Effect of Bankruptcy or Other Proceedings. If at any time any bankruptcy or any reorganization proceeding is instituted by or against Tenant either in the State or Federal Courts, or if a receiver is appointed under Chapter X or XI of the Bankruptcy Act, for its business or property on or in the Leased Premises, or if any lien is assessed against Tenant or its property on or in the Leased Premises, or if Tenant shall make an assignment for the benefit of creditors or voluntarily or involuntarily take advantage of any debtor relief proceedings under present or future law, Landlord in addition to any other remedies provided Landlord in the event of Tenant's default as set forth in this Lease or under any applicable law, shall have the option, to be exercised by written notice given to Tenant, to declare this Lease terminated at any time after the expiration of twenty (20) days following the commencement of such proceeding or the assertion of such lien, unless the proceeding is dismissed or the lien discharged and unless all payments of rent and other payments required by this Lease to be made by Tenant to Landlord are paid promptly during such period of twenty (20) days. Landlord shall under no circumstances be required to permit a receiver or any person claiming through or under Tenant to retain possession of the Leased Premises. Landlord need not lease the Leased Premises to such receiver or person, and Landlord shall be entitled to immediate possession of the Leased Premises. Any repossession or termination hereunder shall not operate in any way to prejudice or affect the right of Landlord for recovery of rent or other charges theretofore accrued, thereafter accruing or to any other damages, nor shall any such termination or repossession ever be construed as a waiver of or an election not to claim future damages on account of such breach, but all such damages, including all future rentals, shall be fully recoverable by Landlord.
Effect of Bankruptcy or Other Proceedings a. If a petition is filed by, or an order for relief is entered against, the Lessee under Chapter 7 of the Bankruptcy Code and the Trustee of the Lessee elects to assume this Lease for the purpose of assigning it, the election or assignment, or both, may be made only if all of the terms and conditions of Subparagraphs (b) and (d) of this Lease are satisfied. If the Trustee fails to elect to assume this Lease for the purpose of assigning it within sixty (60) days after his appointment, this Lease will be deemed to have been rejected. The Lessor shall then immediately be entitled to possession of the Demised Premises without further obligation to the Lessee or the Trustee, and this Lease will be canceled. The Lessor's right to be compensated for damages in this bankruptcy proceeding, however, shall survive. b. If the Lessee files a petition for reorganization under chapters 11 or 13 of the Bankruptcy Code or a proceeding that is filed by or against the Lessee under any other chapter of the Bankruptcy Code is converted to a chapter 11 or 13 proceeding and the Lessee's Trustee or the Lessee as a Debtor-in-Possession fails to assume this Lease within sixty (60) days from the date of the filing of the petition or the conversion, the Trustee or the Debtor-in-Possession will be deemed to have rejected this Lease. To be effective, an election to assume this Lease must be in writing and addressed to the Lessor and, in the Lessor's business judgment, all of the following conditions, which the Lessor and the Lessee acknowledge to be commercially reasonable, must have been satisfied: 1) The Trustee or the Debtor-in-Possession has cured or has provided to the Lessor adequate assurance, as defined in this Paragraph, that: A) The Trustee will cure all monetary defaults under this Lease within ten (10) days from the date of the assumption; and B) The Trustee will cure all nonmonetary defaults under this Lease within thirty (30) days from the date of the assumption. 2) The Trustee or the Debtor-in-Possession has compensated the Lessor, or has provided to the Lessor adequate assurance, as defined in this Paragraph, that within ten (10) days from the date of the assumption the Lessor will be compensated for any pecuniary loss he incurred arising from the default of the Lessee, the Trustee, or the Debtor-in-Possession as recited in the Lessor's written statement of pecuniary loss sent to the Trustee or the Debtor- in-Possession. 3) The Trustee or the Debtor-in-Possession has p...
