs, nothing contained herein shall be construed to express or imply that Landlord consents to any assumption and/or assignment of this Lease by Tenant or any Guarantor;
(d) The filing or imposition of a lien against the Premises, the Buildings or the Property as a result of any act or omission of Tenant and the failure of Tenant to satisfy or bond the lien in its entirety within thirty (30) days after receipt of notice of same;
(e) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision inclusion of this Lease within Tenant’s bankruptcy estate, and Landlord expressly reserves the right to object to any assumption and/or assignment of this Lease and to any inclusion of this Lease within Tenant’s bankruptcy estate. Neither Tenant nor any trustee who may be appointed in such case shall conduct or permit of any “fire”, “bankruptcy”, “going out of business”, auction sale or other lease public sale in or agreement Landlord from the Premises. Tenant acknowledges and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof to Tenant; provided, however, agrees that if such breach cannot be cured within such 20 day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt it has three (3) or more events of Landlord’s notice thereofDefault during the Lease Term, then such cure period it shall be extended considered to be in Chronic Default (“Chronic Default”). Following a determination of Chronic Default, Landlord shall have all rights provided for so long as Tenant continues by this Lease in addition to use diligent efforts to cure, not to exceed a total of sixty (60) days from the date of Landlord’s notice;
(g) Tenant’s breach of the same provision of this Lease, other than the obligation to pay Rent, more than twice (2) all rights at law or in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantorsequity.
Appears in 1 contract
Default by Tenant. The following will be events occurrence of default by Tenant any of the events, acts or circumstances described in Sections 13.1.1 through 13.1.10 shall constitute an “Event of Default” under this Lease:.
(a) 13.1.1. Failure by Tenant to pay when due in full any installment of Basic Rent, Additional Rent or any other payment required pursuant to this Lease within five (5) days of due date;
(b) The filing of a petition for bankruptcy or insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or the appointment or a receiver or trustee for all or substantially all of the assets of Tenant; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations of Tenant monetary obligation under this Lease when due, and the continuance of such failure for ten (each10) days after Landlord has given Tenant written notice of such failure.
13.1.2. Failure by Tenant to observe, perform or comply with any of the terms, covenants, agreements or conditions contained in this Lease (other than as specified in Sections 13.1.1, 13.1.3, 13.1.9 and 13.1.10), and the continuance of such failure for thirty (30) days after Landlord has given Tenant notice of such failure If Tenant has promptly commenced and diligently pursued remedial action within said thirty (30) day period but has been unable to cure its default (except for any default that can be reasonably cured by the payment of money) prior to the expiration thereof, said thirty (30) day period shall be extended for the minimum time reasonably required for the completion of Tenant’s remedial action. Notwithstanding the foregoing, in the event any such failure of performance by Tenant is deemed to pose a “Guarantor”);substantial risk of harm to the residents of the Facility or to the licensure or, if applicable, certification status of the Facility, Tenant shall be required to cure such failure within a period of time as may be established by the state or federal authority having jurisdiction over the Facility or, if no such time frame is established, as soon as is reasonably practicable taking into account the nature of such condition.
(c) A transfer in fraud 13.1.3. The making by Tenant or any guarantor of creditors or this Lease of an assignment for the benefit of creditorsits creditors or the commencement of proceedings in a court of competent jurisdiction for the reorganization, whether by liquidation or involuntary dissolution of Tenant or any Guarantor;
(d) The filing guarantor of this Lease or imposition for the adjudication of either such party as a bankrupt or insolvent or for the appointment of a lien against receiver of the Premisesproperty of either such party, which proceedings are not dismissed and any receiver, trustee or liquidator appointed therein is not discharged, within sixty (60) days after the Buildings or institution thereof.
13.1.4. The abandonment of the Property Premises by Tenant other than as a result of any act repair or omission reconstruction following damage or destruction to, or any condemnation or taking of, the Premises.
13.1.5. The levying of a writ of execution or attachment on or against the property of Tenant and or any guarantor of this Lease which is not discharged or stayed by action of said party contesting the failure of Tenant to satisfy or bond the lien in its entirety same within thirty (30) days after receipt such levy or attachment and/or the sale of notice the interest of same;Tenant in the Premises under such a writ of execution or attachment.
13.1.6. If (ei) The liquidationany government agency having jurisdiction over the Facility revokes or terminates any license required for the operation of the Facility for the Permitted Use, including the RCFE license and such revocation or termination has or dissolution would reasonably be expected to have a material adverse effect on the financial condition of Tenant or the results of operations at the Facility; (ii) there is any Guarantor, orinvoluntary decertification of the Facility from participation in any state or federal reimbursement program, if Tenant applicable, and such decertification has or any Guarantor is would reasonably be expected to have a natural person, material adverse effect on the death financial condition of Tenant or such Guarantor;
the results of operations at the Facility; or (fiii) Failure to cure there is any action taken by a state or federal agency which results in the breach removal of any provision more than ten percent (10%) of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof to Tenant; provided, however, that if such breach cannot be cured within such 20 day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice thereof, then such cure period shall be extended for so long as Tenant continues to use diligent efforts to cure, not to exceed a total of sixty (60) days residents from the date Facility as a result of Landlord’s notice;deficiencies cited by said agency in the care rendered by Tenant at the Facility.
(g) Tenant’s 13.1.7. A breach of the same provision of this Lease, other than the obligation to pay Rent, more than twice (2) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure default by Tenant of any of the guarantors to fulfill the terms and conditions of the any other agreement by and between Landlord and Tenant which is not cured within any cure period provided for therein.
13.1.8. The default by any Guarantor of its obligations under any Guaranty or the breach of the Guaranty by one of the Guarantorsafter any cure period permitted under such Guaranty.
Appears in 1 contract
Sources: Lease Agreement (Emeritus Corp\wa\)
Default by Tenant. The following will shall be deemed to be events of default by Tenant under this Lease:
(ai) Failure Tenant shall fail to pay when due any installment of Rent Annual Gross Rent, any installment of Tenant's Proportionate Share of Operating Costs in Excess of the Operating Stop or reconciliation thereof, any other Additional Rent, or any other payment required charge or assessment against Tenant pursuant to this Lease the terms hereof when due and shall not cure such failure within five ten (510) days of such due date;
; (bii) The filing of a petition for bankruptcy Tenant shall fail to comply with any term, provision, covenant, agreement or insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or the appointment or a receiver or trustee for all or substantially all of the assets of Tenant; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations of Tenant warranty made under this Lease (eachby Tenant, a “Guarantor”);
(c) A transfer in fraud of creditors or an assignment for other than the benefit of creditors, whether by Tenant or any Guarantor;
(d) The filing or imposition of a lien against the Premises, the Buildings or the Property as a result payment of any act installment of Annual Gross Rent, any installment of Tenant's Proportionate Share of Operating Costs in Excess of the Operating Stop or omission of Tenant reconciliation thereof, any other Additional Rent or other charge or assessment payable by Tenant, and the shall not cure such failure of Tenant to satisfy or bond the lien in its entirety within thirty (30) days after receipt of notice of same;
(e) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after written notice thereof to Tenant; provided, however, that if such breach cannot be cured within such 20 day period using diligent efforts (iii) a petition in bankruptcy or insolvency or for reorganization or for the appointment of a receiver or trustee of all or substantially all of Tenant's assets is filed against Tenant in any court pursuant to any statute either of the United States or of any state and Tenant promptly commenced efforts fails to cure such breach upon receipt of Landlord’s notice thereof, then such cure period shall be extended for so long as Tenant continues secure or diligently proceed to use diligent efforts to cure, not to exceed secure a total of discharge thereof within sixty (60) days, or if Tenant voluntarily files a petition in bankruptcy or makes an assignment for the benefit of creditors or petitions for or enters into an arrangement with creditors; or (iv) Tenant shall do or permit to be done anything which creates a lien upon the Leased Premises for work performed by, through or under Tenant which Tenant fails to remove or bond off within thirty (30) days from the date of Landlord’s notice;
(g) Tenant’s breach of the same provision of this Lease, other than the obligation to pay Rent, more than twice (2) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantorsafter written notice thereof.
Appears in 1 contract
Default by Tenant. The occurrence of any one of the following will be events shall constitute an event of default ("Event of Default") by Tenant under this LeaseTenant:
(a) Failure The abandonment of the Premises by Tenant.
(b) The failure by Tenant to pay when due make any installment payment of Rent or any other payment required pursuant to this Lease within five (5) days of due date;
(b) The filing of a petition for bankruptcy or insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or the appointment or a receiver or trustee for all or substantially all of the assets of Tenant; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations of Tenant under this Lease (each, a “Guarantor”);
(c) A transfer in fraud of creditors or an assignment for the benefit of creditors, whether be made by Tenant or any Guarantor;
hereunder within seven (d) The filing or imposition of a lien against the Premises, the Buildings or the Property as a result of any act or omission of Tenant and the failure of Tenant to satisfy or bond the lien in its entirety within thirty (307) days after receipt of written notice of same;
(e) The liquidationfrom Landlord that the same is due, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or except that such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof to Tenant; provided, however, that if such breach canneed not be cured within such 20 day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice thereof, then such cure period shall be extended for so long as Tenant continues to use diligent efforts to cure, not to exceed a total of sixty (60) days from the date of Landlord’s notice;
(g) Tenant’s breach of the same provision of this Lease, other than the obligation to pay Rent, given in more than twice two (2) instances in any twelve (12) month period;.
(hc) Failure The failure by Tenant to deliver, maintain observe or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of perform any of the guarantors covenants, conditions or provisions of this Lease to fulfill be observed or performed by Tenant within thirty (30) days after written notice thereof from Landlord; provided, however, that if the terms nature of such failure is such that it cannot reasonably be cured within such thirty (30) day period, Tenant shall not be deemed to be in default if Tenant shall within such period commence to cure the failure and, thereafter, diligently prosecute the same to completion. As a condition of its effectiveness, notice by Landlord shall state with specifically the provisions of this Lease alleged to be breached and conditions the act or acts of Tenant acceptable o Landlord as a cure thereof.
(d) The making by Tenant of any general assignment, or general arrangement for the Guaranty 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 (unless, in the case of a petition filed against Tenant, the same is dismissed within ninety (90) days); the appointment of a trustee or receiver to take possession of substantially all of Tenant's assets located at the Premises or of Tenant's interest in this Lease, where possession is not restored to Tenant within thirty(30) days; or the breach attachment, levy, execution or other judicial seizure of substantially all of Tenant's assets locate at the Guaranty by one Premises or of the GuarantorsTenant's interest in this Lease, where such seizure is not discharged within thirty (30) days.
Appears in 1 contract
Sources: Lease Agreement (Moro Corp)
Default by Tenant. The following (a) Tenant will be events in “Default” of default by this Lease if Tenant under this Leaseeither:
(a1) Failure Fails to pay Rent when due any installment due, and the failure continues for three (3) days after Landlord notifies Tenant of Rent or this failure under §17.2 (Tenant waiving any other payment notice that may be required pursuant to this Lease within five (5) days of due date;
(b) The filing of a petition for bankruptcy or insolvency under any applicable federal or state bankruptcy or insolvency by law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or the appointment or a receiver or trustee for all or substantially all of the assets of Tenant; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations of Tenant under this Lease (each, a “Guarantor”);
(c2) A transfer in fraud of creditors or an assignment for the benefit of creditors, whether by Tenant or any Guarantor;
(d) The filing or imposition of Fails to perform a lien against the Premises, the Buildings or the Property as a result of any act or omission non-monetary Lease obligation of Tenant and the failure continues for thirty (30) days after Landlord notifies Tenant of this failure, but:
(A) In an emergency, Landlord may require Tenant to satisfy or bond the lien perform this obligation in its entirety a reasonable time of less than ten (10) days, or
(B) If it will reasonably take more than thirty (30) days to perform this obligation, then Tenant will have a reasonable time not exceeding ninety (90) days to perform this obligation, but only if Tenant commences performing this obligation within thirty (30) days after receipt Landlord notifies Tenant of notice of samethis failure;
(e3) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay RentFails, within twenty thirty (2030) days after notice thereof it occurs, to discharge any attachment or levy on Tenant’s interest in this Lease; providedor
(4) Fails, however, that if such breach cannot be cured within such 20 day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice thereof, then such cure period shall be extended for so long as Tenant continues to use diligent efforts to cure, not to exceed a total of sixty (60) days after it occurs, to have vacated or dismissed any appointment of a receiver or trustee of Tenant’s assets (or any Lease guarantor’s assets), or any voluntary or involuntary bankruptcy or assignment for the benefit of Tenant’s creditors (or any Lease guarantor’s creditors).
(b) If Tenant is in Default, Landlord may, without prejudice to the exercise of any other remedy, exercise any remedy available under law, including those described below:
(1) Landlord may enter the Premises as reasonably required and cure Tenant’s Default on Tenant’s behalf without releasing Tenant from any Lease obligation, and Tenant shall reimburse Landlord on demand for all costs of such cure, plus Landlord’s standard administration fee.
(2) Landlord may terminate this Lease upon notice to Tenant (on a date specified in the notice) and recover possession of the Premises from Tenant. At Landlord’s election, either:
(A) Landlord may recover any Rent unpaid as of the termination date, and Tenant will remain liable for the payment when due of Rent for the remaining Term, less the proceeds that Landlord receives in reletting the Premises, but only after Landlord is reimbursed from these proceeds for the expenses Landlord incurs to recover possession of the Premises and relet the Premises; or
(B) Landlord may recover any Rent unpaid as of the termination date, and further recover the present value as of the termination date (calculated using the then current discount rate of the Federal Reserve Bank of New York) of the Rent to be paid for the Term remaining after the termination date (assuming 8% annual increases in Additional Rent) exceeds the proceeds that Landlord receives in reletting the Premises, but only after Landlord is reimbursed from these proceeds for the expenses Landlord incurs to recover possession of the Premises and relet the Premises.
(3) Landlord may use reasonably necessary force to enter and take possession of all or any part of the Premises, expel Tenant or any other occupant, and remove their personal property, and the entry will not constitute a trespass or terminate the Lease. After regaining possession of the Premises, Landlord may relet the Premises for Tenant’s account, but Landlord will not be responsible or liable if Landlord fails to do so or is unable to collect rent due from any reletting. Tenant will continue to pay Rent due, less a credit for the proceeds that Landlord receives in reletting the Premises, but only after Landlord is reimbursed from these proceeds for the expenses Landlord incurs to recover possession of the Premises and relet the Premises.
(4) For any amounts owed under (1), (2) or (3), Landlord may recover interest at the greater of the interest rate permitted under law or 10% (“Default Rate”) from the date of Landlord’s notice;
(g) each amount is due until paid by Tenant’s breach of the same provision of this Lease, other than the obligation to pay Rent, more than twice (2) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantors.
Appears in 1 contract
Sources: Limited Partnership Agreement (Behringer Harvard Short Term Opportunity Fund I Lp)
Default by Tenant. The 20.1 Each of the following will be events is an "Event of default by Tenant under this LeaseDefault":
(a1) Failure Any failure by Tenant to pay Rent on the due date unless such failure is cured within 5 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 any installment due, an Event of Rent Default shall, automatically occur;
(2) Tenant 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 payment required pursuant to this Lease part of the Premises is taken by process of law and is not released within five 15 days
(5) days of due date;
(b) The filing Commencement by Tenant of a petition for bankruptcy or insolvency proceeding under any applicable provision of federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become duelaw relating to Insolvency, bankruptcy, or the appointment or a receiver or trustee for all or substantially all of the assets of Tenant; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations of Tenant under this Lease reorganization (each, a “Guarantor”"Bankruptcy Proceeding");
(c6) A transfer in fraud Commencement of creditors a Bankruptcy Proceeding against Tenant, unless dismissed within 60 days after commencement;
(7) The insolvency of Tenant or execution by Tenant of an assignment for the benefit of creditors, whether ; the convening by Tenant of a meeting of its creditors or any Guarantor;
(d) The filing significant class thereof for purposes of effecting a moratorium upon or imposition extension or composition of a lien against the Premises, the Buildings its debts; or the Property as a result of any act or omission of Tenant and the failure of Tenant generally to satisfy pay its debts as they mature, or bond the lien in its entirety within thirty (30) days after receipt occurrence of notice any of samethe foregoing with respect to any guarantor, if any, of Tenant's obligations;
(e) 8) The liquidation, termination admission in writing by Tenant (or dissolution 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) Tenant fails to take possession of the Premises on the Commencement Date;
(10) Tenant fails to perform any Guarantor, 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 or any Guarantor is a natural person, the death of Tenant or does not in good faith commence performance within such Guarantor;
(f) Failure 30 day period and diligently proceed to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof to Tenantcompletion; provided, however, that if such breach cannot be cured within such 20 day period using diligent efforts and Tenant promptly commenced efforts Tenant's right to cure such breach upon receipt of Landlord’s notice thereof, then such cure shall not exceed the period shall be extended for so long as Tenant continues to use diligent efforts to cure, not to exceed a total of sixty (60) days from the date of Landlord’s noticeprovided by Applicable Law;
(g11) Tenant’s breach Any event which is expressly defined as or deemed an Event of the same provision of Default under this Lease, other than the obligation to pay Rent, more than twice (2) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantors.
Appears in 1 contract
Sources: Lease Agreement (Digimarc Corp)
Default by Tenant. The following will be events In the case of an Event of Default, Landlord shall have the right to terminate this Lease and shall have all such other rights and remedies as are afforded at law or in equity to a landlord upon default by a tenant, and Tenant under this Leaseshall indemnify and hold harmless Landlord from all damages resulting from such default; provided, however, if the nature of the default (other than failure to pay Rent) is such that it cannot be cured within such period, then Tenant shall not be deemed to be in default if Tenant shall have commenced the cure of such default within such period and thereafter diligently prosecutes such cure to completion. The occurrence of any of the following shall constitute an “Event of Default” by Tenant:
(a) Failure to pay Rent when due any installment of Rent or any other payment required pursuant to this Lease within due, if the failure continues for five (5) days after the due date thereof, it being understood that Landlord shall have no obligation whatsoever to notify Tenant of due dateany such failure to pay Rent;
(b) The filing of a petition for bankruptcy abandonment or insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or the appointment or a receiver or trustee for all or substantially all vacation of the assets Premises by Tenant for a consecutive period of Tenant; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations of Tenant under this Lease ninety (each, a “Guarantor”)90) days;
(c) A transfer in fraud failure by Tenant to observe and perform any other material provision of creditors this Lease to be observed or an performed by Tenant, and such failure continues for thirty (30) days after written notice from Landlord;
(d) The making by Tenant of any general assignment for the benefit of creditors, whether ; the filing by or against Tenant or any Guarantor;
(d) The filing or imposition of a lien petition to have Tenant adjudged a bankrupt or of a petition for reorganization or arrangement under any law relating to bankruptcy (unless, in the case of petition filed against the PremisesTenant, the Buildings same is dismissed within sixty (60) days), the appointment of a trustee or the Property as a result receiver to take possession of any act or omission substantially all of Tenant’s assets, where possession is not restored to Tenant and the failure of Tenant to satisfy or bond the lien in its entirety within thirty (30) days after receipt days, or the attachment, execution or other judicial seizure of notice substantially all of same;Tenant’s assets, where such seizure is not discharged within thirty (30) days; or
(e) The liquidation, termination Tenant allowing any mechanics lien to be filed against or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor to attach to the Premises which is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof to Tenant; provided, however, that if such breach cannot be cured within such 20 day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice thereof, then such cure period shall be extended for so long discharged as Tenant continues to use diligent efforts to cure, not to exceed a total of sixty (60) days from the date of Landlord’s notice;
(g) Tenant’s breach of the same provision of this Lease, other than the obligation to pay Rent, more than twice (2) forth in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to in Section 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantors10(b).
Appears in 1 contract
Sources: Lease Agreement (Vivakor, Inc.)
Default by Tenant. The following events will be deemed to be events of default by Tenant under this Lease:Lease (each an “Event of Default”):
(a) Failure Tenant fails to timely pay any Rent and such failure continues for a period of 5 days after written notice of such default has been delivered to Tenant (but if Landlord has given Tenant 2 such notices during any 12-month period, Landlord will not be required to give further notice; thereafter, the failure by Tenant to make any payment of Rent when due any installment hereunder will be an Event of Rent Default without notice or any other payment required pursuant to this Lease within five (5) days of due dategrace period);
(b) The filing of a petition for bankruptcy Tenant fails to comply with any terms, provisions or insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or the appointment or a receiver or trustee for all or substantially all of the assets of Tenant; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations of Tenant under this Lease (each, a “Guarantor”);
(c) A transfer in fraud of creditors or an assignment for the benefit of creditors, whether by Tenant or any Guarantor;
(d) The filing or imposition of a lien against the Premises, the Buildings or the Property as a result of any act or omission of Tenant and the failure of Tenant to satisfy or bond the lien in its entirety within thirty (30) days after receipt of notice of same;
(e) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision covenants of this Lease or any other lease or agreement between Landlord and Tenant are a party to, (other than a failure related to the obligation to pay non-payment of Rent), within twenty (20) all of which terms, provisions and covenants will be deemed material, and such failure continues for a period of 30 days after written notice thereof of such failure has been delivered to Tenant; provided, however, that or if such breach failure cannot reasonably be cured within such 20 30-day period using diligent efforts and period, Tenant promptly commenced efforts fails to commence to cure such breach upon receipt of Landlord’s notice thereof, then failure within such 30-day period or thereafter fails to prosecute the cure period shall be extended for so long as Tenant continues diligently and continuously or fails to use diligent efforts to cure, not to exceed a total of sixty (60) complete the cure within 60 days from after the date of Landlord’s noticenotice of default;
(gc) Tenant’s breach Tenant or any Guarantor takes any action to, or notifies Landlord that Tenant or any Guarantor intends to, file a petition under any section or chapter of the same provision United States Bankruptcy Code, as amended from time to time, or under any similar law or statute of this Lease, other than the obligation to pay Rent, more than twice (2) in United States or any twelve (12) month periodstate thereof; or a petition is filed against Tenant or any Guarantor under any such statute and is not dismissed within 60 days thereafter;
(hd) Failure to deliver, maintain A receiver or restore trustee is appointed for Tenant’s leasehold interest in the Security Deposit pursuant to Section 11.2 hereof within Premises or for all or a substantial part of the timeframes providedassets of Tenant or any Guarantor; andor
(ie) Failure of Tenant abandons all or any substantial portion of the guarantors Premises or Tenant refuses to fulfill the terms and conditions take occupancy of the Guaranty or the breach of the Guaranty by one of the GuarantorsPremises.
Appears in 1 contract
Sources: Lease Agreement (Navarre Corp /Mn/)
Default by Tenant. The following will be events of default by Tenant under this Lease:Remedies --------------------------------------
(a) Failure to pay when due any installment Each of Rent or any other payment required pursuant to the following shall be deemed a default by Tenant and a breach of this Lease within five Lease: (5i) days of due date;
(b) The filing of a petition by Tenant for bankruptcy adjudication as a bankrupt or insolvency an adjudication as a bankrupt or for reorganization or for an arrangement under any applicable federal or state bankruptcy statute, except a Chapter 11 Bankruptcy where rent is being paid and the terms of the Lease are being complied with; (ii) involuntary dissolution or insolvency lawliquidation of Tenant; an adjudication (iii) appointment of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or the appointment a permanent receiver or a receiver or permanent trustee for of all or substantially all the property of Tenant, if such appointment shall not be vacated within one hundred and twenty (120) days; (iv) taking possession of the assets property of Tenant; in each Tenant by any governmental officer or agency pursuant to statutory authority for dissolution, rehabilitation, reorganization or liquidation of the foregoing cases, Tenant if such taking of possession shall not dismissed be vacated within 30 days one hundred and twenty (120) days; (v) making by the Tenant of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations of Tenant under this Lease (each, a “Guarantor”);
(c) A transfer in fraud of creditors or an assignment for the benefit of creditors. If any event mentioned in this subdivision (a) shall occur, whether Landlord may thereupon or at any time thereafter elect to cancel this Lease by thirty (30) days notice to the tenant in possession and this Lease shall terminate on the day in such notice specified with the same force and effect as if that date were the date herein fixed for the expiration of the term of the Lease.
(i) Default in the payment of the base rent reserved for a period of twenty (20) days after notice. In the event Tenant deducts from base rent or other charges hereunder such sums expended by Tenant to remedy defects or any Guarantor;make repairs upon Landlord's failure to perform its obligations hereunder, such action by Tenant shall not be construed as a default in the payment of fixed rent or other charges hereunder.
(dii) The filing or imposition of a lien against A default in the Premises, the Buildings or the Property as a result performance of any act other covenant or omission condition of Tenant and this Lease on the failure part of the Tenant to satisfy or bond the lien in its entirety within be performed for a period of thirty (30) days after receipt notice. For purposes of this subdivision (b) (ii) hereof, no default on the part of Tenant in performance of work required to be performed or acts to be done or conditions to be modified shall be deemed to exist if steps shall have been commenced by Tenant diligently after notice of same;to rectify the same and shall be prosecuted to completion with reasonable diligence, subject, however, to unavoidable delays.
(ec) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach In cases of any provision such default under Section (b) and at any time thereafter following the expiration of the respective grace periods above mentioned, Landlord may serve a notice upon the Tenant electing to terminate this Lease or any other lease or agreement Landlord and Tenant are upon a party to, other specified date not less than the obligation to pay Rent, within twenty (20) days after the date of serving of such notice thereof to Tenantand this Lease shall then expire on the date so specified as if that date had been originally fixed as the expiration date of the term herein granted; provided, however, that a default under Section (b) hereof shall be deemed waived if such breach cannot default is cured before the date specified for termination in the notice of termination served on Tenant.
(i) a copy of the specified notices shall be cured within served upon the original Tenant herein as well as the party entitled to possession, and (ii) Tenant shall be entitled to timely rectify any defaults occurring after such 20 day assignment or subletting. If Tenant assigns this Lease or sublets the Premises, Landlord, when giving notice to said assignee or subtenant or any future assignee or subtenant in respect of any default, shall also serve a copy of such notice upon the original Tenant (herein called the "Original Tenant"), and no notice of default shall be effective until a copy thereof is so given to the Original Tenant. The Original Tenant shall have the same period using diligent efforts and Tenant promptly commenced efforts after receipt of such notice to cure such breach upon default as is given to Tenant therefor under this Lease. If this Lease terminates or this Lease and the term hereof ceases and expires because of a default of such assignee or subtenant after an assignment of this Lease or sublease shall have been made, Landlord shall promptly give to the Original Tenant notice thereof; and the Original Tenant shall have the option, exercisable by the giving of notice by the Original Tenant to Landlord within ten (10) days after receipt by the Original Tenant of Landlord’s notice thereof's notice, to cure any default and become Tenant under a new lease for the remainder of the term of this Lease (including any renewal periods) upon all of the same terms and conditions as then remain under this Lease, and such cure period 19 new lease shall be extended for so long as Tenant continues to use diligent efforts to cure, not to exceed a total of sixty (60) days from commence on the date of termination of this Lease, except that if the Original Tenant is occupying less than ten percent (10%) of the Premises, Landlord may deliver to the Original Tenant, together with Landlord’s 's notice;, a release as to all future liability under this Lease.
(d) In case this Lease shall be terminated as hereinbefore provided, or by legal proceedings, Landlord or its agents may, immediately or any time thereafter, re-renter and resume possession of the Premises or such part thereof, and remove all persons and property therefrom, by a suitable action or proceeding at law. No re-entry by Landlord shall be deemed an acceptance of a surrender of this Lease.
(e) In case this Lease shall be terminated as hereinbefore provided, Landlord shall, in its own name but as agent for Tenant, if the Lease be not terminated, or if the Lease be terminated in its own behalf, use its best efforts to mitigate its damages and relet the whole or any portion of the Premises for any sum which may be reasonable, giving due consideration to the rents reserved herein and in connection with any such lease, Landlord may make such changes in the character of the improvements on the Premises as may be appropriate or helpful in effecting such lease. Landlord shall not in any event be required to pay Tenant any surplus of any sums received by Landlord on a reletting of the Premises in excess of the rent reserved in this Lease.
(f) In case this Lease shall be terminated as provided in Section (c), subject to rebuttal by Tenant, Landlord shall be entitled to recover from the Tenant, the following: (i) a sum equal to all reasonable expenses, if any, including reasonable counsel fees, incurred by Landlord in recovering possession of the Premises, and all reasonable costs and charges for the care of said Premises while vacant, which damages, less the avails of reletting, shall be due and payable by Tenant to Landlord; and (ii) a sum equal to the amount of all rent and other charges reserved under this Lease which shall be due and payable by Tenant to Landlord on the several days on which the rent and other charges reserved in this Lease would have become due and payable, less the greater of (1) the fair rental value of the Premises, or (2) the net rent, if any, collected by Landlord on reletting the Premises; that is, upon each of such days Tenant shall pay to Landlord the amount of deficiency then existing after receipt of credit for the fair rental value or net rent collected by Landlord. Any excess amounts of rent collected by Landlord shall be credited against future rent. Such net rent collected on reletting shall be computed by deducting from the gross rents collected all necessary expenses incurred in connection with reletting of the Premises or any part thereof, including reasonable brokers' commissions.
(g) Tenant’s breach Separate actions may be maintained by Landlord against Tenant from time to time to recover any damages which, at the commencement of any such action, have then or theretofore become due and payable to the Landlord under this Section without waiting until the end of the same provision of this Lease, other than the obligation to pay Rent, more than twice (2) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantorsthen current term.
Appears in 1 contract
Sources: Lease Agreement (Value City Department Stores Inc /Oh)
Default by Tenant. The following will be events occurrence of default by Tenant under this Lease:
(a) Failure to pay when due any installment of Rent one or any other payment required pursuant to this Lease within five (5) days of due date;
(b) The filing of a petition for bankruptcy or insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or the appointment or a receiver or trustee for all or substantially all more of the assets following shall constitute an “Event of Tenant; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations of Tenant Default” under this Lease Agreement: A. The failure of Tenant to pay any Rent within ten (each10) days after receipt of written notice from Landlord of Tenant’s failure to pay such Rent on the due date therefor under this Lease Agreement; B. The failure of Tenant to perform, comply with or observe any of the other covenants or conditions contained in this Lease Agreement and the continuance of such failure for the period of time as may be specified elsewhere in this Lease Agreement for such specific covenant or condition, or should no period of time be specified elsewhere in this Lease Agreement with respect to such specific covenant or condition, a “Guarantor”);
period of ten (c10) A transfer in fraud of creditors or an assignment for the benefit of creditorsdays after written notice to Tenant; or, whether by Tenant or any Guarantor;
if such failure cannot reasonably be cured within said ten (d10) The filing or imposition of a lien against the Premisesday period despite Tenant’s diligent good faith efforts, the Buildings or the Property as a result of any act or omission of Tenant and the failure of Tenant to satisfy or bond the lien in promptly commence its entirety within thirty (30) days after receipt of notice of same;
(e) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof to Tenant; provided, however, that if such breach cannot be cured within such 20 day period using diligent efforts and Tenant promptly commenced good faith efforts to cure such breach upon receipt failure within said ten (10) day period and/or the continuance of Landlordsuch failure for a period of one hundred twenty (120) days notwithstanding Tenant’s notice thereof, then such cure period shall be extended for so long as Tenant continues to use diligent efforts to cure, not ; C. Tenant shall fail to exceed a total of sixty execute and acknowledge or otherwise respond in good faith and in writing within ten (6010) days from the date after submission to Tenant of Landlord’s notice;
(g) Tenant’s breach a request for confirmation of the same provision subordination of this Lease, other than Lease Agreement pursuant to Section 24 or an estoppel certificate pursuant to Section 35; D. The failure of Tenant to occupy the obligation to pay Rent, more than twice (2) in any Leased Premises during the entire Term for a period of twelve (12) month period;
consecutive months (hother than reasonable cessations of operations in connection with fires or other casualties as described in Section 13 or a Taking as described in Section 14), provided that intermittent operations not exceeding six (6) Failure consecutive months in duration shall not serve to deliver, maintain or restore interrupt the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
running of such twelve (i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantors.12)
Appears in 1 contract
Sources: Build to Suit Lease Agreement
Default by Tenant. The occurrence of any of the following will be events shall constitute a breach of and default by Tenant under this LeaseLease by Tenant:
(a) Failure by Tenant to pay any amount, including without limitation, monthly installments of Basic Annual Rent and any additional rent, when due any installment and as the same becomes payable in accordance with the provisions of Rent or any other payment required pursuant this Lease, and the continuation of such failure for a period of ten (10) business days after written notice thereof from Landlord to this Lease within five (5) days of due date;Tenant.
(b) The filing of a petition for bankruptcy or insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become Failure by Tenant in the due, prompt and complete performance and observance of any express or implied covenant, agreement or obligation of Tenant contained in this Lease, other than the appointment or a receiver or trustee for all or substantially all breaches described of Sections 17.1(a), (g), and (h) hereof, and the assets of Tenant; in each of the foregoing cases, if not dismissed within 30 days continuation of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations failure for a period of Tenant under this Lease (each, a “Guarantor”);
(c) A transfer in fraud of creditors or an assignment for the benefit of creditors, whether by Tenant or any Guarantor;
(d) The filing or imposition of a lien against the Premises, the Buildings or the Property as a result of any act or omission of Tenant and the failure of Tenant to satisfy or bond the lien in its entirety within thirty (30) days after receipt of notice of same;
(e) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after written notice thereof from Landlord to TenantTenant specifying the nature of such failure; provided, however, that if any such breach cannot be cured within such 20 day period using diligent efforts and Tenant promptly commenced efforts failure involves a hazardous condition or involves interference with, or an adverse effect upon, Landlord’s operations in the Buildings or those of any other tenant or occupant of the Buildings, Landlord shall have the right, in addition to its other rights under this Lease, to cure such breach upon receipt condition or to obtain injunctive relief against Tenant if the condition is not cured within said thirty (30) day period or such shorter period of time as may be required by applicable laws or as may be required by Landlord.
(c) Tenant’s notice thereofvacating or abandoning of the Premises, then as such cure period shall abandonment is established pursuant to Section 1951.3 of the California Civil Code, as such code section is amended or replaced from time to time.
(d) Any financial statement or any representation given to Landlord by Tenant, or any assignee, sublessee or successor of Tenant or any guarantor of this Lease, proves to be extended materially false.
(e) The insolvency of Tenant; the making by Tenant of any assignment for so long as the benefit of creditors; the filing by or against Tenant continues of a petition to use diligent efforts have Tenant adjudged bankrupt or of a petition for reorganization or arrangement under any law relating to curebankruptcy, not to exceed insolvency or creditors’ rights in general (unless in the case of a total of petition filed against Tenant, the same is dismissed within sixty (60) days from days); the date appointment of Landlorda trustee or receiver to take possession of all or a substantial part of Tenant’s notice;assets or of Tenant’s interest under this Lease, where such seizure is not discharged within thirty (30) days. The occurrence of any of the acts or events referred to in this subparagraph with respect to any guarantor of this Lease, if any, shall also constitute a default hereunder.
(f) The attachment, execution or other judicial seizure of a substantial portion 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.
(g) Tenant’s The breach of the same provision provisions of this Lease, other than the obligation to pay Rent, more than twice (2) in any twelve (12) month period;Section 6.6 concerning animal research.
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure The breach of any obligation of Tenant under this Agreement with respect to the use, disposal, handling, or storage of Hazardous Materials. The notices referred to in clauses (a) and (b) above shall be in lieu of, and not in addition to, any notice required under Section 1161 et seq. of the guarantors to fulfill the terms and conditions California Code of the Guaranty or the breach of the Guaranty by one of the GuarantorsCivil Procedure.
Appears in 1 contract
Default by Tenant. The Any of the following will be events shall constitute an event of default (the "Event of Default") by Tenant under this Leasehereunder:
(a) Failure failure to pay when due to Port any installment of Rent or any other payment required pursuant to this Lease within five sum payable hereunder when due, and such default continues for a period of three (53) days following written notice from Port. Notwithstanding the foregoing, Port shall not be required to provide such notice more than twice during any 12-month period, and any such failure by Tenant after Tenant has received two (2) such notices in such 12-month period shall constitute an Event of due date;Default by Tenant hereunder without any further action by Port or opportunity of Tenant to cure except as may be required by Section 1161 of the California Code of Civil Procedure; or
(b) The filing failure by Tenant to deliver the Participation Rent Statement, revised or confirmation statement or Annual Statement when due and such default continues for a period of a petition for bankruptcy ten (10) days following written notice from Port. Notwithstanding the foregoing, Port shall not be required to provide such notice more than twice during any twelve (12) month period, and any such failure by Tenant after Tenant has received two (2) such notices in such twelve (12) month period shall, at the option of Port, constitute an Event of Default by Tenant hereunder without any further action by Port (including, but not limited to, notice to Tenant of such failure) or insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication opportunity of bankruptcy or insolvency or an admission that it cannot meet its financial obligations Tenant to cure except as they become due, or the appointment or a receiver or trustee for all or substantially all may be required by Section 1161 of the assets California Code of TenantCivil Procedure; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations of Tenant under this Lease (each, a “Guarantor”);or
(c) A a second understatement by Tenant of its Gross Revenues for any audit period by five percent (5%) or more within any three (3) year period of the first such understatement; or
(d) Failure to maintain and repair Port buildings or Port’s Equipment and such failure continues for a period of thirty (30) days after written notice by Port, provided that if such default is not capable of cure within such thirty (30) day period, Tenant shall have a reasonable period to complete such cure if Tenant promptly undertakes action to cure such default within such thirty (30) day period and thereafter diligently prosecutes the same to completion within sixty (60) days (or such longer period as determined by Port upon Tenant’s failure to cure after diligent prosecution) after the receipt of notice of default by Port. Port shall not be required to provide such notice more than twice in any twelve (12) month period with respect to any material non-monetary defaults and after the second notice in any calendar year, any subsequent failure by Tenant during such twelve (12) month period shall automatically constitute an Event of Default hereunder; or
(e) failure to comply with Tenant's continuous operations covenant set forth in Section 5.1, as determined by Port in its sole and absolute discretion and such failure continues for a period of thirty (30) days following written notice from Port; or
(f) abandonment or vacation of the Premises by Tenant; or
(g) failure to conduct only the Permitted Use or failure to seek Port’s prior written consent for a material new or modified use, as determined by Port in its sole and absolute discretion and such failure continues for a period of forty-eight (48) hours following written notice from Port; or
(h) failure by Tenant to execute and deliver to Port the estoppel certificate within the time period and in the manner required by Section 36 below, and Tenant's failure to cure the foregoing default within ten (10) days following written notice from Port; or
(i) a Transfer, or attempted Transfer, of this Lease or the Premises by Tenant contrary to the provision of Section 23 above; or
(j) failure by Tenant or Tenant's broker as applicable to provide evidence of insurance coverage complying with the provisions of Section 18 above, failure to maintain any insurance required to be maintained by Tenant pursuant to this Lease, or if any such insurance shall be canceled or terminated or shall expire or be reduced or materially changed, except as permitted in this Lease, and Tenant's or Tenant's broker's failure to deliver evidence of such coverage or failure to reinstate such coverage, all within three (3) business days following written notice from Port; or
(k) failure by Tenant to comply with the provisions of Section 17 above and Tenant's failure to cure the foregoing default within twenty-four (24) hours following written notice from Port. If such default cannot reasonably be cured within such twenty-four (24) hour period, Tenant shall not be in default of this Lease if Tenant commences to cure the default within such twenty-four (24) hour period and diligently and in good faith continues to cure the default, provided, however, in no event shall Tenant have more than thirty (30) days to cure such default; or
(l) failure by Tenant to discharge any lien or encumbrance placed on the Facility or any part thereof in violation of this Lease within ten (10) days after the date such lien or encumbrance is filed or recorded against the Facility or any part thereof, or if Tenant has no knowledge of such lien, then Tenant shall discharge such lien or encumbrance within fifteen (15) days following Tenant's knowledge of such lien or encumbrance; or
(m) failure by Tenant to observe, keep or perform any of the other terms, covenants, agreements or conditions contained in this Lease and required to be observed or performed by Tenant and not specifically enumerated in this Section 24, and such failure continues for a period of thirty (30) days after written notice by Port, provided that if such default is not capable of cure within such thirty (30) day period, Tenant shall have a reasonable period to complete such cure if Tenant promptly undertakes action to cure such default within such thirty (30) day period and thereafter diligently prosecutes the same to completion within sixty (60) days (or such longer period as determined by Port upon Tenant’s failure to cure after diligent prosecution) after the receipt of notice of default by Port. Port shall not be required to provide such notice more than twice in any twelve (12) month period with respect to any material non-monetary defaults and after the second notice in any calendar year, any subsequent failure by Tenant during such twelve (12) month period shall automatically constitute an Event of Default hereunder; or
(n) Tenant shall become bankrupt or insolvent or make a transfer in fraud of creditors creditors, or make an assignment for the benefit of creditors, whether by or bring or have brought against Tenant any action or any Guarantor;
(d) The filing or imposition of a lien against the Premises, the Buildings or the Property as a result proceedings of any act or omission of Tenant and the failure of Tenant to satisfy or bond the lien in its entirety within thirty (30) days after receipt of notice of same;
(e) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of kind under any provision of this Lease the U.S. Bankruptcy Code or under any other lease insolvency, bankruptcy or agreement Landlord and reorganization act and, in the event such proceedings are involuntary, Tenant are a party to, other than is not discharged from the obligation to pay Rent, same within twenty (20) days after notice thereof to Tenant; provided, however, that if such breach cannot be cured within such 20 day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice thereof, then such cure period shall be extended for so long as Tenant continues to use diligent efforts to cure, not to exceed a total of sixty (60) days from the date of Landlord’s notice;thereafter; or
(go) Tenant’s breach a receiver is appointed for a substantial part of the same provision assets of this Lease, other than the obligation to pay Rent, more than twice Tenant and such receiver is not discharged within sixty (260) in any twelve (12) month period;days; or
(hp) Failure to deliver, maintain this Lease or restore the Security Deposit pursuant to Section 11.2 hereof any estate of Tenant under this Lease shall be levied upon by any attachment or execution and such attachment is not stayed or lifted within the timeframes providedsixty (60) days; andor
(iq) Failure without limiting the provisions of any of Sections 24(d), 24(g), 24(k), or 24(m) or lengthening the guarantors cure periods under those subsections, failure by Tenant to fulfill comply with Laws and Tenant's failure to cure the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantorsforegoing default within forty-eight (48) hours following written notice from Port.
Appears in 1 contract
Sources: Lease Agreement
Default by Tenant. 22.1 The following will be events term "Event of default by Tenant under this LeaseDefault" refers to the occurrence of any one (1) or more of the following:
(a) Failure of Tenant to pay when due any installment of Rent or any other payment sum required pursuant to this Lease be paid hereunder which is not received by Landlord within five seven (57) days of after the date due date(the "Monetary Default");
(b) The filing Failure of Tenant, after fifteen (15) days written notice thereof, to perform any of Tenant's obligations, covenants, or agreements except a petition for bankruptcy Monetary Default, provided that if the cure of any such failure is not reasonably susceptible of performance within such fifteen (15) day period, then an Event of Default of Tenant shall not be deemed to have occurred so long as Tenant has promptly commenced and thereafter diligently prosecutes such cure to completion and completes that cure within thirty (30) days;
(c) Tenant, or insolvency any guarantor of Tenant's obligations under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission this Lease (the "Guarantor"), admits in writing that it cannot meet its financial obligations as they become due, ; or is declared insolvent according to any law; or assignment of Tenant's or Guarantor's property is made for the appointment benefit of creditors; or a receiver or trustee is appointed for all Tenant or substantially all of Guarantor or its property; or the assets of Tenant; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations interest of Tenant or Guarantor under this Lease is levied on under execution or other legal process; or any petition is filed by or against Tenant or Guarantor to declare Tenant bankrupt or to delay, reduce, or modify Tenant's debts or obligations; or any petition filed or other action taken to reorganize or modify Tenant's or Guarantor's capital structure if Tenant is a corporation or other entity. Any such levy, execution, legal process, or petition filed against Tenant or Guarantor shall not constitute a breach of this Lease provided Tenant or Guarantor shall vigorously contest the same by appropriate proceedings and shall remove or vacate the same within ninety (each90) days from the date of its creation, a “Guarantor”)service, or filing;
(cd) A The abandonment of the Premises by Tenant, which shall mean that Tenant has vacated the Premises for ten (10) consecutive days, whether or not Tenant is in Monetary Default and such abandonment has impaired Landlord's insurance coverage for the Premises or the Building;
(e) The discovery by Landlord that any financial statement given by Tenant or any of its assignees, subtenants, successors-in-interest, or Guarantors was materially false; or
(f) If Tenant or any Guarantor shall die, cease to exist as a corporation or partnership, or be otherwise dissolved or liquidated or become insolvent, or shall make a transfer in fraud of creditors creditors.
22.2 In the event of any Event of Default by Tenant, Landlord, at its option, may pursue one or more of the following remedies without notice or demand in addition to all other rights and remedies provided for at law or in equity:
(a) Landlord may continue this Lease in full force and effect, and this Lease shall continue in full force and effect as long as Landlord does not terminate Tenant's right to possession, and Landlord shall have the right to collect Rent when due. Landlord may enter the Premises and relet it, or any part of it, to third parties for Tenant's account, provided that any Rent in excess of the Rent due hereunder shall be payable to Landlord. Tenant shall be liable immediately to Landlord for all costs Landlord incurs in reletting the Premises, including, without limitation, brokers' commissions, expenses of cleaning and redecorating the Premises required by the reletting and like costs. Reletting may be for a period shorter or longer than the remaining Term of this Lease. Tenant shall pay to Landlord the Rent and other sums due under this Lease on the dates the Rent is due, less the Rent and other sums Landlord receives from any reletting. No act by Landlord allowed by this Section 22.2(a) shall terminate this Lease unless Landlord notifies Tenant in writing that Landlord elects to terminate this Lease.
(b) Landlord may terminate Tenant's right to possession of the Premises at any time by giving written notice to that effect. No act by Landlord other than giving written notice to Tenant shall terminate this Lease. Acts of maintenance, efforts to relet the Premises or the appointment of a receiver on Landlord's initiative to protect Landlord's interest under this Lease shall not constitute a termination of Tenant's right to possession. On termination, Landlord shall have the right to remove all personal property of Tenant and store it at Tenant's cost and to recover from Tenant as damages: (i) the worth at the time of award of unpaid Rent and other sums due and payable which had been earned at the time of termination; plus (ii) the worth at the time of award of the amount by which the unpaid Rent and other sums due and payable which would have been payable after termination until the time of award exceeds the amount of the Rent 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 and other sums due and payable for the balance of the Term after the time of award exceeds the amount of the Rent 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's failure to perform Tenant's obligations under this Lease, or which, in the ordinary course of things, would be likely to result therefrom, including, without limitation, any costs or expenses incurred by Landlord: (A) in retaking possession of the Premises, including reasonable attorneys' fees and costs therefor; (B) maintaining or preserving the Premises for reletting to a new tenant, including repairs or alterations to the Premises for the reletting; (C) leasing commissions; (D) any other costs necessary or appropriate to relet the Premises; and (E) 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. The "worth at the time of award" of the amounts referred to in Sections 22.2(b)(i) and 22.2(b)(ii) shall be calculated by allowing interest at the lesser of twelve percent (12%) per annum or the maximum rate permitted by law, on the unpaid Rent and other sums due and payable from the termination date through the date of award. The "worth at the time of award" of the amount referred to in Section 22.2(b)(iii) shall be calculated by discounting the amount at the discount rate of the Federal Reserve Bank of San Francisco at the time of award, plus one percent (1%). Tenant waives redemption or relief from forfeiture under California Code of Civil Procedure Sections 1174 and 1179, or under any other present or future law, if Tenant is evicted or Landlord takes possession of the Premises by reason of any Event of Default by Tenant.
22.3 If Landlord shall exercise any one or more remedies hereunder granted or otherwise available, it shall not be deemed to be an acceptance or surrender of the Premises by Tenant whether by agreement or by operation of law; it is understood that such surrender can be effected only by the written agreement of Landlord and Tenant. No alteration of security devices and no removal or other exercise of dominion by Landlord over the property of Tenant or others in the Premises shall be deemed unauthorized or constitute a conversion, Tenant hereby consenting to the aforesaid exercise of dominion over Tenant's property within the Premises after any Event of Default.
22.4 Each right and remedy provided for in this Lease shall be cumulative and shall be in addition to every other right or remedy provided for in this Lease or now or hereafter existing at law or in equity or by statute or otherwise, including, but not limited to, suits for injunctive relief and specific performance. The exercise or beginning of the exercise by Landlord of any one or more of the rights 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 for any or all other rights or remedies provided for in this Lease or now or hereafter existing at or in equity or by statute or otherwise. All such rights and remedies shall be considered cumulative and non-exclusive. All costs incurred by Landlord in connection with collecting any Rent or other amounts and damages owing by Tenant pursuant to the provisions of this Lease, or to enforce any provision of this Lease, including reasonable attorneys' fees from the date such matter is turned over to an attorney, whether or not one or more actions are commenced by Landlord, shall also be recoverable by Landlord from Tenant. If any notice and grace period required under subparagraphs 22.1(a) or (b) was not previously given, a notice to pay rent or quit, or to perform or quit, as the case may be, given to Tenant under any statute authorizing the forfeiture of leases for unlawful detainer shall also constitute the applicable notice for grace period purposes required by subparagraphs 22.1(a) or (b). In such case, the applicable grace period under subparagraphs 22.1(a) or (b) and under the unlawful detainer statute shall run concurrently after the one such statutory notice, and the failure of Tenant to cure the default within the greater of the two (2) such grace periods shall constitute both an unlawful detainer and an Event of Default entitling Landlord to the remedies provided for in this Lease and/or by said statute.
22.5 If Tenant should fail to make any payment or cure any default hereunder within the time herein permitted and such failure constitutes an Event of Default (except in the case where if Landlord in good faith believes that action prior to the expiration of any cure period under Section 22.1 is necessary to prevent damage to persons or property, in which case Landlord may act without waiting for such cure period to expire), Landlord, without being under any obligation to do so and without thereby waiving such default, may make such payment and/or remedy such default for the account of Tenant (and enter the Premises for such purpose), and thereupon, Tenant shall be obligated and hereby agrees to pay Landlord, upon demand, all reasonable costs, expenses, and disbursements, plus ten percent (10%) overhead cost incurred by Landlord in connection therewith.
22.6 In addition to Landlord's rights set forth above, if Tenant fails to pay its Rent or any other amounts owing hereunder on the due date thereof more than two (2) times during any calendar year during the Term, then upon the occurrence of the third or any subsequent default in the payment of monies during said calendar year, Landlord, at its sole option, shall have the right to require that Tenant, as a condition precedent to curing such default, pay to Landlord, in check or money order, in advance, the Rent and Landlord's estimate of all other amounts which will become due and owing hereunder by Tenant for a period of two (2) months following said cure. All such amounts shall be paid by Tenant within thirty (30) days after notice from Landlord demanding the same. All monies so paid shall be retained by Landlord, without interest, for the balance of the Term and any extension thereof, and shall be applied by Landlord to the last due amounts owing hereunder by Tenant. If, however, Landlord's estimate of the Rent and other amounts for which Tenant is responsible hereunder are inaccurate, when such error is discovered, Landlord shall pay to Tenant, or Tenant shall pay to Landlord, within thirty (30) days after written notice thereof, the excess or deficiency, as the case may be, which is required to reconcile the amount on deposit with Landlord with the actual amounts for which Tenant is responsible.
22.7 Nothing contained in this Article 22 shall limit or prejudice the right of Landlord to prove and obtain as damages in any bankruptcy, insolvency, receivership, reorganization, or dissolution proceeding, an amount equal to the maximum allowed by any statute or rule of law governing such a proceeding and in effect at the time when such damages are to be proved, whether or not such amount be greater, equal, or less than the amounts recoverable, either as damages or Rent, referred to in any of the preceding provisions of this Article 22. Notwithstanding anything contained in this Article to the contrary, any such proceeding or action involving bankruptcy, insolvency, reorganization, arrangement, assignment for the benefit of creditors, whether or appointment of a receiver or trustee, as set forth above, shall be considered to be an Event of Default only when such proceeding, action, or remedy shall be taken or brought by or against the then holder of the leasehold estate under this Lease.
22.8 Landlord is entitled to accept, receive, in check or money order, and deposit any payment made by Tenant for any reason or purpose or in any Guarantor;
(d) amount whatsoever, and apply them at Landlord's option to any obligation of Tenant, and such amounts shall not constitute payment of any amount owed, except that to which Landlord has applied them. No endorsement or statement on any check or letter of Tenant shall be deemed an accord and satisfaction or recognized for any purpose whatsoever. The filing acceptance of any such check or imposition payment shall be without prejudice to Landlord's rights to recover any and all amounts owed by Tenant hereunder and shall not be deemed to cure any other default nor prejudice Landlord's rights to pursue any other available remedy, Landlord's acceptance of partial payment of Rent does not constitute a lien against waiver of any rights, including without limitation any right Landlord may have to recover possession of the Premises.
22.9 In the event that Tenant's right of possession of the Premises is terminated prior to the end of the initial Term by reason of an Event of Default by Tenant, then immediately upon such termination, an amount shall be due and payable by Tenant to Landlord equal to the unamortized portion as of that date (which amortization shall be based on an interest rate of eleven percent (11%) per annum) of the sum of (a) the Allowance (if any), (b) the value of any free Base Rent (i.e., the Buildings Base Rent stated in this Lease to be abated as an inducement to Tenant's entering into this Lease) enjoyed as of that date by Tenant, and (c) the amount of all commissions paid by Landlord in order to procure this Lease.
22.10 Tenant waives the right to terminate this Lease on Landlord's default under this Lease. Tenant's sole remedy on Landlord's default is an action for damages or the Property as injunctive or declaratory relief. Landlord's failure to perform any of its obligations under this Lease shall constitute a result of any act or omission of Tenant and default by Landlord under this Lease if the failure continues for thirty (30) days after written notice of the failure from Tenant to satisfy or bond Landlord. If the lien in its entirety required performance cannot be completed within thirty (30) days, Landlord's failure to perform shall constitute a default under the Lease unless Landlord undertakes to cure the failure within thirty (30) days after receipt and diligently and continuously attempts to complete this cure as soon as reasonably possible. All obligations of notice of same;
(e) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a each party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof to Tenant; provided, however, that if such breach cannot be cured within such 20 day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice thereof, then such cure period hereunder shall be extended for so long construed as Tenant continues to use diligent efforts to curecovenants, not to exceed a total of sixty (60) days from the date of Landlord’s notice;
(g) Tenant’s breach of the same provision of this Lease, other than the obligation to pay Rent, more than twice (2) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantorsconditions.
Appears in 1 contract
Sources: Lease Agreement (Telenav, Inc.)
Default by Tenant. The following will shall be deemed to be events of default (“Default”) by Tenant under this Lease:
; (a1) Failure Tenant shall fail to pay when due any installment of Base Rent or additional rent and such failure shall be continuing for a period of more than five (5) days after such installment was due or any other payment required pursuant to this Lease within for a period of more than five (5) days after written notice to Tenant that such amount was due; (2) Tenant shall abandon any substantial portion of due date;
the Premises; (b3) The filing Tenant shall fail to comply with any term, provision or covenant of this Lease, other than the payment of rent, and such default shall continue for a period of more than fifteen (15) days after written notice to Tenant; provided, however, if such default may not be practicably cured by Tenant within such fifteen (15) day period, and provided further Tenant shall commence to cure the default within the fifteen (15) day period, the fact that the default is not cured within the fifteen (15) day period shall not constitute a breach of the Lease so long as Tenant diligently proceeds to cure the default and such default is cured within a reasonable period thereafter; (4) Tenant shall file a petition for bankruptcy or insolvency if an involuntary petition is filed against Tenant (which is not dismissed within sixty (60) days or said filing), or becomes insolvent, under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy law or insolvency or an admission admit that it cannot meet its financial obligations as they become due, or the appointment ; or a receiver or trustee shall be appointed for all the benefit of creditors; or substantially all (5) Tenant shall do or permit to be done any act which results in a lien being filed against the Premises or the Building and/or project of which the Premises are a part, which is not released within sixty (60) days of the assets of Tenant; date such claim or lien first attached. In the event that an order for relief is entered in each of any case under the foregoing casesUnited States Code, Title 11 (the “Bankruptcy Code”) in which the Tenant is the debtor, the Tenant as debtor-in-possession, or any Trustee who may be appointed, if not dismissed within 30 days of such filingapplicable, adjudication, admission or appointment, agrees as applicable; the foregoing shall also apply follows (i) to any party guaranteeing the obligations perform each and every obligation of Tenant under this Lease until such time as this Lease is either rejected or assumed by order of the United States Bankruptcy Court; (each, a “Guarantor”);
(cii) A transfer in fraud to pay monthly compensation for use and occupancy of creditors or an assignment for the benefit of creditors, whether by Tenant or any Guarantor;
(d) The filing or imposition of a lien against the Premises, an amount equal to the Buildings fixed rent as well as other charges due pursuant to the Lease; (iii) if Tenant or the Property as Trustee seeks to assume the Lease, then Tenant, or Trustee, if applicable, in addition to providing adequate assurance described in applicable provisions of the Bankruptcy Code, shall provide adequate assurance to Landlord of Tenant’s future performance under the Lease by depositing with Landlord a result sum equal to the lesser of twenty-five percent of the rental and other charges due for the balance of the Lease term or three (3) months rent (“Security”), to be held (without any allowance for interest thereon) to secure Tenant’s obligations under the Lease; (iv) if Tenant or Trustee, seeks to assume or assign the Lease, Tenant or Trustee agrees to give Landlord at least forty-five (45) days prior written notice of any act proceeding relating to any assumption of this Lease; (v) if Tenant or omission Trustee seeks to assign this Lease after assumption of the same, then Tenant or the Trustee, 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 sum equal to the Security to be held (without any allowance for 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 consenting to assumption and/or assignment of the Lease by Tenant, and Landlord expressly reserves all of its rights to object to any assumption and/or assignment of the failure Lease. Neither Tenant nor any Trustee shall conduct or permit the conduct of any “fire”, “bankruptcy”, “going out of business” or auction sale in or from the Premises; (vi) Tenant or Trustee agrees to satisfy or bond the lien in its entirety within give at least thirty (30) days after receipt of prior written notice of same;
any abandonment of the Premises or rejection of the Lease; (evii) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural personthe trustee, rejects the death Lease as described in the applicable provisions of the Bankruptcy Code, Tenant or such Guarantor;
Trustee consents to the entry of an order by the Bankruptcy Court permitting the immediate lifting of the automatic stay, waiving notice and hearing of the entry of same, so the Landlord may offset any security deposits or other monies being held by the Landlord against any and all obligations due and owing pursuant to the Lease; (fviii) Failure to cure without limiting the breach foregoing, Tenant and/or the Trustee releases Landlord from any and all causes of any provision action, claims, demand, defenses, set offs and the like under Sections 502 (d), 542, 547, 548, 550, 551 and 553 of this Lease the Bankruptcy Code; (ix) the Tenant or any other lease or agreement Trustee agrees that the Landlord and Tenant are a party to, other than will have an allowed claim in the obligation to pay Rent, within twenty (20) days after notice thereof to Tenant; provided, however, that if such breach cannot be cured within such 20 day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice thereof, then such cure period shall be extended for so long as Tenant continues to use diligent efforts to cure, not to exceed a total of sixty (60) days from the date of Landlord’s notice;
(g) Tenant’s breach bankruptcy case in the amount equal to the obligations which remain due and owing pursuant to the provisions of the same provision of this Lease, other than the obligation to pay Rent, more than twice (2) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantors.
Appears in 1 contract
Default by Tenant. The occurence of any of the following will be events shall constitute an "Event of default by Tenant Default" under this LeaseLease by Tenant:
(a) Failure to pay when due any installment of Rent the rent or any other payment monetary sums required pursuant to this Lease within five (5) days of due date;hereunder.
(b) The filing Failure to perform any other agreement or obligation of a petition Tenant hereunder, if such failure continues for bankruptcy or insolvency under any applicable federal or state bankruptcy or insolvency lawthirty (30) 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; an adjudication of bankruptcy or insolvency or an admission provided, however, that if the failure is such that it cannot meet its financial obligations as they become duebe reasonably cured within said thirty (30) day period, or Tenant shall not be in default if Tenant commences to cure within said said thirty (30) day periods and diligently pursues such cure to completion, and in fact cures the appointment or a receiver or trustee for all or substantially all of the assets of Tenant; in each of the foregoing cases, if not dismissed default within 30 one hundred twenty (120) days of such filingLandlord's notice. Landlord's notice described herein is indended to satisfy, adjudicationand is not in addition to, admission or appointmentany and all legal notices required prior to commencement of an unlawful detainer action, as applicable; including without limitation the foregoing shall also apply to any party guaranteeing the obligations notice requirements of Tenant under this Lease (each, a “Guarantor”);California Code of Civil Procedure Sections 1161 ET SEQ.
(c) A transfer in fraud Abandonment or vacation of creditors the Premises by Tenant, or an assignment failure to occupy the Premises for the benefit a period of creditors, whether by Tenant or any Guarantor;sixty (60) consecutive days.
(d) The filing If any of the following occur: (i) a petition is filed for an order of relief under the federal Bankruptcy Code or imposition for an order or decree of a lien against the Premisesinsolvency or reorganization or rearrangement under any state or federal law, the Buildings or the Property as a result of any act or omission of Tenant and the failure of Tenant to satisfy or bond the lien in its entirety such petition is not dismissed within thirty (30) days after receipt of notice of same;
the filing thereof; (eii) The liquidation, termination Tenant makes a general assignment for the benefit or dissolution of Tenant creditors; (iii) a receiver or any Guarantor, or, if Tenant or any Guarantor trustee is a natural person, the death of Tenant or such Guarantor;
(f) Failure appointed to cure the breach take possession of any provision substantial part of this Lease or any other lease or agreement Landlord and Tenant are a party toTenant's assets, other than the obligation to pay Rent, unless such appointment is vacated within twenty (20) days after notice thereof to Tenant; provided, however, that if such breach cannot be cured within such 20 day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice thereof, then such cure period shall be extended for so long as Tenant continues to use diligent efforts to cure, not to exceed a total of sixty (60) days from 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 sixty (60) days after the occurrence thereof; or (v) Tenant's net worth, determined in accordance with generally accepted accounting principles consistently applied, decreases, at any time during the Lease Term, below Tenant's net worth as the date of Landlord’s notice;execution of this Lease. If a count 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.
(ge) Tenant’s breach the occurrence of the same any other event that is deemed to be an Event of Default under any other provision of this Lease, other than the obligation to pay Rent, more than twice (2) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantors.
Appears in 1 contract
Default by Tenant. The occurrence of any one or more of the following will be events of shall constitute a default by Tenant under this Lease:: [ * ] Indicates that information has been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment.
(a) Failure of the Tenant to timely pay when due any installment of Rent rent or any other payment required pursuant to amounts payable under this Lease as and when first due and payable and because Tenant is paying by electronic funds transfer (unless only Landlord elects otherwise), Tenant shall hereunder be in default if (i) Landlord’s authority concerning electronic payments is revoked or terminated, or (ii) if Tenant does not have adequate funds in the account for which Tenant has granted Landlord authority for Landlord or Landlord’s bank to timely effect the necessary transfer on the date when the rent is first due and payable hereunder, or (iii) if Tenant or Tenant’s bank fails or refuses to authorize or otherwise take the actions necessary to timely effect the necessary transfer on the date when the rent is first due and payable hereunder, provided however that, except as hereafter noted, the foregoing shall not be a default unless Landlord fails to receive the payment within five (5) 5 days after notice to Tenant that the payment is due, and provided further that Landlord shall not be required to give more than two notices of due datenon-payment in any 12 month period and thereafter, the Tenant’s failure to timely pay shall be a default without notice or opportunity to cure;
(b) The filing Intentionally Deleted
(c) Intentionally Deleted;
(d) Excepting matters specifically addressed by another subsection of a petition for bankruptcy this Section 6.1 and in Section 4.14, failure of Tenant to perform, observe, or insolvency comply with or default under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or the appointment or a receiver or trustee for all or substantially all of the assets of Tenant; terms, covenants, conditions, agreements or provisions contained in each of this Lease including, without limitation, the foregoing casesRules and Regulations attached hereto as Exhibit B, as the same may be reasonably modified from time to time if such failure or default is not dismissed cured to Landlord’s satisfaction within 30 thirty (30) calendar days after the Landlord has given Tenant written notice thereof or such longer period as may reasonably be required, provided that Tenant shall commence to cure such default within the first 15 days of such filing, adjudication, admission or appointment, as applicable; said thirty (30) day period and thereafter diligently prosecute the foregoing shall also apply same to any party guaranteeing the obligations conclusion;
(e) The interest of Tenant under this Lease (each, a “Guarantor”)shall be levied on under execution or other legal process;
(cf) A transfer Any petition in fraud bankruptcy or other insolvency proceedings shall be filed by or against Tenant or any guarantor of creditors 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 dissolution or liquidation of Tenant or any such guarantor;
(i) Tenant or any guarantor of this Lease shall become insolvent or otherwise fail to pay its monetary obligations in due course as they mature, or (ii) Tenant or any such [ * ] Indicates that information has been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment. guarantor shall make an assignment for the benefit of creditors, whether by or (iii) a receiver or trustee shall be appointed for Tenant or any Guarantor;
(d) The filing or imposition of a lien against the Premises, the Buildings or the Property as a result of any act or omission of Tenant and the failure of Tenant to satisfy or bond the lien in its entirety within thirty (30) days after receipt of notice of same;
(e) The liquidation, termination or dissolution of Tenant such guarantor or any Guarantor, or, if Tenant of his or any Guarantor is a natural person, the death of Tenant or such Guarantor;
their properties and not discharged within five (f5) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof to Tenant; provided, however, that if such breach cannot be cured within such 20 day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice thereof, then such cure period shall be extended for so long as Tenant continues to use diligent efforts to cure, not to exceed a total of sixty (60) days from the date of Landlord’s notice;
(g) Tenant’s breach of the same provision of this Lease, other than the obligation to pay Rent, more than twice (2) in any twelve (12) month perioddays;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; andIntentionally Deleted;
(i) Failure 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 created or filed against all or any part of the guarantors to fulfill Leased Premises, the terms Building or any property situated therein or Tenant’s interest in this Lease which is not discharged within five (5) days;
(j) Any default or event of default under any guaranty of this Lease and conditions such default or event of default is not cured within the Guaranty applicable cure period (if any) set forth in any such guaranty;
(k) The death or legal incapacity of Tenant or any guarantor of this Lease if Tenant or any such guarantor is an individual person or the breach termination, dissolution, or liquidation of the Guaranty Tenant or any such guarantor if Tenant or any such guarantor is corporation, partnership or other entity; or
(l) Any assignment of this Lease by one Tenant in contravention of the GuarantorsSection 4.7 of this Lease.
Appears in 1 contract
Sources: Standard Office Lease Agreement (Boston Beer Co Inc)
Default by Tenant. The 20.1 Each of the following will be events is an "Event of default by Tenant under this LeaseDefault":
(a1) Failure Any failure by Tenant to pay when Rent on the due any installment of Rent or any other payment required pursuant to this Lease date unless such failure is cured within five (5) 5 business days of due dateafter notice by Landlord;
(b2) The filing This Lease or Tenant's interest is transferred whether voluntarily or by operation of law except as permitted in Article 14;
(3) This Lease or any part of the Premises is taken by process of law and is not released within 15 days after a levy;
(4) Commencement by Tenant of a petition for bankruptcy or insolvency proceeding under any applicable provision of federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become duelaw relating to Insolvency, bankruptcy, or the appointment or a receiver or trustee for all or substantially all of the assets of Tenant; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations of Tenant under this Lease reorganization (each, a “Guarantor”"Bankruptcy Proceeding");
(c5) A transfer in fraud Commencement of creditors a Bankruptcy Proceeding against Tenant, unless dismissed within 60 days after commencement;
(6) The insolvency of Tenant or execution by Tenant of an assignment for the benefit of creditors, whether ; the convening by Tenant of a meeting of its creditors or any Guarantor;
(d) The filing significant class thereof for purposes of effecting a moratorium upon or imposition extension or composition of a lien against the Premises, the Buildings its debts; or the Property as a result of any act or omission of Tenant and the failure of Tenant generally to satisfy pay its debts as they mature, or bond the lien in its entirety within thirty (30) days after receipt occurrence of notice any of samethe foregoing with respect to any Guarantor, if any, of Tenant's obligations;
(e7) The liquidation, termination admission in writing by Tenant (or dissolution any general partner of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural personpartnership), the death of Tenant that it is unable to pay its debts as they mature or such Guarantorit is generally not paying its debts as they mature;
(f) Failure 8) Tenant fails to cure take possession of the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party toPremises on the Commencement Date, other than unless such failure (including, but not limited to the obligation failure to pay Rent, including ail applicable Late Fees, interest and penalties) is cured within twenty (20) 90 days after notice thereof from Landlord;
(9) Tenant fails to Tenantperform 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, that if such breach cannot be cured within such 20 day period using diligent efforts and Tenant promptly commenced efforts Tenant's right to cure such breach upon receipt of Landlord’s notice thereof, then such cure shall not exceed the period shall be extended for so long as Tenant continues to use diligent efforts to cure, not to exceed a total of sixty (60) days from the date of Landlord’s noticeprovided by Applicable Law;
(g10) Tenant’s breach Any event which is expressly defined as or deemed an Event of the same provision of Default under this Lease, other than the obligation to pay Rent, more than twice (2) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantors.
Appears in 1 contract
Default by Tenant. The occurrence of any one or more of the following will be events shall constitute an “Event of default by Tenant Default” under this LeaseLease Agreement:
(a) Failure A. The failure of Tenant to pay any Rent as and when due under this Lease Agreement;
B. The failure of Tenant to perform, comply with or observe any installment of Rent the other covenants or any other payment required conditions contained in this Lease Agreement and the continuance of such failure for the period of time as may be specified elsewhere in this Lease Agreement for such specific covenant or condition, or should no period of time be specified elsewhere in this Lease Agreement with respect to such specific covenant or condition, a period of ten (10) days after written notice to Tenant; or, if such failure cannot reasonably be cured within said ten (10) day period despite Tenant’s diligent good faith efforts, the failure of Tenant to promptly commence its diligent good faith efforts to cure such failure within said ten (10) day period and/or the continuance of such failure for a period of thirty (30) days notwithstanding Tenant’s efforts to cure;
C. Tenant shall fail to execute and acknowledge or otherwise respond in good faith and in writing within ten (10) days after submission to Tenant of a request for confirmation of the subordination of this Lease Agreement pursuant to this Lease within five (5) days Section 24 or an estoppel certificate pursuant to Section 35.
D. The failure of due dateTenant to occupy the Leased Premises during the entire Term;
(b) E. The filing of a petition for by or against Tenant or any guarantor of Tenant’s obligations under this Lease Agreement (i) naming Tenant or any guarantor as debtor in any bankruptcy or other insolvency under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become dueproceeding, or (ii) for the appointment of a liquidator or a receiver or trustee for all or substantially all of the assets of Tenant; ’s or any guarantor’s property or for Tenant’s interest in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations of Tenant under this Lease Agreement, or (each, a “Guarantor”)iii) to reorganize or modify Tenant’s or any guarantor’s capital structure;
(c) A transfer F. The admission by Tenant or any guarantor in fraud writing of creditors its inability to meet its obligations as they become due or the making by Tenant or any guarantor of an assignment for the benefit of its creditors, whether ;
G. The attempt by Tenant to assign this Lease Agreement or to sublet all or any Guarantorpart of the Leased Premises without the prior written consent of Landlord in accordance with Section 12;
(d) H. Any holding over by Tenant in accordance with Section 26 with respect to all or any portion of the Leased Premises after the expiration or termination of the Lease Agreement; or
I. The filing or imposition of a lien against the Premises, the Buildings or the Property as a result of any act or omission of Tenant and the failure of by Tenant to satisfy or bond comply with the lien insurance requirements set forth in its entirety within thirty (30) days after receipt of notice of same;
(e) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof to Tenant; provided, however, that if such breach cannot be cured within such 20 day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice thereof, then such cure period shall be extended for so long as Tenant continues to use diligent efforts to cure, not to exceed a total of sixty (60) days from the date of Landlord’s notice;
(g) Tenant’s breach of the same provision of this Lease, other than the obligation to pay Rent, more than twice (2) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantors.Exhibit I.
Appears in 1 contract
Sources: Lease Agreement (Georesources Inc)
Default by Tenant. 22.1 The following will be events term "Event of default by Tenant under this LeaseDefault" refers to the occurrence of any one (1) or more of the following:
(a) Failure of Tenant to pay when due any installment of Rent or any other payment sum required pursuant to this Lease be paid hereunder which is not received by Landlord within five seven (57) days of after the date due date(the "Monetary Default");
(b) The filing Failure of Tenant, after thirty (30) days written notice thereof, to perform any of Tenant's obligations, covenants, or agreements except a petition for bankruptcy Monetary Default, provided that if the cure of any such failure is not reasonably susceptible of performance within such thirty (30) day period, then an Event of Default of Tenant shall not be deemed to have occurred so long as Tenant has promptly commenced and thereafter diligently prosecutes such cure to completion and completes that cure within sixty (60) days;
(c) Tenant, or insolvency any guarantor of Tenant's obligations under any applicable federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission this Lease (the "Guarantor"), admits in writing that it cannot meet its financial obligations as they become due, ; or is declared insolvent according to any law; or assignment of Tenant's or Guarantor's property is made for the appointment benefit of creditors; or a receiver or trustee is appointed for all Tenant or substantially all of Guarantor or its property; or the assets of Tenant; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations interest of Tenant or Guarantor under this Lease is levied on under execution or other legal process; or any petition is filed by or against Tenant or Guarantor to declare Tenant bankrupt or to delay, reduce, or modify Tenant's debts or obligations; or any petition filed or other action taken to reorganize or modify Tenant's or Guarantor's capital structure if Tenant is a corporation or other entity. Any such levy, execution, legal process, or petition filed against Tenant or Guarantor shall not constitute a breach of this Lease provided Tenant or Guarantor shall vigorously contest the same by appropriate proceedings and shall remove or vacate the same within ninety (each90) days from the date of its creation, a “Guarantor”)service, or filing;
(cd) A The abandonment of the Premises by Tenant for more than 15 days after written notice from Landlord, if the notice is served personally (or, if the notice is mailed, for more than 18 days after written notice from Landlord) while Tenant is in default in the payment of Rent;
(e) The discovery by Landlord that any financial statement given by Tenant or any of its assignees, subtenants, successors-in-interest, or Guarantors was materially false; or
(f) If Tenant or any Guarantor shall die, cease to exist as a corporation or partnership, or be otherwise dissolved or liquidated or become insolvent, or shall make a transfer in fraud of creditors creditors.
22.2 In the event of any Event of Default by Tenant, Landlord, at its option, may pursue one or more of the following remedies without notice or demand in addition to all other rights and remedies provided for at law or in equity:
(a) Landlord may continue this Lease in full force and effect, and this Lease shall continue in full force and effect as long as Landlord does not terminate Tenant's right to possession, and Landlord shall have the right to collect Rent when due. Landlord may enter the Premises and relet it, or any part of it, to third parties for Tenant's account, provided that any Rent in excess of the Rent due hereunder shall be payable to Landlord. Tenant shall be liable immediately to Landlord for all costs Landlord incurs in reletting the Premises, including, without limitation, brokers' commissions, expenses of cleaning and reasonably redocorating the Premises required by the reletting and like costs. Reletting may be for a period shorter or longer than the remaining Term of this Lease. Tenant shall pay to Landlord the Rent and other sums due under this Lease on the dates the Rent is due, less the Rent and other sums Landlord receives from any reletting. No act by Landlord allowed by this Section 22.2(a) shall terminate this Lease unless Landlord notifies Tenant in writing that Landlord elects to terminate this Lease.
(b) Landlord may terminate Tenant's right to possession of the Premises at any time by giving written notice to that effect. No act by Landlord other than giving written notice to Tenant shall terminate this Lease. Acts of maintenance, efforts to relet the Premises or the appointment of a receiver on Landlord's initiative to protect Landlord's interest under this Lease shall not constitute a termination of Tenant's right to possession. On termination, Landlord shall have the right to remove all personal property of Tenant and store it at Tenant's cost and to recover from Tenant as damages: the worth at the time of award of unpaid Rent and other sums due and payable which had been earned at the time of termination; plus (ii) the worth at the time of award of the amount by which the unpaid Rent and other sums due and payable which would have been payable after termination until the time of award exceeds the amount of the Rent 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 and other sums due and payable for the balance of the Term after the time of award exceeds the amount of the Rent 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's failure to perform Tenant's obligations under this Lease, or which, in the ordinary course of things, would be likely to result therefrom, including, without limitation, actual costs or expenses incurred by Landlord: (A) in retaking possession of the Premises, including reasonable attorneys' fees and costs therefor; (B) maintaining or preserving the Premises for reletting to a new tenant, including repairs or alterations to the Premises for the reletting; (C) leasing commissions; (D) any other costs necessary or appropriate to relet the Premises; and (E) 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. The "worth at the time of award" of the amounts referred to in Sections 22.2(b)(i) and 22.2(b)(ii) shall be calculated by allowing interest at the lesser of twelve percent (12%) per annum or the maximum rate permitted by law, on the unpaid Rent and other sums due and payable from the termination date through the date of award. The "worth at the time of award" of the amount referred to in Section 22.2(b)(iii) shall be calculated by discounting the amount at the discount rate of the Federal Reserve Bank of San Francisco at the time of award, plus one percent ( 1%). Tenant waives redemption or relief from forfeiture under California Code of Civil Procedure Sections 1174 and 1179, or under any other present or future law, if Tenant is evicted or Landlord takes possession of the Premises by reason of any Event of Default by Tenant.
22.3 If Landlord shall exercise any one or more remedies hereunder granted or otherwise available, it shall not be deemed to be an acceptance or surrender of the Premises by Tenant whether by agreement or by operation of law; it is understood that such surrender can be effected only by the written agreement of Landlord and Tenant. No alteration of security devices and no removal or other exercise of dominion by Landlord over the property of Tenant or others in the Premises shall be deemed unauthorized or constitute a conversion, Tenant hereby consenting to the aforesaid exercise of dominion over Tenant's property within the Premises after any Event of Default.
22.4 Each right and remedy provided for in this Lease shall be cumulative and shall be in addition to every other right or remedy provided for in this Lease or now or hereafter existing at law or in equity or by statute or otherwise, including, but not limited to, suits for injunctive relief and specific performance. The exercise or beginning of the exercise by Landlord of any one or more of the rights 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 for any or all other rights or remedies provided for in this Lease or now or hereafter existing at or in equity or by statute or otherwise. All such rights and remedies shall be considered cumulative and non-exclusive. All costs incurred by Landlord in connection with collecting any Rent or other amounts and damages owing by Tenant pursuant to the provisions of this Lease, or to enforce any provision of this Lease, including reasonable attorneys' fees from the date such matter is turned over to an attorney, whether or not one or more actions are commenced by Landlord, shall also be recoverable by Landlord from Tenant. If any notice and grace period required under subparagraphs 22.1(a) or (b) was not previously given, a notice to pay rent or quit, or to perform or quit, as the case may be, given to Tenant under any statute authorizing the forfeiture of leases for unlawful detainer shall also constitute the applicable notice for grace period purposes required by subparagraphs 22.1(a) or (b). In such case, the applicable grace period under subparagraphs 22.1(a) or (b) and under the unlawful detainer statute shall run concurrently after the one such statutory notice, and the failure of Tenant to cure the default within the greater of the two (2) such grace periods shall constitute both an unlawful detainer and an Event of Default entitling Landlord to the remedies provided for in this Lease and/or by said statute.
22.5 If Tenant should fail to make any payment or cure any default hereunder within the time herein permitted and such failure constitutes an Event of Default (except in the case where if Landlord in good faith believes that action prior to the expiration of any cure period under Section 22.1 is necessary to prevent damage to persons or property, in which case Landlord may act without waiting for such cure period to expire), Landlord, without being under any obligation to do so and without thereby waiving such default, may make such payment and/or remedy such default for the account of Tenant (and enter the Premises for such purpose), and thereupon, Tenant shall be obligated and hereby agrees to pay Landlord, upon demand, all reasonable costs, expenses, and disbursements, plus five percent (5%) thereof as partial reimbursement of Landlord's overhead and administrative costs likely to be incurred.
22.6 In addition to Landlord's rights set forth above, if Tenant fails to pay its Rent or any other amounts owing hereunder on the due date thereof more than two (2) times during any calendar year during the Term, then upon the occurrence of the third or any subsequent default in the payment of monies during said calendar year, Landlord, at its sole option, shall have the right to require that Tenant, as a condition precedent to curing such default, pay to Landlord, in check or money order, in advance, the Rent and Landlord's estimate of all other amounts which will become due and owing hereunder by Tenant for a period of two (2) months following said cure. All such amounts shall be paid by Tenant within thirty (30) days after notice from Landlord demanding the same. All monies so paid shall be retained by Landlord, without interest, for the balance of the Term and any extension thereof, and shall be applied by Landlord to the last due amounts owing hereunder by Tenant. If, however, Landlord's estimate of the Rent and other amounts for which Tenant is responsible hereunder are inaccurate, when such error is discovered, Landlord shall pay to Tenant, or Tenant shall pay to Landlord, within thirty (30) days after written notice thereof, the excess or deficiency, as the case may be, which is required to reconcile the amount on deposit with Landlord with the actual amounts for which Tenant is responsible.
22.7 Nothing contained in this Article 22 shall limit or prejudice the right of Landlord to prove and obtain as damages in any bankruptcy, insolvency, receivership, reorganization, or dissolution proceeding, an amount equal to the maximum allowed by any statute or rule of law governing such a proceeding and in effect at the time when such damages are to be proved, whether or not such amount be greater, equal, or less than the amounts recoverable, either as damages or Rent, referred to in any of the preceding provisions of this Article 22. Notwithstanding anything contained in this Article to the contrary, any such proceeding or action involving bankruptcy, insolvency, reorganization, arrangement, assignment for the benefit of creditors, whether or appointment of a receiver or trustee, as set forth above, shall be considered to be an Event of Default only when such proceeding, action, or remedy shall be taken or brought by or against the then holder of the leasehold estate under this Lease.
22.8 Landlord is entitled to accept, receive, in check or money order, and deposit any payment made by Tenant for any reason or purpose or in any Guarantor;amount whatsoever, and apply them at Landlord's option to any obligation of Tenant, and such amounts shall not constitute payment of any amount owed, except that to which Landlord has applied them. No endorsement or statement on any check or letter of Tenant shall be deemed an accord and satisfaction or recognized for any purpose whatsoever. The acceptance of any such check or payment shall be without prejudice to Landlord's rights to recover any and all amounts owed by Tenant hereunder and shall not be deemed to cure any other default nor prejudice Landlord's rights to pursue any other available remedy, Landlord's acceptance of partial payment of Rent does not constitute a waiver of any rights, including without limitation any right Landlord may have to recover possession of the Premises.
22.9 In the event that Tenant's right of possession of the Premises is terminated prior to the end of the initial Term by reason of an Event of Default by Tenant, then immediately upon such termination, an amount shall be due and payable by Tenant to Landlord equal to the unamortized portion as of that date (which amortization shall be based on an interest rate of ten percent (10%) per annum) of the sum of (a) the cost of Landlord's Work (if any), (b) the Allowance (if any), (c) the value of any free Base Rent (i.e., the Base Rent stated in this Lease to be abated as an inducement to Tenant's entering into this Lease) enjoyed as of that date by Tenant, and (d) The filing the amount of all commissions paid by Landlord in order to procure this Lease.
22.10 Tenant waives the right to terminate this Lease due to Landlord's default hereunder, and Tenant's sole remedy on Landlord's default is an action for damages or imposition injunctive or declaratory relief. Landlord's failure to perform any of its obligations under this Lease shall constitute a lien against the Premises, the Buildings or the Property as a result of any act or omission of Tenant and default by Landlord under this Lease if the failure continues for thirty (30) days after written notice of the failure from Tenant to satisfy or bond Landlord. If the lien in its entirety required performance cannot be completed within thirty (30) days, Landlord's failure to perform shall constitute a default under the Lease unless Landlord undertakes to cure the failure within thirty (30) days after receipt and diligently and continuously attempts to complete this cure as soon as reasonably possible. All obligations of notice of same;
(e) The liquidation, termination or dissolution of Tenant or any Guarantor, or, if Tenant or any Guarantor is a natural person, the death of Tenant or such Guarantor;
(f) Failure to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a each party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof to Tenant; provided, however, that if such breach cannot be cured within such 20 day period using diligent efforts and Tenant promptly commenced efforts to cure such breach upon receipt of Landlord’s notice thereof, then such cure period hereunder shall be extended for so long construed as Tenant continues to use diligent efforts to curecovenants, not to exceed a total of sixty (60) days from the date of Landlord’s notice;
(g) Tenant’s breach of the same provision of this Lease, other than the obligation to pay Rent, more than twice (2) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; and
(i) Failure of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the Guarantorsconditions.
Appears in 1 contract
Sources: Sublease (Telenav, Inc.)
Default by Tenant. The 20.1 Each of the following will be events is an “Event of default by Tenant under this LeaseDefault”:
(a1) Failure Any failure by Tenant to pay when Rent on the due date (provided, however, that Tenant shall have a right to cure such Event of Default not later than 5 days after notice of such non-payment by Landlord; however, Tenant is not entitled to such notice and cure period more than two times during any installment twelve (12) consecutive month period);
(2) Tenant vacates or abandons the Premises and fails to pay rent;
(3) This Lease or Tenant’s interest is transferred whether voluntarily or by operation of Rent law except as permitted in Section 14;
(4) This Lease or any other payment required pursuant to this Lease part of the Premises is taken by process of law and is not released within five 15 days after a levy;
(5) days of due date;
(b) The filing Commencement by Tenant of a petition for bankruptcy or insolvency proceeding under any applicable provision of federal or state bankruptcy or insolvency law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become duelaw relating to insolvency, bankruptcy, or the appointment or a receiver or trustee for all or substantially all of the assets of Tenant; in each of the foregoing cases, if not dismissed within 30 days of such filing, adjudication, admission or appointment, as applicable; the foregoing shall also apply to any party guaranteeing the obligations of Tenant under this Lease reorganization (each, a “GuarantorBankruptcy Proceeding”);
(c6) A transfer in fraud Commencement of creditors a Bankruptcy Proceeding against Tenant, unless dismissed within 60 days after commencement;
(7) The insolvency of Tenant or execution by Tenant of an assignment for the benefit of creditors, whether ; the convening by Tenant of a meeting of its creditors or any Guarantor;
(d) The filing significant class thereof for purposes of effecting a moratorium upon or imposition extension or composition of a lien against the Premises, the Buildings its debts; or the Property as a result of any act or omission of Tenant and the failure of Tenant generally to satisfy pay its debts as they mature, or bond the lien in its entirety within thirty (30) days after receipt occurrence of notice any of samethe foregoing with respect to any Guarantor, if any, of Tenant’s obligations;
(e) 8) The liquidation, termination admission in writing by Tenant (or dissolution 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) Tenant fails to take possession of the Premises on the Commencement Date and fails to pay rent;
(10) Tenant fails to perform any Guarantor, 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 or any Guarantor is a natural person, the death of Tenant or does not in good faith commence performance within such Guarantor;
(f) Failure 30 day period and diligently proceed to cure the breach of any provision of this Lease or any other lease or agreement Landlord and Tenant are a party to, other than the obligation to pay Rent, within twenty (20) days after notice thereof to Tenantcompletion; provided, however, that if such breach cannot be cured within such 20 day period using diligent efforts and Tenant promptly commenced efforts Tenant’s right to cure such breach upon receipt of Landlord’s notice thereof, then such cure shall not exceed the period shall be extended for so long as Tenant continues to use diligent efforts to cure, not to exceed a total of sixty (60) days from the date of Landlord’s notice;
(g) Tenant’s breach of the same provision of this Lease, other than the obligation to pay Rent, more than twice (2) in any twelve (12) month period;
(h) Failure to deliver, maintain or restore the Security Deposit pursuant to Section 11.2 hereof within the timeframes provided; provided by Applicable Law and
(i11) Failure Any event which is expressly defined as or deemed an Event of any of the guarantors to fulfill the terms and conditions of the Guaranty or the breach of the Guaranty by one of the GuarantorsDefault under this Lease.
Appears in 1 contract
Sources: Lease Agreement (Redwood Trust Inc)