Common use of Re-entry Clause in Contracts

Re-entry. When: (a) the Tenant shall be in default in the payment of any Rent, whether lawfully demanded or not, and such default shall continue for a period of five (5) consecutive days after notice by the Landlord to the Tenant; (b) the Tenant shall be in default of any of its covenants, obligations or agreements under this Lease (other than its covenant to pay Rent) and such default shall have continued for a period of ten (10) consecutive days after notice by the Landlord to the Tenant specifying with reasonable particularity the nature of such default and requiring the same to be remedied; (c) any property of the Tenant has been sold under a valid writ of execution, or the Tenant shall have made an assignment for the benefit of creditors, or shall make any assignment or have had a receiving order made against it under the Bankruptcy and Insolvency Act, or becoming bankrupt or insolvent shall have made application for relief under the provisions of any statute now or hereafter in force concerning bankrupt or insolvent debtors, or any action whatever, legislative or otherwise, shall have been taken with a view to the winding up, dissolution or liquidation of the Tenant; (d) any insurance policy is cancelled or not renewed by an insurer by reason of any particular use or occupation of the Leased Premises; (e) the Tenant shall purport to make a Transfer affecting the Leased Premises or the Leased Premises shall be used by any person or for any purpose other than in compliance with and expressly authorized by this Lease; (f) the Tenant makes any sale in bulk affecting any property on the Leased Premises (other than in conjunction with a Transfer approved in writing by the Landlord and made pursuant to all applicable legislation); (g) a trustee, receiver, receiver manager, manager, agent or other like person shall be appointed in respect of the assets or business of the Tenant or any other occupant of the Leased Premises; or (h) the Leased Premises shall have been vacated or have become vacant or shall have remained unoccupied for a period of fifteen (15) consecutive days, then and in any of such cases, the then current month’s Rent together with the Rent for the three (3) months next ensuing shall immediately become due and payable, and at the option of the Landlord the Term shall become forfeited and void, and the Landlord without notice or any form of legal process whatever may forthwith re-enter the Leased Premises or any part thereof in the name of the whole and repossess and enjoy the same as of its former estate, anything contained in any statute or law to the contrary notwithstanding. Such forfeiture shall be wholly without prejudice to the right of the Landlord to recover arrears of Rent and damages for any antecedent breach of the covenants, obligations or agreements of the Tenant under this Lease. Notwithstanding any such forfeiture the Landlord may subsequently recover from the Tenant damages for loss of Rent suffered by reason of this Lease having been prematurely determined and it may recover from the Tenant all damages it may incur with respect thereto, including the cost of recovering the Leased Premises, and including the worth at the time of such termination of the excess, if any, of the amount of Rent for the remainder of the Term over the then reasonable rental value of the Leased Premises for the remainder of the Term, all of which Rent shall be immediately due and payable from the Tenant to the Landlord. In determining the Rent which would be payable under this Lease by the Tenant subsequent to default, the annual rent for each year of the unexpired portion of the Term shall be equal to the average of the aggregate of the Base Rent and Additional Rent paid by the Tenant from the Commencement Date to the time of default, or during the three (3) full calendar years preceding such default, whichever period is shorter.

Appears in 2 contracts

Sources: Office Lease (Intellon Corp), Sublease Agreement (Intellon Corp)

Re-entry. When: (a) If the Tenant Rent or Service Charge or any other monies hereby reserved or any part thereof shall at any time be in default in the payment of any Rent, whether lawfully demanded or not, and such default shall continue unpaid for a period of five (5) consecutive days after notice by the Landlord to the Tenant; (b) the Tenant shall be in default of any of its covenants, obligations or agreements under this Lease (other than its covenant to pay Rent) and such default shall have continued for a period of ten (10) consecutive days after notice by becoming payable (whether formally demanded or not) or if any stipulation on the Landlord to the Tenant specifying with reasonable particularity the nature of such default Tenant's part herein contained shall not be performed or observed and requiring the same to be remedied; (c) any property of the Tenant has been sold under a valid writ not remedied such breach within fourteen (14) days after receiving the Landlord’s written notice to that effect (or such longer period as the Landlord may reasonably stipulate having regard to the nature and extent of execution, the breach) or if the Tenant shall have made an makes any assignment for the benefit of creditors, his creditors for a composition in satisfaction of his debts or shall make if being a company makes any assignment or have had a receiving order made against it under the Bankruptcy and Insolvency Act, or becoming bankrupt or insolvent shall have made application arrangement with its creditors for relief under the provisions of any statute now or hereafter in force concerning bankrupt or insolvent debtors, or any action whatever, legislative or otherwise, shall have been taken with a view to the winding up, dissolution or liquidation of its debts by composition or otherwise or if it shall go into liquidation (except for the Tenant; (dpurpose of amalgamation or reconstruction) any insurance policy is cancelled or not renewed by an insurer by reason of any particular use or occupation of the Leased Premises; (e) the Tenant shall purport to make if a Transfer affecting the Leased Premises or the Leased Premises shall be used by any person or for any purpose other than in compliance with and expressly authorized by this Lease; (f) the Tenant makes any sale in bulk affecting any property on the Leased Premises (other than in conjunction with a Transfer approved in writing by the Landlord and made pursuant to all applicable legislation); (g) a trustee, receiver, receiver manager, manager, agent or other like person shall be appointed in respect of the assets or business of the Tenant or any other occupant of the Leased Premises; or (h) the Leased Premises shall have been vacated or have become vacant or shall have remained unoccupied for a period of fifteen (15) consecutive days, then and in any anyone of such cases, the then current month’s Rent together with the Rent said cases it shall be lawful for the three (3) months next ensuing shall immediately become due and payable, and Landlord at the option of the Landlord the Term shall become forfeited and void, and the Landlord without notice or any form of legal process whatever may forthwith time thereafter to re-enter the Leased Premises or any part thereof in the name of the whole and repossess thereupon this tenancy shall absolutely cease and enjoy the same as of its former estate, anything contained in any statute or law to the contrary notwithstanding. Such forfeiture shall be wholly determine but without prejudice to the right of action of the Landlord to recover arrears in respect of Rent and damages for any antecedent breach of the covenantsTenant's stipulations herein contained. (b) If the Rent or Service Charge or any other monies hereby reserved or any part thereof shall at any time be unpaid after becoming payable (whether formally demanded or not), obligations or agreements of the Tenant under this Lease. Notwithstanding any such forfeiture the Landlord may subsequently recover from shall have the Tenant damages for loss right to distrain in the manner provided by the Distress Act (Chapter 84 of Rent suffered by reason Singapore). For the avoidance of this Lease having been prematurely determined and it may recover from the Tenant all damages it may incur with respect theretodoubt, including the cost of recovering the Leased Premises, and including the worth at the time of such termination of the excess, if any, of the amount of Rent for the remainder purposes of distress herein, the Term over the then reasonable rental value of the Leased Premises for the remainder of the Term, Service Charge and all of which Rent shall be immediately due and other monies payable from the Tenant to the Landlord. In determining the Rent which would be payable under this Lease herein by the Tenant subsequent (including but not limited to defaultutilities charges, the annual rent for each year legal costs and expenses and car park charges) shall be treated as part of the unexpired portion of the Term shall be equal to the average of the aggregate of the Base Rent and Additional Rent paid by the Tenant from the Commencement Date to the time of default, or during the three (3) full calendar years preceding such default, whichever period is shorterrent distrained.

Appears in 2 contracts

Sources: Lease Agreement (Kulicke & Soffa Industries Inc), Agreement to Develop and Lease (Kulicke & Soffa Industries Inc)

Re-entry. When: 6.1.1 Where there occurs a breach by the Tenant of Clause 3.9 and/or following the incidence of damage to or destruction of the Property and subject to receipt of all necessary consents licences permissions and the like to apply the proceeds of the policy of the insurance or payment under the Risk Protection Arrangement received for those purposes in rebuilding and reinstating the Property (aprovided that this covenant should be satisfied if the Tenant provides premises not necessarily identical to the Property as the same existing prior to such damage or destruction occurring) as soon as may be reasonably practicable provided that in case it shall be impossible or impracticable to reinstate the Property in accordance with the provisions of this Clause Insurance within 3 years of the date of damage or destruction occurring either party may serve written notice on the other to terminate this Lease and upon service of such notice this Lease shall immediately cease and determine but without prejudice to the rights of either party against the other in respect of any prior breach of any obligation contained in this Lease and any monies received under the said policy of insurance or under the Risk Protection Arrangement whether before or after the termination of this Lease shall be paid by the Tenant on receipt to the Landlord and shall as between the Landlord and the Tenant belong to the Landlord absolutely; of this Lease and the Landlord has served written notice specifying such breach and the remedial action required by the Tenant and if within a reasonable period (taking account of the breach complained of) the Tenant shall be in default in has not taken steps to remedy such breach or the payment Tenant is dissolved or struck off or removed from the Register of Companies or otherwise ceases to exist then it is lawful for the Landlord or any Rent, whether lawfully demanded or not, and such default shall continue for a period of five (5) consecutive days after notice person authorised by the Landlord at any time afterwards to the Tenant; (b) the Tenant shall be in default of any of its covenants, obligations or agreements under this Lease (other than its covenant to pay Rent) and such default shall have continued for a period of ten (10) consecutive days after notice by the Landlord to the Tenant specifying with reasonable particularity the nature of such default and requiring the same to be remedied; (c) any property of the Tenant has been sold under a valid writ of execution, or the Tenant shall have made an assignment for the benefit of creditors, or shall make any assignment or have had a receiving order made against it under the Bankruptcy and Insolvency Act, or becoming bankrupt or insolvent shall have made application for relief under the provisions of any statute now or hereafter in force concerning bankrupt or insolvent debtors, or any action whatever, legislative or otherwise, shall have been taken with a view to the winding up, dissolution or liquidation of the Tenant; (d) any insurance policy is cancelled or not renewed by an insurer by reason of any particular use or occupation of the Leased Premises; (e) the Tenant shall purport to make a Transfer affecting the Leased Premises or the Leased Premises shall be used by any person or for any purpose other than in compliance with and expressly authorized by this Lease; (f) the Tenant makes any sale in bulk affecting any property on the Leased Premises (other than in conjunction with a Transfer approved in writing by the Landlord and made pursuant to all applicable legislation); (g) a trustee, receiver, receiver manager, manager, agent or other like person shall be appointed in respect of the assets or business of the Tenant or any other occupant of the Leased Premises; or (h) the Leased Premises shall have been vacated or have become vacant or shall have remained unoccupied for a period of fifteen (15) consecutive days, then and in any of such cases, the then current month’s Rent together with the Rent for the three (3) months next ensuing shall immediately become due and payable, and at the option of the Landlord the Term shall become forfeited and void, and the Landlord without notice or any form of legal process whatever may forthwith re-enter upon the Leased Premises Property or any part thereof of it in the name of the whole and repossess and enjoy the same as of its former estate, anything contained in any statute or law to the contrary notwithstanding. Such forfeiture shall be wholly without prejudice to the right of the Landlord to recover arrears of Rent and damages for any antecedent breach of the covenants, obligations or agreements of the Tenant under this Lease. Notwithstanding any such forfeiture the Landlord may subsequently recover from the Tenant damages for loss of Rent suffered by reason of this Lease having been prematurely determined and it may recover from the Tenant all damages it may incur with respect thereto, including the cost of recovering the Leased Premises, and including the worth at the time of such termination of the excess, if any, of the amount of Rent for the remainder of thereupon the Term over the then reasonable rental value of the Leased Premises for the remainder of the Term, all of which Rent shall be immediately due and payable from the Tenant to the Landlord. In determining the Rent which would be payable under this Lease by the Tenant subsequent to default, the annual rent for each year of the unexpired portion of the Term shall be equal to the average of the aggregate of the Base Rent and Additional Rent paid by the Tenant from the Commencement Date to the time of default, or during the three (3) full calendar years preceding such default, whichever period is shorter.absolutely determines without

Appears in 1 contract

Sources: Lease

Re-entry. WhenWithout prejudice to any other right and remedy or power herein contained or otherwise available to the Landlord: (a) 1.1 if the Tenant Rents or any part thereof shall be in default in the payment of any Rent, unpaid for fourteen days after becoming payable (whether lawfully formally demanded or not, and such default shall continue for a period ); or 1.2 if any covenant on the part of five (5) consecutive days after notice by the Landlord to the Tenant; (b) the Tenant contained in these Presents shall not be performed and observed; or 1.3 if the Tenant and/or the Guarantor (if any) (being a company) shall be in default of any of its covenants, obligations wound up compulsorily or agreements under this Lease voluntarily (other than its covenant to pay Rentfor the purpose of amalgamation or reconstruction of a solvent company) and such default or shall have continued for an Administrator or a period of ten (10) consecutive days after notice by the Landlord to Receiver appointed; or 1.4 if the Tenant specifying with reasonable particularity and/or the nature Guarantor (if any) (being an individual or if more than one individual then any one of such default and requiring the same to be remedied;them) shall become bankrupt or shall have a Receiving Order made in respect of him; or (c) any property of 1.5 if the Tenant has been sold under a valid writ of execution, or and/or the Tenant Guarantor (if any) shall have made an make any assignment for the benefit of creditors, creditors or shall make any assignment arrangements with creditors by composition or have had otherwise 1.6 if a receiving order made against provisional liquidator is appointed to the Tenant under section 135 of the Insolvency ▇▇▇ ▇▇▇▇ THEN and in any such case and thenceforth it under shall be lawful for the Bankruptcy and Insolvency Act, or becoming bankrupt or insolvent shall have made application for relief under the provisions of any statute now or hereafter in force concerning bankrupt or insolvent debtors, Landlord or any action whatever, legislative or otherwise, shall have been taken with a view to the winding up, dissolution or liquidation of the Tenant; (d) any insurance policy is cancelled or not renewed by an insurer by reason of any particular use or occupation of the Leased Premises; (e) the Tenant shall purport to make a Transfer affecting the Leased Premises or the Leased Premises shall be used by any person or for any purpose other than in compliance with and expressly authorized by this Lease; (f) the Tenant makes any sale in bulk affecting any property on the Leased Premises (other than in conjunction with a Transfer approved in writing duly authorised by the Landlord and made pursuant in that behalf at any time thereafter to all applicable legislation); (g) a trustee, receiver, receiver manager, manager, agent or other like person shall be appointed in respect of reenter the assets or business of the Tenant or any other occupant of the Leased Premises; or (h) the Leased Premises shall have been vacated or have become vacant or shall have remained unoccupied for a period of fifteen (15) consecutive days, then and in any of such cases, the then current month’s Rent together with the Rent for the three (3) months next ensuing shall immediately become due and payable, and at the option of the Landlord the Term shall become forfeited and void, and the Landlord without notice or any form of legal process whatever may forthwith re-enter the Leased Premises or any part thereof in the name of the whole and repossess thereupon this demise shall absolutely cease and enjoy the same as of its former estate, anything contained in any statute or law to the contrary notwithstanding. Such forfeiture shall be wholly determine but without prejudice to the any right of action or remedy of the Landlord to recover arrears or the Tenant in respect of Rent and damages for any antecedent breach of the covenants, obligations or agreements any of the Tenant under this Lease. Notwithstanding any such forfeiture covenants on the part of the Landlord may subsequently recover from or the Tenant damages for loss of Rent suffered by reason of this Lease having been prematurely determined and it may recover from the Tenant all damages it may incur with respect thereto, including the cost of recovering the Leased Premises, and including the worth at the time of such termination of the excess, if any, of the amount of Rent for the remainder of the Term over the then reasonable rental value of the Leased Premises for the remainder of the Term, all of which Rent shall be immediately due and payable from the Tenant to the Landlord. In determining the Rent which would be payable under this Lease by the Tenant subsequent to default, the annual rent for each year of the unexpired portion of the Term shall be equal to the average of the aggregate of the Base Rent and Additional Rent paid by the Tenant from the Commencement Date to the time of default, or during the three (3) full calendar years preceding such default, whichever period is shorter.as appropriate contained in these Presents

Appears in 1 contract

Sources: Underlease (RetailMeNot, Inc.)

Re-entry. When: (a1) If the Tenant Rent or Service Charge or any other monies hereby reserved or any part thereof shall at any time be in default in the payment of any Rent, whether lawfully demanded or not, and such default shall continue unpaid for a period of five (5) consecutive days after notice by the Landlord to the Tenant; (b) the Tenant shall be in default of any of its covenants, obligations or agreements under this Lease (other than its covenant to pay Rent) and such default shall have continued for a period of ten (10) consecutive days after notice by becoming payable (whether formally demanded or not) or if any stipulation on the Landlord to the Tenant specifying with reasonable particularity the nature of such default Tenant's part herein contained shall not be performed or observed and requiring the same to be remedied; (c) any property of the Tenant has been sold under a valid writ not remedied such breach within fourteen (14) days after receiving the Landlord’s written notice to that effect (or such longer period as the Landlord may reasonably stipulate having regard to the nature and extent of execution, the breach) or if the Tenant shall have made an makes any assignment for the benefit of creditors, his creditors for a composition in satisfaction of his debts or shall make if being a company makes any assignment or have had a receiving order made against it under the Bankruptcy and Insolvency Act, or becoming bankrupt or insolvent shall have made application arrangement with its creditors for relief under the provisions of any statute now or hereafter in force concerning bankrupt or insolvent debtors, or any action whatever, legislative or otherwise, shall have been taken with a view to the winding up, dissolution or liquidation of its debts by composition or otherwise or if it shall go into liquidation (except for the Tenant; (dpurpose of amalgamation or reconstruction) any insurance policy is cancelled or not renewed by an insurer by reason of any particular use or occupation of the Leased Premises; (e) the Tenant shall purport to make if a Transfer affecting the Leased Premises or the Leased Premises shall be used by any person or for any purpose other than in compliance with and expressly authorized by this Lease; (f) the Tenant makes any sale in bulk affecting any property on the Leased Premises (other than in conjunction with a Transfer approved in writing by the Landlord and made pursuant to all applicable legislation); (g) a trustee, receiver, receiver manager, manager, agent or other like person shall be appointed in respect of the assets or business of the Tenant or any other occupant of the Leased Premises; or (h) the Leased Premises shall have been vacated or have become vacant or shall have remained unoccupied for a period of fifteen (15) consecutive days, then and in any anyone of such cases, the then current month’s Rent together with the Rent said cases it shall be lawful for the three (3) months next ensuing shall immediately become due and payable, and Landlord at the option of the Landlord the Term shall become forfeited and void, and the Landlord without notice or any form of legal process whatever may forthwith time thereafter to re-enter the Leased Premises or any part thereof in the name of the whole and repossess thereupon this tenancy shall absolutely cease and enjoy the same as of its former estate, anything contained in any statute or law to the contrary notwithstanding. Such forfeiture shall be wholly determine but without prejudice to the right of action of the Landlord to recover arrears in respect of Rent and damages for any antecedent breach of the covenantsTenant's stipulations herein contained. (2) If the Rent or Service Charge or any other monies hereby reserved or any part thereof shall at any time be unpaid after becoming payable (whether formally demanded or not), obligations or agreements of the Tenant under this Lease. Notwithstanding any such forfeiture the Landlord may subsequently recover from shall have the Tenant damages for loss right to distrain in the manner provided by the Distress Act 1934. For the avoidance of Rent suffered by reason of this Lease having been prematurely determined and it may recover from the Tenant all damages it may incur with respect theretodoubt, including the cost of recovering the Leased Premises, and including the worth at the time of such termination of the excess, if any, of the amount of Rent for the remainder purposes of distress herein, the Term over the then reasonable rental value of the Leased Premises for the remainder of the Term, Service Charge and all of which Rent shall be immediately due and other monies payable from the Tenant to the Landlord. In determining the Rent which would be payable under this Lease herein by the Tenant subsequent (including but not limited to defaultutilities charges, the annual rent for each year legal costs and expenses and car park charges) shall be treated as part of the unexpired portion of the Term shall be equal to the average of the aggregate of the Base Rent and Additional Rent paid by the Tenant from the Commencement Date to the time of default, or during the three (3) full calendar years preceding such default, whichever period is shorterrent distrained.

Appears in 1 contract

Sources: Lease Agreement (Kulicke & Soffa Industries Inc)

Re-entry. When: If the Rents or any part thereof shall at any time be unpaid for fifteen days after the due date therefor (a) the Tenant shall be in default in the payment of any Rent, whether lawfully formally demanded or not, and such default shall continue for a period of five (5) consecutive days after notice by the Landlord to the Tenant; (b) the Tenant shall be in default of or if any of its covenants, the agreements or obligations or agreements under this Lease (other than its covenant to pay Rent) and such default shall have continued for a period of ten (10) consecutive days after notice by the Landlord to the Tenant specifying with reasonable particularity the nature of such default and requiring the same to be remedied; (c) any property of the Tenant has been sold under a valid writ of execution, or the Tenant shall have made an assignment for the benefit of creditors, or shall make any assignment or have had a receiving order made against it under the Bankruptcy and Insolvency Act, or becoming bankrupt or insolvent shall have made application for relief under the provisions of any statute now or hereafter in force concerning bankrupt or insolvent debtors, or any action whatever, legislative or otherwise, shall have been taken with a view to the winding up, dissolution or liquidation of the Tenant; (d) any insurance policy is cancelled or not renewed by an insurer by reason of any particular use or occupation of the Leased Premises; (e) the Tenant shall purport to make a Transfer affecting the Leased Premises or the Leased Premises shall be used by any person or for any purpose other than in compliance with and expressly authorized by this Lease; (f) the Tenant makes any sale in bulk affecting any property on the Leased Premises (other than in conjunction with a Transfer approved in writing by the Landlord and made pursuant to all applicable legislation); (g) a trustee, receiver, receiver manager, manager, agent or other like person shall be appointed in respect of the assets or business part of the Tenant or any other occupant one of them herein contained shall not be performed or observed or if the Tenant or any one of them (being an individual or individuals) shall become bankrupt or if the Tenant (being a company) shall enter into liquidation whether compulsory or voluntary (save for the purpose of amalgamation or reconstruction of a solvent company) or if a receiver shall be appointed of the Leased Premises; or (h) Tenant’s undertaking or if the Leased Premises Tenant shall have been vacated enter into an agreement or have become vacant make any arrangement with creditors for liquidation of the debts of the Tenant by composition or otherwise or if the Tenant’s Business Registration Certificate is cancelled or if the Tenant shall have remained unoccupied for a period suffer any distress or process of fifteen (15) consecutive days, execution to be levied on the goods of the Tenant then and in any of such cases, the then current month’s Rent together with the Rent case it shall be lawful for the three (3) months next ensuing shall immediately become due and payable, and Landlord at the option of the Landlord the Term shall become forfeited and void, and the Landlord without notice or any form of legal process whatever may forthwith time thereafter to re-enter upon the Leased Premises or any part thereof in the name of the whole and repossess and enjoy thereupon this Agreement shall absolutely determine in which event the same as of its former estate, anything contained in any statute or law Deposit shall be absolutely forfeited to the contrary notwithstanding. Such forfeiture shall be wholly Landlord but without prejudice to the any right of action of the Landlord to recover arrears in respect of Rent and damages for any antecedent breach of any of the covenants, agreements or obligations or agreements on the part of the Tenant under this Lease. Notwithstanding any such forfeiture the Landlord may subsequently recover from the Tenant damages for loss of Rent suffered by reason of this Lease having been prematurely determined and it may recover from the Tenant all damages it may incur with respect thereto, including the cost of recovering the Leased Premises, and including the worth at the time of such termination of the excess, if any, of the amount of Rent for the remainder of the Term over the then reasonable rental value of the Leased Premises for the remainder of the Term, all of which Rent shall be immediately due and payable from the Tenant to the Landlord. In determining the Rent which would be payable under this Lease by the Tenant subsequent to default, the annual rent for each year of the unexpired portion of the Term shall be equal to the average of the aggregate of the Base Rent and Additional Rent paid by the Tenant from the Commencement Date to the time of default, or during the three (3) full calendar years preceding such default, whichever period is shorterherein contained.

Appears in 1 contract

Sources: Lease Agreement (Peak International LTD)

Re-entry. When: (a) Notwithstanding and without prejudice to any other remedies and powers herein contained or otherwise available to the landlord if the rents reserved or any part thereof shall be unpaid for Twenty one days after becoming payable whether formally demanded or not or if any covenant on the Tenant's part or condition contained in this Lease shall not be performed or observed or if the Tenant for the time being (being a company) shall be in default in enter into liquidation whether compulsory or voluntary (save for the payment of any Rent, whether lawfully demanded or not, and such default shall continue for a period of five purpose (5) consecutive days after notice by the Landlord demonstrated to the Tenant; Landlords reasonable satisfaction) of reconstruction or amalgamation whilst solvent) or pass a resolution for winding up (bsave as aforesaid) or is unable to pay or has no reasonable prospect of being able to pay its debts within the Tenant shall be in default meaning of Sections 122 and 123 of the Insolvency ▇▇▇ ▇▇▇▇ ("▇▇▇ ▇▇▇▇ ▇▇▇") or summons a meeting of its creditors or any of its covenants, obligations them under Part I of the 1986 Act or agreements under this Lease (other suffers a petition for an Administration Order in respect of it to be filed in Court or suffers a receiver or administrative receiver to be appointed or being an individual or being more than its covenant to pay Rent) and such default one individual any one of them shall have continued for a period of ten (10) consecutive days after notice by the Landlord to the Tenant specifying with reasonable particularity the nature of such default and requiring the same to be remedied; (c) any property of the Tenant has been sold under a valid writ of execution, or the Tenant shall have made an assignment for the benefit of creditors, or shall make any assignment or have had a receiving order made against it under the Bankruptcy and Insolvency Act, him or becoming become bankrupt or insolvent shall have made application for relief under is unable to pay or has no reasonable prospect of being able to pay his debts within the provisions meaning of any statute now or hereafter in force concerning bankrupt or insolvent debtors, or any action whatever, legislative or otherwise, shall have been taken with a view to the winding up, dissolution or liquidation Sections 267 and 268 of the Tenant; 1986 Act or if the Tenant (dor if there shall be more than one Tenant any of them) shall enter into composition with their or his creditors or suffer any insurance policy distress or execution to be levied on their or his goods or if an interim order is cancelled or not renewed by an insurer by reason of any particular use or occupation made under Part VIII of the Leased Premises; (e) the Tenant shall purport to make a Transfer affecting the Leased Premises or the Leased Premises shall be used by any person or for any purpose other than in compliance with and expressly authorized by this Lease; (f) the Tenant makes any sale in bulk affecting any property on the Leased Premises (other than in conjunction with a Transfer approved in writing by the Landlord and made pursuant to all applicable legislation); (g) a trustee, receiver, receiver manager, manager, agent or other like person shall be appointed in respect of the assets or business of the Tenant or any other occupant of the Leased Premises; or (h) the Leased Premises shall have been vacated or have become vacant or shall have remained unoccupied for a period of fifteen (15) consecutive days, 1986 Act then and in any of such cases, the then current month’s Rent together with the Rent case it shall be lawful for the three (3) months next ensuing shall immediately become due and payable, and Landlord at the option of the Landlord the Term shall become forfeited and void, and the Landlord without notice or any form of legal process whatever may forthwith time thereafter to re-enter upon the Leased Demised Premises or any part thereof in the name of the whole and repossess and enjoy the same as of its former estate, anything contained in any statute or law to the contrary notwithstanding. Such forfeiture thereupon this demise shall be wholly absolutely determine but without prejudice to the any right of action or remedy of the Landlord to recover arrears in respect of Rent and damages for any antecedent breach non-observance or non-performance of any of the covenants, obligations tenant's covenants or agreements of the Tenant under this Lease. Notwithstanding any such forfeiture the Landlord may subsequently recover from the Tenant damages for loss of Rent suffered by reason of this Lease having been prematurely determined and it may recover from the Tenant all damages it may incur with respect thereto, including the cost of recovering the Leased Premises, and including the worth at the time of such termination of the excess, if any, of the amount of Rent for the remainder of the Term over the then reasonable rental value of the Leased Premises for the remainder of the Term, all of which Rent shall be immediately due and payable from the Tenant to the Landlord. In determining the Rent which would be payable under this Lease by the Tenant subsequent to default, the annual rent for each year of the unexpired portion of the Term shall be equal to the average of the aggregate of the Base Rent and Additional Rent paid by the Tenant from the Commencement Date to the time of default, or during the three (3) full calendar years preceding such default, whichever period is shorter.conditions herein contained

Appears in 1 contract

Sources: Lease (Getty Images Inc)

Re-entry. When:a. Proviso for re-entry by the Landlord on non-payment of rent or non-performance of covenants or in the case of a seizure or forfeiture of the Term for any of the causes set forth in this Lease; (a) b. Provided that notwithstanding anything contained in this Lease or any statutory provisions to the contrary, the Landlord's right of re-entry hereinbefore set forth shall become exercisable immediately upon such default being made; c. Provided also that in the event of re-entry being made, the Tenant shall be in default in the payment of any Rent, whether lawfully demanded or not, and such default shall continue for a period of five (5) consecutive days after notice by liable to the Landlord to the Tenant; (b) the Tenant shall be in default of any of its covenants, obligations or agreements under this Lease (other than its covenant to pay Rent) and such default shall have continued for a period of ten (10) consecutive days after notice by the Landlord to the Tenant specifying with reasonable particularity the nature of such default and requiring the same to be remedied; (c) any property of the Tenant has been sold under a valid writ of execution, or the Tenant shall have made an assignment for the benefit of creditors, or shall make any assignment or have had a receiving order made against it under the Bankruptcy and Insolvency Act, or becoming bankrupt or insolvent shall have made application for relief under the provisions of any statute now or hereafter in force concerning bankrupt or insolvent debtors, or any action whatever, legislative or otherwise, shall have been taken with a view to the winding up, dissolution or liquidation of the Tenant; (d) any insurance policy is cancelled or not renewed by an insurer by reason of any particular use or occupation of the Leased Premises; (e) the Tenant shall purport to make a Transfer affecting the Leased Premises or the Leased Premises shall be used by any person or for any purpose other than in compliance with and expressly authorized by this Lease; (f) the Tenant makes any sale in bulk affecting any property on the Leased Premises (other than in conjunction with a Transfer approved in writing by the Landlord and made pursuant to all applicable legislation); (g) a trustee, receiver, receiver manager, manager, agent or other like person shall be appointed in respect of the assets or business of the Tenant or any other occupant of the Leased Premises; or (h) the Leased Premises shall have been vacated or have become vacant or shall have remained unoccupied for a period of fifteen (15) consecutive days, then and in any of such cases, the then current month’s Rent together with the Rent for the three (3) months next ensuing shall immediately become due and payable, and at the option of the Landlord the Term shall become forfeited and void, and the Landlord without notice or any form of legal process whatever may forthwith re-enter the Leased Premises or any part thereof in the name of the whole and repossess and enjoy the same as of its former estate, anything contained in any statute or law to the contrary notwithstanding. Such forfeiture shall be wholly without prejudice to the right of the Landlord to recover arrears of Rent and damages for any antecedent breach of the covenants, obligations or agreements of the Tenant under this Lease. Notwithstanding any such forfeiture the Landlord may subsequently recover from the Tenant damages for loss of Rent suffered by reason of this Lease having been prematurely determined and it may recover from the Tenant all damages it may incur with respect thereto, including the cost of recovering the Leased Premises, and including the worth at the time of such termination of the excess, if any, of the amount of Rent the rent for the remainder of the Term over of this Lease as if such re-entry had not been made, less the then reasonable rental value actual amount received by the Landlord after such re-entry in respect of the Leased Premises for any subsequent leasing applicable to the remainder of the Term; and d. Provided also that in the event of re-entry being made, the Landlord may re-enter and take possession of the Premises by force, if necessary, without any previous notice of intention to re-enter and may remove all persons and property therefrom and may use such force and assistance in making such removal as the Landlord may deem advisable and such r@--entry shall not operate as a waiver or satisfaction in whole or in part of which Rent shall be immediately due and payable from the Tenant to the Landlord. In determining the Rent which would be payable under this Lease any right, claim or demand arising out of or connected with any breach or violation by the Tenant subsequent of any covenant or agreement on its part to default, the annual rent for each year be performed. The Tenant hereby waives all claims of damage to or loss of the unexpired portion Tenant's property caused by the Landlord in re-entering and taking possession of the Term shall be equal to the average of the aggregate of the Base Rent and Additional Rent paid by the Tenant from the Commencement Date to the time of default, or during the three (3) full calendar years preceding such default, whichever period is shorterPremises.

Appears in 1 contract

Sources: Lease Agreement (Milinx Business Group Inc)

Re-entry. When: (a) 6.1.1 Where there occurs a breach by the Tenant of Clause 3.9 and/or following the incidence of damage to or destruction of the Property and subject to receipt of all necessary consents licences permissions and the like to apply the proceeds of the policy of the insurance or payment under the Risk Protection Arrangement received for those purposes in rebuilding and reinstating the Property (provided that this covenant should be satisfied if the Tenant provides premises not necessarily identical to the Property as the same existing prior to such damage or destruction occurring) as soon as may be reasonably practicable provided that in case it shall be impossible or impracticable to reinstate the Property in default in the payment of any Rent, whether lawfully demanded or not, and such default shall continue for a period of five (5) consecutive days after notice by the Landlord to the Tenant; (b) the Tenant shall be in default of any of its covenants, obligations or agreements under this Lease (other than its covenant to pay Rent) and such default shall have continued for a period of ten (10) consecutive days after notice by the Landlord to the Tenant specifying accordance with reasonable particularity the nature of such default and requiring the same to be remedied; (c) any property of the Tenant has been sold under a valid writ of execution, or the Tenant shall have made an assignment for the benefit of creditors, or shall make any assignment or have had a receiving order made against it under the Bankruptcy and Insolvency Act, or becoming bankrupt or insolvent shall have made application for relief under the provisions of any statute now or hereafter in force concerning bankrupt or insolvent debtors, or any action whatever, legislative or otherwise, shall have been taken with a view to the winding up, dissolution or liquidation this Clause Insurance within 3 years of the Tenant; (d) any insurance policy is cancelled date of damage or not renewed by an insurer by reason of any particular use or occupation of the Leased Premises; (e) the Tenant shall purport to make a Transfer affecting the Leased Premises or the Leased Premises shall be used by any person or for any purpose other than in compliance with and expressly authorized by this Lease; (f) the Tenant makes any sale in bulk affecting any property destruction occurring either party may serve written notice on the Leased Premises (other than in conjunction with a Transfer approved in writing by the Landlord to terminate this Lease and made pursuant to all applicable legislation); (g) a trustee, receiver, receiver manager, manager, agent or other like person shall be appointed in respect of the assets or business of the Tenant or any other occupant of the Leased Premises; or (h) the Leased Premises shall have been vacated or have become vacant or shall have remained unoccupied for a period of fifteen (15) consecutive days, then and in any upon service of such cases, the then current month’s Rent together with the Rent for the three (3) months next ensuing notice this Lease shall immediately become due cease and payable, and at the option of the Landlord the Term shall become forfeited and void, and the Landlord without notice or any form of legal process whatever may forthwith re-enter the Leased Premises or any part thereof in the name of the whole and repossess and enjoy the same as of its former estate, anything contained in any statute or law to the contrary notwithstanding. Such forfeiture shall be wholly determine but without prejudice to the right rights of either party against the Landlord to recover arrears other in respect of Rent and damages for any antecedent prior breach of any obligation contained in this Lease and any monies received under the covenants, obligations said policy of insurance or agreements of under the Tenant under this Lease. Notwithstanding any such forfeiture Risk Protection Arrangement whether before or after the Landlord may subsequently recover from the Tenant damages for loss of Rent suffered by reason termination of this Lease having been prematurely determined and it may recover from the Tenant all damages it may incur with respect thereto, including the cost of recovering the Leased Premises, and including the worth at the time of such termination of the excess, if any, of the amount of Rent for the remainder of the Term over the then reasonable rental value of the Leased Premises for the remainder of the Term, all of which Rent shall be immediately due and payable from the Tenant to the Landlord. In determining the Rent which would be payable under this Lease by the Tenant subsequent to default, the annual rent for each year of the unexpired portion of the Term shall be equal to the average of the aggregate of the Base Rent and Additional Rent paid by the Tenant on receipt to the Landlord and shall as between the Landlord and the Tenant belong to the Landlord absolutely; of this Lease and the Landlord has served written notice specifying such breach and the remedial action required by the Tenant and if within a reasonable period (taking account of the breach complained of) the Tenant has not taken steps to remedy such breach or the Tenant is dissolved or struck off or removed from the Commencement Date Register of Companies or otherwise ceases to exist then it is lawful for the Landlord or any person authorised by the Landlord at any time afterwards to re-enter upon the Property or any part of default, or during it in the three (3) full calendar years preceding such default, whichever period is shorter.name of

Appears in 1 contract

Sources: Lease

Re-entry. When: By Landlord 16. Landlord reserves and shall at all times have the right, upon reasonable prior verbal notice to Tenant (a) except in the event of emergency or the provision of routine services, in which no such notice shall be required), to re-enter the Premises to inspect the same, to supply janitor service and any other service to be provided by Landlord to Tenant hereunder, to show said Premises to prospective purchasers, mortgagees or tenants, to post notices of nonresponsibility, and to alter, improve, or repair the Premises and any portion of the Building of which the Premises are a part or to which access is conveniently made through the Premises, without abatement of rent, and may for that purpose erect, use, and maintain scaffolding, pipes, conduits, and other necessary structures in and through the Premises where reasonably required by the character of the work to be performed, provided that entrance to the Premises shall not be blocked thereby, and further provided that the business of Tenant shall not be in default in interfered with unreasonably. Tenant hereby waives any claim for damages for any injury or inconvenience to or interference with Tenant's business, any loss of occupancy or quiet enjoyment of the payment of any Rent, whether lawfully demanded or notPremises, and such default any other loss occasioned thereby. For each of the aforesaid purposes, Landlord shall continue for at all times have and retain a period key with which to unlock all of five (5) consecutive days after notice by the doors, in, upon, and about the Premises, and Landlord shall have the right to use any and all means which Landlord may deem necessary or proper to open said doors in an emergency, in order to obtain entry to any portion of the Premises, and any entry to the Tenant; (b) the Tenant shall be in default of Premises, or portions thereof obtained by Landlord by any of its covenantssaid means, obligations or agreements under this Lease (other than its covenant to pay Rent) and such default shall have continued for a period of ten (10) consecutive days after notice by the Landlord to the Tenant specifying with reasonable particularity the nature of such default and requiring the same to be remedied; (c) any property of the Tenant has been sold under a valid writ of execution, or the Tenant shall have made an assignment for the benefit of creditors, or shall make any assignment or have had a receiving order made against it under the Bankruptcy and Insolvency Act, or becoming bankrupt or insolvent shall have made application for relief under the provisions of any statute now or hereafter in force concerning bankrupt or insolvent debtors, or any action whatever, legislative or otherwise, shall have been taken with not under any circumstances be construed or deemed to be a view to the winding upforcible or unlawful entry into, dissolution or liquidation of the Tenant; (d) any insurance policy is cancelled or not renewed by an insurer by reason of any particular use or occupation of the Leased Premises; (e) the Tenant shall purport to make a Transfer affecting the Leased Premises or the Leased Premises shall be used by any person or for any purpose other than in compliance with and expressly authorized by this Lease; (f) the Tenant makes any sale in bulk affecting any property on the Leased Premises (other than in conjunction with a Transfer approved in writing by the Landlord and made pursuant to all applicable legislation); (g) a trustee, receiver, receiver manager, manager, agent or other like person shall be appointed in respect of the assets or business of the Tenant or any other occupant of the Leased Premises; or (h) the Leased Premises shall have been vacated or have become vacant or shall have remained unoccupied for a period of fifteen (15) consecutive days, then and in any of such casesdetainer of, the then current month’s Rent together with Premises, or an eviction, actual or constructive, of Tenant from the Rent for the three (3) months next ensuing shall immediately become due and payable, and at the option of the Landlord the Term shall become forfeited and void, and the Landlord without notice or any form of legal process whatever may forthwith re-enter the Leased Premises or any part thereof in portions thereof. Landlord shall also have the name right at any time, without the same constituting an actual or constructive eviction and without incurring any liability to Tenant therefor, to change the arrangement and/or location of entrances or passage ways, doors and doorways, and corridors, elevators, stairs, toilets, or other public parts of the whole Building and repossess and enjoy to change the same as of its former estatename, anything contained in any statute number or law to designation by which the contrary notwithstanding. Such forfeiture shall be wholly without prejudice to the right of the Landlord to recover arrears of Rent and damages for any antecedent breach of the covenants, obligations or agreements of the Tenant under this Lease. Notwithstanding any such forfeiture the Landlord may subsequently recover from the Tenant damages for loss of Rent suffered by reason of this Lease having been prematurely determined and it may recover from the Tenant all damages it may incur with respect thereto, including the cost of recovering the Leased Premises, and including the worth at the time of such termination of the excess, if any, of the amount of Rent for the remainder of the Term over the then reasonable rental value of the Leased Premises for the remainder of the Term, all of which Rent shall be immediately due and payable from the Tenant to the Landlord. In determining the Rent which would be payable under this Lease by the Tenant subsequent to default, the annual rent for each year of the unexpired portion of the Term shall be equal to the average of the aggregate of the Base Rent and Additional Rent paid by the Tenant from the Commencement Date to the time of default, or during the three (3) full calendar years preceding such default, whichever period Building is shortercommonly known.

Appears in 1 contract

Sources: Office Lease Agreement (Ultimate Software Group Inc)

Re-entry. When: (a) If and whenever the rent or any part thereof or any other monies payable by the Tenant under this Lease, shall be unpaid when the same ought to have been paid, although no formal demand shall have been made therefor, or in default in case of the breach or non- performance of any of the covenants or agreements (other than for the payment of any Rent, whether lawfully demanded rent and other monies) herein contained on the part of the Tenant or not, and such default shall continue if the Premises are vacated or become vacant or remain unoccupied for a period of five (5) consecutive days after notice by the Landlord to the Tenant; (b) the Tenant shall be in default of any of its covenants, obligations or agreements under this Lease (other than its covenant to pay Rent) and such default shall have continued for a period of ten (10) consecutive days after notice by the Landlord to the Tenant specifying with reasonable particularity the nature of such default and requiring the same to be remedied; (c) any property of the Tenant has been sold under a valid writ of execution, or the Tenant shall have made an assignment are not used for the benefit of creditorspurpose specified then, or shall make any assignment or have had a receiving order made against it under the Bankruptcy and Insolvency Act, or becoming bankrupt or insolvent shall have made application for relief under the provisions of any statute now or hereafter in force concerning bankrupt or insolvent debtors, or any action whatever, legislative or otherwise, shall have been taken with a view to the winding up, dissolution or liquidation of the Tenant; (d) any insurance policy is cancelled or not renewed by an insurer by reason of any particular use or occupation of the Leased Premises; (e) the Tenant shall purport to make a Transfer affecting the Leased Premises or the Leased Premises shall be used by any person or for any purpose other than in compliance with and expressly authorized by this Lease; (f) the Tenant makes any sale in bulk affecting any property on the Leased Premises (other than in conjunction with a Transfer approved in writing by the Landlord and made pursuant to all applicable legislation); (g) a trustee, receiver, receiver manager, manager, agent or other like person shall be appointed in respect of the assets or business of the Tenant or any other occupant of the Leased Premises; or (h) the Leased Premises shall have been vacated or have become vacant or shall have remained unoccupied for a period of fifteen (15) consecutive days, then and in any of such cases, the then current month’s Rent rent together with the Rent rent for the next three (3) months next ensuing shall immediately become due and payable, and at the option of it shall be lawful for the Landlord the Term shall become forfeited and void, and the Landlord at any time thereafter without notice or any form of legal process whatever may forthwith whatever, to re-enter into and upon the Leased Premises or any part thereof thereof, in the name of the whole whole, and the same to have again, repossess and enjoy the same enjoy, as of its the Landlord’s former estate, anything herein contained to the contrary or in any statute or law to the contrary notwithstanding. Such forfeiture , whereupon this Lease shall terminate forthwith, provided however such termination shall be wholly without prejudice to the right of the Landlord to recover arrears of Rent rent and damages for any antecedent breach of covenant on the covenants, obligations or agreements part of the Tenant under this LeaseTenant. Notwithstanding any such forfeiture termination, the Landlord may subsequently recover from the Tenant damages for loss of Rent all losses, damages, costs (including legal fees on a solicitor and his own client basis) and expenses whatsoever suffered by reason of this Lease having been prematurely determined determined. (b) The Tenant further agrees with the Landlord that in any of the cases above described in Section 12.00(a), the Landlord, in addition to the other rights hereby reserved to it, shall have the right to enter the Premises or otherwise without being liable for any prosecution therefor and it may recover from to re-lease or sublet, as the Tenant’s agent, the Premises or any part thereof, and to apply the proceeds of such re-leasing or sub-leasing on account of rent due or in satisfaction of the breach of any covenant or agreement herein contained and the Tenant all damages it may incur with respect thereto, including shall remain liable for the cost of recovering the Leased Premises, and including the worth at the time of such termination of the excessdeficiency, if any, of the amount of Rent for the remainder of the Term over the then reasonable rental value of the Leased Premises for the remainder of the Term, all of which Rent shall be immediately due and payable from the Tenant to the Landlord. In determining the Rent which would be payable under this Lease by the Tenant subsequent to default, the annual rent for each year of the unexpired portion of the Term shall be equal to the average of the aggregate of the Base Rent and Additional Rent paid by the Tenant from the Commencement Date to the time of default, or during the three (3) full calendar years preceding such default, whichever period is shorter.

Appears in 1 contract

Sources: Standard Industrial Lease (QMI Seismic Inc.)

Re-entry. When: 6.1.1 Where there occurs a breach by the Tenant of Clause 3.9 and/or following the incidence of damage to or destruction of the Property and subject to receipt of all necessary consents licences permissions and the like to apply the proceeds of the policy of the insurance or payment under the Risk Protection Arrangement received for those purposes in rebuilding and reinstating the Property (aprovided that this covenant should be satisfied if the Tenant provides premises not necessarily identical to the Property as the same existing prior to such damage or destruction occurring) as soon as may be reasonably practicable provided that in case it shall be impossible or impracticable to reinstate the Property in accordance with the provisions of this Clause Insurance within 3 years of the date of damage or destruction occurring either party may serve written notice on the other to terminate this Lease and upon service of such notice this Lease shall immediately cease and determine but without prejudice to the rights of either party against the other in respect of any prior breach of any obligation contained in this Lease and any monies received under the said policy of insurance or under the Risk Protection Arrangement whether before or after the termination of this Lease shall be apportioned between and belong to the Landlord and the Tenant according to their respective interests in the Property; of this Lease and the Landlord has served written notice specifying such breach and the remedial action required by the Tenant and if within a reasonable period (taking account of the breach complained of) the Tenant shall be in default in has not taken steps to remedy such breach or the payment Tenant is dissolved or struck off or removed from the Register of Companies or otherwise ceases to exist then it is lawful for the Landlord or any Rent, whether lawfully demanded or not, and such default shall continue for a period of five (5) consecutive days after notice person authorised by the Landlord at any time afterwards to re- enter upon the Tenant; (b) the Tenant shall be in default of any of its covenants, obligations or agreements under this Lease (other than its covenant to pay Rent) and such default shall have continued for a period of ten (10) consecutive days after notice by the Landlord to the Tenant specifying with reasonable particularity the nature of such default and requiring the same to be remedied; (c) any property of the Tenant has been sold under a valid writ of execution, or the Tenant shall have made an assignment for the benefit of creditors, or shall make any assignment or have had a receiving order made against it under the Bankruptcy and Insolvency Act, or becoming bankrupt or insolvent shall have made application for relief under the provisions of any statute now or hereafter in force concerning bankrupt or insolvent debtors, or any action whatever, legislative or otherwise, shall have been taken with a view to the winding up, dissolution or liquidation of the Tenant; (d) any insurance policy is cancelled or not renewed by an insurer by reason of any particular use or occupation of the Leased Premises; (e) the Tenant shall purport to make a Transfer affecting the Leased Premises or the Leased Premises shall be used by any person or for any purpose other than in compliance with and expressly authorized by this Lease; (f) the Tenant makes any sale in bulk affecting any property on the Leased Premises (other than in conjunction with a Transfer approved in writing by the Landlord and made pursuant to all applicable legislation); (g) a trustee, receiver, receiver manager, manager, agent or other like person shall be appointed in respect of the assets or business of the Tenant or any other occupant of the Leased Premises; or (h) the Leased Premises shall have been vacated or have become vacant or shall have remained unoccupied for a period of fifteen (15) consecutive days, then and in any of such cases, the then current month’s Rent together with the Rent for the three (3) months next ensuing shall immediately become due and payable, and at the option of the Landlord the Term shall become forfeited and void, and the Landlord without notice or any form of legal process whatever may forthwith re-enter the Leased Premises Property or any part thereof of it in the name of the whole and repossess and enjoy thereupon the same as of its former estate, anything contained in any statute or law to the contrary notwithstanding. Such forfeiture shall be wholly Term absolutely determines without prejudice to the any right of action of the Landlord to recover arrears in respect of Rent and damages for any antecedent breach of the covenants, Tenant's obligations or agreements of the Tenant under contained in this Lease. Notwithstanding any such forfeiture the Landlord may subsequently recover from the Tenant damages for loss of Rent suffered by reason of this Lease having been prematurely determined and it may recover from the Tenant all damages it may incur with respect thereto, including the cost of recovering the Leased Premises, and including the worth at the time of such termination of the excess, if any, of the amount of Rent for the remainder of the Term over the then reasonable rental value of the Leased Premises for the remainder of the Term, all of which Rent shall be immediately due and payable from the Tenant to the Landlord. In determining the Rent which would be payable under this Lease by the Tenant subsequent to default, the annual rent for each year of the unexpired portion of the Term shall be equal to the average of the aggregate of the Base Rent and Additional Rent paid by the Tenant from the Commencement Date to the time of default, or during the three (3) full calendar years preceding such default, whichever period is shorter.

Appears in 1 contract

Sources: Lease

Re-entry. When: (a) the Tenant shall be in default in the payment of any Rent, whether lawfully demanded or not, and such default shall continue for a period of five (5) consecutive days after notice by the Landlord to the Tenant; (b) IN THE EVENT that the Tenant shall be in default of any of its covenants, obligations or agreements under this Lease (other than its covenant covenants to pay Rent or Additional Rent) and such default shall have continued for a period of ten (10) consecutive days after notice by , the Landlord shall give to the Tenant specifying notice in writing stating the said default with reasonable particularity reasonably sufficient particulars, and requiring that the nature said default is not remedied by the Tenant within seven (7) business days (excluding Saturdays, Sundays and Statutory holidays) after the receipt of such default and requiring the same to be remedied; (c) any property of the Tenant has been sold under a valid writ of executionnotice, or the Tenant shall have made an assignment for the benefit of creditors, or shall make any assignment or have had a receiving order made against it under the Bankruptcy and Insolvency Act, or becoming bankrupt or insolvent shall have made application for relief under the provisions of any statute now or hereafter in force concerning bankrupt or insolvent debtors, or any action whatever, legislative or otherwise, shall have been taken with a view to the winding up, dissolution or liquidation of the Tenant; (d) any insurance policy is cancelled or not renewed by an insurer by reason of any particular use or occupation of the Leased Premises; (e) the Tenant shall purport to make a Transfer affecting the Leased Premises or the Leased Premises shall be used by any person or for any purpose other than in compliance with and expressly authorized by this Lease; (f) the Tenant makes any sale in bulk affecting any property on the Leased Premises (other than in conjunction with a Transfer approved in writing by the Landlord may at its option either enter into and made pursuant to all applicable legislation); (g) a trustee, receiver, receiver manager, manager, agent or other like person shall be appointed in respect of the assets or business of the Tenant or any other occupant of the Leased Premises; or (h) the Leased Premises shall have been vacated or have become vacant or shall have remained unoccupied for a period of fifteen (15) consecutive days, then and in any of such cases, the then current month’s Rent together with the Rent for the three (3) months next ensuing shall immediately become due and payable, and at the option of the Landlord the Term shall become forfeited and void, and the Landlord without notice or any form of legal process whatever may forthwith re-enter upon the Leased Premises or any part thereof in the name of the whole and repossess have again, repossess, and enjoy the same as of its former estate, anything contained in any statute or law to estate and the contrary notwithstandingsaid Lease shall thereupon terminate. Such forfeiture In the event that the Tenant shall be wholly without prejudice to in default of any of its covenants hereunder, other than the right of the Landlord to recover arrears of Rent and damages for any antecedent breach of the covenants, obligations or agreements covenant of the Tenant to pay Rent or Additional Rent, the Landlord shall give to the Tenant notice in writing stating the said default with reasonably sufficient particulars, and requiring that the said default be remedied and require that if such default is not remedied by the Tenant within thirty (30) days after the receipt of such notice, or such longer period as may be reasonably necessary in view of the nature of the default, the Landlord may, if the aforementioned notice and cure period has expired at its option either enter into and upon the Leased Premises or any part thereof in the name of the whole and have again, repossess, and enjoy the same as of its former estate and the said Lease shall thereupon terminate, or itself take steps and to do or cause to be done such things as may be necessary to remedy and correct such defaults. Provided further that in the event that the Landlord shall be entitled to, and shall elect to make a re-entry as hereinbefore provided for, any re-entry or other action so taken shall not be deemed to relieve the Tenant of its obligation to pay Rent and other monies payable as Rent in accordance with the provisions hereof and said Rent and other monies shall continue to accrue and be payable until such time as the Landlord is able to re-let the Leased Premises, or otherwise deal with the same in such manner that it did not sustain any loss should the Tenant then after fail to pay the Rent and other monies payable as Rent or otherwise under this Lease. Notwithstanding Provided further that in addition to all other rights hereby reserved to it, the Landlord shall have the right to re-enter the Leased Premises for any period equal to or greater or less than the remainder of the then current term of the Tenant and to receive the Rent therefore, said Rent to be any sum which it may deem reasonable, to any Tenant which it may deem suitable and satisfactory, and for any use and purpose which it may deem appropriate and in connection with any such forfeiture lease, the Landlord may subsequently recover from make such changes in the Tenant damages character of the improvements of the Leased Premises as the Landlord may determine to be appropriate or helpful in effecting such lease; but in no event shall the Landlord be under any obligation to re­let the Leased Premises in whole or in part for loss of Rent suffered by reason of this Lease having been prematurely determined and it any purpose which the Landlord may recover from the Tenant all damages it may incur with respect thereto, including the cost of recovering regard as injurious to the Leased Premises, or to any Tenant which the Landlord, in the exercise of reasonable discretion, shall deem to be objectionable and including to apply any Rent due hereunder, and the worth at Tenant shall remain liable to the time of such termination of landlord for the excessdeficiency, if any, of it being the amount of Rent for the remainder of the Term over the then reasonable rental value of the Leased Premises for the remainder of the Term, all of which Rent shall be immediately due intention hereof that nothing herein contained and payable from the Tenant to the Landlord. In determining the Rent which would be payable under this Lease no entry made by the Tenant subsequent to default, the annual rent for each year of the unexpired portion of the Term landlord hereunder shall be equal to the average of the aggregate of the Base Rent and Additional Rent paid by in any way release the Tenant from the Commencement Date payment of Rent hereby reserved during the term hereof beyond such sum as may be realized by the landlord by such re-letting or by the proceeds of any distress made by the landlord against the Tenant; and provided that the landlord shall not In any event be required to pay to the time Tenant any Surplus of defaultany sums received by the landlord on a re-letting of the leased Premises in excess of the Rent reserved hereunder. Notwithstanding anything to the contrary herein, or during in no event shall Tenant’s total liability hereunder exceed the three (3) full calendar years preceding such default, whichever period is shortertotal remaining Rent including the Operating Expenses under the lease Term.

Appears in 1 contract

Sources: Loan Agreement (Hydrogenics Corp)

Re-entry. When: (a) the Tenant shall be In any case in default in the payment of any Rent, whether lawfully demanded or not, and such default shall continue for a period of five (5) consecutive days after notice by the Landlord to the Tenant; (b) the Tenant shall be in default of any of its covenants, obligations or agreements under which this Lease (other than its covenant to pay Rent) and such default shall have continued for a period of ten (10) consecutive days after notice by been terminated, or in any case in which Landlord shall have elected to recover the Landlord to the Tenant specifying with reasonable particularity the nature Accelerated Rent Component and any portion of such default sum shall remain unpaid, Landlord may, without further notice and requiring without prejudice to any other remedy Landlord may have, enter upon and repossess the same to be remedied; (c) any property of the Tenant has been sold under a valid writ of executionDemised Premises, or the Tenant shall have made an assignment for the benefit of creditorsby force, or shall make any assignment or have had a receiving order made against it under the Bankruptcy and Insolvency Actsummary proceedings, or becoming bankrupt or insolvent shall have made application for relief under the provisions of any statute now or hereafter in force concerning bankrupt or insolvent debtors, or any action whatever, legislative ejectment or otherwise, shall have been taken with a view and may dispossess Tenant and remove Tenant and all other persons and property from the Demised Premises, without resorting to the winding updispossessory procedures set forth in O.C.G.A. Sections 44-7-50 ET. SEQ., dissolution and may expel or liquidation remove Tenant and any of Tenant's property, and may change or replace the Tenant; (dlocks on the door(s) any insurance policy is cancelled or not renewed by an insurer by reason of any particular use or occupation of to the Leased Demised Premises; (e) the Tenant shall purport to make a Transfer affecting the Leased Premises or the Leased Premises shall be used by any person or , all without being liable for any purpose other than in compliance with and expressly authorized by this Lease; (f) the Tenant makes any sale in bulk affecting any property on the Leased Premises (other than in conjunction with a Transfer approved in writing by the Landlord and made pursuant to all applicable legislation); (g) a trusteeclaim for trespass, receiver, receiver manager, manager, agent loss or other like person shall be appointed in respect of the assets or business of the Tenant or any other occupant of the Leased Premises; or (h) the Leased Premises shall have been vacated or have become vacant or shall have remained unoccupied for a period of fifteen (15) consecutive days, then and in any of such cases, the then current month’s Rent together with the Rent for the three (3) months next ensuing shall immediately become due and payabledamage therefor, and at may have, hold and enjoy the option of the Landlord the Term shall become forfeited and void, Demised Premises and the rents and profits therefrom. Landlord without notice may, in its own name, as agent for Tenant, if this Lease has not been terminated, or any form of legal process whatever may forthwith re-enter in its own behalf, if this Lease has been terminated, relet the Leased Demised Premises or any part thereof in for such term or terms (which may be greater or less than the name period which would otherwise have constituted the balance of the whole term of this Lease) and repossess on such terms, conditions and enjoy provisions (which may include concessions or free rent) as Landlord in its sole discretion may determine. Landlord may, in connection with any such reletting, cause the same as of its former estateDemised Premises to be redecorated, anything contained in any statute altered, divided, consolidated with other space or law to the contrary notwithstandingotherwise changed or prepared for reletting. Such forfeiture At Landlord's option, such reletting shall or shall not be wholly without prejudice to the right deemed a surrender and acceptance of the Landlord to recover arrears of Rent and damages for any antecedent breach of the covenants, obligations or agreements of the Tenant under this Lease. Notwithstanding any such forfeiture the Landlord may subsequently recover from the Tenant damages for loss of Rent suffered by reason of this Lease having been prematurely determined and it may recover from the Tenant all damages it may incur with respect thereto, including the cost of recovering the Leased Demised Premises, and including the worth at the time of such termination of the excess, if any, of the amount of Rent for the remainder of the Term over the then reasonable rental value of the Leased Premises for the remainder of the Term, all of which Rent shall be immediately due and payable from the Tenant to the Landlord. In determining the Rent which would be payable under this Lease by the Tenant subsequent to default, the annual rent for each year of the unexpired portion of the Term shall be equal to the average of the aggregate of the Base Rent and Additional Rent paid by the Tenant from the Commencement Date to the time of default, or during the three (3) full calendar years preceding such default, whichever period is shorter.

Appears in 1 contract

Sources: Office Lease (CTN Media Group Inc)

Re-entry. WhenIt is hereby agreed that when: (a) the Tenant shall be in default in the payment of any Rentrent, whether lawfully demanded or not, and such default shall continue for a period of five seven (57) consecutive days after having received notice by the Landlord to the Tenantof default; (b) the Tenant shall be in default of any of its terms, covenants, obligations or and stipulations, conditions and agreements under this Lease (other than its covenant to pay Rentrent) and such default shall have continued for a period of ten (10) consecutive days after notice by the Landlord to the Tenant specifying with reasonable particularity the nature of such default and requiring the same to be remedied, provided further that if the Tenant is taking steps to remedy and cannot complete within ten (10) days, such ten (10) day period shall be extended as the Landlord reasonably determines to permit the Tenant to remedy; (c) any property of the Tenant has been sold under a valid writ of execution, or the Tenant shall have made an assignment for the benefit of creditors, or shall make any assignment or have had a receiving order made against it under the Bankruptcy and Insolvency Act, R.S.C 1985, as amended, or becoming bankrupt or insolvent insolvent, or shall have made application for relief under the provisions of any statute now or hereafter in force concerning bankrupt or insolvent debtors, or any action whatever, legislative or otherwise, shall have been taken with a view to the winding up, dissolution or liquidation of the Tenant; (d) any insurance policy is cancelled or not renewed by an insurer by reason of any particular use or occupation of the Leased Premises, or; (e) the Tenant shall purport to make a Transfer affecting the Leased Premises or the Leased Premises shall be used by any person or for any purpose other than in compliance with and expressly authorized by this Lease; (f) the Tenant makes any sale in bulk affecting any property on the Leased Premises (other than in conjunction with a Transfer approved in writing by the Landlord and made pursuant to all applicable legislation); (g) a trustee, receiver, receiver manager, manager, agent or other like person shall be appointed in respect of the assets or business of the Tenant or any other occupant of the Leased Premises; or (h) the Leased Premises shall have been vacated or have become vacant or shall have remained unoccupied for a period of fifteen (15) consecutive days, ; then and in any of such cases, the then current month’s Rent 's rent together with the Rent rent for the three (3) months next ensuing shall immediately become due and payable, and at the option of the Landlord the Term shall become forfeited and void, and the Landlord without notice or any form of legal process whatever whatsoever may forthwith re-enter the Leased Premises or any part thereof in the name of the whole and repossess and enjoy the same as of its former estate, anything contained in any statute or law to the contrary notwithstanding. Such forfeiture shall be wholly without prejudice to the right of the Landlord to recover arrears of Rent rent and damages for any antecedent breach of the terms, covenants, obligations or and stipulations, conditions and agreements of the Tenant under this Lease. Notwithstanding any such forfeiture the Landlord may subsequently recover from the Tenant damages for loss of Rent rent suffered by reason of this Lease having been prematurely determined and it may recover from the Tenant all damages it may incur with respect thereto, thereto including the cost of recovering the Leased Premises, and including the worth at the time of such termination of the excess, if any, of the amount of Rent for the remainder of the Term over the then reasonable rental value of the Leased Premises for the remainder of the Term, all of which Rent shall be immediately due and payable from the Tenant to the Landlord. In determining the Rent which would be payable under this Lease by the Tenant subsequent to default, the annual rent for each year of the unexpired portion of the Term shall be equal to the average of the aggregate of the Base Rent and Additional Rent paid by the Tenant from the Commencement Date to the time of default, or during the three (3) full calendar years preceding such default, whichever period is shorter.

Appears in 1 contract

Sources: Lease Agreement (International Menu Solutions Corp)

Re-entry. WhenIf: (a) any part of the Tenant shall be in default in the payment of any Rent, whether lawfully demanded Service Charges, Government Rent, Government Rates or not, and such default shall continue any other sum payable under this Agreement is unpaid for a period of five (5) consecutive 14 days after notice by the Landlord to the Tenant;after (b) the Tenant shall be in default commits any breach of any of its covenants, obligations or agreements under this Lease (other than its covenant to pay Rent) and such default shall have continued for a period of ten (10) consecutive days after notice by the Landlord to the Tenant specifying with reasonable particularity the nature of such default and requiring the same to be remediedAgreement; (c) the Tenant is insolvent which for the purposes of this Agreement means: (i) the Tenant (being an individual) becomes bankrupt or the Tenant (being a corporation) goes into liquidation or a receiving order is made against it; (ii) a receiver is appointed in respect of any property of the Tenant’s assets; (iii) possession of any of the Tenant’s assets is taken by a chargee or mortgagee; (iv) any distress or execution is levied on the Premises or on any of the Tenant’s assets; (v) the Tenant stops or suspends payment of its debts or is unable or admits it is unable to pay them; (vi) the Tenant enters into a scheme of arrangement with its creditors; (vii) the Tenant stops or suspends the carrying on of its business or threatens to do so; (viii) the Tenant fails to satisfy any judgment given in any action against it unless such judgment has been appealed within the requisite time limit and that appeal has not yet been disposed of; or (ix) any other similar event, action or proceeding occurs or is taken in respect of the Tenant has been sold under a valid writ of execution, or the Tenant shall have made an assignment for the benefit of creditors, or shall make in any assignment or have had a receiving order made against it under the Bankruptcy and Insolvency Act, or becoming bankrupt or insolvent shall have made application for relief under the provisions of any statute now or hereafter in force concerning bankrupt or insolvent debtors, or any action whatever, legislative or otherwise, shall have been taken with a view to the winding up, dissolution or liquidation of the Tenant;jurisdiction; or (d) any insurance policy is cancelled or not renewed by an insurer by reason of any particular use or occupation of the Leased Premises; (e) the Tenant shall purport continues to make cause unnecessary annoyance, inconvenience or disturbance to the Landlord or any neighbouring tenants or occupiers after the Landlord has served a Transfer affecting the Leased Premises or the Leased Premises shall be used by any person or for any purpose other than in compliance with and expressly authorized by this Lease; (f) the Tenant makes any sale in bulk affecting any property written warning on the Leased Premises (other than in conjunction with a Transfer approved in writing by Tenant. For the purpose of this Sub-clause 6.1(d), persistent failure to pay Rent as and when it falls due will be regarded as causing unnecessary annoyance, inconvenience or disturbance to the Landlord and made pursuant to all applicable legislation); (g) a trustee, receiver, receiver manager, manager, agent or other like person shall be appointed in respect of the assets or business of the Tenant or any other occupant of the Leased Premises; or (h) the Leased Premises shall have been vacated neighbouring tenants or have become vacant or shall have remained unoccupied for a period of fifteen (15) consecutive days, then and in any of such casesoccupiers, the then current monthLandlord may, without prejudice to the Landlord’s Rent together with the Rent for the three (3) months next ensuing shall immediately become due other rights and payableremedies, and at the option of the Landlord the Term shall become forfeited and void, and the Landlord without notice or any form of legal process whatever may forthwith time re-enter the Leased Premises or any part thereof of them in the name of the whole and repossess and enjoy the same as whereupon this Agreement shall end but any right of its former estate, anything contained in any statute or law to the contrary notwithstanding. Such forfeiture shall be wholly without prejudice to the right action of the Landlord under this Agreement (including without limitation to recover arrears of Rent the Landlord’s right to demand payment and damages claim against the Tenant for any antecedent breach of all the covenants, obligations or agreements of remaining rent and other payments due and payable by the Tenant under this LeaseLease for the remaining unexpired Term of this Agreement) shall be preserved. Notwithstanding any such forfeiture the The Landlord may subsequently recover from exercise its rights under this Clause 6.1 (Re-Entry) by serving written notice on the Tenant damages for loss of Rent suffered by reason of this Lease having been prematurely determined and it may recover from without physically entering the Tenant all damages it may incur with respect thereto, including the cost of recovering the Leased Premises, and including the worth at the time of such termination of the excess, if any, of the amount of Rent for the remainder of the Term over the then reasonable rental value of the Leased Premises for the remainder of the Term, all of which Rent shall be immediately due and payable from the Tenant notwithstanding any statutory or common law provision to the Landlord. In determining the Rent which would be payable under this Lease by the Tenant subsequent to default, the annual rent for each year of the unexpired portion of the Term shall be equal to the average of the aggregate of the Base Rent and Additional Rent paid by the Tenant from the Commencement Date to the time of default, or during the three (3) full calendar years preceding such default, whichever period is shortercontrary.

Appears in 1 contract

Sources: Lease Agreement

Re-entry. When: (a) Notwithstanding and without prejudice to any other remedies and powers herein contained or otherwise available to the Tenant Landlord if the rents reserved or any part thereof shall be in default in the payment of any Rent, unpaid for twenty one days after becoming payable whether lawfully formally demanded or not, and such default not or if any covenant on the Tenant's part or condition contained in this Lease shall continue not be performed or observed or if the Tenant's for the time being (being a period of five Company) enters into liquidation whether compulsory or voluntary (5) consecutive days after notice by save for the Landlord purpose demonstrated to the Tenant; Landlord's satisfaction of reconstruction or amalgamation whilst solvent) or passes a resolution for winding up (bsave as aforesaid) or is unable to pay its debts within the Tenant shall be in default meaning of Sections 122 and 123 of the Insolvency Act or summons a meeting of its creditors or any of its covenants, obligations them under Part 1 of the Insolvency Act or agreements under this Lease (other than its covenant to pay Rent) and such default shall have continued suffers a petition for a period an Administration Order in respect of ten (10) consecutive days after notice by the Landlord to the Tenant specifying with reasonable particularity the nature of such default and requiring the same it to be remedied; (c) any property file din Court or suffers a receiver or administrative receiver to be appointed or being an individual or being more than one individual anyone of the Tenant them has been sold under a valid writ of execution, or the Tenant shall have made an assignment for the benefit of creditors, or shall make any assignment or have had a receiving order made against it under the Bankruptcy and Insolvency Act, him or becoming becomes bankrupt or insolvent shall have made application for relief under is unable to pay or has no reasonable prospect of being able to pay his debts within the provisions meaning of any statute now or hereafter in force concerning bankrupt or insolvent debtors, or any action whatever, legislative or otherwise, shall have been taken with a view to the winding up, dissolution or liquidation Sections 267 and 268 of the Tenant; Insolvency Act or if the Tenant (dor if there is more than one Tenant any of them) enters into composition with his or their creditors or suffer any insurance policy is cancelled distress or not renewed by execution to be levied on his or their goods or if an insurer by reason of any particular use or occupation interim order Is made under Part VIII of the Leased Premises; (e) the Tenant shall purport to make a Transfer affecting the Leased Premises or the Leased Premises shall be used by any person or for any purpose other than in compliance with and expressly authorized by this Lease; (f) the Tenant makes any sale in bulk affecting any property on the Leased Premises (other than in conjunction with a Transfer approved in writing by the Landlord and made pursuant to all applicable legislation); (g) a trustee, receiver, receiver manager, manager, agent or other like person shall be appointed in respect of the assets or business of the Tenant or any other occupant of the Leased Premises; or (h) the Leased Premises shall have been vacated or have become vacant or shall have remained unoccupied for a period of fifteen (15) consecutive days, Insolvency Act then and in any of such cases, the then current month’s Rent together with the Rent case it shall be lawful for the three (3) months next ensuing shall immediately become due and payable, and Landlord at the option of the Landlord the Term shall become forfeited and void, and the Landlord without notice or any form of legal process whatever may forthwith time thereafter to re-enter upon the Leased Demised Premises or any part thereof in the name anme of the whole and repossess and enjoy the same as of its former estate, anything contained in any statute or law to the contrary notwithstanding. Such forfeiture thereupon this demise shall be wholly absolutely determine but without prejudice to the any right of action or remedy of the Landlord to recover arrears in respect of Rent and damages for any antecedent breach non-observance or non-performance of any of the covenants, obligations Tenant's covenants or agreements of the Tenant under this Lease. Notwithstanding any such forfeiture the Landlord may subsequently recover from the Tenant damages for loss of Rent suffered by reason of this Lease having been prematurely determined and it may recover from the Tenant all damages it may incur with respect thereto, including the cost of recovering the Leased Premises, and including the worth at the time of such termination of the excess, if any, of the amount of Rent for the remainder of the Term over the then reasonable rental value of the Leased Premises for the remainder of the Term, all of which Rent shall be immediately due and payable from the Tenant to the Landlord. In determining the Rent which would be payable under this Lease by the Tenant subsequent to default, the annual rent for each year of the unexpired portion of the Term shall be equal to the average of the aggregate of the Base Rent and Additional Rent paid by the Tenant from the Commencement Date to the time of default, or during the three (3) full calendar years preceding such default, whichever period is shorter.conditions herein contained

Appears in 1 contract

Sources: Lease Agreement (Bioprogress Technology International Inc)

Re-entry. When1.1 Notwithstanding and without prejudice to any other remedies and powers herein contained or otherwise available to the Landlord if and whenever during the Term :- 1.1.1 the Rents or any of them or any part thereof are unpaid for thirty days after becoming payable (a) the Tenant shall be in default in the payment of any Rent, whether lawfully formally demanded or not, and such default shall continue for a period of five (5) consecutive days after notice by the Landlord to the Tenant; (b) the Tenant shall be in default of any of its covenants, obligations or agreements under this Lease (other than its covenant to pay Rent) and such default shall have continued for a period of ten (10) consecutive days after notice by the Landlord to the Tenant specifying with reasonable particularity the nature of such default and requiring the same to be remedied; (c) any property of the Tenant has been sold under a valid writ of execution, or the Tenant shall have made an assignment for the benefit of creditors, or shall make any assignment or have had a receiving order made against it under the Bankruptcy and Insolvency Act, or becoming bankrupt or insolvent shall have made application for relief under the provisions of any statute now or hereafter in force concerning bankrupt or insolvent debtors, or any action whatever, legislative or otherwise, shall have been taken with a view to the winding up, dissolution or liquidation of the Tenant; (d) any insurance policy is cancelled or not renewed by an insurer by reason of any particular use or occupation of the Leased Premises; (e) the Tenant shall purport to make a Transfer affecting the Leased Premises or the Leased Premises shall be used by any person or for any purpose other than in compliance with and expressly authorized by this Lease; (f) the Tenant makes any sale in bulk affecting any property on the Leased Premises (other than in conjunction with a Transfer approved in writing by the Landlord and made pursuant to all applicable legislation); (g) a trustee, receiver, receiver manager, manager, agent or other like person shall be appointed in respect of the assets or business of the Tenant or any other occupant of the Leased Premises; or (h) 1.1.2 any covenant or obligation on the Leased Premises shall have been vacated Tenant's part or have become vacant condition contained herein is not performed or shall have remained unoccupied for a period of fifteen (15) consecutive days, observed then and in any of such cases, the then current month’s Rent together with the Rent case it shall be lawful for the three (3) months next ensuing shall immediately become due and payable, and Landlord at the option of the Landlord the Term shall become forfeited and void, and the Landlord without notice or any form of legal process whatever may forthwith time thereafter to re-enter upon the Leased Premises or any part thereof in the name of the whole and repossess and enjoy thereupon the same as of its former estate, anything contained in any statute or law to the contrary notwithstanding. Such forfeiture Term shall be wholly absolutely determine but without prejudice to the any right of action or remedy of the Landlord to recover arrears in respect of Rent and damages for any antecedent breach breach, non-observance or non- performance of any of the covenants, obligations Tenant's covenants or agreements of any conditions contained in this Lease. 1.2 If the Tenant under assigns or charges this Lease as security to a bank building society or other lending institution ("Lender") which has notified the Landlord in writing of its interest in this Lease. Notwithstanding any such forfeiture : 1.2.1 the Landlord may subsequently recover from the Tenant damages for loss of Rent suffered by reason of will not serve any notice to forfeit this Lease having been prematurely determined and it may recover from without first giving to such Lender at least three months' notice in writing specifying the Tenant all damages it may incur with respect thereto, including basis upon which the cost of recovering the Leased Premises, and including the worth at the time of such termination of the excess, right to forfeit has arisen; and 1.2.2 if any, of the amount of Rent for the remainder of the Term over the then reasonable rental value of the Leased Premises for the remainder of the Term, all of which Rent shall be immediately due and payable from the Tenant to the Landlord. In determining the Rent which would be payable under this Lease by the Tenant subsequent to default, the annual rent for each year of the unexpired portion of the Term shall be equal to the average of the aggregate of the Base Rent and Additional Rent paid by the Tenant from the Commencement Date to the time of default, or during the three (3) full calendar years preceding month period referred to in paragraph 1.2.1 such default, whichever Lender procures that the breach which gave rise to the right to forfeit is made good or provides the Landlord with an undertaking that it will be made good within a further three month period is shorterthen the Landlord will not exercise its right to forfeit this Lease in respect of the breach or event identified in the notice referred to in paragraph 1.2.1.

Appears in 1 contract

Sources: Lease Agreement