Common use of - Events of Default and Conditional Limitation Clause in Contracts

- Events of Default and Conditional Limitation. a) If at any time prior to or during the term any one or more of the following events occurs, each such event shall constitute an “event of default”: i. Tenant makes an assignment for the benefit of its creditors; ii. Tenant becomes insolvent; iii. The leasehold estate hereby created in Tenant is taken on execution or by other process of law; iv. Any petition is filed against Tenant in any court whether or not pursuant to any bankruptcy, reorganization, composition, extension, arrangement or insolvency proceedings, and Tenant is thereafter adjudicated bankrupt, or such petition is approved by the Court, or the Court assumes jurisdiction of the subject matter and such proceedings are not dismissed within ninety (90) days after the institution of the same; or any such petition is so filed by Tenant; v. In any proceedings, a receiver or trustee is appointed for Tenant’s property and such receivership or trusteeship is not vacated or set aside within ninety (90) days after the appointment of such receiver or trustee; vi. There is a transfer or an attempted transfer of this Lease or of Tenant’s interest thereof in violation of the restrictions set forth in the Sixth paragraph of this Lease; vii. Tenant abandons the Premises; viii. Tenant fails to comply with any local, state or federal law, rule or regulation governing the use, handling and disposal of hazardous materials or is otherwise in violation of the obligations contained in the Thirty-Fourth paragraph of this Lease; ix. Tenant fails to pay any installment of the rent or any portion of any such payment, when the same becomes due and payable, and such failure continues for ten (10) days after the Landlord’s notice that said rent is overdue; or x. Tenant fails to perform or observe any other requirement of this Lease (not hereinbefore specifically referred to) on the part of Tenant to be performed or observed and such failure continues for thirty (30) days after receipt of written notice from Landlord to Tenant. b) This lease and the terms are expressly subject to the conditional limitation that upon the happening of any one or more of the aforementioned events of default, Landlord, in addition to the other rights and remedies it may have, shall have the right to immediately declare this Lease terminated and the term ended, in which event all of the right, title and interest of Tenant hereunder shall wholly cease and expire upon delivery by Landlord to Tenant of a Notice of Termination. Notwithstanding the above language, Landlord will notify Tenant via certified mail of Landlord’s intent to terminate the Lease due to Tenants uncured default and upon three (3) business days from the date of the letter, Tenant will have an additional five (5) business days to cure such default or Tenant shall then quit and surrender the Premises to Landlord in the manner and under the conditions as provided for under this Lease, but Tenant shall remain liable as hereinafter provided.

- Events of Default and Conditional Limitation. (a) If at any time prior to or during the term any one or more of the following events occurs, each such event shall constitute an “"event of default”": i. (i) Tenant or Tenant's Guarantor, if any, makes an assignment for the benefit of its creditors; (ii. ) Tenant or Tenant's Guarantor, if any, becomes insolvent; (iii. ) The leasehold estate hereby created in Tenant is taken on execution or by other process of law; (iv. ) Any petition is filed against Tenant or Tenant's Guarantor, if any, in any court court, whether or not pursuant to any bankruptcy, reorganization, composition, composition extension, arrangement or insolvency proceedings, and Tenant or Tenant's Guarantor is thereafter adjudicated bankrupt, or such petition is approved by the Court, or the Court assumes jurisdiction of the subject matter and such proceedings are not dismissed within ninety (90) days after the institution of the same; or any such petition is so filed by Tenant, or Tenant's Guarantor; v. (v) In any proceedings, a receiver or trustee is appointed for Tenant’s 's property or the property of Tenant's Guarantor and such receivership or trusteeship is not vacated or set aside within ninety (90) days after the appointment of such receiver or trustee; (vi. ) There is a transfer or an attempted transfer of this Lease or of Tenant’s 's interest thereof in violation of the restrictions set forth in the Sixth paragraph Article 17 of this Lease; (vii. ) Tenant ceases operation in or vacates or abandons the PremisesPremises or otherwise fails to fully perform the obligations contained in Sections 6.01 and 6.02 of this Lease; (viii. ) Tenant fails to comply with any local, state or federal law, rule or regulation governing the use, handling and disposal of hazardous materials Hazardous Materials or is otherwise in violation of the obligations contained in the Thirty-Fourth paragraph Section 18.03 of this Lease; (ix. ) Tenant fails to comply with the obligations contained in Section 21.03 of this Lease; (x) Tenant or Tenant's Guarantor, if any, fails to pay any installment of the rent Fixed Annual Minimum Rent, Percentage Rent, Additional Rent or any portion of any such payment, when the same becomes due and payable, and such failure continues for ten (10) days after notice from Landlord to Tenant; (xi) Tenant or Tenant's Guarantor, if any, fails to pay any installment of the Landlord’s notice that said rent is overdue; orFixed Annual Minimum Rent, Percentage Rent, Additional Rent or any portion of such payment, when same becomes due and payable, and such failure occurs on three (3) or more occasions in any Lease Year or Partial Lease Year; x. (xii) Tenant or Tenant's Guarantor, if any, fails to perform or observe any other requirement of this Lease (not hereinbefore specifically referred to) on the part of Tenant to be performed or observed and such failure continues for thirty (30) days after receipt of written notice from Landlord to Tenant; or (xiii) Tenant fails to comply with the obligations contained in Section 1.03 of this Lease, and such failure continues for ten (10) days after notice from Landlord to Tenant; or where any such event shall occur on two or more occasions in any Lease Year or Partial Lease Year. (b) This lease Lease and the terms term are expressly subject to the conditional limitation that upon the happening of any one or more of the aforementioned events of default, Landlord, in addition to the other rights and remedies it may have, shall have the right to immediately declare this Lease terminated and the term ended, in which event all of the right, title and interest of Tenant hereunder shall wholly cease and expire upon delivery receipt by Landlord to Tenant of a Notice notice of Terminationtermination. Notwithstanding the above language, Landlord will notify Tenant via certified mail of Landlord’s intent to terminate the Lease due to Tenants uncured default and upon three (3) business days from the date of the letter, Tenant will have an additional five (5) business days to cure such default or Tenant shall then quit and surrender the Premises to Landlord in the manner and under the conditions as provided for under this Lease, but Tenant shall remain liable as hereinafter provided.