Common use of Default Conditions Clause in Contracts

Default Conditions. Each of the following events constitutes a default and breach of this Lease by Tenant: (a) Tenant's failure to pay any rent or charges required to be paid by Tenant under this Lease where such failure continues for five (5) days after written notice from Landlord to Tenant of such failure to perform (the notice period respecting the existence of a default shall not modify the obligation to pay a late charge provided for below); (b) Tenant's failure to promptly and fully perform any other covenant, condition or agreement contained in this Lease where such failure continues for 10 Days after written notice from Landlord to Tenant of such failure to perform with respect to the payment of money or 30 Days after written notice from Landlord to Tenant of such failure to perform with respect to failures to perform of a non monetary nature; (c) the levy of a writ of attachment or execution on this Lease or on any of Tenant's property located in the Premises which is not stayed within 90 days after the date upon which it is filed; (d) a general assignment for the benefit of Tenant's creditors or an arrangement, composition, extension or adjustment with Tenant's creditors, the filing by or against Tenant of a petition for relief or other proceeding under the federal bankruptcy laws or state or other insolvency laws, or the assumption by any court or administrative agency, or by a receiver, trustee or custodian appointed by either, of jurisdiction, custody or control of the Premises or of Tenant or any substantial part of its assets or property which remains under such control 90 days following the date of the assumption of control. If a non monetary default occurs which Tenant cannot reasonably cure within the above time period but Tenant commences corrective action within that period and prosecutes the corrective action diligently and continuously to completion, Tenant's rights under the lease shall remain in good standing and Tenant shall be subject to no further monetary penalty for such default.