Common use of Deficiency Clause in Contracts

Deficiency. In any case where Lessor has recovered possession of the Premises by reason of Lessee's default, Lessor may, at Lessor's option, occupy the Premises or cause the Premises to be redecorated, altered, divided, consolidated with other adjoining premises or otherwise changed or prepared for reletting, and may relet the Premises or any part thereof, as agent of Lessee or otherwise, for a term or terms to expire prior to, at the same time as or subsequent to, the original Expiration Date of this Lease, at Lessor's option and receive the rent therefor. Rent so received shall be applied first to the payment of such expenses as Lessor may have incurred in connection with the recovery of possession, redecorating, altering, dividing, consolidating with other adjoining premises, or otherwise changing or preparing for reletting, and the reletting, including brokerage and reasonable attorney's fees, and then to the payment of damages in amounts equal to the Fixed Basic Rent and Additional Rent hereunder and to the costs and expenses of performance of the other covenants of Lessee as herein provided. Lessee agrees, in any such case, whether or not Lessor has relet, to pay to Lessor damages equal to the Fixed Basic Rent and Additional Rent from the date of such default to the date of expiration of the term demised and other sums herein agreed to be paid by Lessee, less the net proceeds of the reletting, if any, received by Lessor during the remainder of the unexpired term hereof, as ascertained from time to time, and the same shall be payable by Lessee on the several rent days above specified. Lessee shall not be entitled to any surplus accruing as a result of any such reletting. In reletting the Premises as aforesaid, Lessor may grant rent concessions, and Lessee shall not be credited therewith. No such reletting shall constitute a surrender and acceptance or be deemed evidence thereof. If Lessor elects, pursuant hereto, actually to occupy and use the Premises or any part thereof during any part of the balance of the Term as originally fixed or since extended, there shall be allowed against Lessee's obligation for rent or damages as herein defined, during the period of Lessor's occupancy, the reasonable value of such occupancy, not to exceed, in any event, the Fixed Basic Rent and Additional Rent herein reserved and such occupancy shall not be construed as a release of Lessee's liability hereunder.

Appears in 7 contracts

Samples: Agreement (Purchasesoft Inc), Assignment and Assumption of Lease (Medicines Co/ Ma), Lease (Synova Healthcare Group Inc)

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Deficiency. In any case where Lessor Tenant has defaulted and Landlord has recovered possession of the Premises or terminated this Lease or Tenant’s right to possession, Tenant’s obligation to pay Landlord all the Fixed Basic Rent and Additional Rent up to and including the Expiration Date will not be discharged or otherwise affected. Landlord will have all rights and remedies available to Landlord at law and in equity by reason of Tenant’s default, and may periodically xxx to collect the accrued obligations of the Tenant together with interest at Prime plus four percent per annum from the date owed to the date paid, but in no event greater than the maximum rate of interest permitted by law. Alternatively, in any case where Landlord has recovered possession of the Premises by reason of Lessee's Tenant’s default, Lessor may, Landlord may at Lessor's Landlord’s option, occupy the Premises and at any time thereafter, and without notice or cause the Premises other action by Landlord, and without prejudice to any other rights or remedies it might have hereunder or at law or equity, become entitled to recover from Tenant, as damages for such breach, in addition to such other sums herein agreed to be redecoratedpaid by Tenant, altered, divided, consolidated with other adjoining premises or otherwise changed or prepared for reletting, and may relet the Premises or any part thereof, as agent of Lessee or otherwise, for a term or terms to expire prior to, at the same time as or subsequent to, the original Expiration Date of this Lease, at Lessor's option and receive the rent therefor. Rent so received shall be applied first to the payment date of such expenses as Lessor may have incurred in connection with the recovery of possessionre-entry, redecoratingexpiration and/or dispossess, altering, dividing, consolidating with other adjoining premises, or otherwise changing or preparing for reletting, and the reletting, including brokerage and reasonable attorney's fees, and then an amount equal to the payment of damages in amounts equal to difference between the Fixed Basic Rent and Additional Rent hereunder and to the costs and expenses of performance of the other covenants of Lessee as herein provided. Lessee agrees, reserved in any such case, whether or not Lessor has relet, to pay to Lessor damages equal to the Fixed Basic Rent and Additional Rent this Lease from the date of such default to the date of expiration Expiration Date of the term demised original Term and other sums herein agreed to be paid by Lessee, less the net proceeds then fair and reasonable rental value of the reletting, if any, received by Lessor during Premises for the remainder same period. Said damages shall become due and payable to Landlord immediately upon such breach of the unexpired term hereof, as ascertained from time this Lease and without regard to timewhether this Lease be terminated or not, and if this Lease be terminated, without regard to the same shall be payable by Lessee on the several rent days above specified. Lessee shall not be entitled to any surplus accruing as a result of any such relettingmanner in which it is terminated. In reletting the Premises as aforesaid, Lessor may grant rent concessions, and Lessee shall not be credited therewith. No computation of such reletting shall constitute a surrender and acceptance or be deemed evidence thereof. If Lessor elects, pursuant hereto, actually to occupy and use the Premises or any part thereof during any part of the balance of the Term as originally fixed or since extended, there shall be allowed against Lessee's obligation for rent or damages as herein defined, during the period of Lessor's occupancydamages, the reasonable value difference between an installment of such occupancy, not to exceed, in any event, the Fixed Basic Rent and Additional Rent herein reserved thereafter becoming due and the fair and reasonable rental value of the Premises for the period for which such occupancy installment was payable shall be discounted to the date of such default at the rate of not be construed as a release of Lessee's liability hereundermore than six percent (6%) per annum.

Appears in 4 contracts

Samples: Lease (Geron Corp), Lease (Inovio Biomedical Corp), Lease (Arno Therapeutics, Inc)

Deficiency. In the event the Mortgaged Property is sold at any case where Lessor has recovered possession of the Premises by reason of Lessee's default, Lessor may, at Lessor's option, occupy the Premises or cause the Premises to be redecorated, altered, divided, consolidated with other adjoining premises or otherwise changed or prepared for reletting, and may relet the Premises or any part thereof, as agent of Lessee or otherwise, for a term or terms to expire prior to, at the same time as or subsequent to, the original Expiration Date of this Lease, at Lessor's option and receive the rent therefor. Rent so received shall be applied first to the payment of such expenses as Lessor may have incurred in connection with the recovery of possession, redecorating, altering, dividing, consolidating with other adjoining premises, or otherwise changing or preparing for relettingforeclosure sale hereunder, and the relettingproceeds thereof are not sufficient to satisfy all of the indebtedness secured hereby, including brokerage and reasonable attorney's feesthen the holder of the indebtedness secured hereby may bring an action seeking recovery of such deficiency. In such event, and then Grantor may have the right, pursuant to the payment of damages in amounts equal Texas Property Code, to the Fixed Basic Rent and Additional Rent hereunder and to the costs and expenses of performance request that a determination of the other covenants fair market value of Lessee the Mortgaged Property as herein provided. Lessee agrees, in any such case, whether or not Lessor has relet, to pay to Lessor damages equal to the Fixed Basic Rent and Additional Rent from of the date of the foreclosure sale be made. Grantor and Beneficiary hereby agree that the following procedures shall be utilized in such default an event, to the extent the same are not prohibited by the applicable provisions of the Texas Property Code. In the event Grantor requests that the fair market value of the Mortgaged Property as of the date of expiration the foreclosure sale be ascertained for purposes of determining the amount of any deficiency due after the sale of the term demised Mortgaged Property, the fair market value of the Mortgaged Property as of the date of the foreclosure sale will be determined by an appraiser selected by Beneficiary, unless objection to such appraiser is made by Grantor within three (3) business days after receiving notice of the selection of such appraiser by Beneficiary. In the event Grantor objects to the identity of the appraiser selected by Beneficiary, Grantor shall designate in writing, within three (3) business days after its objection, an appraiser which it finds satisfactory. The fair market value of the Mortgaged Property for purposes of the deficiency action shall be the amount determined by the agreement of such two appraisers. If such two appraisers are unable to agree on the fair market value of the Mortgaged Property, the two appraisers shall, within three (3) business days after failing to agree on such fair market value, agree upon a third appraiser who shall conduct an appraisal of the Mortgaged Property as of the date of the foreclosure sale, which appraisal shall be conclusive and other sums herein agreed binding upon Grantor and Beneficiary as to the fair market value of the Mortgaged Property as of the date of the foreclosure sale. All costs of the appraiser selected by the Beneficiary shall be paid by LesseeBeneficiary, less the net proceeds all costs of the reletting, if any, received appraiser selected by Lessor during the remainder Grantor shall be paid by Grantor and all costs of the unexpired term hereof, as ascertained from time to time, and appraiser selected by the same other two appraisers shall be payable by Lessee on the several rent days above specified. Lessee shall not be entitled to any surplus accruing as a result of any such reletting. In reletting the Premises as aforesaid, Lessor may grant rent concessions, split evenly between Grantor and Lessee shall not be credited therewith. No such reletting shall constitute a surrender and acceptance or be deemed evidence thereof. If Lessor elects, pursuant hereto, actually to occupy and use the Premises or any part thereof during any part of the balance of the Term as originally fixed or since extended, there shall be allowed against Lessee's obligation for rent or damages as herein defined, during the period of Lessor's occupancy, the reasonable value of such occupancy, not to exceed, in any event, the Fixed Basic Rent and Additional Rent herein reserved and such occupancy shall not be construed as a release of Lessee's liability hereunderBeneficiary.

Appears in 3 contracts

Samples: Spansion Inc., Advanced Micro Devices Inc, Spansion Inc.

Deficiency. In any case where Lessor lessor has recovered possession of the Premises premises by reason of Lesseelessee's default, Lessor lessor may, at Lessorlessor's option, occupy the Premises premises or cause the Premises premises to be redecorated, altered, divided, consolidated with other adjoining premises premises, or otherwise changed or prepared for reletting, and may relet the Premises premises or any part thereof, of the premises as agent of Lessee lessee or otherwise, for a term or terms to expire prior to, at the same time as as, or subsequent to, the original Expiration Date expiration date of this Leaselease, at Lessorlessor's option optionor and receive the rent therefor. Rent so received shall be applied first to the payment of such expenses as Lessor lessor may have incurred insured in connection with the recovery of possession, possession redecorating, altering, dividing, consolidating with other adjoining premises, or otherwise other-wise changing or preparing for reletting, and the reletting, including brokerage and reasonable attorney's attorneys' fees, and then to the payment of damages in amounts equal to the Fixed Basic Rent and Additional Rent hereunder rent under this agreement and to the costs cost and expenses of performance of the other covenants of Lessee lessee as herein provided. Lessee agrees, in any such case, whether or not Lessor lessor has relet, to pay to Lessor lessor damages equal to the Fixed Basic Rent and Additional Rent from the date of such default to the date of expiration of the term demised rent and other sums herein agreed to be paid by Lesseelessee, less the net proceeds of the reletting, if any, received by Lessor during the remainder of the unexpired term hereof, as ascertained from time to time, and the same damages shall be payable by Lessee lessee on the several rent days above specified. Lessee shall not be entitled to any surplus accruing as a result of any such reletting. In reletting the Premises as aforesaidpremises, Lessor lessor may grant rent concessions, and Lessee lessee shall not be credited therewithwith such concessions. No such reletting shall constitute a surrender and acceptance or be deemed evidence thereofof a surrender and acceptance. If Lessor lessor elects, pursuant heretoto this agreement, actually to occupy and use the Premises premises or any part thereof of the premises during any part of the balance of the Term term as originally fixed or since extended, there shall be allowed against Lesseelessee's obligation for rent or damages as herein defined, during the period of Lessorlessor's occupancy, the reasonable value of such occupancy, not to exceed, exceed in any event, event the Fixed Basic Rent and Additional Rent rent herein reserved and such occupancy shall not be construed as a release relief of Lesseelessee's liability hereunderunder this agreement. Lessee hereby waives all right of redemption to which lessee or any person claiming under lessee might be entitled by any law now or hereafter in force. Lessor's remedies under this agreement are in addition to any remedy allowed by law. Lessor shall be entitled to recover reasonable attorney's fees and costs in the enforcement of any provision of this Lease against lessee.

Appears in 2 contracts

Samples: Parties (McHenry Metals Golf Corp /Ca), Lease (Mobile Design Concepts)

Deficiency. In any case where Lessor Landlord has recovered possession of the Premises by reason of LesseeTenant's default, Lessor Landlord may, at LessorLandlord's option, occupy the Premises or cause the Premises to be redecorated, altered, divided, consolidated with other adjoining premises premises, or otherwise changed or prepared for reletting, and may relet relet, the Premises or any part thereof, thereof as agent of Lessee tenant or otherwise, for a term or terms to expire prior to, at the same time as as, or subsequent to, the original Expiration Date expiration date of this Lease, at LessorLandlord's option option, and receive the rent therefor. Rent so received shall be applied first to the payment of such expenses as Lessor Landlord may have incurred in connection with the recovery of possession, redecorating, altering, dividing, consolidating with other adjoining premises, or otherwise changing or preparing for reletting, and the reletting, including brokerage and reasonable attorney's fees, and then to the payment of damages in amounts equal to the Fixed Basic Rent and Additional Rent rent hereunder and to the costs and expenses of performance of the other covenants of Lessee Tenant as herein provided. Lessee Tenant agrees, in any such case, whether or not Lessor Landlord has relet, to pay to Lessor the Landlord damages equal to the Fixed Basic Rent base and Additional Rent from the date of such default to the date of expiration of the term demised additional rent and other sums herein agreed to be paid by LesseeTenant, less the net proceeds of the reletting, if any, received by Lessor during the remainder of the unexpired term hereof, as ascertained from time to time, and the same shall be payable by Lessee Tenant on the several rent days above specified. Lessee Tenant shall not be entitled to any surplus accruing as a result of any such reletting. In reletting the Premises as aforesaid, Lessor Landlord may grant rent concessions, and Lessee Tenant shall not be credited therewith. No such reletting shall constitute a surrender and acceptance or be deemed evidence thereof. If Lessor Landlord elects, pursuant hereto, actually to occupy and use the Premises or any part thereof during any part of the balance of the Term term as originally fixed or since extended, there shall be allowed against LesseeTenant's obligation for rent or damages as herein defined, during the period of LessorLandlord's occupancy, the reasonable value of such occupancy, not to exceed, exceed in any event, event the Fixed Basic Rent basic and Additional Rent additional rent herein reserved and such occupancy shall not be construed as a release of LesseeTenant's liability hereunder.

Appears in 2 contracts

Samples: Lease Agreement (Access Integrated Technologies Inc), 20 Lease Agreement (Mail Com Inc)

Deficiency. In any case where Lessor has recovered possession of the Premises by reason of Lessee's ’s default, Lessor may, at Lessor's ’s option, occupy the Premises or cause the Premises to be redecorated, altered, divided, consolidated with other adjoining premises premises, or otherwise changed or prepared for reletting, and may relet the Premises or any part thereof, thereof as agent of Lessee or otherwise, for a term or terms to expire prior to, at the same time as as, or subsequent to, the original Expiration Date expiration date of this Lease, at Lessor's option ’s option, and receive the rent Term Fixed Basic Rent and Additional Rent therefor. Term Fixed Basic Rent or Additional Rent so received shall be applied first to the payment of such expenses as Lessor may have incurred in connection with the recovery of possession, redecorating, altering, dividing, consolidating with other adjoining premises, or otherwise changing or preparing for reletting, and the reletting, including brokerage and reasonable attorney's ’s fees, and then to the payment of damages in amounts equal to the Term Fixed Basic Rent and Additional Rent hereunder and to the costs and expenses of performance of the other covenants of Lessee as herein provided. Lessee agrees, in any such case, whether or not Lessor has relet, to pay to Lessor damages equal to the Term Fixed Basic Rent and Additional Rent from the date of such default to the date of expiration of the term demised and other sums herein agreed to be paid by Lessee, as and when due, less the net proceeds of the reletting, if any, received by Lessor during the remainder of the unexpired term hereof, as ascertained from time to time, as of the due date, and the same shall be payable by Lessee on the several rent days above specified. Lessee shall not be entitled to any surplus accruing as a result of any such reletting, nor shall any surplus be applied to offset the damages referred to in the preceding sentence. In reletting the Premises as aforesaid, Lessor may grant rent concessions, and Lessee shall not be credited therewith. No such reletting shall constitute a surrender and acceptance or be deemed evidence thereof. If Lessor elects, pursuant hereto, actually to occupy and use the Premises or any part thereof during any part of the balance of the Term as originally fixed or since extended, there shall be allowed against Lessee's ’s obligation for rent Term Fixed Basic Rent and Additional Rent or damages as herein defined, during the period of Lessor's ’s occupancy, the reasonable value of such occupancy, not to exceed, exceed in any event, event the Term Fixed Basic Rent and Additional Rent herein reserved and such occupancy shall not be construed as a release of Lessee's ’s liability hereunder. Alternatively, in any case where Lessor has recovered possession of the Premises by reason of Lessee’s default, Lessor may at Lessor’s option, and at any time thereafter, and without notice or other action by Lessor, and without prejudice to any other rights or remedies it might have hereunder or at law or equity, become entitled to recover from Lessee, as damages for such breach, in addition to such other sums herein agreed to be paid by Lessee, to the date of re-entry, expiration and/or dispossess, an amount equal to the difference between the Term Fixed Basic Rent and the Additional Rent reserved in this Lease from the date of such default to the date of expiration of the original Term demised and the then fair and reasonable rental value (inclusive of Additional Rent and Term Fixed Basic Rent) of the Premises for the same period. Said damages shall become due and payable to Lessor immediately upon such breach of this Lease and without regard to whether this Lease be terminated or not, and if this Lease is terminated, without regard to the manner in which it is terminated. In the computation of such damages, the difference between any installments of rent (Fixed Basic and Additional) thereafter becoming due, and fair and reasonable rental value of the Premises (inclusive of the same rent components) for the period for which such installment was payable shall be discounted to the date of such default at the rate of not more than four (4%) percent per annum. Lessee hereby waives all right of redemption to which Lessee or any person under Lessee might be entitled by any law now or hereafter in force. In addition, in the event of a default which results in the Lessor recovering possession of the Premises, Lessor shall be under no duty to mitigate Lessor’s damages as provided for in this Section 15. Lessor’s remedies hereunder are in addition to any remedy allowed by law. Lessee agrees to pay, as Additional Rent, all attorney’s fees and other expenses incurred by the Lessor in enforcing any of the obligations under this Lease, this covenant to survive the expiration or sooner termination of this Lease.

Appears in 2 contracts

Samples: Lease Agreement (Wave2Wave Communications, Inc.), Lease Agreement (Wave2Wave Communications, Inc.)

Deficiency. In any case where Lessor has recovered possession of the Premises by reason of Lessee's default, Lessor may, at Lessor's option, occupy the Premises or cause the Premises to be redecorated, altered, divided, consolidated with other adjoining premises premises, or otherwise changed or prepared for reletting, and may relet the Premises or any part thereof, thereof as agent of Lessee or otherwise, for a term or terms to expire prior to, at the same time as as, or subsequent to, the original Expiration Date expiration date of this Lease, at Lessor's option option, and receive the rent Term Fixed Basic Rent and Additional Rent therefor. Term Fixed Basic Rent or Additional Rent so received shall be applied first to the payment of such expenses as Lessor may have incurred in connection with the recovery of possession, redecorating, altering, dividing, consolidating with other adjoining premises, or otherwise changing or preparing for reletting, and the reletting, including brokerage and reasonable attorney's fees, and then to the payment of damages in amounts equal to the Term Fixed Basic Rent and Additional Rent hereunder and to the costs and expenses of performance of the other covenants of Lessee as herein provided. Lessee agrees, in any such case, whether or not Lessor has relet, to pay to Lessor damages equal to the Term Fixed Basic Rent and Additional Rent from the date of such default to the date of expiration of the term demised and other sums herein agreed to be paid by Lessee, as and when due, less the net proceeds of the reletting, if any, received by Lessor during the remainder of the unexpired term hereof, as ascertained from time to time, as of the due date, and the same shall be payable by Lessee on the several rent days above specified. Lessee shall not be entitled to any surplus accruing as a result of any such reletting, nor shall any surplus be applied to offset the damages referred to in the preceding sentence. In reletting the Premises as aforesaid, Lessor may grant rent concessions, and Lessee shall not be credited therewith. No such reletting shall constitute a surrender and acceptance or be deemed evidence thereof. If Lessor elects, pursuant hereto, actually to occupy and use the Premises or any part thereof during any part of the balance of the Term as originally fixed or since extended, there shall be allowed against Lessee's obligation for rent Term Fixed Basic Rent and Additional Rent or damages as herein defined, during the period of Lessor's occupancy, the reasonable value of such occupancy, occupancy not to exceed, exceed in any event, event the Term Fixed Basic Rent and Additional Rent herein reserved and such occupancy shall not be construed as a release of Lessee's liability hereunder. Alternatively, in any case where Lessor has recovered possession of the Premises by reason of Lessee's default, Lessor may at Lessor's option, and at any time thereafter, and without notice or other action by Lessor, and without prejudice to any other rights or remedies it might have hereunder or at law or equity, become entitled to recover from Lessee, as damages for such breach, in addition to such other sums herein agreed to be paid by Lessee, to the date of re-entry, expiration and/or dispossess, an amount equal to the difference between the Term Fixed Basic Rent and the Additional Rent reserved in this Lease from the date of such default to the date of expiration of the original Term demised and the then fair and reasonable rental value (inclusive of Additional Rent and Term Fixed Basic Rent) of the Premises for the same period. Said damages shall become due and payable to Lessor immediately upon such breach of this Lease and without regard to whether this Lease be terminated or not, and if this Lease is terminated, without regard to the manner in which it is terminated. In the computation of such damages, the difference between any installments of rent (Fixed Basic and Additional) thereafter becoming due, and fair and reasonable rental value of the Premises (inclusive of the same rent components) for the period for which such installment was payable shall be discounted to the date of such default at the rate of not more than four (4%) percent per annum. Lessee hereby waives all right of redemption to which Lessee or any person under Lessee might be entitled by any law now or hereafter in force. In addition, in the event of a default which results in the Lessor recovering possession of the Premises, Lessor shall be under no duty to mitigate Lessor's damages as provided for in this Section 15. Lessor's remedies hereunder are in addition to any remedy allowed by law. Lessee agrees to pay, as Additional Rent, all attorney's fees and other expenses incurred by the Lessor in enforcing any of the obligations under this Lease, this covenant to survive the expiration or sooner termination of this Lease.

Appears in 2 contracts

Samples: Lease Agreement (Goamerica Inc), Lease Agreement (Goamerica Inc)

Deficiency. In The Lender shall not be obligated to make any case where Lessor has recovered possession release of Building Loan proceeds from the Borrower Disbursement Account to the Borrower if, in the sole opinion of the Premises by reason Lender or the Construction Consultant, or both, the balance of Lessee's default, Lessor may, at Lessor's option, occupy the Premises or cause the Premises Building Loan yet to be redecorated, altered, divided, consolidated with other adjoining premises or otherwise changed or prepared for reletting, and may relet released from the Premises or Borrower Disbursement Account by the Lender pursuant to this Agreement plus the Initial Equity Requirement yet to be invested is at any part thereoftime less (the amount by which it is less being hereinafter referred to as the “Deficiency”) than the actual sum, as agent estimated by the Lender and the Construction Consultant, which will be required to complete the construction of Lessee or otherwisethe Improvements in accordance with the Plans and Specifications and this Agreement and to pay all Direct Construction Costs, for a term or terms to expire prior to, at the same time as or subsequent to, the original Expiration Date Other Costs of this Lease, at Lessor's option Improvement and receive the rent therefor. Rent so received shall all other costs and expenses of any nature whatsoever which will be applied first to the payment of such expenses as Lessor may have incurred in connection with the recovery completion of possessionconstruction of the Improvements. Notwithstanding that the Initial Equity Requirement might not be required to be invested ahead of the release of the Building Loan Proceeds in order to meet NMTC Program Requirements, redecoratingthe Borrower shall, alteringwithin fifteen (15) days after being notified by the Lender that there is or will be a Deficiency or even if there is no Deficiency, dividingif an Event of Default has occurred, consolidating (i) deliver to the Lender evidence, reasonably satisfactory to the Lender if no Event of Default has occurred hereunder or under the Building Loan Mortgage or, if an Event of Default has occurred, in the Lender’s sole and absolute discretion, confirming that the Borrower has sufficient available cash or reserves to make cover any such Deficiency and to pay the costs thereof when required to complete the Improvements or (ii) deposit into the Borrower Disbursement Account an amount sufficient to eliminate the Deficiency or in the case of an Event of Default, the Initial Equity Requirement. Any amounts deposited by the Borrower into the Borrower Disbursement Account pursuant to clause (ii) of the preceding sentence of this paragraph to cover a Deficiency shall be released from the Borrower Disbursement Account by the Lender to the Borrower and shall be applied by the Borrower to cover the payment of Direct Construction Costs and Other Costs of Improvement incurred in connection with other adjoining premises, or otherwise changing or preparing for relettingthe construction of the Improvements, and until so released shall be held by the relettingBorrower Disbursement Account. If an Event of Default (as hereinafter defined) shall occur and be continuing, including brokerage the Lender, in addition to all other rights which it may have, shall have the absolute and reasonable attorney's feesunconditional right in its discretion to apply the undisbursed balance of any Deficiency deposit, and then together with interest earned thereon, in whole or in part to the payment of damages the Debt in amounts equal to such order, priority and proportion as the Fixed Basic Rent Lender in its sole and Additional Rent hereunder and to the costs and expenses of performance of the other covenants of Lessee as herein provided. Lessee agrees, in any such case, whether or not Lessor has relet, to pay to Lessor damages equal to the Fixed Basic Rent and Additional Rent from the date of such default to the date of expiration of the term demised and other sums herein agreed absolute discretion deems to be paid by Lessee, less the net proceeds of the reletting, if any, received by Lessor during the remainder of the unexpired term hereof, as ascertained from time to time, and the same shall be payable by Lessee on the several rent days above specified. Lessee shall not be entitled to any surplus accruing as a result of any such reletting. In reletting the Premises as aforesaid, Lessor may grant rent concessions, and Lessee shall not be credited therewith. No such reletting shall constitute a surrender and acceptance or be deemed evidence thereof. If Lessor elects, pursuant hereto, actually to occupy and use the Premises or any part thereof during any part of the balance of the Term as originally fixed or since extended, there shall be allowed against Lessee's obligation for rent or damages as herein defined, during the period of Lessor's occupancy, the reasonable value of such occupancy, not to exceed, in any event, the Fixed Basic Rent and Additional Rent herein reserved and such occupancy shall not be construed as a release of Lessee's liability hereunderappropriate.

Appears in 2 contracts

Samples: Building Loan Agreement (Chefs' Warehouse, Inc.), Building Loan Agreement (Chefs' Warehouse, Inc.)

Deficiency. (a) In any case where Lessor the Landlord has recovered (or has a right pursuant to the terms of this Lease to recover) possession of the Premises by reason of Lessee's the Tenant’s default, Lessor the Landlord may, at Lessor's optionthe Landlord’s option but without any obligation to do so, occupy the Premises or cause the Premises to be redecorated, altered, divided, consolidated with other adjoining premises Premises, or otherwise changed change or prepared prepare for reletting, and may relet the Premises or any part thereof, thereof as agent of Lessee the Tenant or otherwise, for a term or terms to expire prior to, at the same time as as, or subsequent to, the original Expiration Date expiration date of the Term of this Lease, at Lessor's option the Landlord’s option, and receive the rent therefortherefore. Rent so received shall be applied first to the payment of such reasonable expenses as Lessor Landlord may have incurred in connection with the recovery of possession, redecorating, altering, dividing, consolidating with other adjoining premisesPremises, or otherwise changing or preparing for reletting, and the reletting, including brokerage and reasonable attorney's attorneys’ fees, and then to the payment of damages in amounts equal to the Fixed Basic Rent and Additional Rent rent hereunder and to the costs and expenses of performance of the other covenants of Lessee the Tenant as herein provided. Lessee The Tenant agrees, in any such case, whether or not Lessor the Landlord has relet, to pay to Lessor the Landlord damages equal to the Fixed Basic Rent Net and Additional Rent from the date of such default to the date of expiration of the term demised and other sums herein agreed to be paid by Lesseethe Tenant, less the net proceeds of the reletting, if any, received by Lessor during the remainder of the unexpired term hereof, as ascertained from time to time, ; and the same shall be payable by Lessee on the several rent days above specifiedTenant at the time and in the manner specified above. Lessee The Tenant shall not be entitled to any surplus accruing as a result of any such reletting. In reletting the Premises as aforesaid, Lessor the Landlord may grant reasonable rent concessions, and Lessee the Tenant shall not be credited therewith. No such reletting shall constitute a surrender and acceptance or be deemed evidence thereof. If Lessor elects, pursuant hereto, actually to occupy and use the Premises or any part thereof during any part of the balance of the Term as originally fixed or since extended, there shall be allowed against Lessee's obligation for rent or damages as herein defined, during the period of Lessor's occupancy, the reasonable value of such occupancy, not to exceed, in any event, the Fixed Basic Rent and Additional Rent herein reserved and such occupancy shall not be construed as a release of Lessee's liability hereunder.

Appears in 2 contracts

Samples: Net Lease Agreement (Breeze-Eastern Corp), Net Lease Agreement (Breeze-Eastern Corp)

Deficiency. In any case where Lessor has recovered possession of the Premises premises by reason of Lessee's default, Lessor may, at Lessor's option, occupy the Premises premises or cause the Premises premises to be redecorated, altered, divided, consolidated with other adjoining premises premises, or otherwise changed or prepared for reletting, and may relet the Premises premises or any part thereof, thereof as agent of Lessee or otherwise, for a term or terms to expire prior to, at the same time as as, or subsequent to, the original Expiration Date expiration date of this Lease, at Lessor's option option, and receive the rent therefortherefore. Rent so received shall be applied first to the payment of such expenses as Lessor may have incurred in connection with the recovery of possession, redecorating, altering, dividing, consolidating with other adjoining premises, or otherwise changing or preparing for reletting, and the reletting, including brokerage and reasonable attorney's fees. Thereafter, and then it shall be applied to the payment of damages in amounts equal to the Fixed Basic Rent and Additional Rent hereunder and to the costs cost and expenses of performance of the other covenants of Lessee as herein provided. Lessee agrees, in any such case, whether or not Lessor has relet, to pay to Lessor damages equal to the Fixed Basic Rent and Additional Rent from the date of such default to the date of expiration of the term demised rent and other sums herein agreed to be paid by Lessee, less the net proceeds of the reletting, if any, received by Lessor during the remainder of the unexpired term hereof, as ascertained from time to time-to-time, and the same shall be payable by Lessee on the several rent days above specified. Lessee shall not be entitled to any surplus accruing as a result of any such reletting. In reletting the Premises as aforesaid, Lessor may grant rent concessions, and Lessee shall not be credited therewith. No such reletting shall constitute a surrender and acceptance or be deemed evidence thereof. If Lessor elects, pursuant heretothereto, actually to occupy and use the Premises premises, or any part thereof thereof, during any part of the balance of the Term term as originally fixed or since extended, there shall be allowed against Lessee's obligation for rent or damages as herein defined, during the period of Lessor's occupancy, the reasonable value of such occupancy, not to exceed, exceed in any event, event the Fixed Basic Rent and Additional Rent rent herein reserved and such occupancy shall not be construed as a release relief of Lessee's liability hereunder. Lessee hereby waives all right of redemption to which Lessee or any person claiming under Lessee might be entitled by any law now or hereafter in force. Lessor's remedies hereunder are in addition to any remedy allowed by law.

Appears in 2 contracts

Samples: Lease, Lease

Deficiency. In the event the Mortgaged Property is sold at any case where Lessor has recovered possession of the Premises by reason of Lessee's default, Lessor may, at Lessor's option, occupy the Premises or cause the Premises to be redecorated, altered, divided, consolidated with other adjoining premises or otherwise changed or prepared for reletting, and may relet the Premises or any part thereof, as agent of Lessee or otherwise, for a term or terms to expire prior to, at the same time as or subsequent to, the original Expiration Date of this Lease, at Lessor's option and receive the rent therefor. Rent so received shall be applied first to the payment of such expenses as Lessor may have incurred in connection with the recovery of possession, redecorating, altering, dividing, consolidating with other adjoining premises, or otherwise changing or preparing for relettingforeclosure sale hereunder, and the reletting, including brokerage and reasonable attorney's fees, and then proceeds thereof are not sufficient to the payment of damages in amounts equal to the Fixed Basic Rent and Additional Rent hereunder and to the costs and expenses of performance satisfy all of the other covenants indebtedness secured hereby, then the holder of Lessee the indebtedness secured hereby may bring an action seeking recovery of such deficiency. In such event, Grantor may have the right to request that a determination of the fair market value of the Mortgaged Property as herein provided. Lessee agrees, in any such case, whether or not Lessor has relet, to pay to Lessor damages equal to the Fixed Basic Rent and Additional Rent from of the date of the foreclosure sale be made. Grantor and Beneficiary hereby agree that the following procedures shall be utilized in such default an event, to the extent the same are not prohibited by applicable law. In the event Grantor requests that the fair market value of the Mortgaged Property as of the date of expiration the foreclosure sale be ascertained for purposes of determining the amount of any deficiency due after the sale of the term demised Mortgaged Property, the fair market value of the Mortgaged Property as of the date of the foreclosure sale will be determined by an appraiser selected by Beneficiary, unless objection to such appraiser is made by Grantor within three (3) business days after receiving notice of the selection of such appraiser by Beneficiary. In the event Grantor objects to the identity of the appraiser selected by Beneficiary, Grantor shall designate in writing, within three (3) business days after its objection, an appraiser which it finds satisfactory. The fair market value of the Mortgaged Property for purposes of the deficiency action shall be the amount determined by the agreement of such two appraisers. If such two appraisers are unable to agree on the fair market value of the Mortgaged Property, the two appraisers shall, within three (3) business days after failing to agree on such fair market value, agree upon a third appraiser who shall conduct an appraisal of the Mortgaged Property as of the date of the foreclosure sale, which appraisal shall be conclusive and other sums herein agreed binding upon Grantor and Beneficiary as to the fair market value of the Mortgaged Property as of the date of the foreclosure sale. All costs of the appraiser selected by the Beneficiary shall be paid by LesseeBeneficiary, less the net proceeds all costs of the reletting, if any, received appraiser selected by Lessor during the remainder Grantor shall be paid by Grantor and all costs of the unexpired term hereof, as ascertained from time to time, and appraiser selected by the same other two appraisers shall be payable by Lessee on the several rent days above specified. Lessee shall not be entitled to any surplus accruing as a result of any such reletting. In reletting the Premises as aforesaid, Lessor may grant rent concessions, split evenly between Grantor and Lessee shall not be credited therewith. No such reletting shall constitute a surrender and acceptance or be deemed evidence thereof. If Lessor elects, pursuant hereto, actually to occupy and use the Premises or any part thereof during any part of the balance of the Term as originally fixed or since extended, there shall be allowed against Lessee's obligation for rent or damages as herein defined, during the period of Lessor's occupancy, the reasonable value of such occupancy, not to exceed, in any event, the Fixed Basic Rent and Additional Rent herein reserved and such occupancy shall not be construed as a release of Lessee's liability hereunderBeneficiary.

Appears in 2 contracts

Samples: Revolving Credit Agreement (Spansion Inc.), Credit Agreement (Spansion Inc.)

Deficiency. In any case where Lessor has recovered possession of the Premises by reason of Lessee's ’s default, Lessor may, at Lessor's ’s option, occupy the Premises or cause the Premises to be redecorated, altered, divided, consolidated with other adjoining premises or otherwise changed or prepared for reletting, and may relet the Premises or any part thereof, as agent of Lessee or otherwise, for a term or terms to expire prior to, at the same time as or subsequent to, the original Expiration Date of this Lease, at Lessor's ’s option and receive the rent therefor. Rent so received shall be applied first to the payment of such reasonable expenses as Lessor may have incurred in connection with the recovery of possession, redecorating, altering, dividing, consolidating with other adjoining premises, or otherwise changing or preparing for reletting, and the reletting, including brokerage and reasonable attorney's ’s fees, and then to the payment of damages in amounts equal to the difference between the Fixed Basic Rent and Additional Rent hereunder and all amounts received by Lessor from any new Lessee or occupant and to the costs and expenses of performance of the other covenants of Lessee as herein provided. , Lessee agrees, in any such case, whether or not Lessor has relet, to pay to Lessor damages equal to the Fixed Basic Rent and Additional Rent from the date of such default to the date Expiration Date of expiration of the term demised this Lease and other sums herein agreed to be paid by Lessee, less the net proceeds of the reletting, if any, received by Lessor during the remainder of the unexpired term hereof, as ascertained from time to time, and the same shall be payable by Lessee on the several rent days above specified. Lessee shall not be entitled to any surplus accruing as a result of any such reletting. In reletting the Premises as aforesaid, Lessor may grant commercially reasonable rent concessions, and Lessee shall not be credited therewith. No such reletting shall constitute a surrender and acceptance or be deemed evidence thereof. If Lessor elects, pursuant hereto, actually to occupy and use the Premises or any part thereof during any part of the balance of the Term as originally fixed or since extended, there shall be allowed against Lessee's lessee’s obligation for rent or damages as herein defined, during the period of Lessor's ’s occupancy, the reasonable value of such occupancy, not to exceed, in any event, the Fixed Basic Rent and Additional Rent herein reserved and such occupancy shall not be construed as a release of Lessee's ’s liability hereunder. Alternatively, in any case where Lessor has recovered possession of the Premises by reason of Lessee’s default, Lessor, subject to New Jersey law, may at Lessor’s option, and at any time thereafter and without notice or other action by Lessor, and without prejudice to any other rights or remedies it might have hereunder or at law or equity, become entitled to recover from Lessee, as Damages for such breach, to the date of re-entry, expiration and/or dispossess, an amount equal to the difference between the Fixed Basic Rent and Additional Rent reserved in this Lease from the date of such default to the date of Expiration of the original Term demised and the then fair and reasonable rental value of the Premises for the same period. Said Damages shall become due and payable to Lessor immediately upon such breach of this Lease and without regard to whether this Lease be terminated or not, and if this Lease be terminated, without regard to the manner in which it is terminated. In the computation of such Damages, the difference between an installment of Fixed Basic Rent and Additional Rent thereafter becoming due and fair and reasonable rental value of the Premises for the period for which such installment was payable shall be discounted to the date of such default at the rate of not more than six percent (6%) per annum. Lessee hereby waives all right of redemption to which Lessee or any person under Lessee might be entitled by any law now or hereafter in force. Lessor’s remedies hereunder are in addition to any remedy allowed by law.

Appears in 2 contracts

Samples: Lease Agreement (Fluoropharma Medical, Inc.), Lease Agreement (Nexus Biopharma Inc)

Deficiency. In any case where Lessor Landlord has recovered possession of the Premises by reason of LesseeTenant's default, Lessor Landlord may, at LessorLandlord's option, occupy the Premises or cause the Premises to be redecorated, altered, divided, consolidated with other adjoining premises (if any), or otherwise changed or prepared for relettingre-letting, and may relet re-let the Premises Premises, or any part thereof, as agent of Lessee Tenant or otherwise, for a term or terms to expire prior to, at the same time as as, or subsequent to, the original Expiration Date expiration date of this Lease, at LessorLandlord's option option, and receive the rent Rent therefor. Rent so received shall be applied first to the payment of such expenses as Lessor Landlord may have incurred in connection with the recovery of possession, redecorating, altering, dividing, consolidating with other adjoining premisespremises (if any), or otherwise changing or preparing for relettingre-letting, and the relettingre-letting, including brokerage and reasonable attorney's fees, and then to the payment of damages in amounts equal to the Fixed Basic Rent and Additional Rent hereunder and to the costs and expenses of performance of the other covenants of Lessee Tenant as herein provided. Lessee Tenant agrees, in any such case, whether or not Lessor Landlord has reletre-let, to pay to Lessor Landlord damages equal to the Fixed Basic Rent and Additional Rent from the date of such default to the date of expiration of the term demised and other sums herein agreed to be paid by LesseeTenant, less the net proceeds of the reletting, if any, received by Lessor during the remainder of the unexpired term hereof, as ascertained from time to time, and the same shall be payable by Lessee Tenant on the several rent days above specified. Lessee Tenant shall not be entitled to any surplus accruing as a result of any such relettingre-letting. In reletting re-letting the Premises as aforesaid, Lessor Landlord may grant rent concessions, and Lessee Tenant shall not be credited therewith. No such reletting re-letting shall constitute a surrender and acceptance or be deemed evidence thereof. If Lessor Landlord elects, pursuant hereto, actually to occupy and use the Premises Premises, or any part thereof thereof, during any part of the balance of the Term as originally fixed or since extended, there shall be allowed against LesseeTenant's obligation for rent Rent or damages as herein defined, during the period of LessorLandlord's occupancy, the reasonable value of such occupancy, not to exceed, exceed in any event, event the Fixed Basic Rent and Additional Rent herein reserved and such occupancy shall not be construed as a release of LesseeTenant's liability hereunder.

Appears in 2 contracts

Samples: Lease Agreement (Computer Outsourcing Services Inc), Lease Agreement (Infocrossing Inc)

Deficiency. In any case where Lessor has recovered possession of the Premises by reason of Lessee's default, Lessor may, at Lessor's option, occupy the Premises or cause the Premises to be redecorated, altered, divided, consolidated with other adjoining premises premises, or otherwise changed or prepared for reletting, and may relet the Premises or any part thereof, as agent of Lessee or otherwise, for a term or terms to expire prior to, at the same time as as, or subsequent to, the original Expiration Date expiration date of this Lease, at Lessor's option option, and receive the rent therefor. Rent so received shall be applied first to the payment of such reasonable expenses as Lessor may have incurred in connection with the recovery of possession, redecorating, altering, dividing, consolidating with other adjoining premises, or otherwise changing or preparing for reletting, and the reletting, including reasonable brokerage and reasonable attorney's fees, and then to the payment of damages in amounts equal to the Fixed Basic Rent and Additional Rent rent hereunder and to the costs and expenses of performance of the other covenants of Lessee as herein provided. Lessee agrees, in any such case, whether or not Lessor has relet, to pay to Lessor damages equal to the Fixed Basic Rent basic and Additional Rent from the date of such default to the date of expiration of the term demised additional rent and other sums herein agreed to be paid by Lessee, less the net proceeds of the reletting, if any, received . If Lessor and Lessee do not agree on the amount of such deficiency then the amount will be determined and assessed by Lessor during the remainder a court of the unexpired term hereof, as ascertained from time to timecompetent jurisdiction, and the same shall be payable by Lessee on the several rent days above specified. Lessee shall not be entitled to any surplus accruing as a result of any such reletting. In reletting the Premises as aforesaid, Lessor may grant rent concessions, and Lessee shall not be credited therewith. No such reletting shall constitute a surrender and acceptance or be deemed evidence thereof. If Lessor elects, pursuant hereto, actually to occupy and use the Premises or any part thereof during any part of the balance of the Term term as originally fixed or since extended, there shall be allowed against Lessee's obligation for rent or damages as herein defined, during the period of Lessor's occupancy, the reasonable value of such occupancy, not to exceed, exceed in any event, event the Fixed Basic Rent basic and Additional Rent additional rent herein reserved and such occupancy shall not be construed as a release of Lessee's liability hereunder. In lieu of suing for monthly damages, at any time, Lessor shall be entitled to liquidated damages for the balance of the term of the lease, plus any expenses Lessor may reasonably anticipate would be incurred in such reletting, less the rental value of the demised premises for the balance of the term of the lease, both discounted back to present value at a 4% rate, or, at Lessor's option, the difference between the stated rental and additional rental payable hereunder and the net rental actually received by Lessor shall be paid in monthly installments by Lessee on the rent days specified in this lease and any suit brought to collect the amount of the deficiency for any month shall not prejudice in any way the rights of Lessor to collect the deficiency, nor to bring a suit for the damages for the remaining balance of the term. Lessor's remedies hereunder are in addition to any remedy allowed by law.

Appears in 2 contracts

Samples: Lease Agreement (Internet Commerce Corp), Lease Agreement (Internet Commerce Corp)

Deficiency. In any case where Lessor Landlord has recovered possession of the Premises by reason of Lessee's Tenant1s default, Lessor may, Landlord may at LessorLandlord's option, option occupy the Premises or cause the Premises to be redecorated, altered, divided, consolidated with other adjoining premises Premises, or otherwise changed or prepared for reletting, and may relet the Premises or any part thereof, thereof as agent of Lessee Tenant or otherwise, for a term or terms to expire prior to, at the same time as time, or subsequent to, the original Expiration Date expiration date of this Leasethe lease at Landlord's option, at Lessor's option and receive the rent therefor. Rent so received shall be applied , applying the same first to the payment of such expenses as Lessor Landlord may have incurred in connection with the recovery of possession, redecorating, not to exceed the original tenant finish allowance provided to Tenant, altering, dividing, consolidating with other adjoining premises, or otherwise changing or preparing for reletting, and the reletting, including brokerage and reasonable attorney's fees, and then to the payment of damages in amounts amount equal to the Fixed Basic Rent and Additional Rent rent hereunder and to the costs cost and expenses expense of performance of the other covenants of Lessee Tenant as herein provided. Lessee ; and Tenant agrees, in any such case, whether or not Lessor Landlord has relet, to pay to Lessor the Landlord damages equal to the Fixed Basic Rent and Additional Rent from the date of such default to the date of expiration of the term demised rent and other sums herein agreed to be paid by LesseeTenant, less the net proceeds of the reletting, if any, received by Lessor during the remainder of the unexpired term hereof, as ascertained from time to time, and the same shall be payable by Lessee Tenant on the several rent days above specified. Lessee shall not be entitled to any surplus accruing as a result of any such reletting. In reletting the Premises as aforesaid, Lessor Landlord may grant rent concessions, and Lessee Tenant shall not be credited therewith. No such reletting shall constitute a surrender and acceptance or be deemed evidence thereof. If Lessor Landlord elects, pursuant hereto, actually to occupy and use the Premises or any part thereof thereof, during any part of the balance of the Term term as originally fixed or since extended, there shall be allowed against LesseeTenant's obligation for rent or damages as herein defined, during the period of LessorLandlord's occupancy, the reasonable value of such occupancy, not to exceed, in any eventevent the rent herein reserved, the Fixed Basic Rent and Additional Rent herein reserved and such occupancy shall not be construed as a release of LesseeTenant's liability hereunder. Tenant hereby waives all right of redemption to which Tenant or any person claiming under Tenant might be entitled by any law now or hereafter in force. Landlord's remedies hereunder are in addition to any remedy allowed by law.

Appears in 1 contract

Samples: Agreement of Lease (Allied Digital Technologies Corp)

Deficiency. In any case where Lessor has recovered possession of the Premises by reason of Lessee's default, Lessor may, at Lessor's option, occupy the Premises or cause the Premises to be redecorated, altered, divided, consolidated with other adjoining premises or otherwise changed or prepared for reletting, and may relet the Premises or any part thereof, as agent of Lessee or otherwise, for a term or terms to expire prior to, at the same time as or subsequent to, the original Expiration Date of this Lease, at Lessor's option and receive the rent therefor. Rent so received shall be applied first to the payment of such reasonable expenses as Lessor may have incurred in connection with the recovery of possession, redecorating, altering, dividing, consolidating with other adjoining premises, or otherwise changing or preparing for reletting, and the reletting, including brokerage and reasonable attorney's fees, and then to the payment of damages in amounts equal to the Fixed Basic Rent and Additional Rent hereunder and to the costs and expenses of performance of the other covenants of Lessee as herein provided. Lessee agrees, in any such case, whether or not Lessor has relet, to pay to Lessor damages equal to the Fixed Basic Rent and Additional Rent from the date of such default to the date of expiration of the term demised and other sums herein agreed to be paid by Lessee, less the net proceeds of the reletting, if any, received by Lessor during the remainder of the unexpired term hereof, as ascertained from time to time, and the same shall be payable by Lessee on the several rent days above specified. Lessee shall not be entitled to any surplus accruing as a result of any such reletting. In reletting the Premises as aforesaid, Lessor may grant commercially reasonable rent concessions, and Lessee shall not be credited therewith. No such reletting shall constitute a surrender and acceptance or be deemed evidence thereof. If Lessor elects, pursuant hereto, actually to occupy and use the Premises or any part thereof during any part of the balance of the Term as originally fixed or since extended, there shall be allowed against Lessee's obligation for rent or damages as herein defined, during the period of Lessor's occupancy, the reasonable value of such occupancy, not to exceed, in any event, the Fixed Basic Rent and Additional Rent herein reserved and such occupancy shall not be construed as a release of Lessee's liability hereunder. Alternatively, in any case where Lessor has recovered possession of the Premises by reason of Lessee's default, Lessor may at Lessor's option, and at any time thereafter, and without notice or other action by Lessor, and without prejudice to any other rights or remedies it might have hereunder or at law or equity, become entitled to recover from Lessee, as Damages for such breach, in addition to such other sums herein agreed to be paid by Lessee, to the date of re-entry, expiration and/or dispossess, an amount equal to the difference between the Fixed Basic Rent and Additional Rent reserved in this Lease from the date of such default to the date of Expiration of the original Term demised and the then fair and reasonable rental value of the Premises for the same period. Said Damages shall become due and payable to Lessor immediately upon such breach of this Lease and without regard to whether this Lease be terminated or not, and if this Lease be terminated, without regard to the manner in which it is terminated. In the computation of such Damages, the difference between an installment of Fixed Basic Rent and Additional Rent thereafter becoming due and the fair and reasonable rental value of the Premises for the period for which such installment was payable shall be discounted to the date of such default at the rate of not more than six percent (6%) per annum. Lessee hereby waives all right of redemption to which Lessee or any person under Lessee might be entitled by any law now or hereafter in force. Lessor's remedies hereunder are in addition to any remedy allowed by law.

Appears in 1 contract

Samples: Agreement (Medicines Co /De)

Deficiency. In any case where Lessor has recovered possession of the Premises by reason of Lessee's default, Lessor may, at Lessor's option, occupy the Premises or cause the Premises premises to be redecorated, altered, divided, consolidated with other adjoining premises premises, or otherwise changed or prepared for reletting, and may or use its best efforts to relet the Premises or any part thereof, thereof as agent of Lessee or otherwise, for a term or terms to expire prior to, at the same time as as, or subsequent to, the original Expiration Date expiration date of this Lease, at Lessor's option option, and receive the rent therefor. Rent so received shall be applied first to the payment of such expenses as Lessor may have incurred in connection with the recovery of possession, redecorating, altering, dividing, consolidating with other adjoining premises, or otherwise changing or preparing for reletting, and the reletting, excluding any capital improvements, but including brokerage and reasonable attorney's fees, and then to the payment of damages in amounts equal to the Fixed Basic Rent and Additional Rent rent hereunder and to the costs and expenses of performance of the other covenants of Lessee as herein provided. Lessee agrees, in any such case, whether or not Lessor has relet, to pay to Lessor damages equal to the Fixed Basic Rent basic and Additional Rent from the date of such default to the date of expiration of the term demised additional rent and other sums herein agreed to be paid by Lessee, less the net proceeds of the reletting, if any, received by Lessor during the remainder of the unexpired term hereof, as ascertained from time to time, and the same shall be payable by Lessee on the several rent days above specified. Lessee shall not be entitled to any surplus accruing as a result of any such reletting. In reletting the Premises as aforesaid, Lessor may grant reasonable rent concessions, and Lessee shall not be credited therewith. No such reletting shall constitute a surrender and acceptance or be deemed evidence thereof. If Lessor elects, pursuant hereto, actually to occupy and use the Premises or any part thereof during any part of the balance of the Term term as originally fixed or since extended, there shall be allowed against Lessee's obligation for rent or damages as herein defined, during the period of Of Lessor's occupancy, the reasonable value of such occupancy, not to exceed, exceed in any event, event the Fixed Basic Rent basic and Additional Rent additional rent herein reserved and such occupancy shall not be construed as a release of Lessee's liability hereunder.

Appears in 1 contract

Samples: Lease Agreement (Americas Shopping Mall Inc)

Deficiency. In any case where Lessor Xxxxxx has recovered possession of the Premises premises by reason of LesseeXxxxxx's default, Lessor may, at Lessor's option, occupy the Premises premises or cause the Premises premises to be redecorated, altered, divided, consolidated with other adjoining premises premises, or otherwise changed or prepared for reletting, and may relet the Premises premises or any part thereof, thereof as agent of Lessee or otherwise, for a term or terms to expire prior to, at the same time as as, or subsequent to, the original Expiration Date expiration date of this Lease, at Lessor's option option, and receive the rent therefortherefore. Rent so received shall be applied first to the payment of such expenses as Lessor may have incurred in connection with the recovery of possession, redecorating, altering, dividing, consolidating with other adjoining premises, or otherwise changing or preparing for reletting, and the reletting, including brokerage and reasonable attorney's fees. Thereafter, and then it shall be applied to the payment of damages in amounts equal to the Fixed Basic Rent and Additional Rent hereunder and to the costs cost and expenses of performance of the other covenants of Lessee as herein provided. Lessee Xxxxxx agrees, in any such case, whether or not Lessor Xxxxxx has relet, to pay to Lessor damages equal to the Fixed Basic Rent and Additional Rent from the date of such default to the date of expiration of the term demised rent and other sums herein agreed to be paid by LesseeXxxxxx, less the net proceeds of the reletting, if any, received by Lessor during the remainder of the unexpired term hereof, as ascertained from time to time-to-time, and the same shall be payable by Lessee on the several rent days above specified. Lessee shall not be entitled to any surplus accruing as a result of any such reletting. In reletting the Premises as aforesaid, Lessor may grant rent concessions, and Lessee shall not be credited therewith. No such reletting shall constitute a surrender and acceptance or be deemed evidence thereof. If Lessor elects, pursuant heretothereto, actually to occupy and use the Premises premises, or any part thereof thereof, during any part of the balance of the Term term as originally fixed or since extended, there shall be allowed against LesseeXxxxxx's obligation for rent or damages as herein defined, during the period of Lessor's occupancy, the reasonable value of such occupancy, not to exceed, exceed in any event, event the Fixed Basic Rent and Additional Rent rent herein reserved and such occupancy shall not be construed as a release relief of LesseeXxxxxx's liability hereunder. Lessee hereby waives all right of redemption to which Lessee or any person claiming under Xxxxxx might be entitled by any law now or hereafter in force. Xxxxxx's remedies hereunder are in addition to any remedy allowed by law.

Appears in 1 contract

Samples: Lease

Deficiency. In any case where Lessor Tenant has defaulted and Landlord has recovered possession of the Premises or terminated this Lease or Tenant's right to possession, Tenant's obligation to pay Landlord all the Fixed Basic Rent and Additional Rent up to and including the Expiration Date will not be discharged or otherwise affected. Landlord will have all rights and remedies available to Landlord at law and in equity by reason of Tenant's default, and may periodically sxx to collect the accrued obligations of the Tenant together with interest at Prime plus four percent per annum from the date owed to the date paid, but in no event greater than the maximum rate of interest permitted by law. Alternatively, in any case where Landlord has recovered possession of the Premises by reason of LesseeTenant's default, Lessor may, Landlord may at LessorLandlord's option, occupy the Premises and at any time thereafter, and without notice or cause the Premises other action by Landlord, and without prejudice to any other rights or remedies it might have hereunder or at law or equity, become entitled, to recover from Tenant, as damages for such breach, in addition to such other sums herein agreed to be redecoratedpaid by Tenant, altered, divided, consolidated with other adjoining premises or otherwise changed or prepared for reletting, and may relet the Premises or any part thereof, as agent of Lessee or otherwise, for a term or terms to expire prior to, at the same time as or subsequent to, the original Expiration Date of this Lease, at Lessor's option and receive the rent therefor. Rent so received shall be applied first to the payment date of such expenses as Lessor may have incurred in connection with the recovery of possessionre-entry, redecoratingexpiration and/or dispossess, altering, dividing, consolidating with other adjoining premises, or otherwise changing or preparing for reletting, and the reletting, including brokerage and reasonable attorney's fees, and then an amount equal to the payment of damages in amounts equal to difference between the Fixed Basic Rent and Additional Rent hereunder and to the costs and expenses of performance of the other covenants of Lessee as herein provided. Lessee agrees, reserved in any such case, whether or not Lessor has relet, to pay to Lessor damages equal to the Fixed Basic Rent and Additional Rent this Lease from the date of such default to the date of expiration Expiration Date of the term demised original Term and other sums herein agreed to be paid by Lessee, less the net proceeds then fair and reasonable rental value of the reletting, if any, received by Lessor during Premises for the remainder same period. Said damages shall become due and payable to Landlord immediately upon such breach of the unexpired term hereof, as ascertained from time this Lease and without regard to timewhether this Lease be terminated or not, and if this Lease be terminated, without regard to the same shall be payable by Lessee on the several rent days above specified. Lessee shall not be entitled to any surplus accruing as a result of any such relettingmanner in which it is terminated. In reletting the Premises as aforesaid, Lessor may grant rent concessions, and Lessee shall not be credited therewith. No computation of such reletting shall constitute a surrender and acceptance or be deemed evidence thereof. If Lessor elects, pursuant hereto, actually to occupy and use the Premises or any part thereof during any part of the balance of the Term as originally fixed or since extended, there shall be allowed against Lessee's obligation for rent or damages as herein defined, during the period of Lessor's occupancydamages, the reasonable value difference between an installment of such occupancy, not to exceed, in any event, the Fixed Basic Rent and Additional Rent herein reserved thereafter becoming due and the fair and reasonable rental value of the Premises for the period for which such occupancy installment was payable shall be discounted to the date of such default at the rate of not be construed as a release of Lessee's liability hereundermore than six percent (6%) per annum.

Appears in 1 contract

Samples: Workletter Agreement (Ivivi Technologies, Inc.)

Deficiency. In any case where Lessor Sublandlord has recovered possession of the Subleased Premises by reason of Lessee's Subtenant’s default, Lessor Sublandlord shall use commercially reasonable efforts to mitigate its damages. In fulfilling its obligations pursuant to the preceding sentence, Sublandlord may, at Lessor's Sublandlord’s option, occupy the Subleased Premises or cause the Subleased Premises to be redecorated, redecorated or altered, dividedin accordance with terms and conditions of the Prime Lease, consolidated with other adjoining premises or otherwise changed or be prepared for reletting, and may relet the Subleased Premises or any part thereof, thereof as agent of Lessee Subtenant or otherwise, for a term or terms to expire prior to, to or at the same time as or subsequent to, the original Expiration Date expiration date of this LeaseSublease, at Lessor's Sublandlord’s option and with Prime Landlord’s consent, and receive the rent therefor. Rent so received received, or in the event that Sublandlord occupies said Premises, the reasonable value of the rental of said Subleased Premises (not to exceed the Rent or Additional Rent reserved herein), shall be applied first to the payment of such expenses as Lessor Sublandlord may have incurred in connection with the recovery of possession, redecorating, or altering, dividing, consolidating with other adjoining premises, or otherwise changing or preparing for reletting, and the reletting, including brokerage and reasonable attorney's ’s fees, and then to the payment of damages in amounts equal to the Fixed Basic Rent and or Additional Rent hereunder and to the costs cost and expenses of performance of the other covenants of Lessee Subtenant as herein provided. Lessee Subtenant agrees, in any such case, whether or not Lessor Sublandlord has relet, to pay to Lessor Sublandlord damages equal to the Fixed Basic Rent and Additional Rent from the date of such default to the date of expiration of the term demised and other sums herein agreed to be paid by LesseeSubtenant, less the net proceeds of the reletting, if any, received by Lessor during the remainder of the unexpired term hereof, as ascertained from time to time, and the same shall be payable by Lessee Subtenant on the several rent days above specified. Lessee shall not be entitled to any surplus accruing as a result specified for the payment of any such relettingRent or Additional Rent. In reletting the Subleased Premises as aforesaid, Lessor Sublandlord shall have the right to grant reasonable rent concessions and such other concessions as it may grant rent concessions, and Lessee shall not be credited therewithreasonably deem necessary. No such reletting shall constitute a surrender and acceptance or be deemed evidence thereof. If Lessor elects, pursuant hereto, actually to occupy and use the Premises or any part thereof during any part of the balance of the Term as originally fixed or since extended, there shall be allowed against Lessee's obligation for rent or damages as herein defined, during the period of Lessor's occupancy, the reasonable value of such occupancy, not to exceedAlternatively, in any eventcase where Sublandlord has recovered possession of the Subleased Premises by reason of Subtenant’s default, Sublandlord may, at Sublandlord’s option, and at any time thereafter, and without notice or other action by Sublandlord, and without prejudice to any other rights or remedies it may have hereunder or at law or equity, become entitled to recover from Subtenant, as damages for such breach, in addition to such other sums herein agreed to be paid by Subtenant, to the Fixed Basic date of re-entry, expiration and/or dispossess an amount equal to the excess of the Rent and Additional Rent herein reserved in this Sublease from the date of such default to the date of expiration of the original term demised over the then fair and reasonable rental value of the Subleased Premises for the same period. Said damages shall become due and payable to Sublandlord immediately upon such occupancy shall not breach of this Sublease and without regard to whether this Sublease be construed terminated or not, and if this Sublease be terminated, without regard to the manner in which it is terminated. Subtenant hereby waives all right of redemption to which Subtenant or any person claiming under Subtenant might be entitled by any law nor or hereafter in force. Sublandlord’s remedies hereunder are in addition to any remedy allowed by law. Subtenant agrees to pay, as a release Additional Rent, all reasonable, actual attorney’s fees and other expenses incurred by the Sublandlord in enforcing any of Lessee's liability hereunderthe obligations under this Sublease, this covenant to survive the expiration or sooner termination of this Sublease.

Appears in 1 contract

Samples: Sublease (Pdi Inc)

Deficiency. In The Bank shall not be obligated to authorize the Trustee to make any case where Lessor has recovered possession advance of the Premises by reason Bond proceeds if, in the sole opinion of Lessee's defaultthe Bank, Lessor may, at Lessor's option, occupy the Premises or cause balance of the Premises Bond proceeds yet to be redecorated, altered, divided, consolidated with other adjoining premises or otherwise changed or prepared for reletting, advanced pursuant to this Agreement and may relet the Premises or Loan Agreement is at any part thereoftime less (the amount by which it is less being hereinafter referred to as the "Deficiency") than the actual sum, as agent estimated by the Bank, which will be required (x) to complete the construction of Lessee or otherwisethe Improvements in accordance with the Plans and Specifications and this Agreement and to pay all Direct Construction Costs, for a term or terms to expire prior to, at the same time as or subsequent to, the original Expiration Date Other Project Costs and all other costs and expenses of this Lease, at Lessor's option and receive the rent therefor. Rent so received shall any nature whatsoever which will be applied first to the payment of such expenses as Lessor may have incurred in connection with the recovery completion of possessionconstruction of the Improvements, redecoratingand (y) to cover the payment of all operating deficits of the Property (inclusive of debt service in connection with the Bonds) through the date upon which the Bank reasonably anticipates that the actual gross cash flow of the Property will be sufficient to cover all operating expenses of the Property, alteringinclusive of debt service in connection with the Bonds. The Borrower shall invest the Deficiency in the Property in the following manner: The Borrower shall, dividingwithin fifteen (15) days after being notified by the Bank that there is or will be a Deficiency, consolidating with other adjoining premiseseither (i) invest in the Improvements in a manner satisfactory to the Bank an amount equal to the Deficiency and deliver to the Bank evidence satisfactory to the Bank of such investment, which investment shall remain invested in the Improvements until the Debt has been paid in full, or otherwise changing or preparing for reletting(ii) deposit with the Trustee an amount sufficient to eliminate the Deficiency. Any amounts deposited by the Borrower with the Trustee pursuant to clause (ii) of the preceding sentence of this paragraph to cover a Deficiency shall be disbursed by the Trustee to the Borrower in accordance with the terms of the Indenture and this Agreement and shall be applied by the Borrower to cover the payment of Direct Construction Costs and Other Project Costs incurred in connection with the construction of the Improvements, and until so disbursed shall be held by the relettingTrustee in the Acquisition and Construction Fund. If an Event of Default (as hereinafter defined) shall occur and be continuing, including brokerage the Bank, in addition to all other rights which it may have, (i) shall have the absolute and reasonable attorney's feesunconditional right in its discretion to direct the Trustee to apply the undisbursed balance of any Deficiency deposit, and then together with interest earned thereon, in whole or in part to the payment of damages the Debt in amounts equal to such order, priority and proportion as the Fixed Basic Rent Bank in its sole and Additional Rent hereunder and to the costs and expenses of performance of the other covenants of Lessee as herein provided. Lessee agrees, in any such case, whether or not Lessor has relet, to pay to Lessor damages equal to the Fixed Basic Rent and Additional Rent from the date of such default to the date of expiration of the term demised and other sums herein agreed absolute discretion deems to be paid by Lessee, less the net proceeds of the reletting, if any, received by Lessor during the remainder of the unexpired term hereof, as ascertained from time to time, and the same shall be payable by Lessee on the several rent days above specified. Lessee shall not be entitled to any surplus accruing as a result of any such reletting. In reletting the Premises as aforesaid, Lessor may grant rent concessions, and Lessee shall not be credited therewith. No such reletting shall constitute a surrender and acceptance or be deemed evidence thereof. If Lessor elects, pursuant hereto, actually to occupy and use the Premises or any part thereof during any part of the balance of the Term as originally fixed or since extended, there shall be allowed against Lessee's obligation for rent or damages as herein defined, during the period of Lessor's occupancy, the reasonable value of such occupancy, not to exceed, in any event, the Fixed Basic Rent and Additional Rent herein reserved and such occupancy shall not be construed as a release of Lessee's liability hereunderappropriate.

Appears in 1 contract

Samples: Loan Agreement (Exolon Esk Co)

Deficiency. In any case where Lessor has recovered possession of the Premises premises by reason of Lessee's default, Lessor may, at Lessor's option, occupy the Premises premises or cause the Premises premises to be redecorated, altered, divided, consolidated with other adjoining premises premises, or otherwise changed or prepared for reletting, and may relet the Premises premises or any part thereof, thereof as agent of Lessee or otherwise, for a term or terms to expire prior to, at the same time as as, or subsequent to, the original Expiration Date expiration date of this Lease, at Lessor's option option, and receive the rent therefor. Rent so received shall be applied first to the payment of such expenses as Lessor may have incurred in connection with the recovery of possession, redecorating, altering, dividing, consolidating with other adjoining premises, or otherwise changing or preparing for reletting, and the reletting, including brokerage and reasonable attorney's attorneys' fees, and then to the payment of damages in amounts equal to the Fixed Basic Rent and Additional Rent hereunder rent under this agreement and to the costs cost and expenses of performance of the other covenants of Lessee as herein providedprovided in this agreement. Lessee agrees, in any such case, whether or not Lessor has relet, to pay to Lessor damages equal to the Fixed Basic Rent and Additional Rent from the date of such default to the date of expiration of the term demised rent and other sums herein agreed to be paid by Lesseelessee in this agreement, less the net proceeds of the reletting, if any, received by Lessor during the remainder of the unexpired term hereof, as ascertained from time to time, and the same shall be payable by Lessee on the several rent days above specified. Lessee shall not be entitled to any surplus accruing as a result of any such reletting. In reletting the Premises as aforesaidpremises, Lessor may grant rent concessions, and Lessee shall not be credited therewithwith such concessions. No such reletting shall constitute a surrender and acceptance or be deemed evidence thereofof a surrender and acceptance. If Lessor elects, pursuant heretoto this agreement, actually to occupy and to use the Premises premises or any part thereof during any part of the balance of the Term term as originally fixed or since extended, there shall be allowed against Lessee's obligation for rent or damages as herein defineddefined in this agreement, during the period of Lessor's occupancyoccupance, the reasonable value of such occupancy, not to exceed, exceed in any event, event the Fixed Basic Rent and Additional Rent rent herein reserved and such occupancy shall not be construed as a release relief of Lessee's liability hereunderunder this agreement. Lessee waives all right of redemption to which Lessee or any person claiming under Lessee might be entitled by any law now or hereafter in force. Lessor's remedies under this agreement are in addition to any other remedies allowed by law.

Appears in 1 contract

Samples: Dynacq International Inc

Deficiency. In any case where Lessor has recovered possession of the Premises by reason of Lessee's default, Lessor may, at Lessor's option, occupy the Premises or cause the Premises premises to be redecorated, altered, divided, consolidated with other adjoining premises premises, or otherwise changed or prepared for reletting, and may or use its best efforts to relet the Premises or any part thereof, thereof as agent of Lessee or otherwise, for a term or terms to expire prior to, at the same time as as, or subsequent to, the original Expiration Date expiration date of this Lease, at Lessor's option option, and receive the rent therefor. Rent so received shall be applied first to the payment of such expenses as Lessor may have incurred in connection with the recovery of possession, redecorating, altering, dividing, consolidating with other adjoining premises, or otherwise changing or preparing for reletting, and the reletting, excluding any capital improvements, but including brokerage and reasonable attorney's fees, and then to the payment of damages in amounts equal to the Fixed Basic Rent and Additional Rent rent hereunder and to the costs and expenses of performance of the other covenants of Lessee as herein provided. Lessee agrees, in any such case, whether or not Lessor has relet, to pay to Lessor damages equal to the Fixed Basic Rent basic and Additional Rent from the date of such default to the date of expiration of the term demised additional rent and other sums herein agreed to be paid by Lessee, less the net proceeds of the reletting, if any, received by Lessor during the remainder of the unexpired term hereof, as ascertained from time to time, and the same shall be payable by Lessee on the several rent days above specified. Lessee shall not be entitled to any surplus accruing as a result of any such reletting. In reletting the Premises as aforesaid, Lessor may grant reasonable rent concessions, and Lessee shall not be credited therewith. No such reletting shall constitute a surrender and acceptance or be deemed evidence thereof. If Lessor elects, pursuant hereto, actually to occupy and use the Premises Premises, or any part thereof during any part of the balance of the Term term as originally fixed or since extended, there shall be allowed against Lessee's obligation for rent or damages as herein defined, during the period of Lessor's occupancy, the reasonable value of such occupancy, not to exceed, exceed in any event, event the Fixed Basic Rent basic and Additional Rent additional rent herein reserved and such occupancy shall not be construed as a release of Lessee's liability hereunder.

Appears in 1 contract

Samples: Lease Agreement (Americas Shopping Mall Inc)

Deficiency. In any case where Lessor has recovered possession No expiration or termination of the Premises by reason this Lease shall relieve Tenant of Lessee's default, Lessor may, at Lessor's option, occupy the Premises or cause the Premises to be redecorated, altered, divided, consolidated with other adjoining premises or otherwise changed or prepared for relettingits liabilities and obligations under this Lease, and may relet such liabilities and obligations shall survive any expiration or termination. In the Premises event of any expiration or termination, whether or not the Demised Premises, or any part thereof, as agent shall have been relet, Tenant shall pay to Landlord a sum equal to the Base Rent, all Impositions, insurance premiums, and other expenses and charges to be paid by Tenant hereunder up to the time of Lessee such expiration or otherwise, for a term or terms to expire prior to, at the same time as or subsequent to, the original Expiration Date termination of this Lease, at Lessor's option and receive thereafter Tenant, until the rent therefor. Rent so received end of what would have been the term of this Lease in the absence of such expiration or termination, shall be applied first liable to Landlord for, and shall pay to Landlord, as and for liquidated and agreed current damages for Tenant's default (hereinafter called "Deficiency") to Landlord monthly on the days on which the Base Rent would have been payable under this Lease if this Lease were still in effect, and Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise. The equivalent of the amount of the Base Rent, Impositions, insurance premiums, and other expenses and charges to be paid by Tenant hereunder, which would be payable under this Lease by Tenant if this Lease were still in effect, less The net proceeds of any reletting effected pursuant to the payment provisions of such Paragraph 0 hereof after deducting all of Landlord's expenses as Lessor may have incurred in connection with the recovery of possession, redecorating, altering, dividing, consolidating with other adjoining premises, or otherwise changing or preparing for such reletting, and the relettingincluding, including without limitation, all repossession costs, brokerage and commissions, legal expenses, reasonable attorney's fees, and then to the payment of damages in amounts equal to the Fixed Basic Rent and Additional Rent hereunder and to the costs alteration costs, and expenses of performance preparation of the other covenants of Lessee as herein provided. Lessee agreesDemised Premises, in or any such caseportion thereof, whether or not Lessor has relet, to pay to Lessor damages equal to the Fixed Basic Rent and Additional Rent from the date of such default to the date of expiration of the term demised and other sums herein agreed to be paid by Lessee, less the net proceeds of the reletting, if any, received by Lessor during the remainder of the unexpired term hereof, as ascertained from time to time, and the same shall be payable by Lessee on the several rent days above specified. Lessee shall not be entitled to any surplus accruing as a result of any for such reletting. In reletting the Premises as aforesaid, Lessor may grant rent concessions, and Lessee shall not be credited therewith. No such reletting shall constitute a surrender and acceptance or be deemed evidence thereof. If Lessor elects, pursuant hereto, actually to occupy and use the Premises or any part thereof during any part of the balance of the Term as originally fixed or since extended, there shall be allowed against Lessee's obligation for rent or damages as herein defined, during the period of Lessor's occupancy, the reasonable value of such occupancy, not to exceed, in any event, the Fixed Basic Rent and Additional Rent herein reserved and such occupancy shall not be construed as a release of Lessee's liability hereunder.

Appears in 1 contract

Samples: Lease Agreement (Maverick Tube Corporation)

Deficiency. (A) In any case where Lessor has recovered possession of the Premises by reason of Lessee's default, Lessor may, at Lessor's option, occupy the Premises or cause the Premises to be redecorated, altered, divided, consolidated with other adjoining premises premises, or otherwise changed or prepared for reletting, and may relet the Premises or any part thereof, thereof as agent of Lessee or otherwise, for a term or terms to expire prior to, at the same time as as, or subsequent to, the original Expiration Date expiration date of this Lease, at Lessor's option option, and receive the rent Term Basic Rent or Additional Rent therefor. Term Basic Rent and Additional Rent so received shall be applied first to the payment of such expenses as Lessor may have incurred in connection with the recovery of possession, redecorating, altering, dividing, consolidating with other adjoining premises, or otherwise changing or preparing for reletting, and the reletting, including brokerage and reasonable attorney's fees, and then to the payment of damages in amounts equal to the Fixed Term Basic Rent and Additional Rent hereunder and to the costs and expenses of performance of the other covenants of Lessee as herein provided. Lessee agrees, in any such case, whether or not Lessor has relet, to pay to Lessor damages equal to the Fixed Term Basic Rent and Additional Rent from the date of such default to the date of expiration of the term demised and other sums herein agreed to be paid by Lessee, as and when due, less the net proceeds of the reletting, if any, received by Lessor during the remainder of the unexpired term hereof, as ascertained from time to time, as of the due date, and the same shall be payable by Lessee on the several rent rents days above specified. , Lessee shall not be entitled to any surplus accruing as a result of any such relettingreletting nor shall any surplus be applied to offset any damages referred to in the preceding sentence. In reletting the Premises as aforesaid, Lessor may grant rent concessions, and Lessee shall not be credited therewith. No such reletting shall constitute a surrender and acceptance or be deemed evidence thereof. If Lessor elects, pursuant hereto, actually to occupy and use the Premises or any part thereof during any part of the balance of the Term as originally fixed or since extended, there shall be allowed against Lessee's obligation for rent or damages as herein defined, during the period of Lessor's occupancy, the reasonable value of such occupancy, not to exceed, in any event, the Fixed Basic Rent and Additional Rent herein reserved and such occupancy shall not be construed as a release of Lessee's liability hereunder.

Appears in 1 contract

Samples: Attornment Agreement (Praecis Pharmaceuticals Inc)

Deficiency. In any case where Lessor Landlord has recovered possession of the Premises premises by reason of LesseeTenant's default, Lessor Landlord may, at LessorLandlord's option, occupy the Premises premises or cause the Premises premises to be redecorated, altered, divided, consolidated with other adjoining premises premises, or otherwise changed or prepared for reletting, and may relet the Premises premises or any part thereof, thereof as agent of Lessee or otherwiseTenant, for a term or terms to expire prior to, at the same time as or subsequent to, the original Expiration Date of this Lease, at Lessor's option and receive the rent therefor. Rent so received shall be applied first to the payment of such expenses as Lessor Landlord may have incurred in connection with the recovery of possession, redecorating, altering, dividing, consolidating with other adjoining premises, or otherwise changing or preparing for reletting, and the reletting, including brokerage and reasonable attorney's fees, and then to the payment of damages in amounts equal to the Fixed Basic Rent and Additional Rent rent hereunder and to the costs cost and expenses of performance of the other covenants of Lessee Tenant as herein provided. Lessee agrees, Tenant agrees in any such case, whether or not Lessor Landlord has relet, to pay to Lessor Landlord damages equal to the Fixed Basic Rent and Additional Rent from the date of such default to the date of expiration of the term demised rent and other sums herein agreed to be paid by LesseeTenant, less the net proceeds of the reletting, if any, received by Lessor during the remainder of the unexpired term hereof, as ascertained from time to time, and the same shall be payable by Lessee Tenant on the several rent days above specified. Lessee shall not be entitled to any surplus accruing as a result of any such reletting. In reletting the Premises premises as aforesaid, Lessor Landlord may grant rent concessions, and Lessee Tenant shall not be credited therewith. No such reletting shall constitute a surrender and acceptance or be deemed evidence thereof. If Lessor Landlord elects, pursuant hereto, actually to occupy and use the Premises premises or any part thereof during any part of the balance of the Term term as originally fixed or since extended, there shall be allowed against LesseeTenant's obligation for rent or damages as herein defined, during the period of LessorTenant's occupancy, the reasonable value of for such occupancy, not to exceed, exceed in any event, event the Fixed Basic Rent and Additional Rent rent herein reserved and such occupancy shall not be construed as a release relief of LesseeTenant's liability hereunder. Tenant hereby waives all right of redemption to which Tenant or any person claiming under Tenant might be entitled by any law now or hereafter in force. Landlord's remedies hereunder are in addition to any remedy allowed by law.

Appears in 1 contract

Samples: Lease Agreement (Patient Infosystems Inc)

Deficiency. In any case where Lessor has recovered possession of the Premises by reason of Lessee's default, Lessor may, at Lessor's option, occupy the Premises or cause the Premises to be redecorated, altered, divided, consolidated with other adjoining premises or otherwise changed or prepared for reletting, and may relet the Premises or any part thereof, as agent of Lessee or otherwise, for a term or terms to expire prior to, at the same time as or subsequent to, the original Expiration Date of this Lease, at Lessor's option and receive the rent therefor. Rent so received shall be applied first to the payment of such expenses as Lessor may have incurred in connection with the recovery of possession, redecorating, altering, dividing, consolidating with other adjoining premises, or otherwise changing or preparing for reletting, and the reletting, including brokerage and reasonable attorney's fees, and then to the payment of damages in amounts equal to the Fixed Basic Rent and Additional Rent hereunder and to the costs and expenses of performance of the other covenants of Lessee as herein provided. Lessee agrees, in any such case, whether or not Lessor has relet, to pay to Lessor damages equal to the Fixed Basic Rent and Additional Rent from the date of such default to the date of expiration of the term demised and other sums herein agreed to be paid by Lessee, less the net proceeds of the reletting, if any, received by Lessor during the remainder of the unexpired term hereof, as ascertained from time to time, and the same shall be payable by Lessee on the several rent days above specified. Lessee shall not be entitled to any surplus accruing as a result of any such reletting. In reletting the Premises as aforesaid, Lessor may grant rent concessions, and Lessee shall not be credited therewith. No such reletting shall constitute a surrender and acceptance or be deemed evidence thereof. If Lessor elects, pursuant hereto, actually to occupy and use the Premises or any part thereof during any part of the balance of o f the Term as originally fixed or since extended, there shall be allowed against Lessee's obligation for rent or damages as herein defined, during the period of Lessor's occupancy, the reasonable value of such occupancy, not to exceed, in any event, the Fixed Basic Rent and Additional Rent herein reserved and such occupancy shall not be construed as a release of Lessee's liability hereunder.

Appears in 1 contract

Samples: Lease (Distinctive Devices Inc)

Deficiency. In any case where Lessor has recovered possession of the Premises by reason of Lessee's default, Lessor may, at Lessor's option, occupy the Premises or cause the Premises to be redecorated, altered, divided, consolidated with other adjoining premises premises, or otherwise changed or prepared for reletting, and may relet the Premises or any part thereof, thereof as agent of Lessee or otherwise, for a term or terms to expire prior to, at the same time as as, or subsequent to, the original Expiration Date expiration date of this Lease, at Lessor's option option, and receive the rent Term Fixed Basic Rent and Additional Rent therefor. Term Fixed Basic Rent or Additional Rent so received shall be applied first to the payment of such expenses as Lessor may have incurred in connection with the recovery of possession, redecorating, altering, dividing, consolidating with other adjoining premises, or otherwise changing or preparing for reletting, and the reletting, including brokerage and reasonable attorney's fees, and then to the payment of damages in amounts equal to the Term Fixed Basic Rent and Additional Rent hereunder and to the costs and expenses of performance of the other covenants of Lessee as herein provided. Lessee agrees, in any such case, whether or not Lessor has relet, to pay to Lessor damages equal to the Term Fixed Basic Rent and Additional Rent from the date of such default to the date of expiration of the term demised and other sums herein agreed to be paid by Lessee, as and when due, less the net proceeds of the reletting, if any, received by Lessor during the remainder of the unexpired term hereof, as ascertained from time to time, as of the due date, and the same shall be payable by Lessee on the several rent days above specified. Lessee shall not be entitled to any surplus accruing as a result of any such reletting, nor shall any surplus be applied to offset the damages referred to in the preceding sentence. In reletting the Premises as aforesaid, Lessor may grant rent concessions, and Lessee shall not be credited therewith. No such reletting shall constitute a surrender and acceptance or be deemed evidence thereof. If Lessor elects, pursuant hereto, actually to occupy and use the Premises or any part thereof during any part of the balance of the Term as originally fixed or since extended, there shall be allowed against Lessee's obligation for rent Term Fixed Basic Rent and Additional Rent or damages as herein defined, during the period of Lessor's occupancy, the reasonable value of such occupancy, not to exceed, exceed in any event, event the Term Fixed Basic Rent and Additional Rent herein reserved and such occupancy shall not be construed as a release of Lessee's liability hereunder. Alternatively, in any case where Lessor has recovered possession of the Premises by reason of Lessee's default, Lessor may at Lessor's option, and at any time thereafter, and without notice or other action by Lessor, and without prejudice to any other rights or remedies it might have hereunder or at law or equity, become entitled to recover from Lessee, as damages for such breach, in addition to such other sums herein agreed to be paid by Lessee, to the date of re-entry, expiration and/or dispossess, an amount equal to the difference between the Term Fixed Basic Rent and the Additional Rent reserved in this Lease from the date of such default to the date of expiration of the original Term demised and the then fair and reasonable rental value (inclusive of Additional Rent and Term Fixed Basic Rent) of the Premises for the same period. Said damages shall become due and payable to Lessor immediately upon such breach of this Lease and without regard to whether this Lease be terminated or not, and if this Lease is terminated, without regard to the manner in which it is terminated. In the computation of such damages, the difference between any installments of rent (Fixed Basic and Additional) thereafter becoming due, and fair and reasonable rental value of the Premises (inclusive of the same rent components) for the period for which such installment was payable shall be discounted to the date of such default at the rate of not more than four (4%) percent per annum. Lessee hereby waives all right of redemption to which Lessee or any person under Lessee might be entitled by any law now or hereafter in force. In addition, in the event of a default which results in the Lessor recovering possession of the Premises, Lessor will use reasonable efforts to relet the Premises in order to mitigate its damages provided that Lessor shall retain the right, in the exercise of its reasonable business judgment, to approve any tenant and determine the reasonable terms and conditions of any lease, including, but not limited to, rent and length of term. Notwithstanding the foregoing, Lessor shall not be obligated to display the Premises to prospective tenants if Lessor has other premises available in the Building or Complex. However, if prospective tenants do not find such other premises suitable, Lessor agrees that it will then display the Premises to the prospective tenants. Lessor's remedies hereunder are in addition to any remedy allowed by law. Lessee agrees to pay, as Additional Rent, all attorney's fees and other expenses incurred by the Lessor in enforcing any of the obligations under this Lease, this covenant to survive the expiration or sooner termination of this Lease.

Appears in 1 contract

Samples: Lease Agreement (Goamerica Inc)

Deficiency. In any case where Lessor has recovered possession of the Premises by reason of Lessee's default, Lessor may, at Lessor's option, occupy the Premises or cause the Premises to be redecorated, altered, divided, consolidated with other adjoining premises or otherwise changed or prepared for reletting, and may relet the Premises or any part thereof, as agent of Lessee or otherwise, for a term or terms to expire prior to, at the same time as or subsequent to, the original Expiration Date of this Lease, at Lessor's option and receive the rent therefor. Rent so received shall be applied first to the payment of such normal and customary expenses as Lessor may have incurred in connection with the recovery of possession, redecorating, altering, dividing, consolidating with other adjoining premises, or otherwise changing or preparing for reletting, and the reletting, including brokerage and reasonable attorney's fees, and then to the payment of damages in amounts equal to the Fixed Basic Rent and Additional Rent hereunder and to the costs and expenses of performance of the other covenants of Lessee as herein provided. Lessee agrees, in any such case, whether or not Lessor has relet, to pay to Lessor damages equal to the Fixed Basic Rent and Additional Rent from the date of such default to the date of expiration of the term demised and other sums herein agreed to be paid by Lessee, less the net proceeds of the reletting, if any, received by Lessor during the remainder of the unexpired term hereof, as ascertained from time to time, and the same shall be payable by Lessee on the several rent days above specified. Lessee shall not be entitled to any surplus accruing as a result of any such reletting. In reletting the Premises as aforesaid, Lessor may grant rent concessions, and Lessee shall not be credited therewith. No such reletting shall constitute a surrender and acceptance or be deemed evidence thereof. If Lessor elects, pursuant hereto, actually to occupy and use the Premises or any part thereof during any part of the balance of the Term as originally fixed or since extended, there shall be allowed against Lessee's obligation for rent or damages as herein defined, during the period of Lessor's occupancy, the reasonable value of such occupancy, not to exceed, in any event, the Fixed Basic Rent and Additional Rent herein reserved and such occupancy shall not be construed as a release of Lessee's liability hereunder. Alternatively, and in lieu of the immediately preceding paragraph, in any case where Lessor has recovered possession of the Premises by reason of Lessee's default, Lessor may at Lessor's option, and at any time thereafter, and without notice or other action by Lessor, and without prejudice to any other rights or remedies it might have hereunder or at law or equity, become entitled to recover from Lessee, as Damages for such breach, in addition to such other sums herein agreed to be paid by Lessee, to the date of re-entry, expiration and/or dispossess, an amount equal to the difference between the Fixed Basic Rent and Additional Rent reserved in this Lease from the date of such default to the date of Expiration of the original Term demised and the then fair and reasonable rental value of the Premises for the same period. Said Damages shall become due and payable to Lessor immediately upon such breach of this Lease and without regard to whether this Lease be terminated or not, and if this Lease be terminated, without regard to the manner in which it is terminated. In the computation of such Damages, the difference between an installment of Fixed Basic Rent and Additional Rent thereafter becoming due and the fair and reasonable rental value of the Premises for the period for which such installment was payable shall be discounted to the date of such default at the rate of not more than six percent (6%) per annum. Lessee hereby waives all right of redemption to which Lessee or any person under Lessee might be entitled by any law now or hereafter in force. Lessor's remedies hereunder are in addition to any remedy allowed by law.

Appears in 1 contract

Samples: Old Line Bancshares Inc

Deficiency. In any case where Lessor has recovered possession of the Premises by reason of Lessee's default, Lessor may, at Lessor's option, occupy the Premises or cause the Premises to be redecorated, altered, divided, consolidated with other adjoining premises premises, or otherwise changed or prepared for reletting, and may relet the Premises or any part thereof, as agent of Lessee or otherwise, for a term or terms to expire prior to, at the same time as or subsequent to, the original Expiration Date of this Lease, at Lessor's option and receive the rent therefor. Rent so received shall be applied first to the payment of such actual out-of-pocket reasonable expenses as Lessor may have incurred in connection with the recovery of possession, redecorating, altering, dividing, consolidating with other adjoining premises, or otherwise changing or preparing for reletting, and the reletting, including brokerage and reasonable attorney's fees, and then to the payment of damages in amounts equal to the Fixed Basic Rent and Additional Rent hereunder and to the reasonable costs and expenses of performance of the other covenants of Lessee as herein provided. Lessee agrees, in any such case, whether or not Lessor has relet, to pay to Lessor damages equal to the Fixed Basic Rent and Additional Rent from the date of such default to the date of expiration of the term demised Term hereof and other sums herein agreed to be paid by Lessee, less the net proceeds of the reletting, if any, received by Lessor during the remainder of the unexpired term Term hereof, as ascertained from time to time, and the same shall be payable by Lessee on the several rent days above specified. Lessee shall not be entitled to any surplus accruing as a result of any such reletting. In reletting the Premises as aforesaid, Lessor may grant rent concessions, and Lessee shall not be credited therewith. No such reletting shall constitute a surrender and acceptance or be deemed evidence thereof. If Lessor elects, pursuant hereto, actually to occupy and use the Premises or any part thereof during any part of the balance of the Term as originally fixed or since extended, there shall be allowed against Lessee's obligation for rent or damages as herein defined, during the period of Lessor's occupancy, the reasonable value of such occupancy, not to exceed, in any event, the Fixed Basic Rent and Additional Rent herein reserved reserved, and such occupancy shall not be construed as a release of Lessee's liability hereunder.

Appears in 1 contract

Samples: Lease (Barr Laboratories Inc)

Deficiency. In any case where Lessor Tenant has defaulted beyond all applicable notice and cure periods and Landlord has recovered possession of the Premises or terminated this Lease or Tenant’s right to possession, Tenant’s obligation to pay Landlord all the Fixed Basic Rent and Additional Rent up to and including the Expiration Date will not be discharged or otherwise affected. Landlord will have all rights and remedies available to Landlord at law and in equity by reason of Tenant’s default, and may periodically xxx to collect the accrued obligations of the Tenant together with interest at Prime plus four percent per annum from the date owed to the date paid, but in no event greater than the maximum rate of interest permitted by law. Alternatively, in any case where Landlord has recovered possession of the Premises by reason of Lessee's Tenant’s default, Lessor may, Landlord may at Lessor's Landlord’s option, occupy the Premises and at any time thereafter, and without notice or cause the Premises other action by Landlord, and without prejudice to any other rights or remedies it might have hereunder or at law or equity, become entitled to recover from Tenant, as damages for such breach, in addition to such other sums herein agreed to be redecoratedpaid by Tenant, altered, divided, consolidated with other adjoining premises or otherwise changed or prepared for reletting, and may relet the Premises or any part thereof, as agent of Lessee or otherwise, for a term or terms to expire prior to, at the same time as or subsequent to, the original Expiration Date of this Lease, at Lessor's option and receive the rent therefor. Rent so received shall be applied first to the payment date of such expenses as Lessor may have incurred in connection with the recovery of possessionre-entry, redecoratingexpiration and/or dispossess, altering, dividing, consolidating with other adjoining premises, or otherwise changing or preparing for reletting, and the reletting, including brokerage and reasonable attorney's fees, and then an amount equal to the payment of damages in amounts equal to difference between the Fixed Basic Rent and Additional Rent hereunder and to the costs and expenses of performance of the other covenants of Lessee as herein provided. Lessee agrees, reserved in any such case, whether or not Lessor has relet, to pay to Lessor damages equal to the Fixed Basic Rent and Additional Rent this Lease from the date of such default to the date of expiration Expiration Date of the term demised original Term and other sums herein agreed to be paid by Lessee, less the net proceeds then fair and reasonable rental value of the reletting, if any, received by Lessor during Premises for the remainder same period. Said damages shall become due and payable to Landlord immediately upon such breach of the unexpired term hereof, as ascertained from time this Lease and without regard to timewhether this Lease be terminated or not, and if this Lease be terminated, without regard to the same shall be payable by Lessee on the several rent days above specified. Lessee shall not be entitled to any surplus accruing as a result of any such relettingmanner in which it is terminated. In reletting the Premises as aforesaid, Lessor may grant rent concessions, and Lessee shall not be credited therewith. No computation of such reletting shall constitute a surrender and acceptance or be deemed evidence thereof. If Lessor elects, pursuant hereto, actually to occupy and use the Premises or any part thereof during any part of the balance of the Term as originally fixed or since extended, there shall be allowed against Lessee's obligation for rent or damages as herein defined, during the period of Lessor's occupancydamages, the reasonable value difference between an installment of such occupancy, not to exceed, in any event, the Fixed Basic Rent and Additional Rent herein reserved thereafter becoming due and the fair and reasonable rental value of the Premises for the period for which such occupancy installment was payable shall be discounted to the date of such default at the rate of not be construed as a release of Lessee's liability hereundermore than six percent (6%) per annum.

Appears in 1 contract

Samples: Agreement (Ophthotech Corp.)

Deficiency. In any case where Lessor has recovered possession of the Premises by reason of Lessee's ’s default, Lessor may, at Lessor's ’s option, occupy the Premises or cause the Premises to be redecorated, altered, divided, consolidated with other adjoining premises or otherwise changed or prepared for reletting, and may relet the Premises or any part thereof, as agent of Lessee or otherwise, for a term or terms to expire prior to, at the same time as or subsequent to, the original Expiration Date of this Lease, at Lessor's ’s option and receive the rent therefor. Rent so received shall be applied first to the payment of such expenses as Lessor may have incurred in connection with the recovery of possession, redecorating, altering, dividing, consolidating with other adjoining premises, or otherwise otherwise, changing or preparing for reletting, and the reletting, including brokerage and reasonable attorney's ’s fees, and then to the payment of damages in amounts equal to the Fixed Basic Rent and Additional Rent hereunder and to the costs and expenses of performance of the other covenants of Lessee as herein provided. Lessee agrees, in any such case, whether or not Lessor has relet, to pay to Lessor damages equal to the Fixed Basic Rent and Additional Rent from the date of such default to the date of expiration of the term demised and other sums herein agreed to be paid by Lessee, less the net proceeds of the reletting, if any, received by Lessor during the remainder of the unexpired term hereof, as ascertained from time to time, and the same shall be payable by Lessee on the several rent days above specified. Lessee shall not be entitled to any surplus accruing as a result of any such reletting. In reletting the Premises as aforesaid, Lessor may grant rent concessions, and Lessee shall not be credited therewith. No such reletting shall constitute a surrender and acceptance or be deemed evidence thereof. If Lessor elects, pursuant hereto, actually to occupy and use the Premises or any part thereof during any part of the balance of the Term as originally fixed or since extended, there shall be allowed against Lessee's ’s obligation for rent or damages as herein defined, during the period of Lessor's ’s occupancy, the reasonable value of such occupancy, not to exceed, in any event, the Fixed Basic Rent and Additional Rent herein reserved and such occupancy shall not be construed as a release of Lessee's ’s liability hereunder. Alternatively, in any case where Lessor has recovered possession of the Premises by reason of Lessee’s default, Lessor may at Lessor’s option, and at any time thereafter, and with notice or other action by Lessor, and without prejudice to any other rights or remedies it might have hereunder or at law or equity, become entitled to recover from Lessee, as Damages for such breach, in addition to such other sums herein agreed to be paid by Lessee, to the date of re-entry, expiration and/or dispossess, an amount equal to the difference between the Fixed Basic Rent and Additional Rent reserved in this Lease from the date of such default to the date of Expiration of the original Term demised and the then fair and reasonable rental value of the Premises for the same period. Said Damages shall become due and payable to Lessor immediately upon such breach of this Lease and without regard to whether this Lease be terminated or not, and if this Lease be terminated, without regard to the manner in which it is terminated. In the computation of such Damages, the difference between an installment of Fixed Basic Rent and Additional Rent thereafter becoming due and the fair and reasonable rental value of the Premises for the period for which such installment was payable shall be discounted to the date of such default at the rate of not more than six percent (6%) per annum. Lessee hereby waives all right of redemption to which Lessee or any person under Lessee might be entitled by any law now or hereafter in force. Lessor’s remedies hereunder are in addition to any remedy allowed by law.

Appears in 1 contract

Samples: Lease (Scopus Video Networks Ltd.)

Deficiency. In the event the Mortgaged Property is sold at any case where Lessor has recovered possession of the Premises by reason of Lessee's default, Lessor may, at Lessor's option, occupy the Premises or cause the Premises to be redecorated, altered, divided, consolidated with other adjoining premises or otherwise changed or prepared for reletting, and may relet the Premises or any part thereof, as agent of Lessee or otherwise, for a term or terms to expire prior to, at the same time as or subsequent to, the original Expiration Date of this Lease, at Lessor's option and receive the rent therefor. Rent so received shall be applied first to the payment of such expenses as Lessor may have incurred in connection with the recovery of possession, redecorating, altering, dividing, consolidating with other adjoining premises, or otherwise changing or preparing for relettingforeclosure sale hereunder, and the reletting, including brokerage and reasonable attorney's fees, and then proceeds thereof are not sufficient to the payment of damages in amounts equal to the Fixed Basic Rent and Additional Rent hereunder and to the costs and expenses of performance satisfy all of the other covenants indebtedness secured hereby, then the holder of Lessee the indebtedness secured hereby may bring an action seeking recovery of such deficiency. In such event, Grantor may have the right to request that a determination of the fair market value of the Mortgaged Property as herein provided. Lessee agrees, in any such case, whether or not Lessor has relet, to pay to Lessor damages equal to the Fixed Basic Rent and Additional Rent from of the date of the foreclosure sale be made. Grantor and Beneficiary hereby agree that the following procedures shall be utilized in such default an event, to the extent the same are not prohibited by the applicable law. In the event Grantor requests that the fair market value of the Mortgaged Property as of the date of expiration the foreclosure sale be ascertained for purposes of determining the amount of any deficiency due after the sale of the term demised Mortgaged Property, the fair market value of the Mortgaged Property as of the date of the foreclosure sale will be determined by an appraiser selected by Beneficiary, unless objection to such appraiser is made by Grantor within three (3) business days after receiving notice of the selection of such appraiser by Beneficiary. In the event Grantor objects to the identity of the appraiser selected by Beneficiary, Grantor shall designate in writing, within three (3) business days after its objection, an appraiser which it finds satisfactory. The fair market value of the Mortgaged Property for purposes of the deficiency action shall be the amount determined by the agreement of such two appraisers. If such two appraisers are unable to agree on the fair market value of the Mortgaged Property, the two appraisers shall, within three (3) business days after failing to agree on such fair market value, agree upon a third appraiser who shall conduct an appraisal of the Mortgaged Property as of the date of the foreclosure sale, which appraisal shall be conclusive and other sums herein agreed binding upon Grantor and Beneficiary as to the fair market value of the Mortgaged Property as of the date of the foreclosure sale. All costs of the appraiser selected by the Beneficiary shall be paid by LesseeBeneficiary, less the net proceeds all costs of the reletting, if any, received appraiser selected by Lessor during the remainder Grantor shall be paid by Grantor and all costs of the unexpired term hereof, as ascertained from time to time, and appraiser selected by the same other two appraisers shall be payable by Lessee on the several rent days above specified. Lessee shall not be entitled to any surplus accruing as a result of any such reletting. In reletting the Premises as aforesaid, Lessor may grant rent concessions, split evenly between Grantor and Lessee shall not be credited therewith. No such reletting shall constitute a surrender and acceptance or be deemed evidence thereof. If Lessor elects, pursuant hereto, actually to occupy and use the Premises or any part thereof during any part of the balance of the Term as originally fixed or since extended, there shall be allowed against Lessee's obligation for rent or damages as herein defined, during the period of Lessor's occupancy, the reasonable value of such occupancy, not to exceed, in any event, the Fixed Basic Rent and Additional Rent herein reserved and such occupancy shall not be construed as a release of Lessee's liability hereunderBeneficiary.

Appears in 1 contract

Samples: Spansion Inc.

Deficiency. In any case where Lessor has recovered possession of the Premises by reason of Lessee's default, Lessor may, at Lessor's option, occupy the Premises or cause the Premises to be redecorated, altered, divided, consolidated with other adjoining premises premises, or otherwise changed or prepared for reletting, and may relet the Premises or any part thereof, thereof as agent of Lessee or otherwise, for a term or terms to expire prior to, at the same time as as, or subsequent to, the original Expiration Date expiration date of this Lease, at Lessor's option option, and receive the rent therefor. Rent so received shall be applied first to the payment of such expenses as Lessor may have incurred in connection with the recovery of possession, ; redecorating, altering, dividing, consolidating with other adjoining premises, or otherwise changing or preparing for reletting, and the reletting, including brokerage and reasonable attorney's attorneys' fees, and then to the payment of damages in amounts equal to the Fixed Basic Rent and Additional Rent rent hereunder and to the costs and expenses of performance of the other covenants of Lessee as herein provided. Lessee agrees, in any such case, whether or not Lessor has relet, to pay to Lessor damages equal to the Fixed Basic Rent and Additional Rent from the date of such default to the date of expiration of the term demised and other sums herein agreed to be paid by Lessee, less the net proceeds of the reletting, if any, received by Lessor during the remainder of the unexpired term hereof, as ascertained from time to time, and the same shall be payable by Lessee on the several rent days above specified. Lessee shall not be entitled to any surplus accruing as a result of any such reletting. In reletting the Premises as aforesaid, Lessor may grant rent concessions, and Lessee shall not be credited therewith. No such reletting shall constitute a surrender and acceptance or be deemed evidence thereof. If Lessor elects, pursuant hereto, actually to occupy and use the Premises or any part thereof during any part of the balance of the Term as originally fixed or since extended, there shall be allowed against Lessee's obligation for rent or damages as herein defined, during the period of Lessor's occupancy, the reasonable value of such occupancy, not to exceed, exceed in any event, event the Fixed Basic Rent and Additional Rent herein reserved and such occupancy shall not be construed as a release of Lessee's liability hereunder. Alternately, in any case where Lessor has recovered possession of the Premises by reason of Lessee's default, Lessor may, at Lessor's option, and at any time thereafter, and without notice or other action by Lessor, and without prejudice to any other rights or remedies it might have hereunder or at law or equity, become entitled to recover from Lessee, as damages for such breach, in addition to such other sums herein agreed to be paid by Lessee, to the date of re-entry, expiration and/or dispossession, an amount equal to the difference between the Base Rent and Additional Rent reserved in this Lease from the date of such default to the date of expiration of the original Term demised and the then fair and reasonable rental value of the Premises for the same period. Said damages shall become due and payable to Lessor immediately upon such breach of this Lease and without regard to whether this Lease be terminated or not, and if this Lease be terminated, without regard to the manner in which it is terminated. In the computation of such damages, the difference between any installments of Base Rent and Additional Rent thereafter to become due and the fair and reasonable rental value of the Premises for the period for which sum installment was payable shall be discounted to the date of such default at the rate of six (6%) percent per annum. Lessee hereby waives all right of redemption to which Lessee or any person under Lessee might be entitled by any law nor or hereafter in force. Lessor's remedies hereunder are in addition to any remedy allowed by law.

Appears in 1 contract

Samples: Lease Agreement (Logimetrics Inc)

Deficiency. In any case where Lessor Sublessor has recovered possession of the Premises by reason of LesseeSublessee's default, Lessor Sublessor may, at LessorSublessor's option, occupy the Premises or cause the Premises to be redecorated, altered, divided, consolidated with other adjoining premises Premises, or otherwise changed or prepared for reletting, and may relet the Premises or any part thereof, of the Premises as agent of Lessee Sublessee or otherwise, for a term or terms to expire prior to, at the same time as as, or subsequent to, the original Expiration Date expiration date of this LeaseSublease, at LessorSublessor's option , and receive the rent therefortherefore. Rent so received shall be applied first to the payment of such expenses as Lessor Sublessor may have incurred in connection with the recovery of possession, redecorating, altering, dividing, consolidating with other adjoining premisesPremises, or otherwise changing or preparing for reletting, and the reletting, including brokerage and reasonable attorney's attorney fees, and then to the payment of damages in amounts equal to the Fixed Basic Rent and Additional Rent hereunder rent under this agreement and to the costs and expenses of performance of the other covenants of Lessee Sublessee as herein provided. Lessee Sublessee agrees, in any such case, whether or not Lessor Sublessor has relet, to pay to Lessor Sublessor damages equal to the Fixed Basic Rent and Additional Rent from the date of such default to the date of expiration of the term demised rent and other sums herein agreed to be paid by LesseeSublessee, less the net proceeds of the reletting, if any, received by Lessor during the remainder of the unexpired term hereof, as ascertained from time to time, and the same damages shall be payable by Lessee Sublessee on the several rent days above specified. Lessee shall not be entitled to any surplus accruing as a result of any such reletting. In reletting the Premises as aforesaidPremises, Lessor Sublessor may grant rent concessions, and Lessee Sublessee shall not be credited therewithwith such concession. No such reletting shall constitute a surrender and acceptance or be deemed evidence thereofof a surrender and acceptance. If Lessor Sublessor elects, pursuant heretoto this agreement, actually to occupy and use the Premises or any part thereof of the Premises during any part of the balance of the Term term as originally fixed or since extended, there shall be allowed against LesseeSublessee's obligation for rent or damages as herein defined, during the period of LessorSublessor's occupancy, the reasonable value of such occupancy, not to exceed, exceed in any event, event the Fixed Basic Rent and Additional Rent herein rent reserved and such occupancy shall not be construed as a release relief of LesseeSublessee's liability hereunderunder this agreement. Sublessee waives all right of redemption to which Sublessee or any person claiming under Sublessee might be entitled by any law no or hereafter in force. Sublessor's remedies under this agreement are in addition to any remedy allowed by law.

Appears in 1 contract

Samples: Section I (Cii Financial Inc)

Deficiency. (a) In any case where Lessor has recovered possession of the Premises by reason of Lessee's defaultre-entry, Lessor may, at Lessor's option, occupy the Premises repossession or cause the Premises to be redecorated, altered, divided, consolidated with other adjoining premises or otherwise changed or prepared for reletting, and may relet the Premises or any part thereof, as agent of Lessee or otherwise, for a term or terms to expire prior to, at the same time as or subsequent to, the original Expiration Date termination of this Lease, at Lessor's option and receive whether the rent therefor. Rent so received same is the result of the institution of summary or other proceedings or not, Tenant shall be applied first remain liable (in addition to accrued liabilities) to the payment of such expenses as Lessor may have incurred in connection with extent legally permissible for (i) the recovery of possession, redecorating, altering, dividing, consolidating with other adjoining premises, or otherwise changing or preparing for reletting(x) Rent, and all other charges provided for herein until the relettingdate this Lease would have expired had such termination, re-entry or repossession not occurred; and (y) expenses to which Landlord may be put in re-entering the Demised Premises repossessing the same; making good any Default of Tenant; painting, altering or dividing the Demised Premises; combining or placing the same in proper repair; protecting and preserving the same by placing therein watchmen and caretakers; reletting the same (including brokerage attorney's fees and reasonable attorneydisbursements, marshal's fees, and then to the payment of damages in amounts equal to the Fixed Basic Rent and Additional Rent hereunder and to the costs and expenses of performance of the other covenants of Lessee as herein provided. Lessee agreesbrokerage fees, in so doing); and any such case, whether or not Lessor has relet, to pay to Lessor damages equal to expenses which Landlord may incur during the Fixed Basic Rent and Additional Rent from the date occupancy of such default to the date of expiration of the term demised and other sums herein agreed to be paid by Lessee, less any new tenant; minus (ii) the net proceeds of any reletting. Tenant agrees to pay to Landlord the relettingdifference between items (i) and (ii) hereinabove with respect to each month, if any, received by Lessor during at the remainder end of the unexpired term hereof, as ascertained from time to time, and the same such month. Such payment shall be payable made to Landlord at Landlord's notice address or such other address as Landlord may designate by Lessee on the several rent days above specifiedgiving notice to Tenant. Lessee Any suit brought by Landlord to enforce collection of such difference for any one month shall not be entitled prejudice Landlord's right to enforce the collection of any difference for any subsequent month. In addition to the foregoing, Tenant shall pay to Landlord such sums as the court which has jurisdiction thereover may adjudge reasonable as attorney's fees with respect to any surplus accruing as a result of any such reletting. In reletting successful lawsuit or action instituted by Landlord to enforce the Premises as aforesaid, Lessor may grant rent concessions, and Lessee shall not be credited therewith. No such reletting shall constitute a surrender and acceptance or be deemed evidence thereof. If Lessor elects, pursuant hereto, actually to occupy and use the Premises or any part thereof during any part of the balance of the Term as originally fixed or since extended, there shall be allowed against Lessee's obligation for rent or damages as herein defined, during the period of Lessor's occupancy, the reasonable value of such occupancy, not to exceed, in any event, the Fixed Basic Rent and Additional Rent herein reserved and such occupancy shall not be construed as a release of Lessee's liability hereunderprovisions hereof.

Appears in 1 contract

Samples: Lease (American Drug Co)

Deficiency. In any case where Lessor lessor has recovered possession of the Premises premises by reason of Lesseelessee's default, Lessor lessor may, at Lessorlessor's option, occupy the Premises premises or cause the Premises premises to be redecorated, altered, divided, consolidated with other adjoining premises premises, or otherwise changed or prepared for reletting, and may relet the Premises premises or any part thereof, of the premises as agent of Lessee lessee or otherwise, for a term or terms to expire prior to, at the same time as as, or subsequent to, the original Expiration Date expiration date of this Leaselease, at Lessorlessor's option option, and receive the rent thereforrent. Rent so received shall be applied first to the payment of such expenses as Lessor lessor may have incurred in connection with the recovery of possession, redecorating, altering, dividing, consolidating with other adjoining premises, or otherwise changing or preparing for reletting, and the reletting, including brokerage and reasonable attorney's feesattorneys' fees and costs, and then to the payment of damages in amounts equal to the Fixed Basic Rent and Additional Rent hereunder rent under this agreement and to the costs cost and expenses of performance of the other covenants of Lessee lessee as herein providedprovided in this lease. Lessee agrees, in any such case, whether or not Lessor lessor has relet, to pay to Lessor lessor damages equal to the Fixed Basic Rent and Additional Rent from the date of such default to the date of expiration of the term demised rent and other sums herein agreed to be paid by Lesseelessee, less the net proceeds of the reletting, if any, received by Lessor during the remainder of the unexpired term hereof, as ascertained from time to time, and the same damages shall be payable by Lessee lessee on the several rent days above specified. Lessee shall not be entitled to any surplus accruing as a result of any such relettingspecified above. In reletting the Premises as aforesaidpremises, Lessor lessor may grant rent concessions, and Lessee lessee shall not be credited therewithwith such concessions, if reasonable in light of market conditions. No such reletting shall constitute a surrender and acceptance or be deemed evidence thereofof a surrender and acceptance. If Lessor lessor elects, pursuant heretoto this agreement, actually to occupy and use the Premises premises or any part thereof of the premises during any part of the balance of the Term term as originally fixed or since extended, there shall be allowed against Lesseelessee's obligation for rent or damages as herein defineddefined in this lease, during the period of Lessorlessor's occupancy, the reasonable value of such occupancy, not to exceed, in any event, the Fixed Basic Rent and Additional Rent herein rent reserved in this lease, and such occupancy shall not be construed as a release relief of Lesseelessee's liability hereunderunder this agreement. Upon an uncured and property notice default, as defined above by the lessee, the lessor shall have the right to immediately re-enter the premises either by summary proceedings, by force or otherwise and disposses the lessee and all other occupants therefrom and remove and dispose of all property therein or, at the lessor's option, store the lessees in a public warehouse or elsewhere at the cost and for the account of the lessee, all without service of any notice of intention to re-enter with or without recourse to legal process (which lessee hereby expressly waives) and without lessor being deemed guilty of trespass or becoming liable for any loss or damage which may be occasioned thereby, provided lessor acts reasonably.

Appears in 1 contract

Samples: Medgrup Corp

Deficiency. (a) In any case where Lessor has recovered possession of the Premises by reason of Lessee's default, Lessor may, at Lessor's option, occupy the Premises or cause the Premises to be redecorated, altered, divided, consolidated with other adjoining premises or otherwise changed or prepared for reletting, and may relet the Premises or any part thereof, as agent of Lessee or otherwise, for a term or terms to expire prior to, at the same time as or subsequent to, the original Expiration Date of this Lease, at Lessor's option and receive the rent therefor. Rent so received shall be applied first to the payment of such expenses as Lessor may have incurred in connection with the recovery of possession, redecorating, altering, dividing, consolidating with other adjoining premises, or otherwise changing or preparing for reletting, and the reletting, including brokerage and reasonable attorney's fees, and then to the payment of damages in amounts equal to the Fixed Basic Rent and Additional Rent hereunder and to the costs and expenses of performance of the other covenants of Lessee as herein provided. Lessee agrees, in any such case, whether or not Lessor has relet, to pay to Lessor damages equal to the Fixed Basic Rent and Additional Rent from the date of such default to the date of expiration of the term demised and other sums herein agreed to be paid by Lessee, less the net proceeds of the reletting, if any, received by Lessor during the remainder of the unexpired term hereof, as ascertained from time to time, but any such surplus shall reduce the amount recoverable from Lessee as damages, and the same shall be payable by Lessee on the several rent days above specified. Lessee shall not be entitled to any surplus accruing as a result of any such reletting. In reletting the Premises as aforesaid, Lessor may grant rent concessions, and Lessee shall not be credited therewith. No such reletting shall constitute a surrender and acceptance or be deemed evidence thereof. If Lessor elects, pursuant hereto, actually to occupy and use the Premises or any part thereof during any part of the balance of the Term as originally fixed or since extended, there shall be allowed against Lessee's obligation for rent or damages as herein defined, during the period of Lessor's occupancy, the reasonable value of such occupancy, not to exceed, in any event, the Fixed Basic Rent and Additional Rent herein reserved and such occupancy shall not be construed as a release of Lessee's liability hereunder.*

Appears in 1 contract

Samples: Agreement (Movado Group Inc)

Deficiency. In any case where Lessor Tenant has defaulted and Landlord has recovered possession of the Premises or terminated this Lease or Tenant’s right to possession, Tenant’s obligation to pay Landlord all the Fixed Basic Rent and Additional Rent up to and including the Expiration Date will not be discharged or otherwise affected. Landlord will have all rights and remedies available to Landlord at law and in equity by reason of Tenant’s default, and may periodically sxx to collect the accrued obligations of the Tenant together with interest at Prime plus four percent per annum from the date owed to the date paid, but in no event greater than the maximum rate of interest permitted by law. Alternatively, in any case where Landlord has recovered possession of the Premises by reason of Lessee's Tenant’s default, Lessor may, Landlord may at Lessor's Landlord’s option, occupy the Premises and at any time thereafter, and without notice or cause the Premises other action by Landlord, and without prejudice to any other rights or remedies it might have hereunder or at law or equity, become entitled to recover from Tenant, as damages for such breach, in addition to such other sums herein agreed to be redecoratedpaid by Tenant, altered, divided, consolidated with other adjoining premises or otherwise changed or prepared for reletting, and may relet the Premises or any part thereof, as agent of Lessee or otherwise, for a term or terms to expire prior to, at the same time as or subsequent to, the original Expiration Date of this Lease, at Lessor's option and receive the rent therefor. Rent so received shall be applied first to the payment date of such expenses as Lessor may have incurred in connection with the recovery of possessionre-entry, redecoratingexpiration and/or dispossess, altering, dividing, consolidating with other adjoining premises, or otherwise changing or preparing for reletting, and the reletting, including brokerage and reasonable attorney's fees, and then an amount equal to the payment of damages in amounts equal to difference between the Fixed Basic Rent and Additional Rent hereunder and to the costs and expenses of performance of the other covenants of Lessee as herein provided. Lessee agrees, reserved in any such case, whether or not Lessor has relet, to pay to Lessor damages equal to the Fixed Basic Rent and Additional Rent this Lease from the date of such default to the date of expiration Expiration Date of the term demised original Term and other sums herein agreed to be paid by Lessee, less the net proceeds then fair and reasonable rental value of the reletting, if any, received by Lessor during Premises for the remainder same period. Said damages shall become due and payable to Landlord immediately upon such breach of the unexpired term hereof, as ascertained from time this Lease and without regard to timewhether this Lease be terminated or not, and if this Lease be terminated, without regard to the same shall be payable by Lessee on the several rent days above specified. Lessee shall not be entitled to any surplus accruing as a result of any such relettingmanner in which it is terminated. In reletting the Premises as aforesaid, Lessor may grant rent concessions, and Lessee shall not be credited therewith. No computation of such reletting shall constitute a surrender and acceptance or be deemed evidence thereof. If Lessor elects, pursuant hereto, actually to occupy and use the Premises or any part thereof during any part of the balance of the Term as originally fixed or since extended, there shall be allowed against Lessee's obligation for rent or damages as herein defined, during the period of Lessor's occupancydamages, the reasonable value difference between an installment of such occupancy, not to exceed, in any event, the Fixed Basic Rent and Additional Rent herein reserved thereafter becoming due and the fair and reasonable rental value of the Premises for the period for which such occupancy installment was payable shall be discounted to the date of such default at the rate of not be construed as a release of Lessee's liability hereundermore than six percent (6%) per annum.

Appears in 1 contract

Samples: Lease (Rosetta Genomics Ltd.)

Deficiency. In the event the Mortgaged Property is sold at any case where Lessor has recovered possession of the Premises by reason of Lessee's default, Lessor may, at Lessor's option, occupy the Premises or cause the Premises to be redecorated, altered, divided, consolidated with other adjoining premises or otherwise changed or prepared for reletting, and may relet the Premises or any part thereof, as agent of Lessee or otherwise, for a term or terms to expire prior to, at the same time as or subsequent to, the original Expiration Date of this Lease, at Lessor's option and receive the rent therefor. Rent so received shall be applied first to the payment of such expenses as Lessor may have incurred in connection with the recovery of possession, redecorating, altering, dividing, consolidating with other adjoining premises, or otherwise changing or preparing for relettingforeclosure sale hereunder, and the reletting, including brokerage and reasonable attorney's fees, and then proceeds thereof are not sufficient to the payment of damages in amounts equal to the Fixed Basic Rent and Additional Rent hereunder and to the costs and expenses of performance satisfy all of the other covenants indebtedness secured hereby, then the holder of Lessee the indebtedness secured hereby may bring an action seeking recovery of such deficiency. In such event, Trustor may have the right to request that a determination of the fair market value of the Mortgaged Property as herein provided. Lessee agrees, in any such case, whether or not Lessor has relet, to pay to Lessor damages equal to the Fixed Basic Rent and Additional Rent from of the date of the foreclosure sale be made. Trustor and Beneficiary hereby agree that the following procedures shall be utilized in such default an event, to the extent the same are not prohibited by applicable law. In the event Trustor requests that the fair market value of the Mortgaged Property as of the date of expiration the foreclosure sale be ascertained for purposes of determining the amount of any deficiency due after the sale of the term demised Mortgaged Property, the fair market value of the Mortgaged Property as of the date of the foreclosure sale will be determined by an appraiser selected by Beneficiary, unless objection to such appraiser is made by Trustor within three (3) business days after receiving notice of the selection of such appraiser by Beneficiary. In the event Trustor objects to the identity of the appraiser selected by Beneficiary, Trustor shall designate in writing, within three (3) business days after its objection, an appraiser which it finds satisfactory. The fair market value of the Mortgaged Property for purposes of the deficiency action shall be the amount determined by the agreement of such two appraisers. If such two appraisers are unable to agree on the fair market value of the Mortgaged Property, the two appraisers shall, within three (3) business days after failing to agree on such fair market value, agree upon a third appraiser who shall conduct an appraisal of the Mortgaged Property as of the date of the foreclosure sale, which appraisal shall be conclusive and other sums herein agreed binding upon Trustor and Beneficiary as to the fair market value of the Mortgaged Property as of the date of the foreclosure sale. All costs of the appraiser selected by the Beneficiary shall be paid by LesseeBeneficiary, less the net proceeds all costs of the reletting, if any, received appraiser selected by Lessor during the remainder Trustor shall be paid by Trustor and all costs of the unexpired term hereof, as ascertained from time to time, and appraiser selected by the same other two appraisers shall be payable by Lessee on the several rent days above specified. Lessee shall not be entitled to any surplus accruing as a result of any such reletting. In reletting the Premises as aforesaid, Lessor may grant rent concessions, split evenly between Trustor and Lessee shall not be credited therewith. No such reletting shall constitute a surrender and acceptance or be deemed evidence thereof. If Lessor elects, pursuant hereto, actually to occupy and use the Premises or any part thereof during any part of the balance of the Term as originally fixed or since extended, there shall be allowed against Lessee's obligation for rent or damages as herein defined, during the period of Lessor's occupancy, the reasonable value of such occupancy, not to exceed, in any event, the Fixed Basic Rent and Additional Rent herein reserved and such occupancy shall not be construed as a release of Lessee's liability hereunderBeneficiary.

Appears in 1 contract

Samples: Spansion Inc.

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Deficiency. In any case where Lessor has recovered possession of the Premises by reason of Lessee's default, Lessor may, at Lessor's option, occupy the Premises or cause the Premises to be redecorated, altered, divided, consolidated with other adjoining premises or otherwise changed or prepared for reletting, and may relet the Premises or any part thereof, as agent of Lessee or otherwise, for a term or terms to expire prior to, at the same time as or subsequent to, the original Expiration Date of this Lease, at Lessor's option and receive the rent therefor. Rent so received shall be applied first to the payment of such expenses as Lessor may have incurred in connection with the recovery of possession, redecorating, altering, dividing, consolidating with other adjoining premises, or otherwise changing or preparing for reletting, and the reletting, including brokerage and reasonable attorney's fees, and then to the payment of damages in amounts equal to the Fixed Basic Rent and Additional Rent hereunder and to the costs and expenses of performance of the other covenants of Lessee as herein provided. Lessee agrees, in any such case, whether or not Lessor has relet, to pay to Lessor damages equal to the Fixed Basic Rent and Additional Rent from the date of such default to the date of expiration of the term demised and other sums herein agreed to be paid by Lessee, less the net proceeds of the reletting, if any, received by Lessor during the remainder of the unexpired term hereof, as ascertained from time to time, and the same shall be payable by Lessee on the several rent days above specified. Lessee shall not be entitled to any surplus accruing as a result of any such reletting. In reletting the Premises as aforesaid, Lessor may grant commercially reasonable rent concessions, and Lessee shall not be credited therewith. No such reletting shall constitute a surrender and acceptance or be deemed evidence thereof. If Lessor elects, pursuant hereto, actually to occupy and use the Premises or any part thereof during any part of the balance of the Term as originally fixed or since extended, there shall be allowed against Lessee's obligation for rent or damages as herein defined, during the period of Lessor's occupancy, the reasonable value of such occupancy, not to exceed, in any event, the Fixed Basic Rent and Additional Rent herein reserved and such occupancy shall not be construed as a release of Lessee's liability hereunder. Alternatively, in any case where Lessor has recovered possession of the Premises by reason of Lessee's default, Lessor may at Lessor's option, and at any time thereafter, and without notice or other action by Lessor, and without prejudice to any other rights or remedies it might have hereunder or at law or equity, become entitled to recover from Lessee, as damages for such breach, in addition to such other sums herein agreed to be paid by Lessee, to the date of re-entry, expiration and/or dispossess, an amount ("Damages") equal to the difference between the Fixed Basic Rent and Additional Rent reserved in this Lease from the date of such default to the Expiration Date of the Term and the then fair and reasonable rental value of the Premises for the same period. Said Damages shall become due and payable to Lessor immediately upon such breach of this Lease and without regard to whether this Lease be terminated or not, and if this Lease be terminated, without regard to the manner in which it is terminated. In the computation of such Damages, the difference between an installment of Fixed Basic Rent and Additional Rent thereafter becoming due and the fair and reasonable rental value of the Premises for the period for which such installment was payable shall be discounted to the date of such default at the rate of not more than ten percent (10%) per annum. Lessee hereby waives all right of redemption to which Lessee or any person under Lessee might be entitled by any law now or hereafter in force. Lessor's remedies hereunder are in addition to any remedy allowed by law. Notwithstanding anything to the contrary in this Lease, Lessor shall use reasonable efforts to mitigate damages.

Appears in 1 contract

Samples: Lease (Griffin Capital Essential Asset REIT II, Inc.)

Deficiency. In any case where Lessor has recovered possession of the Premises premises by reason of Lessee's default, Lessor may, may at Lessor's option, option occupy the Premises premises or cause the Premises premises to be redecorated, altered, divided, consolidated with other any adjoining premises premises, or otherwise changed change or prepared for reletting, and may relet the Premises premises or any part thereof, thereof as agent of Lessee Lessee, or otherwise, for a term or terms to expire prior to, at the same time as as, or subsequent to, to the original Expiration Date expiration date of this Lease, at Lessor's option option, and receive the rent therefor. Rent thereof (fixed basic rent or additional rent) so received shall be applied first to the payment of such expenses as Lessor may have incurred in connection with the recovery of possession, redecorating, altering, dividing, consolidating with other adjoining premises, or otherwise changing or preparing for relettingre-letting, and the reletting, re-letting including brokerage and reasonable attorney's attorneys fees, and then to the payment of damages in amounts equal to the Fixed Basic Rent fixed basic rent and Additional Rent hereunder additional rent hereunder, and to the costs and expenses of performance of the other covenants of Lessee as herein provided. Lessee agrees, agrees in any such case, whether or not Lessor has reletre-let, to pay to Lessor damages equal to the Fixed Basic Rent fixed basic rent and Additional Rent from the date of such default to the date of expiration of the term demised additional rent and other sums herein agreed to be paid by Lessee, Lessee less the net proceeds of the relettingre-letting, if any, received by Lessor during the remainder of the unexpired term hereof, as ascertained from time to time, time and the same shall be payable by Lessee on the several rent days above specified. Lessee shall not be entitled to any surplus accruing as a result of any such relettingre-letting. In reletting re-letting the Premises premises as aforesaid, Lessor may grant rent concessions, concessions and Lessee shall not be credited therewithherewith. No such reletting re-letting shall constitute a surrender and acceptance or be deemed evidence thereof. If Lessor elects, pursuant hereto, actually to occupy and use the Premises premises, or any part thereof thereof, during any part of the balance of the Term term as originally fixed or since extended, there shall be allowed against Lessee's obligation for fixed basic rent and additional rent or damages as herein defined, during the period of Lessor's occupancy, the reasonable value of such occupancy, occupancy not to exceed, exceed in any eventevent the fixed basic rent and additional rent herein reserved, the Fixed Basic Rent and Additional Rent herein reserved and such occupancy shall not be construed as a release of Lessee's liability hereunder.

Appears in 1 contract

Samples: Lease (Menlo Acquisition Corp)

Deficiency. (a) In any case where Lessor has recovered possession of re-entry, repossession or termination of the Premises by reason Lease, whether the same is the result of Lessee's defaultthe institution of summary or other proceedings or not, Lessor may, at Lessor's option, occupy Tenant shall remain liable (in addition to accrued liabilities) to the Premises or cause extent legally permissible for (i) the Premises to be redecorated, altered, divided, consolidated with other adjoining premises or otherwise changed or prepared for reletting(x) Rent, and all other charges provided for herein until the date the Lease would have expired had such termination, re-entry or repossession not occurred, and (y) expenses to which Landlord may relet be put in re-entering the Demised Premises repossessing the same; making good any Default of Tenant; painting, altering or any part thereof, as agent of Lessee dividing the Demised Premises; combining or otherwise, for a term or terms to expire prior to, at placing the same time as or subsequent to, in proper repair; protecting and preserving the original Expiration Date of this Lease, at Lessor's option same by placing therein watchmen and receive caretakers; reletting the rent therefor. Rent so received shall be applied first to the payment of such expenses as Lessor may have incurred in connection with the recovery of possession, redecorating, altering, dividing, consolidating with other adjoining premises, or otherwise changing or preparing for reletting, and the reletting, same (including brokerage and reasonable attorney's fees and disbursements, xxxxxxxx'x fees, and then to the payment of damages in amounts equal to the Fixed Basic Rent and Additional Rent hereunder and to the costs and expenses of performance of the other covenants of Lessee as herein provided. Lessee agreesbrokerage fees, in so doing); and any such case, whether or not Lessor has relet, to pay to Lessor damages equal to expenses which Landlord may incur during the Fixed Basic Rent and Additional Rent from the date occupancy of such default to the date of expiration of the term demised and other sums herein agreed to be paid by Lessee, less any new tenant; minus (ii) the net proceeds of any reletting. Under no circumstances, however, shall Landlord be under any obligation whatsoever to make any payments to Tenant on account of any increase in the reletting, if any, Rent received by Lessor during the remainder Landlord by virtue of the unexpired term hereof, as ascertained from time to time, and the same shall be payable by Lessee on the several rent days above specified. Lessee shall not be entitled to any surplus accruing as a result of any such reletting. In reletting Tenant agrees to pay to Landlord the Premises difference between items (i) and (ii) hereinabove with respect to each month, at the end of such month. Such payment shall be made to Landlord at Landlord's notice address or such other address as aforesaid, Lessor Landlord may grant rent concessions, and Lessee designate by giving notice to Tenant. Any suit brought by Landlord to enforce collection of such difference for any one month shall not be credited therewithprejudice Landlord's right to enforce the collection of any difference for any subsequent month. No In addition to the foregoing, Tenant shall pay to Landlord such reletting shall constitute a surrender and acceptance sums as the court which has jurisdiction thereover may adjudge reasonable as attorney's fees with respect to any successful lawsuit or be deemed evidence thereof. If Lessor elects, pursuant hereto, actually action instituted by Landlord to occupy and use enforce the Premises or any part thereof during any part of the balance of the Term as originally fixed or since extended, there shall be allowed against Lessee's obligation for rent or damages as herein defined, during the period of Lessor's occupancy, the reasonable value of such occupancy, not to exceed, in any event, the Fixed Basic Rent and Additional Rent herein reserved and such occupancy shall not be construed as a release of Lessee's liability hereunderprovisions hereof.

Appears in 1 contract

Samples: Sublease (United Auto Group Inc)

Deficiency. In any case where Lessor Landlord has recovered possession of the Demised Premises by reason of LesseeTenant's default, Lessor Landlord may, at LessorLandlord's option, occupy the Demised Premises or cause the Demised Premises to be reasonably redecorated, altered, divided, consolidated with other adjoining premises premises, or otherwise changed or prepared for reletting, and may relet the Demised Premises or any part thereof, thereof as agent of Lessee Tenant or otherwise, for a term or terms to expire prior to, at the same time as as, or subsequent to, to the original Expiration Date expiration date of this LeaseAgreement, at LessorLandlord's option option, and receive the rent therefor. Rent so received shall be applied first to the payment of such reasonable expenses as Lessor Landlord may have incurred in connection with the recovery of possession, redecoratingrepairing, altering, dividing, consolidating with other adjoining premises, or otherwise changing or preparing for relettingthe removal of pre-agreed items, and the reletting, including reasonable brokerage and reasonable attorney's fees, and then to the payment of damages in amounts equal to the Fixed Basic Rent and Additional Monthly Rent hereunder and to the costs and expenses of performance of the other covenants of Lessee Tenant as herein provided. Lessee Tenant agrees, in any such case, whether or not Lessor Landlord has relet, to pay damages to Lessor damages the Landlord (i) equal to the Fixed Basic Rent and Additional Rent from the date of such default to the date of expiration of the term demised and other sums herein agreed to be paid by LesseeMonthly Rental, less the net proceeds of the reletting, if any, received by Lessor during the remainder of the unexpired term hereof, as ascertained from time to time, and the same shall be payable by Lessee Tenant on the several rent days above specifiedspecified or (ii) pursuant to Section 22.05. Lessee Tenant shall not be entitled to any surplus accruing occurring as a result of any such reletting. In reletting the Premises as aforesaidDemised Premises, Lessor Landlord may grant reasonable rent concessions, concessions and Lessee Tenant shall not be credited therewith. No such reletting shall constitute a surrender and acceptance or be deemed evidence thereof. If Lessor electsFollowing Landlord's recovery of possession by reason of Tenant's default, if Landlord elects pursuant hereto, to this Article actually to occupy and use the Demised Premises or any part thereof for its use during any part of the balance of the Term term as originally fixed or since extended, Tenant shall not be liable to Landlord for any items of Additional Rent for the period of Landlord's occupancy and attributable to that part of the Demised Premises so occupied, and there shall be allowed against LesseeTenant's obligation for rent Base Rent or damages damage as herein defined, during the period of LessorLandlord's occupancy, the reasonable value of such occupancy, not to exceed, exceed in any event, event the Fixed Basic Rent and Additional Rent Monthly Rental herein reserved and such occupancy shall not be construed as a release of LesseeTenant's liability hereunder.

Appears in 1 contract

Samples: Lease Agreement (Pathogenesis Corp)

Deficiency. In any case where Lessor Sublandlord has recovered possession of the Subleased Premises by reason of Lessee's Subtenant’s default, Lessor Sublandlord may, at Lessor's Sublandlord’s option, occupy the Subleased Premises or cause the Subleased Premises to be redecorated, redecorated or altered, dividedin accordance with terms and conditions of the Prime Lease, consolidated with other adjoining premises or otherwise changed or be prepared for reletting, and may relet the Subleased Premises or any part thereof, thereof as agent of Lessee Subtenant or otherwise, for a term or terms to expire prior to, to or at the same time as or subsequent to, the original Expiration Date expiration date of this LeaseSublease, at Lessor's Sublandlord’s option and with Prime Landlord’s consent, and receive the rent therefor. Rent so received received, or in the event that Sublandlord occupies said Premises, the reasonable value of the rental of said Subleased Premises (not to exceed the Rent or Additional Rent reserved herein), shall be applied first to the payment of such expenses as Lessor Sublandlord may have incurred in connection with the recovery of possession, redecorating, or altering, dividing, consolidating with other adjoining premises, or otherwise changing or preparing for reletting, and the reletting, including brokerage and reasonable attorney's ’s fees, and then to the payment of damages in amounts equal to the Fixed Basic Rent and or Additional Rent hereunder and to the costs cost and expenses of performance of the other covenants of Lessee Subtenant as herein provided. Lessee Subtenant agrees, in any such case, whether or not Lessor Sublandlord has relet, to pay to Lessor Sublandlord damages equal to the Fixed Basic Rent and Additional Rent from the date of such default to the date of expiration of the term demised and other sums herein agreed to be paid by LesseeSubtenant, less the net proceeds of the reletting, if any, received by Lessor during the remainder of the unexpired term hereof, as ascertained from time to time, and the same shall be payable by Lessee Subtenant on the several rent days above specified. Lessee shall not be entitled to any surplus accruing as a result specified for the payment of any such relettingRent or Additional Rent. In reletting the Subleased Premises as aforesaid, Lessor Sublandlord shall have the right to grant reasonable rent concessions and such other concessions as it may grant rent concessions, and Lessee reasonably deem necessary. Sublandlord shall not be credited therewithhave no affirmative duty to affect any reletting. No such reletting shall constitute a surrender and acceptance or be deemed evidence thereof. If Lessor elects, pursuant hereto, actually to occupy and use the Premises or any part thereof during any part of the balance of the Term as originally fixed or since extended, there shall be allowed against Lessee's obligation for rent or damages as herein defined, during the period of Lessor's occupancy, the reasonable value of such occupancy, not to exceedAlternatively, in any eventcase where Sublandlord has recovered possession of the Subleased Premises by reason of Subtenant’s default, Sublandlord may, at Sublandlord’s option, and at any time thereafter, and without notice or other action by Sublandlord, and without prejudice to any other rights or remedies it may have hereunder or at law or equity, become entitled to recover from Subtenant, as damages for such breach, in addition to such other sums herein agreed to be paid by Subtenant, to the Fixed Basic date of re-entry, expiration and/or dispossess an amount equal to the difference between the Rent and Additional Rent herein reserved in this Sublease from the date of such default to the date of expiration of the original term demised and the then fair and reasonable rental value of the Subleased Premises for the same period; provided said fair and reasonable rental is less than the Rent and Additional Rent reserved herein. Said damages shall become due and payable to Sublandlord immediately upon such occupancy shall not breach of this Sublease and without regard to whether this Sublease be construed terminated or not, and if this Sublease be terminated, without regard to the manner in which it is terminated. Subtenant hereby waives all right of redemption to which Subtenant or any person claiming under Subtenant might be entitled by any law nor or hereafter in force. Sublandlord’s remedies hereunder are in addition to any remedy allowed by law. Subtenant agrees to pay, as a release Additional Rent, all attorney’s fees and other expenses incurred by the Sublandlord in enforcing any of Lessee's liability hereunderthe obligations under this Sublease, this covenant to survive the expiration or sooner termination of this Sublease.

Appears in 1 contract

Samples: Sublease (Pdi Inc)

Deficiency. In any case where Lessor the Landlord has recovered (or has a right pursuant to the terms of this Lease to recover) possession of the Premises by reason of Lesseethe Tenant's defaultdefault and Landlord's termination of this Lease, Lessor the Landlord may, at Lessorthe Landlord's option, occupy the Premises or cause the Premises to be redecorated, altered, divided, consolidated with other adjoining premises Premises, or otherwise changed change or prepared prepare for reletting, and may relet the Premises premises or any part thereof, thereof as agent of Lessee the Tenant or otherwise, for a term or terms to expire prior to, at the same time as as, or subsequent to, the original Expiration Date expiration date of the Term of this Lease, at Lessorthe Landlord's option option, and receive the rent therefor. Rent so received shall be applied first to the payment of such expenses as Lessor Landlord may have incurred in connection with the recovery of possession, redecorating, altering, dividing, consolidating with other adjoining premisesPremises, or otherwise changing or preparing for reletting, and the reletting, including brokerage and reasonable attorney's attorneys' fees, and then to the payment of damages in amounts equal to the Fixed Basic Rent and Additional Rent rent hereunder and to the costs and expenses of performance of the other covenants of Lessee the Tenant as herein provided. Lessee The Tenant agrees, in any such case, whether or not Lessor the Landlord has relet, to pay to Lessor the Landlord damages equal to the Fixed Basic Rent and Additional Rent from the date of such default to the date of expiration of the term demised and other sums herein agreed to be paid by Lesseethe Tenant, less the net proceeds of the reletting, if any, received by Lessor during the remainder of the unexpired term hereof, as ascertained from time to time, ; and the same shall be payable by Lessee on the several rent days above specifiedTenant at the time and in the manner specified in Section 3, above. Lessee The Tenant shall not be entitled to any surplus accruing as a result of any such reletting. In reletting the Premises as aforesaid, Lessor the Landlord may grant rent concessions, and Lessee the Tenant shall not be credited therewith. No such reletting shall constitute a surrender and acceptance or be deemed evidence thereof. If Lessor elects, pursuant hereto, actually to occupy and use the Premises or any part thereof during any part of the balance of the Term as originally fixed or since extended, there shall be allowed against Lessee's obligation for rent or damages as herein defined, during the period of Lessor's occupancy, the reasonable value of such occupancy, not to exceed, in any event, the Fixed Basic Rent and Additional Rent herein reserved and such occupancy shall not be construed as a release of Lessee's liability hereunder.

Appears in 1 contract

Samples: Lease Agreement (Alfacell Corp)

Deficiency. In any case where Lessor has recovered possession of the Premises by reason of Lessee's default, Lessor may, at Lessor's option, occupy the Premises or cause the Premises to be redecorated, altered, divided, consolidated with other adjoining premises premises, or otherwise changed or prepared for reletting, and may relet the Premises or any part thereof, thereof as agent of Lessee or otherwise, for a term or terms to expire prior to, at the same time as as, or subsequent to, the original Expiration Date expiration date of this Lease, at Lessor's option option, and receive the rent therefor. Rent so received shall be applied first to the payment of such expenses as Lessor may have incurred in connection with the recovery of possession, redecorating, altering, dividing, consolidating with other adjoining premises, or otherwise changing or preparing for reletting, and the reletting, including brokerage and reasonable attorney's fees, and then to the payment of damages in amounts equal to the Fixed Basic Rent and Additional Rent rent hereunder and to the costs and expenses of performance of the other covenants of Lessee as herein provided. Lessee agrees, in any such case, whether or not Lessor has relet, to pay to Lessor damages equal to the Fixed Basic Rent basic and Additional Rent from the date of such default to the date of expiration of the term demised and other sums herein agreed to be paid by Lessee, as and when due, less the net proceeds of the reletting, if any, received by Lessor during the remainder of the unexpired term hereof, as ascertained from time to time, as of the due date, and the same shall be payable by Lessee on the several rent days above specified. Lessee shall not be entitled to any surplus accruing as a result of any such reletting, nor shall any surplus be applied to offset the damages referred to in the preceding sentence. In reletting the Premises as aforesaid, Lessor may grant rent concessions, and Lessee shall not be credited therewith. No such reletting shall constitute a surrender and acceptance or be deemed evidence thereof. If Lessor elects, pursuant hereto, actually to occupy and use the Premises or any part thereof during any part of the balance of the Term term as originally fixed or since extended, there shall be allowed against Lessee's obligation for rent or damages as herein defined, during the period of Lessor's occupancy, the reasonable value of such occupancy, not to exceed, exceed in any event, event the Fixed Basic Rent basic and Additional Rent herein reserved and such occupancy shall not be construed as a release of Lessee's liability hereunder.

Appears in 1 contract

Samples: Lease Agreement (Call Points Inc)

Deficiency. (a) In any case where Lessor has recovered possession of the Premises by reason of Lessee's defaultreentry, Lessor may, at Lessor's option, occupy the Premises repossession or cause the Premises to be redecorated, altered, divided, consolidated with other adjoining premises or otherwise changed or prepared for reletting, and may relet the Premises or any part thereof, as agent of Lessee or otherwise, for a term or terms to expire prior to, at the same time as or subsequent to, the original Expiration Date termination of this Lease, at Lessor's option and receive whether the rent therefor. Rent so received same is the result of the institution of summary or other proceedings or not, Tenant shall be applied first remain liable (in addition to accrued liabilities) to the payment of such expenses extent legally permissible for (i) the (x) Rent, additional rent and all other charges provided for herein until the date this Lease would have expired (or, in the alternative, as Lessor may have incurred in connection with the recovery of possessionliquidated damages, redecorating, altering, dividing, consolidating with other adjoining premises, or otherwise changing or preparing for reletting, and the reletting, including brokerage and reasonable attorney's fees, and then to the payment of damages in amounts an amount equal to the Fixed Basic Rent Rent, additional rent and Additional Rent hereunder such other charges) had such termination, reentry or repossession not occurred; and (y) expenses to which Landlord may be put in reentering the costs Demised Premises repossessing the same; making good any Default of Tenant; painting, altering or dividing the Demised Premises; combining or placing the same in proper repair; protecting and expenses of performance of preserving the other covenants of Lessee as herein provided. Lessee agreessame by placing therein watchmen and caretakers; reletting the same (including attorney’s fees and disbursements, marshal’s fees, brokerage fees, in so doing); and any such case, whether or not Lessor has relet, to pay to Lessor damages equal to expenses which Landlord may incur during the Fixed Basic Rent and Additional Rent from the date occupancy of such default to the date of expiration of the term demised and other sums herein agreed to be paid by Lessee, less any new tenant; minus (ii) the net proceeds of any reletting. Xxxxxx agrees to pay to Landlord the relettingdifference between items (i) and (ii) hereinabove with respect to each month, if any, received by Lessor during at the remainder end of the unexpired term hereof, as ascertained from time to time, and the same such month. Such payment shall be payable made to Landlord at the lock box address as shown in Section 19.04A or such other address as Landlord may designate by Lessee on the several rent days above specifiedgiving notice to Tenant. Lessee Any suit brought by Landlord to enforce collection of such difference for any one month shall not be entitled prejudice Landlord’s right to enforce the collection of any difference for any subsequent month. In addition to the foregoing, Tenant shall pay to Landlord such sums as the court which has jurisdiction thereover may adjudge reasonable as attorney’s fees with respect to any surplus accruing as a result of any such reletting. In reletting successful lawsuit or action instituted by Landlord to enforce the Premises as aforesaid, Lessor may grant rent concessions, and Lessee shall not be credited therewith. No such reletting shall constitute a surrender and acceptance or be deemed evidence thereof. If Lessor elects, pursuant hereto, actually to occupy and use the Premises or any part thereof during any part of the balance of the Term as originally fixed or since extended, there shall be allowed against Lessee's obligation for rent or damages as herein defined, during the period of Lessor's occupancy, the reasonable value of such occupancy, not to exceed, in any event, the Fixed Basic Rent and Additional Rent herein reserved and such occupancy shall not be construed as a release of Lessee's liability hereunderprovisions hereof.

Appears in 1 contract

Samples: Lease

Deficiency. In any case where Lessor has recovered possession of the Premises by reason of Lessee's default, Lessor may, at Lessor's option, occupy the Premises or cause the Premises to be redecorated, altered, divided, consolidated with other adjoining premises premises, or otherwise changed or prepared for reletting, and may relet the Premises or any part thereof, thereof as agent of Lessee or otherwise, for a term or terms to expire prior to, at the same time as as, or subsequent to, the original Expiration Date expiration date of this Lease, at Lessor's option option, and receive the rent thereforthereof. Rent so received shall be applied first to the payment of such expenses as Lessor may have incurred in connection with the recovery of possession, redecorating, altering, dividing, consolidating with other adjoining premises, or otherwise changing or preparing for reletting, and the reletting, including brokerage and reasonable attorney's fees, and then to the payment of damages in amounts equal to the Fixed Basic Rent and Additional Rent rent hereunder and to the costs and expenses of performance of the other covenants of the Lessee as herein provided. Lessee agrees, in any such case, whether or not Lessor has relet, to pay to Lessor damages equal to the Fixed Basic Rent basic and Additional Rent from the date of such default to the date of expiration of the term demised additional rent and other sums herein agreed to be paid by Lessee, less the net proceeds of the reletting, if any, received by Lessor during the remainder of the unexpired term hereof, as ascertained from time to time, and the same shall be payable by Lessee on the several rent days above specified. Lessee shall not be entitled to any surplus accruing as a result of any such reletting. In reletting the Premises Premises, as aforesaid, Lessor may grant rent concessions, and Lessee shall not be credited therewith. No such reletting shall constitute a surrender and acceptance or be deemed evidence thereof. If Lessor elects, pursuant hereto, actually to occupy and use the Premises or any part thereof during any part of the balance of the Term term as originally fixed or since extended, there shall be allowed against the Lessee's obligation for rent or damages as herein defined, during the period of Lessor's occupancy, the reasonable value of such occupancy, not to exceed, exceed in any event, event the Fixed Basic Rent basic and Additional Rent additional rent herein reserved and such occupancy shall not be construed as a release of Lessee's liability hereunder.

Appears in 1 contract

Samples: Lease (Global Sources LTD)

Deficiency. In any case where Lessor has recovered possession of the Premises by reason of Lessee's default, Lessor may, at Lessor's option, occupy the Premises or cause the Premises to be redecorated, altered, divided, consolidated with other adjoining premises or otherwise changed or prepared for reletting, and may relet the Premises or any part thereof, as agent of Lessee or otherwise, for a term or terms to expire prior to, at the same time as or subsequent to, the original Expiration Date of this Lease, at Lessor's option and receive the rent therefor. Rent so received shall be applied first to the payment of such actual out-of-pocket reasonable expenses as Lessor may have incurred in connection with the recovery of possession, redecorating, altering, dividing, consolidating with other adjoining premises, or otherwise changing or preparing for reletting, and the reletting, including brokerage and reasonable attorney's fees, and then to the payment of damages in amounts equal to the Fixed Basic Rent and Additional Rent hereunder and to the reasonable costs and expenses of performance of the other covenants of Lessee as herein provided. Lessee agrees, in any such case, whether or not Lessor has relet, to pay to Lessor damages equal to the Fixed Basic Rent and Additional Rent from the date of such default to the date of expiration of the term demised Term hereof and other sums herein agreed to be paid by Lessee, less the net proceeds of the reletting, if any, received by Lessor during the remainder of the unexpired term Term hereof, as ascertained from time to time, and the same shall be payable by Lessee on the several rent days above specified. Lessee shall not be entitled to any surplus accruing as a result of any such reletting. In reletting the Premises as aforesaid, Lessor may grant rent concessions, and Lessee shall not be credited therewith. No such reletting shall constitute a surrender and acceptance or be deemed evidence thereof. If Lessor elects, pursuant hereto, actually to occupy and use the Premises or any part thereof during any part of the balance of the Term as originally fixed or since extended, there shall be allowed against Lessee's obligation for rent or damages as herein defined, during the period of Lessor's occupancy, the reasonable value of such occupancy, not to exceed, in any event, the Fixed Basic Rent and Additional Rent herein reserved reserved, and such occupancy shall not be construed as a release of Lessee's liability hereunder.

Appears in 1 contract

Samples: Lease (Alteon Inc /De)

Deficiency. In any case where Lessor has recovered possession of the Premises by reason of Lessee's ’s default, Lessor may, at Lessor's ’s option, occupy the Premises or cause the Premises to be redecorated, altered, divided, consolidated with other adjoining premises or otherwise changed or prepared for reletting, and may relet the Premises or any part thereof, as agent of Lessee or otherwise, for a term or terms to expire prior to, at the same time as or subsequent to, the original Expiration Date of this LeaseDate, at Lessor's ’s option and receive the rent therefor. Rent so received shall be applied first to the payment of such expenses as Lessor may have incurred in connection with the recovery of possession, redecorating, altering, dividing, consolidating with other adjoining premises, or otherwise changing or preparing for reletting, and the reletting, including brokerage and reasonable attorney's ’s fees, and then to the payment of damages in amounts equal to the Fixed Basic Rent and Additional Rent hereunder and to the costs and expenses of performance of the other covenants of Lessee as Lesseeas herein provided. Lessee agrees, in any such case, whether or not Lessor has relet, to pay to Lessor damages equal to the Fixed Basic Rent and Additional Rent from the date of such default to the date of expiration of the term demised and other sums herein agreed to be paid by Lessee, less the net proceeds of the reletting, if any, received by Lessor during the remainder of the unexpired term hereofof the Lease, as ascertained from time to time, and the same shall be payable by Lessee on the several rent days above specified. Lessee shall not be entitled to any surplus accruing as a result of any such reletting. In reletting the Premises as aforesaid, Lessor may grant rent concessions, and Lessee shall not be credited therewith. No such reletting shall constitute a surrender and acceptance or be deemed evidence thereof. If Lessor elects, pursuant hereto, actually to occupy and use the Premises or any part thereof during any part of the balance of the Term as originally fixed or since extended, there shall be allowed against Lessee's ’s obligation for rent or damages as herein defined, during the period of Lessor's ’s occupancy, the reasonable value of such occupancy, not to exceed, in any event, the Fixed Basic Rent and Additional Rent herein reserved and such occupancy shall not be construed as a release of Lessee's ’s liability hereunder. Alternatively, in any case where Lessor has recovered possession of the Premises by reason of Lessee’s default, Lessor may at Lessor’s option, and at any time thereafter, and without notice or other action by Lessor, and without prejudice to any other rights to remedies it might have hereunder or at law or equity, become entitled to recover from Lessee, as damages for such breach, in addition to such other sums herein agreed to be paid by Lessee, to the date of re-entry, expiration and/or dispossess, an amount equal to the difference between the Fixed Basic Rent and Additional Rent reserved in this Lease from the date of such default to the date of expiration of the original Term demised and the then fair and reasonable rental value of the Premises for the same period. Said damages shall become due and payable to Lessor immediately upon such breach of this Lease and without regard to whether this Lease be terminated or not, and if this Lease be terminated, without regard to the manner in which it is terminated. In the computation of such damages, the difference between an installment of Fixed Basic Rent and Additional Rent thereafter becoming due and the fair and reasonable rental value of the Premises for the period for which such installment was payable shall be discounted to the date of such default at the rate of not more than six percent (6%) per annum. Lessee hereby waives all right of redemption to which Lessee or any person under Lessee might be entitled by any law now or hereafter in force. Lessor’s remedies hereunder are in addition to any remedy allowed by law.

Appears in 1 contract

Samples: Lease Agreement (Silicom Ltd.)

Deficiency. In any case where Lessor has recovered possession of the Premises by reason of Lessee's default, Lessor may, at Lessor's option, occupy the Premises or cause the Premises to be redecorated, redecorated altered, divided, consolidated with other adjoining premises premises, or otherwise changed or prepared for reletting, and may relet the Premises or any part thereof, thereof as agent of Lessee or otherwise, for a term or terms to expire prior to, at the same time as as, or subsequent to, the original Expiration Date expiration date of this Lease, at Lessor's option option, and receive the rent thereforTerm Basic Rent or Additional Rent therefore. Term Basic Rent and Additional Rent so received shall be applied first to the payment of such expenses as Lessor may have incurred in connection with the recovery of possession, redecorating, altering, dividing, consolidating with other adjoining premises, or otherwise changing or preparing for reletting, and the reletting, including brokerage and reasonable attorney's fees, and then to the payment of damages in amounts equal to the Fixed Term Basic Rent and Additional Rent hereunder and to the costs and expenses of performance of the other covenants of Lessee as herein provided. Lessee agrees, in any such case, whether or not Lessor has relet, to pay to Lessor damages equal to the Fixed Term Basic Rent and Additional Rent from the date of such default to the date of expiration of the term demised and other sums herein agreed to be paid by Lessee, as and when due, less the net proceeds of the reletting, if any, received by Lessor during the remainder of the unexpired term hereof, as ascertained from time to time, as of the due date, and the same shall be payable by Lessee on the several rent days above specified. , Lessee shall not be entitled to any surplus accruing as a result of any such reletting, nor shall any surplus be applied to offset the damages referred to in the preceding sentence. In reletting the Premises as aforesaid, Lessor may grant rent concessions, and Lessee shall not be credited therewith. No such reletting shall constitute a surrender and acceptance or be deemed evidence thereof. If Lessor elects, pursuant hereto, actually to occupy and use the Premises or any part thereof during any part of the balance of the Term as originally fixed or since extended, there shall be allowed against Lessee's obligation for rent Term Basic Rent and Additional Rent or damages as herein defined, during the period of Lessor's occupancy, the reasonable value of such occupancy, not to exceed, exceed in any event, event the Fixed Term Basic Rent and Additional Rent herein reserved and such occupancy shall not be construed as a release of Lessee's liability hereunder.

Appears in 1 contract

Samples: Lease (Robocom Systems Inc)

Deficiency. In any case where Lessor Landlord has recovered possession of the Premises by reason of LesseeTenant's default, Lessor Landlord may, at LessorLandlord's option, occupy the Premises or cause the Premises to be redecorated, altered, divided, consolidated with other adjoining premises or otherwise changed or prepared for reletting, and any may relet the Premises or any part thereof, thereof as agent of Lessee Tenant or otherwise, otherwise for a term or terms to expire prior to, at the same time as as, or subsequent to, to the original Expiration Date expiration date of this Lease, at LessorLandlord's option option, and receive the rent therefor. Rent so received shall be applied first to the payment of such expenses as Lessor Landlord may have incurred in connection with the recovery of possession, redecorating, altering, dividing, consolidating with other adjoining premises, adjourning premises or otherwise changing or preparing for reletting, and the reletting, including brokerage and reasonable attorney's fees, and then to the payment of damages in amounts equal to the Fixed Basic Rent and Additional Rent rent hereunder and to the costs and expenses expense of performance of the other covenants of Lessee for Tenant as herein provided. Lessee Landlord agrees, in any such case, whether or not Lessor Landlord has relet, to pay to Lessor Landlord damages equal to the Fixed Basic Rent basic and Additional Rent from the date of such default to the date of expiration of the term demised additional rent and other sums herein agreed to be paid by LesseeTenant, less the net proceeds of the reletting, if any, received by Lessor during the remainder of the unexpired term hereof, as ascertained from time to time, and the same shall be payable by Lessee Tenant on the several date rent days is payable as above specified. Lessee Tenant shall not be entitled to any surplus accruing as a result of any such reletting. In reletting the Premises as aforesaid, Lessor Landlord may grant rent concessions, and Lessee Tenant shall not be credited therewith. No such reletting shall constitute a surrender and acceptance or be deemed evidence thereof. If Lessor Landlord elects, pursuant hereto, actually to occupy and use the Premises or any part thereof during any part of the balance of the Term term as originally fixed or since such extended, there shall be allowed against LesseeTenant's obligation for rent or damages as herein defined, during the period of LessorLandlord's occupancy, the reasonable value of such occupancy, not to exceed, in any event, the Fixed Basic Rent basic and Additional Rent additional rent herein reserved reserved, and such occupancy shall not be construed as a release of LesseeTenant's liability hereunder. Landlord's remedies hereunder are in addition to any remedy allowed by law.

Appears in 1 contract

Samples: Lease (Womens Golf Unlimited Inc)

Deficiency. In any case where Lessor Landlord has recovered possession of the Premises by reason of LesseeTenant's default, Lessor Landlord may, at LessorLandlord's option, occupy the Premises or cause the Premises to be redecorated, altered, divided, consolidated with other adjoining premises premises, or otherwise changed or prepared for reletting, and may relet relet, the Premises or any part thereof, thereof as agent of Lessee tenant or otherwise, for a term or terms to expire prior to, at the same time as as, or subsequent to, the original Expiration Date expiration date of this Lease, at LessorLandlord's option option, and receive the rent therefor. Rent so received shall be applied first to the payment of such expenses as Lessor Landlord may have incurred in connection with the recovery of possession, redecorating, altering, dividing, consolidating with other adjoining premises, or otherwise changing or preparing for reletting, and the reletting, including brokerage and reasonable attorney's fees, and then to the payment of damages in amounts equal to the Fixed Basic Rent and Additional Rent rent hereunder and to the costs and expenses of performance of the other covenants of Lessee Tenant as herein provided. Lessee Tenant agrees, in any such case, whether or not Lessor Landlord has relet, to pay to Lessor the Landlord damages equal to the Fixed Basic Rent base and Additional Rent from the date of such default to the date of expiration of the term demised additional rent and other sums herein agreed to be paid by LesseeTenant, less the net proceeds of the reletting, if any, received by Lessor during the remainder of the unexpired term hereof, as ascertained from time to time, and the same shall be payable by Lessee Tenant on the several rent days above specified. Lessee Tenant shall not be entitled to any surplus accruing as a result of any such reletting. In reletting the Premises as aforesaid, Lessor Landlord may grant rent concessions, and Lessee Tenant shall not be credited therewith. No such reletting shall constitute a surrender and acceptance or be deemed evidence thereof. If Lessor Landlord elects, pursuant hereto, actually to occupy and use the Premises or any part thereof during any part of the balance of the Term term as originally fixed or since extended, there shall be allowed against LesseeTenant's obligation for rent or damages as herein defined, during the period of LessorLandlord's occupancy, the reasonable value of such occupancy, not to exceed, exceed in any event, event the Fixed Basic Rent basic and Additional Rent additional rent herein reserved and such occupancy shall not be construed as a release of LesseeTenant's liability hereunder. Alternatively, in any case whether Landlord has recovered possession of the Premises by reason of Tenant's default and has not relet the Premises or elected to use the Premises in accordance with the preceding paragraph, Landlord may, at Landlord's option, and at any time thereafter, and without notice or other action by Landlord, and without prejudice to any other rights or remedies Landlord may have hereunder or at law or equity, become entitled to recover from Tenant, as damages for such breach, in addition to such other sums herein agreed to be paid by Tenant, to the day of re-entry, expiration and/or dispossess an amount equal to the excess, if any, of the rent and additional rents reserved in this Lease from the date of such default to the date of expiration of the then term demised over the then fair and reasonable rental value of the Premises for the same period. Said damages shall become due and payable to Landlord immediately upon such breach of this Lease and without regard to whether this Lease be terminated or not, and if this lease be terminated, without regard to the manner in which it is terminated. In the computation of such damages, the difference between any installments of rent (base and additional) thereafter becoming due and the fair and reasonable rental value of the Premises for the period for which such installment was payable shall be discounted to the date of such default at the rate of not more then ten (10%) percent per annum. Tenant hereby waives all right of redemption to which Tenant or any person claiming under Tenant might be entitled by any law now or hereafter in force. Landlord's remedies hereunder are in addition to any remedy allowed by law. Landlord reserves the right of re-entry in the event of any breach of Tenant of any provisions of the Lease. Nothing contained herein will excuse the Landlord from exercising reasonable efforts to attempt to mitigate damages.

Appears in 1 contract

Samples: Lease Agreement (Cinedigm Digital Cinema Corp.)

Deficiency. In any case where Lessor has recovered possession of the Premises by reason of Lessee's ’s default, Lessor may, at Lessor's ’s option, occupy the Premises or cause the Premises to be redecorated, altered, divided, consolidated with other adjoining premises or otherwise changed or prepared for reletting, and may relet the Premises or any part thereof, as agent of Lessee or otherwise, for a term or terms to expire prior to, at the same time as or subsequent to, the original Expiration Date of this Lease, at Lessor's ’s option and receive the rent therefor. Rent so received shall be applied first to the payment of such expenses as Lessor may have incurred in connection with the recovery of possession, redecorating, altering, dividing, consolidating with other adjoining premises, or otherwise changing or preparing for reletting, and the reletting, including brokerage and reasonable attorney's ’s fees, and then to the payment of damages in amounts equal to the Fixed Basic Rent and Additional Rent hereunder and to the costs and expenses of performance of the other covenants of Lessee as herein provided; however, if the term of such reletting expires after the original Expiration Date of this Lease, the costs and expenses of such reletting shall be amortized over the term of the new lease and Lessee shall only be responsible for that portion of the reletting costs that falls within what would have been the remainder of the original term of this Lease. Lessee agrees, in any such case, whether or not Lessor has relet, to pay to Lessor damages equal to the Fixed Basic Rent and Additional Rent from the date of such default to the date of expiration of the term demised and other sums herein agreed to be paid by Lessee, less the net proceeds of the reletting, if any, received by Lessor during the remainder of the unexpired term hereof, as ascertained from time to time, and the same shall be payable by Lessee on the several rent days above specified. Lessee shall not be entitled to any surplus accruing as a result of any such reletting. In reletting the Premises as aforesaid, Lessor may grant rent concessionsconcessions if Lessor determines rent concessions are necessary to relet the Premises, and Lessee shall not be credited therewith. No such reletting shall constitute a surrender and acceptance or be deemed evidence thereof. If Lessor elects, pursuant hereto, actually to occupy and use the Premises or any part thereof during any part of the balance of the Term as originally fixed or since extended, there shall be allowed against Lessee's ’s obligation for rent or damages as herein defined, during the period of Lessor's ’s occupancy, the reasonable value of such occupancy, not to exceed, in any event, the Fixed Basic Rent and Additional Rent herein reserved and such occupancy shall not be construed as a release of Lessee's ’s liability hereunder. Alternatively, in any case where Lessor has recovered possession of the Premises by reason of Lessee’s default, Lessor may at Lessor’s option, and at any time thereafter, and without notice or other action by Lessor, and without prejudice to any other rights or remedies it might have hereunder or at law or equity, become entitled to recover from Lessee, as Damages for such breach, in addition to such other sums herein agreed to be paid by Lessee, to the date of re-entry, expiration and/or dispossess, an amount equal to the amount by which the Fixed Basic Rent and Additional Rent reserved in this Lease from the date of such default to the date of Expiration of the original Term demised exceeds the then fair and reasonable rental value of the Premises for the same period. Said Damages shall become due and payable to Lessor immediately upon such breach of this Lease and without regard to whether this Lease be terminated or not, and if this Lease be terminated, without regard to the manner in which it is terminated. In the computation of such Damages, the difference between an installment of Fixed Basic Rent and Additional Rent thereafter becoming due and the fair and reasonable rental value of the Premises for the period for which such installment was payable shall be discounted to the date of such default at the rate of not more than six percent (6%) per annum. For purposes of this Article 14, the date of such default shall only be after Lessor has given Lessee notice of said default and such default remained uncured beyond any applicable grace period. Lessee hereby waives all right of redemption to which Lessee or any person under Lessee might be entitled by any law now or hereafter in force. Lessor’s remedies hereunder are in addition to any remedy allowed by law.

Appears in 1 contract

Samples: Lease (Tollgrade Communications Inc \Pa\)

Deficiency. In any case where Lessor lessor has recovered possession of the Premises premises by reason of Lessee's lessee’s default, Lessor lessor may, at Lessor's lessor’s option, occupy the Premises premises or cause the Premises premises to be redecorated, altered, divided, consolidated with other adjoining premises premises, or otherwise changed or prepared for reletting, and may relet the Premises premises or any part thereof, of the premises as agent of Lessee lessee or otherwise, for a term or terms to expire prior to, at the same time as as, or subsequent to, the original Expiration Date expiration date of this Leaselease, at Lessor's option lessor’s option, and receive the rent thereforrent. Rent so received shall be applied first to the payment of such expenses as Lessor lessor may have incurred in connection with the recovery of possession, redecorating, altering, dividing, consolidating with other adjoining premises, or otherwise changing or preparing for reletting, and the reletting, including brokerage and reasonable attorney's attorneys’ fees, and then to the payment of damages in amounts equal to the Fixed Basic Rent and Additional Rent hereunder rent under this agreement and to the costs cost and expenses of performance of the other covenants of Lessee lessee as herein providedprovided in this lease. Lessee agrees, in any such case, whether or not Lessor lessor has relet, to pay to Lessor lessor damages equal to the Fixed Basic Rent and Additional Rent from the date of such default to the date of expiration of the term demised rent and other sums herein agreed to be paid by Lesseelessee, less the net proceeds of the reletting, if any, received by Lessor during the remainder of the unexpired term hereof, as ascertained from time to time, and the same damages shall be payable by Lessee lessee on the several rent days above specified. Lessee shall not be entitled to any surplus accruing as a result of any such relettingspecified above. In reletting the Premises as aforesaidpremises, Lessor lessor may grant rent concessions, and Lessee lessee shall not be credited therewithwith such concessions. No such reletting shall constitute a surrender and acceptance or be deemed evidence thereofof a surrender and acceptance. If Lessor lessor elects, pursuant heretoto this agreement, actually to occupy and use the Premises premises or any part thereof of the premises during any part of the balance of the Term term as originally fixed or since extended, there shall be allowed against Lessee's lessee’s obligation for rent or damages as herein defineddefined in this lease, during the period of Lessor's lessor’s occupancy, the reasonable value of such occupancy, not to exceed, exceed in any eventevent the rent reserved in this lease, the Fixed Basic Rent and Additional Rent herein reserved and such occupancy shall not be construed as a release relief of Lessee's lessee’s liability hereunderunder this agreement. Lessee waives all right of redemption to which lessee or any person claiming under lessee might be entitled by any law now or hereafter in force. Lessor’s remedies under this agreement are in addition to any remedy allowed by law.

Appears in 1 contract

Samples: Lease Agreement (Commerce Union Bancshares, Inc.)

Deficiency. In any case where Lessor Tenant has defaulted and Landlord has recovered possession of the Premises or terminated this Lease or Tenant’s right to possession, Tenant’s obligation to pay Landlord all the Fixed Basic Rent and Additional Rent up to and including the Expiration Date will not be discharged or otherwise affected. Landlord will have all rights and remedies available to Landlord at law and in equity by reason of Tenant’s default, and may periodically xxx to collect the accrued obligations of the Tenant together with interest at Prime plus four percent per annum from the date owed to the date paid, but in no event greater than the maximum rate of interest permitted by law, minus net rents received by Landlord through the Expiration Date from such re-letting, such net rents to be determined by first deducting from the gross rents through the Expiration Date of this Lease as and when received by Landlord from such re-letting, the expenses incurred or paid by Landlord in terminating the term of this lease and in re-entering the Premises and in securing possession thereof, as well as the expenses of reletting, including altering and preparing the Premises for new tenants, brokers’ commissions, attorneys’ fees and all other expenses properly chargeable against the Premises. Alternatively, in any case where Landlord has recovered possession of the Premises by reason of Lessee's Tenant’s default, Lessor may, Landlord may at Lessor's Landlord’s option, occupy the Premises and at any time thereafter, and without notice or cause the Premises other action by Landlord, and without prejudice to any other rights or remedies it might have hereunder or at law or equity, become entitled to recover from Tenant, as damages for such breach, in addition to such other sums herein agreed to be redecoratedpaid by Tenant, altered, divided, consolidated with other adjoining premises or otherwise changed or prepared for reletting, and may relet the Premises or any part thereof, as agent of Lessee or otherwise, for a term or terms to expire prior to, at the same time as or subsequent to, the original Expiration Date of this Lease, at Lessor's option and receive the rent therefor. Rent so received shall be applied first to the payment date of such expenses as Lessor may have incurred in connection with the recovery of possessionre-entry, redecoratingexpiration and/or dispossess, altering, dividing, consolidating with other adjoining premises, or otherwise changing or preparing for reletting, and the reletting, including brokerage and reasonable attorney's fees, and then an amount equal to the payment of damages in amounts equal to difference between the Fixed Basic Rent and Additional Rent hereunder and to the costs and expenses of performance of the other covenants of Lessee as herein provided. Lessee agrees, reserved in any such case, whether or not Lessor has relet, to pay to Lessor damages equal to the Fixed Basic Rent and Additional Rent this Lease from the date of such default to the date of expiration Expiration Date of the term demised original Term and other sums herein agreed to be paid by Lessee, less the net proceeds then fair and reasonable rental value of the reletting, if any, received by Lessor during Premises for the remainder same period. Said damages shall become due and payable to Landlord immediately upon such breach of the unexpired term hereof, as ascertained from time this Lease and without regard to timewhether this Lease be terminated or not, and if this Lease be terminated, without regard to the same shall be payable by Lessee on the several rent days above specified. Lessee shall not be entitled to any surplus accruing as a result of any such relettingmanner in which it is terminated. In reletting the Premises as aforesaid, Lessor may grant rent concessions, and Lessee shall not be credited therewith. No computation of such reletting shall constitute a surrender and acceptance or be deemed evidence thereof. If Lessor elects, pursuant hereto, actually to occupy and use the Premises or any part thereof during any part of the balance of the Term as originally fixed or since extended, there shall be allowed against Lessee's obligation for rent or damages as herein defined, during the period of Lessor's occupancydamages, the reasonable value difference between an installment of such occupancy, not to exceed, in any event, the Fixed Basic Rent and Additional Rent herein reserved thereafter becoming due and the fair and reasonable rental value of the Premises for the period for which such occupancy installment was payable shall be discounted to the date of such default at the rate of not be construed as a release of Lessee's liability hereundermore than six percent (6%) per annum.

Appears in 1 contract

Samples: Agreement (Eagle Pharmaceuticals, Inc.)

Deficiency. In any case where Lessor Tenant has defaulted and Landlord has recovered possession of the Premises by reason of Lessee's default, Lessor may, at Lessor's option, occupy the Premises or cause the Premises terminated this Lease or Tenant’s right to be redecorated, altered, divided, consolidated with other adjoining premises or otherwise changed or prepared for reletting, and may relet the Premises or any part thereof, as agent of Lessee or otherwise, for a term or terms to expire prior to, at the same time as or subsequent to, the original Expiration Date of this Lease, at Lessor's option and receive the rent therefor. Rent so received shall be applied first to the payment of such expenses as Lessor may have incurred in connection with the recovery of possession, redecorating, altering, dividing, consolidating with other adjoining premises, or otherwise changing or preparing for reletting, and the reletting, including brokerage and reasonable attorney's fees, and then Tenant’s obligation to the payment of damages in amounts equal to pay Landlord all the Fixed Basic Rent and Additional Rent hereunder up to and including the Expiration Date will not be discharged or otherwise affected. Landlord will have all rights and remedies available to Landlord at law and in equity by reason of Tenant’s default, and may periodically xxx to collect the accrued obligations of the Tenant together with interest at Prime plus three percent per annum from the date owed to the costs and expenses date paid, but in no event greater than the maximum rate of performance of the other covenants of Lessee as herein providedinterest permitted by law. Lessee agreesAlternatively, in any case where Landlord has recovered posses­sion of the Premises by reason of Tenant’s default and terminated the Lease, Landlord may at Landlord’s option, and at any time thereafter, upon notice to Tenant, and without prejudice to any other rights or remedies Landlord might have hereunder or at law or equity, become entitled to recover from Tenant, as damages for such casebreach, whether or not Lessor has reletin addition to such other sums herein agreed to be paid by Tenant, to pay to Lessor damages the date of re-entry, expiration and/or dispossess, an amount equal to the difference between the Fixed Basic Rent and Additional Rent reserved in this Lease from the date of such default to the date of expiration Expiration Date of the term demised original Term and other sums herein agreed to be paid by Lessee, less the net proceeds then fair and reasonable rental value of the reletting, if any, received by Lessor during the remainder of the unexpired term hereof, as ascertained from time to time, and Premises for the same period. Said damages shall be become due and payable by Lessee on the several rent days above specified. Lessee shall not be entitled to any surplus accruing as a result of any such relettingLandlord immediately upon Landlord’s notice to Tenant thereof. In reletting the Premises as aforesaid, Lessor may grant rent concessions, and Lessee shall not be credited therewith. No computation of such reletting shall constitute a surrender and acceptance or be deemed evidence thereof. If Lessor elects, pursuant hereto, actually to occupy and use the Premises or any part thereof during any part of the balance of the Term as originally fixed or since extended, there shall be allowed against Lessee's obligation for rent or damages as herein defined, during the period of Lessor's occupancydamages, the reasonable value difference between an installment of such occupancy, not to exceed, in any event, the Fixed Basic Rent and Additional Rent herein reserved thereafter becoming due and the fair and reasonable rental value of the Premises for the period for which such occupancy installment was payable shall not be construed as a release discounted to the date of Lessee's liability hereundersuch default at the rate of four percent (4%) per annum. Under no circumstances will Tenant be liable hereunder for consequential damages.

Appears in 1 contract

Samples: Agreement (Cover All Technologies Inc)

Deficiency. In any case where Lessor Sublessor has recovered possession of the Subleased Premises by reason of LesseeSublessee's default, Lessor Sublessor may, at LessorSublessor's option, occupy the Subleased Premises or cause the Subleased Premises to be redecorated, altered, divided, consolidated with other adjoining premises Premises, or otherwise changed or prepared for reletting, and may relet the Subleased Premises or any part thereof, thereof as agent of Lessee Sublessee or otherwise, for a term or terms to expire prior to, to or at the same time as or subsequent to, the original Expiration Date expiration date of this LeaseSublease, at LessorSublessor's option option, and receive the rent therefor. Rent so received received, or in the event that Sublessor occupies the Subleased Premises, the reasonable value of the rental of the Subleased Premises (not to exceed the rent reserved herein), shall be applied first to the payment of such expenses as Lessor Sublessor may have incurred in connection with the recovery of possession, redecorating, altering, dividing, consolidating with other adjoining premises, or otherwise changing or preparing for reletting, and the reletting, including brokerage and reasonable attorney's fees, and then to the payment of damages in amounts equal to the Fixed Basic Rent and Additional Rent rent hereunder and to the costs cost and expenses of performance of the other covenants of Lessee Sublessee as herein provided. Lessee However, should Sublessor occupy the Premises, Sublessor shall not be entitled to recover from Sublessee any expenses in connection with Redecorating, altering, dividing or consolidating the Premises for Sublessor's occupancy. Sublessee agrees, in any such case, whether or not Lessor Sublessor has relet, to pay to Lessor Sublessor damages equal to the Fixed Basic Rent basic and Additional Rent from the date of such default to the date of expiration of the term demised additional rent and other sums herein agreed to be paid by LesseeSublessee, less the net proceeds of the reletting, if any, received by Lessor during the remainder of the unexpired term hereof, as ascertained from time to time, and the same shall be payable by Lessee Sublessee on the several rent days above specified. Lessee shall not be entitled to any surplus accruing as a result of any such reletting. In reletting the Subleased Premises as aforesaid, Lessor Sublessor may not grant rent concessions, and Lessee . Sublessor shall not be credited therewithhave no affirmative duty to affect any reletting. No such reletting shall constitute a surrender and acceptance or be deemed evidence thereof. If Lessor elects, pursuant hereto, actually to occupy and use the Premises or any part thereof during any part of the balance of the Term as originally fixed or since extended, there shall be allowed against Lessee's obligation for rent or damages as herein defined, during the period of Lessor's occupancy, the reasonable value of such occupancy, not to exceedAlternatively, in any eventcase where Sublessor has recovered possession of the Subleased Premises by reason of Sublessee's default, Sublessor may, at Sublessor's option, and at any time thereafter, and without notice or other action by Sublessor, and without prejudice to any other rights or remedies it may have hereunder or at law or equity, become entitled to recover from Sublessee, as damages for such breach, in addition to such other sums herein agreed to be paid by Sublessee, to the date of re-entry, expiration and/or dispossess an amount equal to the difference between the rent and additional rent reserved in this Sublease from the date of such default to the date of expiration of the original term demised and the then fair and reasonable rental value of the Subleased Premises for the same period; provided said fair and reasonable rental is less than the rent and additional rent reserved herein. Said damages shall become due and payable to Sublessor immediately upon such breach of this Sublease and without regard to whether this Sublease be terminated or not, and if this Sublease be terminated, without regard to the manner in which it is terminated. In the computation of such damages, the Fixed Basic Rent difference between any installments of rent (basic and Additional Rent herein reserved additional) thereafter becoming due and the fair and reasonable rental value, as hereinbefore defined, of the Subleased Premises for the period for which such occupancy installment was payable shall be discounted to the date of such default at the rate of not more than four (4%) percent per annum. Sublessee hereby waives all right of redemption to which Sublessee or any person claiming under Sublessee might be construed entitled by any law nor or hereafter in force. Sublessor's remedies hereunder are in addition to any remedy allowed by law. Sublessee agrees to pay, as a release additional rent, all attorney's fees and other expenses incurred by the Sublessor in enforcing any of Lessee's liability hereunderthe obligations under this Sublease, this covenant to survive the expiration or sooner termination of this Sublease.

Appears in 1 contract

Samples: Boron Lepore & Associates Inc

Deficiency. (a) In any case where Lessor has recovered possession of the Premises by reason of Lessee's defaultre-entry, Lessor may, at Lessor's option, occupy the Premises repossession or cause the Premises to be redecorated, altered, divided, consolidated with other adjoining premises or otherwise changed or prepared for reletting, and may relet the Premises or any part thereof, as agent of Lessee or otherwise, for a term or terms to expire prior to, at the same time as or subsequent to, the original Expiration Date termination of this Lease, at Lessor's option and receive whether the rent therefor. Rent so received same is the result of the institution of summary or other proceedings or not, Tenant shall be applied first remain liable (in addition to accrued liabilities) to the payment of such expenses as Lessor may have incurred in connection with extent legally permissible for: (i) (x) the recovery of possession, redecorating, altering, dividing, consolidating with other adjoining premises, or otherwise changing or preparing for relettingRent, and all other charges provided for herein until the relettingdate this Lease would have expired (or, including brokerage and reasonable attorney's feesin the alternative, and then to the payment of damages in amounts as liquidated damages, an amount equal to the Fixed Basic Rent and Additional Rent hereunder such other charges) had such termination, re-entry or repossession not occurred; and (y) expenses to which Landlord may be put in re-entering the costs Demised Premises, repossessing the same, making good any Default of Tenant, painting, altering or dividing the Demised Premises, combining or placing the same in proper repair, protecting and expenses of performance of preserving the other covenants of Lessee as herein provided. Lessee agreessame by placing therein watchmen and caretakers, reletting the same (including attorney’s fees and disbursements, marshal’s fees and broker’s fees, in so doing), and any such case, whether or not Lessor has relet, to pay to Lessor damages equal to expenses which Landlord may incur during the Fixed Basic Rent and Additional Rent from the date occupancy of such default to the date of expiration of the term demised and other sums herein agreed to be paid by Lessee, less any new tenant; minus (ii) the net proceeds of any re-letting. Tenant agrees to pay to Landlord the relettingdifference between items (i) and (ii) hereinabove with respect to each month, if any, received at the end of such month. Any suit brought by Lessor during the remainder Landlord to enforce collection of the unexpired term hereof, as ascertained from time to time, and the same shall be payable by Lessee on the several rent days above specified. Lessee such difference for any one month shall not be entitled prejudice Landlord’s right to enforce the collection of any difference for any subsequent month. In addition to the foregoing, Tenant shall pay to Landlord such sums as the court which has jurisdiction thereover may adjudge reasonable as attorneys’ fees with respect to any surplus accruing as a result of any such reletting. In reletting successful lawsuit or action instituted by Landlord to enforce the Premises as aforesaid, Lessor may grant rent concessions, and Lessee shall not be credited therewith. No such reletting shall constitute a surrender and acceptance or be deemed evidence thereof. If Lessor elects, pursuant hereto, actually to occupy and use the Premises or any part thereof during any part of the balance of the Term as originally fixed or since extended, there shall be allowed against Lessee's obligation for rent or damages as herein defined, during the period of Lessor's occupancy, the reasonable value of such occupancy, not to exceed, in any event, the Fixed Basic Rent and Additional Rent herein reserved and such occupancy shall not be construed as a release of Lessee's liability hereunderprovisions hereof.

Appears in 1 contract

Samples: Lease Agreement (Coty Inc /)

Deficiency. In any case where Lessor has recovered possession of the Premises by reason of Lessee's default, Lessor may, at Lessor's option, occupy the Premises or cause the Premises to be redecorated, altered, divided, consolidated with other adjoining premises premises, or otherwise changed or prepared for reletting, and may relet the Premises or any part thereof, thereof as agent of Lessee or otherwise, for a term or terms to expire prior to, at the same time as as, or subsequent to, the original Expiration Date expiration date of this Lease, at Lessor's option option, and receive the rent Term Basic Rent and Additional Rent therefor. Term Basic Rent and Additional Rent so received shall be applied first to the payment of such expenses as Lessor may have incurred in connection with the recovery of possession, redecorating, altering, dividing, consolidating with other adjoining premises, or otherwise changing or preparing for reletting, and the reletting, including brokerage and reasonable attorney's fees, and then to the payment of damages in amounts equal to the Fixed Term Basic Rent and Additional Rent hereunder and to the costs and expenses of performance of the other covenants of Lessee as herein provided. Lessee agrees, in any such case, whether or not Lessor has relet, to pay to Lessor damages equal to the Fixed Term Basic Rent and Additional Rent from the date of such default to the date of expiration of the term demised and other sums herein agreed to be paid by Lessee, as and when due, less the net proceeds of the reletting, if any, received by Lessor during the remainder of the unexpired term hereof, as ascertained from time to time, as of the due date, and the same shall be payable by Lessee on the several rent days above specified. Lessee shall not be entitled to any surplus accruing as a result of any such reletting, nor shall any surplus be applied to offset the damages referred to in the preceding sentence. In reletting the Premises as aforesaid, Lessor may grant rent concessions, and Lessee shall not be credited therewith. No such reletting shall constitute a surrender and acceptance or be deemed evidence thereof. If Lessor elects, pursuant hereto, actually to occupy and use the Premises or any part thereof during any part of the balance of the Term as originally fixed or since extended, there shall be allowed against Lessee's obligation for rent Term Basic Rent and Additional Rent or damages as herein defined, during the period of Lessor's occupancy, the reasonable value of such occupancy, not to exceed, exceed in any event, event the Fixed Term Basic Rent and Additional Rent herein reserved and such occupancy shall not be construed as a release of Lessee's liability hereunder. Alternatively, in any case where Lessor has recovered possession of the Premises by reason of Lessee's default, Lessor may at Lessor's option, and at any time thereafter, and without notice or other action by Lessor, and without prejudice to any other rights or remedies it might have hereunder or at law, or equity, become entitled to recover from Lessee, as damages for such breach, in addition to such other sums herein agreed to be paid by Lessee, to the date of reentry, expiration and/or dispossess, an amount equal to the difference between the Term Basic Rent and Additional Rent reserved in this Lease from the date of such default to the date of expiration of the Term demised and the then fair and reasonable rental value of the Premises for the same period. Said damages shall become due and payable to Lessor immediately upon such breach of this Lease and without regard to whether this Lease be terminated or not, and if this Lease be terminated, without regard to the manner in which it is terminated. In the computation of such damages, the difference between any installments of Term Basic Rent and Additional Rent thereafter becoming due and the fair and reasonable rental value of the Premises for the period for which such installment was payable shall be discounted to the date of such default at the rate of not more than six (6%) percent per annum. Lessee hereby waives all right of redemption to which Lessee or any person under Lessee might be entitled by any law now or hereafter in force. In addition, in the event of a default which results in the Lessor recovering possession of the Premises, Lessor will use reasonable efforts to relet the Premises in order to mitigate its damages provided that Lessor shall retain the right, in the exercise of its reasonable business judgment, to approve any tenant and determine the reasonable terms and conditions of any lease, including, but not limited to, rent and length of term. Notwithstanding the foregoing, Lessor shall not be obligated to display the Premises to prospective tenants if Lessor has other premises available in the Building or in the building owned by Lessor's affiliate known as Xxxx Centre III located at 000 Xxxxxxxxx Xxxxxx, Xxxxxxx, Xxx Xxxxxx. However, if prospective tenants do not find such other premises suitable, Lessor agrees that it will then display the Premises to the prospective tenants. Lessor's remedies hereunder are in addition to any remedy allowed by law. Lessee agrees to pay, as Additional Rent, all attorney's fees and other expenses incurred by the Lessor in enforcing any of the obligations under this Lease, this covenant to survive the expiration or sooner termination of this Lease.

Appears in 1 contract

Samples: Long Beach Holdings Corp

Deficiency. (a) In any case where Lessor has recovered possession of the Premises by reason of Lessee's defaultre-entry, Lessor may, at Lessor's option, occupy the Premises repossession or cause the Premises to be redecorated, altered, divided, consolidated with other adjoining premises or otherwise changed or prepared for reletting, and may relet the Premises or any part thereof, as agent of Lessee or otherwise, for a term or terms to expire prior to, at the same time as or subsequent to, the original Expiration Date termination of this Lease, at Lessor's option and receive whether the rent therefor. Rent so received same is the result of the institution of summary or other proceedings or not, Tenant shall be applied first remain liable (in addition to accrued liabilities) to the payment of such expenses as Lessor may have incurred in connection with extent legally permissible for: (i) (x) the recovery of possession, redecorating, altering, dividing, consolidating with other adjoining premises, or otherwise changing or preparing for relettingRent, and all other charges provided for herein until the relettingdate this Lease would have expired (or, in the alternative, as liquidated damages, an amount equal to the Rent and such other charges) had such termination, re-entry or repossession not occurred; and (y) expenses to which Landlord may be put in re-entering the Demised Premises, repossessing the same, making good any Default of Tenant, painting, altering or dividing the Demised Premises, combining or placing the same in proper repair, protecting and preserving the same by placing therein watchmen and caretakers, reletting the same (including brokerage attorney's fees and reasonable attorneydisbursements, marshal's fees and broker's fees, in so doing), and then to any expenses which Landlord may incur during the payment occupancy of damages in amounts equal to the Fixed Basic Rent and Additional Rent hereunder and to the costs and expenses of performance of the other covenants of Lessee as herein provided. Lessee agrees, in any such case, whether or not Lessor has relet, to pay to Lessor damages equal to the Fixed Basic Rent and Additional Rent from the date of such default to the date of expiration of the term demised and other sums herein agreed to be paid by Lessee, less new tenant; minus (ii) the net proceeds of any re-letting. Tenant agrees to pay to Landlord the relettingdifference between items (i) and (ii) hereinabove with respect to each month, if any, received at the end of such month. Any suit brought by Lessor during the remainder Landlord to enforce collection of the unexpired term hereof, as ascertained from time to time, and the same shall be payable by Lessee on the several rent days above specified. Lessee such difference for any one month shall not be entitled prejudice Landlord's right to enforce the collection of any difference for any subsequent month. In addition to the foregoing, Tenant shall pay to Landlord such sums as the court which has jurisdiction thereover may adjudge reasonable as attorneys' fees with respect to any surplus accruing as a result of any such reletting. In reletting successful lawsuit or action instituted by Landlord to enforce the Premises as aforesaid, Lessor may grant rent concessions, and Lessee shall not be credited therewith. No such reletting shall constitute a surrender and acceptance or be deemed evidence thereof. If Lessor elects, pursuant hereto, actually to occupy and use the Premises or any part thereof during any part of the balance of the Term as originally fixed or since extended, there shall be allowed against Lessee's obligation for rent or damages as herein defined, during the period of Lessor's occupancy, the reasonable value of such occupancy, not to exceed, in any event, the Fixed Basic Rent and Additional Rent herein reserved and such occupancy shall not be construed as a release of Lessee's liability hereunderprovisions hereof.

Appears in 1 contract

Samples: Lease Agreement (Immunomedics Inc)

Deficiency. In any case where Lessor Landlord has recovered possession of the Premises by reason of LesseeTenant's default, Lessor Landlord may, at LessorLandlord's option, occupy the Premises or cause the Premises to be redecorated, altered, divided, consolidated with other adjoining premises premises, or otherwise changed or prepared for reletting, and may relet the Premises or any part thereof, thereof as agent of Lessee Tenant or otherwise, for a term or terms to expire prior to, at the same time as as, or subsequent to, the original Expiration Date expiration date of this Lease, at LessorLandlord's option option, and receive the rent Term Basic Rent or Additional Rent therefor. Term Basic Rent and Additional Rent so received shall be applied first to the payment of such expenses as Lessor Landlord may have incurred in connection with the recovery of possession, redecorating, altering, dividing, consolidating with other adjoining premises, or otherwise changing or preparing for reletting, and the reletting, including brokerage and reasonable attorney's fees, and then to the payment of damages in amounts equal to the Fixed Term Basic Rent and Additional Rent hereunder and to the costs and expenses of performance of the other covenants of Lessee Tenant as herein provided. Lessee Tenant agrees, in any such case, whether or not Lessor Landlord has relet, to pay to Lessor Landlord damages equal to the Fixed Term Basic Rent and Additional Rent from the date of such default to the date of expiration of the term demised and other sums herein agreed to be paid by LesseeTenant, as and when due, less the net proceeds of the reletting, if any, received by Lessor during the remainder of the unexpired term hereof, as ascertained from time to time, as of the due date, and the same shall be payable by Lessee Tenant on the several rent days above specified. Lessee , Tenant shall not be entitled to any surplus accruing as a result of any such reletting, nor shall any surplus be applied to offset the damages referred to in the preceding sentence. In reletting the Premises as aforesaid, Lessor Landlord may grant rent concessions, and Lessee Tenant shall not be credited therewith. No such reletting shall constitute a surrender and acceptance or be deemed evidence thereof. If Lessor Landlord elects, pursuant hereto, actually to occupy and use the Premises or any part thereof during any part of the balance of the Term as originally fixed or since extended, there shall be allowed against LesseeTenant's obligation for rent Term Basic Rent or Additional Rent or damages as herein defined, during the period of LessorLandlord's occupancy, the reasonable value of such occupancy, not to exceed, exceed in any event, event the Fixed Term Basic Rent and Additional Rent herein reserved and such occupancy shall not be construed as a release of LesseeTenant's liability hereunder.

Appears in 1 contract

Samples: North American Integrated Marketing Inc

Deficiency. In any case where Lessor has recovered possession of the Premises by reason of Lessee's default, Lessor may, at Lessor's option, occupy the Premises or cause the Premises to be redecorated, altered, divided, consolidated with other adjoining premises or otherwise changed or prepared for reletting, and may relet the Premises or any part thereof, as agent of Lessee or otherwise, for a term or terms to expire prior to, at the same time as or subsequent to, the original Expiration Date of this Lease, at Lessor's option and receive the rent therefor. Rent so received shall be applied first to the payment of such reasonable expenses as Lessor may have incurred in connection with the recovery of possession, redecorating, altering, dividing, consolidating with other adjoining premises, or otherwise changing or preparing for reletting, and the reletting, including brokerage and reasonable attorney's fees, and then to the payment of damages in amounts equal to the Fixed Basic Rent and Additional Rent hereunder and to the costs and expenses of performance of the other covenants of Lessee as herein provided. Lessee agrees, in any such case, whether or not Lessor has relet, to pay to Lessor damages equal to the Fixed Basic Rent and Additional Rent from the date of such default to the date of expiration of the term demised and other sums herein agreed to be paid by Lessee, less the net proceeds of the reletting, if any, received by Lessor during the remainder of the unexpired term hereof, as ascertained from time to time, and the same shall be payable by Lessee on the several rent days above specified. Lessee shall not be entitled to any surplus accruing as a result of any such reletting. In reletting the Premises as aforesaid, Lessor may grant commercially reasonable rent concessions, and Lessee shall not be credited therewith. No such reletting shall constitute a surrender and acceptance or be deemed evidence thereof. If Lessor elects, pursuant hereto, actually to occupy and use the Premises or any part thereof during any part of the balance of the Term as originally fixed or since extended, there shall be allowed against Lessee's obligation for rent or damages as herein defined, during the period of Lessor's occupancy, the reasonable value of such occupancy, not to exceed, in any event, the Fixed Basic Rent and Additional Rent herein reserved and such occupancy shall not be construed as a release of Lessee's liability hereunder.

Appears in 1 contract

Samples: Lease (Medicines Co /De)

Deficiency. In any case where Lessor Tenant has defaulted and Landlord has recovered possession of the Premises or terminated this Lease or Tenant’s right to possession, Tenant’s obligation to pay Landlord all the Fixed Basic Rent and Additional Rent up to and including the Expiration Date will not be discharged or otherwise affected. Landlord will have all rights and remedies available to Landlord at law and in equity by reason of Tenant’s default, and may periodically xxx to collect the accrued obligations of the Tenant together with interest at Prime plus four (4%) percent per annum from the date owed to the date paid, but in no event greater than the maximum rate of interest permitted by law. Alternatively, in any case where Landlord has recovered possession of the Premises by reason of Lessee's Tenant’s default, Lessor may, Landlord may at Lessor's Landlord’s option, occupy the Premises and at any time thereafter, and without notice or cause the Premises other action by Landlord, and without prejudice to any other rights or remedies it might have hereunder or at law or equity, become entitled to recover from Tenant, as damages for such breach, in addition to such other sums herein agreed to be redecoratedpaid by Tenant, altered, divided, consolidated with other adjoining premises or otherwise changed or prepared for reletting, and may relet the Premises or any part thereof, as agent of Lessee or otherwise, for a term or terms to expire prior to, at the same time as or subsequent to, the original Expiration Date of this Lease, at Lessor's option and receive the rent therefor. Rent so received shall be applied first to the payment date of such expenses as Lessor may have incurred in connection with the recovery of possessionre-entry, redecoratingexpiration and/or dispossess, altering, dividing, consolidating with other adjoining premises, or otherwise changing or preparing for reletting, and the reletting, including brokerage and reasonable attorney's fees, and then an amount equal to the payment of damages in amounts equal to difference between the Fixed Basic Rent and Additional Rent hereunder and to the costs and expenses of performance of the other covenants of Lessee as herein provided. Lessee agrees, reserved in any such case, whether or not Lessor has relet, to pay to Lessor damages equal to the Fixed Basic Rent and Additional Rent this Lease from the date of such default to the date of expiration Expiration Date of the term demised original Term and other sums herein agreed to be paid by Lessee, less the net proceeds then fair and reasonable rental value of the reletting, if any, received by Lessor during Premises for the remainder same period. Said damages shall become due and payable to Landlord immediately upon such breach of the unexpired term hereof, as ascertained from time this Lease and without regard to timewhether this Lease be terminated or not, and if this Lease be terminated, without regard to the same shall be payable by Lessee on the several rent days above specified. Lessee shall not be entitled to any surplus accruing as a result of any such relettingmanner in which it is terminated. In reletting the Premises as aforesaid, Lessor may grant rent concessions, and Lessee shall not be credited therewith. No computation of such reletting shall constitute a surrender and acceptance or be deemed evidence thereof. If Lessor elects, pursuant hereto, actually to occupy and use the Premises or any part thereof during any part of the balance of the Term as originally fixed or since extended, there shall be allowed against Lessee's obligation for rent or damages as herein defined, during the period of Lessor's occupancydamages, the reasonable value difference between an installment of such occupancy, not to exceed, in any event, the Fixed Basic Rent and Additional Rent herein reserved thereafter becoming due and the fair and reasonable rental value of the Premises for the period for which such occupancy installment was payable shall be discounted to the date of such default at the rate of not be construed as a release of Lessee's liability hereundermore than six percent (6%) per annum.

Appears in 1 contract

Samples: Lease Agreement (Intelligroup Inc)

Deficiency. In any case where Lessor landlord has recovered possession of the Premises premises by reason of Lesseetenant's default, Lessor landlord may, at Lessorlandlord's option, occupy the Premises premises or cause the Premises premises to be redecorated, altered, divided, consolidated with other adjoining premises premises, or otherwise other wise changed or prepared for reletting, and may relet the Premises premises or any part thereof, of the premises as agent of Lessee tenant or otherwise, for a term or terms to expire prior to, at the same time as as, or subsequent to, the original Expiration Date expiration date of this Leaselease, at Lessorlandlord's option option, and receive the rent thereforrent. Rent so received shall be applied first to the payment of such expenses as Lessor landlord may have incurred in connection with the recovery of possession, redecorating, altering, dividing, consolidating with other adjoining premises, or otherwise changing or preparing for reletting, and the reletting, including brokerage and reasonable attorney's fees, and then to the payment of damages in amounts equal to the Fixed Basic Rent and Additional Rent hereunder and to the costs and attorneys' expenses of performance of the other covenants of Lessee or tenant as herein providedprovided in this agreement. Lessee Tenant agrees, in any such case, whether or not Lessor landlord has relet, to pay to Lessor landlord damages equal to the Fixed Basic Rent and Additional Rent from the date of such default to the date of expiration of the term demised rent and other sums herein agreed to be paid by Lesseetenant, less the net proceeds of the reletting, if any, received by Lessor during the remainder of the unexpired term hereof, as ascertained from time to time, and the same damages shall be payable by Lessee tenant on the several rent days above specified. Lessee shall not be entitled to any surplus accruing as a result of any such reletting. In reletting the Premises as aforesaidpremises, Lessor landlord may grant rent concessions, and Lessee tenant shall not be credited therewithwith such concessions. No such reletting shall constitute a surrender and acceptance or be deemed evidence thereofof a surrender and acceptance. If Lessor landlord elects, pursuant heretoto this agreement, actually to occupy and use the Premises premises or any part thereof of the premises during any part of the balance of the Term term as originally fixed or since extended, there shall be allowed against Lesseetenant's obligation for rent or damages as herein defineddefined in this agreement, during the period of Lessorlandlord's occupancy, the reasonable value of such occupancy, not to exceed, exceed in any event, event the Fixed Basic Rent and Additional Rent herein rent reserved and such occupancy shall not be construed as a release relief of Lesseetenant's liability hereunderunder this agreement. Tenant waives all right of redemption to which tenant or any person claiming under tenant might be entitled by any law now or hereafter in force. Landlord's remedies under this agreement are in addition to any remedy allowed by law.

Appears in 1 contract

Samples: Lease Agreement (Alfin Inc)

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