Common use of Default Clause in Contracts

Default. It is expressly understood and agreed that if the rents above, or any part thereof, shall be in arrears, or if default shall be made in any of the covenants of agreements herein contained to be kept by Tenant, Landlord may, at Landlord’s election, give Tenant ten (10) days written notice of Landlord’s intent to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereof. Upon termination of this Lease pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, and Landlord may upon such termination or at any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance of the term of this Lease) and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such termination. In the event of any such termination, whether or not the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the rent required to be paid up by Tenant up to the time of such termination, and thereafter, Tenant, until the end of what would have been the term of this Lease in the absence of such termination shall be liable to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;

Appears in 3 contracts

Samples: Quantum Solar Power Corp., Sigma Labs, Inc., Sigma Labs, Inc.

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Default. It is expressly understood and agreed that if the rents above, or any part thereof, shall be in arrears, or if default shall be made (a) If Tenant (i) defaults in any of the covenants of agreements herein contained to be kept by Tenant, Landlord may, at Landlord’s election, give Tenant ten (10) days written notice of Landlord’s intent to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereof. Upon termination of its monetary obligations under this Lease pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, and Landlord may upon such termination or at (ii) materially defaults in any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance of the term of this Lease) and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and its non-monetary obligations under this Lease, and Tenant fails to cure such liability default within ten (10) business days after receipt of written notice thereof, then, in addition to all other rights which Landlord has at law or in equity, Landlord shall have the following rights and obligations remedies: (x) to terminate this Lease with respect to the applicable Leased Premises in which event Tenant shall survive immediately surrender such Leased Premises to Landlord and, if Tenant fails to do so, Landlord may, without prejudice to any other remedy which Landlord may have for possession or arrearages in Rent, enter upon and take possession of the applicable Leased Premises and expel or remove Tenant and any other person who may be occupying such termination. In the event of any such termination, whether or not the Leased Premises or any part thereof shall have been reletthereof, by any legal means, without being liable for prosecution for any claim of damages therefore; (y) to enter upon and take possession of the applicable Leased Premises and expel or remove Tenant shall pay and any other person who may be occupying such Leased Premises or any part thereof, by any legal means, without being liable for prosecution of any claim for damages therefore with or without having terminated this Lease; (z) do whatever Tenant is obligated to Landlord do under the rent required to be paid up by Tenant up to the time of such termination, and thereafter, Tenant, until the end of what would have been the term terms of this Lease (and enter upon the applicable Leased Premises in connection therewith if necessary) without being liable for prosecution or any claim for damages therefore, and Tenant agrees to reimburse Landlord on demand for any expenses which Landlord may incur in thus effecting compliance with Tenant’s obligations under this Lease with respect to a Leased Premises, plus interest thereon at the absence of such termination Default Rate, and Tenant further agrees that Landlord shall not be liable for any damages resulting to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;Tenant from such action.

Appears in 3 contracts

Samples: Master Lease Agreement (Lands End Inc), Master Lease Agreement (Lands End Inc), Master Lease Agreement (Lands End Inc)

Default. It is expressly understood and agreed that if In the rents aboveevent the Lessee shall default in the payment of rent, those sums designated as additional rent or any part thereofother sums payable by the Lessee herein, and such default shall be in arrearscontinue for a period of ten days from the date of written notice by Lessor to Lessee, or if the Lessee shall default shall be made in the performance of any of the other covenants of or agreements herein contained to be kept by Tenant, Landlord may, at Landlord’s election, give Tenant ten (10) days written notice of Landlord’s intent to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereof. Upon termination of this Lease pursuant and such default shall continue for thirty days after written notice thereof (or if the default cannot be cured within thirty (30) days, that Lessee failed to the preceding paragraph, Tenant shall peacefully surrender the premises diligently proceed to Landlord, and Landlord may upon such termination or at any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectmentcure), or otherwise if the Lessee should become bankrupt or insolvent or any debtor proceedings be taken by or against the Lessee, then and may dispossess Tenant and remove Tenant in addition to any and all other persons legal remedies and property from rights, the Premises. At any time after such Lessor may terminate this Lease and retake possession of the leased premises, or enter the leased premises and re-let the same without termination, Landlord in which later event the Lessee covenants and agrees to pay any deficiency after Lessee is credited with the rent thereby obtained less all repairs and expenses (including the expenses of obtaining possession), or the Lessor may relet resort to any two or more of such remedies or rights, and any other remedies provided by law except acceleration, and adoption of one or more such remedies or rights shall not necessarily prevent the Premises enforcement of others concurrently or any part thereof in the name of Landlord or otherwise for such term (which may thereafter. Lessor shall be greater or lesser than the period which would otherwise have constituted the balance entitled to its landlord's lien provided by law. Lessor agrees to mitigate damages, if possible. The Lessee also covenants and agrees to pay reasonable attorney's fees and costs and expenses of the term of this Lease) and on such conditions (which may include concessions or free rent) as LandlordLessor, in Landlord’s discretion may determine and may collect and receive including court costs, if the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure Lessor employs an attorney to collect rent or enforce other rights of the Lessor herein in event of any rent due upon such reletting. No such termination breach as aforesaid and the same shall be payable regardless of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such terminationwhether collection or enforcement is effected by suit or otherwise. In the event of any such terminationlitigation arises under this Agreement, whether or not the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the rent required to be paid up by Tenant up to the time of such termination, and thereafter, Tenant, until the end of what would have been the term of this Lease in the absence of such termination prevailing party shall be liable entitled to Landlord forattorney's fees and costs, and shall pay to Landlord as and including attorney's fees for liquidated and agreed damages for Tenant’s default;any appeal.

Appears in 3 contracts

Samples: Lease Agreement (Diagnostic Retrieval Systems Inc), Lease Agreement (Diagnostic Retrieval Systems Inc), Lease Agreement (Diagnostic Retrieval Systems Inc)

Default. It is expressly understood and agreed that Section 15: (a) If proceedings are commenced against Tenant in any court under a bankruptcy act or for the appointment of a Trustee or Receiver of Tenant’s property either before or after commencement of the Lease term, or (b) if the rents aboverent or any other payments due from Tenant under this Lease, or any part thereof, shall at any time be in arrearsarrears and unpaid for a period of 30 days after agreed due date per this Lease, or (c) if default there shall be made default in the performance of any of the covenants of agreements other covenant or condition herein contained on the part of Tenant for more than 30 days after written notice of such default by Landlord, then Tenant’s right to be kept possession pursuant to this Lease, if Landlord so elects, shall thereupon cease, and Landlord shall have the right to reenter or repossess the premises by Tenantsummary proceedings, surrender or otherwise, and to dispossess and remove therefrom the Tenant or other occupants thereof, and its effects, without being liable to prosecution therefore. In such case, Landlord may, at Landlord’s electionits option, give Tenant ten (10) days written notice relet the Demised Premises as the agent of Landlord’s intent to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereof. Upon termination of this Lease pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to LandlordTenant, and Landlord may upon such termination or at any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance of the term of this Lease) and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such termination. In the event of any such termination, whether or not the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the difference between the rent required hereby reserved and agreed to be paid up by Tenant up to for the portion of the term remaining at the time of such terminationreentry or repossession, and thereafterthe lesser amount, Tenantif any, until received or to be received under such reletting for such portion of the end term, together with Landlord’s fees and costs, including reasonable attorney fees, incurred by Landlord in enforcing its remedies hereunder and reletting the Demised Premises. Tenant hereby expressly waives service of what would have been the term notice of this Lease in the absence intention to reenter or of such termination shall be liable instituting legal proceedings to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;that end.

Appears in 3 contracts

Samples: Lease (Global Medical REIT Inc.), Lease (Global Medical REIT Inc.), Lease, Made (Global Medical REIT Inc.)

Default. It If (1) Vendor becomes insolvent, (2) Vendor files a voluntary petition under any bankruptcy or insolvency law, (3) a petition is expressly understood and agreed that if filed against Vendor under any bankruptcy or insolvency law, (4) Vendor makes an assignment for the rents abovebenefit of creditors, (5) Vendor fails to deliver in accordance with this Agreement goods Voith has paid for, (6) Vendor comes under the controlling influence of a competitor of Voith; or (7) Vendor breaches any provision of these terms or the Order (each, a default), Voith shall have the right to: terminate all or any part thereofportion of this Agreement for default, require satisfactory assurances of performance, take over all or any portion of the work itself or assign it to a third party at Vendor’s cost, withhold all further payments until the work is complete, and/or exercise or demand any and all other rights and remedies available under this Agreement or the law, all such rights and remedies being cumulative and without prejudice to any other right or remedy. Upon a default, Voith shall retain title to all of Voith’s property and goods Voith has paid for, and Vendor irrevocably grants Voith the right to enter and access Vendor’s facilities to remove such property and paid-for goods. If a court of competent jurisdiction subsequently determines that Voith’s termination under this section was wrongful or unjustified, then such termination shall be in arrears, or if default shall be made in any of the covenants of agreements herein contained to be kept by Tenant, Landlord may, at Landlord’s election, give Tenant ten (10) days written notice of Landlord’s intent to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults automatically considered a termination for convenience as set forth in said notice section 3 and avoid forfeiture thereof. Upon termination of this Lease pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, and Landlord may upon such termination or at any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance of the term of this Lease) and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such termination. In the event of any such termination, whether or not the Premises or any part thereof Vendor shall have been reletthe rights under that provision, Tenant shall pay to Landlord the rent required to be paid up by Tenant up to the time of such termination, and thereafter, Tenant, until the end of what would have been the term of this Lease in the absence of such termination shall be liable to Landlord for, and shall pay to Landlord as and but no other rights or claims for liquidated and agreed damages for Tenant’s default;damages.

Appears in 3 contracts

Samples: voith.com, voith.com, voith.com

Default. It If the Lessee fails to pay, `when due, any amounts or charges required to be paid pursuant to this Lease, the Lessor after giving five (5) days notice in writing to the Lessee may, but shall not be obligated to, pay all or any part of the same. If the Lessee is expressly understood and agreed that if in default in the rents aboveperformance of any of its covenants or obligations hereunder (other than the payment of rent or other sums required to be paid pursuant to this Lease), the Lessor may from time to time after giving such notice as it considers sufficient (or without notice in the case of any emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereof, shall and for such purpose may do such things as may be required, including, without limitations, entering upon the demised Premises and doing such things upon or in arrears, or if default shall be made in any respect of the covenants of agreements herein contained to be kept by Tenant, Landlord may, at Landlord’s election, give Tenant ten (10) days written notice of Landlord’s intent to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereof. Upon termination of this Lease pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, and Landlord may upon such termination or at any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet the demised Premises or any part thereof in as the name of Landlord Lessor reasonably considers requisite or necessary. All expenses incurred and expenditures made pursuant to this paragraph shall be paid by the Lessee as Additional Rent or otherwise for such term (which as may be greater the case forthwith upon demand. The Lessor shall have no liability to the Lessee for any loss or lesser than damages resulting from any such action or entry by the period which would otherwise have constituted Lessor upon the balance demised Premises under this paragraph and same is not a re-entry or a breach of the term of any covenant for quiet enjoyment contained in this Lease) and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such termination. In the event that the Lessee fails to pay, when the same is due and payable, any rent, Additional Rent or other amount (including, without limiting the generality of the foregoing, taxes, insurance premiums and common area maintenance expenses) payable by the Lessee pursuant to the terms of this Lease, such unpaid amount shall bear interest at an annual rate equal to the prime lending rate in effect from time to time charged by The Toronto-Dominion Bank to its best commercial customers in Toronto plus 5% per annum calculated from the due date thereof to the date of payment, subject to monthly compounding; and the Lessor, in addition to any such terminationother right, whether or not the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the same remedies and may take the same steps for the recovery of all such amounts and such interest thereon as it might take for the recovery of rent required to be paid up by Tenant up to in arrears under the time of such termination, and thereafter, Tenant, until the end of what would have been the term terms of this Lease in the absence of such termination shall be liable to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;Lease.

Appears in 3 contracts

Samples: Indenture (Miad Systems LTD), Miad Systems LTD, Miad Systems LTD

Default. It is expressly understood and agreed that if In the rents above, event TENANT shall default in the payment of rent or any part thereof, other sums payable by TENANT herein and such default shall be in arrearscontinue for a period of three (3) days, or if the TENANT shall abandon the premises and remove or attempt to remove therefrom the major portion of its furniture or fixtures, or if the TENANT shall default shall be made in the performance of any of the other covenants of or agreements herein contained to be kept by Tenant, Landlord may, at Landlord’s election, give Tenant ten (10) days written notice of Landlord’s intent to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereof. Upon termination of this Lease pursuant and such default shall continue for thirty (30) days or for fifteen (15) days after written notice thereof, or if TENANT should become bankrupt or insolvent or any debtor proceedings be taken by or against the TENANT, then and in addition to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, any and Landlord may upon such termination or at any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premisesall other legal remedies and rights, the Landlord LANDLORD may repossess it declare the entire balance of the rent for the remainder of the term to be due and payable and may collect the same by force, summary proceedings, ejectment, distress or otherwise and LANDLORD shall have a lien on the personal property of the TENANT which is located in the leased premises and in order to protect its security interest in the said property LANDLORD may, without first obtaining a distress warrant, lock up the leased premises in order to protect said interest in the secured property, or the LANDLORD may dispossess Tenant terminate this Lease and remove Tenant retake possession of the leased premises, or enter the leased premises and relet the same without termination, in which latter event the TENANT covenants and agrees to pay any deficiency after TENANT is credited with the rent thereby obtained less all other persons repairs and property expenses (including the expenses of obtaining possession), or the LANDLORD may resort to any two or more of such remedies or rights, and adoption of one or more such remedies or rights shall not necessarily prevent the enforcement of others concurrently or thereafter. Any monies received from the Premises. At TENANT at any time after such termination, Landlord may relet the Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than point during the period which would otherwise have constituted the balance of the term Lease will be applied at LANDLORD'S discretion towards TENANT'S earliest obligation. TENANT also covenants and agrees to pay reasonable attorney's fees and costs and expenses of this Lease) and on such conditions (which may include concessions or free rent) as Landlordthe LANDLORD, in Landlord’s discretion may determine and may collect and receive including court costs, if the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure LANDLORD employs an attorney to collect any rent due upon such reletting. No such termination or enforce other rights of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such termination. In the LANDLORD herein in event of any such termination, whether or not breach as aforesaid and the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the rent required to be paid up by Tenant up to the time of such termination, and thereafter, Tenant, until the end of what would have been the term of this Lease in the absence of such termination same shall be liable to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;payable regardless of whether collection or enforcement is effected by suit or otherwise.

Appears in 2 contracts

Samples: Lease Agreement (Total Tel Usa Communications Inc), Sublease Agreement (Eventures Group Inc)

Default. It is expressly understood and agreed that if the rents above, or any part thereof, Tenant shall be deemed in arrears, or if default shall be made hereunder in any of the covenants of agreements herein contained to be kept by Tenant, Landlord may, at Landlord’s election, give Tenant ten (10) days written notice of Landlord’s intent to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereof. Upon termination of this Lease pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, and Landlord may upon such termination or at any time after such termination, without further notice, rent the Premises. If event Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, keep and perform any of its covenants or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance of the term of this Lease) and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such terminationhereunder. In the event of any breach of this Lease by Tenant, Landlord, in addition to the other rights or remedies it may have, shall have the immediate right of re-entry and may remove all persons and property from the Demised Premises; and such terminationproperty may be removed and stored in a public warehouse or elsewhere at the cost of and for the account of Tenant. Should Landlord elect to re-enter as herein provided, whether or not should it take possession pursuant to legal proceedings or pursuant to any notice provided for by law, Landlord may either terminate this Lease or may from time to time, without terminating this Lease, re-let the Demised Premises or any part thereof shall have been reletfor such term or terms (which may be for a term extending beyond the Lease Term) and at such rental or rentals and on such other terms and conditions as Landlord in its sole discretion may deem advisable, with the right to make alterations and repairs to the Demised Premises. On each such re-letting (a) Tenant shall be immediately liable to pay to Landlord Landlord, in addition to any indebtedness other than rent due hereunder, the expenses of such re-letting and repairs incurred by Landlord; and the amount, if any, by which the rent required in this instant Lease for the period of such re-letting (up to but not beyond the Lease Term) exceeds the amount agreed to be paid up as rent for the Demised Premises for such period on such re-letting; or (b) at the option of Landlord, rents received by Tenant up Landlord from such re-letting shall be applied first to the time payment of any indebtedness, other than rent due hereunder from Tenant to Landlord; second, to the payment of any expenses of such termination, re-letting and thereafter, Tenant, until the end of what would have been the term of this Lease in the absence of such termination repairs; third, to the payment of rent due and unpaid hereunder; and the residue, if any, shall be held by Landlord and applied in payment of future rent as the same may become due and payable hereunder. If, after the application of rent amounts received from re-renting, there is a deficit, the Tenant shall be liable for said deficit. Such deficiency shall be calculated and due and payable in full immediately upon Landlord’s demand. No such re-entry or taking possession of the Demised Premises by Landlord shall be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention is given to Tenant or unless the termination thereof is decreed by a court of competent jurisdiction. In the event the Landlord foris unable to re-rent the Demised Premises, the Tenant shall remain wholly liable for all rental and shall pay to Landlord as and other obligations provided for liquidated and agreed damages for Tenant’s default;herein.

Appears in 2 contracts

Samples: Lease (Medical Solutions Management Inc.), Lease (Certified Diabetic Services Inc)

Default. It is expressly understood (a) In the event that the Pledgor fails to pay to the Pledgee any Obligation when due or there shall otherwise occur an Event of Default (as defined in the Note) ("Default"), the Pledgee shall have all of the rights and agreed that if remedies afforded to secured parties with respect to the rents aboveCollateral as set forth in the Code as well as all other rights and remedies granted in the Note and this Agreement. Without limiting the generality of the foregoing, the Pledgee, without demand of performance or other demand, presentment, protest, advertisement or notice of any kind (except any notice required by law referred to below) to or upon the Pledgor (all and each of which demands, defenses, advertisements and notices are hereby waived), may in such circumstances forthwith collect, receive, appropriate and realize upon the Collateral, or any part thereof, shall be in arrearsand/or may forthwith sell, assign, give an option or if default shall be made in options to purchase or otherwise dispose of and deliver the Collateral or any part thereof (or contract to do any of the covenants foregoing), in one or more parcels at public or private sale or sales, upon such terms and conditions and at such prices as it may deem advisable, for cash or on credit or for future delivery without assumption of agreements herein contained any credit risk. The Pledgee shall have the right upon any such public sale or sales, and, to the extent permitted by law, upon any such private sale or sales, to purchase the whole or any part of the Collateral so sold. The Pledgee shall apply any proceeds from time to time held by it and the net proceeds of any such sale or other disposition, after deducting all reasonable costs and expenses of every kind incurred in respect thereof or incidental to the care or safekeeping of any of the Collateral or in any way relating to the Collateral or the rights of the Pledgee hereunder, including, without limitation, reasonable attorneys' fees and disbursements of counsel to the Pledgee, to the satisfaction in whole or in part of the Obligations, in such order as the Pledgee may elect and only after such application and after the payment by the Pledgee of any other amount required by any provision of law, including, without limitation, Section 9-504 (1)(c) of the Code, need the Pledgee account for the surplus, if any, to the Pledgor. To the extent permitted by applicable law, the Pledgor waives all claims, damages and demands he may acquire against the Pledgee arising out of the lawful exercise by it of any rights hereunder. Neither the Pledgee nor any of its respective directors, officers, employees or agents shall be kept liable for failure to sell or otherwise dispose of the Collateral or for any delay in doing so. If any notice of a proposed sale or other disposition of the Collateral shall be required by Tenantlaw, Landlord may, such notice shall be deemed reasonable and proper if given at Landlord’s election, give Tenant least ten (10) days written before such sale or other disposition. In any event, notice of Landlord’s intent to terminate said Lease; provided however, that during said a proposed sale or other disposition shall be given at least ten (10) day perioddays before such sale or other disposition to the Pledgor and Xxxxx Xxxx. The Pledgor shall remain liable for any deficiency if the proceeds of any sale or other disposition of the Collateral are insufficient to pay all of the Obligations and any and all costs and expenses of every kind incurred by the Pledgee with respect to the collection of such deficiency, Tenant including, without limitation, all reasonable fees and disbursements of any attorneys employed by the Pledgee. The Pledgor recognizes that the Pledgee may correct defaults be unable to effect a public sale of any or all the Collateral by reason of certain restrictions contained in the Securities Act of 1933, as set forth in said notice amended, and avoid forfeiture applicable state securities laws or otherwise, and may be compelled to resort to one or more private sales thereof to a restricted group of purchasers which will be obliged to agree, among other things, to acquire such securities for their own account for investment and not with a view to the distribution or resale thereof. Upon termination The Pledgor acknowledges and agrees that any such private sale may result in prices and other terms less favorable than if such sale were a public sale and agrees that any such private sale under such circumstances shall not be evidence that it has been made in other than a commercially reasonable manner. The Pledgor agrees to use his best efforts to do or cause to be done all such other acts as may be necessary to make such sale or sales of this Lease all or any portion of the Collateral pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, this section valid and Landlord may upon such termination or at binding and in compliance with any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof in the name applicable requirements of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance of the term of this Lease) and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such termination. In the event of any such termination, whether or not the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the rent required to be paid up by Tenant up to the time of such termination, and thereafter, Tenant, until the end of what would have been the term of this Lease in the absence of such termination shall be liable to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;law.

Appears in 2 contracts

Samples: Pledge Agreement (Extech Corp), Pledge Agreement (Dcap Group Inc)

Default. It is expressly understood (a) Upon the occurrence and agreed continuance of a Default or Event of Default, the Lenders agree to promptly confer in order that if the rents aboveRequired Lenders, Required Revolver Lenders, or the Lenders, as the case may be, may agree upon a course of action for the enforcement of the rights of the Lenders; and the Administrative Agent and the Collateral Agent shall be entitled to refrain from taking any part thereofaction (without incurring any liability to any Person for so refraining) unless and until the Administrative Agent or the Collateral Agent, as appropriate, shall have received instructions from Required Lenders or Required Revolver Lenders, as applicable. All rights of action under the Loan Documents and all right to the Collateral, if any, hereunder may be enforced by the Administrative Agent and the Collateral Agent and any suit or proceeding instituted by the Administrative Agent or the Collateral Agent in arrears, or if default furtherance of such enforcement shall be made brought in its name as the Administrative Agent or the Collateral Agent, as applicable, without the necessity of joining as plaintiffs or defendants any other Lender, and the recovery of any judgment shall be for the benefit of the covenants of agreements herein contained Lenders (and, with respect to be kept by TenantLender Hedging Agreements, Landlord mayAffiliates, at Landlord’s election, give Tenant ten (10if applicable) days written notice of Landlord’s intent to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereof. Upon termination of this Lease pursuant subject to the preceding paragraphexpenses of the Administrative Agent and/or the Collateral Agent. In actions with respect to any property of the Borrower or any other Obligor, Tenant shall peacefully surrender each of the premises Administrative Agent and the Collateral Agent is acting for the ratable benefit of each Lender (and, with respect to LandlordLender Hedging Agreement, and Landlord may upon such termination or at any time after such terminationAffiliates, without further notice, rent the Premisesif applicable). If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant Any and all agreements to subordinate (whether made heretofore or hereafter) other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises indebtedness or any part thereof in the name obligations of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance of the term of this Lease) and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such termination. In the event of any such termination, whether or not the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the rent required to be paid up by Tenant up Borrower to the time of such termination, and thereafter, Tenant, until the end of what would have been the term of this Lease in the absence of such termination Obligation shall be liable construed as being for the ratable benefit of each Lender (and, with respect to Landlord forLender Hedging Agreement, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;Affiliates, if applicable).

Appears in 2 contracts

Samples: Credit Agreement (Martin Midstream Partners Lp), Credit Agreement (Martin Midstream Partners Lp)

Default. It is expressly understood and agreed that if the rents above, Administrative Agent shall not be deemed to have knowledge or any part thereof, shall be in arrears, or if default shall be made in any notice of the covenants occurrence of agreements herein contained any Default or Event of Default, except with respect to be kept by Tenant, Landlord may, at Landlord’s election, give Tenant ten (10) days written notice of Landlord’s intent to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereof. Upon termination of this Lease pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, and Landlord may upon such termination or at any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof in the name payment of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance of the term of this Lease) principal, interest and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such termination. In the event of any such termination, whether or not the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the rent fees required to be paid up by Tenant up to Administrative Agent for the account of the Lenders, unless Administrative Agent shall have received written notice from any Lender or Borrower referring to this Agreement, describing such Default or Event of Default and stating that such notice is a “notice of default.” Administrative Agent will promptly notify the Lenders of its receipt of any such notice. Upon the occurrence and continuance of a Default or an Event of Default, Administrative Agent shall make a recommendation to the time Lenders of such terminationany actions to be taken, and thereaftereach Lender agrees to promptly confer with the other Lenders in order that the Lenders can consider such course of action or any other actions to be taken for the enforcement of the Rights of the Lenders; provided that Administrative Agent shall be entitled (but not obligated) to proceed to take any actions necessary in its reasonable judgment to preserve Rights, Tenantpending agreement by the Lenders on the course of action to be taken. If the Required Lenders cannot agree on a course of action to be taken within sixty (60) days following Administrative Agent’s initial recommendation, Administrative Agent shall thereafter take such action as Administrative Agent deems advisable to enforce the Rights of the Lenders; provided, that if, after Administrative Agent has begun taking such action, the Required Lenders agree on a course of action contrary to that undertaken by Administrative Agent, then Administrative Agent shall change its course of action so as to follow the course of action agreed upon by the Required Lenders. Any action directed or approved by the Required Lenders, including without limitation, any exercise of remedies or initiation of suit or other legal proceedings, shall be binding upon each Lender. In actions with respect to any property of Borrower or any Subsidiary of Borrower, Administrative Agent is acting for the account of each Lender to the extent of each Lender’s Commitment Percentage. Any and all agreements to subordinate (whether made heretofore or hereafter) other indebtedness or obligations of Borrower or any Subsidiary to the Obligations shall be construed as being for the benefit of each Lender to the extent of its respective Commitment Percentage. If Administrative Agent acquires any security for the Obligations or any guaranty of the Obligations, the same shall be held for the benefit of each Lender in proportion to such Lender’s respective Commitment Percentage. Lenders agree, among themselves, that unless otherwise agreed to by Administrative Agent and the Required Lenders, all monies collected or received by Administrative Agent after the occurrence and during the continuance of an Event of Default in respect of any security that may be given for the Obligations, directly or indirectly, or by exercise of Rights, judgment on the Notes any other means shall be applied first to the payment of unpaid, past due fees hereunder, and then to either interest or principal of the Obligations as recommended by Administrative Agent and approved by the Required Lenders (except that any amounts to be applied to interest or principal shall be distributed to Lenders based on their Aggregate Loan Percentage until the end of what would have been the term of this Lease Loan is paid in the absence of such termination shall be liable to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;full).

Appears in 2 contracts

Samples: Credit Agreement (Camden Property Trust), Credit Agreement (Camden Property Trust)

Default. It If Pledgor (a) defaults in the payment of the principal under the Note when it becomes due (whether upon demand, acceleration or otherwise) or any other event of default under the Note or this Agreement occurs (including, without limitation, the bankruptcy or insolvency of Pledgor) or (b) defaults in the payment of interest or any other amount related to the Note, the Company may (following five (5) days notice to Executive, during which the default is expressly understood not cured) exercise any and agreed that if all the rents aboverights, powers and remedies of any owner of the Pledged Interest (including the right to vote the Pledged Interest and receive any distributions with respect to such Pledged Interest) and shall have and may exercise without demand any and all the rights and remedies granted to a secured party upon default under the Uniform Commercial Code of New York or otherwise available to the Company under applicable law. Without limiting the foregoing, after the occurrence of and during the continuance of a default, the Company is authorized to sell, assign and deliver at its discretion, from time to time, all or any part thereof, shall be in arrears, or if default shall be made in any of the covenants of agreements herein contained to be kept by TenantCollateral at any private sale or public auction, Landlord may, at Landlord’s election, give Tenant on not less than ten (10) days written notice of Landlord’s intent to terminate said Lease; provided howeverPledgor, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice at such price or prices and avoid forfeiture thereof. Upon termination of this Lease pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, and Landlord may upon such termination terms as the Company may deem advisable. Pledgor shall have no right to redeem the Collateral after any such sale or at any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premisesassignment. At any time after such terminationsale or auction, Landlord the Company may relet bid for, and become the Premises purchaser of, the whole or any part thereof of the Pledged Interest offered for sale. In case of any such sale, after deducting the costs, attorneys' fees and other expenses of sale and delivery, the remaining proceeds of such sale shall be applied to the principal of and accrued interest on the Note and other amounts related thereto (including costs, attorneys' fees associated with enforcement hereof); provided that after payment in full of the name of Landlord or otherwise for such term (which may be greater or lesser than indebtedness evidenced by the period which would otherwise have constituted Note, the balance of the term proceeds of this Lease) sale then remaining shall be paid to Pledgor and on such conditions (which may include concessions or free rent) as Landlord, Pledgor shall be entitled to the return of any of the Pledged Interest remaining in Landlord’s discretion may determine and may collect and receive the rents thereforhands of the Company. Landlord Pledgor shall in no way be responsible for or liable for any failure deficiency (to relet the Premises or extent liable therefor under the Note) if the remaining proceeds are insufficient to pay the indebtedness under the Note in full, including the fees of any part thereof or for any failure attorneys employed by the Company to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such termination. In the event of any such termination, whether or not the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the rent required to be paid up by Tenant up to the time of such termination, and thereafter, Tenant, until the end of what would have been the term of this Lease in the absence of such termination shall be liable to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;deficiency.

Appears in 2 contracts

Samples: Stock Pledge Agreement (Maxxim Medical Inc), Stock Pledge Agreement (Maxxim Medical Inc)

Default. It is expressly understood and agreed that if If Lessee defaults in the rents above, performance or any part thereof, shall be in arrears, or if default shall be made in observance of any of the covenants of agreements or conditions herein contained, or contained in the Vessel and Mooring Rules, as adopted by Lessor from time to be kept by Tenanttime, Landlord then Lessor may, at LandlordLessor’s election, give Tenant ten option and upon five (105) days days’ written notice to Lessee, terminate this Agreement and immediately expel and remove Lessee and the Boat or PWC, or any other persons or vessels occupying the Slip(s). The foregoing right of Landlord’s intent Lessor shall be without prejudice to terminate said Lease; provided howeverany remedies that might otherwise be used for breach of covenants, that during said ten (10) day periodincluding but not limited to, Tenant may correct defaults as set forth in said notice retention by Lessor of any prepaid Mooring Fees. No such termination, entry, expulsion, or removal, whether by direct act of Lessor through legal proceedings or otherwise, shall affect the liability of Lessee for any sums due Lessor, including but not limited to, the costs and avoid forfeiture thereofexpenses of such expulsion and removal. Upon termination of this Lease pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, and Landlord may upon such termination or If at any time after such terminationLessee shall file a voluntary petition in bankruptcy or petitions for (or enters into) an arrangement for reorganization, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectmentcomposition, or otherwise any other arrangement with Lessee’s creditors under any federal or state law, this Agreement shall terminate and may dispossess Tenant and Lessor shall have the immediate right to remove Tenant and all other persons and property from the PremisesSlip(s). At This Agreement shall not be treated as an asset of the Lessee’s estate, and neither the Lessee nor anyone claiming by, through, or under Lessee by virtue of any time after such termination, Landlord may relet the Premises law or any part thereof order of any court shall be entitled to the possession of the Slip(s) or to remain in the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance of the term of this Lease) and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents thereforpossession thereof. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations The remedies afforded Lessor under this LeaseParagraph 7 shall not be deemed to be exclusive or alternative, but such remedies shall at all times be deemed to be cumulative; and in addition thereto, Lessor shall have each and every other remedy afforded it by this Agreement, by custom and usage, and such liability by law and obligations shall survive any such termination. In the event of any such termination, whether or not the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the rent required to be paid up by Tenant up to the time of such termination, and thereafter, Tenant, until the end of what would have been the term of this Lease in the absence of such termination shall be liable to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;equity.

Appears in 2 contracts

Samples: Slip Rental Agreement, Slip Rental Agreement

Default. It is expressly understood Member shall be deemed to be in default under this License as follows: (i) if Member defaults in the payment of the License Fee or other sums due, (ii) if Member shall be late in paying the License Fee and agreed that any other additional fees due hereunder, more than three times within any 12-month period, (iii) if Member abandons the rents aboveOffice, (iv) if Member assigns or sublets this License or any portion thereof in violation of this License, or (v) if Member defaults in the prompt and full performance of any part thereof, shall be in arrears, other provision of this License. Upon the occurrence of one or if default shall be made in any more of the covenants above events of agreements herein contained to default, this License shall automatically be kept by Tenant, Landlord may, at Landlord’s election, give Tenant ten (10) days written notice of Landlord’s intent to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereof. Upon termination of this Lease pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, and Landlord may upon such termination or at any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance of the term of this Lease) and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such terminationterminated. In the event of any such terminationdefault and termination of this License, whether or not the Premises or any part thereof revocation of this License by Workville, Workville shall have been relet, Tenant shall pay the option to Landlord pursue one or more of the rent required following remedies without any additional notice or demand and without limitation to be paid up by Tenant up Workville in the exercise of any other remedy: (i) Workville may deny Member access to the time Office, and may enter the Office, and take possession of the contents thereof, without releasing Member from any of its obligations hereunder; and (ii) Workville may exercise any remedy now or hereafter available to it at law or in equity upon Member’s breach or default of this License, or upon Workville’s revocation or other termination of this License in accordance with its terms, and Member hereby agrees that Workville shall not have a duty to seek a court order or to provide due process before evicting Member from the licensed space and removing Member’s property therefrom. In the event of such termination, Workville may, at its option, declare the entire amount of the License Fee which would become due and thereafterpayable during the remainder of the Term to be due and payable immediately, Tenantin which event Member agrees to pay same immediately. Member agrees to pay all costs and expenses (including, until without limitation, reasonable attorneys’ fees, disbursements and court costs) expended or incurred by Workville in connection with the end of what would have been the term enforcement of this Lease License, the collection of any sums due hereunder, any action for declaratory relief in any way related to this License, and/or the absence protection or preservation of such termination shall be liable to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;any rights of Workville hereunder.

Appears in 2 contracts

Samples: Terms and Conditions, Terms and Conditions

Default. It is expressly understood and agreed that if the rents above, If an Investor (or any part thereofof its affiliates) defaults on its obligation to fund its Investment Commitment in accordance with the terms of its Equity Commitment Letter or breaches its obligations under the Cooperation Agreement, shall be in arrearsits Limited Guaranty, its Equity Commitment Letter or if this Agreement (a “Defaulting Investor”), and such default shall be made in causes the Investors (or their respective affiliates) or the Acquisition Entities to become liable to make any of payments (including the covenants of agreements herein contained to be kept by Tenant, Landlord may, at Landlord’s election, give Tenant ten (10Termination Fee) days written notice of Landlord’s intent to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereof. Upon termination of this Lease pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, and Landlord may upon such termination or at any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the PremisesPurchase Agreement, the Landlord may repossess it by forceEquity Commitment Letters, summary proceedings, ejectment, the Limited Guaranties or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance respect of the term of this Lease) and on such conditions (which may include concessions or free rent) as LandlordTransaction, in Landlord’s discretion may determine and may collect and receive then the rents therefor. Landlord shall in no way Defaulting Investor will be responsible for all such amounts payable (or liable for previously paid) by any failure Investor that is not a Defaulting Investor (a “Non-Defaulting Investor”), other than any amounts that are paid to relet fund the Premises payment of the Purchase Price under the Purchase Agreement if the Transaction is consummated, as well as all fees, costs and expenses incurred by the Non- Defaulting Investors in connection with the Transaction or in connection with any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Leaseclaim made by Seller, and such liability and obligations shall survive any such termination. In the event HFSG of any such terminationof their Affiliates against it in respect of the Transaction (collectively, whether or not the Premises or any part thereof shall have been relet, Tenant shall pay “Default Costs”). The Defaulting Investor hereby agrees to Landlord indemnify the rent required to be paid up by Tenant up to the time Non-Defaulting Investors in respect of such termination, and thereafter, Tenant, until the end of what would have been the term of this Lease in the absence of such termination shall be liable to Landlord for, all Default Costs and shall pay all of such Default Costs to Landlord the Non- Defaulting Investors (or in accordance with the Non-Defaulting Investors’ direction) promptly after their incurrence. For greater certainty, if there is more than one Defaulting Investor, the Default Costs will be borne by the Defaulting Investors on a pro rata basis that corresponds to their Investment Commitments promptly after their incurrence; provided that, in the case of any Defaulting Investor that is not a Lead Investor, (i) the Lead Investor associated with such Investor as identified on Annex A (the “Corresponding Lead Investor”) agrees to jointly indemnify the Non-Defaulting Investors in respect of all Default Costs owed by the Defaulting Investor and for liquidated and agreed damages for Tenant’s default;(ii) the Defaulting Investor agrees to promptly pay to the Corresponding Lead Investor any Default Costs paid by the Corresponding Lead Investor to the other Non-Defaulting Investors. For greater certainty, if there is more than one Defaulting Investor, the Default Costs will be borne by the Defaulting Investors on a pro rata basis that corresponds to their Investment Commitments.

Appears in 2 contracts

Samples: Interim Investors Agreement, Interim Investors Agreement

Default. It is expressly understood (a) In the event that the Pledgor fails to pay to the Pledgee any Obligation when due or there shall otherwise occur an Event of Default (as defined in the Note) ("Default"), the Pledgee shall have all of the rights and agreed that if remedies afforded to secured parties with respect to the rents aboveCollateral as set forth in the Code as well as all other rights and remedies granted in the Note and this Agreement. Without limiting the generality of the foregoing, the Pledgee, without demand of performance or other demand, presentment, protest, advertisement or notice of any kind (except any notice required by law referred to below) to or upon the Pledgor (all and each of which demands, defenses, advertisements and notices are hereby waived), may in such circumstances forthwith collect, receive, appropriate and realize upon the Collateral, or any part thereof, shall be in arrearsand/or may forthwith sell, assign, give an option or if default shall be made in options to purchase or otherwise dispose of and deliver the Collateral or any part thereof (or contract to do any of the covenants foregoing), in one or more parcels at public or private sale or sales, upon such terms and conditions and at such prices as it may deem advisable, for cash or on credit or for future delivery without assumption of agreements herein contained any credit risk. The Pledgee shall have the right upon any such public sale or sales, and, to the extent permitted by law, upon any such private sale or sales, to purchase the whole or any part of the Collateral so sold. The Pledgee shall apply any proceeds from time to time held by it and the net proceeds of any such sale or other disposition, after deducting all reasonable costs and expenses of every kind incurred in respect thereof or incidental to the care or safekeeping of any of the Collateral or in any way relating to the Collateral or the rights of the Pledgee hereunder, including, without limitation, reasonable attorneys' fees and disbursements of counsel to the Pledgee, to the satisfaction in whole or in part of the Obligations, in such order as the Pledgee may elect and only after such application and after the payment by the Pledgee of any other amount required by any provision of law, including, without limitation, Section 9-504 (1)(c) of the Code, need the Pledgee account for the surplus, if any, to the Pledgor. To the extent permitted by applicable law, the Pledgor waives all claims, damages and demands he may acquire against the Pledgee arising out of the lawful exercise by it of any rights hereunder. Neither the Pledgee nor any of its respective directors, officers, employees or agents shall be kept liable for failure to sell or otherwise dispose of the Collateral or for any delay in doing so. If any notice of a proposed sale or other disposition of the Collateral shall be required by Tenantlaw, Landlord may, such notice shall be deemed reasonable and proper if given at Landlord’s election, give Tenant least ten (10) days written before such sale or other disposition. In any event, notice of Landlord’s intent to terminate said Lease; provided however, that during said a proposed sale or other disposition shall be given at least ten (10) day perioddays before such sale or other disposition to the Pledgor and Xxxxx Xxxx. The Pledgor recognizes that the Pledgee may be unable to effect a public sale of any or all the Collateral by reason of certain restrictions contained in the Securities Act of 1933, Tenant as amended, and applicable state securities laws or otherwise, and may correct defaults as set forth in said notice be compelled to resort to one or more private sales thereof to a restricted group of purchasers which will be obliged to agree, among other things, to acquire such securities for their own account for investment and avoid forfeiture not with a view to the distribution or resale thereof. Upon termination The Pledgor acknowledges and agrees that any such private sale may result in prices and other terms less favorable than if such sale were a public sale and agrees that any such private sale under such circumstances shall not be evidence that it has been made in other than a commercially reasonable manner. The Pledgor agrees to use his best efforts to do or cause to be done all such other acts as may be necessary to make such sale or sales of this Lease all or any portion of the Collateral pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, this section valid and Landlord may upon such termination or at binding and in compliance with any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof in the name applicable requirements of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance of the term of this Lease) and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such termination. In the event of any such termination, whether or not the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the rent required to be paid up by Tenant up to the time of such termination, and thereafter, Tenant, until the end of what would have been the term of this Lease in the absence of such termination shall be liable to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;law.

Appears in 2 contracts

Samples: Pledge Agreement (Dcap Group Inc), Pledge Agreement (Extech Corp)

Default. It is expressly understood Buyer and agreed Seller shall proceed to Closing in accordance with the terms of the Contract, as modified by this Addendum, and each acknowledges that failure or refusal to do so for any reason other than a breach or default by the other party shall constitute a breach hereof and a default under the Contract. If Buyer fails or refuses to proceed to Closing on the Closing Date, as extended, if the rents aboveapplicable, or otherwise fails or refuses to comply with the terms, covenants and conditions of the Contract, as modified by this Addendum, for any part thereofreason other than a breach or default by Seller, then Seller’s sole and exclusive remedy shall be in arrears, or if default shall be made in any of the covenants of agreements herein contained to be kept by Tenant, Landlord may, at Landlord’s election, give Tenant ten (10) days written notice of Landlord’s intent to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice the Contract and avoid forfeiture thereof. Upon termination of this Lease retain any Deposit actually paid by Buyer or due from Buyer pursuant to the preceding paragraphContract and any Extension Fee (collectively, Tenant the “Monies”), as liquidated damages pursuant to Section 15 below, in which event the parties shall peacefully surrender be relieved of all obligations under the premises to LandlordContract, and Landlord may upon such termination or at any time after such termination, without further notice, rent the Premisesexcept for Buyer’s Indemnification Obligations. If Tenant Seller fails or refuses to peacefully surrender proceed to Closing on the PremisesClosing Date, the Landlord may repossess it by forceas extended, summary proceedings, ejectmentif applicable, or otherwise fails or refuses to comply with the terms, covenants and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance conditions of the term Contract, as modified by this Addendum, for any reason other than a breach or default by Buyer, then Buyer’s sole and exclusive remedy shall be to terminate the Contract and receive a refund of this Lease) and on such conditions (which may include concessions or free rent) as LandlordMonies actually paid by Buyer, in Landlordwhich event the parties shall be relieved of all obligations under the Contract, except for Buyer’s discretion may determine and may collect and receive the rents thereforIndemnification Obligations. Landlord In all events, Buyer’s Indemnification Obligations shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such survive termination of this Lease the Contract and Seller shall relieve Tenant of Tenantbe entitled to all remedies available at law and in equity to enforce and collect Buyer’s liability and obligations under this LeaseIndemnification Obligations. Subject to Section 14 below, and such liability and obligations shall survive any such termination. In in the event of any litigation or dispute between Seller and Buyer concerning the release of the Monies, the sole responsibility of the broker, Title Company or escrow agent holding any Monies or other deposits or funds shall be to, at such terminationperson’s option, whether (i) pay the Monies into the court in which such litigation is pending, or not (ii) pay the Premises or any part thereof Monies into a court of proper jurisdiction by an action of interpleader. Buyer and Seller agree that, upon payment of the Monies into court as set forth herein, neither Buyer nor Seller shall have been reletany further right, Tenant shall pay to Landlord claim, demand or action against such party regarding the rent required to be paid up by Tenant up to release of the time Monies, except for claims arising out of the gross negligence or willful misconduct of such termination, and thereafter, Tenant, until the end of what would have been the term of this Lease party. Nothing contained herein or elsewhere in the absence of such termination Contract shall be liable construed to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;limit the applicability of Section 14 below.

Appears in 2 contracts

Samples: media.reliancenetwork.com, reore.com

Default. It is expressly understood If the Pledgor defaults in the payment of the principal or interest under the Note as it becomes due (whether upon demand, acceleration or otherwise) or any other event of default under the Note occurs and agreed that has not been remedied within the 10 day period provided in Section 3(a)(i) of the Note (including the bankruptcy or insolvency of the Pledgor) (each such occurrence shall be deemed a "Default"), the Company may exercise any and all of the rights, powers and remedies of an owner of the Pledged Securities (including the right to vote the shares and receive dividends and distributions with respect to such shares) and shall have and may exercise without demand any and all the rights and remedies granted to a secured party upon default under the Uniform Commercial Code of the State of New York or otherwise available to the Company under applicable law. Without limiting the foregoing, if the rents abovePledgor Defaults, the Company is authorized to sell, assign and deliver at its discretion, from time to time, all or any part thereof, shall be in arrears, or if default shall be made in any of the covenants of agreements herein contained to be kept by TenantPledged Securities at any private sale or public auction, Landlord may, at Landlord’s election, give Tenant on not less than ten (10) days written notice to the Pledgor, at such price or prices and upon such terms as the Company may deem advisable. The Pledgor shall have no right to redeem the Pledged Securities after any such sale or assignment. At any such sale or auction, the Company or any other holder of Landlord’s intent shares of the Company may bid for, and become the purchaser of, the whole or any part of the Pledged Securities offered for sale. In case of any such sale, after deducting the costs, attorneys' fees and other expenses of sale and delivery, the remaining proceeds of such sale shall be applied to terminate said Leasethe principal of and accrued interest on the Note; provided provided, however, that during said ten (10) day periodafter payment in full of the indebtedness evidenced by the Note, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereof. Upon termination of this Lease pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, and Landlord may upon such termination or at any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance of the term proceeds of this Lease) sale then remaining shall be paid to the Pledgor and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord Pledgor shall in no way be responsible for or liable for any failure entitled to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such termination. In the event return of any such termination, whether or not of the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the rent required to be paid up by Tenant up to the time of such termination, and thereafter, Tenant, until the end of what would have been the term of this Lease Pledged Securities remaining in the absence hands of such termination shall be liable to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;the Company.

Appears in 2 contracts

Samples: Pledge Agreement (RPP Capital Corp), Pledge Agreement (RPP Capital Corp)

Default. It Section 1. Subject to the provisions of this Article XIV, this Lease is expressly understood made upon the express condition that Tenant shall faithfully and agreed punctually perform and observe all the agreements, covenants and conditions herein set forth to be performed by Tenant, and that if the rents aboveat any time any Rent, taxes, assessments, charges, insurance premiums, utilities charges or any other monies required to be paid by Tenant hereunder, or any part thereof, shall be in arrearsarrears and unpaid for a period of five (5) days after notice in writing thereof shall have been given by Landlord to Tenant, or if default defaults shall be made or suffered in the performance or observance of any of the other covenants or conditions of agreements herein contained this Lease, and if Tenant fails to be kept commence action to eliminate such default within thirty (30) days after notice in writing thereof shall have been given by Landlord to Tenant, Landlord mayshall have the right, at Landlord’s its election, give Tenant ten (10) days written notice of Landlord’s intent to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice this Lease or to enter upon the Leased Premises and avoid forfeiture take immediate possession thereof. Upon termination of If Landlord shall elect to so terminate this Lease pursuant to the preceding paragraphLease, Tenant shall peacefully surrender the premises to Landlord, and then Landlord may upon such termination or recover from Tenant: (a) the worth at the time of award of any unpaid Rent which had been earned at the time after of such termination, without further notice, rent ; plus (b) the Premises. If Tenant fails to peacefully surrender worth at the Premises, time of the Landlord may repossess it award of the amount by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from which the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than the period unpaid Rent which would otherwise have constituted been earned after termination until the time of award exceeds the amount of such rental loss that Tenant proves could have been reasonably avoided; plus (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 rental loss that Tenant proves 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) and on such conditions (which may include concessions Lease or free rent) as Landlordwhich, in Landlord’s discretion may determine the ordinary course of things, would be likely to result therefrom, and may collect this Lease and receive the rents therefor. Building and all improvements upon the Leased Premises shall be forfeited to Landlord shall in no way be responsible for or liable for any failure without compensation therefor to relet the Premises Tenant, or any part thereof other person, firm or for corporation whomsoever; provided, however, that Tenant may at any failure to collect any rent due upon time before the expiration of such reletting. No such termination periods, pay and/or perform the engagements of this Lease for which Tenant shall relieve Tenant of Tenant’s liability and obligations under this Leasebe in default, and thereby prevent such liability entry and obligations shall survive any such terminationforfeiture. In As used herein, the event of any such termination, whether or not the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the rent required to be paid up by Tenant up to “worth at the time of award” is computed by allowing interest at the rate of ten percent (10%) per annum. As used in (c) above, the “worth at the time of award” is computed by discounting such terminationamount at the discount rate of the Federal Reserve Bank of San Francisco at the time of award plus one percent (1%). Such right to xxx and the right to forfeit and reenter are cumulative and not exclusive of each other or of any other lawful right or remedy that Landlord may have, and thereafter, Tenant, until the end of what would fact that Landlord may have been the term brought suit and recovered judgment for Rent or other sums in default hereunder shall not impair its right to cause forfeiture of this Lease and reenter, upon the terms set forth herein, in case the absence default upon which any such suit was based shall continue unsatisfied for the period of time hereinabove stipulated for such termination shall be liable to Landlord for, forfeiture and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;entry.

Appears in 2 contracts

Samples: Lease (Sylvamo Corp), Lease (Sylvamo Corp)

Default. It is expressly understood In the event Subcontractor fails to comply, or becomes unable to comply, or with reasonable probability (as determined solely by Contractor) will become unable to comply, with any of the provisions of this Agreement; or in the event Subcontractor fails at any time to supply a sufficient number of properly skilled workmen with sufficient materials, equipment or plant of proper quality or fails in any respect to prosecute the work with promptness and agreed that if diligence; or causes by any action or omission a stoppage of or delay in the rents above, work of Contractor or other subcontractor of Contractor; or in the event Subcontractor abandons its work or any part thereof; and such failure, inability or deficiency (as determined solely by Contractor) is not corrected within three (3) days after written demand by Contractor to Subcontractor; Contractor may, in addition to and without prejudice to any other right or remedy, take over and complete the performance of this Agreement, at the expense of Subcontractor; or Contractor may, without taking over the work, immediately and without notice to Subcontractor, furnish the necessary materials and labor through itself or others, to remedy the situation, all at the expense of Subcontractor. Upon any action by Contractor pursuant to this provision, Subcontractor shall not be in arrearsentitled to further payment on this Agreement until the work has been completed and accepted by Owner and payment therefore has been received by Contractor. If the expense incurred by Contractor exceeds the unpaid balance due, or if default shall be made in any Subcontractor agrees to promptly pay the difference to Contractor together with interest thereon at the rate of the covenants prime rate plus 2% per annum until paid, and Contractor shall have a lien upon all material, tools, and equipment taken possession of agreements to secure the payment thereof. With respect to expenses incurred by Contractor pursuant to this provision, it is hereby agreed that the costs and expenses chargeable to Subcontractor as herein contained before provided shall include, without restriction, the cost of materials, labor, subcontracts, purchase orders, transportation, equipment and expense thereon, supplies, services, insurance, taxes, appliances, tools, utilities, power used or consumed, supervision, administration, job overhead, travel, attorney’s fees, legal and accounting fees and expenses, Contractor’s general overhead as allocated to be kept the work and other costs and expenses incurred or sustained by TenantContractor, Landlord may, at Landlord’s election, give Tenant plus ten percent (10%) days written notice of Landlord’s intent to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereof. Upon termination of this Lease pursuant to profit on the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, and Landlord may upon such termination or at any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance actual cost of the term work performed as well as on the amount of this Lease) and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible claims paid by Contractor for or liable for any failure to relet the Premises or any part thereof Subcontractor or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such terminationwhich it deems itself liable. In the event the employment of any Subcontractor is terminated by Contractor for cause under this provision and it is subsequently determined by a court of competent jurisdiction that such terminationtermination was without cause, whether or not the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the rent required to be paid up by Tenant up to the time of such termination, and thereafter, Tenant, until the end of what would have been the term of this Lease in the absence of such termination shall thereupon be liable to Landlord for, and shall pay to Landlord as and deemed a termination for liquidated and agreed damages for Tenant’s default;convenience.

Appears in 2 contracts

Samples: energtest.com, tri-mgroup.com

Default. It is expressly understood and agreed that if In the rents above, or any part thereof, event Tenant shall be in arrears, or if default shall be made in any the payment of the covenants of agreements herein contained to be kept by Tenant, Landlord may, at Landlord’s election, give Tenant rent for more than ten (10) days written (after notice of Landlord’s intent to terminate said Lease; provided howeversuch default in writing, that during said ten via certified mail) or if Tenant shall continue in default in the observance or performance of any of the terms, covenants and conditions hereof after fifteen (1015) day perioddays' notice of such default in writing (via certified mail), Tenant may correct defaults shall become a tenant at sufferance, thereby waiving all right of notice, and it shall be lawful for Landlord, or Landlord's duly authorized agents, to re-enter and take possession of the demised premises without legal process and to dispossess and remove all persons, their goods and chattels, without liability in law or in equity for any damages caused by such removal, dispossession and re-entry and Tenant hereby waives any and all claims for damages therefor and hereby discharges the Landlord therefrom. Said re-entry and repossession shall be a cumulative remedy and shall not deprive Landlord of any other legal rights which Landlord might have as set forth a matter of law. Tenant agrees to pay, in said notice the event of a default under the terms hereof, all costs, expenses and avoid forfeiture thereofreasonable attorneys' fees incurred in the collection of any rents due hereunder or in the enforcement by Landlord of any of the terms and conditions hereof, or in regaining the premises, including those costs, expenses and reasonable attorneys' fees incurred in appellate proceedings. Upon termination Should Tenant fail to pay within five (5) days of when any installment of rent or any other sum payable to Landlord under the terms of this Lease pursuant to the preceding paragraphis due, Tenant shall peacefully surrender the premises to Landlord, and then Landlord may upon such termination or at any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof in the name assess a late fee of Landlord or otherwise for such term five percent (which may be greater or lesser than the period which would otherwise have constituted the balance 5%) of the term of this Lease) and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, said sum and such liability and obligations fee shall survive any such termination. In the event of any such termination, whether or not the Premises or any part thereof shall have been relet, be paid by Tenant shall pay to Landlord the rent required to be paid up by Tenant up to the time of such termination, and thereafter, Tenant, until the end of what would have been the term of this Lease in the absence of such termination shall be liable to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;upon demand.

Appears in 2 contracts

Samples: Lease (Invisa Inc), Lease (Invisa Inc)

Default. It is expressly understood and agreed that if In the rents aboveevent of default by LESSEE, in the payment of any sums due under this Lease when due which continues uncured for thirty (30) days, or any part thereofreceivership, shall be in arrearsinsolvency, or if default shall be made in any of proceedings by or against LESSEE under the covenants of agreements herein contained to be kept by Tenant, Landlord may, at Landlord’s election, give Tenant ten (10) days written notice of Landlord’s intent to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereof. Upon termination of this Lease pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, and Landlord may upon such termination or at any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectmentbankruptcy laws, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance of the term of this Lease) and on such conditions (which may include concessions or free rent) as Landlord, in LandlordLESSEE’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises observe or perform any part thereof or for any failure to collect any rent due upon such reletting. No such termination other required provision of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such termination. In the event of any such terminationdefault continues for fifteen (15) days after written notice thereof, whether or not the Premises or any part thereof by LESSOR, to LESSEE, LESSOR shall have been reletthe right to exercise any one or more of the following remedies: (a) to declare all sums due and to become due hereunder, Tenant during the LESSEE’s current fiscal period, immediately due and payable, without notice or demand to LESSEE; (b) to xxx for and recover all payments then accrued or thereafter accruing with respect to the Vehicles; (c) to take possession of the Vehicles without demand or notice wherever it may be located, with or without legal process, and retain it free from any claims of LESSEE whatsoever; (d) to terminate this Lease; or (e) to pursue any other remedy at law or in equity. If LESSOR sells or re-leases any of the repossessed Vehicles, the net proceeds of such sale or lease, less LESSOR’s expenses incurred in connection therewith, including attorneys’ fees, shall be applied to the total amount due by LESSEE under this Lease and related Schedule and LESSEE shall be obligated to pay LESSOR any deficiency. All of the foregoing remedies are cumulative and may be exercised concurrently or separately. LESSEE shall pay all costs and legal expenses incurred by LESSOR in collecting, or attempting to Landlord collect, any sums due hereunder or in securing possession of the rent required to be paid up by Tenant up Vehicles. LESSEE consents to the time personal jurisdiction of such terminationthe courts, and thereafterthe applicability of the laws, Tenant, until of the end State of what would have been the term Lessee with respect to any dispute arising out of this Lease in the absence of such termination shall be liable to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;Lease.

Appears in 2 contracts

Samples: Municipal Lease Purchase Agreement, Municipal Lease Purchase Agreement

Default. It is expressly understood (a) Upon the occurrence and agreed continuance of a Default or Event of Default, the Lenders agree to promptly confer in order that if the rents aboveRequired Lenders, or the Lenders, as the case may be, may agree upon a course of action for the enforcement of the rights of the Lenders, and the Administrative Agent and the Collateral Agent shall be entitled to refrain from taking any part thereofaction (without incurring any liability to any Person for so refraining) unless and until the Administrative Agent or the Collateral Agent, as appropriate, shall have received instructions from Required Lenders. All rights of action under the Loan Documents and all right to the Collateral, if any, hereunder may be enforced by the Administrative Agent and the Collateral Agent and any suit or proceeding instituted by the Administrative Agent or the Collateral Agent in arrears, or if default furtherance of such enforcement shall be made brought in its name as the Administrative Agent or the Collateral Agent, as applicable, without the necessity of joining as plaintiffs or defendants any other Lender, and the recovery of any judgment shall be for the benefit of the covenants of agreements herein contained Lenders (and, with respect to be kept by TenantLender Hedging Agreements, Landlord may, at Landlord’s election, give Tenant ten (10Lender Swap Parties) days written notice of Landlord’s intent to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereof. Upon termination of this Lease pursuant subject to the preceding paragraphexpenses of the Administrative Agent and/or the Collateral Agent. In actions with respect to any property of the Borrower or any other Loan Party, Tenant shall peacefully surrender each of the premises Administrative Agent and the Collateral Agent is acting for the ratable benefit of each Lender (and, with respect to LandlordLender Hedging Agreements, and Landlord may upon such termination or at any time after such termination, without further notice, rent the PremisesLender Swap Parties). If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant Any and all agreements to subordinate (whether made heretofore or hereafter) other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises indebtedness or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance obligations of the term of this Lease) and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such termination. In the event of any such termination, whether or not the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the rent required to be paid up by Tenant up Borrower to the time of such termination, and thereafter, Tenant, until the end of what would have been the term of this Lease in the absence of such termination Obligation shall be liable construed as being for the ratable benefit of each Lender (and, with respect to Landlord forLender Hedging Agreements, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;Lender Swap Parties).

Appears in 2 contracts

Samples: Security Agreement (Martin Midstream Partners Lp), Credit Agreement (Martin Midstream Partners L.P.)

Default. It is expressly understood (a) In the event that the Pledgor fails to pay to the Pledgee any Obligation when due or there shall otherwise occur an Event of Default (as defined in the Note) ("Default"), the Pledgee shall have all of the rights and agreed that if remedies afforded to secured parties with respect to the rents aboveCollateral as set forth in the Code as well as all other rights and remedies granted in the Note and this Agreement. Without limiting the generality of the foregoing, the Pledgee, without demand of performance or other demand, presentment, protest, advertisement or notice of any kind (except any notice required by law referred to below) to or upon the Pledgor (all and each of which demands, defenses, advertisements and notices are hereby waived), may in such circumstances forthwith collect, receive, appropriate and realize upon the Collateral, or any part thereof, shall be in arrearsand/or may forthwith sell, assign, give an option or if default shall be made in options to purchase or otherwise dispose of and deliver the Collateral or any part thereof (or contract to do any of the covenants foregoing), in one or more parcels at public or private sale or sales, upon such terms and conditions and at such prices as it may deem advisable, for cash or on credit or for future delivery without assumption of agreements herein contained any credit risk. The Pledgee shall have the right upon any such public sale or sales, and, to the extent permitted by law, upon any such private sale or sales, to purchase the whole or any part of the Collateral so sold. The Pledgee shall apply any proceeds from time to time held by it and the net proceeds of any such sale or other disposition, after deducting all reasonable costs and expenses of every kind incurred in respect thereof or incidental to the care or safekeeping of any of the Collateral or in any way relating to the Collateral or the rights of the Pledgee hereunder, including, without limitation, reasonable attorneys' fees and disbursements of counsel to the Pledgee, to the satisfaction in whole or in part of the Obligations, in such order as the Pledgee may elect and only after such application and after the payment by the Pledgee of any other amount required by any provision of law, including, without limitation, Section 9-504 (1)(c) of the Code, need the Pledgee account for the surplus, if any, to the Pledgor. To the extent permitted by applicable law, the Pledgor waives all claims, damages and demands he may acquire against the Pledgee arising out of the lawful exercise by it of any rights hereunder. Neither the Pledgee nor any of its respective directors, officers, employees or agents shall be kept liable for failure to sell or otherwise dispose of the Collateral or for any delay in doing so. If any notice of a proposed sale or other disposition of the Collateral shall be required by Tenantlaw, Landlord may, such notice shall be deemed reasonable and proper if given at Landlord’s election, give Tenant least ten (10) days written before such sale or other disposition. In any event, notice of Landlord’s intent to terminate said Lease; provided however, that during said a proposed sale or other disposition shall be given at least ten (10) day perioddays before such sale or other disposition to the Pledgor and Xxxxxxx Xxxxxxxxx. The Pledgor shall remain liable for any deficiency if the proceeds of any sale or other disposition of the Collateral are insufficient to pay all of the Obligations and any and all costs and expenses of every kind incurred by the Pledgee with respect to the collection of such deficiency, Tenant including, without limitation, all reasonable fees and disbursements of any attorneys employed by the Pledgee. The Pledgor recognizes that the Pledgee may correct defaults be unable to effect a public sale of any or all the Collateral by reason of certain restrictions contained in the Securities Act of 1933, as set forth in said notice amended, and avoid forfeiture applicable state securities laws or otherwise, and may be compelled to resort to one or more private sales thereof to a restricted group of purchasers which will be obliged to agree, among other things, to acquire such securities for their own account for investment and not with a view to the distribution or resale thereof. Upon termination The Pledgor acknowledges and agrees that any such private sale may result in prices and other terms less favorable than if such sale were a public sale and agrees that any such private sale under such circumstances shall not be evidence that it has been made in other than a commercially reasonable manner. The Pledgor agrees to use his best efforts to do or cause to be done all such other acts as may be necessary to make such sale or sales of this Lease all or any portion of the Collateral pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, this section valid and Landlord may upon such termination or at binding and in compliance with any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof in the name applicable requirements of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance of the term of this Lease) and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such termination. In the event of any such termination, whether or not the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the rent required to be paid up by Tenant up to the time of such termination, and thereafter, Tenant, until the end of what would have been the term of this Lease in the absence of such termination shall be liable to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;law.

Appears in 2 contracts

Samples: Pledge Agreement (Dcap Group Inc), Pledge Agreement (Extech Corp)

Default. It is expressly understood and agreed that if the rents above, or If Tenant shall at any part thereof, shall time be in arrears, default in the payment of rent or if default shall other sums of money required to be made paid by Tenant or in the performance of any of the covenants covenants, terms, conditions, provisions, rules and regulations of agreements herein contained this Lease and Tenant shall fail to be kept remedy such default within five (5) days after the giving of written notice thereof by Tenant, Landlord may, at Landlord’s election, give Tenant in the event the default is as to payment of rent or other sums of money or within ten (10) days after the giving of written notice thereof by Landlord if the default relates to matters other than the payment of rent and other sums of money (but Tenant shall not be deemed to be in default if Tenant commences to remedy said defaults other than the payment of rent and other sums of money within said ten-day period and proceeds therewith with due diligence). Landlord’s intent , in addition to all other remedies given to Landlord in law or in equity, may by written notice to Tenant terminate this Lease or without terminating this Lease and without notice to enter the Premises by summary proceedings or otherwise and in any event that disposesses Tenant. In the event Landlord elects to terminate said the Lease; provided however, Tenant agrees, notwithstanding such termination, that during said ten (10) day periodit shall be and remain liable for all rent and other charges and sums due hereunder for the remainder of the term, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereof. Upon which liability shall survive the termination of this Lease pursuant Lease, the re-entry by Landlord and the commencement of any action to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, and Landlord may upon such termination or at any time after such termination, without further notice, rent secure possession of the Premises. If Landlord shall have the right to maintain successive actions against Tenant fails for recovery of all damages, including, without limitation, amounts equal to peacefully surrender the Premises, rents and other charges and sums payable hereunder as and when said rents and other charges and sums are payable hereunder and Landlord shall not be required to wait to begin such actions or legal proceedings until the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from date this Lease would have expired. -22. In the Premises. At any time after event of such terminationre-entry, Landlord may enter as agent for Tenant or in its own name, without being obligated to do so, and relet the Premises whole or any part portion of said Premises (with or without any improvements made by Tenant thereon or thereto), or the whole or any portion thereof in the name of Landlord or otherwise with additional space, for such term (which may be any period equal to, greater or lesser less than the period which would otherwise have constituted the balance remainder of the term of this Lease, for any sum (including any rental concessions and rent free occupancy) which it may deem reasonable, to any Tenant which it may deem suitable and on such conditions satisfactory, and, for any use and purpose which it may deem appropriate. Landlord's damages shall include without limitation, attorneys' fees and collection costs incurred by reason of Tenant's default, commissions and the cost of repair or alteration of the Premises (which may include concessions or free rent"Costs of Reletting") as Landlordand, in the event of any reletting, Landlord may apply the rent therefrom first to the payment of Landlord’s discretion may determine 's expenses, including Costs of Reletting, and may collect then to the payment of rent and receive the rents therefor. Landlord shall in no way be responsible for or all other sums due from Tenant hereunder, Tenant remaining liable for any failure deficiency. In computing damages or rental due under this Lease, the value of the Percentage Rental for any period subsequent to termination of this Lease or Tenant's right of possession shall be included and shall be an amount equal to the highest Percentage Rental which was payable by Tenant during the term of this Lease. Any obligation imposed by law upon Landlord to relet the Premises shall be subject to the reasonable requirements of Landlord to develop in a harmonious manner the real estate of which the Premises are a part and to establish the tenant mix which is suitable to Landlord; and the failure of Landlord to relet, or any part thereof or for any failure if relet, to collect any the rent due upon under such reletting, shall not release or affect Tenant's liability for damages hereunder. No such termination of this Lease In any event, Landlord shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such terminationhave the right to lease other vacant storerooms before leasing the Premises. In the event of default by Tenant of any such terminationof the terms, whether provisions, covenants, conditions, or not rules and regulations of this Lease, Landlord shall have the right to invoke any remedy permitted to Landlord in law or in equity. All remedies available to Landlord in this Lease, in law or equity are declared to be cumulative and concurrent. No termination of this Lease nor any taking or recovering of possession of the Premises shall deprive Landlord of any of its rights, remedies or actions against Tenant including, without limitation, the right to receive all past due rents and damages equal to future rents and other charges accruing under this Lease, which rights shall survive the termination of this Lease or taking of possession of the Premises. If this Lease be terminated for any reason whatsoever or if Landlord should re-enter the Premises as a result of any breach of Tenant hereunder without terminating the Lease, Tenant covenants, any other covenant herein to the contrary notwithstanding (except where this Lease is terminated following eminent domain proceedings) that (i) the Premises shall then be in the condition required by all applicable provisions of this Lease; and (ii) Tenant shall perform any covenant contained in this Lease for the construction of the Premises or the making of any repair, improvement, alteration or betterment to the Premises or for restoring or rebuilding any part thereof thereof. For the breach of either of the foregoing obligations Landlord shall be entitled to recover and Tenant shall pay, forthwith, without notice or other action by Landlord for the cost of performing such obligation(s). In the event Tenant violates any of the provisions, covenants, conditions or promises set forth in this Lease Agreement, and further in the event Landlord determines in its exercise of its sole discretion that such default is susceptible of a cure by Landlord, then in addition in any and all other remedies provided for in this Lease, or at law or in equity Landlord shall have been reletthe right (but shall not be obligated) to cure such default and implement such corrective measures as Landlord deems reasonably necessary to correct such default. In the event Landlord exercises the right of "self help" as set forth in the preceding sentence, then Tenant covenants and agrees that it shall within five (5) days after notice from Landlord pay to Landlord [***] of the rent required cost incurred by Landlord in connection with implementation of such corrective measures, it being the intent to permit Landlord to recover a reasonable administrative fee in addition to the actual cost incurred. Further, in the event Tenant is not conducting a going business within the Premises or vacates or abandons the Premises (the cessation of operation of a business within the Premises for a period in excess of seven (7) days to be paid up by conclusive evidence of Tenant's intent to abandon or vacate the Premises) then Landlord shall have the right (but shall not be obligated) to enter the Premises after providing notice to Tenant up for the purpose of inspection and implementation of such repairs, maintenance or other improvements to the time Premises which may be required, in Landlord's opinion, to preserve the overall appearance of such termination, and thereafter, Tenant, until the end Premises or to mitigate the adverse impact of what would the appearance of the Premises upon the Shopping Center. Landlord shall additionally have been the term of this Lease in the absence of such termination shall be liable to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;*** Confidential treatment requested.

Appears in 2 contracts

Samples: Retail Lease Agreement (Silicon Entertainment Inc /Ca/), Retail Lease Agreement (Silicon Entertainment Inc /Ca/)

Default. It is expressly understood If Lessee should be in breach or default of or violate any of the terms and agreed that conditions of this Lease, or if the rents above, Lessee should assign or hypothecate this Lease or sublet the Demised Premises in a manner not provided by this Lease or otherwise dispose of the whole or any part thereofof the Demised Premises or make any structural alterations therein without the prior written approval of the Lessor, or shall commit waste or suffer the same to be committed on said Demised Premises or injure or misuse the same, or shall cease to exist as an IRS qualified or Connecticut corporation, or shall be adjudicated bankrupt, or shall make a voluntary or involuntary assignment of its estate or effects for the benefit of creditors, or if a receiver of Lessee’s property shall be appointed, or if this Lease shall by operation of law, devolve upon or pass to anyone other than the Lessee, then this Lease shall thereupon, by virtue of this express stipulation expire and terminate, at the sole option of the Lessor, and the Lessor may, at any time thereafter re-enter said premises and shall have and possess all of the Lessor’s former estate, and without such re-entry, may recover possession thereof in the manner prescribed by the statutes relating to summary process; it being understood that no demand for rent or re-entry for condition broken, as at common law, shall be necessary to enable the Lessor to recover such possession pursuant to said statutes relating to summary process, that any or all right to any such demand or any such re-entry is hereby expressly waived by Lessee. In the event the Lessee should be in arrears, breach or if default shall be made in of or violate any of the covenants of agreements herein contained Lessee’s obligations set forth in the Lease and fail to be kept by Tenantcure such breach, Landlord may, at Landlord’s election, give Tenant ten default or violation within thirty (1030) days written notice of Landlord’s intent to terminate said Lease; provided howeversuch breach from the Lessor, that during said ten (10) day periodthen this Lease shall thereupon, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereof. Upon termination by virtue of this Lease pursuant to express stipulation expire and terminate, at the preceding paragraph, Tenant shall peacefully surrender sole option of the premises to LandlordLessor, and Landlord may upon such termination or the Lessor may, at any time after thereafter re-enter said premises and shall have and possess all of the Lessor’s former estate, and without such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord re-entry may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises or any part recover possession thereof in the name of Landlord manner prescribed by the statutes relating to summary process; it being understood that no demand for rent or otherwise re-entry for condition broken, as at common law, shall be necessary to enable Lessor to recover such term (which may be greater possession pursuant to said statutes relating to summary process, that any or lesser than the period which would otherwise have constituted the balance of the term of this Lease) and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure all right to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such termination. In the event of any demand or such termination, whether or not the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the rent required to be paid up re-entry is hereby expressly waived by Tenant up to the time of such termination, and thereafter, Tenant, until the end of what would have been the term of this Lease in the absence of such termination shall be liable to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;Lessee.

Appears in 2 contracts

Samples: Lease Agreement, Lease Agreement

Default. It is expressly understood and agreed In the event that if (a) the rents above, Base Rent or any part thereof, shall be in arrears, or if default shall be made in any of the covenants of agreements herein contained to be kept other charges required by Tenant, Landlord may, at Landlord’s election, give Tenant this Lease are not paid within ten (10) days written notice of Landlord’s intent after the date due; (b) Tenant fails to terminate said Lease; provided howevercomply with any term, that during said ten (10) day periodprovision, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereof. Upon termination condition or covenant of this Lease pursuant to (other than the preceding paragraphpayment of Base Rent or other charges), and Tenant shall peacefully not cure such default within fifteen (15) days after notice to Tenant of such failure to comply; (c) the Premises shall be deserted or vacated; (d) any petition is filed by or against Tenant under any section or chapter of any bankruptcy act; (e) Tenant shall become insolvent or make a transfer in fraud of creditors; (f) Tenant shall make an assignment for the benefit of creditors; (g) a receiver of trustee is appointed for a substantial part of the assets of Tenant and within thirty (30) days thereafter Tenant fails to secure a discharge thereof or (h) this leasehold interest of Tenant is levied upon under execution, then, in any such events, Landlord shall have the option to do any of the following in addition to and not in limitation of any remedy permitted by law or by this Lease: Terminate this Lease, in which event Tenant shall immediately surrender the premises Premises to Landlord, and but if Tenant fails to do so, Landlord may upon such termination or at any time after such terminationmay, without further notice, rent enter upon the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, Premises and expel or otherwise and may dispossess Tenant and remove Tenant and Tenant’s effects, by force and without court proceedings, and without being liable to prosecution or any claim for damages therefor; and Tenant agrees to indemnify Landlord for all other persons loss and property from the Premises. At any time after damage which Landlord may suffer by reason of such Lease termination, Landlord may relet the Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance of the term of this Lease) and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure whether through inability to relet the Premises or through decrease in rent or otherwise. Without terminating this Lease, enter upon the Premises as the agent of Tenant, without being liable to prosecution or any part thereof or claim for damages thereon, and relet the Premises as the agent of Tenant, and receive the rent therefor and Tenant shall pay Landlord any failure to collect any rent due upon deficiency that may arise by reason of such reletting, together with Landlord’s expenses incurred in such reletting, on demand at any time and from time to time. No Refrain from terminating this Lease but terminate Tenant’s right of possession until such termination default is cured, either by legal action or by force and without court proceedings, and in such case Landlord may enforce against Tenant the provisions of this Lease shall relieve Tenant for the unexpired Term hereof. Declare all Base Rent and other payments for the entire unexpired Term of Tenantthis Lease at once due and payable, and if not paid forthwith upon Lessor’s liability and obligations demand, then to resort to legal process for collection of all accelerated payments due under this Lease. Recover, and such liability and obligations shall survive in addition to any such termination. In the event of any such termination, whether or not the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the rent required to be paid up by Tenant up to the time of such termination, and thereafter, Tenant, until the end of what would have been the term of other damages set forth in this Lease in the absence or permitted at law or equity, all of such termination shall be liable Landlord’s expenses incurred with respect to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;, including without limitation reasonable attorney’s fees, commissions, and costs of repair, renovation or alteration of the Premises. Take any other actions or remedies permitted by law.

Appears in 2 contracts

Samples: Lease Agreement, Lease Agreement

Default. It is expressly understood BANKRUPTCY In the event that: (a) Tenant shall default in the payment of any installment of rent or other sum herein specified and agreed that if the rents above, such default shall not have been cured within five (5) days; or (b) Tenant shall vacate or abandon all or any part thereofof the Premises or fail to continuously occupy the Premises, such circumstances not having been cured within five (5) days; or (c) Tenant shall materially default in the observance or performance of any other of Tenant’s covenants, agreements or obligations hereunder, such default not having been cured within five 5 days of receiving written notice of such material default; or (d) Tenant shall suffer a material adverse change in it’s business, as determined by Landlord; or (e) Tenant shall be in arrearsdeclared bankrupt or insolvent according to law, or or, if default any assignment shall be made in any of Tenant’s property for the covenants benefit of agreements herein contained creditors, provided, then Landlord shall have the right to be kept by Tenant, Landlord may, at Landlord’s election, give Tenant ten (10) days written notice of Landlord’s intent proceed with summary process to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereof. Upon termination of this Lease pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, and Landlord may upon such termination or at any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance of the term of this Lease) and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such termination. In the event of any such termination, whether or not the Premises or any part thereof shall have been reletdefault by Tenant, Tenant shall pay to Landlord all costs and expenses incurred in enforcing the terms of this Lease, including reasonable attorneys’ fees, whether or not legal proceedings are instituted. Tenant shall indemnify the Landlord against all loss of rent required and other payments, which the Landlord may incur by reason of such termination during the balance of the Term of this Lease. If Tenant shall default in the observance or performance of any conditions or covenants on Tenant’s part to be paid up observed or performed hereunder or by Tenant up to virtue of any of the time of such termination, and thereafter, Tenant, until the end of what would have been the term provisions in any article of this Lease other than Tenant’s rental payment obligations, Landlord, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the Tenant. If the Landlord makes any expenditures or incurs any obligations for the payment of money in connection therewith, including but not limited to, all attorney’s fees in instituting, prosecuting or defending any action or proceeding, such sums paid or obligations incurred, with interest at the rate of two (2%) percent per month and costs, shall be paid to the Landlord by the Tenant as Additional Rent upon written notice from Landlord to Tenant of such costs and expenses. Notwithstanding anything contained in this Lease to the contrary, Landlord shall not be in default in the absence performance of any of Landlord’s obligations under this Lease unless and until Landlord shall have failed to perform such termination obligations within thirty (30) days, or such additional time as is required to correct any such default, after receipt of written notice from Tenant to Landlord specifying wherein Landlord has failed to perform any such obligation. If Tenant claims or asserts that Landlord is in default in the performance of Landlord’s obligations under this Lease, Tenant shall not be relieved of Tenant’s obligations under this Lease and Tenant’s sole remedy shall be liable an action for specific performance, declaratory judgment or injunction and in no event shall Tenant be entitled to Landlord forany money damages or to terminate this Lease and in no event shall Tenant claim or assert any claim for money damages in any action or by way of set-off, defense or counterclaim and shall pay Tenant hereby specifically waives the right to Landlord as and for liquidated and agreed damages for Tenant’s default;any money damages, to terminate this Lease or any other remedies available at law or in equity.

Appears in 2 contracts

Samples: Commercial Lease (Acacia Communications, Inc.), Lease (Acacia Communications, Inc.)

Default. It is expressly understood and agreed that if the rents above, If said rent or any part thereof, thereof shall at any time be in arrears, or if default shall be made in any of the covenants of agreements herein contained to be kept by Tenant, Landlord may, at Landlord’s election, give Tenant arrears and unpaid for ten (10) days after written notice from Landlord or if said Tenant or its successors shall fail to keep and perform any of Landlord’s intent to terminate said Lease; provided howeverthe covenants, that during said ten (10) day periodagreements, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereof. Upon termination or conditions of this Lease pursuant on its part to be performed, and the preceding paragraphbreach is not cured within thirty (30) days after written notice from Landlord, or if said Tenant shall peacefully surrender abandon or vacate said premises during the term thereof, or shall make an assignment for the benefit of creditors, or if a receiver for the Tenant hereunder be appointed in any action or proceeding by or against the Tenant or if a petition (voluntary or involuntary) under the Federal Bankruptcy File Act or Acts amendatory thereof or supplemental thereto shall be filed by or against the Tenant, or if the Tenant should be adjudicated bankrupt, or if the interest of the Tenant in said premises to Landlord, and Landlord may upon such termination shall be sold under execution or at any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premisesother legal process, the Landlord may enter in and upon said premises and again have and repossess it by forceand enjoy the same as if this Lease had not been made and, summary proceedingsthereupon this Lease and everything contained herein on the part of said Landlord to be kept and performed shall cease and determine and be utterly void, ejectmentwithout prejudice, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from however, to the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance right of the term of this Lease) and on such conditions (which may include concessions Landlord to recover from said Tenant or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any its successors all rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such termination. In the event of any such termination, whether or not the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the rent required to be paid up by Tenant up to the time of such terminationentry. The commencement of a proceeding or suit in forcible entry and detainer or in ejectment or otherwise, after any default by the Tenant, shall be equivalent in every respect to actual entry by the Landlord. In case of any such default by said Tenant and entry by said Landlord, said Landlord may relet said premises at Tenant's cost (including but not limited to brokers and attorneys fees) for the remainder of said term for the highest rent obtainable, and thereaftermay recover from said Tenant any deficiency between the amount so obtained and the amount of rent hereinbefore reserved. In the event of litigation regarding said default, Tenant, until the end of what would have been the term of this Lease in the absence of such termination Tenant shall be liable to Landlord for, and shall pay to Landlord as and responsible for liquidated and agreed damages for Tenant’s default;Landlord's reasonable attorney's fees.

Appears in 2 contracts

Samples: Lease Agreement (Retail Ventures Inc), Lease Agreement (Retail Ventures Inc)

Default. It is expressly understood If an Event of Default shall occur, at the election of the Lender, all Obligations shall become immediately due and agreed that if the rents abovepayable without notice or demand, or any part thereofexcept with respect to Obligations payable on DEMAND, which shall be in arrears, or if default shall be made in any of the covenants of agreements herein contained to be kept by Tenant, Landlord may, at Landlord’s election, give Tenant ten (10) days written notice of Landlord’s intent to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice due and avoid forfeiture thereof. Upon termination of this Lease pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, and Landlord may upon such termination or at any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance of the term of this Lease) and payable on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such termination. In the event of any such terminationDEMAND, whether or not the Premises an Event of Default has occurred. The Lender is hereby authorized, at its election, after an Event of Default or after Demand, without any further demand or notice except to such extent as notice may be required by applicable law, to take possession and/or sell or otherwise dispose of all or any part thereof of the Collateral at public or private sale; and the Lender may also exercise any and all other rights and remedies of a secured party under the Code or which are otherwise accorded to it by applicable law, all as the Lender may determine. If notice of a sale or other action by the Lender is required by applicable law, unless the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market, each Borrower agrees that five (5) days' written notice to such Borrower, or the shortest period of written notice permitted by such law, whichever is larger, shall have been relet, Tenant shall pay to Landlord the rent required to be paid up by Tenant up sufficient notice; and that to the time extent permitted by law, the Lender, its officers, attorneys and agents may bid and become purchasers at any such sale, if public, and may purchase at any private sale any of the Collateral that is of a type customarily sold on a recognized market or which is the subject of widely distributed standard price quotations. Any sale (public or private) shall be free from any right of redemption, which each Borrower hereby waives and releases. No purchaser at any sale (public or private) shall be responsible for the application of the purchase money. Any balance of the net proceeds of sale remaining after paying all Obligations of the Borrowers to the Lender shall be returned to the Borrowers or to such other party as may be legally entitled thereto; and if there is a deficiency, the Borrowers shall be responsible for the same, with interest. Upon demand by the Lender, each Borrower shall assemble the Collateral and make it available to the Lender at a place designated by the Lender which is reasonably convenient to the Lender and such Borrower. Each Borrower hereby acknowledges that the Lender has extended credit and other financial accommodations to such Borrower upon reliance of such termination, Borrower's granting the Lender the rights and thereafter, Tenant, until remedies contained in this Agreement including without limitation the end right to take immediate possession of what would have been the term Collateral upon the occurrence of this Lease in an Event of Default or after DEMAND with respect to Obligations payable on DEMAND and each Borrower hereby acknowledges that the Lender is entitled to equitable and injunctive relief to enforce any of its rights and remedies hereunder or under the Code and each Borrower hereby waives any defense to such equitable or injunctive relief based upon any allegation of the absence of such termination shall be liable irreparable harm to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;the Lender.

Appears in 2 contracts

Samples: Loan and Security Agreement (Fix Corp International Inc), Loan and Security Agreement (Fix Corp International Inc)

Default. It is expressly understood and agreed Tenant covenants that if the rents above, or any part thereof, shall be in arrears, or if default shall be made in any of the covenants of agreements herein contained to be kept rent reserved by Tenant, Landlord may, at Landlord’s election, give Tenant ten (10) days written notice of Landlord’s intent to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereof. Upon termination of this Lease pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, and Landlord may upon such termination or at any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance of the term of this Lease) and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such termination. In the event of any such termination, whether or not the Premises or any part thereof shall have been reletbe unpaid when due, or if the premises shall become vacant or actually unoccupied during the term, or if Tenant shall fail to perform any of the conditions, covenants, provisions and agreements contained herein, or if a petition in bankruptcy shall be filed by Tenant, or if Tenant shall be adjudged bankrupt or insolvent by any court, or if a receiver or trustee in bankruptcy or a receiver of the property of Tenant shall be appointed in any suit, action or proceeding, or if Tenant shall make an assignment for the benefit of creditors, or if an execution shall be issued against Tenant, or if Tenant's leasehold interest herein shall be levied upon, or if Tenant's leasehold interest herein shall by operation of law pass to any person other than Tenant, then, in such events, Landlord may, subject to the applicable provisions of the laws of the State of North Carolina, at its option, without notice to Tenant or to any assignee, transferee, trustee, receiver or other person or persons, with force or otherwise retake and recover possession of said premises and terminate this Lease and the term herein and hereby granted and demised; or, in each and every such case, Landlord at its option without notice to Tenant, or to any assignee, transferee, trustee, receiver or other person or persons, with force or otherwise, may enter said premises and relet the same as it may see fit, without avoiding or terminating this Lease and for the purpose of such reletting Landlord may make such repairs in or to said premises as Landlord may deem necessary for the purpose of such reletting, and if a sufficient sum shall not be realized from such reletting after paying the costs, expenses and charges of such reletting and of the repairs in and to said premises to equal the rent hereinbefore covenanted to be paid by Tenant, then Tenant shall pay any deficiency thereby upon demand therefor and such deficiency shall be considered, construed and taken to be a debt provable in bankruptcy or receivership. On default, as herein defined, Landlord shall have the further right to take possession of any furniture or other property on said premises, and to sell the same at public or private sale without notice, and to apply the same to the payment of the rent required to be paid up due by these presents, holding the Tenant up to liable for the time of such terminationdeficiency, and thereafter, Tenant, until the end of what would have been the term of this Lease in the absence of such termination shall be liable to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;if any.

Appears in 2 contracts

Samples: Lease Agreement (Quaker Fabric Corp /De/), Lease Agreement (Quaker Fabric Corp /De/)

Default. It (a) In the event (i) Pledgor fails to pay any portion of the principal or interest under the Note when it becomes due, and such failure or breach is expressly understood not cured by Pledgor within five days of written notice thereof from the Company, (ii) any representation of Pledgor in the Note or this Pledge Agreement was incorrect in any material respect when made, (iii) Pledgor otherwise breaches this Agreement or the Note in any manner, which breach is not cured within five days of written notice from the Company, or (iv) the Pledgor files a petition or otherwise seeks relief under any bankruptcy, insolvency or similar law ("Insolvency Law") or a receiver, conservator, custodian or similar person is appointed by court order, or an order for relief is entered under federal or other applicable bankruptcy laws with respect to Pledgor, or a petition is filed against Pledgor under any Insolvency Law, or Pledgor makes an assignment for the benefit of creditors (any such event in (i)-(iv) being a "Default"), then the Company may exercise any and agreed that if all rights, powers and remedies of any owner of the rents abovePledged Shares or other pledged collateral in furtherance of this Agreement and shall have, and may exercise without demand, any and all of the rights and remedies granted to a secured party upon default under the Uniform Commercial Code of Illinois or otherwise available to the Company under applicable law. Without limiting the foregoing, the Company is authorized to sell, assign and deliver at its discretion, from time to time during any period after a Default, all or any part thereof, shall be in arrears, or if default shall be made in any of the covenants Pledged Shares and other pledged collateral for the account of agreements herein contained Pledgor at any private sale or public auction, on not less than ten days' written notice to be kept by Tenant, Landlord mayPledgor, at Landlord’s election, give Tenant ten (10) days written notice of Landlord’s intent to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice such price or prices and avoid forfeiture thereof. Upon termination of this Lease pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, and Landlord may upon such termination terms as the Company may reasonably deem advisable. Pledgor shall have no right to redeem any Pledged Shares or at any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, other pledged collateral thus sold or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premisesauctioned. At any time after such terminationsale or auction, Landlord the Company may relet bid for, and become the Premises purchaser of, the whole or any part thereof of the Pledged Shares or other collateral offered for sale. In case of any such sale or auction, after deducting the costs, attorneys' fees and other expenses of sale and delivery, the remaining proceeds of such sale shall be applied to the due and unpaid principal of, and due and unpaid accrued interest on, the Note; provided that promptly after payment in full of the name of Landlord or otherwise for such term (which may be greater or lesser than indebtedness evidenced by the period which would otherwise have constituted Note, the balance of the term proceeds of this Lease) sale or auction then remaining shall be paid to Pledgor and on such conditions (which may include concessions Pledgor shall be entitled to the prompt return of any of the Pledged Shares or free rent) as Landlord, other collateral remaining in Landlord’s discretion may determine and may collect and receive the rents thereforhands of the Company. Landlord Pledgor shall in no way be responsible for or liable for any failure deficiency if the remaining proceeds are insufficient to relet pay the Premises or any part thereof or for any failure indebtedness under the Note in full only to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Leasethe extent, and such liability and obligations shall survive any such termination. In the event of any such termination, whether or not the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the rent required to be paid up by Tenant up to the time of such termination, and thereafter, Tenant, until the end of what would have been the term of this Lease in the absence of such termination shall be liable to Landlord forcircumstances, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;set forth in the Note.

Appears in 2 contracts

Samples: Executive Stock Pledge, Security and Retention Agreement (Apropos Technology Inc), Executive Stock Pledge, Security and Retention Agreement (Apropos Technology Inc)

Default. It For Use In All States Except Louisiana. Time is expressly understood of the essence hereof and agreed that if Borrower defaults in any one of the rents abovepayment on the loan or other payment provided for herein when due or breaches any other covenant or condition of this Agreement, or any part thereof, shall be in arrearsother contract or agreement between Borrower and Lender or its affiliates or if the Goods are levied upon, or if default shall be made Borrower becomes bankrupt or insolvent or a petition in bankruptcy is filed by or against the Borrower, then Lender may, in its sole option and discretion in any such event declare the total amount unpaid hereunder, including accrued delinquency charges, and excluding unearned interest immediately due and payable and may take possession of the covenants of agreements herein contained Goods in a lawful manner wherever found without notice, demand or legal process, or may require the Borrower to assemble the Goods and make it available to the Lender at a place to be kept designated by Tenantthe Lender, Landlord mayand where not prohibited by law, may sell the same at public or private sale, with or without notice, at Landlord’s electionwhich sale Lender may become the purchaser, give Tenant ten (10) days written notice may deduct from the proceeds of Landlord’s intent to terminate said Lease; provided howeverany such sale all taxes and charges due on the Goods and all expenses of taking, that during said ten (10) day periodremoving, Tenant may correct defaults as set forth in said notice holding, repairing and avoid forfeiture thereof. Upon termination of this Lease pursuant to selling the preceding paragraph, Tenant shall peacefully surrender the premises to LandlordGoods, and Landlord may upon such termination apply the net proceeds to any indebtedness of Borrower, returning to Borrower any surplus or at any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance of the term of this Lease) and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or holding Borrower liable for any failure to relet deficiency; and in consideration of the Premises use of the Goods and for diminution in saleable value thereof, Lender may retain all payments made; or Lender may pursue any part thereof other remedy provided by law. Lender may accept partial payments of any sum due without waiving or for any failure to collect any rent due upon such reletting. No such termination otherwise modifying the terms of this Lease Agreement and the waiver by Lender of a breach of any condition of this Agreement shall relieve Tenant not constitute a waiver of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such terminationsubsequent breach whether or not of a like character. In the event of any such terminationbankruptcy or other insolvency proceedings, whether or not the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the rent required to be paid up by Tenant up in addition to the time of such terminationabove remedies, and thereafter, Tenant, until the end of what would have been the term of this Lease in the absence of such termination Lender shall be liable entitled to Landlord for, and shall pay any rental or other income produced by the Goods prior to Landlord as and for liquidated and agreed damages for Tenant’s default;its release to Lender. ADDITIONAL PROVISIONS -- (Continued)

Appears in 2 contracts

Samples: Loan and Security Agreement (Boyd Bros Transportation Inc), Loan and Security Agreement (Boyd Bros Transportation Inc)

Default. It Time is expressly understood and agreed that if of the rents aboveessence of this Lease. In the event Tenant fails to pay rent (or any other payment required to be made by Tenant hereunder) when due or in the event of Tenant’s material breach, default, or any part thereof, shall be in arrearsfailure to comply with, or if default shall be made in keep, observe, or perform any of the covenants of agreements other covenants, agreements, representations, or warranties described herein contained to be kept kept, observed, or performed by Tenant, Landlord may, at Landlord’s election, give Tenant ten (10) days shall provide written notice of Landlord’s intent such failure to Tenant. If the identified failure or breach is not cured within thirty (30) days, Landlord may terminate said the lease. Upon termination of this Lease; provided however, that during said ten (10) day period, Tenant shall immediately surrender possession of and vacate the Property and shall deliver possession thereof to Landlord. Following termination, Landlord shall have the full and free right to enter into and upon the Property with or without process of law and repossess the Property and expel or remove Tenant and any others who may correct defaults as set forth be occupying, possessing or using the same. In such event, Landlord shall not be deemed in said notice any manner guilty of trespass, eviction, or forcible entry or detainer and avoid forfeiture thereofshall not incur any liability to Tenant or any other person for any damage resulting therefrom. Further, such actions by Landlord shall not relinquish Landlord's right to recover rent from Tenant or any other right given to Landlord hereunder or by operation of law. Upon termination of this Lease pursuant to the preceding paragraphby Landlord, Tenant shall peacefully surrender have no right to return to the premises Property or to Landlordharvest the crops remaining, and Landlord may upon such termination or at any time after such terminationif any, without further notice, rent the Premisesprior written consent of Landlord. If Tenant fails Landlord reserves the right to peacefully surrender the Premises, the Landlord may repossess it supervise any such harvest by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant to impose upon Tenant's reentry and all other persons harvest any terms and property from the Premisesconditions Landlord deems appropriate. At any time after such termination, Landlord may relet the Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance of the term of this Lease) and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure The right to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of terminate this Lease shall relieve Tenant be in addition to any other rights or remedies then provided by the laws of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such termination. In the event State of any such termination, whether or not the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the rent required to be paid up by Tenant up to the time of such termination, and thereafter, Tenant, until the end of what would have been the term Nebraska for breach of this Lease in the absence of such termination shall be liable to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for contract by Tenant’s default;.

Appears in 2 contracts

Samples: Cash Rent Farm Lease Agreement, Rent Hay Lease Agreement

Default. It is expressly understood If an Event of Default shall occur, at the election of the Lender, all Obligations shall become immediately due and agreed that if the rents abovepayable without notice or demand, or any part thereofexcept with respect to Obligations payable on DEMAND, which shall be in arrears, or if default shall be made in any of the covenants of agreements herein contained to be kept by Tenant, Landlord may, at Landlord’s election, give Tenant ten (10) days written notice of Landlord’s intent to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice due and avoid forfeiture thereof. Upon termination of this Lease pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, and Landlord may upon such termination or at any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance of the term of this Lease) and payable on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such termination. In the event of any such terminationDEMAND, whether or not the Premises an Event of Default has occurred. The Lender is hereby authorized, at its election, after an Event of Default or after Demand, without any further demand or notice except to such extent as notice may be required by applicable law, to take possession and/or sell or otherwise dispose of all or any part thereof shall have been reletof the Collateral at public or private sale; and the Lender may also exercise any and all other rights and remedies of a secured party under the Code or which are otherwise accorded to it by applicable law, Tenant shall pay all as the Lender may determine. If notice of a sale or other action by the Lender is required by applicable law, unless the Collateral is perishable or threatens to Landlord decline speedily in value or is of a type customarily sold on a recognized market, the rent required to be paid up by Tenant up Borrower agrees that five (5) days' written notice to the time Borrower, or the shortest period of written notice permitted by such terminationlaw, whichever is larger, shall be sufficient notice; and that to the extent permitted by law, the Lender, its officers, attorneys and agents may bid and become purchasers at any such sale, if public, and thereaftermay purchase at any private sale any of the Collateral that is or a type customarily sold on a recognized market or which is the subject of widely distributed standard price quotations. Any sale (public or private) shall be free from any right of redemption, Tenantwhich the Borrower hereby waives and releases. No purchaser at any sale (public or private) shall be responsible for the application of the purchase money. Any balance of the net proceeds of sale remaining after paying all Obligations of the Borrower to the Lender shall be returned to the Borrower or to such other party as may be legally entitled thereto; and if there is a deficiency, until the end Borrower shall be responsible for the same, with interest. Upon demand by the Lender, the Borrower shall assemble the Collateral and make it available to the Lender at a place designated by the Lender which is reasonably convenient to the Lender and the Borrower. The Borrower hereby acknowledges that the Lender has extended credit and other financial accommodations to the Borrower upon reliance of what would have been the term Borrower's granting the Lender the rights and remedies contained in this Agreement including without limitation, the right to take immediate possession of this Lease in the Collateral upon the occurrence of an Event of Default or after DEMAND with respect to Obligations payable on DEMAND and the Borrower hereby acknowledges that the Lender is entitled to equitable and injunctive relief to reinforce any of its rights and remedies hereunder or under the Code and the Borrower hereby waives any defense to such equitable or injunctive relief based upon any allegation of the absence of such termination shall be liable irreparable harm to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;the Lender.

Appears in 2 contracts

Samples: Loan and Security Agreement (Fix Corp International Inc), Loan and Security Agreement (Fix Corp International Inc)

Default. It If Pledgor (a) defaults in the payment of the principal under the Note when it becomes due (whether upon demand, acceleration or otherwise) or any other event of default under the Note or this Agreement occurs (including, without limitation, the bankruptcy or insolvency of Pledgor) or (b) defaults in the payment of interest or any other amount related to the Note, the Company may (following five (5) days' notice to Executive, during which the default is expressly understood not cured) exercise any and agreed that if all the rents aboverights, powers and remedies of any owner of the Pledged Interests (including the right to vote the Pledged Interests and receive any distributions with respect to such Pledged Interests) and shall have and may exercise without demand any and all the rights and remedies granted to a secured party upon default under the Uniform Commercial Code of Delaware or otherwise available to the Company under applicable law. Without limiting the foregoing, after the occurrence of and during the continuance of a default, the Company is authorized to sell, assign and deliver at its discretion, from time to time, all or any part thereof, shall be in arrears, or if default shall be made in any of the covenants of agreements herein contained to be kept by TenantCollateral at any private sale or public auction, Landlord may, at Landlord’s election, give Tenant on not less than ten (10) days days' written notice of Landlord’s intent to terminate said Lease; provided howeverPledgor, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice at such price or prices and avoid forfeiture thereof. Upon termination of this Lease pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, and Landlord may upon such termination terms as the Company may deem advisable. Pledgor shall have no right to redeem the Collateral after any such sale or at any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premisesassignment. At any time after such terminationsale or auction, Landlord the Company may relet bid for, and become the Premises purchaser of, the whole or any part thereof of the Pledged Interests offered for sale. In case of any such sale, after deducting the costs, attorneys' fees and other expenses of sale and delivery, the remaining proceeds of such sale shall be applied to the principal of and accrued interest on the Note and other amounts related thereto (including costs, attorneys' fees associated with enforcement hereof); provided that after payment in full of the name of Landlord or otherwise for such term (which may be greater or lesser than indebtedness evidenced by the period which would otherwise have constituted Note, the balance of the term proceeds of this Lease) sale then remaining shall be paid to Pledgor and on such conditions (which may include concessions or free rent) as Landlord, Pledgor shall be entitled to the return of any of the Pledged Interests remaining in Landlord’s discretion may determine and may collect and receive the rents thereforhands of the Company. Landlord Pledgor shall in no way be responsible for or liable for any failure deficiency (but only to relet the Premises or extent liable therefor under the Note) if the remaining proceeds are insufficient to pay the indebtedness under the Note in full, including the fees of any part thereof or for any failure attorneys employed by the Company to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such termination. In the event of any such termination, whether or not the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the rent required to be paid up by Tenant up to the time of such termination, and thereafter, Tenant, until the end of what would have been the term of this Lease in the absence of such termination shall be liable to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;deficiency.

Appears in 2 contracts

Samples: Executive Agreement (Jondex Corp), Executive Agreement (Jondex Corp)

Default. It is expressly understood The TENANT promises and agreed agrees that if default be made in the payment of rents aboveor in the performance of any other conditions of this lease, or if TENANT in its use of the premises violates any city ordinances, State or Federal Laws or if any TENANT, or any Guarantor hereof, files any petition under the bankruptcy or insolvency laws of the United States, or of any other jurisdiction, or makes an assignment for the benefit of creditors, or makes application for appointment of a trustee or receiver regarding any of TENANT’S property that this lease may be forthwith terminated at the election of the LANDLORD, subject to the prior written notice requirements hereof, and that the TENANT will, subject to the grace periods hereinafter set forth, surrender and deliver up possession of the LEASED PREMISES to the LANDLORD upon receiving written notice from the LANDLORD of the breach of conditions of this lease and the election of the LANDLORD to so terminate this lease. In the event of such default by the TENANT, then the LANDLORD, besides other rights or remedies he may have, shall have the immediate right of re-entry. Should the LANDLORD elect to re-enter, as herein provided, or should he take possession pursuant to legal proceedings or pursuant to any notice provided by law, he may either terminate this lease, or he may, from time to time, without terminating this lease, re-let or re-lease the LEASED PREMISES or any part thereofthereof for such amount of rental and upon such terms and conditions as the LANDLORD, in his sole discretion and judgment, may deem advisable, and he may make such alterations, improvements and repairs to the LEASED PREMISES as he may deem advisable. No such re-letting or re-leasing of the LEASED PREMISES by the LANDLORD, under the circumstances set forth in this paragraph, shall be in arrearsconstrued as an election on the LANDLORD'S part to terminate or cancel this lease, unless a written notice of such termination or if default cancellation is mailed by the LANDLORD to the TENANT at the address set out herein for notices, nor shall be made in such re-letting or re-leasing relieve the TENANT from liability to the LANDLORD for any and all damages, of whatsoever type or nature, which the LANDLORD may have or will suffer or incur as a result of the TENANT'S breach of any of the covenants terms, covenants, provisions and conditions herein contained. Notwithstanding any such re-letting or re-leasing without termination of agreements herein contained this lease by the LANDLORD, the LANDLORD may at any time thereafter elect to terminate the lease for such previous breach of the TENANT. In the event LANDLORD is required to retain an attorney to enforce any provision of this lease, then LANDLORD shall be kept entitled to recover from TENANT its actual attorney's fees reasonably incurred and its court costs. In the event default by TenantTENANT in the payment of rent occurs under the terms of this lease, Landlord may, at Landlord’s election, give Tenant ten LANDLORD shall provide TENANT with three (103) days written notice of Landlord’s intent such default. In the event TENANT fails to terminate said Lease; provided howevercure such default within three (3) days following receipt of such notice, that during said then LANDLORD may proceed with the remedies as above specified. If default by the TENANT be for reasons other than non-payment of rent, then LANDLORD shall provide TENANT with ten (10l0) day perioddays prior written notice to cure such default, Tenant may correct defaults as and failing such cure by TENANT, LANDLORD shall be entitled to those remedies set forth in said notice and avoid forfeiture thereofunder Paragraph 13 hereof. Upon termination Acceleration of this Lease pursuant to the preceding paragraphrent. Following default by TENANT, Tenant shall peacefully surrender the premises to LandlordLANDLORD may demand, and Landlord may upon in such termination or case, TENANT shall immediately pay in a single accelerated payment, the entire amount of lease payments that would become due and owing to LANDLORD over the remaining portion of the lease term. No discount for early payment shall occur by reason of the acceleration. If TENANT shall make payment of such accelerated rent at any time after such terminationprior to LANDLORD’S termination of TENANT’S right to possession of the premises, without further notice, rent then TENANT shall be entitled to remain in possession of the Premises. If Tenant fails to peacefully surrender premises for the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance remainder of the term of this Lease) and on such conditions (which may include concessions or free rent) lease, so long as Landlordno further default shall occur, in Landlord’s discretion may determine and may collect and receive but upon the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination occurrence of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Leasea further default, and such liability and obligations shall survive any such termination. In the event of any such termination, whether or not the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the rent required to be paid up by Tenant up to the time of such termination, and thereafter, Tenant, until the end of what would have been the term of this Lease in the absence of such termination LANDLORD shall be liable entitled to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;recover possession of the premises without any rebate of accelerated rent.

Appears in 2 contracts

Samples: Business Lease Agreement (Liquid Spins, Inc.), Business Lease Agreement (Liquid Spins, Inc.)

Default. It is expressly understood and agreed Tenant hereby agrees that if the rents above, in case Tenant shall default in making its payments hereunder or any part thereof, shall be of them or in arrears, or if default shall be made in performing any of the covenants other agreements, terms and conditions of agreements herein contained this Lease and such default continues for five days after written notice thereof as to be kept by the payment of Base Rent and regular monthly installments of fixed estimates of operating costs (a "Monetary Default") or thirty (30) days (or such longer period as Tenant, acting diligently, may reasonably require) after written notice thereof as to all other defaults, then, in any such event, Landlord, in addition to all other rights and remedies available to Landlord mayby law or by other provisions hereof, may after five days written notice, with due process, re-enter immediately into the Premises and remove all persons and property therefrom, and, at Landlord’s election's option, give Tenant ten (10) days written notice of Landlord’s intent to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice annul and avoid forfeiture thereof. Upon termination of cancel this Lease pursuant as to all future rights of Tenant and Tenant hereby expressly waives the preceding paragraph, service of any notice in writing of intention to re-enter as aforesaid. Tenant shall peacefully surrender the premises to Landlord, and Landlord may upon further agrees that in case of any such termination or at any time after Tenant will indemnify the Landlord against all loss of rents and other damage which Landlord incurs by reason of such termination, without further noticeincluding, rent the Premises. If Tenant fails to peacefully surrender the Premisesbut not being limited to, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise costs of restoring and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet repairing the Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance of the term of this Lease) and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under required by this Lease, and such liability and obligations shall survive any such termination. In the event costs of any such termination, whether or not renting the Premises to another tenant, loss or any part thereof shall have been relet, Tenant shall pay to diminution of rents and other damage which Landlord the rent required to be paid up may incur by Tenant up to the time reason of such termination, and thereafterall reasonable attorney's fees and expenses incurred in enforcing any of the terms of the Lease. Neither acceptance of rent by Landlord, Tenantwith or without knowledge of breach, until the end nor failure of what would have been the term Landlord to take action on account of this Lease in the absence of such termination any breach hereof or to enforce its rights hereunder shall be liable to Landlord fordeemed a waiver of any breach, and absent written notice or consent, said breach shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;be a continuing one.

Appears in 2 contracts

Samples: Lease Agreement (Veritas Software Corp), Lease Agreement (Angeion Corp/Mn)

Default. It is expressly understood and agreed that If the Lease Space shall be deserted or vacated, or if proceedings are commenced as to the Tenant in any court under the bankruptcy act or for the appointment of a trustee or receiver of the Tenant’s property, or if there shall be a default in the payment of rent for more than five (5) days after written notice of such default by the Landlord, or if there shall be a default in the performance of any other covenant, agreement, condition, rule or regulation herein contained on the part of the Tenant for more than twenty (20) days after written notice of such default by the Landlord, this lease (if the rents abovelandlord so elects) shall become null and void, and the Landlord shall have the right to re-enter or repossess the lease property, either by force, summary proceedings, surrender or otherwise, and to dispossess and remove therefrom the Tenant or other occupants and their effects without being liable from any prosecution therefore. Landlord may place Landlord’s lock up on the storage door at the end of the default period and Tenant or Tenant’s agents may not go upon the premises, and anyone going upon the premises shall constitute a criminal trespass for which Tenant may be prosecuted by the full extent allowable by law. In Case of an uncured default, the Landlord may, at it’s option, re-let the leased property, or any part thereof, shall be in arrears, or if default shall be made in any as the agent of the covenants of agreements herein contained Tenant, and the Tenant shall pay the Landlord the difference between the rent hereby reserved and agreed to be kept paid by Tenant, Landlord may, at Landlord’s election, give the Tenant ten (10) days written notice of Landlord’s intent to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereof. Upon termination of this Lease pursuant to for the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, and Landlord may upon such termination or at any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance portion of the term remaining at the time of this Lease) re-entry or repossession and on the amount, if any, received or to be received under such conditions (which re-letting for such portion of the term. Any default notice may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive be sent to the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant above address of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such termination. In addition to the event of any such termination, whether or not the Premises or any part thereof shall have been reletrental, Tenant shall pay to Landlord the rent required to be paid up by Tenant up to the time attorney’s and/or collections fees for each default notice within 20 days of receipt of any such termination, and thereafter, Tenant, until the end of what would have been the term of this Lease in the absence of such termination shall be liable to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;notice.

Appears in 2 contracts

Samples: Lease Agreement, alliedstoragemt.com

Default. It is expressly understood and agreed that if In the rents aboveevent Tenant shall violate, fail to perform or be in breach of (a) any covenant to pay Base Rent, additional rent, or any part thereof, shall be in arrearsother amount due hereunder and for more than five (5) days after the same is due, or if default (b) any other term, condition or covenant hereof and shall be made in fail to cure the same within thirty (30) days after being given notice by Landlord, or (c) any term, condition or covenant of any of the covenants Other Leases described in Section 14.12 below after the expiration of agreements herein contained to be kept by Tenantany applicable cure period permitted under the applicable Other Lease abandons the Premises for a period of thirty (30) consecutive days and does not make reasonable provisions for the security and protection of the Premises from vandalism, then Landlord may, at Landlord’s electionwithout further notice to Tenant, give Tenant ten but without a breach of the peace either (10x) days written notice of Landlord’s intent re-enter the Premises and terminate Tenant's right to terminate said Lease; provided howeverpossession thereof, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereof. Upon termination of without terminating this Lease pursuant or (y) re-enter the Premises and terminate both Tenant's right to possession thereof and this Lease. To the preceding paragraphextent permitted by law, such re-entry may be effected without further notice to Tenant shall peacefully surrender the premises to Landlord, or judicial proceedings and Landlord may upon such termination or at any time after such termination, without further notice, rent re-entry Landlord shall have the Premises. If Tenant fails right to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and personal property from the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance of the term of this Lease) and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such re-entry shall be deemed a termination of this Lease shall relieve unless Landlord notifies Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such termination. In the event of any such termination, whether or not the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the rent required to be paid up by Tenant up to the time of such termination, and thereafter, Tenant, until the end of what would have been the term of that this Lease in the absence of is terminated; and any such termination shall be liable effective only as of the date set forth in such notice. Landlord may, in its sole discretion, after written notice to Landlord forTenant, store any personal property so removed at the sole cost and expense of Tenant. Nothing in this Section 10.1 shall relieve Tenant's obligation to pay to Landlord as and for liquidated and agreed damages for Tenant’s default;any late fee or other charge required under the terms of this Lease.

Appears in 2 contracts

Samples: Consulting Agreement (Alltrista Corp), Consulting Agreement (Alltrista Corp)

Default. It is expressly understood and agreed In the event that if the rents above, or any part thereof, shall be in arrears, or if default shall be made in Tenant defaults on any of the covenants of agreements herein or ------- provisions contained to be kept by Tenantin this Lease, Landlord may, at Landlord’s election, shall give Tenant ten (10) days written notice of Landlord’s intent such default and 10 days' opportunity to terminate said Lease; cure in the case of a monetary default or 30 days opportunity to cure in the case of a non-monetary default, provided howeverthat if such default cannot reasonably be cured within a 30 day period and if Tenant has commenced and is diligently proceeding to cure such default, that during said ten (10) day Tenant shall be given a reasonable period of time to cure such default. If any such default remains uncured after the aforesaid time period, Tenant then Landlord at its election may correct defaults as set forth in said notice and avoid forfeiture thereofterminate this Lease or terminate Tenant's right to possession only, without terminating the Lease. Upon termination of this Lease pursuant or Tenant's right of possession, Landlord may re-enter the Leased Premises without process of law and remove all persons, fixtures, and property therefrom, and Landlord shall not be liable for any damages resulting therefrom. Upon the termination of the Lease, or upon termination of Tenant's right of possession without termination of the Lease, the Tenant shall surrender possession and vacate the Leased Premises immediately, and deliver possession thereof to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, and hereby grants to Landlord may the full and free right to enter upon such termination the Leased Premises and to repossess the Leased Premises as Landlord's former estate and to expel or at any time after such termination, without further notice, rent remove the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from any others who may be occupying or within the Premises. At any time after such termination, Landlord may relet Leased Premises without relinquishing the Premises Landlord's rights to rent or any part thereof in the name other right given to Landlord hereunder or by operation of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance of the term of this Lease) and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such terminationlaw. In the event that Tenant breaches any of the provisions or covenants of this Lease, Landlord shall be entitled to recover as damages, all rent and other sums due and payable by Tenant as well as the cost of performing any covenants to be performed by Tenant. Furthermore, Landlord shall be entitled to recover any court costs or attorney's fees incurred as a result of Tenant's breach. The rights and remedies of Landlord under this Lease are cumulative. The exercise or use of any such termination, whether one or not the Premises or any part more thereof shall have been reletnot bar the Landlord from exercise or use of any other right or remedy provided herein or otherwise provided by law, Tenant nor shall pay to the exercise nor the use of any right or remedy by Landlord the rent required to be paid up by Tenant up to the time of such termination, and thereafter, Tenant, until the end of what would have been the term of this Lease in the absence of such termination shall be liable to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;waive any other right or remedy.

Appears in 2 contracts

Samples: Privatebancorp Inc, Privatebancorp Inc

Default. It is expressly understood and agreed Any act or omission by Subtenant that if would constitute a breach or default by the rents aboveTenant under the Lease shall constitute a default on the part of Subtenant hereunder. In addition, Sublandlord shall have the right to declare a default under this Sublease in the event Subtenant fails to perform or violates any part thereof, shall be in arrears, covenant or if default shall be made in any of the covenants of agreements herein contained to be kept by Tenant, Landlord may, at Landlord’s election, give Tenant ten (10) days written notice of Landlord’s intent to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as condition set forth in said notice and avoid forfeiture thereof. Upon termination of this Lease pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, and Landlord may upon such termination or at any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance of the term of this Lease) and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such terminationherein. In the event of any such terminationbreach or default by Subtenant hereunder or under the Lease, whether Sublandlord shall have each and all of the rights and remedies afforded Landlord under the Lease. In addition to the rights or remedies afforded Landlord under the Lease, Sublandlord shall have the right, but not the obligation, (i) to cure any such breach or default by Subtenant (and enter upon the Premises in connection therewith if necessary), without being liable for damages, and Subtenant shall thereupon be obligated to reimburse Sublandlord immediately upon demand for all costs (including costs of settlements, defense, court costs and attorneys’ fees) that Sublandlord may incur in effecting the cure of such breach or any part thereof shall have been reletdefault, Tenant plus interest thereon at the rate of ten percent (10%) per annum; (ii) terminate this Sublease and Subtenant’s interest in the Premises by giving Subtenant written notice thereof, in which event Subtenant shall pay to Landlord Sublandlord the rent sum of (a) all Rent accrued hereunder through the date of termination, and (b) an amount equal to the total Rent that Subtenant would have been required to pay for the remainder of the Term; (iii) terminate Subtenant’s right to possess the Premises without terminating this Sublease by giving written notice thereof to Subtenant, in which event Subtenant shall pay to Sublandlord (1) all Rent and other amounts accrued hereunder to the date of termination of possession, (2) all amounts due from time to time under this Sublease, and (3) all Rent and other net sums required hereunder to be paid up by Tenant up Subtenant during the remainder of the Term, diminished by any net sums thereafter received by Sublandlord through reletting the Premises during such period, after deducting all costs incurred by Sublandlord in reletting the Premises and (iv) to the time of such termination, have any and thereafter, Tenant, until the end of what would have been the term of this Lease in the absence of such termination shall be liable to Landlord for, all rights and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;remedies now or hereafter afforded a landlord under applicable law.

Appears in 2 contracts

Samples: Sublease (Synacor, Inc.), Sublease (Synacor, Inc.)

Default. It is expressly understood (a) In the event that the Pledgor fails to pay to the Pledgee any Obligation when due or there shall otherwise occur an Event of Default (as defined in the Note) ("Default"), the Pledgee shall have all of the rights and agreed that if remedies afforded to secured parties with respect to the rents aboveCollateral as set forth in the Code as well as all other rights and remedies granted in the Note and this Agreement. Without limiting the generality of the foregoing, the Pledgee, without demand of performance or other demand, presentment, protest, advertisement or notice of any kind (except any notice required by law referred to below) to or upon the Pledgor (all and each of which demands, defenses, advertisements and notices are hereby waived), may in such circumstances forthwith collect, receive, appropriate and realize upon the Collateral, or any part thereof, shall be in arrearsand/or may forthwith sell, assign, give an option or if default shall be made in options to purchase or otherwise dispose of and deliver the Collateral or any part thereof (or contract to do any of the covenants foregoing), in one or more parcels at public or private sale or sales, upon such terms and conditions and at such prices as it may deem advisable, for cash or on credit or for future delivery without assumption of agreements herein contained any credit risk. The Pledgee shall have the right upon any such public sale or sales, and, to the extent permitted by law, upon any such private sale or sales, to purchase the whole or any part of the Collateral so sold. The Pledgee shall apply any proceeds from time to time held by it and the net proceeds of any such sale or other disposition, after deducting all reasonable costs and expenses of every kind incurred in respect thereof or incidental to the care or safekeeping of any of the Collateral or in any way relating to the Collateral or the rights of the Pledgee hereunder, including, without limitation, reasonable attorneys' fees and disbursements of counsel to the Pledgee, to the satisfaction in whole or in part of the Obligations, in such order as the Pledgee may elect and only after such application and after the payment by the Pledgee of any other amount required by any provision of law, including, without limitation, Section 9-504 (1)(c) of the Code, need the Pledgee account for the surplus, if any, to the Pledgor. To the extent permitted by applicable law, the Pledgor waives all claims, damages and demands he may acquire against the Pledgee arising out of the lawful exercise by it of any rights hereunder. Neither the Pledgee nor any of its respective directors, officers, employees or agents shall be kept liable for failure to sell or otherwise dispose of the Collateral or for any delay in doing so. If any notice of a proposed sale or other disposition of the Collateral shall be required by Tenantlaw, Landlord may, such notice shall be deemed reasonable and proper if given at Landlord’s election, give Tenant least ten (10) days written before such sale or other disposition. In any event, notice of Landlord’s intent to terminate said Lease; provided however, that during said a proposed sale or other disposition shall be given at least ten (10) day perioddays before such sale or other disposition to the Pledgor and Abraham Weinzimer. The Pledgor recognizes that the Pledgee may be unable to effect a public sale of any or all the Collateral by reason of certain restrictions contained in the Securities Act of 1933, Tenant as amended, and applicable state securities laws or otherwise, and may correct defaults as set forth in said notice be compelled to resort to one or more private sales thereof to a restricted group of purchasers which will be obliged to agree, among other things, to acquire such securities for their own account for investment and avoid forfeiture not with a view to the distribution or resale thereof. Upon termination The Pledgor acknowledges and agrees that any such private sale may result in prices and other terms less favorable than if such sale were a public sale and agrees that any such private sale under such circumstances shall not be evidence that it has been made in other than a commercially reasonable manner. The Pledgor agrees to use his best efforts to do or cause to be done all such other acts as may be necessary to make such sale or sales of this Lease all or any portion of the Collateral pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, this section valid and Landlord may upon such termination or at binding and in compliance with any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof in the name applicable requirements of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance of the term of this Lease) and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such termination. In the event of any such termination, whether or not the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the rent required to be paid up by Tenant up to the time of such termination, and thereafter, Tenant, until the end of what would have been the term of this Lease in the absence of such termination shall be liable to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;law.

Appears in 2 contracts

Samples: Pledge Agreement (Dcap Group Inc), Pledge Agreement (Extech Corp)

Default. It is expressly understood and agreed that if In the rents aboveevent of any breach of this lease by Lessee, then Lessor besides other rights or any part thereofremedies he may have, shall be in arrears, or if default shall be made in any have consistent with California law the immediate right of the covenants of agreements herein contained to be kept by Tenant, Landlord may, at Landlord’s election, give Tenant ten (10) days written notice of Landlord’s intent to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereof. Upon termination of this Lease pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, and Landlord may upon such termination or at any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise re-entry and may dispossess Tenant and remove Tenant and all other persons and property from the Premisespremises, such property may be removed and stored in a public warehouse or elsewhere at the cost of, and for the account of Lessee. At Should Lessor elect to re-enter, as herein provided, or should he take possession pursuant to legal proceedings or pursuant to any notice provided for by law, he may either terminate this lease or he may from time after such terminationto time, Landlord may relet the Premises without terminating this lease, re-let said premises or any part thereof in the name of Landlord or otherwise for such term or terms (which may be greater or lesser than the period which would otherwise have constituted the balance of for a term extending beyond the term of this Leaselease) and at such rental or rentals and upon such other terms and conditions as Lessor in his sole discretion may deem advisable with the right to make alterations and repairs to said premises; upon each such re-letting (a) Lessee shall be immediately liable to pay to Lessor, in addition to any indebtedness other than rent due hereunder, the cost and expenses of such re-letting and of such alterations and repairs, incurred by Lessor, and the amount, if any, by which the rent reserved in this lease for the period of such re-letting (up to be not beyond the term of this lease) exceeds the amount agreed to be paid as rent for the demised premises for such period on such conditions re-letting; or (which b) at the option of Lessor rents received by such Lessor from such re-letting shall be applied first, to the payment of any indebtedness, other than rent due hereunder from Lessee to Lessor; second, to the payment of any costs and expenses of such re-letting and of such alterations and repair; third, to the payment of rent due and unpaid hereunder and the residue, if any, shall be held by Lessor and applied in payment of future rent as the same may include concessions or free rent) as Landlord, in Landlord’s discretion may determine become due and may collect and receive the rents thereforpayable hereunder. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect If Lessee has been credited with any rent due upon to be received by such relettingre-letting under option (a), and such rent shall not be promptly paid to Lessor by the new tenant, or of such rentals received from such re-letting under option (b) during any month be less than that to be paid during that month by Lessee hereunder, Lessee shall pay any such deficiency to Lessor. Such deficiency shall be calculated and paid monthly. No such re-entry or taking possession of said premises by Lessor shall be construed as an election on his part to terminate this lease unless a written notice of such intention be given to Lessee or unless the termination thereof be decreed by a court of competent jurisdiction. Notwithstanding any such re-letting without termination, Lessor may at any time thereafter elect to terminate this Lease shall relieve Tenant lease for such previous breach. Should Lessor at any time terminate this lease for any breach, in addition, to any other remedy he may have, he may recover from Lessee all damages he may incur by reason of Tenant’s liability and obligations under this Leasesuch breach, including the cost of recovering the premises, and such liability and obligations shall survive any such termination. In including the event of any such termination, whether or not the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the rent required to be paid up by Tenant up to worth at the time of such terminationtermination of the excess, if any of the amount of rent and thereaftercharges equivalent to rent reserved in this lease for the remainder of the stated term over the then reasonable rental value of the premises for the remainder of the stated term, Tenant, until the end all of what would have been the term of this Lease in the absence of such termination which amounts shall be liable immediately due and payable from Lessee to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;Lessor.

Appears in 1 contract

Samples: Lease (Cerus Corp)

Default. It is expressly understood If a Default or Potential Default exists (or if Borrower fails to give directions as permitted under SECTION 3.12(A)), any payment or prepayment (including proceeds from the exercise of any Rights) shall be applied to the Obligation in the following order: (i) to the ratable payment of all fees, expenses, and agreed indemnities for which Agents or Lenders have not been paid or reimbursed in accordance with the Loan Documents (as used in this SECTION 3.12(B)(I), a "ratable payment" for any Lender or any Agent shall be, on any date of determination, that if proportion which the rents aboveportion of the total fees, expenses, and indemnities owed to such Lender or such Agent bears to the total aggregate fees and indemnities owed to all Lenders and Agents on such date of determination); (ii) to the ratable payment of accrued and unpaid interest on the Principal Debt (as used in this SECTION 3.12(B)(II), "ratable payment" means, for any Lender, on any date of determination, that proportion which the accrued and unpaid interest on the Principal Debt owed to such Lender bears to the total accrued and unpaid interest on the Principal Debt owed to all Lenders); (iii) to the ratable payment of the Principal Debt (as used in this SECTION 3.12(B)(III), "ratable payment" means for any Lender, on any date of determination, that proportion which the Principal Debt owed to such Lender bears to the Principal Debt owed to all Lenders); and (iv) to the payment of the remaining Obligation in the order and manner Required Lenders deem appropriate. Subject to the provisions of SECTION 12 and provided that Administrative Agent shall not in any event be bound to inquire into or to determine the validity, scope, or priority of any part thereof, shall be in arrears, interest or if default shall be made in entitlement of any of the covenants of agreements herein contained to be kept by Tenant, Landlord may, at Landlord’s election, give Tenant ten Lender and may suspend all payments or seek appropriate relief (10) days written notice of Landlord’s intent to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereof. Upon termination of this Lease pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, and Landlord may upon such termination or at any time after such terminationincluding, without further noticelimitation, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, instructions from Required Lenders or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof an action in the name nature of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance of the term of this Leaseinterpleader) and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such termination. In the event of any doubt or dispute as to any apportionment or distribution contemplated hereby, Administrative Agent shall promptly distribute such termination, whether or not amounts to each Lender in accordance with the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord Agreement and the rent required to be paid up by Tenant up to the time of such termination, and thereafter, Tenant, until the end of what would have been the term of this Lease in the absence of such termination shall be liable to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;related Loan Documents.

Appears in 1 contract

Samples: Credit Agreement (Medical Assurance Inc)

Default. It is expressly understood and agreed that if In the rents above, or event of any part thereof, shall be in arrears, or if default shall be made in any breach of the covenants of agreements herein contained to be kept this Lease by Tenant, Landlord may, at Landlord’s election, give Tenant ten (10) days written notice of Landlord’s intent to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereof. Upon termination of this Lease pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to then Landlord, besides other rights and Landlord remedies he may upon such termination have at law or at any time after such terminationin equity, without further notice, rent shall have the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise immediate right of re-entry and may dispossess Tenant and remove Tenant and all other persons and property from the Premisespremises. At If Landlord's right of re-entry is exercised following abandonment of the premises by Tenant, then Landlord may consider any time after personal property belonging to Tenant and left on the Premises to also have been abandoned, in which case Landlord may dispose of all such terminationpersonal property in any manner Landlord shall deem proper and is hereby relieved of all liability for doing so. Should Tenant breach this Lease and abandon the Premises before the end of the term hereof or if Tenant's right to possession is terminated by Landlord because of any breach default, or failure of Tenant hereunder, then in addition to any other rights or remedies available to Landlord hereunder by law provided, Landlord shall have all the rights to either terminate the Lease, or to not terminate the Lease and have said Lease continue in effect, as set forth in California Civil Code Sections 1951.2 and 1951.4 and may relet have and recover from Tenant all those items of damage set forth in either or both of said Code Sections, in accord with their terms. In determining the Premises or any part thereof in amount of damages allowable under Paragraph (3) of Subdivision (a) of Civil Code Section 1951.2 the name Landlord may recover and include only the worth at the time of Landlord or otherwise award of the amount by which the unpaid Rent for such term (which may be greater or lesser than the period which would otherwise have constituted the balance of the term Term after the time of this Leaseaward exceeds the amount of such rental loss for the same period that Tenant proves could be reasonably avoided. In determining the amount of damage allowable under Paragraph (4) and on such conditions of Subdivision (which may include concessions or free renta) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any of Civil Code Section 1951.2 said items of detriment proximately caused by Tenant's failure to relet perform his obligation under this Lease include, but are not limited to, court costs and reasonable attorneys' fees for services in recovering possession, all costs and expenses of any reletting including, without limitation, all costs and expenses of any reletting including, without limitation, all cost of alterations and repairs, dividing and subdividing of the Premises in connection therewith, all brokerage commissions, attorneys' fees or any part thereof or for any failure to collect any rent due upon other similar expenses of Landlord in connection with such reletting. No such termination All amounts due and unpaid from Tenant hereunder shall bear interest at the rate of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such termination. In the event of any such termination, whether or not the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the rent required to be paid up by Tenant up to the time of such termination, and thereafter, Tenant, ten percent (10%) per annum from its due date until the end of what would have been the term of this Lease in the absence of such termination shall be liable to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;paid.

Appears in 1 contract

Samples: Intellisys Group Inc

Default. It is expressly understood and agreed that if the rents above, or any part thereof, shall be in arrears, or if default shall be made in any of the covenants of agreements herein contained to be kept by Tenant, Landlord may, at Landlord’s election, give Tenant ten (10) days written notice of Landlord’s intent to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereof. Upon termination of this Lease pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, and Landlord may upon such termination or at any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance of the term of this Lease) and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such termination. In the event of any such terminationdefault hereunder by lessee, whether lessor, in addition to the other rights or not remedies it may have, shall have the Premises right to commence any legal proceedings or pursuant to any notice provided for by law, it may either terminate this lease or it may from time to time, without terminating this lease relet the premises or any part thereof shall have been relet, Tenant shall pay to Landlord the rent required to for such term or terms (which may be paid up by Tenant up to the time of such termination, and thereafter, Tenant, until the end of what would have been for a term extending beyond the term of this Lease lease) and at such rental or rentals and on such other terms and conditions as lessor in its sole discretion may deem advisable with a right to make alterations and repairs to the absence premises; on each such reletting (a) lessee shall be immediately liable to pay to lessor, in addition to any indebtedness other than rent due hereunder, the expense of such termination reletting and for such alterations and repairs incurred by lessor, and the amount, if any, by which the rent specified in this lease for the period of such reletting (up to but not beyond the term of this lease) exceeds the amount agreed to be paid as rent for the demised premises for such period on such reletting; or (b) at the option of lessor, rents received by lessor from such reletting shall be liable applied, first, to Landlord forthe payment of any indebtedness, other than rent due hereunder from lessee to lessor; second, to the payment of any expenses of such reletting and of such alteration and repairs; third, to the payment of rent due and unpaid hereunder and the residue, if any, shall be held by lessor and applied in payment of future rent as the same may become due and payable hereunder. If lessee has been credited with any rent to be received by such reletting under option (a) hereof, and such rent shall not be promptly paid to lessor by the new tenant, or if such rentals received from such reletting under option (b) hereof during any month are less than that to be paid during that month by lessee hereunder, lessee shall pay any such deficiency to Landlord as lessor. Such deficiency shall be calculated and for liquidated and agreed damages for Tenant’s default;paid monthly. No re-entry or taking possession

Appears in 1 contract

Samples: Lease (Merchants & Manufacturers Bancorporation Inc)

Default. It For use in all states except Louisiana. Time is expressly understood of the essence hereof and agreed that if Borrower defaults in any one of the rents abovepayments on the loan or other payment provided for herein when due or breaches any other covenant or condition of this Agreement, or any part thereof, shall be in arrearsother contract or agreement between Borrower and Lender or its Affiliates or if the Goods are levied upon, or if default shall be made Borrower becomes bankrupt or insolvent or a petition in bankruptcy is filed by or against the Borrower, then Lender may, in its sole option and discretion in any such event declare the total amount unpaid hereunder, including accrued delinquency charges, and excluding unearned interest, immediately due and payable and may take possession of the covenants of agreements herein contained Goods in a lawful manner wherever found without notice, demand or legal process, or may require the Borrower to assemble the Goods and make them available to the Lender at a place to be kept designated by Tenantthe Lender, Landlord mayand where not prohibited by law, may sell the same at public or private sale, with or without notice, at Landlord’s electionwhich sale Lender may become the purchaser, give Tenant ten (10) days written notice may deduct from the proceeds of Landlord’s intent to terminate said Lease; provided howeverany such sale all taxes and charges due on the Goods and all expenses of taking, that during said ten (10) day periodremoving, Tenant may correct defaults as set forth in said notice holding, repairing and avoid forfeiture thereof. Upon termination of this Lease pursuant to selling the preceding paragraph, Tenant shall peacefully surrender the premises to LandlordGoods, and Landlord may upon such termination apply the net proceeds to any indebtedness of Borrower, returning to Borrower any surplus or at any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance of the term of this Lease) and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or holding Borrower liable for any failure to relet deficiency; and in consideration of the Premises use of the Goods and for diminution in saleable value thereof, Lender may retain all payments made; or Lender may pursue any part thereof other remedy provided by law. Lender may accept partial payments of any sum due without waiving or for any failure to collect any rent due upon such reletting. No such termination otherwise modifying the terms of this Lease Agreement and the waiver by Lender of a breach of any condition of this Agreement shall relieve Tenant not constitute a waiver of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such terminationsubsequent breach whether or not of a like character. In the event of bankruptcy or other insolvency proceedings, in addition to the above remedies, the Lender shall be entitled to any such terminationrental or other income produced by the Goods prior to their release to Lender. -------------------------------------------------------------------------------- Page 2 of 3 COMMERCIAL LOAN AND SECURITY AGREEMENT FOR: Boyd Brothers Transportation, whether or not Inc 00147900000000427 ADDITIONAL PROVISIONS - (Continued) -------------------------------------------------------------------------------- DEFAULT: For Use In Louisiana Only. Borrower does hereby confess judgment in favor of the Premises Lender or any part thereof subsequent holder of this agreement for principal, interest, attorney's fees, and costs; and does hereby declare that if anyone of the payments on the loan or other payment provided for herein is not fully paid when due, if default be made in compliance with any condition or covenant herein, or proceedings in bankruptcy, insolvency or receivership be instituted by or against the Borrower, or if any action is taken looking toward the appointment of a receiver, syndic or curata of Borrower or if the property be used in violation of any state or Federal law, such violation shall constitute a breach of this Agreement which shall ipso facto be immediately due and eligible in its entirety and the Lender may cause all and singular the Goods herein described to be seized and sold under executory or other legal process in any court, without appraisement, to the highest bidder, payable in cash. Borrower hereby specifically waives the three (3) day notice of demand provided by Article 2639 of the Louisiana Code of Civil Procedure and Notice of Appraisement set forth under Article 2723 of the Louisiana Code of Civil Procedure end all pleas of division and discussion and the benefit of appraisement or the said Lender may and is hereby authorized to take immediate possession of the Goods wherever found without process of law and hold same until the amount due and either at public or private sale without demand for performance of without notice to the Borrower, with or without having the Goods at the place of sale. The Lender, or future holder of this Agreement, shall have been reletthe right to bid at any public sale. From the proceeds of such sale, Tenant the Lender, or future holder of this Agreement, shall pay deduct all expenses for retaking, repairing and selling the Goods, including a reasonable attorney's fee. Pursuant to Landlord the rent required authority of Louisiana Revised Statutes 9:5136 et Seq., Borrower hereby appoints Lender, or its designee, to be paid up keeper or receiver of the collateral herein described who, at its option, may take possession thereof and administer same immediately upon any seizure incident to any legal action brought by Tenant up Lender. -------------------------------------------------------------------------------- CO-BORROWER: The obligation of any co-borrower hereunder shall be primary and the co-borrower shall be jointly and severally liable with the Borrower for payment in full of all amounts due or to become due pursuant to the time of such termination, terms and thereafter, Tenant, until the end of what would have been the term conditions of this Lease in the absence of such termination shall be liable to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;Agreement.

Appears in 1 contract

Samples: Loan and Security Agreement (Boyd Bros Transportation Inc)

Default. It is expressly understood and agreed that if the rents above, or any part thereof, Licensee shall be in arrears, or if default shall be made in of this Agreement upon the occurrence of any of the covenants following (collectively, the “Licensee Events of agreements herein contained Default”): (a) Licensee fails to be kept make full payment of the License Fees or Licensee fails or refuses to perform any of its material obligations hereunder or breaches any other material provision hereof or exploits any Program outside the scope permitted hereunder; or (b) Licensee goes into receivership or liquidation other than for purposes of amalgamation or reconstruction, or becomes insolvent, appoints a receiver or a petition under any bankruptcy act is filed by Tenantor against Licensee (which petition, Landlord mayif filed against Licensee, at Landlord’s electionshall not have been dismissed within 30 days thereafter), give Tenant ten or Licensee executes an assignment for the benefit of creditors, or Licensee takes advantage of any applicable insolvency, bankruptcy or reorganization or any other like or analogous statute, or experiences the occurrence or threatened occurrence of any event analogous to the foregoing. If Licensee fails to cure a Licensee Event of Default specified in (10a) above that is curable within thirty days from receipt of written notice from Licensor of Landlord’s intent such default or upon a Licensee Event of Default under (a) above that is not curable or under (b) above, Licensor shall have the right to terminate said Lease; provided howeverthis Agreement. Licensor shall be in default of a license granted under this Agreement upon the occurrence of any of the following (collectively, the “Licensor Events of Default”): (a) Licensor fails or refuses to perform its material obligations hereunder or breaches any material provision hereof with respect to a license, or (b) Licensor goes into receivership or liquidation, or becomes insolvent, or a petition under any bankruptcy act shall be filed by or against Licensor (which petition, if filed against Licensor, shall not have been dismissed within 30 days thereafter), or Licensor executes an assignment for the benefit of creditors, or Licensor takes advantage of any applicable insolvency, bankruptcy or reorganization or any other like statute, or experiences the occurrence of any event analogous to the foregoing. If Licensor fails to cure a Licensor Event of Default specified in (a) above that during said ten is curable within thirty days from receipt of written notice from Licensee of such default or upon a Licensor Event of Default under (10a) day periodabove that is not curable or under (b) above, Tenant may correct defaults as set forth Licensee shall have the right to terminate this Agreement with respect to such license. Notwithstanding anything to the contrary contained in said notice and avoid forfeiture thereof. Upon Sections 16.1 or 16.2 hereof, no termination of this Lease pursuant to the preceding paragraph, Tenant Agreement for any reason shall peacefully surrender the premises to Landlord, and Landlord may upon such termination relieve or at any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectmentdischarge, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property be deemed or construed as relieving or discharging, any party hereto from the Premises. At any time after such terminationduty, Landlord may relet the Premises obligation or any part thereof in the name of Landlord or otherwise for such term (liability hereunder which may be greater or lesser than the period which would otherwise have constituted the balance was accrued as of the term of this Lease) and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such termination. In the event of any such termination, whether or not the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the rent required to be paid up by Tenant up to the time of such termination, and thereafter, Tenant, until the end of what would have been the term of this Lease in the absence date of such termination shall be liable (including, without limitation, the obligation to Landlord for, and shall pay to Landlord any amounts payable hereunder accrued as and for liquidated and agreed damages for Tenant’s default;of such date of termination).

Appears in 1 contract

Samples: Fvodsvod License Agreement

Default. It Whenever a Default shall be existing, JMB may exercise any rights and remedies available to it under the Restated Promissory Notes or any other Loan Document (including, without limitation, acceleration of the Liabilities), or under applicable law. In addition, JMB shall have all rights and remedies of a secured party under the Uniform Commercial Code of Illinois (regardless of whether such law or a similar law is in effect in the jurisdiction where such rights and remedies are asserted). Without limiting the foregoing, upon Default JMB may, to the fullest extent permitted by applicable law, without notice, advertisement, hearing or process of law of any kind, sell any or all of the Collateral, free of all rights and claims of the Borrower therein and thereto, at any public or private sale, and bid for and purchase any or all of the Collateral at any such sale. In connection with any sale of the Collateral made by JMB or any other party pursuant to or in accordance with or by reason of this Assignment, JMB or said other party shall have the right, free of any right of redemption of the Borrower (which Borrower hereby waives), to execute and deliver an assignment of the Collateral to any purchaser at such sale. The Borrower hereby expressly understood waives, to the fullest extent permitted by applicable law, any and agreed that all notices, advertisements, hearings or process of law in connection with the exercise by JMB of any of its rights and remedies upon Default. If any notification of intended disposition of any of the Collateral is required by law, such notification, if mailed, shall be deemed reasonably and properly given if mailed at least thirty (30) days before such disposition, postage prepaid, addressed to the rents Borrower either at the address shown above, or such other address of the Borrower within the State of Illinois as the Borrower may indicate to JMB by a written notice complying with Section 10 hereof. All costs and expenses of any part thereofkind whatsoever, of collection and enforcement of the Liabilities or any rights or remedies hereunder (including, without limitation, all costs of disposing of the Collateral, together with court costs and reasonable attorneys' fees), or incurred in realizing upon the Collateral or in enforcing this Assignment, shall be in arrearspaid by the Borrower, or if default shall be made in deemed to be additional Liabilities secured hereby. Any proceeds of any of the covenants of agreements herein contained to Collateral may be kept applied by Tenant, Landlord may, at Landlord’s election, give Tenant ten (10) days written notice of Landlord’s intent to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereof. Upon termination of this Lease pursuant JMB to the preceding paragraphpayment of expenses in connection with the Collateral, Tenant shall peacefully surrender the premises to Landlordincluding reasonable attorneys' fees and legal expenses, and Landlord may upon such termination or at any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance of such proceeds shall be applied by JMB toward the term payment of this Lease) such of the Liabilities (including the Restated Promissory Notes and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this LeaseJMB Note), and in such liability and obligations shall survive any such termination. In order of application, as JMB may from time to time elect, with the event of any such terminationexcess, whether or not the Premises or any part thereof shall have been reletif any, Tenant shall pay to Landlord the rent required to be paid up by Tenant up to the time of such termination, and thereafter, Tenant, until the end of what would have been the term of this Lease in the absence of such termination shall be liable to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;Borrower.

Appears in 1 contract

Samples: Security Agreement (JMB 245 Park Avenue Associates LTD)

Default. It is expressly understood and agreed by the parties hereto, that if the rents aboverent above reserved, or any part thereofhereof, shall be in arrears, or if default tenant shall be made in fail to perform any of the covenants of or agreements herein contained which are to be kept by Tenanttenant, and if such failure to pay or perform is not cured within ten days after tenant receives written notice thereof (five days if the default regards the payment of rent or additional rent), tenant shall be deemed to be in default of this Lease. In such event, it shall and may be lawful for Landlord mayto declare said term ended, and enter into the premises, or any part thereof, either with or without process of law, and tenant or any person or persons occupying the same, to expel, remove, and to put out, using such force as may be necessary in so doing, without being liable to prosecution or in damages therefore, and the premises again to repossess and enjoy as in the first and former estate of Landlord. And, if at any time said term shall be ended as aforesaid or in other way, tenant hereby covenants and agrees to surrender and deliver up the premises peaceably to Landlord’s election, give Tenant ten (10) days immediately upon the termination of said term, and if tenant shall remain in the possession of the same after the termination thereof, tenant shall be deemed guilty or forcible detainer of said premises under the Statute, hereby waiving all notice, and shall be subject to eviction and removal, forcibly or otherwise, with or without process of law, as above stated. The remedies of Landlord herein shall be in addition to all other remedies allowed by law. Should Landlord elect to re-enter it may either terminate this Lease or it may from time to time, without terminating this Lease relet said premises. Upon each such reletting, all rentals and other sums received by Landlord from such reletting shall be applied first, to the payment of debt other than rent due Landlord; second, to costs and expenses of reletting; third, to past due payment of future rent as the same may become due and payable hereunder. No such entry or taking possession of said premises by Landlord shall be construed as an election on its part to terminate this Lease unless a written notice of Landlord’s intent such intention be given to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereoftenant or unless the termination thereof be decreed by a court of competent jurisdiction. Upon termination of this Lease pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, and Landlord may upon such termination or at In any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such terminationevent, Landlord may relet the Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance of the term of this Lease) and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure use its best efforts to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such termination. In the event of any such termination, whether or not the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the rent required to be paid up by Tenant up to the time of such termination, and thereafter, Tenant, until the end of what would have been the term of this Lease in the absence of such termination shall be liable to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;mitigate its damages.

Appears in 1 contract

Samples: Clarent Corp/Ca

Default. It is expressly understood and agreed that if A. If Tenant, (1) defaults in the rents above, payment of any single installation of rent or in the payment of any part thereof, shall be in arrears, or if default shall be made in any of the covenants of agreements herein contained other sum required to be kept by Tenantpaid under this Lease or under the terms of any other agreement between Tenant and Lessor; or (2) defaults in the performance of any other covenant or agreement hereof, Landlord may, at Landlord’s election, give Tenant ten (10) days written notice of Landlord’s intent to terminate said Lease; provided however, that during said ten (10) day period, Tenant Lessor may correct defaults treat such event as set forth in said notice and avoid forfeiture thereof. Upon termination a breach of this Lease pursuant and Lessor shall have any one or more of the following described remedies in addition to all other rights and remedies provided at law or in equity; Then: (a) Lessor may terminate this Lease and the term created hereby, in which event Lessor may forthwith repossess the apartment in accordance with law and Tenant agrees to pay to Lessor damages in an amount equal to the preceding paragraph, amount of rent provided in this Lease to be paid by Tenant shall peacefully surrender the premises to Landlord, and Landlord may upon such termination or at any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance of the term as set forth in this Lease less the fair rental value of this Leasethe apartment for said period, and in addition, any other sum of money and damages owed by Tenant or Lessor, or (b) and on such conditions (which Lessor may include concessions or free rent) as Landlord, in Landlordterminate Tenant’s discretion may determine right of possession and may collect repossess the apartment in accordance with law without further demand or notice of any kind to Tenant and receive without such entry and possession terminating this Lease or releasing Tenant in whole or in part from Tenant’s obligation to pay rent hereunder for the rents thereforfull term. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon Upon and after such reletting. No such entry into possession without termination of this Lease shall relieve Tenant of Tenantlease, Lessor may relet the apartment as Xxxxxx’s liability agent and obligations under this Leasemay make repairs, alterations, and such liability additions in or to the apartment and obligations redecorate. Tenant shall survive on demand pay to Lessor damages and all Lessor’s expenses of reletting as set forth. If the consideration collected by Lessor from any such termination. In reletting for Xxxxxx’s account is not sufficient to pay the event of any amount provided in the Lease to be paid monthly by Tenant together with all such termination, whether or not the Premises or any part thereof shall have been reletexpenses, Tenant shall pay to Landlord lessor, as damages, the rent required amount of each month deficiency. Xxxxxx agrees that Lessor may from time to be paid up by Tenant up time file suit to recover any such sums falling due under the time of such termination, and thereafter, Tenant, until the end of what would have been the term terms of this Lease paragraph and that no suit or recovery of any portion due Lessor hereunder shall be a defense to any subsequent action brought for any amount not theretofore reduced to judgment in favor of Lessor except that Lessor shall not be permitted more than one recovery in the absence of such termination shall be liable to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;aggregate amount so due.

Appears in 1 contract

Samples: irp.cdn-website.com

Default. It is expressly understood and agreed that if the rents above, or If any part default by either party to this lease continues uncorrected for more than thirty (30) days after written notice thereof, shall be in arrears, or if default shall be made in any stating with particularity the nature and extent of the covenants of agreements herein contained to be kept by Tenantdefault, Landlord may, at Landlord’s election, give Tenant ten (10) days written notice of Landlord’s intent to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereof. Upon termination of this Lease pursuant has been given to the preceding paragraphdefaulting party by the other party, Tenant shall peacefully surrender then the premises to Landlord, party giving such notice may at its option terminate this lease and Landlord may upon such termination or at pursue any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premisessuch remedies as may be available to it at law or in equity. At any time after such termination, Landlord may relet the Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance of the term of this Lease) and on such conditions (which may include concessions or free rent) as default by Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Tenant (after giving at least ten (10) days’ prior notice to Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability intent to correct such default) may but shall not be obligated to correct such default. Tenant, without prior notice to Landlord, may but shall not be obligated to make any repairs and obligations under this Leasereplacements required to be made by Landlord which, and such liability and obligations shall survive any such terminationin the reasonable opinion of Tenant, are of an urgent nature. In the event that Tenant corrects any such default or makes any such repairs and replacements, then Landlord upon demand by Tenant shall reimburse Tenant, with interest at the rate of six percent (6%) per year, for all costs and expenses incurred by Tenant in connection with the correction of any such termination, whether default or not the Premises making of any such repairs and replacements. The fact that any such default is corrected or any part thereof such repairs and replacements are made by Tenant shall have been reletnot diminish or change the obligations of Landlord set forth in paragraphs 20 and 28 of this lease. Any sums due Tenant from Landlord under any of the provisions of this lease, or arising out of Landlord’s failure to perform any of its obligations under this lease, may be deducted by Tenant from the rent then or thereafter becoming due Landlord. Pending final determination of the validity and amount of any claim of Tenant under any of the provisions of this lease, Tenant without penalty or default may withhold from rent the amount claimed by it. No delay or omission by either party in exercising any right accruing upon any default by the other party shall pay to Landlord impair any such right or be construed as a waiver thereof, and every such right may be exercised at any time during the rent required to be paid up by Tenant up to the time continuance of such termination, and thereafter, Tenant, until default. The waiver by either party of a default by the end other party shall not be construed as a waiver of what would have been the term any subsequent default or of any other provision of this Lease in the absence of such termination shall be liable to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;lease.

Appears in 1 contract

Samples: Lease (Telvent Git S A)

Default. It is expressly understood and agreed that if In the rents above, or event of any part thereof, shall be in arrears, or if default shall be made in any breach of the covenants of agreements herein contained to be kept this Lease by Tenant, Landlord may, at Landlord’s election, give after receipt by Tenant ten of fifteen (1015) days written notice of Landlord’s intent default (except there shall be no notice requirement for Tenant's failure to terminate said Lease; provided howeverpay rent), that during said ten (10) day period, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereof. Upon termination of this Lease pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, and Landlord independent of any other rights or remedies it may upon such termination have by law or at any time after such terminationotherwise, without further notice, rent shall have the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise immediate right of re-entry and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At Such property may be removed and stored at the cost of and for the account of Tenant. Should Landlord elect to re-enter as herein provided, or should Landlord take possession pursuant to legal proceedings or pursuant to any time after such terminationnotice provided for by law, Landlord may either terminate this Lease or may terminate the right of Tenant to possession of the Premises without terminating the Lease, in which latter event, Landlord shall be obligated to mitigate its damages by actively seeking to relet the said Premises or any part thereof in for the name account of Landlord or otherwise Tenant (as hereinbelow provided) for such term or terms (which may be greater or lesser than the period which would otherwise have constituted the balance of for a term extending beyond the term of this Lease) and on at such rental or rentals and upon such other terms and conditions as Landlord in the exercise of Landlord's sole discretion may deem advisable with the right to make alterations and repairs to said Premises. Upon each such reletting (which may include concessions or free renta) as Tenant shall be immediately liable to pay to Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for addition to any failure to relet the Premises or any part thereof or for any failure to collect any indebtedness other than rent due upon hereunder, the cost and expense of such reletting. No reletting and of such termination of alterations and repairs incurred by Landlord, and the amount, if any, by which the rent reserved in this Lease shall relieve Tenant for the period of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such termination. In the event of any such termination, whether or not the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the rent required to be paid up by Tenant reletting (up to the time of such termination, and thereafter, Tenant, until the end of what would have been but not beyond the term of this Lease in Lease) exceeds the absence amount agreed to be paid as rent for the Premises for such period of such termination reletting; or (b) at the option of Landlord, rents received by Landlord from such reletting shall be liable applied first, to the payment of any indebtedness, other than rent due hereunder from Tenant to Landlord; second, to the payment of any reasonable costs and expenses of such reletting and of such alterations and repairs; third, to the payment of rent due and unpaid hereunder; and the residue, if any, shall be held by Landlord forand applied in payment of future rent as the same may become due and payable hereunder. If Tenant should breach this Lease, in addition to any other remedy Landlord may have, Landlord may recover from Tenant all damages Landlord may incur by reason of such breach, including the cost of recovering the Premises, and including the rent reserved and charged in this Lease for the remainder of the stated term, all of which amounts shall pay be immediately due and payable (together with attorney's fees) from Tenant to Landlord. Landlord's remedies hereunder are cumulative and not intended to be exclusive of any other remedies or other means of redress to which Landlord as and for liquidated and agreed damages for may be lawfully entitled in case of a breach of this Lease by Tenant’s default;.

Appears in 1 contract

Samples: Office Lease (Unified Financial Services Inc)

Default. It is expressly understood and agreed that if (a) Any of the rents abovefollowing events shall constitute a default of this Sublease by Sublessee: (i) Failure of Sublessee to pay any rent or any other charge, or any part thereof, shall be in arrears, or if default shall be made in any of the covenants of agreements herein contained required to be kept paid under this Sublease when due; or (ii) Failure of Sublessee to observe or perform any other provision, covenant, obligation or condition of this Sublease to be observed or performed by Tenant, Landlord may, at Landlord’s election, give Tenant Sublessee when such failure continues for ten (10) days written after notice thereof from Sublessor to Sublessee: or (iii) Abandonment or vacation of Landlord’s intent to terminate said Leasethe Premises by Sublessee; provided howeveror (iv) A general assignment by Sublessee for the benefit of creditors or the filing by or against Sublessee of any proceeding under an insolvency or bankruptcy law, that during said ten unless, in the case of a proceeding filed against Sublessee, such proceeding is dismissed within thirty (1030) day period, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereof. Upon termination of this Lease pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, and Landlord may upon such termination or at any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premisesdays, the Landlord may repossess it by forceappointment of a trustee or receiver to take possession of all or substantially all of the assets of Sublessee, summary proceedings, ejectmentunless possession is restored to Sublessee within thirty (30) days, or otherwise and may dispossess Tenant and remove Tenant and any attachment, execution or other judicially authorized seizure of all other persons and property from the Premises. At any time after such termination, Landlord may relet or substantially all of Sublessee's assets located upon the Premises or any part thereof of Sublessee's interest in the name of Landlord or otherwise for this Sublease, unless such term seizure is discharged within thirty (which may be greater or lesser than the period which would otherwise have constituted the balance of the term of this Lease30) and on such conditions days. (which may include concessions or free rentb) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such termination. In the event of any such terminationdefault by Sublessee, whether in addition to any other remedies available to Sublessor at law or not in equity, Sublessor may treat the Premises occurrence of any one or more of said events as a breach of this Sublease. In such event, in addition to any part thereof or all other rights or remedies Sublessor may have under this Sublease and as provided by law, Sublessor shall have been relet, Tenant shall pay the right to Landlord the rent required to be paid up by Tenant up to the time of such termination, and thereafter, Tenant, until the end of what would have been declare the term of this Lease in the absence of such termination shall be liable to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;this

Appears in 1 contract

Samples: Sublease Agreement (Cdi Group Inc)

Default. It is expressly understood If and agreed that if whenever the rents aboveRent hereby reserved, or any part thereof, shall will not be in arrearspaid on the day appointed for payment thereof, whether demanded or not, or if default shall be made in the case of breach or non- observance or non-performance of any of the covenants covenants, agreements, provisos, conditions, or rules and regulations on the part of agreements herein contained the Tenant to be kept kept, observed, or performed, or in case the Premises will be vacated or remain unoccupied for five days, or if, without the written consent of the Landlord, the Premises will be used by any person other than the Tenant, or for any purpose other than that for which the same was let, or in case the Term will be taken in execution or attachment for any cause whatever, then and in every such case it will be lawful for the Landlord may, at Landlord’s election, give Tenant ten (10) days written notice of Landlord’s intent to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereof. Upon termination of this Lease pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, and Landlord may upon such termination or at any time after such termination, without further notice, rent the Premises. If Tenant fails thereafter to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise enter into and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet upon the Premises or any part thereof in the name of the whole and the same to have again, repossess, and enjoy as of its former estate, anything in this Lease contained to the contrary notwithstanding. Whenever the Landlord is entitled to re-enter the Premises it may, at its option and without limiting its other remedies, terminate this Lease. If this Lease is so terminated, the Landlord, to the extent permitted by law, may immediately repossess the Premises, sell or otherwise for dispose of such term (which may be greater Tenant’s fixtures, trade fixtures, personal property, or lesser than leasehold improvements therein as the period which would otherwise have constituted the balance Landlord considers appropriate, or store any of the term Tenant’s fixtures, trade fixtures, personal property, or leasehold improvements therein in a public warehouse or elsewhere at the cost of this Lease) the Tenant, all without service of notice, without legal proceedings, and on such conditions (which may include concessions without liability for loss or free rent) as Landlord, in Landlord’s discretion may determine damage and may collect and receive wholly without prejudice to the rents therefor. rights of the Landlord shall in no way be responsible for to recover arrears of Rent or liable damages for any failure to relet default by the Premises Tenant of its obligations or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of agreements under this Lease shall relieve Tenant or of Tenant’s liability and obligations under any term or condition of this Lease, and such liability and obligations shall survive any such termination. In the event of any such termination, whether or not the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the rent required to be paid up by Tenant up wholly without prejudice to the time rights of such termination, and thereafter, Tenant, until the end Landlord to recover from the Tenant damages for loss of what would have been the term Rent suffered by reason of this Lease in the absence of such termination shall be liable to Landlord forhaving been prematurely terminated, including prospective damages, and shall pay the Landlord reserves a right to Landlord as claim all costs (on a solicitor and for liquidated client basis), losses, damages, and agreed damages for expenses arising from the Tenant’s default;breach.

Appears in 1 contract

Samples: Indemnity Agreement

Default. It is expressly understood The TENANT promises and agreed agrees that if default be made in the payment of rents aboveor in the performance of any other conditions of this lease, or if TENANT in its use of the premises violates any city ordinances, State or Federal Laws or if any TENANT, or any Guarantor hereof, files any petition under the bankruptcy or insolvency laws of the United States, or of any other jurisdiction, or makes an assignment for the benefit of creditors, or makes application for appointment of a trustee or receiver regarding any of TENANT'S property that this lease may be forthwith terminated at the election of the LANDLORD, subject to the prior written notice requirements hereof, and that the TENANT will, subject to the grace periods hereinafter set forth, surrender and deliver up possession of the LEASED PREMISES to the LANDLORD upon receiving written notice from the LANDLORD of the breach of conditions of this lease and the election of the LANDLORD to so terminate this lease. In the event of such default by the TENANT, then the LANDLORD, besides other rights or remedies he may have, shall have the immediate right of re-entry. Should the LANDLORD elect to re-enter, as herein provided, or should he take possession pursuant to legal proceedings or pursuant to any notice provided by law, he may either terminate this lease, or he may, from time to time, without terminating this lease, re-let or re-lease the LEASED PREMISES or any part thereofthereof for such amount of rental and upon such terms and conditions as the LANDLORD, in his sole discretion and judgment, may deem advisable, and he may make such alterations, improvements and repairs to the LEASED PREMISES as he may deem advisable. No such re-letting or re-leasing of the LEASED PREMISES by the LANDLORD, under the circumstances set forth in this paragraph, shall be in arrearsconstrued as an election on the LANDLORD'S part to terminate or cancel this lease, unless a written notice of such termination or if default cancellation is mailed by the LANDLORD to the TENANT at the address set out herein for notices, nor shall be made in such re-letting or re-leasing relieve the TENANT from liability to the LANDLORD for any and all damages, of whatsoever type or nature, which the LANDLORD may have or will suffer or incur as a result of the TENANT'S breach of any of the covenants terms, covenants, provisions and conditions herein contained. Notwithstanding any such re-letting or re-leasing without termination of agreements herein contained this lease by the LANDLORD, the LANDLORD may at any time thereafter elect to terminate the lease for such previous breach of the TENANT. In the event LANDLORD is required to retain an attorney to enforce any provision of this lease, then LANDLORD shall be kept entitled to recover from TENANT its actual attorney's fees reasonably incurred and its court costs. In the event default by TenantTENANT in the payment of rent occurs under the terms of this lease, Landlord may, at Landlord’s election, give Tenant ten LANDLORD shall provide TENANT with three (103) days written notice of Landlord’s intent such default. In the event TENANT fails to terminate said Lease; provided howevercure such default within three (3) days following receipt of such notice, that during said then LANDLORD may proceed with the remedies as above specified. If default by the TENANT be for reasons other than non-payment of rent, then LANDLORD shall provide TENANT with ten (10l0) day perioddays prior written notice to cure such default, Tenant may correct defaults as and failing such cure by TENANT, LANDLORD shall be entitled to those remedies set forth in said notice and avoid forfeiture thereofunder Paragraph 13 hereof. Upon termination Acceleration of this Lease pursuant to the preceding paragraphrent. Following default by TENANT, Tenant shall peacefully surrender the premises to LandlordLANDLORD may demand, and Landlord may upon in such termination or case, TENANT shall immediately pay in a single accelerated payment, the entire amount of lease payments that would become due and owing to LANDLORD over the remaining portion of the lease term. No discount for early payment shall occur by reason of the acceleration. If TENANT shall make payment of such accelerated rent at any time after such terminationprior to LANDLORD'S termination of TENANT'S right to possession of the premises, without further notice, rent then TENANT shall be entitled to remain in possession of the Premises. If Tenant fails to peacefully surrender premises for the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance remainder of the term of this Lease) and on such conditions (which may include concessions or free rent) lease, so long as Landlordno further default shall occur, in Landlord’s discretion may determine and may collect and receive but upon the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination occurrence of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Leasea further default, and such liability and obligations shall survive any such termination. In the event of any such termination, whether or not the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the rent required to be paid up by Tenant up to the time of such termination, and thereafter, Tenant, until the end of what would have been the term of this Lease in the absence of such termination LANDLORD shall be liable entitled to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;recover possession of the premises without any rebate of accelerated rent.

Appears in 1 contract

Samples: Business Lease Agreement (New Frontier Energy Inc)

Default. It is expressly understood covenanted and agreed that if in the rents aboveevent the Tenant vacates or abandons the Leased Premises during the term of the Lease, or defaults at any time in any term of this Lease or in the payment of any rent or other payment herein provided for, then, in any of such events and without further notice the Landlord at its option may declare this lease terminated and all accrued and unaccrued rentals immediately due and payable, and with or without legal process enter into and upon the Leased Premises, repossess the same and expel the Tenant, or any part thereofother occupant therefrom, it being expressly agreed by the Tenant that time is of the essence hereof and the Tenant expressly waives all notice of non-payment of rent or termination of the Lease Agreement or demand for possession or demand for rent, and further provided that such lease termination, re-entry and expulsion of the Tenant or other occupancy whether by legal process or otherwise, shall be in arrears, or if default shall be made in any without prejudice to the right of the covenants Landlord to xxx and collect the accrued and unaccrued rental of agreements for the breach of any other covenant herein contained to be kept by Tenant, Landlord may, at Landlord’s election, give Tenant ten (10) days written notice of Landlord’s intent to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereof. Upon termination of this Lease pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, and Landlord may upon such termination or at any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance of the term of this Lease) and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such terminationcontained. In the event of any such terminationdefault the Landlord may, whether at its option, without forfeiting any accrued or not unaccrued rentals due the Landlord, enter into possession and relet the Leased Premises or any part thereof shall have been reletand the Tenant agrees to further pay all of Landlord's attorney's fees and to pay for all costs of redecorating, remodeling, leasing fees or any costs of such re-letting. Any re-letting or re-entry and expulsion of the Tenant shall in no manner relieve the Tenant of the obligation to immediately pay to all accrued and unaccrued rental due under this Lease Agreement, provided, however, that in the event the Landlord receives from the rent required to be paid up Tenant all of such accrued and unaccrued rental, whether by Tenant up judgment or otherwise, and further finds a tenant suitable to the time of such termination, and thereafter, Tenant, until Landlord during the end of what would have been the remaining term of this Lease Agreement, then at the conclusion thereof the Landlord shall remit back to Tenant any excess rentals received hereunder, less any charges incurred by reason of such default of the Tenant, including the aforesaid redecorating, remodeling, leasing fees and attorney's fees. In any event, if Tenant defaults in the absence performance of such termination any of the terms, covenants, agreements or conditions contained in this Lease Agreement, and the Landlord places the enforcement of this Lease Agreement, or any part hereof, or the collection of any rent, or charge due, or to become due, or the recovery of the possession of the Premises, in the hands of an attorney, the Tenant agrees to pay the reasonable attorney fees of Landlord; plus all the actual costs of enforcement or collection, including but not limited to expert witness fees and charges, all copying expenses and laboratory tests. All property of the Tenant, including property otherwise legally exempt from levy and execution in or upon the Leased Premises is now and shall be liable bound for and subject to Landlord forthe payment of all rent and other sums herein agreed to be paid, whether due or not, and such shall pay be and do hereby constitute a lien upon all of the property of Tenant or upon the Leased Premises and such lien of the Landlord upon the property of the Tenant, as hereinabove set forth, may be foreclosed by selling the same at public or private sale, with or without notice at the option of the Landlord. Any re-entry or re-letting under the provisions hereof shall not work a forfeiture of the rent or other agreements to be performed by the Tenant hereunder during the full term of this lease agreement. The foregoing rights and remedies hereinabove given to the Landlord are and shall be deemed to be cumulative and the exercise of one shall not be deemed to be an election excluding the exercise by the Landlord at any other or different time of a different or inconsistent remedy and shall be deemed to be given to said Landlord in addition to any other and further rights given to said Landlord in addition to any other and further rights given or granted to said Landlord by the terms of any paragraph hereof or by law and the failure upon the part of Landlord at any time to exercise any right or remedy hereby given to it, shall not be deemed to operate as a waiver by it of its right to exercise such right or remedy at any other future time. In the event of default by Tenant of any of the terms and for liquidated conditions of this Lease Agreement, or the addendums attached hereto, then, interest at the highest rate allowed by law in the state of Oklahoma shall accrue on any amounts due or which will become due, including all costs and agreed damages for Tenant’s default;attorney fees.

Appears in 1 contract

Samples: Lease Agreement (Maple Leaf Aerospace Inc)

Default. It Any of the following events or conditions shall constitute an event of default hereunder: (a) if Lessee shall default in the payment when due of any indebtedness of Lessee to Lessor arising independently of this Lease; (b) if Lessee fails to make payment when due of any rentals, or other monies or charges hereunder on the due date; (c) if Lessee fails to perform any or all obligations, covenants, agreements, terms or conditions contained or referred to in this Lease, or in any Security Instrument executed with reference to this Lease, or in any written instrument modifying any or all of Lessee's obligations to Lessor; (d) if Lessee fails to pay any rental or mortgage payment due under, or if Lessee breaches any of the terms, covenants or conditions contained in, any lease, deed of trust, or Security Instrument executed by Lessee pertaining to the premises upon which the Equipment or any other collateral which secures this Lease is expressly understood and agreed that located, or to any other property, or interest therein, which secures this Lease, including, but not limited to, the lease relating to Lessee's business premises; (e) if the rents aboveLessee sells, assigns, transfers, encumbers, or hypothecates any Equipment hereunder or any other collateral which is security hereto, or any part thereof, shall be in arrearsuse thereof (except such use as is expressly authorized by this Lease or the Security Instruments), or if default shall be made in there is loss, theft, substantial damage, destruction, or other damage to any of the covenants Equipment or any other collateral; (f) if any person, firm or entity files suit for the purpose of agreements herein contained or the making of any levy, seizure or attachment of or upon the Equipment or any other collateral; (g) if Lessee cease doing business as a going concern; (h) if Lessee forfeits the right to do business; (i) if Lessee merges or consolidates with another person, firm or entity (unless Lessor issues its prior written consent thereto); (j) if Lessee becomes insolvent or makes an assignment for the benefit of creditors; (k) if a petition is filed by or against Lessee under the Bankruptcy Code; (l) if a receiver, trustee, conservator or liquidator is appointed either with or without the application and consent of Lessee; (m) if any statement, representation or warranty heretofore or hereafter furnished by Lessee shall be kept by Tenant, Landlord may, at Landlord’s election, give Tenant ten untrue or unperformed in any material respect; (10n) days written notice if Lessee breaches any of Landlord’s intent to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereof. Upon termination the terms of this Lease pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, and Landlord may upon such termination any loan or at any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectmentcredit agreements, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from defaults thereunder or if the Premises. At condition of Lessee's affairs shall so change as to, in Lessor's good faith opinion, increase the credit risk involved as to Lessor; or (o) if any time after such termination, Landlord may relet the Premises guarantor or surety dies or any part thereof in the name of Landlord event described above occurs with respect to any guarantor or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance of the term of this Lease) and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such termination. In the event of any such termination, whether or not the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the rent required to be paid up by Tenant up to the time of such termination, and thereafter, Tenant, until the end of what would have been the term of this Lease in the absence of such termination shall be liable to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;surety.

Appears in 1 contract

Samples: Equipment Lease Agreement (Beverage Works Inc)

Default. Time is of the essence in the payment and performance of all Obligations. It is expressly understood and agreed that if the rents above, or any part thereof, shall be an “Event of Default” hereunder if (a) a Note Default (as defined in arrearsthe Note) occurs and is not waived or cured within the time period applicable thereto, if any, (b) Debtor breaches any representation, warranty, covenant or if default shall be made provision hereof (other than the obligation to pay the Obligations or to maintain insurance as set forth above in any Section 5 and except for a breach of the covenants provisions of agreements herein contained Section 4(n) hereof (other than a breach of Debtor’s obligations to be kept by Tenantprovide the certificates described therein), Landlord maywhich breach shall not constitute an Event of Default), at Landlord’s election, give Tenant and such breach is not cured within ten (10) days written after notice of Landlord’s intent from Lender, (c) Debtor fails to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults maintain insurance as set forth above in said notice and avoid forfeiture Section 5, (d) a material portion of the Collateral is lost or destroyed, (e) other than as a result of Lender’s failure to file UCC-1 financing statements (or continuations thereof), the security interests granted hereunder are challenged as to either perfection or priority or if Lender’s rights in the Collateral become materially impaired, or (f) the Obligations are accelerated for any reason. Upon termination The occurrence of a loss or destruction of a material portion of the Collateral described in clause (e) of this Lease pursuant Section shall not constitute an Event of Default if proceeds of insurance on such portion are received by Lender and, at Debtor’s election, either applied to the preceding paragraphObligations, Tenant shall peacefully surrender or held in escrow by Lender for disbursement by Lender upon (A) the premises receipt by Lender of a written request from Debtor to Landlorduse such proceeds to purchase items of equipment to replace the Collateral lost or destroyed, (B) the receipt by Lender of the manufacturers’ invoices for such replacement items, specifying per item serial numbers and costs and indicating that the costs of such replacement items are, in the aggregate, equal to or greater than the aggregate fair market value (as determined by Lender in its good faith, reasonable discretion) of the Collateral lost or destroyed, and Landlord may upon (C) the grant by Debtor to Lender of a first-priority security interest in such termination or at any time after replacement items such termination, without further notice, rent that the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance of the term of this Lease) and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such termination. In the event of any such termination, whether or not the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the rent required to be paid up by Tenant up to the time of such termination, and thereafter, Tenant, until the end of what would have been the term of this Lease in the absence of such termination shall be liable to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;same become Collateral hereunder.

Appears in 1 contract

Samples: Security Agreement: Equipment (Avant Immunotherapeutics Inc)

Default. It is expressly further mutually understood and agreed agree that if in the rents above, event Tenant(s) are in default in the payment of the rent herein reserved or any part thereof, shall be in arrears, or if default shall be made in the performance of any of the covenants of or agreements herein contained to be kept by Tenant, Landlord may, at Landlord’s election, give Tenant ten following the delivery of three (103) days written days’ notice of Landlord’s intent such default by Landlord to Tenant(s), Tenant(s)' right to possessions of the Leased Premises shall automatically terminate said Lease; provided however, that during said ten (10and Tenant(s) day period, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereof. Upon termination of this Lease pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises Leased Premises to Landlord, and Landlord may may, upon such termination or at any time after any such termination, without further notice, rent re-enter the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may Leased Premises and repossess it by force, summary proceedings, proceedings ejectment, or otherwise otherwise, and may dispossess Tenant Tenant(s), and remove Tenant Tenant(s) and all other persons and property from the Leased Premises. At any time after such termination, Landlord may relet the Leased Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance of the term of this Lease) and on such conditions (which may include concessions or free rent) thereof, as Landlord, in Landlord’s his discretion may determine determine, and may collect and receive the rents therefortherefore. Landlord shall in no way be responsible for or liable for any failure to relet the Leased Premises or any part thereof thereof, or for any failure to collect any rent due upon any such reletting. No such termination of this Lease shall relieve Tenant Tenant(s) of Tenant’s his/her liability and obligations under this Lease, lease and such liability and obligations shall survive any such termination. In the event of any such termination, whether or not the Leased Premises or any part thereof shall have been relet, Tenant Tenant(s) shall pay to the Landlord the rent required to be paid up by Tenant Tenant(s) up to the time of such termination, and thereafter, Tenantthereafter Tenant(s), until the end of what would have been the term of this Lease lease in the absence of such termination termination, shall be liable to Landlord for, and shall pay to Landlord Landlord, as and for liquidated and agreed damages for Tenant’s Tenant(s)' default;:

Appears in 1 contract

Samples: Duplex Lease

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Default. It is expressly understood and agreed that if the rents above, or In event of any part thereof, shall be in arrears, or if default shall be made in failure of Tenant to pay any of the covenants of agreements herein contained to be kept by Tenant, Landlord may, at Landlord’s election, give Tenant rent due hereunder within ten (10) days written notice after the same shall be due, or any failure to perform any other of Landlord’s intent to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereof. Upon termination the terms or conditions of this Lease to be observed or performed by Tenant for more than thirty (30) days after notice of such default shall have been given to Tenant, or it Tenant shall falsify any report, statement or information required to be furnished to Landlord pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, and Landlord may upon such termination or at any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance of the term terms of this Lease) and on such conditions (which may include concessions , or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises if Tenant or any part thereof or for any failure to collect any rent due upon such reletting. No such termination guarantor of this the Lease shall relieve become bankrupt or insolvent or file any debtor proceedings to take or have taken against Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such termination. In the event of any such termination, whether or not the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the rent required to be paid up by Tenant up to the time of such termination, and thereafter, Tenant, until the end of what would have been the term guarantor of this Lease in any court pursuant to any statute either of the absence United States or of any state a petition in bankruptcy or insolvency or for reorganization of for the appointment of a receiver or trustee of all or a portion of Tenant's or any such termination guarantor's property, or if Tenant or any such guarantor makes an assignment for the benefit of creditors or petitions or enters into an arrangement, or if Tenant shall abandon said premises or suffer this Lease to be liable taken under any writ of execution, then Landlord, in addition to Landlord forother rights and remedies it may have, may terminate this Lease or may immediately re-enter the Demised Premises and remove all persons and property therefrom, and shall pay to Landlord as such property may be removed and stored in a public warehouse or elsewhere at the cost and for liquidated the account of Tenant, all under the applicable legal procedures and agreed damages within due process under the law. If Landlord re-enters and relets the Demised Premises without terminating this Lease, Landlord shall receive all rent therefrom but Tenant shall remain Liable for Tenant’s default;all amounts due under this Lease less the proceeds of reletting, if any, after deducting therefrom the expenses or re-entering the Demised Premises and of any repairs and alterations necessary to prepare the Demised Premises for reletting.

Appears in 1 contract

Samples: Republic Bancorp Inc /Ky/

Default. It 4. Landlord may terminate this lease on three (3) days' notice: (a) if rent or additional rent is expressly understood and agreed that not paid within five (5) days after written notice from Landlord; or (b) if Tenant shall have failed to cure a default in the rents aboveperformance of any covenant of this lease (except the payment of rent), or any part thereofrule or regulation hereinafter set forth, shall be in arrears, or if default shall be made in any of the covenants of agreements herein contained to be kept by Tenant, Landlord may, at Landlord’s election, give Tenant within ten (10) days after written notice of thereof from Landlord’s intent , or if default cannot be completely cured in such time, if Tenant shall not promptly proceed to terminate said Lease; provided however, that during cure such default within said ten (10) days, or shall not complete the curing of such default with due diligence; or (c) when and to the extent permitted by law, if a petition in bankruptcy shall be filed by or against Tenant or if Tenant shall make a general assignment for the benefit of creditors, or receive the benefit of any insolvency or reorganization act; or (d) if a receiver or trustee is appointed for any portion of Tenant's property and such appointment is not vacated within twenty (20) days; or (e) if an execution or attachment shall be issued under which the premises shall be taken or occupied or attempted to be taken or occupied by anyone other than Tenant: or (f) if the premises become and remain vacant or deserted for a period of ten (10) days: or (g) if Tenant shall default beyond any grace period under any other lease between Tenant and Landlord; At the expiration of the three (3) day notice period, Tenant may correct defaults this lease and any rights of renewal or extension thereof shall terminate as set forth in said notice and avoid forfeiture thereof. Upon termination completely as if that were the date originally fixed for the expiration of this Lease pursuant to the preceding paragraph, [Illegible] lease [Illegible] Tenant shall peacefully surrender the premises to Landlordremain liable as hereinafter provided, and Landlord may upon such termination or at any time after such terminationRELETTING, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance of the term of this Lease) and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such termination. In the event of any such termination, whether or not the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the rent required to be paid up by Tenant up to the time of such termination, and thereafter, Tenant, until the end of what would have been the term of this Lease in the absence of such termination shall be liable to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;ETC.

Appears in 1 contract

Samples: Lease (Doubleclick Inc)

Default. It is expressly understood Upon the occurrence of an Event of Default hereunder, then the assignment granted in this Mortgage shall automatically become absolute as provided in La. R.S. 9:4401, and agreed that if Grantee, without in any way waiving such default, at its option, upon notice and without regard to the rents above, adequacy of the security for the Indebtedness and performance of the Obligations or to whether it has exercised any part thereofof its other rights or remedies hereunder, shall be in arrears, have the right to directly collect and receive all Rents and any other proceeds and/or payments arising under or if default shall be made in any of way accruing under the covenants of agreements herein contained Leases assigned herein, as such amounts become due and payable and to be kept by Tenant, Landlord may, at Landlord’s election, give Tenant ten (10) days written notice of Landlord’s intent to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereof. Upon termination of this Lease pursuant apply the same to the preceding paragraphIndebtedness as provided herein. In order to permit the foregoing, Tenant shall peacefully surrender the premises Grantor unconditionally agrees to Landlorddeliver to Grantee, immediately following demand, any and all of Grantor's records, ledger sheets, and Landlord may upon such termination or at other documentation, in the form requested by Grantee, with regard to the Leases and the Rents any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons proceeds and/or payments applicable thereto. Grantee shall have the further right, upon the occurrence of an Event of Default, where appropriate and property from the Premises. At any time after such terminationwithin Grantee's sole discretion, Landlord may relet the Premises to file suit, either in Grantor's own name or any part thereof in the name of Landlord Grantee, to collect any and all Rents and other proceeds and payments that may then and/or in the future be due and owing under and/or as a result of the Leases assigned herein. Where it is necessary for Grantee to attempt to collect any such Rents and other proceeds and/or payments from the obligors therefor, Grantee may compromise, settle, extend, or otherwise renew for such term any period (which may be greater whether or lesser not longer than the period which would otherwise have constituted the balance of the term of this Leaseoriginal period) and on such conditions (which may include concessions any obligation or free rent) as Landlordindebtedness thereunder or evidenced thereby, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises surrender, release, or exchange all or any part thereof of said obligation or for any failure to collect any rent due upon such reletting. No such termination indebtedness, without affecting the liability of this Lease shall relieve Tenant of Tenant’s liability and obligations Grantee under this LeaseMortgage or under the Indebtedness. To that end, Grantor hereby irrevocably constitutes and appoints Grantee as its attorney-in-fact, coupled with an interest and with full power of substitution, to take any and all such actions and any and all other actions permitted hereby, either in the name of Grantor or Grantee. In order to permit the foregoing, Grantee shall have the additional irrevocable right, coupled with an interest, to: (a) remove any and all of Grantor's documents, instruments, files and records relating or pertaining to the Leases and/or the Rents from any premises where the same shall then be located; (b) at Grantor's sole cost and expense, use such of Grantor's personnel, supplies and space at Grantor's place or places of business as may be necessary and proper within Grantee's sole discretion, to administer collection of such proceeds and/or payments; (c) receive, open and dispose of all mail addressed to Grantor pertaining to any of the Leases and/or the Rents and proceeds and/or payments thereunder; (d) notify the postal authorities to change the address and delivery of mail addressed to Grantor pertaining to any of the Leases and/or Rents and proceeds and/or payments thereunder, to such address as Grantee may designate; (e) endorse Grantor's name on any and all notes, acceptances, checks, drafts, money orders, or other evidences of payment of such proceeds and/or payments that may come into Grantee's possession, and to deposit or otherwise collect the same; (f) prepare and mail invoices and/or statements to such liability obligors and/or debtors; (g) send verifications of amounts owed to such obligors and/or debtors; and obligations shall survive any (h) execute in Grantor's name affidavits and/or notices with regard to lien rights available to Grantor in connection with such terminationLeases and/or Rents. In the event that Grantor should, for any reason whatsoever, receive any proceeds derived from the sale, lease, insurance loss, damage and/or condemnation, of all or any part of said premises and/or the Leases or Rents, or should Grantor receive any other payments under the Leases or Rents as provided hereunder (with such proceeds and/or payments being hereinafter individually, collectively and interchangeably referred to as Grantor's "Rent Funds"), following notice to the obligors or debtors thereunder to make their respective payments directly to Grantor, Grantor shall hold such Rent Funds in trust for and on behalf of Grantee, and Grantor hereby unconditionally agrees to remit or to otherwise turn over such Rent Funds to Grantee immediately following demand. Should Grantor deposit any such terminationRent Funds into one or more of Grantor's deposit accounts, no matter where located, Grantee shall have the additional right to attach any and all of Grantor's deposit accounts in which Grantee may prove such Rent Funds were deposited, whether or not such Rent Funds are or were commingled with other moneys of Grantor, and whether or not such Rent Funds then remain on deposit in such an account or accounts. Anything to the Premises contrary in this Mortgage notwithstanding, Grantee will not be deemed or any part thereof shall construed to have been relet, Tenant shall pay to Landlord the rent required taken possession of said premises or to be paid up managing it by Tenant up to the time reason of such termination, and thereafter, Tenant, until the end its exercise of what would have been the term any of its rights or remedies under this Lease in the absence of such termination shall be liable to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;Paragraph.

Appears in 1 contract

Samples: Intercreditor Agreement (Industrial Data Systems Corp)

Default. It In the event the Furniture is expressly understood and agreed that if not maintained, is damaged or is otherwise not returned to Landlord in a condition satisfactory to Landlord at the rents above, or any part thereof, shall be in arrears, or if default shall be made in any of the covenants of agreements herein contained to be kept by Tenant, Landlord may, at Landlord’s election, give Tenant ten (10) days written notice of Landlord’s intent to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereof. Upon termination of this Lease pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, and Landlord may upon such termination or at any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance expiration of the term of this Lease) and on such conditions (which may include concessions the Lease or free rent) as when Resident’s right to possession of the Premises is terminated, whichever is sooner, Resident shall pay to Landlord, in upon demand, the cost to repair or replace, as determined by Landlord’s discretion may determine and may collect and receive , the rents thereforFurniture. Landlord shall have the right to deduct any amounts owed hereunder from the security deposit paid by Resident under the Lease. In addition to the foregoing, in no way be responsible for the event of any default under this Addendum, Landlord shall have the right to pursue any and all rights or liable for remedies under the Lease or applicable law as if Resident defaulted under the Lease. The terms of this Addendum are effective as of the date of the Lease and continues through all Lease extensions, including renewal lease contracts. These terms are agreed to and accepted by: ____________________________________________ Resident Signature Date Landlord or Authorized Agent Signature Date MOLD ADDENDUM This Mold Addendum (this “Addendum”) is an addendum to the 2021-2022 BYU Student-Landlord Rental Agreement (the “Lease”) entered into by and between The Riviera (“Landlord”) and (“Resident”), in which Landlord agreed to lease to Resident a unit (the “Premises”) located in The Riviera apartment complex at 0000 X Xxxxxx Xxxx, Xxxxx, Xxxx 00000 (the “Community”). For the purposes of this Addendum, “Resident” shall include any failure to relet family members of Resident residing in the Premises or any part thereof or for any failure to collect any rent due upon such relettingwho have been approved by Landlord. No such termination The terms of this Addendum are considered part of the Lease and are incorporated therein for all purposes. All capitalized terms used in this Addendum and not otherwise defined herein shall relieve Tenant of Tenant’s liability and obligations under this have the meaning set forth in the Lease, and such liability and obligations shall survive any such terminationunless expressly provided to the contrary in this Addendum. In the event that the terms of any such terminationthis Addendum are inconsistent with the terms of the Lease, whether or not the terms of the Lease shall control. Mold is a naturally occurring phenomenon. In order for mold to grow, water and/or moisture must be present. Resident acknowledges there are no established guidelines for unacceptable air quality caused by mold, but Resident’s housekeeping and living habits are an integral part of the ability of mold to grow. RESIDENT AGREES to maintain the Premises in a manner that prevents the occurrence of mold or any part thereof shall have been relet, Tenant shall pay to Landlord mildew growth within the rent required to be paid up by Tenant up to the time Premises. In furtherance of such terminationobligation, and thereafter, Tenant, until the end of what would have been the term of this Lease in the absence of such termination shall be liable to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;RESIDENT AGREES TO PERFORM THE FOLLOWING:

Appears in 1 contract

Samples: Rental Agreement

Default. If Tenant fails to pay any rent when due or if it fails in its performance of any of the covenants and conditions of this lease and if such failure to pay or perform any such term or condition of this lease continues for a period of thirty (30) days after written notice to Tenant specifying such failure to pay or perform, then Tenant shall be in "default" of this lease and this lease may, at the option of the Landlord, be forthwith terminated and become absolutely void without any right on the part of Tenant, or those claiming under Tenant, to reinstate the same by payment; however, Tenant may obtain reinstatement as to conditions violated or unperformed not having to do with payment of "rental", by performing within an additional thirty (30) days. Landlord may afford itself of any legal remedy, including but not limited to re-entry into the leased premises taking full and absolute possession thereof thereby causing forfeiture of the balance of the lease which said re-entry shall terminate said lease as of that time and shall allow Landlord complete possession of the leased premises free and clear of any further right or claim of Tenant. It is expressly understood and further agreed that if the rents abovesaid Tenant shall default in the payment of any installment of rent, or of any part thereof, shall be in arrearsother sum provided for under this lease as the same becomes due and payable, or if default shall be made in remove or attempt to remove or express or declare an intention to remove any of the covenants of agreements herein contained to goods and chattels from the premises, or should an execution be kept by issued against the Tenant, Landlord may, at Landlord’s election, give Tenant ten (10) days written notice of Landlord’s intent to terminate bankruptcy proceedings be begun by or against said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereof. Upon termination of this Lease pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, and Landlord may upon such termination or at any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectmentTenant, or otherwise an assignment be made by Tenant for the benefit of creditors, or a receiver appointed for Tenant, then and may dispossess Tenant and remove Tenant and all other persons and property from in such case the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof in the name of Landlord or otherwise entire rent for such term (which may be greater or lesser than the period which would otherwise have constituted the balance of the said term shall, at once, become due and payable as if by the terms of this Lease) and lease it were all payable in advance. In case of such assignment, bankruptcy proceedings, appointment of a receiver, or of a sale on such conditions (which may include concessions or free rent) as Landlordlegal process of Tenant's goods, in Landlord’s discretion may determine and may collect Landlord shall have the right to demand and receive the rents therefor. Landlord rent for the balance of the term, which shall in no way be responsible for first paid out of the proceeds of such assignment, bankruptcy or liable for receiver's proceedings or sale on legal process, any failure to relet the Premises law, usage or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such termination. In the event of any such termination, whether or not the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the rent required to be paid up by Tenant up custom to the time of such termination, and thereafter, Tenant, until the end of what would have been the term of this Lease in the absence of such termination shall be liable to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;contrary notwithstanding.

Appears in 1 contract

Samples: Lease With Westmoreland Intermediate Unit

Default. Xxxxxx agrees to pay rent at the time, in the amount, and in the manner as agreed upon in Paragraph 3 of this lease. Xxxxxx also agrees that rent shall be due at the specified time without any notice, bill, reminder, or demand from Lessor or Xxxxxx’s Agent. It is expressly understood and mutually agreed that if the rents above, any one or any part thereof, shall be in arrears, or if default shall be made in any more of the covenants of agreements herein contained following enumerated events shall constitute and be referred to be kept by Tenantas a “Default”: (A) If Lessee fails to pay rent at the time, Landlord mayin the Amount, at Landlord’s election, give Tenant and in the manner agreed upon and remains in default for ten (10) days written notice after the stated time; or (B) If Lessee fails to perform any of Landlord’s intent the terms or provisions of this lease other than paying rent when due, and fails to terminate said Lease; provided however, that during said cure such default within ten (10) day perioddays after receiving written notice of default from Lessor or Lessor’s Agent; or (C) If Xxxxxx abandons the Premises; or (D) If any materialman’s, Tenant may correct defaults as set forth mechanic’s or other lien is filed against the leased Premises in said notice and avoid forfeiture thereof. Upon termination connection with any improvements, alterations, or additions made by Lessee pursuant to Paragraph 10 of this Lease lease and Lessee is responsible for the cost of the improvements, alterations, or additions but allows the lien or liens to stand against the leased Premises and does not secure the discharge of the property from such liens by filing an appropriate bond pursuant to applicable law. If Lessee does file a bond and elects to contest the preceding paragraphliens, Tenant there shall peacefully surrender the premises to Landlordbe no default pending final determination of such disputed matter; then, and Landlord in any of the above events, Lessor at its option may upon at once terminate this lease by giving written notice to Xxxxxx. (Notice to terminate in any of the above events may also be given by Xxxxxx’s attorney or Agent.) Upon such termination by Lessor, Lessor or at any time after such termination, without further notice, rent its Agents shall have the Premises. If Tenant fails right to peacefully surrender enter the Premises, by force if necessary without being liable for trespass, forcible entry or other tort, to re-take possession of the Landlord Premises, remove all persons and personal property of Lessee if Lessor so desires. If termination occurs under any of the above events, Xxxxxx agrees to grant to Lessor a lien (in addition to any statutory lien or right to distress that may repossess it by force, summary proceedings, ejectment, exist) on all of Lessee’s personal property in or otherwise around the Premises to secure payment of rent and may dispossess Tenant and remove Tenant performance of the other conditions of this lease which are in default. Xxxxxx also agrees to pay all attorney’s fees and all other persons and property from the Premises. At expenses incurred by Xxxxxx while enforcing any time after such termination, Landlord may relet the Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance of the term obligations of this Lease) and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such termination. In the event of any such termination, whether or not the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the rent required to be paid up by Tenant up to the time of such termination, and thereafter, Tenant, until the end of what would have been the term of this Lease in the absence of such termination shall be liable to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;lease.

Appears in 1 contract

Samples: Lease

Default. It is expressly understood In the event that Buyer or Seller delivers a Notice of Default to Subcustodian, Subcustodian shall notify the defaulting party of its receipt of such Notice of Default and agreed that if act in accordance with the rents above, or any part thereof, shall be in arrears, or if default shall be made in any instructions of the covenants non-defaulting party with respect to such non-defaulting party’s rights pursuant to Paragraph 11 of agreements herein contained to be kept by Tenant, Landlord may, at Landlord’s election, give Tenant ten (10) days written notice of Landlord’s intent to terminate said Lease; provided however, that during said ten (10) day period, Tenant the Master Repurchase Agreement. Subcustodian may correct defaults as fully rely without further inquiry on the statements set forth in said notice such Notice of Default. In addition, Buyer and avoid forfeiture thereof. Upon termination Seller acknowledge and agree that the provisions of Paragraph 12 of the Master Repurchase Agreement shall be fully effective with respect to all Transactions entered into between them, irrespective of whether such Transactions are entered into in connection with this Lease pursuant to the preceding paragraphSubcustodial Undertaking, Tenant shall peacefully surrender the premises to Landlord, directly between Buyer and Landlord may upon such termination Seller or at any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premisesotherwise. At any time after such terminationSubcustodian has received a Notice of Default from Buyer of an Event of Default under the Master Repurchase Agreement by Seller, Landlord may relet Subcustodian is hereby instructed, notwithstanding any other provision to the Premises contrary contained herein, to (i) cease transferring Eligible Securities, Securities and cash between Buyer’s Accounts and Seller’s Account and (ii) follow Custodian’s or Buyer’s instructions with respect to the Securities and cash in each Buyer’s Account. At any part thereof time after Subcustodian has received a Notice of Default from Seller of an Event of Default under the Master Repurchase Agreement by Buyer(s), Subcustodian is hereby instructed, notwithstanding any other provision to the contrary contained herein, to follow Seller’s instructions to accept into the Buyer’s Account relevant to the defaulting Buyer(s) cash in exchange for any Securities therein, in an amount equal to the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance Margin Value of the term of this Lease) and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such termination. In the event of any such termination, whether or not the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the rent required Securities to be paid up by Tenant up to the time of such termination, and thereafter, Tenant, until the end of what would have been the term of this Lease in the absence of such termination shall be liable to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;exchanged.

Appears in 1 contract

Samples: Master Repurchase Agreement (Ing Series Fund Inc)

Default. It is expressly understood The TENANT promises and agreed agrees that if default be made in the payment of rents aboveor in the performance of any other conditions of this lease, or if TENANT in its use of the premises violates any city ordinances, State or Federal Laws or if any TENANT, or any Guarantor hereof, files any petition under the bankruptcy or insolvency laws of the United States, or of any other jurisdiction, or makes an assignment for the benefit of creditors, or makes application for appointment of a trustee or receiver regarding any of TENANT'S property that this lease may be forthwith terminated at the election of the LANDLORD, subject to the prior written notice requirements hereof, and that the TENANT will, subject to the grace periods hereinafter set forth, surrender and deliver up possession of the LEASED PREMISES to the LANDLORD upon receiving written notice from the LANDLORD of the breach of conditions of this lease and the election of the LANDLORD to so terminate this lease. In the event of such default by the TENANT, then the LANDLORD, besides other rights or remedies he may have, shall have the immediate right of re-entry. Should the LANDLORD elect to re-enter, as herein provided, or should he take possession pursuant to legal proceedings or pursuant to any notice provided by law, he may either terminate this lease, or he may, from time to time, without terminating this lease, re-let or re-lease the LEASED PREMISES or any part thereofthereof for such amount of rental and upon such terms and conditions as the LANDLORD, in his sole discretion and judgment, may deem advisable, and he may make such alterations, improvements and repairs to the LEASED PREMISES as he may deem advisable. No such re-letting or re-leasing of the LEASED PREMISES by the LANDLORD, under the circumstances set forth in this paragraph, shall be in arrearsconstrued as an election on the LANDLORD'S part to terminate or cancel this lease, unless a written notice of such termination or if default cancellation is mailed by the LANDLORD to the TENANT at the address set out herein for notices, nor shall be made in such re-letting or re-leasing relieve the TENANT from liability to the LANDLORD for any and all damages, of whatsoever type or nature, which the LANDLORD may have or will suffer or incur as a result of the TENANTS breach of any of the covenants terms, covenants, provisions and conditions herein contained. Notwithstanding any such re-letting or re-leasing without termination of agreements herein contained this lease by the LANDLORD, the LANDLORD may at any time thereafter elect to terminate the lease for such previous breach of the TENANT. In the event LANDLORD is required to retain an attorney to enforce any provision of this lease, then LANDLORD shall be kept entitled to recover from TENANT its actual attorney's fees reasonably incurred and its court costs. In the event default by TenantTENANT in the payment of rent occurs under the terms of this lease, Landlord mayLANDLORD shall provide TENANT with three (3) days written notice of such default. In the event TENANT fails to cure such default within three (3) days following receipt of such notice, at Landlord’s electionthen LANDLORD may proceed with the remedies as above specified. If default by the TENANT be for reasons other than non-payment of rent, give Tenant then LANDLORD shall provide TENANT with ten (10) days prior written notice of Landlord’s intent to terminate said Lease; provided howevercure such default, that during said ten (10) day periodand failing such cure by TENANT, Tenant may correct defaults as LANDLORD shall be entitled to those remedies set forth under Paragraph 13 hereof. Acceleration of rent. Following default by TENANT, LANDLORD may demand, -------------------- and in said notice such case, TENANT shall immediately pay in a single accelerated payment, the entire amount of lease payments that would become due and avoid forfeiture thereofowing to LANDLORD over the remaining portion of the lease term. Upon termination No discount for early payment shall occur by reason of this Lease pursuant to the preceding paragraph, Tenant acceleration. If TENANT shall peacefully surrender the premises to Landlord, and Landlord may upon make payment of such termination or accelerated rent at any time after such terminationprior to LANDLORD'S termination of TENANT'S right to possession of the premises, without further notice, rent then TENANT shall be entitled to remain in possession of the Premises. If Tenant fails to peacefully surrender premises for the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance remainder of the term of this Lease) and on such conditions (which may include concessions or free rent) lease, so long as Landlordno further default shall occur, in Landlord’s discretion may determine and may collect and receive but upon the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination occurrence of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Leasea further default, and such liability and obligations shall survive any such termination. In the event of any such termination, whether or not the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the rent required to be paid up by Tenant up to the time of such termination, and thereafter, Tenant, until the end of what would have been the term of this Lease in the absence of such termination LANDLORD shall be liable entitled to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;recover possession of the premises without any rebate of accelerated rent.

Appears in 1 contract

Samples: Business Lease Agreement (Embedded Support Tools Corp)

Default. It For Use In All States Except Louisiana. Time is expressly understood of the essence hereof and agreed that if Borrower defaults in any one of the rents abovepayment on the loan or other payment provided for herein when due or breaches any other covenant or condition of this Agreement, or any part thereof, shall be in arrearsother contract or agreement between Borrower and Lender or its affiliates or if the Goods are levied upon, or if default shall be made Borrower becomes bankrupt or insolvent or a petition in bankruptcy is filed by or against the Borrower, then Lender may, in its sole option and discretion in any such event declare the total amount unpaid hereunder, including accrued delinquency charges, and excluding unearned interest immediately due and payable and may take possession of the covenants of agreements herein contained Goods in a lawful manner wherever found without notice, demand or legal process, or may require the Borrower to assemble the Goods and make it available to the Lender at a place to be kept designated by Tenantthe Lender, Landlord mayand where not prohibited by law, may sell the same at public or private sale, with or without notice, at Landlord’s electionwhich sale Lender may become the purchaser, give Tenant ten (10) days written notice may deduct from the proceeds of Landlord’s intent to terminate said Lease; provided howeverany such sale all taxes and charges due on the Goods and all expenses of taking, that during said ten (10) day periodremoving, Tenant may correct defaults as set forth in said notice holding, repairing and avoid forfeiture thereof. Upon termination of this Lease pursuant to selling the preceding paragraph, Tenant shall peacefully surrender the premises to LandlordGoods, and Landlord may upon such termination apply the net proceeds to any indebtedness of Borrower, returning to Borrower any surplus or at any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance of the term of this Lease) and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or holding Borrower liable for any failure to relet deficiency; and in consideration of the Premises use of the Goods and for diminution in saleable value thereof, Lender may retain all payments made; or Lender may pursue any part thereof other remedy provided by law. Lender may accept partial payments of any sum due without waiving or for any failure to collect any rent due upon such reletting. No such termination otherwise modifying the terms of this Lease Agreement and the waiver by Lender or a breach of any condition of this Agreement shall relieve Tenant not constitute a wavier of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such terminationsubsequent breach whether or not of a like character. In the event of bankruptcy or other insolvency proceedings, in addition to the above remedies, the Lender shall be entitled to any such termination, whether rental or not other income produced by the Premises Goods prior to its release to Lender. ADDITIONAL PROVISIONS-(CONTINUED) -------------------------------------------------------------------------------- DEFAULT: For Use in Louisiana Only. Borrower does hereby confess judgement in favor of the Lender or any part thereof subsequent holder of this agreement for principal, interest, attorney's fees, and costs; and does hereby declare that if anyone of the payments on the loan or other payment provided for herein is not fully paid when due, if default be made in compliance with any condition or covenant herein, or proceedings in bankruptcy, insolvency or receivership be instituted by or against the Borrower, or if any action is taken looking toward the appointment of a receiver, syndic or curata of Borrower or if the property be used in violation of any state or Federal law, such violation shall constitute a breach of this Agreement which shall ipso facto be immediately due and exigible in its entirety and the Lender may cause all and singular the Goods herein described to be seized and sold under executory or other legal process in any court, without appraisement, to the highest bidder, payable in cash. Borrower hereby specifically waives the three (3) day notice of demand provided by Article 2639 of the Louisiana Code of Civil Procedure and Notice of Appraisement set forth under Article 2723 of the Louisiana Code of Civil Procedure and all pleas of division and discussion and the benefit of appraisement or the said Lender may and is hereby authorized to take immediate possession of the Goods wherever found without process of law and hold the same until the amount due and either at public or private sale without demand for performance of without notice to the Borrower, with or without having the Goods at the place of sale. The Lender, or future holder of this Agreement, shall have been reletthe right to bid at any public sale. From the proceeds of such sale, Tenant the Lender, or future holder of this Agreement, shall pay deduct all expenses for retaking, repairing and selling the Goods, including a reasonable attorney's fee. -------------------------------------------------------------------------------- CO-BORROWER: The obligation of any co-borrower hereunder shall be primary and the co-borrower shall be jointly and severally liable with the Borrower for payment in full of all amounts due or to Landlord the rent required to be paid up by Tenant up become due pursuant to the time of such termination, terms and thereafter, Tenant, until the end of what would have been the term conditions of this Lease in the absence of such termination shall be liable to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;Agreement.

Appears in 1 contract

Samples: Loan and Security Agreement (Boyd Bros Transportation Inc)

Default. It is expressly understood and agreed that if If the rents above, or any part thereof, leased property shall be in arrearsdeserted or vacated, or if default proceedings are commenced against Tenant in any court under a bankruptcy act, or for the appointment of a trustee or receiver of Tenant's property, either before or after commencement of the lease term, or if there shall be made default in the performance of any of the covenants of agreements other covenants, agreement, condition, rule or regulation or expenses to be paid by Tenant herein contained to be kept by Tenant, Landlord may, at Landlord’s election, give or hereafter established on the part of Tenant for more than ten (10) days after written notice of Landlord’s intent to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereof. Upon termination of this Lease pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to such default by Landlord, and or if there shall be a default in the payment of rent or any part thereof for more than three (3) days after written notice of such default by Landlord, then Landlord may upon such termination shall have the right to re-enter or at any time after such terminationrepossess the leased property, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it either by force, summary proceedings, ejectmentsurrender or otherwise, or otherwise and may dispossess Tenant and remove therefrom Tenant or other occupants thereof and all other persons and property from the Premisestheir effects, without being liable to any prosecution therefor. At any time after In such terminationcase, Landlord Landlord, at his option, may relet the Premises leased property or any part thereof in the name of Landlord or otherwise for without being liable to any prosecution therefor. In such term (which may be greater or lesser than the period which would otherwise have constituted the balance of the term of this Lease) and on such conditions (which may include concessions or free rent) as case, Landlord, in Landlord’s discretion at his option, may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises leased property or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant as agent of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such termination. In the event of any such termination, whether or not the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the difference between the rent required hereby reserved and agreed to be paid up by Tenant up to for the portion of the term remaining at the time of re-entry or repossession and the amount, if any, received or to be received under such termination, and thereafter, Tenant, until re-letting for such portion of the end of what would have been the term of this Lease in the absence of such termination shall be liable to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;term.

Appears in 1 contract

Samples: Lease (Rose Group of Nevada)

Default. It is expressly understood If an Event of Default shall occur, at the election of the Lender, all Obligations shall become immediately due and agreed that if the rents abovepayable without notice or demand, or any part thereofexcept with respect to Obligations payable on DEMAND, which shall be in arrears, or if default shall be made in any of the covenants of agreements herein contained to be kept by Tenant, Landlord may, at Landlord’s election, give Tenant ten (10) days written notice of Landlord’s intent to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice due and avoid forfeiture thereof. Upon termination of this Lease pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, and Landlord may upon such termination or at any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance of the term of this Lease) and payable on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such termination. In the event of any such terminationDEMAND, whether or not the Premises an Event of Default has occurred. The Lender is hereby authorized, at its election, after an Event of Default or after Demand, without any further demand or notice except to such extent as notice may be required by applicable law, to take possession and/or sell or otherwise dispose of all or any part thereof shall have been reletof the Collateral at public or private sale; and the Lender may also exercise any and all other rights and remedies of a secured party under the Code or which are otherwise accorded to it by applicable law, Tenant shall pay all as the Lender may determine. If notice of a sale or other action by the Lender is required by applicable law, unless the Collateral is perishable or threatens to Landlord decline speedily in value or is of a type customarily sold on a recognized market, the rent required to be paid up by Tenant up Guarantor agrees that five (5) days' written notice to the time Guarantor, or the shortest period of written notice permitted by such terminationlaw, whichever is larger, shall be sufficient notice; and that to the extent permitted by law, the Lender, its officers, attorneys and agents may bid and become purchasers at any such sale, if public, and thereaftermay purchase at any private sale any of the Collateral that is of a type customarily sold on a recognized market or which is the subject of widely distributed standard price quotations. Any sale (public or private) shall be free from any right of redemption, Tenantwhich the Guarantor hereby waives and releases. No purchaser at any sale (public or private) shall be responsible for the application of the purchase money. Any balance of the net proceeds of sale remaining after paying all Obligations of the Guarantor to the Lender shall be returned to the Guarantor or to such other party as may be legally entitled thereto; and if there is a deficiency, until the end Guarantor shall be responsible for the same, with interest. Upon demand by the Lender, the Guarantor shall assemble the Collateral and make it available to the Lender at a place designated by the Lender which is reasonably convenient to the Lender and the Guarantor. The Guarantor hereby acknowledges that the Lender has extended credit and other financial accommodations to the Guarantor upon reliance of what would have been the term Guarantor's granting the Lender the rights and remedies contained in this Agreement including without limitation the right to take immediate possession of this Lease in the Collateral upon the occurrence of an Event of Default or after DEMAND with respect to Obligations payable on DEMAND and the Guarantor hereby acknowledges that the Lender is entitled to equitable and injunctive relief to enforce any of its rights and remedies hereunder or under the Code and the Guarantor hereby waives any defense to such equitable or injunctive relief based upon any allegation of the absence of such termination shall be liable irreprable harm to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;the Lender.

Appears in 1 contract

Samples: Legal Charge and Security Agreement (Bpi Packaging Technologies Inc)

Default. It is expressly understood and agreed that if the rents aboveIf YMCA: (a) breaches any agreement or obligation herein set forth; (b) files (or has filed against it) any petition or action for relief under any creditor’s law (including bankruptcy, reorganization, or similar action), either in state or federal court; or (c) becomes insolvent, makes any part thereoftransfer in fraud of creditors, has a receiver appointed for its assets, or makes an assignment for benefit of creditors, then in addition to any lawful right or remedy which it may have, CSD may do the following: (a) terminate this Agreement, or (b) repossess the Facility without obtaining any court authorization, lock up the Facility and deny YMCA access thereto. All expenses of the CSD in repairing, restoring or altering the Premises following a breach of this Agreement, together with fees and all other expenses in seeking and obtaining a new manager shall be charged to and a liability of YMCA. CSD’s reasonable attorney’s fees in pursuing any of the foregoing remedies or in collecting any expenses due by YMCA hereunder, shall be in arrearspaid by YMCA. All rights and remedies of CSD are cumulative, and the exercise of any one shall not be an election excluding CSD at any other time from exercise of a different or inconsistent remedy. No waiver by CSD of any covenant or condition shall be deemed to imply or constitute a further waiver of the same at a later time, and acceptance of any payment due hereunder by CSD even with knowledge of a default by YMCA shall not constitute a waiver of such default. If CSD: (a) breaches any agreement or obligation herein set forth; (b) files (or has filed against it) any petition or action for relief under any creditor’s law (including bankruptcy, reorganization, or if default shall be made similar action), either in state or federal court; or (c) becomes insolvent, makes any transfer in fraud of creditors, has a receiver appointed for its assets, or makes an assignment for benefit of creditors, then in addition to any lawful right or remedy which it may have, YMCA may do the following: terminate this Agreement. YMCA’s reasonable attorney’s fees in pursuing any of the covenants of agreements herein contained to be kept by Tenant, Landlord may, at Landlord’s election, give Tenant ten (10) days written notice of Landlord’s intent to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereof. Upon termination of this Lease pursuant to the preceding paragraph, Tenant Agreement shall peacefully surrender the premises to Landlordbe paid by CSD. All rights and remedies of YMCA are cumulative, and Landlord may upon such termination or the exercise of any one shall not be an election excluding YMCA at any other time after such termination, without from exercise of a different or inconsistent remedy. No waiver by YMCA of any covenant or condition shall be deemed to imply or constitute a further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance waiver of the term of this Lease) and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such termination. In the event of any such termination, whether or not the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the rent required to be paid up by Tenant up to the time of such termination, and thereafter, Tenant, until the end of what would have been the term of this Lease in the absence of such termination shall be liable to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;same at a later time.

Appears in 1 contract

Samples: Operation and Management Agreement

Default. It is expressly understood and agreed that if (a) In the rents above, event that: (seq level4 \*romani) Tenant shall default in the payment of Rent or any part thereofother sums payable by Tenant herein, shall be in arrears, or if and such default shall be made in any continue for a period of the covenants of agreements herein contained to be kept by Tenant, Landlord may, at Landlord’s election, give Tenant ten (10) days after receipt of Landlord's written notice of Landlord’s intent thereof to terminate said LeaseTenant; provided however, that during said ten (10seq level4 \*romanii) day period, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereof. Upon termination of this Lease pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, and Landlord may upon such termination or at any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof default in the name performance of Landlord any other covenants or otherwise for such term (which may agreements to be greater or lesser than the period which would otherwise have constituted the balance of the term of this Lease) and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve performed by Tenant of Tenant’s liability and obligations under this Lease, and such liability default shall continue for thirty (30) days after receipt of written notice from Landlord, provided, however, that if the default is not susceptible to cure by Tenant within such thirty (30) day period, and obligations further provided that if Tenant begins such cure, provides Landlord notice in writing of the steps it is taking to attempt to cure and the estimated time required for completion of the cure, and Tenant continuously and diligently prosecutes such cure to completion, it shall survive not constitute a Default hereunder; (seq level4 \*romaniii) Tenant shall become bankrupt or insolvent or unable to pay its debts as they become due, or files any such termination. In debtor proceedings, or if Tenant shall take or have taken against it in any court pursuant to any statute either of the event United States or of any state, a petition in bankruptcy or insolvency or for reorganization or for the appointment of a receiver for Tenant's property, unless such terminationpetition, in the case of an involuntary proceeding, is dismissed within forty-five (45) days, or if Tenant makes an assignment for the benefit of creditors, or petitions for or enters into an arrangement for the benefit of creditors, any of the foregoing events shall be deemed a "Default" hereunder, and Landlord may, in addition to any other remedies contained in this Lease, and any other remedies as may be permitted by law, exercise the following rights and remedies: (a) terminate this Lease and/or Tenant's right to possession hereunder by notice in writing to Tenant; and/or (b) enforce Landlord's rights under this Lease by bringing suit in law and/or in equity. Upon any termination of this Lease, whether by lapse of time or not the Premises or any part thereof shall have been reletotherwise, Tenant shall pay immediately surrender possession and vacate the Premises immediately, and deliver possession thereof to Landlord. Tenant hereby grants to Landlord full and free license to enter into and upon the rent required Premises in such event with process of law and to expel or remove Tenant and any others who may be paid up by Tenant up to occupying or within the time of such terminationPremises, and thereafterto remove all property therefrom with process of law, Tenantwithout being deemed in any manner guilty of trespass, until the end of what would have been the term of this Lease in the absence of such termination shall be liable to Landlord foreviction or forcible entry or detainer, and shall pay without relinquishing Landlord's rights to Rent or any other right given the Landlord as and for liquidated and agreed damages for Tenant’s default;hereunder or by operation of law.

Appears in 1 contract

Samples: Lease Agreement (Hamilton Bancorp Inc)

Default. It is expressly understood Upon the occurrence of any of the events of uncured, material default specified herein, Lessee's right to possession of the leased premises shall, at the Lessor's option, terminate and agreed Lessee shall surrender possession immediately. In that if event Lessee grants to Lessor full license to enter into the rents abovepremises, or any part thereofof them, to take possession with or without process of law, and to remove Lessee or any other person who may be occupying the premises, or any part of them, and Lessor may use that force in removing Lessee and that other person as may reasonably be necessary. And Lessor may repossess itself of the premises as of its former estate, but that entry of the premises shall not constitute a trespass or forcible entry or detainer, nor shall it cause a forfeiture of rents due, nor waiver of any agreement or promise in this lease that is to be performed by Lessee. Lessee shall make no claim of any kind against Lessor, its agents and representatives by reason of that termination or any act incident to it. At its option, Lessor may terminate this agreement for any uncorrected default. Lessor may xxx for all damages and rent accrued or accruing under this agreement or arising out of any breach of it. If it so elects, Lessor may pursue any other remedies provided by law for the breach of this agreement or any of its terms or conditions. No right or remedy conferred here on or reserved to Lessor or Lessee is intended to be exclusive of any other right or remedy, and each right and remedy shall be in arrearsaddition to any other right or remedy given, or if default shall be made now or later existing at law or at equity or by statute. The acceptance of rent by Lessor, whether in a single instance or repeatedly, after it falls due, or after knowledge of any of the covenants of agreements herein contained to be kept by Tenant, Landlord may, at Landlord’s election, give Tenant ten (10) days written notice of Landlord’s intent to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereof. Upon termination breach of this Lease pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, and Landlord may upon such termination or at any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it agreement by force, summary proceedings, ejectmentLessee, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At giving or making of any time after such terminationnotice or demand, Landlord may relet the Premises whether according to any statutory provision or not, or any part thereof act or series of acts except an express waiver in writing, shall not be construed as a waiver of Lessor's right to act or of any other right here given Lessor, or as an election not to proceed under the name provisions of Landlord or otherwise for such term (which may be greater or lesser than this agreement. The obligation of Lessee to pay the period which would otherwise have constituted rent reserved here during the balance of the term of this Leaseagreement shall not be deemed to be waived, released or terminated by the service of any sixty (60) and day notice, other notice to collect, demand for possession, or notice that the tenancy here created will be terminated on such conditions (which may include concessions the date there named, the institution of any action of forcible detainer or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises ejectment or any part thereof judgment for possession that may be rendered in action, or for any failure other act or acts resulting in the termination of Lessee's right to possession of the leased premises. Lessor may collect any rent due upon such reletting. No such termination from Lessee, and payment or receipt of that rent shall not waive or affect any notice, demand or suit, or in any manner waive, affect, change, modify or alter any rights or remedies Lessor may have by virtue of this Lease shall relieve Tenant lease agreement. Lessee hereby agrees to pay all reasonable expenses incurred by Lessor in obtaining lawful possession of Tenant’s liability the leased premises from Lessee, including reasonable attorney fees and obligations under this Leasecosts, and to pay such liability other expenses as the Lessor may incur in putting the premises in good order and obligations shall survive any such termination. In the event of any such termination, whether or not the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the rent required to be paid up by Tenant up to the time of such terminationcondition as herein provided, and thereafter, Tenant, until also to pay all other necessary expenses or commissions paid by Lessor in re-leasing the end of what would have been the term of this Lease in the absence of such termination shall be liable to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;premises.

Appears in 1 contract

Samples: Caldwell Industrial Airport

Default. It is expressly understood and agreed that if the rents above, If Lessee with regard to any item or items of Equipment fails to pay any part thereof, shall be in arrears, or if default shall be made in any of the covenants of agreements amount herein contained to be kept by Tenant, Landlord may, at Landlord’s election, give Tenant provided within ten (10) days written notice after the same is due and payable, or if Lessee with regard to any item or items of Landlord’s intent Equipment fails to terminate said observe, keep or perform any other provision of this Lease; provided however, that during said required to be observed, kept or performed by Lessee, and if Lessee fails to remedy, cure or remove such failure in payment of such other failure in observing, keeping or performing the provisions of this Lease within ten (10) day perioddays after receipt of written notice thereof from Lessor, Tenant Lessor shall have the right to exercise any one or more of the following remedies: (a) To declare the entire amount of rent hereunder immediately due and payable as to any or all items of Equipment, without notice or demand to Lessee; (b) To xxx for and recover all rents, and other payments, then accrued or thereafter accruing with respect to any or all items of Equipment; (c) To take possession of any or all items of Equipment, without demand or notice, wherever same may correct defaults be located, without any court order or other process of law; (d) To terminate this Lease as set forth to any or all items of Equipment; or (e) To pursue any other remedy available to Lessor at law or in said notice equity. Lessee hereby waives any and avoid forfeiture thereofall damages occasioned by such taking of possession unless caused by Lessor's gross negligence or willful misconduct. Upon Any such taking of possession shall not constitute a termination of this Lease pursuant as to any or all items of Equipment unless Lessor expressly so notifies Lessee in writing. Notwithstanding any said repossession, or any other action which Lessor may take, Lessee shall be and remain liable for the preceding paragraph, Tenant shall peacefully surrender full performance of all obligations on the premises part of Lessee to Landlordbe performed under this Lease. All such remedies are cumulative, and Landlord may upon such termination or at any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater exercised concurrently or lesser separately. In no event, however, shall these remedies be exercised in such a manner that the Lessor recovers more than the period which would otherwise have constituted the balance of rent and any other amounts payable by Lessee to Lessor hereunder, plus the fair market value which the Equipment would have at the end of the initial term of this Lease) and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive discounted from the rents therefor. Landlord shall in no way be responsible for or liable for any failure date of the default to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such termination. In the event of any such termination, whether or not the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the rent required to be paid up by Tenant up to the time of such termination, and thereafter, Tenant, until the end of what would have been the initial term of this Lease in the absence at a rate of such termination shall be liable to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;nine percent (9%) per annum.

Appears in 1 contract

Samples: Stock Purchase Agreement (Americabilia Com Inc)

Default. It is expressly understood and agreed that if the rents above(a) If a Borrower remains in default under any Loan for thirty (30) days, or any part thereofthen within three (3) business days thereafter, shall be in arrears, or if default shall be made in any of the covenants of agreements herein contained to be kept by Tenant, Landlord may, at Landlord’s election, MFC will give Tenant ten (10) days ELK written notice of Landlord’s intent such default and simultaneously deliver copies of any written notice given to terminate said Lease; provided howeversuch Borrower. MFC hereby agrees that in the even t of a default by the Borrower which remains uncured for seventy five (75) days, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereof. Upon termination of this Lease pursuant it shall endeavor to commence foreclosure proceedings against the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, and Landlord may upon such termination or at any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant subject Borrower and all other persons and property from Collateral security the PremisesLoan. At in any time after event, if such terminationdefault remains uncured for a period of one hundred twenty (120) days, Landlord may relet the Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance of the term of this Lease) and on such conditions (which may include concessions or free rent) as LandlordMFC must commence foreclosure proceedings unless ELK has previously agreed, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure writing, to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such terminationa forbearance regarding same. In the event of MFC fails for any reason to enforce the Agreements pertaining to such terminationLoan, whether or not the Premises or any part thereof then ELK shall have been reletthe right, Tenant shall pay in addition to Landlord the rent required to be paid up by Tenant up any other rights it may have pursuant to the time terms of both the Agreements and this agreement, or at law or equity, on fifteen (15) days prior written notice to MFC, to take whatever steps it deems necessary and appropriate to protect its Participation Interest in such Loan. ELK’s rights with respect thereto shall include the independent right to commence a foreclosure proceeding, or appropriate litigation in its own name, as a subordinate holder of a security interest in the Collateral given by Borrower to secure the Loan, and thereafter ELK shall have the right to conduct the foreclosure sale or litigation, hire attorneys with respect thereto, disburse expenses and any taxes, parking tickets, violations, etc necessary to secure the Collateral, and pay obligations of the Borrower so that the Collateral can be sold and transferred at the City of Chicago Department of Consumer Services to a new purchaser thereof. All such disbursements paid by Elk to secure the Collateral, pay attorneys fees, and to pay and discharge taxes and other liabilities of Borrower necessary to permit the completion of a foreclosure sale shall be repaid to ELK out of the proceeds of the sale in the same order of priority to ELK as if MFC had paid for same and was seeking reimbursement thereof according to the terms and conditions set forth for reimbursement of such terminationitems as described in Paragraph 4 (a) (i) or 4 (b) (i), or as may otherwise be specifically set forth elsewhere in this Agreement. In the event Elk exercises its rights hereunder and thereafter, Tenant, until gives MFC notice thereof as required by the end of what would have been the term terms of this Lease in the absence paragraph, upon receipt of such termination notice, MFC shall be liable promptly deliver to Landlord forELK such Agreements, including, but not limited to, Notes and shall pay Security Agreements and other Agreements and records relating to Landlord as the Loan, together with all necessary and proper assignments and documents of authority, that ELK may request for liquidated and agreed damages for Tenant’s default;the purpose of protecting its Participation interest.

Appears in 1 contract

Samples: Loan Portfolio Sale and Purchase Agreement (Ameritrans Capital Corp)

Default. It is expressly understood In the event Borrowers do not satisfy payment due as stipulated in Sections 1 and agreed that if the rents above2 and fully, or any part thereoffaithfully, shall and punctually perform all of their obligations hereunder, Borrowers will be in arrears, or if default shall be made in any of the covenants of agreements herein contained to be kept by Tenant, Landlord may, at Landlord’s election, give Tenant ten (10) days written notice of Landlord’s intent to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereof. Upon termination of this Lease pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, and Landlord may upon such termination or at any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance of the term of this Lease) and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such terminationSecured Promissory Note. In the event of default by the Borrowers, Lender may, at its option, (i) declare the entire unpaid principal balance of this Secured Promissory Note together with accrued and unpaid interest immediately due and payable; (ii) sell the Collateral in a private or public sale without notice to Borrowers and apply the proceeds of the sale of the Collateral towards repayment of the Borrowers' obligations under this Secured Promissory Note; and (iii) pursue any other remedy available to Lender at law or in equity. After maturity, by acceleration or otherwise, this Note shall bear interest from the date of such terminationmaturity at the highest rate allowed by law. Payments, whether or not when received, shall be applied first to interest and the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the rent required to be paid up by Tenant up remainder to the time reduction of such terminationthe principal balance. This Secured Promissory Note has not been registered under the Securities Act of 1933. The Lender acknowledges that Lender is acquiring the securities represented hereby for investment and not with a view to distribution of the securities. The Lender acknowledges that a legend may be imposed on the common stock of the Company as may be required by the Securities Act of 1933. The Borrowers and all endorsers, sureties and thereafterguarantors now or hereafter becoming parties hereto or obligated in any manner for the debt represented hereby, Tenantjointly and severally waive demand, until the end notice of what would have been the term of non-payment and protest and agree that if this Lease Secured Promissory Note goes into default and is placed in the absence hands of an attorney for collection or enforcement of the undersigned's obligations hereunder, to pay attorney's fees and all other costs and expenses incurred in making such termination collection, including but not limited to attorney's fees and costs on appeal of any judgment or order. This Secured Promissory Note shall be liable to Landlord for, governed by and construed in accordance with the laws of the State of Florida and shall pay be binding upon the successors, assigns, heirs, administrators and executors of the Company and inure to Landlord as the benefit of the Lender, its successors, endorsees, assigns, heirs, administrators and for liquidated and agreed damages for Tenant’s default;executors. SUNWIN INTERNATIONAL NEUTRACEUTICALS, INC. By: /s/ Laiwang Zhang /x/ Xxxxxxx Zhang ----------------- ----------------- Sign name Laiwang Zhang By: Laiwang Zhang ------------- Xxxxxxxx & Xresident

Appears in 1 contract

Samples: Sunwin International Neutraceuticals, Inc.

Default. It is expressly understood If a Default or Event of Default exists (or if Borrower fails to give directions as permitted under SECTION 2.13(a)), any payment or prepayment (including proceeds from the exercise of any Rights) shall be applied to the Obligations in the following order: (i) to the payment of enforcement expenses incurred by the Administrative Agent, including Attorney Costs; (ii) to the ratable payment of all other fees, expenses, and agreed indemnities for which the Administrative Agent or Lenders have not been paid or reimbursed in accordance with the Loan Documents (as used in this SECTION 2.13(b)(ii), a "RATABLE PAYMENT" for any Lender or the Administrative Agent shall be, on any date of determination, that proportion which the portion of the total fees, expenses, and indemnities owed to such Lender or the Administrative Agent bears to the total aggregate fees and indemnities owed to all Lenders and the Administrative Agent on such date of determination); (iii) to the ratable payment of accrued and unpaid interest on the Outstanding Amount (as used in this SECTION 2.13(b)(iii), "RATABLE PAYMENT" means, for any Lender, on any date of determination, that proportion which the accrued and unpaid interest on the Outstanding Amount owed to such Lender bears to the total accrued and unpaid interest on the Outstanding Amount owed to all Lenders); (iv) to the ratable payment of the Outstanding Amount (as used in this SECTION 2.13(b)(iv), "RATABLE PAYMENT" means for any Lender, on any date of determination, that proportion which the Outstanding Amount owed to such Lender bears to the Outstanding Amount owed to all Lenders); and (v) to the payment of the remaining Obligations, if any, in the rents aboveorder and manner Required Lenders deem appropriate. Subject to the provisions of ARTICLE IX and provided that Administrative Agent shall not in any event be bound to inquire into or to determine the validity, scope, or priority of any part thereof, shall be in arrears, interest or if default shall be made in entitlement of any of the covenants of agreements herein contained to be kept by Tenant, Landlord may, at Landlord’s election, give Tenant ten Lender and may suspend all payments or seek appropriate relief (10) days written notice of Landlord’s intent to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereof. Upon termination of this Lease pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, and Landlord may upon such termination or at any time after such terminationincluding, without further noticelimitation, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, instructions from Required Lenders or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof an action in the name nature of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance of the term of this Leaseinterpleader) and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such termination. In the event of any doubt or dispute as to any apportionment or distribution contemplated hereby, Administrative Agent shall promptly distribute such termination, whether or not amounts to each Lender in accordance with the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord Agreement and the rent required to be paid up by Tenant up to the time of such termination, and thereafter, Tenant, until the end of what would have been the term of this Lease in the absence of such termination shall be liable to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;related Loan Documents.

Appears in 1 contract

Samples: Credit Agreement (Williams Energy Partners L P)

Default. It is expressly understood and agreed that if If Buyer breaches any warranty or defaults in the rents aboveperformance in any promise Buyer makes in this agreement, including, but not limited to, making of any payment when due, or becomes insolvent, or files any part thereofproceeding under the U.S. Bankruptcy Code, shall be in arrearsor upon Buyer's dissolution, or if default the vehicle is damages, destroyed, or impounded, Seller may at the Seller's option and without notice or demand (1) declare all unpaid sums immediately due and payable (2) file suit against Buyer for all unpaid sums (3) take immediate possession of the motor vehicle (4) exercise any other legal or equitable remedy. Upon taking possession of the motor vehicle and giving notice as provided by law, if Buyer does not redeem the vehicle, Seller will sell it, at public or private sale. Seller may purchase the vehicle at any public sale. The proceeds of the sale will be applied first to the expenses of retaking, reconditioning, storing and selling the property, and the remainder will be applied to unpaid sums owing under this contract, including collection costs and attorney fees. If there is any money left over (surplus) it will be paid to Seller. If a balance still remains owning, Buyer promises to pay the same upon demand. If Buyer defaults or breaches this agreement, Buyer agrees to pay finance charges at the annual percentage rate shown on the first paid until all sums owing Seller are paid in full or judgment is entered. Seller's remedies are cumulative and taking of any action shall not be a waiver or prohibit Seller from pursuing any other remedy. Buyer agrees that upon Buyer's default, Seller shall be made in entitled to recover from Buyer all reasonable collection costs, including, but not limited to, an attorney's fee. In addition, if Seller repossesses the vehicle, Buyer grants to Seller and Seller's agents permission to enter upon any premises owned by Buyer. Buyer agrees that Seller is entitled to recover from Buyer all reasonable costs and expenses arising out of the covenants of agreements herein contained that repossession, including, but not limited to, any sums Seller pays third party agents. With respect to be kept by Tenant, Landlord may, at Landlord’s election, give Tenant ten (10) days written notice of Landlord’s intent any sums Seller is entitled to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereof. Upon termination of this Lease recover pursuant to the preceding paragraphprevious two sentences, Tenant shall peacefully surrender Buyer will reimburse Seller, at Seller's option (i) within 5 days of demand upon Buyer to do so or (ii) Seller may add the premises dollar amount of any such sums, costs and expenses to Landlord, and Landlord may upon such termination or at any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance of this contract, accruing interest, from the term time Xxxxxx xxxs such amounts until the time Buyer pays them to Seller, at the annual percentage rate shown on the face of this Lease) and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such termination. In the event of any such termination, whether or not the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the rent required to be paid up by Tenant up to the time of such termination, and thereafter, Tenant, until the end of what would have been the term of this Lease in the absence of such termination shall be liable to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;contract.

Appears in 1 contract

Samples: Motor Vehicle Contract and Security Agreement (Panning Floyd H)

Default. It is expressly understood and agreed that if If (i) Applicant makes a false statement on this Agreement, (ii) Applicant breaches any of its covenants or fails to perform any of its obligations hereunder, (iii) Applicant fails to make any payment on the rents above, Account when due: or (iv) Applicant or any part thereofguarantor of Applicant's obligations under this Agreement becomes insolvent, files a petition in bankruptcy or has an involuntary petition in bankruptcy filed against it, then Applicant shall be in arrearsdefault under this Agreement and all sums owed by Applicant shall become immediately due and payable in full without further notice or demand, or if default and Consumer Oil & Propane shall be made entitled to exercise any and all remedies Initials Page 3 of 4 available to it at law or in any equity, including, without limitation, its rights as a secured creditor of Applicant. Without limiting the generality of the covenants foregoing, Consumer Oil & Propane may enter Applicant's premises without legal process and take possession of agreements herein contained the Collateral. If the amount received on the sale of repossessed goods is insufficient to pay the full amount owed to Consumer Oil & Propane, Applicant agrees to pay the amount of such deficiency. Applicant waives any and all rights it may have under the UCC with respect to the enforcement of Consumer Oil & Propane’s security interest in the Collateral and disposition thereof to the maximum extent permissible by law. Any requirement of reasonable notice of disposition of the Collateral shall be kept by Tenant, Landlord may, satisfied if such notice is mailed to Applicant's billing address at Landlord’s election, give Tenant least ten (10) days written notice of Landlord’s intent to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereof. Upon termination of this Lease pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, and Landlord may upon before such termination or at any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance of the term of this Lease) and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such termination. In the event of any such termination, whether or not the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the rent required to be paid up by Tenant up to the time of such termination, and thereafter, Tenant, until the end of what would have been the term of this Lease in the absence of such termination shall be liable to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;disposition.

Appears in 1 contract

Samples: Terms and Conditions and Security Agreement

Default. It is expressly understood Upon the occurrence and agreed continuance of a Default or ------- an Event of Default, Agent shall make a recommendation to Lenders of any actions to be taken and each of the Lenders agrees to promptly confer in order that if the rents above, Lenders can consider such course of action or any part thereofother actions to be taken for the enforcement of the Rights of Lenders; provided that Agent shall be entitled (but not obligated) to proceed to take any actions necessary in its reasonable judgment to preserve Rights, pending agreement by Lenders on the course of action to be taken. If the Required Lenders cannot agree on a course of action to be taken within sixty (60) days following Agent's initial recommendation, Agent shall thereafter take such action as Agent deems advisable to enforce the Rights of Lenders. Any action directed or approved by the Required Lenders, including without limitation, any exercise of remedies or initiation of suit or other legal proceedings, shall be in arrearsbinding upon each Lender. In actions with respect to any property of any Borrower, Agent is acting for the account of each Lender to the extent of each Lender's Loan Percentage. Any and all agreements to subordinate (whether made heretofore or if default shall be made in hereafter) other indebtedness or obligations of any of the covenants Borrowers to the Obligations shall be construed as being for the benefit of agreements herein contained each Lender to the extent of its respective Loan Percentage. If Agent acquires any security for the Obligations or any guaranty of the Obligations, the same shall be kept by Tenantheld for the benefit of each Lender in proportion to such Lender's respective Loan Percentage. Lenders agree, Landlord may, at Landlord’s election, give Tenant ten (10) days written notice of Landlord’s intent to terminate said Lease; provided howeveramong themselves, that during said ten (10) day periodunless otherwise agreed to by Agent and the Required Lenders, Tenant may correct defaults as set forth all monies collected or received by Agent in said notice and avoid forfeiture thereof. Upon termination of this Lease pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, and Landlord may upon such termination or at any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance respect of the term of this Lease) and on such conditions (which may include concessions Credit Facility, directly or free rent) as Landlordindirectly, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such termination. In the event of any such termination, whether or not the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the rent required to be paid up by Tenant up to the time of such termination, and thereafter, Tenant, until the end of what would have been the term of this Lease in the absence of such termination shall be liable applied to Landlord for, all costs of collection and shall pay then to Landlord interest or principal as recommended by Agent and for liquidated and agreed damages for Tenant’s default;approved by the Required Lenders.

Appears in 1 contract

Samples: Revolving Credit Agreement (Travis Boats & Motors Inc)

Default. It In the event Tenant shall default in the prompt payment of rent when same is due, or fail to perform any of the provisions of this lease, or in the event Tenant shall abandon the premises, or leave them vacant, Landlord, without further notice, may re-enter the premises by summary proceedings, or by force, without being liable for prosecution therefore. Landlord may also take possession of said premises, and remove all persons or property there from, and may elect to either cancel this lease, or to relet the premises and receive the rent therefore. Such rent shall be applied first to the expenses incurred by Landlord in entering and reletting, and then to the payment due under this lease. Tenant shall remain liable for any deficiency in the total amount due under said lease. Tenant’s absence from the premises for three (3) consecutive days while all or any portion of rent is delinquent, shall be deemed an abandonment of the premises. If Tenant otherwise violates the terms of this lease, Landlord may terminate Tenant’s right of occupancy by giving three (3) day’s notice in writing. Landlord shall specifically have the right to institute and maintain the statutory suit of Forcible Entry and Detainer in the proper Court, and obtain a writ for possession thereby. In addition to all other remedies provided herein, Xxxxxx agrees to compensate Landlord for all reasonable expenses necessary to enforce this lease and to collect the rental or damages for breach of this lease, including, but not limited to, all court costs and reasonable attorney’s fees incurred in connection therewith. Inspection Landlord shall have the right to enter the premises at all reasonable hours to examine same or to make repairs and to show the premises to prospective tenants or purchasers. No Warranty of Habitability Landlord and Realtor hereby disclaim any Warranty or Habitability covering the premises, and Tenant hereby knowingly, voluntarily, and for consideration, waives any such warranty of habitability, it being expressly agreed and understood that Xxxxxx has inspected the premises and agreed has accepted it “As is,” in its present condition as habitable, fit for living and suitable for Tenant’s purposes. Tenant expressly further agrees that if Landlord shall have no duty or obligation whatsoever, unless otherwise specified herein, to make any subsequent repairs to the rents abovepremises, or any part thereof, shall be in arrears, or if default shall be made in any of the covenants of agreements herein contained to be kept by Tenant, Landlord may, at Landlord’s election, give Tenant ten (10) days written notice of Landlord’s intent to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereof. Upon termination of this Lease pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, and Landlord may upon such termination or at any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance of the term of this Lease) and on such conditions (which lease that affect or may include concessions affect the habitability of the premises or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for physical health or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant safety of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such termination. In the event of any such termination, whether or not the Premises premises later become in a state of disrepair by reason of ordinary wear and tear or any part thereof shall have been relet, otherwise. Tenant shall pay to Landlord expressly acknowledges and understands that the rent required to be paid up rental negotiated by Tenant up to the time of such termination, and thereafter, Tenant, until parties hereto takes into account that the end of what would have been the term of this Lease premises are being rented in the absence of such termination shall be liable to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;“As is” present condition.

Appears in 1 contract

Samples: starkvilleapts.com

Default. It If any rent is expressly understood and agreed that if the rents above, or any part thereof, shall be in arrearsarrears for a period of ten (10) days, or if default this lease is terminated in accordance with any of the terms herein (with the exception of Paragraph 25), or if Lessee shall be made in fail at any time to keep or perform any of the covenants or conditions of agreements herein contained this lease, and lessee fails to be kept cure any such default within twenty days of written notice thereof by Tenantlessor then, Landlord and in either or any of such events Lessor may, at Landlord’s electionLessor's option, give Tenant ten enter into and repossess said Premises and expel the Lessee and all those claiming under Lessee. In such event Lessor may eject and remove from said Premises all goods and effects (10forcibly if necessary) days written notice without being deemed guilty of Landlord’s intent to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereoftrespass and/or without prejudicing any remedy or remedies which might otherwise be used by Lessor for arrearages or preceding breach of covenant or condition of this lease. Upon entry as aforesaid, this lease if not otherwise terminated shall immediately cease and terminate. The termination of this Lease lease pursuant to this Article shall not relieve Lessee of its obligations to make the preceding paragraphpayments required herein. In the event this lease is terminated pursuant to this Article, Tenant shall peacefully surrender or if Lessor enters the premises to Landlord, Premises without terminating this lease and Landlord may upon such termination Lessor relets all or at any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender a portion of the Premises, Lessee shall be liable to Lessor for all the Landlord may repossess it by forcecosts of reletting, summary proceedings, ejectment, or otherwise including necessary renovation and may dispossess Tenant and remove Tenant and all other persons and property from alteration of the leased Premises. At any time after such termination, Landlord may relet Lessee shall also be further liable for the Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance remainder of the term of this Lease) and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable lease for any failure to relet deficiency between the Premises or any part thereof or for any failure to collect any rent net amounts received following reletting and the gross amounts due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such termination. In the event of any such termination, whether or not the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the rent required to be paid up by Tenant up to the time of such termination, and thereafter, Tenant, until the end of what would have been the term of this Lease in the absence of such termination shall be liable to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;from Lessee.

Appears in 1 contract

Samples: Office Lease (Unapix Entertainment Inc)

Default. It is expressly understood and agreed that if the rents above, or any part thereof, Tenant shall be in arrearsdefault hereunder when Tenant does not pay any sum payable by Tenant to Landlord after such sum becomes due and payable under this Lease, or if default shall be made in Tenant fails to perform any of the Tenant's other covenants of or provisions or agreements herein contained to be kept by Tenantunder this Lease. If Tenant does not cure such default within three (3) days after written notice from Landlord, Landlord mayshall have, at Landlord’s electionin addition to any other rights hereunder, give Tenant ten (10) days written notice of Landlord’s intent to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereof. Upon termination of this Lease pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, and Landlord may upon such termination or at any time after such terminationright, without further notice, rent the Premises. If Tenant fails and in addition to peacefully surrender the Premisesand not in lieu of other remedies available, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and to terminate all other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance of the term of this Lease) and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations 's rights under this Lease, or such of those rights as Landlord designates in such written notice. Such notice shall be in lieu of, and such liability and obligations shall survive not in addition to, any notice required by California CODE OF CIVIL PROCEDURE 1161 or any other successor statute. If Tenant's rights under this Lease are so terminated, Landlord may, after complying with any applicable requirements of law, take possession of the Premises. Upon any such termination. In the event of any such termination, whether or not the Premises or any part thereof shall have been reletaction by Landlord, Tenant shall pay remain liable for all obligations which have previously accrued, and, to the maximum extent permitted by law, for all obligations which may subsequently accrue under this Lease. Landlord the rent shall not be in default under this Lease unless Landlord fails to perform obligations required to be paid up of Landlord within a reasonable time, but in no event later than thirty days (30) after written notice by Tenant up to Landlord, specifying the time nature of said default; provided, however, that if Landlord's obligation is such terminationthat more than thirty days (30) is required for said performance, then Landlord shall not be in default if Landlord commences performance within said thirty day (30) period and thereafter, Tenant, until thereafter diligently prosecutes the end of what would have been the term of this Lease in the absence of such termination shall be liable same to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;completion.

Appears in 1 contract

Samples: Remedent Usa Inc/Az

Default. It is expressly understood (a) Should Seller breach this Agreement or fail to close hereunder without the right to do so, the Purchaser shall have the right to receive the immediate receipt of all escrow funds, as well as all out of pocket expenses and agreed that if the rents abovereasonable attorneys' fees; or, or alternatively, Purchaser may compel Seller to specifically perform this Agreement, and Seller agrees to reimburse Purchaser for any part thereofreasonable attorney's fees, shall be costs and expenses incurred in arrears, or if default shall be made in any of the covenants of agreements herein contained to be kept by Tenant, Landlord may, at Landlord’s election, give Tenant ten connection therewith. Ten (10I 0) days after written demand for the escrow funds, Escrow Agent is directed (after providing notice of Landlord’s intent to terminate the Seller) to deliver said Lease; provided however, that during sum to the Purchaser. If within said ten (10) day periodperiod Escrow Agent shall receive from Seller a written objection to the release of such funds, Tenant may correct defaults as set forth Escrow Agent agrees to deposit the fund into a Court of competent jurisdiction, and not to release the same to Purchaser. Notwithstanding the foregoing, in said notice the event that any representation or warranty made by the Seller is not fully satisfied or there is a failure to satisfy a condition which is Seller's obligation to satisfy to the extent that the F, F & E and avoid forfeiture thereof. Upon termination Stock are fully transferable, without claim or encumbrance to Purchaser and in accordance with the terms of this Lease pursuant Agreement, the Seller hereby directs that Purchaser may take such action as Purchaser deems necessary, all at the expense of Seller, to effectuate the transfer of the F, F & E and Stock to the preceding paragraphPurchaser free and clear of all such liens, Tenant shall peacefully surrender the premises to Landlordclaims and encumbrances, and Landlord in accordance with the terms hereof Such actions on the part of the Purchaser may upon such termination or at any time after such terminationinclude, without further noticebut are not limited to, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property depositing with Escrow Agent sufficient sums from the Premisesconsideration otherwise due Seller hereunder and directing the Escrow Agent to pay over said sums, as applicable, so as to obtain an appropriate release or waiver of any claim made against the F, F & E and Stock. At Escrow Agent shall not, however, make any time after such termination, Landlord may relet payment without first bringing the Premises or any part thereof in claim to the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance attention of the term of this Lease) Seller and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure giving Seller a reasonable time to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such termination. In the event dispose of any such termination, whether lien or not the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the rent required to be paid up by Tenant up to the time of such termination, and thereafter, Tenant, until the end of what would have been the term of this Lease in the absence of such termination shall be liable to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;claim.

Appears in 1 contract

Samples: Agreement for the Sale and Purchase (Chefs International Inc)

Default. It In addition to any right to charge interest on any amount outstanding from time to time to the Supplier and any rights, powers and remedies provided at law or in equity or contained in this or any other agreement between the Supplier and the Applicant, including those of a secured party as set out in any personal property security legislation (all such rights, powers and remedies being cumulative), should the Applicant fail to pay any indebtedness owing to the Supplier from time to time in accordance with the terms and conditions granted by the Supplier, or fail or refuse to perform any of its obligations under this Application, or should the Applicant make a bulk sale of its assets or cease to carry on business or is expressly understood and agreed that if the rents abovedissolved, or should a receiver or a receiver-manager be appointed over all or any part thereof, shall be in arrearsof the Applicant’s property, or if default shall should a petition, notice of intention to make a proposal or proposal in bankruptcy, or an arrangement or reorganization under the Bankruptcy and Insolvency Act of Canada, as amended or replaced, the Winding Up Act or the Companies’ Creditors Arrangement Act be made in any filed by or against the Applicant, then the entire amount of the covenants of agreements herein contained to be kept by Tenant, Landlord may, at Landlord’s election, give Tenant ten (10) days written notice of Landlord’s intent to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereof. Upon termination of this Lease pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, and Landlord may upon such termination or at any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises indebtedness or any part thereof in the name of Landlord or otherwise for such term (which not by its terms payable on demand may be greater or lesser than declared, at the period which would otherwise have constituted the balance option of the term Supplier, immediately due In addition to such rights of the Supplier, the Supplier may request the Applicant to forthwith return the Goods which remain unpaid to the Supplier and / or by any method permitted by law the Supplier may enter upon any premises where the Goods are so located and break the lock for the purpose of gaining such entry, and upon entry take possession of such premises to the exclusion of the Applicant so as to permit the Supplier to take possession of such Goods and, at the option of the Supplier, to dispose of the Goods from such premises. These rights are in addition to any rights of repossession the Supplier may have pursuant to the Bankruptcy and Insolvency Act of Canada. The Applicant agrees to notify the Supplier immediately upon the happening of any one or more of the Applicant’s bankruptcy or insolvency, or the appointment of a receiver, whether privately or court appointed, of all or part of the Application’s property, including without limitations inventory and accounts receivable, or upon the happening of any one or more of the events of default listed above. The Applicant will pay all costs and expenses, include legal fees on the solicitor and his client basis, of the Supplier, its representatives or its agents with respect to the taking, re-taking, holding, repairing, recovering, possessing, preparing for disposition or disposition of the Goods, including without limitation, the costs of advertising and auctioneering, or in any other proceedings taken for the purpose of enforcing the remedies provided in this Application, and all costs and expenses shall bear interest at the interest rate hereinbefore mentioned and shall be payable on demand and form part of the indebtedness secured by this Application. This Application shall be governed by and construed in accordance with the laws of the province in which the Goods are located and the Applicant atones to the jurisdiction of the Courts of such province. Acceptance of partial or delinquent payments, the waiver of any default by the Applicant under this Application, or the failure to enforce any right or remedy hereunder, shall not and does not constitute a waiver of the obligations of the Applicant, nor shall such constitute a modification of this Lease) and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such termination. In the event of any such termination, whether or not the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the rent required to be paid up by Tenant up to the time of such termination, and thereafter, Tenant, until the end of what would have been the term of this Lease in the absence of such termination shall be liable to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;Application.

Appears in 1 contract

Samples: Application and Agreement

Default. It The occurrence of any of the following shall be deemed to constitute a Default hereunder: (a) Lessee fails to pay Rent, any other amount it is expressly understood obligated to pay under a Lease or any other amount it is obligated to pay to Lessor and agreed that if does not cure such failure within 10 days of such amount becoming due; (b) Lessee fails to perform or observe any obligation or covenant to be performed or observed by Lessee hereunder or under any Schedule, including, without limitation, supplying all requested documentation, and does not cure such failure within 10 days of receiving written notice thereof from Lessor; (c) any warranty, representation or statement made or furnished to Lessor by or on behalf of Lessee is proven to have been false in any material respect when made or furnished; (d) the rents aboveattempted sale or encumbrance by Lessee of the Equipment, or the making of any levy, seizure to attachment thereof or thereon; or (e) the dissolution, termination of existence, discontinuance of business, insolvency, or appointment of a receiver of any part of the property of Lessee, assignment by Lessee for the benefit of creditors, the commencement of proceedings under any bankruptcy, reorganization or arrangement laws by or against Lessee, or any other act of bankruptcy on the part thereof, shall be in arrears, or if default shall be made in any of the covenants of agreements herein contained to be kept by Tenant, Landlord may, at Landlord’s election, give Tenant ten (10) days written notice of Landlord’s intent to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereof. Upon termination of this Lease pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, and Landlord may upon such termination or at any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the PremisesLessee. At any time after the occurrence of any Default, Lessor may exercise one or more of the following remedies: (a) Lessor may terminate any or all of the Leases with respect to any or all items of Equipment subject thereto; (b) Lessor may recover from Lessee all Rent and other amounts then due and to become due under any or all the leases; (c) Lessor may take possession of any or all items of Equipment, wherever the same may be located, without demand or notice, without any court order or other process of law and without liability to Lessee for any damages occasioned by such terminationtaking of possession, Landlord and any such taking of possession shall not constitute a termination of any Lease; (d) Lessor may relet demand that Lessee return any or all items of Equipment to Lessor in accordance with Paragraph 11; and (e) Lessor may pursue any other remedy available at law or in equity, including, without limitation, seeking damages, specific performance or an injunction. Upon repossession or return of any item of the Premises or any part thereof in the name of Landlord Equipment, Lessor shall sell, lease or otherwise for dispose of such term item in a commercially reasonable manner, with or without notice and on public or private bid, and apply the net proceeds thereof (which may be greater or lesser than after deducting the period which would otherwise have constituted estimated fair market value of such item at the balance expiration of the term of this the applicable Lease) and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the case of a sale, or the rents therefor. Landlord shall in no way be responsible for or liable due for any failure period beyond the scheduled expiration of such Lease, in the case of any subsequent lease of such item, and all expenses, including, without limitation, reasonable attorneys' fees, incurred in connection therewith) towards the Rent and other amounts due under such Lease, with any excess net proceeds to relet be retained by Lessor. Each of the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of remedies under this Lease shall relieve Tenant of Tenant’s liability and obligations under this Leasebe cumulative, and such liability not exclusive, and obligations shall survive in addition to any such terminationother remedy referred to herein or otherwise available to Lessor in law or in equity. In the event Any repossession or subsequent sale or lease by Lessor of any such termination, whether or item of Equipment shall not the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the rent required to be paid up by Tenant up to the time of such terminationbar an action for a deficiency as herein provided, and thereafter, Tenant, until the end bringing of what would have been an action or the term entry of this Lease in the absence judgment against Lessee shall not bar Lessor's right to repossess any or all items of such termination shall be liable to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;Equipment.

Appears in 1 contract

Samples: Master Lease Agreement (Psinet Inc)

Default. It is expressly understood and agreed by the parties hereto, that if the rents aboverent above reserved or utilities payable by tenant, or any part hereof, shall be in arrears and tenant shall not cure the same within than five days after receipt of written notice or if tenant shall fail to perform any of the other covenants or agreements herein contained which are to be kept by tenant and tenant shall not cure such failure within ten days after receipt of written notice, tenant shall be deemed to be in default of this Lease. In such event, it shall and may be lawful for Landlord to declare said term ended, and enter into the premises, or any part thereof, either with or without process of law, and tenant or any person or persons occupying the same, to expel, remove, and to put out, using such force as may be necessary in so doing, without being liable to prosecution or in damages therefore, and the premises again to repossess and enjoy as in the first and former estate of Landlord. And, if at any time said term shall be ended as aforesaid or in other way, tenant hereby covenants and agrees to surrender and deliver up the premises peaceably to Landlord, immediately upon the termination of said term, and if tenant shall remain in the possession of the same after the termination thereof, tenant shall be deemed guilty of forcible detainer of said premises under the Statute, hereby waiving all notice, and shall be subject to eviction and removal, forcibly or otherwise, with or without process of law, as above stated. The remedies of Landlord herein shall be in arrearsaddition to all other remedies allowed by law. Should Landlord elect to re-enter it may either terminate this Lease or it may from time to time, or if default without terminating this Lease relet said premises. Upon each such reletting, all rentals and other sums received by Landlord from such reletting shall be made in any applied first, to the payment of debt other than rent due Landlord; second, to costs and expenses of reletting; third, to past due payment of future rent as the covenants same may become due and payable hereunder. No such entry or taking possession of agreements herein contained said premises by Landlord shall be construed as an election on its part to be kept by Tenant, Landlord may, at Landlord’s election, give Tenant ten (10) days terminate this Lease unless a written notice of Landlord’s intent such intention be given to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereof. Upon tenant or unless the termination thereof be decreed by a court of this Lease pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, and Landlord may upon such termination or at any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance of the term of this Lease) and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such termination. In the event of any such termination, whether or not the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the rent required to be paid up by Tenant up to the time of such termination, and thereafter, Tenant, until the end of what would have been the term of this Lease in the absence of such termination shall be liable to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;competent jurisdiction.

Appears in 1 contract

Samples: Verso Technologies Inc

Default. It is expressly understood and agreed that if the rents above, or any part thereof, shall be in arrears, or if default shall be made in any of the covenants of agreements herein contained to be kept by Tenant, Landlord may, at Landlord’s election, give Tenant ten (10a) days written notice of Landlord’s intent to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereof. Upon termination of this Lease pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, and Landlord may upon such termination or at any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance of the term of this Lease) and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such termination. In the event of the breach by Subtenant of any of the terms, provisions, covenants, conditions or agreements of this Sublease or of the Master Lease (to the extent that such provisions are applicable to Subtenant) which extends beyond all applicable notice and cure periods, except as expressly set forth herein, Sublandlord shall have all the rights of the landlord under the Master Lease in addition to any rights hereunder and Subtenant shall be subject to all provisions thereof respecting the tenant under the Master Lease with respect to any such terminationdefault. With respect to any alleged default or breach by Subtenant of the terms and conditions of the Master Lease as incorporated herein, Subtenant shall have the benefit of all notice and cure periods provided to the tenant under the Master Lease. The failure of Sublandlord to seek redress for violation of, or to insist upon strict performance of, any covenant or condition of this Sublease, or any of the rules and regulations referred to hereinabove, whether heretofore or hereafter adopted by Sublandlord shall not be deemed a waiver of such violation nor prevent a subsequent act, which DMEAST #35029637 v1016 would have originally constituted a violation, from having all the Premises force and effect of an original violation. The receipt by Sublandlord of Rent with knowledge of the breach of any covenant of this Sublease shall not be deemed a waiver of such breach. No provision of this Sublease shall be deemed to have been waived by Sublandlord, unless such waiver is in writing signed by Sublandlord. No consent or waiver, express or implied, by Sublandlord to or of any breach of any agreement or duty shall be construed as a waiver or consent to or of any other breach of the same or any part thereof shall have been relet, Tenant shall pay to Landlord the rent required to be paid up by Tenant up to the time of such termination, and thereafter, Tenant, until the end of what would have been the term of this Lease in the absence of such termination shall be liable to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;other agreement or duty.

Appears in 1 contract

Samples: Sublease Agreement (Trevena Inc)

Default. It is expressly understood In the event Glodenstone does not satisfy payment due as stipulated in Sections 1 and agreed that if the rents above2 and fully, or any part thereoffaithfully, shall and punctually perform all of its obligations hereunder, Glodenstone will be in arrears, or if default shall be made in any of the covenants of agreements herein contained to be kept by Tenant, Landlord may, at Landlord’s election, give Tenant ten (10) days written notice of Landlord’s intent to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereof. Upon termination of this Lease pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, and Landlord may upon such termination or at any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance of the term of this Lease) and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such terminationSecured Promissory Note. In the event of default by the Glodenstone, CAAH may, at its option, (i) declare the entire unpaid principal balance of this Secured Promissory Note together with accrued and unpaid interest immediately due and payable; (ii) sell the Collateral in a private or public sale with written notice to Glodenstone and apply the proceeds of the sale of the Collateral towards repayment of the Glodenstone’ obligations under this Secured Promissory Note; and (iii) pursue any other remedy available to CAAH at law or in equity. The Glodenstone and all endorsers, sureties and guarantors now or hereafter becoming parties hereto or obligated in any manner for the debt represented hereby, jointly and severally waive demand, notice of non-payment and protest and agree that if this Secured Promissory Note goes into default and is placed in the hands of an attorney for collection or enforcement of the undersigned's obligations hereunder, to pay attorney's fees and all other costs and expenses incurred in making such terminationcollection, whether including but not limited to attorney's fees and costs on appeal of any judg­ment or not order. This Secured Promissory Note shall be governed by and construed in accordance with the Premises or any part thereof laws of the State of Florida and shall have been reletbe binding upon the successors, Tenant shall pay to Landlord assigns, heirs, administrators and executors of the rent required to be paid up by Tenant up Glodenstone and inure to the time benefit of such terminationCAAH, its successors, endorsees, assigns, heirs, administrators and thereafterexecutors. Glodenstone Development Limited By: ______________ Name: Renqi Song Title: President Exhibit B: Share Pledge Agreement This Share Pledge Agreement (this “Agreement”) is entered into by and between the following parties on _____________, Tenant2010: Party A: China America Holdings, until the end Inc., a Florida corporation (“Party A”) Legal Representative: Shaoyin Wang, Chief Executive Officer Principal Office: 300 X. Xxxxx Xxxx, Xxxxxxx Economic & Development Area, Jiading District, Shanghai, People’s Republic of what would have been the term of this Lease in the absence of such termination shall be liable to Landlord forChina 201811 Party B: Glodenstone Development Limited, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;a British Virgin Island company (“Party B”)

Appears in 1 contract

Samples: Membership Interest Sale Agreement (China America Holdings, Inc.)

Default. It is expressly understood and agreed that if In the rents above, or any part thereof, shall be in arrears, or if event of default shall be made in any of the covenants of agreements herein contained to be kept by Tenant, Landlord may, at Landlord’s election, give Tenant ten (10) days written notice of Landlord’s intent to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereof. Upon termination of under this Lease pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, and Landlord may upon such termination or at any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the PremisesAgreement, the Landlord may repossess provide the Tenant with a notice of default and the possibility of correcting such default. If the Tenant does not correct the default, except for the non-payment of rent or additional rent, the Landlord may terminate this Agreement by giving written notice of the day If default is the Tenant's inability to pay the rent or additional rent on time as defined in this Agreement, the Landlord may terminate this Agreement giving a day written notice to the tenant. After the expiration of this Agreement, the Tenant shall remain liable for any rent, additional late, costs, including costs to remedy any defaults, and compensation under this Agreement. Remedies. If this Agreement is terminated due to the Tenant's default, the Landlord may, in addition to any rights and remedies available under this Agreement and applicable law, use any expropriation, eviction or other similar legal procedure available in law or in equity. Allegiance. This Agreement and the right of the Tenant under it shall be subject to and depend on the privilege, operation and effect of any existing or future mortgage, act of trust, land lease and/or any other similar burden instrument covering any or all of the Facilities, if any, and any renewal, modification, consolidation, replacement or extension thereof. Condemnation. If all or substantially all of the Sites are covered by forcea conviction, summary proceedingsincluding the exercise of any eminent domain power by a governmental authority, ejectmentthis Agreement shall expire on the date on which the possession of the Sites is taken by the reprehensible authority, or otherwise and may dispossess Tenant and remove Tenant and all other persons rents under this Agreement shall be by analogy and property paid by that date. The owner has the right to collect from the Premisesreprehensible authority the full amount of any assignment made in any proceedings. At The Tenant waives any time after right, title or interest that the Tenant may have in any such terminationassignment and agrees not to make any claims for the Duration of this Agreement. Hazardous materials. The Tenant must not keep on the Premises any object of a dangerous, Landlord may relet flammable or explosive nature that could unduly increase the risk of fire or explosion on the Premises or any part thereof in the name of Landlord or otherwise for such term (which that may be greater considered dangerous or lesser than extremely dangerous by any responsible insurance company. Notifications. All communications provided under this Agreement must be written. The notification is valid from receipt and delivered in person, sent via certified or registered mail to the period which would otherwise have constituted the balance following addresses (or to another address that one of the term of this Lease) parties may designate upon reasonable notice to the other party): If the Tenant pays the rent and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and performs all other obligations under this LeaseAgreement, the Tenant may keep and enjoy the Facilities peacefully and during the Period. No resignations. No Party shall be deemed to have waived any provision of this Agreement or the exercise of any rights held under this Agreement, unless such liability waiver is expressly and in writing. Severability. If any provision of this Agreement is found to be invalid, unlawful or unenforceable in whole or in part, the remaining provisions shall not be affected and shall continue to be valid, lawful and enforceable as if the invalid, unlawful or unenforceable part had not been included in this Dependents and assignments. This Agreement shall benefit and bind the Parties and their authorised successors and versions. applicable law. The terms of this Agreement and the rights and obligations shall survive any such termination. In of the event of any such termination, whether or not the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the rent required to be paid up by Tenant up to the time of such termination, and thereafter, Tenant, until the end of what would have been the term of this Lease in the absence of such termination Parties shall be liable to Landlord forgoverned and interpreted in accordance with the laws of the State of , and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;irrespective of conflict of laws provisions.

Appears in 1 contract

Samples: Simple Rental Agreement

Default. It is expressly understood and agreed that if If the rents above, Lessee fails to pay any rent or any part thereof, shall be in arrears, or if default shall be made in any of the covenants of agreements other amount herein contained to be kept by Tenant, Landlord may, at Landlord’s election, give Tenant provided within ten (10) days written notice of Landlord’s intent after the same is due and payable, or if the Lessee fails to terminate said Lease; provided however, that during said perform any other provision hereof within ten (10) day perioddays after the Lessor shall have demanded in writing performance thereof, Tenant or if any proceeding in bankruptcy, receivership or insolvency shall be commenced by or against the Lessee or its property, or if the Lessee makes any assignment for the benefit of its creditors, the Lessor shall have the right, but shall not be obligated, to exercise any one or more of the following remedies: (a) to sue for and recover all rents and xxxer amounts then due or thereafter accruing under this lease; (b) to take possession of any or all of the equipment, wherever it may correct defaults be located, without demand or notice, without any court order or other process of law, and without incurring any liability to the Lessee, for any damages occasioned by such taking of possession; (c) to sell any or all of the equipment at public or private sale for cash or on credit and to recover from the Lessee all costs of taking possession, storing, repairing and selling the equipment, an amount equal to ten percent (10%) of the actual cost to the lessor of the equipment sold, and the unpaid balance of the total rent for the initial term of this lease attributable to the equipment sold, less the net proceeds of such sale; (d) to terminate this lease as set forth to any or all items of equipment; (e) in the event the Lessor elects to terminate this lease as to any or all items of equipment, to recover from the Lessee as to each item subject to said notice and avoid forfeiture thereof. Upon termination the worth at the time of such termination of this Lease pursuant to the preceding paragraphexcess, Tenant shall peacefully surrender if any, of the premises to Landlord, and Landlord may upon such termination or at any time after such termination, without further notice, amount of rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof in the name of Landlord or otherwise reserved herein for such term (which may be greater or lesser than the period which would otherwise have constituted said item for the balance of the term total hereof over the then reasonable rental value of this Leasesaid item for the same period of time; (f) and on to pursue any other remedy now or hereafter existing at law or in equity. Notwithstanding any such conditions (which action that the Lessor may include concessions take, including taking possession of any or free rent) as Landlordall of the equipment, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord lessee shall in no way be responsible for or remain liable for the full performance of all its obligations hereunder, provided, however, that if the lessor in writing terminates this lease, as to any failure to relet item of equipment, the Premises or any part thereof or Lessee shall not be liable for any failure to collect any rent due upon in respect of such reletting. No such termination item accruing after the date of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such termination. In addition to the event of any such terminationforegoing, whether or not the Premises or any part thereof shall have been relet, Tenant Lessee shall pay to Landlord Lessor all costs and expenses, including reasonable attorneys' fees, incurred by the rent required to be paid up by Tenant up to the time Lessor in exercising any of such termination, and thereafter, Tenant, until the end of what would have been the term of this Lease in the absence of such termination shall be liable to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;its rights or remedies hereunder.

Appears in 1 contract

Samples: Equipment Lease (Windswept Environmental Group Inc)

Default. It is expressly understood In the event of any breach of this Lease by Tenant, the Landlord shall notify the Tenant in writing of such breach, and agreed that Tenant shall have ten (10) days in which to cure any such breach as to payments of rent or other sums due hereunder, and thirty (30) days to cure any other breach and, if Tenant shall fail to cure such breach or default within such time limit, then Landlord, besides other rights or remedies Landlord may have, shall have the rents aboveimmediate right of reentry and may remove all persons and property from the Premises, and such property may be removed and stored in a public warehouse or elsewhere at the cost of and for the account of Tenant. Should Landlord elect to reenter, as herein provided, or should Landlord take possession pursuant to legal proceedings or pursuant to any notice provided for by law, Landlord may either terminate this Lease or may from time to time, without terminating this Lease, relet the Premises, or any part thereof, for such term or terms and at such rental or rentals and upon such other terms and conditions as Landlord in his sole discretion may deem advisable, with the right to make alterations and repairs to said premises. Upon such reletting: (a) Tenant shall be immediately liable to pay to Landlord, in arrearsaddition to any indebtedness other than rent due hereunder, the cost and expenses of such reletting and of such alteration and repair, incurred by Landlord, and-the amount, if any, by which the rent reserved in this Lease for the period of such reletting up to but not beyond the Term, exceeds the amount agreed to be paid as rent for the demised premises for such period of such reletting or (b) At the option of Landlord, rents received by such Landlord from such reletting shall be applied as follows: First, to the payment of any indebtedness, other than rent, due hereunder from Tenant to Landlord; Second, to the payment of any costs and expenses of such reletting and of such alterations and repairs; Third, to the payment of rent due and unpaid hereunder; and the residue, if any, shall be held by Landlord and applied in payment of future rent as the same may become due and payable hereunder. If Tenant has been credited with any rent to be received by such reletting under option (a), and such rent shall not be promptly paid to Landlord by the new Tenant, or if default such rentals received from reletting under option (b) during any month be less than that to be paid during that month by Tenant hereunder, Tenant shall pay any such deficiency to Landlord. Such deficiency shall be made in any calculated and paid monthly. No such reentry or taking possession of the covenants of agreements herein contained Premises by Landlord shall be construed as an election on Landlord's part to be kept by Tenant, Landlord may, at Landlord’s election, give Tenant ten (10) days terminate this Lease unless a written notice of Landlord’s intent such intention be given to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereofor unless the termination thereof be decreed by a court of competent jurisdiction. Upon termination of this Lease pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, and Landlord may upon such termination or at Notwithstanding any time after such termination, re-letting without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises or at any part thereof in the name of Landlord or otherwise time thereafter elect to terminate this Lease for such term (which may be greater or lesser than the period which would otherwise have constituted the balance of the term of previous breach.. Should Landlord at any time elect to terminate this Lease) and on such conditions (which may include concessions or free rent) as LandlordLease for any breach, in Landlord’s discretion addition to any other remedies he may determine and have, Landlord may collect and receive recover from Tenant all damages incurred by Landlord by reason of such breach, including the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet cost of recovering the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Leasepremises, and such liability and obligations shall survive any such termination. In including the event of any such termination, whether or not the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the rent required to be paid up by Tenant up to worth at the time of such terminationtermination of the excess, if any, of the amount of rent and thereafter, Tenant, until charges equivalent to rent reserved in this Lease for the end remainder of what would have been the stated term of this Lease in over the absence then reasonable rental value of such termination the premises for the remainder of the stated term, all of which amounts shall be liable immediately due and payable from Tenant to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;Landlord.

Appears in 1 contract

Samples: Lease Agreement (Emeritus Corp\wa\)

Default. It If Pledgor defaults in the payment of the principal or interest under the Note when it becomes due (whether upon demand, acceleration or otherwise) or any other event of default under the Note or this Pledge Agreement occurs (including the bankruptcy or insolvency of Pledgor), the Company may exercise any and all the rights, powers and remedies of any owner of the Pledged Shares (including the right to vote the shares and receive dividends and distributions with respect to such shares) and shall have and may exercise without demand any and all the rights and remedies granted to a secured party upon default under the Uniform Commercial Code of Wisconsin or otherwise available to the Company under applicable law. Without limiting the foregoing, the Company is expressly understood authorized to sell, assign and agreed that if the rents abovedeliver at its discretion, from time to time, all or any part thereof, shall be in arrears, or if default shall be made in any of the covenants of agreements herein contained to be kept by TenantPledged Shares at any private sale or public auction, Landlord may, at Landlord’s election, give Tenant on not less than ten (10) days written notice of Landlord’s intent to terminate said Lease; provided howeverPledgor, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice at such price or prices and avoid forfeiture thereof. Upon termination of this Lease pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, and Landlord may upon such termination terms as the Company may deem advisable. Pledgor shall have no right to redeem the Pledged Shares after any such sale or at any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premisesassignment. At any time after such terminationsale or auction, Landlord the Company may relet bid for, and become the Premises purchaser of, the whole or any part thereof of the Pledged Shares offered for sale. In case of any such sale, after deducting the costs, attorneys' fees and other expenses of sale and delivery, the remaining proceeds of such sale shall be applied to the principal of and accrued interest on the Note; provided that after payment in full of the name of Landlord or otherwise for such term (which may be greater or lesser than indebtedness evidenced by the period which would otherwise have constituted Note, the balance of the term proceeds of this Lease) sale then remaining shall be paid to Pledgor and on such conditions (which may include concessions or free rent) as Landlord, Pledgor shall be entitled to the return of any of the Pledged Shares remaining in Landlord’s discretion may determine and may collect and receive the rents thereforhands of the Company. Landlord Pledgor shall in no way be responsible for or liable for any failure deficiency if the remaining proceeds are insufficient to relet pay the Premises or indebtedness under the Note in full, including the fees of any part thereof or for any failure attorneys employed by the Company to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such termination. In the event of any such termination, whether or not the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the rent required to be paid up by Tenant up to the time of such termination, and thereafter, Tenant, until the end of what would have been the term of this Lease in the absence of such termination shall be liable to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;deficiency.

Appears in 1 contract

Samples: Stock Subscription Agreement (Allotech International Inc)

Default. It (a) In the event that Seller is ready, willing and able to close in accordance with the terms and provisions hereof, and Buyer defaults in any of its obligations undertaken in this Agreement, Seller shall be entitled, as its sole and exclusive remedy to either: (i) if Buyer is willing to proceed to Closing, waive such default and proceed to Closing in accordance with the terms and provisions hereof; or (ii) declare this Agreement to be terminated, and Seller shall be entitled to immediately receive all of the Exxxxxx Money as liquidated damages as and for Seller’s sole remedy. Upon such termination, neither Buyer nor Seller shall have any further rights, obligations or liabilities hereunder, except as otherwise expressly understood and agreed that if provided herein. Seller hereby waives any right to recover the rents abovebalance of the Purchase Price, or any part thereof, shall be and the right to pursue any other remedy permitted at law or in arrears, or if default shall be made in any of the covenants of agreements herein contained to be kept by Tenant, Landlord may, at Landlord’s election, give Tenant ten (10) days written notice of Landlord’s intent to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereofequity against Buyer. Upon termination of In no event under this Lease pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, and Landlord may upon such termination or at any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, Section or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance of the term of this Lease) and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such termination. In the event of any such termination, whether or not the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the rent required to be paid up by Tenant up to the time of such termination, and thereafter, Tenant, until the end of what would have been the term of this Lease in the absence of such termination shall Buyer be liable to Landlord forSeller for any punitive, and shall pay to Landlord as and for liquidated and agreed damages for Tenantspeculative or consequential damages. BUYER AND SELLER AGREE THAT IT WOULD BE IMPRACTICAL AND EXTREMELY DIFFICULT TO ESTIMATE THE DAMAGES SUFFERED BY SELLER AS A RESULT OF BUYER’S DEFAULT OR FAILURE TO COMPLETE THE PURCHASE OF THE PROPERTY PURSUANT TO THIS AGREEMENT, AND THAT UNDER THE CIRCUMSTANCES EXISTING AS OF THE DATE OF THIS AGREEMENT, THE LIQUIDATED DAMAGES PROVIDED FOR IN THIS SECTION REPRESENT A REASONABLE ESTIMATE OF THE DAMAGES WHICH SELLER SHALL INCUR AS A RESULT OF SUCH FAILURE; PROVIDED, HOWEVER THAT THIS PROVISION SHALL NOT LIMIT SELLER’S RIGHT TO RECEIVE REIMBURSEMENT FOR ATTORNEYS’ FEES AS AUTHORIZED BY SECTION 26, NOR WAIVE OR AFFECT BUYER’S INDEMNITY OBLIGATIONS AND SELLER’S RIGHTS TO THOSE INDEMNITY OBLIGATIONS UNDER THIS AGREEMENT, NOR WAIVE OR AFFECT BUYER’S OBLIGATIONS TO RETURN THE DUE DILIGENCE MATERIALS TO SELLER PURSUANT TO APPLICABLE PROVISIONS OF THIS AGREEMENT. THE PAYMENT OF THE EXXXXXX MONEY AS LIQUIDATED DAMAGES IS NOT INTENDED AS A FORFEITURE OR PENALTY WITHIN THE MEANING OF CALIFORNIA CIVIL CODE SECTIONS 3275 OR 3369, BUT IS INTENDED TO CONSTITUTE LIQUIDATED DAMAGES TO SELLER PURSUANT TO CALIFORNIA CIVIL CODE SECTIONS 1671, 1676 AND 1677. UPON DEFAULT BY BUYER, AND SELLER’S TERMINATION OF THIS AGREEMENT, EXCEPT FOR THE SURVIVING OBLIGATIONS, WHICH MAY BE ENFORCED BY SELLER (IN ADDITION TO COLLECTION AND RETENTION BY SELLER OF BUYER’S DEPOSIT AS PROVIDED HEREUNDER), NEITHER PARTY SHALL HAVE ANY FURTHER RIGHTS OR OBLIGATIONS HEREUNDER, EACH TO THE OTHER EXCEPT FOR THE RIGHT OF SELLER TO COLLECT SUCH LIQUIDATED DAMAGES FROM BUYER AND ESCROW HOLDER. Buyer’s default;Initials: /s/ NSS Seller’s Initials: /s/ JMJ

Appears in 1 contract

Samples: Agreement for Purchase And (American Realty Capital Healthcare Trust II, Inc.)

Default. It Buyer and Seller are required and agree to make full settlement in accordance with the terms of this Contract and acknowledge that failure to do so constitutes a breach hereof. If Buyer fails to make full settlement or is expressly understood in default due to Buyer’s failure to comply with the terms, covenants and agreed conditions of this Contract, the initial Deposit and additional Deposits (the “Deposit”) may be retained by Seller as long as a Release of Deposit Agreement is signed and executed by all parties, expressing that if said Deposit may be retained by Seller. In the rents aboveevent the parties do not agree to execute a Release of Deposit Agreement, subject to the Deposit paragraph of this Contract, Buyer and Seller shall have all legal and equitable remedies. If Seller fails to make full settlement or any part thereofis in default due to Seller’s failure to comply with the terms, covenants and conditions of this Contract, Buyer shall be in arrears, or if default shall entitled to pursue such rights and remedies as may be made in any of the covenants of agreements herein contained to be kept by Tenant, Landlord mayavailable, at Landlord’s electionlaw or in equity, give Tenant ten (10) days written notice of Landlord’s intent to terminate said Lease; provided howeverincluding, that during said ten (10) day periodwithout limitation, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereof. Upon termination an action for specific performance of this Lease pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, and Landlord may upon such termination or at any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance of the term of this Lease) and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such terminationContract and/or monetary damages. In the event of any litigation or dispute between Xxxxx and Seller concerning the release of the Deposit, Xxxxxx’s sole responsibility may be met, at Xxxxxx’s option, by paying the Deposit into the court in which such terminationlitigation is pending, whether or not by paying the Premises or any part thereof Deposit into the court of proper jurisdiction by an action of interpleader. Xxxxx and Seller agree that, upon Xxxxxx’s payment of the Deposit into the court, neither Buyer nor Seller shall have been reletany further right, Tenant claim, demand or action against Broker regarding the release of the Deposit; and Xxxxx and Seller, jointly and severally, shall pay indemnify and hold Broker harmless from any and all such rights, claims, demands or actions. In the event of such dispute and election by Xxxxxx to Landlord file an action of interpleader as herein provided, Xxxxx and Seller further agree and hereby expressly and irrevocably authorize Broker to deduct from the rent required Deposit all costs incurred by Broker in the filing and maintenance of such action of interpleader including but not limited to filing fees, court costs, service of process fees and attorneys’ fees, provided that the amount deducted shall not exceed the lesser of $500 or the amount of the Deposit held by Broker. All such fees and costs authorized herein to be paid up deducted may be deducted by Tenant up Xxxxxx from the Deposit prior to paying the balance of the Deposit to the time court. Buyer and Seller further agree and expressly declare that all such fees and costs so deducted shall be the exclusive property of such terminationBroker. If the amount deducted by Xxxxxx is less than the total of all of the costs incurred by Xxxxxx in filing and maintaining the interpleader action, then Buyer and Seller jointly, and thereafterseverally, Tenant, until agree to reimburse Broker for all such excess costs upon the end conclusion of what would have been the term of this Lease in the absence of such termination shall be liable to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;interpleader action.

Appears in 1 contract

Samples: Residential Contract of Sale

Default. It is expressly understood In the event of any breach of this lease by Lessee, then Lessor shall retain all advance rentals and agreed that if or security deposits as partial liquidated damages without waiving or otherwise restricting any or all of Lessor's rights herein provided nor shall the rents above, or any same constitute an election on Lessor's part thereof, shall be in arrears, or if default shall be made in any of the covenants remedies available herein or as otherwise provided by law. Besides other rights or remedies Lessor may have, he shall have the immediate right of agreements herein contained to be kept by Tenant, Landlord may, at Landlord’s election, give Tenant ten (10) days written notice of Landlord’s intent to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereof. Upon termination of this Lease pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, and Landlord may upon such termination or at any time after such termination, without further notice, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise re-entry and may dispossess Tenant and remove Tenant and all other persons and property from the Premisespremises: such property may be removed and stored in a public warehouse or elsewhere at the cost of, and for the account of Lessee. At Should Lessor elect to re-enter, as herein provided, or should he take possession pursuant to legal proceedings or pursuant to any notice provided for by law, he may either terminate this lease or he may from time after such terminationto time, Landlord may relet the Premises without terminating this lease, re-let said premises or any part thereof in the name of Landlord or otherwise for such term or terms (which may be greater or lesser than the period which would otherwise have constituted the balance of a term extending beyond the term of this Leaselease) and on at such rental or rentals and upon such other terms and conditions as Lessor in his sole discretion may deem advisable with the right to make alterations and repairs to said premises: upon each such re-letting (which may include concessions or free renta) as LandlordLessee shall be immediately liable to pay Lessor, in Landlord’s discretion addition to any indebtedness other than rent due hereunder, the cost and expenses of such re-letting and of such alterations and repairs, incurred by Lessor, and the amount, if any, by which the rent reserved in this lease for the period of such re-letting; or (b) at the option of Lessor rents received by such Lessor from such re-letting shall br applied: first, to the payment of any indebtedness, other than rent due hereunder from Lessee to Lessor; second, to the payment of any costs and expenses of such re-letting and of such alterations and repair; third, to the payment of rent due and unpaid hereunder and the residue, if any, shall be held by Lessor and applied in payment of future rent as the same may determine become due and may collect and receive the rents thereforpayable hereunder. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect If Lessee has been credited with any rent due upon to be received by such relettingre- letting under option (a) and such rent shall not be promptly paid to Lessor by the new tenant, or if such rentals received from such re-letting under option (b) during any month be less than that to be paid during that month by Lessee hereunder, Lessee shall pay any such deficiency to Lessor. Such deficiency shall be calculated and paid monthly. No such re-entry or taking possession of said premises by Lessor shall be construed as an election on his part to terminate this lease unless a written notice of such intention be given to Lessee or unless the termination thereof be decreed by a court of competent jurisdiction. Notwithstanding any such re-letting without termination, Lessor may at any time thereafter elect to terminate this Lease shall relieve Tenant lease for such previous breach. Should Lessor at any time terminate this lease for any breach, in addition to any other remedy he may have, he may recover from Lessee all damages he may incur by reason of Tenant’s liability and obligations under this Leasesuch breach, including the cost of recovering the premises, and such liability and obligations shall survive any such termination. In including the event of any such termination, whether or not the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the rent required to be paid up by Tenant up to worth at the time of such terminationtermination of the excess, if any, of the amount of rent and thereafter, Tenant, until charges equivalent to rent reserved in this lease for the end remainder of what would have been the stated term over the then reasonable rental value of this Lease in the absence premises for the remainder of such termination the stated term; all of which amounts shall be liable immediately due and payable from Lessee to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;Lessor.

Appears in 1 contract

Samples: Atlantic Syndication Network Inc

Default. It is expressly understood We may, by written notice to You, declare You in default on the occurrence of any of the following (each, a “Default”): (a) failure by You to make payments or perform any of Your obligations under this Agreement when and agreed as required hereunder; (b) institution by or against You of any proceedings in bankruptcy or insolvency, or reorganization under any law, or the appointment of a receiver or trustee for Your goods and chattels or any assignment by You for the benefit of creditors; (c) expiration or cancellation of any insurance policy to be paid for by You as provided for under the terms of this Agreement; (d) involuntary transfer of Your interest in this Agreement by operation of law; or (e) destruction or removal of the Props from the state in which the Props were leased, unless You had specific written permission from Us to transport the Props to a specific state. After Your default, and upon notice from Us that You are in default, We will have the following options: (i) to terminate the Agreement and Your rights under the Agreement; (ii) to declare the balance of all unpaid rent or fees and all other charges of any kind required of You under the Agreement to be payable immediately, in which event We will be entitled to the balance due together with interest at the rate of ten percent (10%) per annum, from the date of notification of default to the date of payment; or (iii) to repossess the Props without legal process free of all of Your rights to the Props. You authorize Us or Our agents to enter on any premises where the Props are located and repossess and remove same. You specifically waive any right of action You might otherwise have arising out of the entry and repossession, and release Us of any claim for trespass or damage caused by reason of the entry, repossession, or removal and removal of any discounts provided to You by Us. After Default, You will reimburse Us for all reasonable expenses of repossession and enforcement of Our rights and remedies, together with interest at the rate of ten percent (10%) per annum from the date of Default. Notwithstanding any other provisions of this Agreement, if the rents above, We place all or any part thereofof Our claims against You in the hands of an attorney for collection, the prevailing party will pay, in addition to other sums that may be awarded, the non-prevailing party’s reasonable attorneys’ fees and costs. You further agree that the continuation of our performance hereunder after a Default shall be in arrears, not constitute a waiver or if default shall be made in operate as any form of the covenants estoppel with respect to Our later assertion of agreements herein contained Our right to be kept by Tenant, Landlord may, at Landlord’s election, give Tenant ten (10) days written notice of Landlord’s intent to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice and avoid forfeiture thereof. Upon termination of this Lease pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, and Landlord may upon cease such termination or performance at any time after so long as such terminationDefault has not been cured. Our remedies will be cumulative to the extent permitted by law, without further noticeand may be exercised partially, rent the Premises. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectmentconcurrently, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from separately. The exercise of one remedy will not be deemed to preclude the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the balance of the term of this Lease) and on such conditions (which may include concessions or free rent) as Landlord, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord shall in no way be responsible for or liable for any failure to relet the Premises or any part thereof or for any failure to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, and such liability and obligations shall survive any such termination. In the event exercise of any such termination, whether or not the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the rent required to be paid up by Tenant up to the time of such termination, and thereafter, Tenant, until the end of what would have been the term of this Lease in the absence of such termination shall be liable to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;other remedy.

Appears in 1 contract

Samples: issprops.com

Default. It IF AN EVENT OF DEFAULT SHALL OCCUR, AT THE ELECTION OF THE LENDER, ALL OBLIGATIONS SHALL BECOME IMMEDIATELY DUE AND PAYABLE WITHOUT NOTICE OR DEMAND. The Lender is expressly understood hereby authorized, at its election, after an Event of Default, without any further demand or notice except to such extent as notice may be required by applicable law, to take possession and/or sell or otherwise dispose of all or any of the Collateral at public or private sale; and agreed the Lender may also exercise any and all other rights and remedies of a secured party under the Code or which are otherwise accorded to it by applicable law, all as the Lender may determine. If notice of a sale or other action by the Lender is required by applicable law, unless the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market, each Obligor agrees that if the rents abovefive (5) days' written notice to such Obligor, or any part thereofthe shortest period of written notice permitted by such law, whichever is larger, shall be in arrearssufficient notice; and that to the extent permitted by law, or the Lender, its officers, attorneys and agents may bid and become purchasers at any such sale, if default shall be made in public, and may purchase at any private sale any of the covenants Collateral that is of agreements herein contained to a type customarily sold on a recognized market or which is the subject of widely distributed standard price quotations. Any sale (public or private) shall be kept by Tenantfree from any right of redemption, Landlord may, at Landlord’s election, give Tenant ten (10) days written notice of Landlord’s intent to terminate said Lease; provided however, that during said ten (10) day period, Tenant may correct defaults as set forth in said notice which each Obligor hereby waives and avoid forfeiture thereofreleases. Upon termination of this Lease pursuant to the preceding paragraph, Tenant shall peacefully surrender the premises to Landlord, and Landlord may upon such termination or No purchaser at any time after such termination, without further notice, rent sale (public or private) shall be responsible for the Premisesapplication of the purchase money. If Tenant fails to peacefully surrender the Premises, the Landlord may repossess it by force, summary proceedings, ejectment, or otherwise and may dispossess Tenant and remove Tenant and all other persons and property from the Premises. At any time after such termination, Landlord may relet the Premises or any part thereof in the name of Landlord or otherwise for such term (which may be greater or lesser than the period which would otherwise have constituted the Any balance of the term net proceeds of this Lease) sale remaining after paying all Obligations of the Obligors to the Lender shall be returned to the Obligors or to such other party as may be legally entitled thereto; and on such conditions (which may include concessions or free rent) as Landlordif there is a deficiency, in Landlord’s discretion may determine and may collect and receive the rents therefor. Landlord Obligors shall in no way be responsible for or liable for any failure the same, with interest, to relet the Premises or any part thereof or for any failure extent permitted by applicable law. Upon demand by the Lender, each Obligor shall assemble the Collateral and make it available to collect any rent due upon such reletting. No such termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease, the Lender at a place designated by the Lender which is reasonably convenient to the Lender and such liability Obligor. Each Obligor hereby acknowledges that the Lender has extended credit and obligations shall survive any such termination. In the event of any such termination, whether or not the Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the rent required to be paid up by Tenant up other financial accommodations to the time Obligors upon reliance of such termination, Obligor's granting the Lender the rights and thereafter, Tenant, until remedies contained in this Agreement including without limitation the end right to take immediate possession of what would have been the term Collateral upon the occurrence of this Lease in an Event of Default and each Obligor hereby acknowledges that the Lender is entitled to equitable and injunctive relief to enforce any of its rights and remedies hereunder or under the Code and each Obligor hereby waives any defense to such equitable or injunctive relief based upon any allegation of the absence of such termination shall be liable irreparable harm to Landlord for, and shall pay to Landlord as and for liquidated and agreed damages for Tenant’s default;the Lender.

Appears in 1 contract

Samples: Revolving Loan and Security Agreement (Seracare Inc)

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