Default Clauses. 16.1 Upon the occurrence of any of the following events (hereinafter called "EVENTS OF DEFAULT"), Landlord shall have the right, at Landlord's option, in addition to exercising its remedies under Section 16.4 and/or Articles 14 or 17, to terminate this Lease and the Term, as well as all of the right, title and interest of Tenant in and to the Leased Premises hereunder, by giving Tenant ten (10) days' notice in writing of such termination, whereupon this Lease and the Term, as well as all of the right, title and interest of Tenant in and to the Leased Premises, shall wholly cease and expire in the same manner, and with the same force and effect (except as to Tenant's liability), as if the date fixed by such notice were the expiration date of the Term: (a) if Tenant shall fail to pay any installment of Fixed Net Rent, any other item of additional rent, or any part thereof as and when the same shall become due and payable, and such default shall continue for a period of five (5) business days after written notice from Landlord, provided no such notice shall be required more than three times in any 12 month period; (b) subject to Section 16.2 below, if Tenant shall violate, fail to comply with, or fail to perform any other covenant, term, or condition of this Lease, other than requiring payment of a sum of money, and such default shall continue for a period of thirty (30) days after written notice from Landlord: (c) if any execution or attachment shall be issued against Tenant or any of Tenant's property, whereby the Leased Premises or the Improvements shall be taken or occupied, or attempted to be taken or occupied by someone other than Tenant, and such condition shall continue for a period of thirty (30) days after written notice from Landlord; or (d) if Tenant's right, title and interest in this Lease, or the estate of Tenant hereunder, shall be transferred or passed to, or devolve upon, any other person, firm, or corporation, except in the manner provided in this Lease. On or before the expiration of the ten (10) days termination notice referred to above, Tenant shall immediately quit and surrender the Leased Premises, the Improvements and each and every part thereof to Landlord, and Landlord may enter into or repossess the Leased Premises and the Improvements by summary or other suitable proceedings. 16.2 If any of the events described in subsection (b) of Section 16.1 occurs and is of such a nature that it cannot practicably be cured and remedied within the applicable notice period, an Event of Default shall not be deemed to exist with respect thereto if Tenant shall: (a) commence the work, or initiate the action, required to cure and remedy such event promptly within the applicable notice period; and (b) thereafter prosecute such work or action in good faith diligently to completion. 16.3 No default shall be deemed waived by Landlord unless such waiver is confirmed in a writing signed by Landlord. 16.4 In the event that Tenant shall fail to make any payment of Fixed Net Rent or additional rent required to be paid pursuant to this Lease on or before the due date for the payment thereof (without regard to the notice and grace provisions provided for in Section 16.1), the same shall accrue interest from and after such due date and until Tenant's payment thereof at a rate equal to two (2%) per annum plus the so-called prime, base, index, or reference interest rate publicly announced by The Chase Manhattan Bank, N.A., from time to time in effect (but in no event in excess of any then lawful maximum interest rate then applicable to Tenant). In addition to the foregoing interest, as well as in addition to the other remedies available to Landlord for a default by Tenant under this Lease and otherwise at law and in equity, in the event that Tenant shall fail to make any payment of Fixed Net Rent or additional rent required to be paid pursuant to this Lease on or before the due date for the payment thereof (without regard to notice and grace provisions provided in Section 16.1), Tenant shall pay to Landlord, as
Appears in 1 contract
Default Clauses. 16.1 17.1. Upon the occurrence of any of the following events (also hereinafter called referred to as "EVENTS OF DEFAULTEvents of Default"), Landlord shall have the right, at Landlord's option, in addition to exercising its remedies under Section 16.4 and/or Articles 14 or 17, to terminate this Lease lease and the Term, as well as all of the right, title and interest of Tenant in and to the Leased Premises hereunder, by giving Tenant ten (10) days' notice in writing of such termination, whereupon this Lease lease and the Term, as well as all of the right, title and interest of Tenant in and to the Leased Premises, shall wholly cease and expire in the same manner, and with the same force and effect (except as to Tenant's liability), as if the date fixed by such notice were the expiration date Expiration Date of the Term:
(a) if Tenant shall fail to pay any installment of Fixed Net RentRent when the same shall become due and payable or if Tenant shall fail to pay, any other item of additional rent, or any other payment or any part thereof required to be paid by Tenant pursuant to this lease as and when the same shall become due and payable, payable and in either case such default failure shall continue for a period of five ten (510) business days after written notice from Landlord, provided no by Landlord to Tenant of such notice shall be required more than three times in any 12 month period;failure to pay such amount when due; or
(b) subject to Section 16.2 below, if Tenant shall violate, fail to comply with, or fail to timely perform any other covenant, term, or condition of this Lease, other than requiring payment of a sum of money, lease and such default violation or failure shall continue for a period of thirty (30) days after written notice from Landlord:by Landlord to Tenant of such violation or failure; provided that if such violation or failure cannot reasonably be remedied within such 30-day period, Tenant shall have such longer period as is reasonable to remedy such violation or failure provided Tenant commences such remedy within such 30-day period and thereafter diligently proceeds with such remedy; or
(c) if any execution or attachment shall be issued against Tenant or any material portion of Tenant's property, whereby the Leased Premises or the Improvements any part thereof shall be taken or occupied, or attempted to be taken or occupied by someone other than Tenant, and such condition shall continue for a period of thirty (30) days after written notice from Landlord; or
(d) if Tenant's right, title and interest in this Leaselease, or the estate of Tenant hereunder, shall be transferred or passed to, or devolve upon, any other person, firm, or corporation, or other entity (except in as may be otherwise permitted under this lease); or
(e) if Tenant shall abandon the manner provided in this LeasePremises or leave same unoccupied or unattended; or
(f) if Landlord shall terminate the M&S Agreement pursuant to Section 7.2 of the M&S Agreement. On or before the expiration of the ten (10) days termination days' notice referred to abovein Section 17.1, Tenant shall immediately quit and surrender the Leased Premises, the Improvements Premises and each and every part thereof to Landlord, and Landlord may may, upon the expiration of the ten (10) day notice period, enter into or repossess the Leased Premises and the Improvements by summary or other suitable proceedings.
16.2 If any of the events described in subsection (b) of Section 16.1 occurs and is of such a nature that it cannot practicably be cured and remedied within the applicable notice period, an Event of Default shall not be deemed to exist with respect thereto if Tenant shall:
(a) commence the work, or initiate the action, required to cure and remedy such event promptly within the applicable notice period; and
(b) thereafter prosecute such work or action in good faith diligently to completion.
16.3 No default shall be deemed waived by Landlord unless such waiver is confirmed in a writing signed by Landlord.
16.4 In the event that Tenant shall fail to make any payment of Fixed Net Rent or additional rent required to be paid pursuant to this Lease on or before the due date for the payment thereof (without regard to the notice and grace provisions provided for in Section 16.1), the same shall accrue interest from and after such due date and until Tenant's payment thereof at a rate equal to two (2%) per annum plus the so-called prime, base, index, or reference interest rate publicly announced by The Chase Manhattan Bank, N.A., from time to time in effect (but in no event in excess of any then lawful maximum interest rate then applicable to Tenant). In addition to the foregoing interest, as well as in addition to the other remedies available to Landlord for a default by Tenant under this Lease and otherwise at law and in equity, in the event that Tenant shall fail to make any payment of Fixed Net Rent or additional rent required to be paid pursuant to this Lease on or before the due date for the payment thereof (without regard to notice and grace provisions provided in Section 16.1), Tenant shall pay to Landlord, as
Appears in 1 contract