Remedies of Landlord. (a) Upon the occurrence of an Event of Default by ▇▇▇▇▇▇, in addition to the remedies described in § 9.3 and any other remedies available to Landlord at law or in equity, Landlord has the right to terminate this Lease upon not less than 60 days prior written notice to Tenant; provided, however, that in the case of a non-monetary Event of Default by Tenant that poses an immediate threat to the health or safety of persons or property, Landlord has the right to reduce said 60-day notice period to ten days. Upon such termination, this Lease comes to an end as fully and completely as if the Expiration Date stated in such notice were the Expiration Date originally fixed, and ▇▇▇▇▇▇ must then quit and surrender the Premises to Landlord as provided in § 6.7, but ▇▇▇▇▇▇ remains liable for damages arising out of such Event of Default, as provided in this Lease. (b) Upon termination of this Lease by Landlord pursuant to this § 9.2, Tenant must pay to Landlord Rent payable by Tenant to Landlord up to the Expiration Date, and ▇▇▇▇▇▇ remains liable for any breach of Tenant’s obligations under this Lease occurring before the Expiration Date. In addition, Tenant is liable to pay Landlord, as damages, the aggregate of Rent remaining in the Term. (c) Tenant must pay Rent in the same manner, to the same extent, and at the same time as if this Lease had not been terminated. In calculating the amounts to be paid by Tenant pursuant to the preceding sentence, Landlord must credit Tenant with the net rents that Landlord actually receives from a reletting of the Premises. Net rents must be determined by deducting from the gross rents, as and when Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting of the Premises that are allocable to the Term. In no event is Tenant entitled to receive any excess of such net rents over the sums that Tenant must pay to Landlord under this Lease. If Landlord terminates this Lease by reason of an Event of Default by ▇▇▇▇▇▇, Landlord must take all reasonable steps to mitigate Landlord’s damages, including making reasonable efforts to relet the Premises for a period that is equal to, shorter, or longer than the Term.
Appears in 5 contracts
Sources: Office Lease, Office Lease, Office Lease
Remedies of Landlord. In case of any such default, re-entry, expiration and/or dispossess by summary proceedings or otherwise, (a) Upon the occurrence of an Event of Default by ▇▇▇▇▇▇, in addition Minimum Annual rent and Additional rent shall become due thereupon and be paid up to the remedies described time of such re-entry, dispossess and/or expiration, together with such expenses as Landlord may incur for counsel fees, brokerage commissions and/or putting the Premises in § 9.3 good order, or for repairs or clean-up of the Premises; (b) Landlord may re-let the Premises or any part or parts thereof, either in the name of Landlord or otherwise, for a term or terms, which may at Landlord's option be less than or exceed the period which would have otherwise constituted the balance of the Term; and/or (c) Tenant or the legal representatives of Tenant shall also pay Landlord any deficiency between (i) the rent hereby reserved and/or covenanted to be paid, and (ii) the net amount if any of the rents collected on account of the lease or leases of the Premises for each month of the period which would otherwise have constituted the balance of the Term. There shall be added to such deficiency such reasonable expenses as Landlord may incur in connection with re-letting of the Premises, including without limitation, counsel fees, brokerage commissions and expenses incurred in maintaining the Premises in good order and in connection with renovating and preparing the same for re-letting. Any such rent deficiency shall be paid in monthly installments by Tenant on the rent due date specified in this Lease Agreement, and any other remedies available suit brought to collect the amount of the deficiency for any month shall not prejudice in any way the rights of Landlord to collect the deficiency for any subsequent month or months by a similar proceeding. Landlord, at its option, may make such alterations, repairs, replacements and/or decorations as Landlord considers advisable for the purpose of re-letting the Premises; and the making of such alterations and/or decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. In the event of a breach by Tenant of any of the covenants or provisions hereof, Landlord shall have the right of injunction and the right to invoke any remedy allowed at law or in equity, Landlord has the right to terminate as if re-entry, summary proceedings or other remedies were not herein provided for. Mention in this Lease upon Agreement of any particular remedy shall not less than 60 days prior written notice to Tenant; providedpreclude Landlord from any other remedy, however, that in the case of a non-monetary Event of Default by Tenant that poses an immediate threat to the health law or safety of persons or property, Landlord has the right to reduce said 60-day notice period to ten days. Upon such termination, this Lease comes to an end as fully and completely as if the Expiration Date stated in such notice were the Expiration Date originally fixed, and ▇▇▇▇▇▇ must then quit and surrender the Premises to Landlord as provided in § 6.7, but ▇▇▇▇▇▇ remains liable for damages arising out of such Event of Default, as provided in this Leaseequity.
(b) Upon termination of this Lease by Landlord pursuant to this § 9.2, Tenant must pay to Landlord Rent payable by Tenant to Landlord up to the Expiration Date, and ▇▇▇▇▇▇ remains liable for any breach of Tenant’s obligations under this Lease occurring before the Expiration Date. In addition, Tenant is liable to pay Landlord, as damages, the aggregate of Rent remaining in the Term.
(c) Tenant must pay Rent in the same manner, to the same extent, and at the same time as if this Lease had not been terminated. In calculating the amounts to be paid by Tenant pursuant to the preceding sentence, Landlord must credit Tenant with the net rents that Landlord actually receives from a reletting of the Premises. Net rents must be determined by deducting from the gross rents, as and when Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting of the Premises that are allocable to the Term. In no event is Tenant entitled to receive any excess of such net rents over the sums that Tenant must pay to Landlord under this Lease. If Landlord terminates this Lease by reason of an Event of Default by ▇▇▇▇▇▇, Landlord must take all reasonable steps to mitigate Landlord’s damages, including making reasonable efforts to relet the Premises for a period that is equal to, shorter, or longer than the Term.
Appears in 3 contracts
Sources: Lease Agreement (Sun Hill Industries Inc), Lease Agreement (Sun Hill Industries Inc), Lease Agreement (Sun Hill Industries Inc)
Remedies of Landlord. (a) Upon the occurrence of an Event any event of Default by ▇▇▇▇▇▇default set forth in Paragraph 15.01, Landlord shall have the following rights and remedies, in addition to the remedies described in § 9.3 and any other remedies available to Landlord at those allowed by law or in equity, any one or more of which may be exercised without further notice to or demand upon Tenant:
A. Landlord has may apply the right security deposit and/or re-enter the Premises and cure any default of Tenant, in which event Tenant shall, upon demand, reimburse Landlord as Additional Rent for any reasonable costs and expenses which Landlord may incur to cure such default; and Landlord shall not be liable to Tenant for any loss or damage which Tenant may sustain by reason of Landlord’s action. In the event Landlord should consult with or employ the services of legal counsel or bring suit against Tenant for any default or enforcement of any terms of this Lease, Tenant shall be liable for all such reasonable attorney’s fees and litigation costs incurred by Landlord and the same shall be recoverable against Tenant in addition to all other amounts that Landlord may recover.
B. Landlord may terminate this Lease upon not less than 60 days prior written notice to Tenant; provided, however, that in as of the case date of a non-monetary Event of Default by Tenant that poses an immediate threat to the health or safety of persons or property, Landlord has the right to reduce said 60-day notice period to ten dayssuch default. Upon such termination, this Lease comes to an end as fully and completely as if Tenant or any party leasing the Expiration Date stated in such notice were the Expiration Date originally fixedPremises through Tenant, and ▇▇▇▇▇▇ must then quit and shall immediately surrender the Premises to Landlord. Landlord as provided in § 6.7may re-enter the Premises and dispossess Tenant or any other occupants of the Premises by force, but ▇▇▇▇▇▇ remains liable for damages arising out of such Event of Defaultsummary proceedings, as provided in this Lease.
(b) Upon termination of this Lease by Landlord pursuant to this § 9.2, Tenant must pay to Landlord Rent payable by Tenant to Landlord up to the Expiration Dateejectment or otherwise, and ▇▇▇▇▇▇ remains liable may remove their effects, without prejudice to any other remedy which Landlord may have for any breach of Tenant’s obligations under this Lease occurring before the Expiration Datepossession or arrearage in rent. In addition, Tenant is liable to pay LandlordLandlord may accelerate and declare all past, as damages, the aggregate of Rent remaining in the Term.
(c) Tenant must pay Rent in the same manner, to the same extent, present and at the same time as if future rent payments under this Lease had not been terminated. In calculating the amounts to be paid by Tenant pursuant to the preceding sentence, immediately due and payable. Landlord must credit Tenant with the net rents that Landlord actually receives from a reletting of the Premises. Net rents must be determined by deducting from the gross rents, as and when Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs may re-let all or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting part of the Premises that are allocable to another party on terms and conditions which may vary from the Termterms of this Lease. In no event is Tenant entitled shall be obligated to receive any excess of such net rents over the sums that Tenant must pay to Landlord under the difference between the rent provided for in any such subsequent lease and the rent provided for in this Lease. If No matter which remedy Landlord terminates this Lease chooses, in its sole discretion, Tenant shall be liable for all costs and expenses caused by reason of an Event of Default by ▇▇▇▇▇▇, Landlord must take all reasonable steps to mitigate Tenant’s default and Landlord’s damagesre-entry and re-letting, including making reasonable efforts to relet the Premises for a period that is equal but not limited to, shorterall repairs, or longer than the Termimprovements, broker’s fees and court costs and reasonable attorney’s fees.
Appears in 3 contracts
Sources: Office Lease Agreement (Apellis Pharmaceuticals, Inc.), Office Lease Agreement (Apellis Pharmaceuticals, Inc.), Office Lease Agreement (Apellis Pharmaceuticals, Inc.)
Remedies of Landlord. In the event of a default by Tenant Landlord shall have the following rights and remedies in addition to all other rights and remedies otherwise available to Landlord pursuant to applicable law:
(a) Upon Landlord shall be entitled to immediately accelerate upon written notice to Tenant the occurrence full balance of an Event the Base Rent and additional rent payable for the remainder of Default by ▇▇▇▇▇▇the term, in addition or renewal term, of this Lease; provided, however, such amount shall be reduced to present value as of the remedies described in § 9.3 date of payment based on interest rate of seven percent (7%) per annum.
(b) Landlord shall be entitled to immediately exercise its rights under\ Paragraph 36 to enforce the immediate repayment of any unpaid Tenant Finish Rent and any other remedies available to accrued unpaid interest thereon.
(c) Landlord at law or in equity, Landlord has shall have the right to terminate this Lease upon not less than 60 days prior written notice to Tenant; providedTenant without prejudice to any claim for Base Rent, however, that in the case of a non-monetary Event of Default by Tenant that poses an immediate threat additional rent or other sums due or to the health or safety of persons or property, Landlord has the right to reduce said 60-day notice period to ten days. Upon such termination, this Lease comes to an end as fully and completely as if the Expiration Date stated in such notice were the Expiration Date originally fixed, and ▇▇▇▇▇▇ must then quit and surrender the Premises to Landlord as provided in § 6.7, but ▇▇▇▇▇▇ remains liable for damages arising out of such Event of Default, as provided in become due under this Lease.
(bd) Upon termination Landlord shall have the immediate right of re-entry and may remove all persons and property from the Leased Premises. Such property may be removed and stored at the cost of Tenant. Should Landlord elect to re-enter as herein provided, or should Landlord take possession pursuant to legal proceedings, Landlord may either terminate this Lease or, from time to time, without terminating this Lease, relet the Leased Premises or any part thereof for such term or terms (which may be for a term e ding beyond the term of this Lease) and at such rental or rentals and upon such other terms and conditions as Landlord, in the exercise of its sole discretion, deems advisable, with the right to make alterations and repairs to the Leased Premises. Upon each such reletting, (i) Tenant shall be immediately liable to pay to Landlord, in addition to any indebtedness other than Base Rent and additional rent due hereunder, the cost and expense of such reletting and of any such alterations and repairs incurred by Landlord, and the amount, if any, by which the Base Rent and additional rent reserved in this Lease for the period of the reletting as accelerated under Subparagraph (a) of this Paragraph, exceeds the amount agreed to be paid for Base Rent and additional rent for the Leased Premises by the reletting Tenant; or (ii) at the option of Landlord, rents received by Landlord pursuant from such reletting shall be applied first, to this § 9.2, Tenant must pay to Landlord the payment of any indebtedness other than Base Rent payable by and additional rent due hereunder from Tenant to Landlord up Landlord; second, to the Expiration Datepayment of any costs and expenses of such reletting and of such alterations and repairs; third, to the payment of rent unpaid hereunder, and ▇▇▇the residue, if any, held by Landlord and applied in payment of funny unaccelerated rent as the same may become due and payable hereunder.
(e) Landlord may immediately ▇▇▇ remains liable for any breach to recover from Tenant all damages Landlord may incur by reason of Tenant’s obligations under default, including the cost of recovering the Leased Premises, and including the Base Rent and additional rent reserved and charged in this Lease occurring before for the Expiration Date. In addition, Tenant is liable to pay Landlord, as damages, the aggregate of Rent remaining in the Term.
(c) Tenant must pay Rent in the same manner, to the same extent, and at the same time as if this Lease had not been terminated. In calculating the amounts to be paid by Tenant pursuant to the preceding sentence, Landlord must credit Tenant with the net rents that Landlord actually receives from a reletting remainder of the Premises. Net rents must stated term as accelerated under Subparagraph (a) of this Paragraph, all of which shall be determined by deducting from the gross rents, as immediately due and when payable along with attorneys’ fees and Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting of the Premises that are allocable shall have no obligation to the Term. In no event is Tenant entitled to receive any excess of such net rents over the sums that Tenant must pay to Landlord under this Lease. If Landlord terminates this Lease by reason of an Event of Default by ▇▇▇▇▇▇, Landlord must take all reasonable steps to mitigate Landlord’s damages, including making reasonable efforts to relet the Premises for a period that is equal to, shorter, or longer than the Term.relet
Appears in 2 contracts
Sources: Lease (Corium International, Inc.), Lease (Corium International, Inc.)
Remedies of Landlord. Upon any Event of Default, Landlord may, at Landlord’s option in its sole discretion, and in addition to all other rights, remedies and recourses afforded Landlord hereunder or by law or equity, do any one or more of the following:
(a) Upon the occurrence of an Event of Default by ▇▇▇▇▇▇, in addition to the remedies described in § 9.3 and any other remedies available to Landlord at law or in equity, Landlord has the right to terminate this Lease upon not less than 60 days prior by the giving of written notice to Tenant; providedreenter the Premises; eject all parties in possession thereof; repossess and enjoy the Premises and all tenant improvements and alterations therein; and recover from Tenant all of the following: (i) all Rent and other amounts accrued hereunder to the date of termination, however(ii) all amounts due under Section 24.3 below, and (iii) liquidated damages in an amount equal to (A) the total Rent that Tenant would have been required to pay for the remainder of the Term of this Lease discounted to present value at the prime lending rate (or equivalent rate, however denominated) in effect on the date of termination at the largest national bank in the case state where the Complex is located, minus (B) the then-present fair rental value of a non-monetary Event of Default the Premises for such period, similarly discounted, plus any other amount necessary to compensate Landlord for all the detriment proximately caused by Tenant that poses an immediate threat Tenant’s failure to the health or safety of persons or property, Landlord has the right to reduce said 60-day notice period to ten days. Upon such termination, perform its obligations under this Lease comes or which would be likely to an end as fully and completely as if the Expiration Date stated in such notice were the Expiration Date originally fixedresult therefrom, and ▇▇▇▇▇▇ must then quit and surrender the Premises to Landlord as provided in § 6.7including, but ▇▇▇▇▇▇ remains liable for damages arising out of such Event of Defaultwithout limitation, as provided in this Lease.attorneys’ fees, brokers’ commissions or finder’s fees;
(b) Upon termination terminate Tenant’s right to possession of the Premises without terminating this Lease by Landlord pursuant the giving of written notice to this § 9.2Tenant, in which event Tenant must shall pay to Landlord (i) all Rent payable by Tenant to Landlord up and other amounts accrued hereunder to the Expiration Datedate of termination of possession, (ii) all amounts due from time to time under Section 24.3 below, and ▇▇▇▇▇▇ remains liable for any breach of Tenant’s obligations under this Lease occurring before the Expiration Date. In addition, Tenant is liable to pay Landlord, as damages, the aggregate of (iii) all Rent remaining in the Term.
(c) Tenant must pay Rent in the same manner, to the same extent, and at the same time as if this Lease had not been terminated. In calculating the amounts other sums required hereunder to be paid by Tenant pursuant to during the preceding sentence, Landlord must credit Tenant with the net rents that Landlord actually receives from a reletting remainder of the Premises. Net rents must be determined Term of this Lease, diminished by deducting from the gross rents, as and when any net sums thereafter received by Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the through reletting of the Premises that are allocable during said period. Reentry by Landlord in the Premises will not affect the obligations of Tenant hereunder for the unexpired Term of this Lease. Landlord may bring action against Tenant to collect amounts due by Tenant on one or more occasions, without the necessity of Landlord’s waiting until expiration of the Term. In no event is Tenant entitled If Landlord elects to receive any excess of such net rents over the sums that Tenant must pay to Landlord proceed under this Lease. If Landlord terminates Section 24.2(b), it may at any time elect to terminate this Lease by reason of pursuant to Section 24.2(a) above;
(c) if an Event of Default by ▇▇▇▇▇▇occurs, Landlord must take all reasonable steps may remove and store any property that remains on the Premises and, if Tenant does not claim such property within thirty (30) days after Landlord has delivered to mitigate Tenant notice of such storage, Landlord may appropriate, sell, destroy or otherwise dispose of the property in question without notice to Tenant or any other person, and without any obligation to account for such property; and/or
(d) no taking possession of the Premises by Landlord shall be construed as Landlord’s damages, including making reasonable efforts to relet acceptance of a surrender of the Premises by Tenant or an election of Landlord to terminate this Lease unless written notice of such intention is given to Tenant. Notwithstanding any leasing or subletting without termination of this Lease, Landlord may at any time thereafter elect to terminate this Lease for a period that is equal to, shorter, or longer than the TermTenant’s previous breach.
Appears in 2 contracts
Sources: Lease Agreement (Fusion-Io, Inc.), Lease Agreement (Fusion-Io, Inc.)
Remedies of Landlord. (a) Upon the occurrence of an any Event of Default by ▇▇▇▇▇▇Default, Landlord may exercise any one or more of the following described remedies, in addition to the all other rights and remedies described in § 9.3 and any other remedies available to Landlord provided at law or in equity:
A. Terminate this Lease Agreement by written notice to Tenant and forthwith repossess the Leased Premises and be entitled to recover forthwith as damages a sum of money equal to the total of (i) the cost of recovering the Leased Premises (including reasonable attorneys’ fees and costs of suit), (ii) the reasonable cost of removing and storing any personal property, (iii) the unpaid Rent earned at the time of termination, plus interest thereon at the rate described in Section 5, (iv) the present value (discounted at the rate of eight percent (8%) per annum) of the balance of the Rent for the remainder of the Term less the present value (discounted at the same rate) of the fair market rental value of the Leased Premises for said period, taking into account the period of time the Leased Premises will remain vacant until a new tenant is obtained, and the reasonable cost to prepare the Leased Premises for occupancy and the other reasonable costs (such as leasing commissions, tenant improvement allowances and attorneys’ fees) to be incurred by Landlord in connection therewith, and (v) any other sum of money and damages owed by Tenant to Landlord under this Lease Agreement.
B. Terminate Tenant’s right of possession (but not this Lease Agreement) and may repossess the Leased Premises by forcible detainer suit or otherwise, without thereby releasing Tenant from any liability hereunder and without demand or notice of any kind to Tenant and without terminating this Lease Agreement. Landlord shall use reasonable efforts under the circumstances to relet the Leased Premises on such terms and conditions as Landlord in its sole discretion may determine (including a term different than the Term, rental concessions, alterations and repair of the Leased Premises); provided, however, Landlord has hereby reserves the right (i) to lease any other comparable space available in the Building or in any adjacent building owned by Landlord prior to offering the Leased Premises for lease, and (ii) to refuse to lease the Leased Premises to any potential tenant which does not meet Landlord’s standards and criteria for leasing other comparable space in the Building. Landlord shall not be liable for, nor shall Tenant’s obligations hereunder be diminished because of, Landlord’s failure or refusal to relet the Leased Premises or collect rent due in respect of such reletting. For the purpose of such reletting Landlord shall have the right to decorate or to make any repairs, changes, alterations or additions in or to the Leased Premises as may be reasonably necessary or desirable. In the event that (i) Landlord shall fail or refuse to relet the Leased Premises, or (ii) the Leased Premises are relet and a sufficient sum shall not be realized from such reletting (after first deducting therefrom, for retention by Landlord, the unpaid Rent due hereunder earned but unpaid at the time of reletting plus interest thereon at the rate specified in Section 5, the reasonable cost of recovering possession (including reasonable attorneys’ fees and costs of suit), all of the reasonable costs and expenses of such decorations, repairs, changes, alterations and additions, the reasonable expense of such reletting and the reasonable cost of collection of the rent accruing therefrom) to satisfy the Rent, then Tenant shall pay to Landlord as damages a sum equal to the amount of such deficiency. Any such payments due Landlord shall be made upon demand therefor from time to time and Tenant agrees that Landlord may file suit to recover any sums falling due under the terms of this Section 16 from time to time. No delivery to or recovery by Landlord of any portion due Landlord hereunder shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall such reletting be construed as an election on the part of Landlord to terminate this Lease upon not less than 60 days prior Agreement unless a written notice of such intention be given to Tenant by Landlord. Notwithstanding any such termination of Tenant’s right of possession of the Leased Premises, Landlord may at any time thereafter elect to terminate this Lease Agreement. In any proceedings to enforce this Lease Agreement under this Section 16, Landlord shall be presumed to have used its reasonable efforts to relet the Leased Premises, and Tenant shall bear the burden of proof to establish that such reasonable efforts were not used.
C. Alter any and all locks and other security devices at the Leased Premises, and if it does so Landlord shall not be required to provide a new key or other access right to Tenant unless Tenant has cured all Events of Default; provided, however, that in any such instance, during Landlord’s normal business hours and at the convenience of Landlord, and upon the written request of Tenant accompanied by such written waivers and releases as Landlord may require, Landlord will escort Tenant or its authorized personnel to the Leased Premises to retrieve any personal belongings or other property of Tenant not subject to the Landlord’s lien or security interest described in Section 17. The provisions of this Section 16.C are intended to override and control any conflicting provisions of the Texas Property Code.
D. All agreements and provisions to be performed by Tenant under any of the terms of this Lease Agreement shall be at Tenant’s sole cost and expense and without any abatement of Rent, except as otherwise provided in this Lease Agreement. If Tenant shall fail to pay any sum of money, other than Base Rent, required to be paid by it hereunder or shall fail to cure any default and such failure shall continue for ten (10) days after notice thereof by Landlord, then Landlord may, but shall not be obligated so to do, and without waiving or releasing Tenant from any obligations, make any such payment or perform any such act on Tenant’s part. All sums so paid by Landlord and all reasonable costs incurred by Landlord in taking such action shall be deemed Additional Rent hereunder and shall be paid to Landlord on demand, and Landlord shall have (in addition to all other rights and remedies of Landlord) the same rights and remedies in the event of the non-payment thereof by Tenant as in the case of a non-monetary default by Tenant in the payment of Rent.
E. In connection with the exercise by Landlord of its rights and remedies in respect of any Event of Default on the part of Tenant, to the extent (but no further) that Landlord is required by applicable Texas law to mitigate damages, or to use efforts to do so, and such requirement cannot be lawfully and effectively waived (it being the intention of Landlord and Tenant that poses an immediate threat such requirements be and are hereby WAIVED to the health maximum extent permitted by applicable law), Tenant agrees in favor of Landlord that Landlord shall not be deemed to have failed to mitigate damages, or safety to have used the efforts required by law to do so, because:
(1) Landlord leases other space in the Building prior to re-letting the Leased Premises;
(2) Landlord refuses to relet the Leased Premises to any Affiliate of persons Tenant, or propertyany principal of Tenant, or any Affiliate of such principal;
(3) Landlord has refuses to relet the right Leased Premises to reduce said 60-day notice period to ten days. Upon such termination, this Lease comes to an end as fully and completely as if the Expiration Date stated any person or entity whose creditworthiness Landlord in such notice were the Expiration Date originally fixed, and ▇good ▇▇▇▇▇ must then quit and surrender the Premises to Landlord as provided in § 6.7, but ▇▇▇▇▇▇ remains liable for damages arising out unacceptable;
(4) Landlord refuses to relet the Leased Premises to any person or entity because the use proposed to be made of the Leased Premises by such prospective tenant is not of a type and nature consistent with that of the other tenants in the Building or the floor where the Leased Premises are situated as of the date Tenant defaults under this Lease Agreement, or because such use would, in the good faith opinion of Landlord, impose unreasonable or excessive demands upon the Building;
(5) Landlord refuses to relet the Leased Premises to any person or entity, or any affiliate of such Event person or entity, who has been engaged in litigation with, or who has threatened litigation against, Landlord or any of Defaultits affiliates, as provided or whom Landlord in this Lease.
(b) Upon termination of this Lease by Landlord pursuant to this § 9.2, Tenant must pay to Landlord Rent payable by Tenant to Landlord up to the Expiration Date, and ▇good ▇▇▇▇▇ remains liable for any breach of Tenant’s obligations under this Lease occurring before the Expiration Date. In addition, Tenant is liable to pay Landlord, as damages, the aggregate of Rent remaining in the Term.
(c) Tenant must pay Rent in the same manner, to the same extent, and at the same time as if this Lease had not been terminated. In calculating the amounts to be paid by Tenant pursuant to the preceding sentence, Landlord must credit Tenant with the net rents that Landlord actually receives from a reletting of the Premises. Net rents must be determined by deducting from the gross rents, as and when Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting of the Premises that are allocable to the Term. In no event is Tenant entitled to receive any excess of such net rents over the sums that Tenant must pay to Landlord under this Lease. If Landlord terminates this Lease by reason of an Event of Default by ▇▇▇▇▇▇, ▇ to be unreasonably or excessively litigious;
(6) Landlord must take all reasonable steps to mitigate Landlord’s damages, including making reasonable efforts refuses to relet the Leased Premises for a period that is equal to, shorterbecause the tenant or the terms and provisions of the proposed lease are not approved by the holders of any liens or security interests in the Building or any part thereof, or longer than would cause Landlord to breach or be in default of, or to be unable to perform any of its covenants under, any agreements between Landlord and any third party;
(7) Landlord refuses to relet the TermLeased Premises because the proposed tenant is unwilling to execute and deliver Landlord’s standard lease form without substantial tenant-oriented modifications or such tenant requires improvements to the Leased Premises to be paid at Landlord’s cost and expense; or
(8) Landlord refuses to relet the Leased Premises to a person or entity whose character or reputation, or the nature of whose business, Landlord in good ▇▇▇▇▇ ▇▇▇▇▇ unacceptable; and it is further agreed that each and all of the grounds for refusal set forth in clauses (1) through (8) above, both inclusive, of this sentence are reasonable grounds for Landlord's refusal to relet the Leased Premises, or (as to all other provisions of this Lease Agreement) for Landlord's refusal to issue any approval, or take any other action, of any nature whatsoever under this Lease Agreement. In the event the waiver set forth in this Section 16.E shall be ineffective, Tenant further agrees in favor of Landlord, to the maximum extent to which it may lawfully and effectively do so, that the following efforts to mitigate damages if made by Landlord (and without obligating Landlord to render such efforts) shall be conclusively deemed reasonable, and that Landlord shall be conclusively deemed to have used the efforts to mitigate damages required by applicable law if: Landlord places the Leased Premises on its inventory of available space in the Building; Landlord makes such inventory available to brokers who request same; and Landlord shows the Leased Premises to prospective tenants (or their brokers) who request to see it.
Appears in 2 contracts
Sources: Lease Agreement (Bellicum Pharmaceuticals, Inc), Lease Agreement (Bellicum Pharmaceuticals, Inc)
Remedies of Landlord. (a) Upon the occurrence of an Event of Default by ▇▇▇▇▇▇, in addition to the remedies described in § 9.3 and any other remedies available to Landlord at law or in equity, Landlord has the right to terminate this Lease upon not less than 60 days prior written notice to Tenant; provided, however, that in the case of a non-monetary Event of Default by Tenant that poses an immediate threat to the health or safety of persons or property, Landlord has the right to reduce said 60-day notice period to ten days. Upon such termination, this Lease comes to an end as fully and completely as if the Expiration Date stated in such notice were the Expiration Date originally fixed, and ▇▇▇▇▇▇ must then quit and surrender the Premises to Landlord as provided in § 6.7, but ▇▇▇▇▇▇ remains liable for damages arising out of such Event of Default, as provided Landlord may, at Landlord's option and in this Lease.addition to all other rights, remedies and recourse afforded Landlord hereunder or by law or equity, do any one or more of the following:
(ba) Upon termination of At Landlord's option and without waiving any default by Tenant, Landlord shall have the right to continue this Lease by Landlord pursuant in full force and effect and to this § 9.2collect all Monthly Base Rent, Tenant must pay Additional Rent, and any other amounts to Landlord Rent payable be paid by Tenant to Landlord up to the Expiration Date, and ▇▇▇▇▇▇ remains liable for any breach of Tenant’s obligations under this Lease occurring before the Expiration Dateas and when due. In addition, During any period that Tenant is liable in default, Landlord shall have the right, pursuant to pay Landlord, as damages, the aggregate of Rent remaining in the Term.
(c) Tenant must pay Rent in the same mannerlegal proceedings or pursuant to any notice provided for by law, to enter and take possession of the same extentPremises, without terminating this Lease, for the purpose of reletting the Premises or any part thereof and making any alterations and repairs that may be necessary or desirable in connection with such reletting. Any such reletting or relettings may be for such term or terms (including periods that exceed the balance of the term of this Lease), and at upon such other terms, covenants and conditions as Landlord may in Landlord's sole discretion deem advisable. If the same time rent or rents received during any month and applied as if this Lease had not been terminated. In calculating provided above shall be insufficient to cover all such amounts including the Monthly Base Rent and any other amounts to be paid by Tenant pursuant to the preceding sentence, Landlord must credit Tenant with the net rents that Landlord actually receives from a reletting of the Premises. Net rents must be determined by deducting from the gross rents, as and when Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease for such month, Tenant shall pay to Landlord any deficiency; such deficiencies shall be calculated and the reasonable expenses that Landlord incurs paid monthly. No entry or pays in connection with the reletting taking possession of the Premises that are allocable by Landlord shall be construed as an election by Landlord to terminate this Lease, unless Landlord gives written notice of such election to Tenant or unless such termination shall be decreed by a court of competent jurisdiction. Notwithstanding any reletting by Landlord without termination, Landlord may at any time thereafter terminate this Lease for such previous default by giving written notice thereof to Tenant.
(b) Terminate Tenant's right to possession by notice to Tenant, in which case this Lease shall terminate and Tenant shall immediately surrender possession of the TermPremises to Landlord. In no such event is Tenant Landlord shall be entitled to receive any excess recover from Tenant all damages incurred by Landlord by reason of Tenant's default, including without limitation the following: (1) all unpaid Rent which has been earned at the time of such net rents over termination plus (2) the sums amount by which the unpaid Rent which would have been earned after termination until the time of award exceeds the amount of such rental loss that Tenant must pay is proved could have been reasonably avoided; plus (3) any other amount necessary to compensate Landlord for all the detriment proximately caused by Tenant's failure to perform Tenant's obligations under this Lease, or in addition to or in lieu of the foregoing such damages as may be permitted from time to time under applicable State law. Upon any such re-entry Landlord shall have the right to make any reasonable repairs, alterations or modifications to the Premises, which Landlord in Landlord's sole discretion deems reasonable and necessary.
(c) If Landlord terminates this Lease by reason of an Event of Default by ▇▇▇▇▇▇specified in Section 21.01(c) occurs, Landlord must take all reasonable steps to mitigate Landlord’s damages, including making reasonable efforts to relet may remove and store any property that remains on the Premises and, if Tenant does not claim such property within sixty (60) days after Landlord has delivered to Tenant notice of such storage, Landlord may appropriate, sell, destroy or otherwise dispose of the property in question without notice to Tenant or any other person, and without an obligation to account for a period that is equal to, shorter, or longer than the Termsuch property.
Appears in 2 contracts
Sources: Lease Agreement (Qualtrics International Inc.), Lease Agreement (Qualtrics International Inc.)
Remedies of Landlord. (a) Upon the occurrence of an any Event of Default by ▇▇▇▇▇▇Default, Landlord may exercise any one or more of the following described remedies, in addition to the all other rights and remedies described in § 9.3 and any other remedies available to Landlord provided at law or in equity:
A. Terminate this Lease Agreement by written notice to Tenant and forthwith repossess the Leased Premises and be entitled to recover forthwith as damages a sum of money equal to the total of (i) the reasonable cost of recovering the Leased Premises (including attorneys’ fees and costs of suit), (ii) the reasonable cost of removing and storing any personal property, (iii) the unpaid Rent earned at the time of termination, plus interest thereon at the rate described in Section 6, (iv) the present value (discounted at the rate of eight percent (8%) per annum) of the balance of the Rent for the remainder of the Term less the present value (discounted at the same rate) of the fair market rental value of the Leased Premises for said period, taking into account the period of time the Leased Premises will remain vacant until a new tenant is obtained, and the cost to prepare the Leased Premises for occupancy and the other reasonable costs (such as leasing commissions, tenant improvement allowances and attorneys’ fees) to be incurred by Landlord in connection therewith, and (v) any other sum of money and damages owed by Tenant to Landlord under this Lease Agreement.
B. Terminate Tenant’s right of possession (but not this Lease Agreement) and may repossess the Leased Premises by forcible detainer suit or otherwise, without thereby releasing Tenant from any liability hereunder and without demand or notice of any kind to Tenant and without terminating this Lease Agreement. Landlord shall use reasonable efforts under the circumstances to relet the Leased Premises on such terms and conditions as Landlord in its reasonable discretion may determine (including a term different than the Term, rental concessions, alterations and repair of the Leased Premises); provided, however, Landlord has hereby reserves the right (i) to lease any other comparable space available in the Building or in any adjacent building owned by Landlord prior to offering the Leased Premises for lease, and (ii) to refuse to lease the Leased Premises to any potential tenant which does not meet Landlord’s standards and criteria for leasing other space in the Building. Landlord shall not be liable, nor shall Tenant’s obligations hereunder be diminished because of, Landlord’s failure or refusal to relet the Leased Premises or collect rent due in respect of such reletting. For the purpose of such reletting Landlord shall have the right to decorate or to make any repairs, changes, alterations or additions in or to the Leased Premises as may be reasonably necessary or desirable. In the event that (i) Landlord shall fail or refuse to relet the Leased Premises, or (ii) the Leased Premises are relet and a sufficient sum shall not be realized from such reletting (after first deducting therefrom, for retention by Landlord, the unpaid Rent due hereunder earned but unpaid at the time of reletting plus interest thereon at the rate specified in Section 6, the cost of recovering possession (including attorneys’ fees and costs of suit), all of the costs and expenses of such decorations, repairs, changes, alterations and additions, the expense of such reletting and the cost of collection of the rent accruing therefrom) to satisfy the Rent, then Tenant shall pay to Landlord as damages a sum equal to the amount of such deficiency. Any such payments due Landlord shall be made upon demand therefor from time to time and Tenant agrees that Landlord may file suit to recover any sums falling due under the terms of this Section 16 from time to time. No delivery to or recovery by Landlord of any portion due Landlord hereunder shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall such reletting be construed as an election on the part of Landlord to terminate this Lease upon not less than 60 days prior Agreement unless a written notice of such intention be given to Tenant by Landlord. Notwithstanding any such termination of Tenant’s right of possession of the Leased Premises, Landlord may at any time thereafter elect to terminate this Lease Agreement. Notwithstanding anything to the contrary herein, if Landlord relets the Leased Premises for a term (the “Relet Term”) that extends past the Expiration Date of this Lease (without consideration of any earlier termination pursuant to this Section 17), the costs of reletting which may be included in Landlord’s damages under this Lease shall be limited to a prorated portion of the costs of reletting, based on the percentage that the length of the Term remaining on the date Landlord terminates this Lease or Tenant’s right to possession bears to the length of the Relet Term. For example, if there are two (2) years left on the Term at the time that Landlord terminates possession and, prior to the expiration of the two (2) year period, Landlord enters into a lease with a Relet Term of 10 years with a new tenant, then only 20% of the costs of reletting shall be included when determining Landlord’s damages.
C. Alter any and all locks and other security devices at the Leased Premises, and if Landlord does so, Landlord shall not be required to provide a new key or other access right to Tenant unless Tenant has cured all Events of Default; provided, however, that in the case of a non-monetary Event of Default by Tenant that poses an immediate threat to the health or safety of persons or propertyany such instance, Landlord has the right to reduce said 60-day notice period to ten days. Upon such termination, this Lease comes to an end as fully and completely as if the Expiration Date stated in such notice were the Expiration Date originally fixed, and ▇▇▇▇▇▇ must then quit and surrender the Premises to Landlord as provided in § 6.7, but ▇▇▇▇▇▇ remains liable for damages arising out of such Event of Default, as provided in this Lease.
(b) Upon termination of this Lease by Landlord pursuant to this § 9.2, Tenant must pay to Landlord Rent payable by Tenant to Landlord up to the Expiration Date, and ▇▇▇▇▇▇ remains liable for any breach of Tenantduring Landlord’s obligations under this Lease occurring before the Expiration Date. In addition, Tenant is liable to pay Landlord, as damages, the aggregate of Rent remaining in the Term.
(c) Tenant must pay Rent in the same manner, to the same extent, normal business hours and at the same time convenience of Landlord, and upon the written request of Tenant accompanied by such written waivers and releases as if Landlord may require, Landlord will escort Tenant or its authorized personnel to the Leased Premises to retrieve any personal belongings or other property of Tenant. The provisions of this Lease had not been terminated. In calculating Section 17.C are intended to override and control any conflicting provisions of the amounts Texas Property Code.
D. If Tenant shall fail to pay any sum of money, other than Base Rent, required to be paid by it hereunder or shall fail to cure any default and such failure shall continue for ten (10) days after notice thereof by Landlord, then Landlord may, but shall not be obligated so to do, and without waiving or releasing Tenant pursuant from any obligations, make any such payment or perform any such act on Tenant’s part. All sums so paid by Landlord and all costs incurred by Landlord in taking such action shall be deemed Additional Rent hereunder and shall be paid to Landlord on demand, and Landlord shall have (in addition to all other rights and remedies of Landlord) the preceding sentence, Landlord must credit Tenant with same rights and remedies in the net rents that Landlord actually receives from a reletting event of the Premises. Net rents must be determined non-payment thereof by deducting from Tenant as in the gross rents, as and when Landlord receives case of default by Tenant in the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting payment of the Premises that are allocable to the Term. In no event is Tenant entitled to receive any excess of such net rents over the sums that Tenant must pay to Landlord under this Lease. If Landlord terminates this Lease by reason of an Event of Default by ▇▇▇▇▇▇, Landlord must take all reasonable steps to mitigate Landlord’s damages, including making reasonable efforts to relet the Premises for a period that is equal to, shorter, or longer than the TermRent.
Appears in 2 contracts
Sources: Lease Agreement (University General Health System, Inc.), Lease Agreement (University General Health System, Inc.)
Remedies of Landlord. (a) Upon the occurrence of an any Event of Default by ▇▇▇▇▇▇Default, Landlord may exercise any one or more of the following described remedies, in addition to the all other rights and remedies described in § 9.3 and any other remedies available to Landlord provided at law or in equity:
A. Terminate this Lease Agreement by written notice to Tenant and forthwith repossess the Leased Premises and be entitled to recover forthwith as damages a sum of money equal to the total of (i) the cost of recovering the Leased Premises (including reasonable attorneys’ fees and costs of suit), (ii) the reasonable cost of removing and storing any personal property, (iii) the unpaid Rent earned at the time of termination, plus interest thereon at the rate described in Section 5, (iv) the present value (discounted at the rate of eight percent (8%) per annum) of the balance of the Rent for the remainder of the Term less the present value (discounted at the same rate) of the fair market rental value of the Leased Premises for said period, taking into account the period of time the Leased Premises will remain vacant until a new tenant is obtained, and the reasonable cost to prepare the Leased Premises for occupancy and the other reasonable costs (such as leasing commissions, tenant improvement allowances and attorneys’ fees) to be incurred by Landlord in connection therewith, and (v) any other sum of money and damages owed by Tenant to Landlord under this Lease Agreement.
B. Terminate Tenant’s right of possession (but not this Lease Agreement) and may repossess the Leased Premises by forcible detainer suit or otherwise, without thereby releasing Tenant from any liability hereunder and without demand or notice of any kind to Tenant and without terminating this Lease Agreement. Landlord shall use reasonable efforts under the circumstances to relet the Leased Premises on such terms and conditions as Landlord in its sole discretion may determine (including a term different than the Term, rental concessions, alterations and repair of the Leased Premises); provided, however, Landlord has hereby reserves the right (i) to lease any other comparable space available in the Building or in any adjacent building owned by Landlord prior to offering the Leased Premises for lease, and (ii) to refuse to lease the Leased Premises to any potential tenant which does not meet Landlord’s standards and criteria for leasing other comparable space in the Building. Landlord shall not be liable for, nor shall Tenant’s obligations hereunder be diminished because of, Landlord’s failure or refusal to relet the Leased Premises or collect rent due in respect of such reletting. For the purpose of such reletting Landlord shall have the right to decorate or to make any repairs, changes, alterations or additions in or to the Leased Premises as may be reasonably necessary or desirable. In the event that (i) Landlord shall fail or refuse to relet the Leased Premises, or (ii) the Leased Premises are relet and a sufficient sum shall not be realized from such reletting (after first deducting therefrom, for retention by Landlord, the unpaid Rent due hereunder earned but unpaid at the time of reletting plus interest thereon at the rate specified in Section 5, the reasonable cost of recovering possession (including reasonable attorneys’ fees and costs of suit), all of the reasonable costs and expenses of such decorations, repairs, changes, alterations and additions, the reasonable expense of such reletting and the reasonable cost of collection of the rent accruing therefrom) to satisfy the Rent, then Tenant shall pay to Landlord as damages a sum equal to the amount of such deficiency. Any such payments due Landlord shall be made upon demand therefor from time to time and Tenant agrees that Landlord may file suit to recover any sums falling due under the terms of this Section 16 from time to time. No delivery to or recovery by Landlord of any portion due Landlord hereunder shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall such reletting be construed as an election on the part of Landlord to terminate this Lease upon not less than 60 days prior Agreement unless a written notice of such intention be given to Tenant by Landlord. Notwithstanding any such termination of Tenant’s right of possession of the Leased Premises, Landlord may at any time thereafter elect to terminate this Lease Agreement. In any proceedings to enforce this Lease Agreement under this Section 16, Landlord shall be presumed to have used its reasonable efforts to relet the Leased Premises, and Tenant shall bear the burden of proof to establish that such reasonable efforts were not used.
C. Alter any and all locks and other security devices at the Leased Premises, and if it does so Landlord shall not be required to provide a new key or other access right to Tenant unless Tenant has cured all Events of Default; provided, however, that in any such instance, during Landlord’s normal business hours and at the convenience of Landlord, and upon the written request of Tenant accompanied by such written waivers and releases as Landlord may require, Landlord will escort Tenant or its authorized personnel to the Leased Premises to retrieve any personal belongings or other property of Tenant not subject to the Landlord’s lien or security interest described in Section 17. The provisions of this Section 16.0 are intended to override and control any conflicting provisions of the Texas Property Code.
D. All agreements and provisions to be performed by Tenant under any of the terms of this Lease Agreement shall be at Tenant’s sole cost and expense and without any abatement of Rent, except as otherwise provided in this Lease Agreement. If Tenant shall fail to pay any sum of money, other than Base Rent, required to be paid by it hereunder or shall fail to cure any default and such failure shall continue for ten (10) days after notice thereof by Landlord, then Landlord may, but shall not be obligated so to do, and without waiving or releasing Tenant from any obligations, make any such payment or perform any such act on Tenant’s part. All sums so paid by Landlord and all reasonable costs incurred by Landlord in taking such action shall be deemed Additional Rent hereunder and shall be paid to Landlord on demand, and Landlord shall have (in addition to all other rights and remedies of Landlord) the same rights and remedies in the event of the non-payment thereof by Tenant as in the case of a non-monetary default by Tenant in the payment of Rent.
E. In connection with the exercise by Landlord of its rights and remedies in respect of any Event of Default on the part of Tenant, to the extent (but no further) that Landlord is required by applicable Texas law to mitigate damages, or to use efforts to do so, and such requirement cannot be lawfully and effectively waived (it being the intention of Landlord and Tenant that poses an immediate threat such requirements be and are hereby WAIVED to the health maximum extent permitted by applicable law), Tenant agrees in favor of Landlord that Landlord shall not be deemed to have failed to mitigate damages, or safety to have used the efforts required by law to do so, because:
(1) Landlord leases other space in the Building prior to re-letting the Leased Premises;
(2) Landlord refuses to relet the Leased Premises to any Affiliate of persons Tenant, or propertyany principal of Tenant, or any Affiliate of such principal;
(3) Landlord has refuses to relet the right Leased Premises to reduce said 60-day notice period to ten days. Upon such termination, this Lease comes to an end as fully and completely as if the Expiration Date stated any person or entity whose creditworthiness Landlord in such notice were the Expiration Date originally fixed, and ▇good ▇▇▇▇▇ must then quit and surrender the Premises to Landlord as provided in § 6.7, but ▇▇▇▇▇▇ remains liable for damages arising out unacceptable;
(4) Landlord refuses to relet the Leased Premises to any person or entity because the use proposed to be made of the Leased Premises by such prospective tenant is not of a type and nature consistent with that of the other tenants in the Building or the floor where the Leased Premises are situated as of the date Tenant defaults under this Lease Agreement, or because such use would, in the good faith opinion of Landlord, impose unreasonable or excessive demands upon the Building;
(5) Landlord refuses to relet the Leased Premises to any person or entity, or any affiliate of such Event person or entity, who has been engaged in litigation with, or who has threatened litigation against, Landlord or any of Defaultits affiliates, as provided or whom Landlord in this Lease.
(b) Upon termination of this Lease by Landlord pursuant to this § 9.2, Tenant must pay to Landlord Rent payable by Tenant to Landlord up to the Expiration Date, and ▇good ▇▇▇▇▇ remains liable for any breach of Tenant’s obligations under this Lease occurring before the Expiration Date. In addition, Tenant is liable to pay Landlord, as damages, the aggregate of Rent remaining in the Term.
(c) Tenant must pay Rent in the same manner, to the same extent, and at the same time as if this Lease had not been terminated. In calculating the amounts to be paid by Tenant pursuant to the preceding sentence, Landlord must credit Tenant with the net rents that Landlord actually receives from a reletting of the Premises. Net rents must be determined by deducting from the gross rents, as and when Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting of the Premises that are allocable to the Term. In no event is Tenant entitled to receive any excess of such net rents over the sums that Tenant must pay to Landlord under this Lease. If Landlord terminates this Lease by reason of an Event of Default by ▇▇▇▇▇▇, ▇ to be unreasonably or excessively litigious;
(6) Landlord must take all reasonable steps to mitigate Landlord’s damages, including making reasonable efforts refuses to relet the Leased Premises for a period that is equal to, shorterbecause the tenant or the terms and provisions of the proposed lease are not approved by the holders of any liens or security interests in the Building or any part thereof, or longer than would cause Landlord to breach or be in default of, or to be unable to perform any of its covenants under, any agreements between Landlord and any third party;
(7) Landlord refuses to relet the TermLeased Premises because the proposed tenant is unwilling to execute and deliver Landlord’s standard lease form without substantial tenant-oriented modifications or such tenant requires improvements to the Leased Premises to be paid at Landlord’s cost and expense; or
(8) Landlord refuses to relet the Leased Premises to a person or entity whose character or reputation, or the nature of whose business, Landlord in good ▇▇▇▇▇ ▇▇▇▇▇ unacceptable; and it is further agreed that each and all of the grounds for refusal set forth in clauses (1) through (8) above, both inclusive, of this sentence are reasonable grounds for Landlord’s refusal to relet the Leased Premises, or (as to all other provisions of this Lease Agreement) for Landlord’s refusal to issue any approval, or take any other action, of any nature whatsoever under this Lease Agreement. In the event the waiver set forth in this Section 16.E shall be ineffective, Tenant further agrees in favor of Landlord, to the maximum extent to which it may lawfully and effectively do so, that the following efforts to mitigate damages if made by Landlord (and without obligating Landlord to render such efforts) shall be conclusively deemed reasonable, and that Landlord shall be conclusively deemed to have used the efforts to mitigate damages required by applicable law if: Landlord places the Leased Premises on its inventory of available space in the Building; Landlord makes such inventory available to brokers who request same; and Landlord shows the Leased Premises to prospective tenants (or their brokers) who request to see it.
Appears in 2 contracts
Sources: Lease Agreement (Bellicum Pharmaceuticals, Inc), Lease Agreement (Bellicum Pharmaceuticals, Inc)
Remedies of Landlord. (a) Upon the occurrence of an any Event of Default by ▇▇▇▇▇▇Default, in addition to Landlord's remedies shall include, without limitation, the remedies described in § 9.3 and following: (a) Landlord may bring an action or actions for Rent or any other remedies available sum due and owing from Tenant to Landlord at law Landlord, and/or an action to dispossess or remove Tenant, and in equityany such action or actions, Landlord has shall be entitled to reasonable attorneys' fees and the right costs and expenses for such action; (b) Landlord may bring an action against Tenant for damages resulting from any default by Tenant under the terms of this Lease, and in any such action, Landlord shall be entitled to reasonable attorneys' fees and legal costs and expenses, plus interest at the Lease Interest Rate shall be Additional Rent, due and payable in accordance with Article 6.03 hereof; (d) Landlord may, at it's option, apply Tenant's security deposit, or a portion thereof, to cure any default on the part of Tenant; (e) Landlord may terminate this Lease upon Lease, including any right of first refusal to purchase the Demised Property, by notice delivered to Tenant setting forth a date for expiration which shall be not less than 60 three (3) additional days prior written notice after the date of said notice, and thereupon this Lease shall expire and terminate, and Tenant shall then quit and surrender the Demised Premises to Landlord without further demand or notice. Landlord may enter upon the Demised Premises, or any part thereof, and resume possession by any lawful means and remove Tenant and Tenant; 's effects physically, if necessary, without being guilty of any manner of trespass or subject to indictment, prosecution or damages thereof. Tenant shall continue to remain liable under the terms of this lease and shall pay to Landlord the Rent reserved upon the several rent dates as the same becomes due or Landlord may hold Tenant liable in advance for the entire amount, provided, however, that in if Landlord relets the case Demised Premises, Tenant shall be granted credit for the Net Proceeds (as hereinafter defined) of a non-monetary Event of Default by Tenant that poses an immediate threat to the health any such reletting; (f) Landlord or safety of persons or property, Landlord has its agents shall have the right to reduce said 60-day notice period and may enter the Demised Premises in its own name and/or as an agent of Tenant by any lawful means, without being liable for prosecution or damages therefor and may relet the demised premise and receive the rent therefrom upon such terms and conditions as shall be satisfactory to ten days. Upon such termination, this Lease comes to an end as fully and completely as if the Expiration Date stated in such notice were the Expiration Date originally fixedLandlord, and ▇▇▇▇▇▇ must then quit the rights of Tenant to repossess the Demised Premises shall be forfeited. Landlord may relet the Demised Premises upon such terms and surrender conditions as Landlord deems advisable, for a term either longer or shorter than the term herein reserved, and may grant such concessions in Rent or otherwise as Landlord deems advisable, shall for the purpose of reletting be authorized to make such repairs or alterations to the Demised Premises as may be necessary to Landlord as provided place the same in § 6.7good order and condition. For purposes hereof, but ▇▇▇▇▇▇ remains liable for damages arising out the Net Proceeds of any such reletting shall be the Basic Rent realized, reduced by the costs of such Event reletting including, without limitation, reasonable commissions, necessary cost of Default, as repairs to the Demised Premises and reasonable customary rent concessions given. If the Net Proceeds realized or to be realized from the reletting are insufficient to satisfy the Rent provided in this Lease.
, Landlord, at its option, may require Tenant to pay such deficiency to be realized during the term of the reletting. Tenant shall not be entitled to any surplus occurring as a result of the reletting; (bg) Upon termination of this Lease by notwithstanding the aforementioned remedies, Landlord pursuant shall be entitled to this § 9.2, exercise such other remedies as may be available in law or equity; Tenant must pay acknowledges and does give to Landlord Rent payable by Tenant the right to Landlord up to the Expiration Date, take possession and ▇▇▇▇▇▇ remains liable for any breach of Tenant’s obligations under this Lease occurring before the Expiration Date. In addition, Tenant is liable to pay Landlord, as damages, the aggregate of Rent remaining in the Term.
(c) Tenant must pay Rent in the same manner, to the same extent, and at the same time as if this Lease had not been terminated. In calculating the amounts to be paid by Tenant pursuant to the preceding sentence, Landlord must credit Tenant with the net rents that Landlord actually receives from a reletting control of the PremisesDemised Premises and to distrain upon the goods and assets of Tenant or any subtenant so as to satisfy and remedy those monies which may be due and owing the Landlord. Net rents must The exercise of any one or more of these above remedies shall not be determined by deducting from the gross rents, deemed to operate: (1) as and when a waiver of Landlord's rights to exercise any one or more of any such remedies; or (2) as a waiver of Landlord's right to exercise any such remedy at any other future time; or (3) as a waiver of any other remedy Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs may have in law or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting of the Premises that are allocable to the Term. In no event is Tenant entitled to receive any excess of such net rents over the sums that Tenant must pay to Landlord under this Lease. If Landlord terminates this Lease by reason of an Event of Default by ▇▇▇▇▇▇, Landlord must take all reasonable steps to mitigate Landlord’s damages, including making reasonable efforts to relet the Premises for a period that is equal to, shorter, or longer than the Termequity.
Appears in 2 contracts
Sources: Lease Agreement (Syneron Medical Ltd.), Lease Amendment (Syneron Medical Ltd.)
Remedies of Landlord. (a) Upon the occurrence of an Event any such event of Default default, Landlord shall have the option to pursue any one or more of the following remedies (as well as any other remedies provided by ▇▇▇▇▇▇law or equity) without any notice or demand whatsoever:
10.2.1 Enter upon and take possession of the Premises without terminating this Lease and without relieving Tenant of its obligation to make the payments of Rent herein reserved, in addition to the remedies described in § 9.3 and expel or remove Tenant and any other remedies available person who may be occupying the Premises or any part thereof and any personal property or trade fixtures located therein, and change or alter the locks and other security devices, without notice to Tenant and relet the Premises on behalf of Tenant, at any rental readily obtainable, and receive the rent therefor. Landlord shall have no obligation to furnish a new key to Tenant unless and until tenant cures all existing defaults and delivers to Landlord at law or additional security satisfactory to Landlord to secure Tenant's performance of its obligations under this Lease. In such event, Tenant shall pay to Landlord on demand the expenses of such reletting (as described in equityParagraph 10.2.2 hereof), and any deficiency which may arise by reason of such reletting for the remainder of the Term. Tenant shall not be entitled to any excess obtained by Landlord has in reletting over the right Rent. Landlord can bring separate actions from time to terminate time against Tenant to collect rent due and owing.
10.2.2 Terminate this Lease upon not less than 60 days prior written notice to Tenant; provided, however, that in forthwith. In the case event of a non-monetary Event of Default by Tenant that poses an immediate threat to the health or safety of persons or property, Landlord has the right to reduce said 60-day notice period to ten days. Upon such termination, this Lease comes to an end as fully and completely as if the Expiration Date stated in such notice were the Expiration Date originally fixed, and ▇▇▇▇▇▇ must then quit and Tenant shall immediately surrender the Premises to Landlord as provided in § 6.7and if Tenant fails to do so, but ▇▇▇▇▇▇ remains liable for damages arising out Landlord may enter upon and take possession of such Event the Premises and expel or remove Tenant and any other person who may be occupying the Premises or any part thereof, and any personal property or trade fixtures located therein. In the event of Default, as provided in this Lease.
(b) Upon the termination of this Lease as provided herein, Tenant shall pay to Landlord, on demand, the expenses of such reletting (including all repairs, tenant finish, improvements, brokers' and attorneys' fees and all loss or damage which Landlord may sustain by reason of such re-entry and reletting) plus an amount equal to the difference between the Rent provided for herein and the amount of Rent received by Landlord pursuant to this § 9.2, Tenant must pay to Landlord Rent payable by Tenant to Landlord up to from the Expiration Date, and ▇▇▇▇▇▇ remains liable for any breach of Tenant’s obligations under this Lease occurring before the Expiration Date. In addition, Tenant is liable to pay Landlord, as damages, the aggregate of Rent remaining in the Term.
(c) Tenant must pay Rent in the same manner, to the same extent, and at the same time as if this Lease had not been terminated. In calculating the amounts to be paid by Tenant pursuant to the preceding sentence, Landlord must credit Tenant with the net rents that Landlord actually receives from a subsequent reletting of the Premises. Net rents must , for the period which would otherwise constitute the balance of the Term, which amount shall be determined considered accelerated and immediately due and payable, (discounted at the prime rate then in effect) per year) in full by deducting Tenant to Landlord.
10.2.3 Cure any default of Tenant hereunder and Tenant shall immediately reimburse Landlord for the cost thereof plus interest thereon at the Default Rate from the gross rents, as and when date of expenditure by Landlord receives until the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting date of the Premises that are allocable to the Term. In no event is Tenant entitled to receive any excess of such net rents over the sums that Tenant must pay to Landlord under this Lease. If Landlord terminates this Lease reimbursement by reason of an Event of Default by ▇▇▇▇▇▇, Landlord must take all reasonable steps to mitigate Landlord’s damages, including making reasonable efforts to relet the Premises for a period that is equal to, shorter, or longer than the TermTenant.
Appears in 2 contracts
Sources: Lease (American Barge Line Co), Security Side Letter Agreement (American Barge Line Co)
Remedies of Landlord. The remedies provided Landlord under this Lease are cumulative.
(a) Upon the occurrence of an Event of Default by ▇▇▇▇▇▇any default, Landlord may serve notice on Tenant that the Term and the estate hereby vested in addition to the remedies described in § 9.3 Tenant and any and all other remedies available to Landlord at law or rights of Tenant hereunder shall cease on the date specified in equity, Landlord has such notice and on the right to terminate specified date this Lease upon not less than 60 days prior written notice to Tenant; provided, however, that shall cease and expire as fully and with the effect as if the Term had expired for passage of time.
(b) Without terminating this Lease in the case of a non-monetary Event of Default by Tenant that poses an immediate threat to the health default or safety of persons or propertyif this Lease shall be terminated for default as provided herein, Landlord has may re-enter the right Premises, remove Tenant, or cause Tenant to reduce said 60-day notice period to ten days. Upon such termination, this Lease comes to an end as fully and completely as if be removed from the Expiration Date stated Premises in such notice were the Expiration Date originally fixedmanner as Landlord may deem advisable, with or without legal process, and ▇▇▇▇▇▇ must then quit and surrender using such reasonable force as may be necessary. In the Premises event of re-entry without terminating this Lease, Tenant shall continue to Landlord as provided in § 6.7, but ▇▇▇▇▇▇ remains be liable for damages arising out of such Event of Default, as provided in all Rents and other charges accruing or coming due under this Lease.
(bc) Upon termination If Landlord, without terminating this Lease, shall re-enter the Premises or if this Lease shall be terminated as provided in paragraph (a) above:
(i) All Rent due from Tenant to Landlord shall thereupon become due and shall be paid up to the time of re-entry, dispossession or expiration, together with reasonable costs and expenses (including, without limitation, attorney's fees) of Landlord;
(ii) Landlord, without any obligation to do so, may relet the Premises or any part thereof for a term or terms which may at Landlord's option be less than or exceed the period which would otherwise have constituted the balance of the Term and may grant such concessions in reletting as Landlord, in the exercise of its reasonable business judgment, deems desirable. In connection with such reletting, Tenant shall be liable for all costs of the reletting including, without limitation, rent concessions, leasing commissions, legal fees and alteration and remodeling costs; and
(iii) If Landlord shall have terminated this Lease, Tenant shall also be liable to Landlord for all damages provided for in law and under this Lease resulting from Tenant's breach including, without limitation, the difference between the aggregate rentals reserved under the terms of this Lease by Landlord pursuant to for the balance of the Term together with all other sums payable hereunder as Rent for the balance of the Term, less the fair rental value of the Premises for that period determined as of the date of such termination. For purposes of this § 9.2paragraph, Tenant must pay shall be deemed to Landlord Rent payable by Tenant to Landlord up to include any guarantor or surety of the Expiration Date, and ▇▇▇▇▇▇ remains liable for any breach of Tenant’s obligations under this Lease occurring before the Expiration Date. In addition, Tenant is liable to pay Landlord, as damages, the aggregate of Rent remaining in the TermLease.
(cd) Tenant must pay Rent hereby waives all right to trial by jury in any claim, action proceeding or counterclaim by either Landlord or Tenant against each other or any matter arising out of or in any way connected with this Lease, the same mannerrelationship of Landlord and Tenant, and/or Tenant's use or occupancy or the Premises.
(e) In addition to the same extent, and at the same time as if this Lease had not been terminated. In calculating the amounts to be paid by Tenant pursuant to the preceding sentenceabove, Landlord must credit Tenant with the net rents that Landlord actually receives from shall have any and all other rights provided a reletting of the Premises. Net rents must be determined by deducting from the gross rents, as and when Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting of the Premises that are allocable to the Term. In no event is Tenant entitled to receive any excess of such net rents over the sums that Tenant must pay to Landlord under this Lease. If Landlord terminates this Lease law or equity for breach of a lease or tenancy by reason of an Event of Default by ▇▇▇▇▇▇, Landlord must take all reasonable steps to mitigate Landlord’s damages, including making reasonable efforts to relet the Premises for a period that is equal to, shorter, or longer than the TermTenant.
Appears in 1 contract
Sources: Lease (Seec Inc)
Remedies of Landlord. (a) Upon the occurrence of an Event of Default a default by ▇▇▇▇▇▇Tenant that is not cured by Tenant within the cure period specified above, Landlord shall have the following rights and remedies in addition to the remedies described in § 9.3 all other rights and any other remedies available to Landlord at law or in equity:
(1) The rights and remedies to recover from Tenant upon termination of the Lease:
(a) The worth at the time of award of the unpaid rent which had been earned at the time of termination;
(b) The worth at the time of award of the amount by which the unpaid rent which would have been earned after termination until the time of award exceeds the amount of such rental loss that Landlord could reasonably have avoided;
(c) The worth at the time of award of the amount, if any, by which the unpaid rent for the balance of the Term after the time of award exceeds the fair rental value of the Premises; and
(2) The rights and remedies which allow Landlord has to continue this Lease in effect and to enforce all of its rights and remedies under this Lease, including the right to recover rent and any other additional monetary charges as they become due, for as long as Landlord does not terminate Tenant’s right to possession less the amount thereof Landlord did recover or with reasonable diligence could have recovered by reletting the Premises. Acts of maintenance or preservation, efforts to relet the Premises or the appointment of a receiver upon Landlord’s initiative to protect its interest under this Lease shall not constitute a termination of Tenant’s right to possession.
(3) The right to terminate this Lease upon not less than 60 days prior written by giving notice to Tenant; provided, however, that Tenant in accordance with applicable law.
(4) The right and power to enter the case of a non-monetary Event of Default by Tenant that poses an immediate threat to the health or safety of Premises and remove therefrom all persons or and property, to store such property in a public warehouse or elsewhere at the cost of and for the account of Tenant. Landlord has may from time to time sublet the Premises or any part thereof for such term or terms (which may extend beyond the Term) and at such rent and such other terms as Landlord in its sole discretion may deem advisable, with the right to reduce said 60-day notice period make alterations in and repairs to ten daysthe Premises. Upon each such subletting, Tenant shall be immediately liable for payment to Landlord of the cost of such subletting and such alterations and repairs incurred by Landlord, if any. Any amounts received by Landlord from such subletting shall be applied first toward the cost of any alterations or repairs made to the Premises in connection with such subletting; second, to payment of Monthly Rent, Tenant’s Proportionate Share of Common Operating Costs, and other monetary obligations due and unpaid hereunder, and the residue, if any, shall be held by Landlord and applied in payment of future Monthly Rent, Tenant’s Proportionate Share of Common Operating Costs, and other monetary obligations as the same become due hereunder. If Tenant has been credited with any rent to be received by such subletting and such rent shall not be promptly paid to Landlord by the subtenant(s), or if such rentals received from such subletting during any month are less than those paid to Landlord by the subtenant, or if such rentals received from such subletting during any month are less than those to be paid during that month by Tenant hereunder, Tenant shall pay any such deficiency to Landlord. Such deficiency shall be calculated and paid monthly. No taking possession of the Premises by Landlord, under this Section XXI(B)(4), shall be construed as an election on Landlord’s part to terminate this Lease unless written notice of such intention is given to Tenant. Notwithstanding any such subletting without termination, Landlord may at any time thereafter elect to terminate this Lease comes to an end as fully and completely as if the Expiration Date stated in for such notice were the Expiration Date originally fixed, and ▇▇▇▇▇▇ must then quit and surrender the Premises to Landlord as provided in § 6.7, but ▇▇▇▇▇▇ remains liable for damages arising out of such Event of Default, as provided in this Leaseprevious breach.
(b5) Upon termination Notwithstanding anything herein contained to the contrary, if Tenant shall be in default in the performance of any of the terms or provisions of this Lease by and if Landlord pursuant shall give to this § 9.2, Tenant must pay to Landlord Rent payable by Tenant to Landlord up to notice in writing of such default specifying the Expiration Datenature thereof, and ▇▇▇▇▇▇ remains liable if Tenant shall fail to cure such default within the time herein provided or immediately if such default requires emergency action, Landlord may, in addition to its other legal and equitable remedies, cure such default for any breach the account of Tenant’s obligations under this Lease occurring before the Expiration Date. In addition, Tenant is liable to pay Landlord, as damages, the aggregate of Rent remaining in the Term.
(c) Tenant must pay Rent in the same manner, to the same extent, and at the same time as if this Lease had not been terminated. In calculating cost and expense of Tenant, and the amounts sums so expended by Landlord, including reasonable legal fees, shall be deemed to be additional rent and shall be paid by Tenant pursuant to on the preceding sentence, Landlord must credit Tenant with the net rents that Landlord actually receives from a reletting of the Premises. Net rents must be determined by deducting from the gross rents, as day when rent shall next become due and when Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting of the Premises that are allocable to the Term. In no event is Tenant entitled to receive any excess of such net rents over the sums that Tenant must pay to Landlord under this Lease. If Landlord terminates this Lease by reason of an Event of Default by ▇▇▇▇▇▇, Landlord must take all reasonable steps to mitigate Landlord’s damages, including making reasonable efforts to relet the Premises for a period that is equal to, shorter, or longer than the Termpayable.
Appears in 1 contract
Remedies of Landlord. (a) Upon the occurrence of an Event any event of Default by ▇▇▇▇▇▇default set forth in Section 15.01, Landlord shall have the following rights and remedies, in addition to those allowed by law, any one or more of which may be exercised without further notice to or demand upon Tenant:
A. Landlord may re-enter the remedies described Leased Premises and cure any default of Tenant, in § 9.3 which event Tenant shall reimburse Landlord as additional rent for any costs and expenses which Landlord may incur to cure such default; and Landlord shall not be liable to Tenant for any other remedies available to loss or damage which Tenant may sustain by reason of Landlord's action, regardless of whether caused by Landlord's negligence or otherwise.
1. Landlord at law or in equity, Landlord has the right to may terminate this Lease upon not less than 60 days prior written notice as of the date of such default, in which event (i) neither Tenant nor any person claiming under or through Tenant shall thereafter be entitled to Tenantpossession of the Leased Premises, and Tenant shall immediately thereafter surrender the Leased Premises to Landlord; provided(ii) Landlord may re-enter the Leased Premises and dispossess Tenant or any other occupants of the Leased Premises by any means permitted by law, howeverand may remove their effects, that without prejudice to any other remedy which Landlord may have for possession or arrearages in rent; and (iii) notwithstanding the case termination of a non-monetary Event this Lease( Landlord may declare all rent which would have been due under this Lease for the balance of Default the Term to be immediately due and payable, whereupon Tenant shall be obligated to pay the same to Landlord, together with all loss or damage which Landlord may sustain by Tenant that poses an immediate threat to the health or safety reason of persons or property, Landlord has the right to reduce said 60-day notice period to ten days. Upon such termination, it being expressly understood and agreed that the liabilities and remedies specified in this subsection B 1 of Section 15.02 shall survive the termination of this Lease; or
2. Landlord may, without terminating this Lease, re-enter the Leased Premises and re-let all or any part of the Leased Premises for a term different from that which would otherwise have constituted the balance of the Lease comes Term and for rent and on terms and conditions different from those contained herein, whereupon Tenant shall be obligated to an end as fully and completely as if the Expiration Date stated in such notice were the Expiration Date originally fixed, and ▇▇▇▇▇▇ must then quit and surrender the Premises pay to Landlord as liquidated damages the difference between the rent provided for herein and that provided for in § 6.7any lease covering a subsequent re-letting of the Leased Premises, but ▇▇▇▇▇▇ remains liable for damages arising out the period which would otherwise have constituted the balance of the Lease Term, together with all of Landlord's reasonable costs and expenses for preparing the Leased Premises for re-letting, including without limitation, all repairs, Tenant finish improvements, brokers' and attorneys' fees, and all loss or damage which Landlord may sustain by reason of such Event of Default, as provided in this Lease.
(b) Upon termination of this Lease by Landlord pursuant to this § 9.2, Tenant must pay to Landlord Rent payable by Tenant to Landlord up to the Expiration Date, re-entry and ▇▇▇▇▇▇ remains liable for any breach of Tenant’s obligations under this Lease occurring before the Expiration Date. In addition, Tenant is liable to pay Landlord, as damages, the aggregate of Rent remaining in the Term.
(c) Tenant must pay Rent in the same manner, to the same extent, and at the same time as if this Lease had not been terminated. In calculating the amounts to be paid by Tenant pursuant to the preceding sentence, Landlord must credit Tenant with the net rents that Landlord actually receives from a reletting of the Premises. Net rents must be determined by deducting from the gross rents, as and when Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting of the Premises that are allocable to the Termre-letting. In no event is shall Tenant entitled to receive any excess offsets or rebates due to re-letting of such net rents over premises at a higher rate than the sums that Tenant must pay rate pertaining to the Tenant’s lease.
C. Landlord under this Lease. If Landlord terminates this Lease by reason of an Event of Default by may ▇▇▇▇▇▇, Landlord must take all reasonable steps ▇ for injunctive relief or to mitigate Landlord’s damages, including making reasonable efforts to relet recover damages for any loss resulting from the Premises for a period that is equal to, shorter, or longer than the Termbreach.
Appears in 1 contract
Remedies of Landlord. 18.01 During the existence of a Default, Landlord may at its option, without waiver of Default nor any other right or remedy, perform any such duty or obligation on Tenant’s behalf. The costs and expenses of any such performance by Landlord will be immediately due and payable by Tenant upon receipt from Landlord of the reimbursement amount required.
18.02 During the existence of a Default, with or without notice or demand, and without limiting any other of Landlord’s rights or remedies, Landlord may:
(a) Upon the occurrence of an Event of Default by ▇▇▇▇▇▇Terminate this Lease, in addition to the remedies described in § 9.3 and any other remedies available to Landlord at law or in equity, Landlord has the right to terminate this Lease upon not less than 60 days prior written notice to Tenant; provided, however, that in the which case of a non-monetary Event of Default by Tenant that poses an immediate threat to the health or safety of persons or property, Landlord has the right to reduce said 60-day notice period to ten days. Upon such termination, this Lease comes to an end as fully and completely as if the Expiration Date stated in such notice were the Expiration Date originally fixed, and ▇▇▇▇▇▇ must then quit and shall immediately surrender the Premises to Landlord. If Tenant fails to surrender the Premises, Landlord, in compliance with Law, may enter upon and take possession of the Premises and remove Tenant, Tenant’s Property and any party occupying the Premises. Tenant shall pay Landlord, on demand, all past due Rent and other losses and damages Landlord suffers as provided in § 6.7, but ▇▇▇▇▇▇ remains liable for damages arising out of such Event of Default, as provided in this Lease.
(b) Upon termination of this Lease by Landlord pursuant to this § 9.2, Tenant must pay to Landlord Rent payable by Tenant to Landlord up to the Expiration Date, and ▇▇▇▇▇▇ remains liable for any breach a result of Tenant’s obligations under this Lease occurring before Default, including, without limitation, an amount equal to all Costs of Reletting (defined below) plus an amount equal to any deficiency that may arise from the Expiration Date. In addition, total rent that Tenant is liable would have been required to pay for the remainder of the Term had the Lease remained in effect, discounted to present value at the Prime Rate (as defined herein) then in effect minus the rents actually received by Landlord, as damagesif any, the aggregate of Rent remaining in the Term.
(c) Tenant must pay Rent in the same manner, to the same extent, and at the same time as if this Lease had not been terminated. In calculating the amounts to be paid by Tenant pursuant to the preceding sentence, Landlord must credit Tenant connection with the net rents that Landlord actually receives from a reletting of the Premises. Net rents must be determined by deducting from the gross rents, as and when Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting “Costs of the Premises that are allocable to the Term. In no event is Tenant entitled to receive any excess of such net rents over the sums that Tenant must pay to Landlord under this Lease. If Landlord terminates this Lease by reason of an Event of Default by ▇▇▇▇▇▇, Landlord must take Reletting” shall include all reasonable steps to mitigate Landlord’s damages, including making reasonable efforts costs and expenses incurred by Landlord in reletting or attempting to relet the Premises for Premises, including, without limitation, legal fees, brokerage commissions, the cost of alterations and the value of other concessions or allowances granted to a period that is equal to, shorter, or longer than the Termnew tenant.
Appears in 1 contract
Remedies of Landlord. (a) Upon the occurrence of an Event any event of Default by ▇▇▇▇▇▇default set forth in Section 15.01, Landlord shall have the following rights and remedies in addition to those allowed by law, any one or more of which may be exercised without further notice to or demand upon Tenant:
A. Landlord may re-enter the remedies described Leased Premises and cure any default of Tenant, in § 9.3 which event Tenant shall reimburse Landlord as additional rent for any costs and expenses which Landlord may incur to cure such default; and Landlord shall not be liable to Tenant for any other remedies available to loss or damage which Tenant may sustain by reason of Landlord's action, regardless of whether caused by Landlord's negligence or otherwise.
B. 1. Landlord at law or in equity, Landlord has the right to may terminate this Lease upon not less than 60 days prior written notice as of the date of such default, in which event: (i) neither Tenant nor any person claiming under or through Tenant shall thereafter be entitled to Tenantpossession of the Leased Premises, and Tenant shall immediately thereafter surrender the Leased Premises to Landlord; provided(ii) Landlord may re-enter the Leased Premises and dispossess Tenant or any other occupants of the Leased Premises by any means permitted by law, howeverand may remove their effects, that without permitted by law, and may remove their effects, without prejudice to any other remedy which Landlord may have for possession or arrearages in rent; and (iii) notwithstanding the case termination of a non-monetary Event of Default by Tenant that poses an immediate threat to the health or safety of persons or propertythis Lease, Landlord has may declare all rent which would have been due under this Lease for the right balance of the term to reduce said 60-day notice period be obligated to ten days. Upon pay the same to Landlord, together with all loss or damage which Landlord may sustain by reason of such termination, this Lease comes to an end as fully it being expressly understood and completely as if agreed that the Expiration Date stated in such notice were the Expiration Date originally fixed, liabilities and ▇▇▇▇▇▇ must then quit and surrender the Premises to Landlord as provided in § 6.7, but ▇▇▇▇▇▇ remains liable for damages arising out of such Event of Default, as provided remedies specified in this Lease.
subsection (bB) Upon (1) of Section 15.02 shall survive the termination of this Lease by Landlord pursuant to this § 9.2, Tenant must pay to Landlord Rent payable by Tenant to Landlord up to the Expiration Date, and ▇▇▇▇▇▇ remains liable for any breach of Tenant’s obligations under this Lease occurring before the Expiration Date. In addition, Tenant is liable to pay Landlord, as damages, the aggregate of Rent remaining in the Term.
(c) Tenant must pay Rent in the same manner, to the same extent, and at the same time as if this Lease had not been terminated. In calculating the amounts to be paid by Tenant pursuant to the preceding sentence, Landlord must credit Tenant with the net rents that Landlord actually receives from a reletting of the Premises. Net rents must be determined by deducting from the gross rents, as and when Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting of the Premises that are allocable to the Term. In no event is Tenant entitled to receive any excess of such net rents over the sums that Tenant must pay to Landlord under this Lease. If Landlord terminates this Lease by reason of an Event of Default by ▇▇▇▇▇▇, Landlord must take all reasonable steps to mitigate Landlord’s damages, including making reasonable efforts to relet the Premises for a period that is equal to, shorter, or longer than the Term.; or
Appears in 1 contract
Remedies of Landlord. In the event that the term of this Lease shall terminate and expire pursuant to notice or as the result of summary proceedings, or if Landlord shall reenter by summary proceedings or other action or proceeding or recover possession of the Apartment in any other manner herein provided, (a) Upon the occurrence of an Event of Default by ▇▇▇▇▇▇, in addition Tenant shall pay to Landlord any rent then due up to the remedies described in § 9.3 time of the end of the lease term and any other remedies available Tenant shall be responsible for use and occupation until reentry or dispossess together with all expenses of Landlord including attorneys’ fees, not to Landlord at law or in equity, Landlord has the right to terminate this Lease include attorneys’ fees upon not less than 60 days prior written notice to Tenant; provided, however, that in the case of a non-monetary Event of Default by Tenant that poses an immediate threat to the health or safety of persons or property, Landlord has the right to reduce said 60-day notice period to ten days. Upon such termination, this Lease comes to an end as fully and completely as if the Expiration Date stated in such notice were the Expiration Date originally fixeddefault judgment, and ▇▇▇▇▇▇ must then quit disbursements, incurred in connection with any summary proceedings or other action or proceeding and surrender the Premises to Landlord as provided removal of the property and effects of Tenant or other occupants from the Apartment and all expenses incurred by landlord that are reasonably necessary in § 6.7, but ▇▇▇▇▇▇ remains liable repairing and redecorating the same for damages arising out of such Event of Default, as provided in this Lease.
re-rental and (b) Upon termination to the extent that Tenant is not absolved from an obligation to pay Landlord pursuant to paragraph 7(B) above, Tenant shall remain responsible to Landlord for damages including any difference between the rent to be paid under the Lease and the amount, if any, of this the rents collected on account of the subsequent lease or leases of the Apartment for each month of the period which would otherwise have constituted the rest of the term of the Lease, after the deduction of brokers’ commissions and expense of Landlord for repairing, redecorating and otherwise preparing the Apartment for occupancy, by any other Tenant, Landlord, at its option, may make such alterations and/or decorations in the Apartment as are reasonably necessary for the purpose of reletting same and the making of such alterations and/or decorations shall not release Tenant from any liability hereunder. Damages shall be paid in monthly installments by Tenant on the rent day mentioned in the Lease and any legal action brought to collect the amount of the loss for rent for any month shall not prejudice in any way the rights of Landlord to collect the loss of rent for any subsequent month by a similar proceeding. Such damages, if any, shall not be considered additional rent. None of the expenses, counsel fees, disbursements and/or damages, if any, paid by Tenant to Landlord pursuant to this § 9.2, Tenant must pay to Landlord Rent payable by Tenant to Landlord up to the Expiration Date, and ▇▇▇▇▇▇ remains liable for any breach of Tenant’s obligations under this Lease occurring before the Expiration Date. In addition, Tenant is liable to pay Landlord, as damages, the aggregate of Rent remaining in the TermParagraph 20 shall be considered additional rent.
(c) Tenant must pay Rent in the same manner, to the same extent, and at the same time as if this Lease had not been terminated. In calculating the amounts to be paid by Tenant pursuant to the preceding sentence, Landlord must credit Tenant with the net rents that Landlord actually receives from a reletting of the Premises. Net rents must be determined by deducting from the gross rents, as and when Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting of the Premises that are allocable to the Term. In no event is Tenant entitled to receive any excess of such net rents over the sums that Tenant must pay to Landlord under this Lease. If Landlord terminates this Lease by reason of an Event of Default by ▇▇▇▇▇▇, Landlord must take all reasonable steps to mitigate Landlord’s damages, including making reasonable efforts to relet the Premises for a period that is equal to, shorter, or longer than the Term.
Appears in 1 contract
Sources: Lease Agreement
Remedies of Landlord. (a) Upon the occurrence of an Event of Default by ▇▇▇▇▇▇, in addition to the remedies described in § 9.3 and any other remedies available to Landlord at law or in equity, Landlord has the right to terminate this Lease upon not less than 60 days prior written notice to Tenant; provided, however, that in the case of a non-monetary Event of Default by Tenant that poses an immediate threat to the health or safety of persons or property, Landlord has the right to reduce said 60-day notice period to ten days. Upon such termination, this Lease comes to an end as fully and completely as if the Expiration Date stated in such notice were the Expiration Date originally fixed, and ▇▇▇▇▇▇ must then quit and surrender the Premises to Landlord as provided in § 6.7, but ▇▇▇▇▇▇ remains liable for damages arising out of such Event of Default, Landlord may, at Landlord's option and in addition to all other rights, remedies and recourse afforded Landlord hereunder or by law or equity, of any one or more of the following:
(a) At Landlord's option and without waiving any default by Tenant, Landlord shall have the right to continue this Lease in full force and effect and to collect all Base Rent, Additional Rent, and any other amounts to be paid by Tenant under its Lease as and when due. During any period that Tenant is in default, Landlord shall have the right, pursuant to legal proceedings or pursuant to any notice provided for by law, to enter and take possession of the Premises, without terminating this Lease, for the purpose of reletting the Premises or any part thereof and making any alterations and repairs that may be necessary or desirable in connection with such reletting. Any such reletting or relettings may be for such term or terms (including periods that exceed the balance of the term of this Lease), and upon such other terms, covenants and conditions as Landlord may in Landlord's sole discretion deem advisable. If the rent or rents received during any month and applied as provided in this Lease.
(b) Upon termination of this Lease by Landlord pursuant above shall be insufficient to this § 9.2, Tenant must pay to Landlord cover all such mounts including the Base Rent payable by Tenant to Landlord up to the Expiration Date, and ▇▇▇▇▇▇ remains liable for any breach of Tenant’s obligations under this Lease occurring before the Expiration Date. In addition, Tenant is liable to pay Landlord, as damages, the aggregate of Rent remaining in the Term.
(c) Tenant must pay Rent in the same manner, to the same extent, and at the same time as if this Lease had not been terminated. In calculating the other amounts to be paid by Tenant pursuant to the preceding sentence, Landlord must credit Tenant with the net rents that Landlord actually receives from a reletting of the Premises. Net rents must be determined by deducting from the gross rents, as and when Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease for such month, Tenant shall pay to Landlord any deficiency; such deficiencies shall be calculated and the reasonable expenses that Landlord incurs paid monthly. No entry or pays in connection with the reletting taking possession of the Premises that are allocable by Landlord shall be construed as an election by Landlord to terminate this lease, unless Landlord gives written notice of such election to Tenant or unless such termination shall be decreed by a court of competent jurisdiction. Notwithstanding any reletting by Landlord without termination, Landlord may at any time thereafter terminate this Leash for such previous default by giving written notice thereof to Tenant.
(b) Terminate Tenant's right to possession by notice to Tenant, which case this Lease shall terminate and Tenant shall immediately surrender possession of the TermPremises to Land1ord. In no such event is Tenant Landlord shall be entitled to receive any excess of such net rents over the sums that recover from Tenant must pay to all damages incurred by Landlord under this Lease. If Landlord terminates this Lease by reason of an Event of Default by ▇▇▇▇▇▇, Landlord must take all reasonable steps to mitigate Landlord’s damagesTenants default, including making reasonable efforts to relet without limitation the Premises for a period following; (1) all unpaid Rent which has been earned at the time of such termination plus (2) the amount by which the unpaid Rent which would have been earned after termination until the time of award exceeds the amount of such rental loss that is equal to, shorter, or longer than the Term.proved could have been reasonably avoided; plus
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Remedies of Landlord. If an Event of Default occurs, Landlord, may, at its option, five (a5) Upon days after written notice to Tenant, reenter the occurrence Leased Premises, remove all persons therefrom, take possession of the Leased Premises, and remove all of Tenant's personal property at Tenant's risk and expense and, either (i) terminate this Lease and Tenant's right of possession of the Leased Premises or (ii) maintain this Lease in full force and effect and endeavor to relet all or part of the Leased Premises. In the event Landlord elects to maintain this Lease, Landlord shall have the right to relet the Leased Premises for such rent and upon such terms as Landlord deems reasonable and necessary, and Tenant shall be liable for all damages sustained by Landlord, including but not limited to, any deficiency in Rent for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys' fees, other marketing and collection costs, the cash value of any concessions granted to Tenant and all expenses of placing the Leased Premises in first class rentable condition. Landlord retains the right to terminate this Lease, at any time, notwithstanding that Landlord fails to terminate this Lease initially. If Landlord is unable after diligent efforts to relet the Leased Premises within one hundred twenty (120) days after termination of this Lease, Landlord may elect at any time thereafter to have Tenant immediately pay, as liquidated damages and not as a penalty, all Rent then due and the present value (discounted at 10%) of all Rent which would have become due (based on Base Rent and Tenant's Pro Rata Share of Excess Operating Costs payable at the time of such election and the cash value of any concessions granted to Tenant) for the period of time which would have remained in the Lease Term in the absence of any termination over the then reasonable rental value of the Leased Premises for the remaining Lease Term. Notwithstanding anything to the contrary contained herein, Landlord agrees to use commercially reasonable efforts to mitigate its damages following an Event of Default by ▇▇▇▇▇▇, in addition Tenant. The remedies granted to the remedies described in § 9.3 Landlord herein shall be cumulative and shall not exclude any other remedies available to Landlord at law or in equity, Landlord has the right to terminate this Lease upon not less than 60 days prior written notice to Tenant; provided, however, that in the case of a non-monetary Event of Default remedy allowed by Tenant that poses an immediate threat to the health or safety of persons or property, Landlord has the right to reduce said 60-day notice period to ten days. Upon such termination, this Lease comes to an end as fully and completely as if the Expiration Date stated in such notice were the Expiration Date originally fixedlaw, and ▇▇▇▇▇▇ must then quit and surrender shall not prevent the Premises to enforcement of any claim Landlord as provided in § 6.7, but ▇▇▇▇▇▇ remains liable may have against Tenant for damages arising out anticipatory breach of such Event the unexpired term of Default, as provided in this Lease.
(b) Upon termination of this Lease by Landlord pursuant to this § 9.2, Tenant must pay to Landlord Rent payable by Tenant to Landlord up to the Expiration Date, and ▇▇▇▇▇▇ remains liable for any breach of Tenant’s obligations under this Lease occurring before the Expiration Date. In addition, Tenant is liable to pay Landlord, as damages, the aggregate of Rent remaining in the Term.
(c) Tenant must pay Rent in the same manner, to the same extent, and at the same time as if this Lease had not been terminated. In calculating the amounts to be paid by Tenant pursuant to the preceding sentence, Landlord must credit Tenant with the net rents that Landlord actually receives from a reletting of the Premises. Net rents must be determined by deducting from the gross rents, as and when Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting of the Premises that are allocable to the Term. In no event is Tenant entitled to receive any excess of such net rents over the sums that Tenant must pay to Landlord under this Lease. If Landlord terminates this Lease by reason of an Event of Default by ▇▇▇▇▇▇, Landlord must take all reasonable steps to mitigate Landlord’s damages, including making reasonable efforts to relet the Premises without limitation, a claim for a period that is equal to, shorter, or longer than the Termattorney's fees incurred by Landlord.
Appears in 1 contract
Sources: Lease Agreement (Pc Tel Inc)
Remedies of Landlord. (a) Upon the occurrence of an Event any event of Default by ▇▇▇▇▇▇default set forth in Section 15.01, Landlord shall have the following rights and remedies, in addition to those allowed by law, any one or more of which may be exercised without further notice to or demand upon Tenant:
A. Landlord may re-enter the remedies described Leased Premises and cure any default of Tenant, in § 9.3 which event Tenant shall reimburse Landlord as additional rent for any costs and expenses which Landlord may incur to cure such default; and Landlord shall not be liable to Tenant for any other remedies available to loss or damage which Tenant may sustain by reason of Landlord's action, regardless of whether caused by Landlord's negligence or otherwise.
B. 1. Landlord at law or in equity, Landlord has the right to may terminate this Lease upon not less than 60 days prior written notice as of the date of such default, in which event (i) neither Tenant nor any person claiming under or through Tenant shall thereafter be entitled to Tenantpossession of the Leased Premises, and Tenant shall immediately thereafter surrender the Leased Premises to Landlord; provided(ii) Landlord may re-enter the Leased Premises and dispossess Tenant or any other occupants of the Leased Premises by any means permitted by law, howeverand may remove their effects, that without prejudice to any other remedy which Landlord may have for possession or arrearages in rent; and (iii) notwithstanding the case termination of a non-monetary Event of Default by Tenant that poses an immediate threat to the health or safety of persons or propertythis Lease, Landlord has shall be entitled to recover from Tenant the right value at the time of such termination of the amount of rent and other charges equivalent to reduce said 60-day notice period to ten days. Upon rent reserved in this Lease for the remainder of the Lease Term, less the net amount of such rent and other charges for the remainder of the Lease Term which Tenant proves could reasonably be recovered by Landlord from reletting the Leased Premises under then- current and reasonably anticipated market conditions, together with all loss or damage which Landlord may sustain by reason of such termination, this Lease comes to an end as fully it being expressly understood and completely as if agreed that the Expiration Date stated in such notice were the Expiration Date originally fixed, liabilities and ▇▇▇▇▇▇ must then quit and surrender the Premises to Landlord as provided in § 6.7, but ▇▇▇▇▇▇ remains liable for damages arising out of such Event of Default, as provided remedies specified in this Lease.
(b) Upon subsection B 1 of Section 15.02 shall survive the termination of this Lease by Landlord pursuant to this § 9.2, Tenant must pay to Landlord Rent payable by Tenant to Landlord up to the Expiration Date, and ▇▇▇▇▇▇ remains liable for any breach of Tenant’s obligations under this Lease occurring before the Expiration Date. In addition, Tenant is liable to pay Landlord, as damages, the aggregate of Rent remaining in the Term.
(c) Tenant must pay Rent in the same manner, to the same extent, and at the same time as if this Lease had not been terminated. In calculating the amounts to be paid by Tenant pursuant to the preceding sentence, Landlord must credit Tenant with the net rents that Landlord actually receives from a reletting of the Premises. Net rents must be determined by deducting from the gross rents, as and when Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting of the Premises that are allocable to the Term. In no event is Tenant entitled to receive any excess of such net rents over the sums that Tenant must pay to Landlord under this Lease. If Landlord terminates this Lease by reason of an Event of Default by ▇▇▇▇▇▇, Landlord must take all reasonable steps to mitigate Landlord’s damages, including making reasonable efforts to relet the Premises for a period that is equal to, shorter, or longer than the Term.; or
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Remedies of Landlord. (a) Upon the occurrence of If an Event of Default by ▇▇▇▇▇▇occurs, Landlord, may, at its option, within 5 days after written notice to Tenant, reenter the Leased Premises, remove all persons therefrom, take possession of the Leased Premises, and remove all of the Tenant's personal property at Tenant's risk and expense and, either (i) terminate this Lease and Tenant's right of possession of the Leased Premises or (ii) maintain this Lease in addition full force and effect and endeavor to relet all or part of the remedies described in § 9.3 and any other remedies available Leased Premises. In the event Landlord elects to Landlord at law or in equitymaintain this Lease, Landlord has shall have the right to relet the Leased Premises. In the event Landlord elects to maintain this Lease, Landlord shall have the right to relet the Leased Premises for such rent and upon such terms as Landlord deems reasonable and necessary, and Tenant shall be liable for all damages sustained by Landlord, including but not limited to, any deficiency in Rent for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, reasonable attorneys' fees, other marketing and collection costs, the cash value of any concessions granted to Tenant and all expenses of placing the Leased Premises in first class rentable condition. Landlord retains the right to terminate this Lease upon not less than 60 days prior written notice Lease, at any time, notwithstanding that Landlord fails to Tenant; provided, however, that in the case of a non-monetary Event of Default by Tenant that poses an immediate threat to the health or safety of persons or property, Landlord has the right to reduce said 60-day notice period to ten days. Upon such termination, terminate this Lease comes to an end as fully and completely as if the Expiration Date stated in such notice were the Expiration Date originally fixed, and ▇▇▇▇▇▇ must then quit and surrender the Premises to Landlord as provided in § 6.7, but ▇▇▇▇▇▇ remains liable for damages arising out of such Event of Default, as provided in this Lease.
(b) Upon termination of this Lease by Landlord pursuant to this § 9.2, Tenant must pay to Landlord Rent payable by Tenant to Landlord up to the Expiration Date, and ▇▇▇▇▇▇ remains liable for any breach of Tenant’s obligations under this Lease occurring before the Expiration Date. In addition, Tenant is liable to pay Landlord, as damages, the aggregate of Rent remaining in the Term.
(c) Tenant must pay Rent in the same manner, to the same extent, and at the same time as if this Lease had not been terminated. In calculating the amounts to be paid by Tenant pursuant to the preceding sentence, Landlord must credit Tenant with the net rents that Landlord actually receives from a reletting of the Premises. Net rents must be determined by deducting from the gross rents, as and when Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting of the Premises that are allocable to the Term. In no event is Tenant entitled to receive any excess of such net rents over the sums that Tenant must pay to Landlord under this Leaseinitially. If Landlord terminates this Lease by reason of an Event of Default by ▇▇▇▇▇▇, Landlord must take all reasonable steps to mitigate Landlord’s damages, including making reasonable is unable after diligent efforts to relet the Leased Premises within 60 days after termination of this Lease, Landlord may elect at any time thereafter to have Tenant immediately pay, as liquidated damages and not as a penalty, all Rent then due and the present value (discounted 10%) of all Rent which would have become due (based on Base Rent and Tenant's Pro Rata Share of Excess Operating Costs payable at the time of such election and the cash value of any concessions granted to Tenant) for the period of time which would have remained in the Lease Term in the absence of any termination. The remedies granted to Landlord herein shall be cumulative and shall not exclude any other remedy allowed by law, and shall not prevent the enforcement of any claim Landlord may have against Tenant for anticipatory breach of the unexpired term of this Lease, including without limitation, a period that is equal to, shorter, or longer than the Termclaim for attorney's fees incurred by Landlord.
Appears in 1 contract
Remedies of Landlord. (a) Upon the occurrence of If an Event of Default by ▇▇▇▇▇▇occurs, Landlord, may, at its option, within 10 days after written notice to Tenant, reenter the Leased Premises, remove all persons therefrom, take possession of the Leased Premises, and remove all of Tenant's personal property at Tenant's risk and expense and, either (i) terminate this Lease and Tenant's right of possession of the Leased Premises or (ii) maintain this Lease in addition full force and effect and endeavor to relet all or part of the remedies described in § 9.3 and any other remedies available Leased Premises. In the event Landlord elects to Landlord at law or in equitymaintain this Lease, Landlord has shall have the right to relet the Leased Premises for such rent and upon such terms as Landlord deems reasonable and necessary, and Tenant shall be liable for all damages sustained by Landlord, including but not limited to, any deficiency in Rent for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys' fees, other marketing and collection costs, the cash value of any concessions granted to Tenant and all expenses of placing the Leased Premises in first class rentable condition. Landlord retains the right to terminate this Lease, at any time, notwithstanding that Landlord fails to terminate this Lease upon not less than initially. If Landlord is unable after diligent efforts to relet the Leased Premises within 60 days prior written notice to Tenant; provided, however, that in the case of a non-monetary Event of Default by Tenant that poses an immediate threat to the health or safety of persons or property, Landlord has the right to reduce said 60-day notice period to ten days. Upon such termination, this Lease comes to an end as fully and completely as if the Expiration Date stated in such notice were the Expiration Date originally fixed, and ▇▇▇▇▇▇ must then quit and surrender the Premises to Landlord as provided in § 6.7, but ▇▇▇▇▇▇ remains liable for damages arising out of such Event of Default, as provided in this Lease.
(b) Upon after termination of this Lease, Landlord may elect at any time thereafter to have Tenant immediately pay, as liquidated damages and not as a penalty, all Rent then due and the present value (discounted at 10%) of all Rent which would have become due (based on Base Rent and Tenant's Pro Rata Share of Excess Operating Costs payable at the time of such election and the cash value of any concessions granted to Tenant) for the period of time which would have remained in the Lease by Term in the absence of any termination. If Landlord pursuant to this § 9.2, Tenant must pay to Landlord Rent payable relets the Leased Premises within 120 days after payment by Tenant to Landlord up to shall refund the Expiration Date, and ▇▇▇▇▇▇ remains liable for any breach lesser of Tenant’s obligations under this Lease occurring before (i) the Expiration Date. In addition, amount paid by Tenant is liable to pay Landlord, as damages, or (ii) the aggregate of Rent remaining in the Term.
(c) Tenant must pay Rent in the same manner, to the same extent, and at the same time as if this Lease had not been terminated. In calculating the amounts amount paid or to be paid by Tenant pursuant to the preceding sentence, Landlord must credit Tenant with replacement tenant for the net rents that Landlord actually receives from a reletting balance of the Premises. Net rents must be determined by deducting from the gross rentsLease Term, as and when Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting of the Premises that are allocable to the Term. In no event is Tenant entitled to receive any excess of such net rents over the sums that Tenant must pay to Landlord under this Lease. If Landlord terminates this Lease by reason of an Event of Default by ▇▇▇▇▇▇, Landlord must take all reasonable steps to mitigate less Landlord’s damages, including making reasonable efforts 's cost to relet the Premises Leased Premises. The remedies granted to Landlord herein shall be cumulative and shall not exclude any other remedy allowed by law, and shall not prevent the enforcement of any claim Landlord may have against Tenant for anticipatory breach of the unexpired term of this Lease, including without limitation, a period that is equal to, shorter, or longer than the Termclaim for attorney's fees incurred by Landlord.
Appears in 1 contract
Sources: Lease Agreement (Seagate Software Information Management Group Holdings Inc)
Remedies of Landlord. (a) Upon the occurrence of an any Event of Default by ▇▇▇▇▇▇Default, Landlord may exercise any one or more of the following described remedies, in addition to the all other rights and remedies described in § 9.3 and any other remedies available to Landlord provided at law or in equity:
A. Terminate this Lease Agreement by written notice to Tenant and forthwith repossess, the 1eased Premises and be entitled to recover forthwith as damages a sum of money0 equal to the total of (i) the reasonable cost of recovering the Leased Premises (including attorneys’ fees and costs of suit), (ii) the reasonable cost of removing and storing any personal property, (iii) the unpaid Rent earned at the time of termination, plus interest thereon at the rate described in Section 6, (iv) the present value (discounted at the rate of eight percent (8%) per annum) of the balance of the Rent for the remainder of the Term less the present value (discounted at the same rate) of the fair market rental value of the Leased Premises for said period, taking into account the period of time the Leased Premises will remain vacant until a new tenant is obtained, and the cost to prepare the Leased Premises for occupancy and the other reasonable costs (such as leasing commissions, tenant improvement allowances and attorneys’ fees) to be incurred by Landlord in connection therewith, and (v) any other sum of money and damages owed by Tenant to Landlord under this Lease Agreement.
B. Terminate Tenant’s right of possession (but not this Lease Agreement) and may repossess the Leased Premises by forcible detainer suit or otherwise, without thereby releasing Tenant from any liability hereunder and without demand or notice of any kind to Tenant and without terminating this Lease Agreement. Landlord shall use reasonable efforts under the circumstances to relet the Leased Premises on such tern1s and conditions as Landlord in its reasonable discretion may determine (including a term different than the Term, rental concessions, alterations and repair of the Leased Premises); provided, however, Landlord has hereby reserves the right (i) to lease any other comparable space available in the Building or in any adjacent building owned by Landlord prior to offering the Leased Premises for lease, and (ii) to refuse to lease the Leased Premises to any potential tenant which does not meet Landlord’s standards and criteria for leasing other space in the Building. Landlord shall not be liable, nor shall Tenant’s obligations hereunder be diminished because of, Landlord’s failure or refusal to relet the Leased Premises or collect rent due in respect of such reletting. For the purpose of such reletting Landlord shall have the right to decorate or to make any repairs, changes, alterations or additions in or to the Leased Premises as may be reasonably necessary or desirable. In the event that (i) Landlord shall fail or refuse to relet the Leased Premises, or (ii) the Leased Premises are relet and a sufficient sum shall not be realized from such reletting (after first deducting therefrom, for retention by Landlord, the unpaid Rent due hereunder earned but unpaid at the time of reletting plus interest thereon at the rate specified in Section 6, the cost of recovering possession (including attorneys’ fees and costs of suit), all of the costs and expenses of such decorations, repairs, changes, alterations and additions, the expense of such reletting and the cost of collection of the rent accruing therefrom) to satisfy the Rent, then Tenant shall pay to Landlord as damages a sum equal to the amount of such deficiency. Any such payments due Landlord shall be made upon demand therefor from time to time and Tenant agrees that Landlord may file suit to recover any sums falling due under the terms of this Section 16 from time to time. No delivery to or recovery by Landlord of any portion due Landlord hereunder shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall such reletting be construed as an election on the part of Landlord to terminate this Lease upon not less than 60 days prior Agreement unless a written notice of such intention be given to Tenant by Landlord. Notwithstanding any such termination of Tenant’s right of possession of the Leased Premises, Landlord may at any time thereafter elect to terminate this Lease Agreement. Notwithstanding anything to the contrary herein, if Landlord relets the Leased Premises for a term (the “Relet Term”) that extends past the Expiration Date of this Lease (without consideration of any earlier termination pursuant to this Section 17), the costs of reletting which may be included in Landlord’s damages under this Lease shall be limited to a prorated portion of the costs of reletting, based on the percentage that the length of the Term remaining on the date Landlord terminates this Lease or Tenant’s right to possession bears to the length of the Relet Term. For example, if there are two (2) years left on the Term at the time that Landlord terminates possession and, prior to the expiration of the two (2) year period, Landlord enters into a lease with a Relet Term of 10 years with a new tenant, then only 20% of the costs of reletting shall be included when determining Landlord’s damages.
C. Alter any and all locks and other security devices at the Leased Premises, and if Landlord does so, Landlord shall not be required to provide a new key or other access right to Tenant unless Tenant has cured all Events of Default; provided, however, that in the case of a non-monetary Event of Default by Tenant that poses an immediate threat to the health or safety of persons or propertyany such instance, Landlord has the right to reduce said 60-day notice period to ten days. Upon such termination, this Lease comes to an end as fully and completely as if the Expiration Date stated in such notice were the Expiration Date originally fixed, and ▇▇▇▇▇▇ must then quit and surrender the Premises to Landlord as provided in § 6.7, but ▇▇▇▇▇▇ remains liable for damages arising out of such Event of Default, as provided in this Lease.
(b) Upon termination of this Lease by Landlord pursuant to this § 9.2, Tenant must pay to Landlord Rent payable by Tenant to Landlord up to the Expiration Date, and ▇▇▇▇▇▇ remains liable for any breach of Tenantduring Landlord’s obligations under this Lease occurring before the Expiration Date. In addition, Tenant is liable to pay Landlord, as damages, the aggregate of Rent remaining in the Term.
(c) Tenant must pay Rent in the same manner, to the same extent, normal business hours and at the same time convenience of Landlord, and upon the written request of Tenant accompanied by such written waivers and releases as if Landlord may require, Landlord will escort Tenant or its authorized personnel to the Leased Premises to retrieve any personal belongings or other property of Tenant. The provisions of this Lease had not been terminated. In calculating Section 17.C are intended to override and control any conflicting provisions of the amounts Texas Property Code.
D. If Tenant shall fail to pay any sum of money, other than Base Rent, required to be paid by it hereunder or shall fail to cure any default and such failure shall continue for ten (10) days after notice thereof by Landlord, then Landlord may, but shall not be obligated so to do, and without waiving or releasing Tenant pursuant from any obligations, make any such payment or perform any such act on Tenant’s part. All sums so paid by Landlord and all costs incurred by Landlord in taking such action shall be deemed Additional Rent hereunder and shall be paid to Landlord on demand, and Landlord shall have (in addition to all other rights and remedies of Landlord) the preceding sentence, Landlord must credit Tenant with same rights and remedies in the net rents that Landlord actually receives from a reletting event of the Premises. Net rents must be determined non-payment thereof by deducting from Tenant as in the gross rents, as and when Landlord receives case of default by Tenant in the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting payment of the Premises that are allocable to the Term. In no event is Tenant entitled to receive any excess of such net rents over the sums that Tenant must pay to Landlord under this Lease. If Landlord terminates this Lease by reason of an Event of Default by ▇▇▇▇▇▇, Landlord must take all reasonable steps to mitigate Landlord’s damages, including making reasonable efforts to relet the Premises for a period that is equal to, shorter, or longer than the TermRent.
Appears in 1 contract
Remedies of Landlord. If the Tenant shall fail to make any payment or part thereof for fifteen (15) days after the due date therefor, or shall fail to perform or observe any other covenants, provisos or agreements contained herein, and such failure to perform or observe shall continue for five (5) days after written notice thereof, then, and in each case, the Landlord shall have the following remedies: Termination
(a) Upon the occurrence Landlord may by written notice terminate this lease, without prejudice to any other rights or remedies it may have including, without limitation, the right to receive compensation for loss of an Event future rent and additional rent and for loss or diminution of Default by ▇▇▇▇▇▇revenue from the building, in addition to the remedies described in § 9.3 and rent and any other remedies available to Landlord at law or payments for which the Tenant is liable shall be apportioned and paid in equity, Landlord has the right to terminate this Lease upon not less than 60 days prior written notice to Tenant; provided, however, that in the case of a non-monetary Event of Default by Tenant that poses an immediate threat full to the health or safety of persons or property, Landlord has the right to reduce said 60-day notice period to ten days. Upon such termination, this Lease comes to an end as fully and completely as if the Expiration Date stated in such notice were the Expiration Date originally fixed, and ▇▇▇▇▇▇ must then quit and surrender the Premises to Landlord as provided in § 6.7, but ▇▇▇▇▇▇ remains liable for damages arising out date of such Event termination together with the reasonable expenses of Default, as provided in the Landlord attributable to the termination of this Lease.lease and the Tenant shall immediately deliver up possession of the premises to the Landlord; Recovery of Expenses
(b) Upon termination the Landlord may enter the premises and perform the obligation on behalf of this Lease by Landlord pursuant to this § 9.2, Tenant must pay to Landlord Rent payable by Tenant to Landlord up to the Expiration DateTenant, and ▇▇▇▇▇▇ remains shall not be liable for any breach of loss or damage to the Tenant’s obligations under this Lease occurring before goods, chattels or business caused in so doing. Any reasonable expenses incurred by the Expiration Date. In additionLandlord in so doing (including, without limitation, legal fees and compensation for the Landlord’s services) shall be paid by the Tenant is liable to pay Landlord, as damages, the aggregate of Rent remaining in the Term.
(c) Tenant must pay Rent Landlord forthwith on demand therefor and shall be recoverable in the same manner, to the same extent, and at the same time manner as if this Lease had not been terminated. In calculating the amounts to be paid by Tenant pursuant to the preceding sentence, Landlord must credit Tenant with the net rents that Landlord actually receives from a reletting of the Premises. Net rents must be determined by deducting from the gross rents, as and when Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting of the Premises that are allocable to the Term. In no event is Tenant entitled to receive any excess of such net rents over the sums that Tenant must pay to Landlord under this Lease. If Landlord terminates this Lease by reason of an Event of Default by ▇▇▇▇▇▇, Landlord must take all reasonable steps to mitigate Landlord’s damages, including making reasonable efforts to relet the Premises for a period that is equal to, shorter, or longer than the Term.rent;
Appears in 1 contract
Sources: Lease (Hyco International, Inc.)
Remedies of Landlord. (a) Upon the occurrence of an Event any event of Default default by ▇▇▇▇▇▇Tenant, Landlord shall have the options without any notice to Tenant (except as expressly provided below) and with or without judicial process, to pursue any one or more of the following remedies:
(i) Landlord may terminate this Lease, in addition which event Tenant shall immediately surrender the Premises to Landlord.
(ii) Landlord may enter upon and take custodial possession of the remedies described in § 9.3 Premises by picking the locks if necessary, lock out or remove Tenant and any other remedies available person occupying the Premises and alter the locks and other security devices at the Premises, all without Landlord being deemed guilty of trespass or becoming liable for any resulting loss or damage and without causing a termination or forfeiture of this Lease or of the Tenant’s obligation to pay rent. Landlord shall not, in the event of a lockout by the changing of locks, be required to provide new keys to Tenant.
(iii) Landlord may enter the Premises and take possession of and remove any and all trade fixtures and personal property situated on the Premises, without liability for trespass or conversion. Landlord may retain control over all such property for the purpose of foreclosing the liens and security interests described in Paragraph 23 below by public or private sale. If Landlord takes possession of and removes personal property from the Premises, then prior to any disposition of the property by sale or until Tenant reclaims the property if no foreclosure by public or private sale is contemplated, Landlord may store it in a public warehouse or elsewhere at the cost of and for the account of Tenant without the resort to legal process and without becoming liable for any resulting loss or damage.
(iv) Landlord may perform on behalf of Tenant any obligation of Tenant under this Lease which Tenant has failed to perform, and the cost of the performance will be deemed additional rental and will be payable by Tenant to Landlord upon demand. Landlord’s pursuit of any remedy specified in this Lease will not constitute an election to pursue that remedy only, nor preclude Landlord from pursuing any other remedy available at law or in equity, Landlord has the right to terminate this Lease upon not less than 60 days prior written notice to Tenant; provided, however, that in the case nor constitute a forfeiture or a waiver of a non-monetary Event of Default by Tenant that poses an immediate threat to the health any rent or safety of persons or property, Landlord has the right to reduce said 60-day notice period to ten days. Upon such termination, this Lease comes to an end as fully and completely as if the Expiration Date stated in such notice were the Expiration Date originally fixed, and ▇▇▇▇▇▇ must then quit and surrender the Premises other amount due to Landlord as provided in § 6.7, but ▇▇▇▇▇▇ remains liable for damages arising out of such Event of Default, as provided in this Leasedescribed below.
(b) In the event Landlord enters and takes possession of the Premises without electing to terminate this Lease, Landlord will have the right to relet the Premises for Tenant, in the name of Tenant or Landlord or otherwise, on such terms as Landlord deems advisable. But Landlord will not be required to incur any expense to relet the Premises, and the failure of Landlord to relet the Premises shall not reduce Tenant’s liability for monthly rentals and other charges due under this Lease or for damages. Landlord will not be obligated to relet for less than the then market value of the Premises or to relet the Premises when other comparable rental property owned by Landlord or its affiliates is available for lease in the vicinity of the Building.
(c) No re-entry or reletting of the Premises or any filing or service of an unlawful detainer action or similar action will be construed as an election by Landlord to terminate or accept a forfeiture of this Lease or to accept a surrender of the Premises after an event of default by Tenant, unless a written notice of such intention is given by Landlord to Tenant; but notwithstanding any such action without such notice, Landlord may at any time thereafter elect to terminate this Lease by notifying Tenant.
(d) Upon the termination of this Lease, Landlord will be entitled to recover all unpaid rentals that have accrued through the date of termination plus the costs of performing any of Tenant’s obligations (other than the payment of rent) that should have been but were not satisfied as of the date of such termination. In addition, Landlord will be entitled to recover, not as rent or a penalty but as compensation for Landlord’s loss of the benefit of its bargain with Tenant, the difference between (i) an amount equal to the present value of the rental and other sums that this Lease provides Tenant will pay for the remainder of the Term and for the balance of any then effective extension of the Term, and (ii) the present value of the net future rentals for such period that will be or with reasonable efforts could be collected by Landlord pursuant by reletting the Premises. For purposes of determining what could be collected by Landlord by reletting under the preceding sentence, it will be assumed that Landlord is not required to this § 9.2relet when other comparable space in the vicinity of the Building is offered by Landlord for lease and that Landlord will not be required to incur any cost to relet, other than customary leasing commissions.
(e) After an event of default by Tenant, Landlord may recover from Tenant must from time to time and Tenant shall pay to Landlord Rent payable upon demand, whether or not Landlord has relet the Premises or terminated this Lease, (i) such expenses as Landlord may incur in recovering possession of the Premises, terminating this Lease, placing the Premises in good order and condition and altering or repairing the same for reletting; (ii) all other costs and expenses (including brokerage commissions and legal fees) paid or incurred by Tenant Landlord in exercising any remedy or as a result of the event of default by Tenant; and (iii) any other amount necessary to compensate Landlord up for all the detriment proximately caused by Tenant’s failure to the Expiration Date, and ▇▇▇▇▇▇ remains liable for any breach of perform Tenant’s obligations under this Lease occurring before the Expiration Date. In addition, Tenant is liable to pay Landlord, as damages, the aggregate of Rent remaining or which in the Termordinary course of things would be likely to result from such failure.
(cf) Tenant must pay Rent in In the same manner, event that any future amount owing to the same extent, and at the same time as if this Lease had not been terminated. In calculating the amounts Landlord or offsetting an amount owing to Landlord is to be paid by Tenant pursuant discounted to present value under this Lease, the preceding sentence, Landlord must credit Tenant with the net rents that Landlord actually receives from a reletting of the Premises. Net rents must present value shall be determined by deducting from discounting at the gross rents, as and when Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting rate of the Premises that are allocable to the Term. In no event is Tenant entitled to receive any excess of such net rents over the sums that Tenant must pay to Landlord under this Lease. If Landlord terminates this Lease by reason of an Event of Default by ▇▇▇▇▇▇, Landlord must take all reasonable steps to mitigate Landlord’s damages, including making reasonable efforts to relet the Premises for a period that is equal to, shorter, or longer than the Term8 percent per annum.
Appears in 1 contract
Sources: Lease Agreement (Protective Products of America, Inc.)
Remedies of Landlord. The remedies provided Landlord under this Lease are cumulative.
(a) Upon the occurrence of an Event of Default by ▇▇▇▇▇▇any default, Landlord may serve notice on Tenant that the Term and the estate hereby vested in addition to the remedies described in § 9.3 Tenant and any and all other remedies available to Landlord at law or rights of Tenant hereunder shall cease on the date specified in equity, Landlord has such notice and on the right to terminate specified date this Lease upon not less than 60 days prior written notice to Tenant; providedshall cease and expire as fully and with the effect as if the Term had expired for passage of time.
(b) Without terminating, however, that this Lease in the case of a non-monetary Event of Default by Tenant that poses an immediate threat to the health default or safety of persons or propertyif this Lease shall be terminated for default as provided herein, Landlord has may re-enter the right Premises, remove Tenant, or cause Tenant to reduce said 60-day notice period to ten days. Upon such termination, this Lease comes to an end as fully and completely as if be removed from the Expiration Date stated Premises in such notice were the Expiration Date originally fixedmanner as Landlord may deem advisable, with or without legal process, and ▇▇▇▇▇▇ must then quit and surrender using, such reasonable force as may be necessary. In the Premises event of re-entry without terminating this Lease, Tenant shall continue to Landlord as provided in § 6.7, but ▇▇▇▇▇▇ remains be liable for damages arising out of such Event of Defaultall Rents and other charges accruing, as provided in or coming due under this Lease.
(bc) Upon termination If Landlord, without terminating this Lease, shall re-enter the Premises or if this Lease shall be terminated as provided in paragraph (a) above:
(i) All Rent due from Tenant to Landlord shall thereupon become due and shall be paid up to the time of re-entry, dispossession or expiration, together with reasonable costs and expenses (including, without limitation, attorney's fees) of Landlord;
(ii) Landlord, without any obligation to do so, may relet the Premises or any part thereof for a term or terms which may at Landlord's option be less than or exceed the period which would otherwise have constituted the balance of the Term and may grant such concessions in reletting as Landlord, in the exercise of its reasonable business judgment, deems desirable. In connection with such reletting, Tenant shall be liable for all costs of the reletting including, without limitation, rent concessions, leasing, commissions, legal fees and alteration and remodeling costs; and
(iii) If Landlord shall have terminated this Lease, Tenant shall also be liable to Landlord for all damages provided for in law and under this Lease resulting from Tenant's breach including, without limitation, the difference between the aggregate rentals reserved under the terms of this Lease by Landlord pursuant to for the balance of the Term together with all other sums payable hereunder as Rent for the balance of the Term, less the fair rental value of the Premises for that period determined as of the date of such termination. For purposes of this § 9.2paragraph, Tenant must pay shall be deemed to Landlord Rent payable by Tenant to Landlord up to include any guarantor or surety of the Expiration Date, and ▇▇▇▇▇▇ remains liable for any breach of Tenant’s obligations under this Lease occurring before the Expiration Date. In addition, Tenant is liable to pay Landlord, as damages, the aggregate of Rent remaining in the TermLease.
(cd) Tenant must pay Rent hereby waives all right to trial by jury in any claim, action proceeding or counterclaim by either Landlord or Tenant against each other or any matter arising out of or in any way connected with this Lease, the same mannerrelationship of Landlord and Tenant, to the same extent, and at the same time as if this Lease had not been terminated. In calculating the amounts to be paid by Tenant pursuant to the preceding sentence, Landlord must credit Tenant with the net rents that Landlord actually receives from a reletting and/or Tenant's use or occupancy of the Premises. Net rents must be determined by deducting from the gross rents, as and when Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting of the Premises that are allocable .
(e) In addition to the Term. In no event is Tenant entitled above, Landlord shall have any and all other rights provided a Landlord under law or equity for breach of a lease or tenancy by a Tenant.
(f) Notwithstanding anything, in this Article to receive any excess of such net rents over the sums that Tenant must pay contrary, Landlord agrees to Landlord use commercially reasonable efforts to mitigate its damages under this Lease. If Landlord terminates this Lease by reason of an Event of Default by ▇▇▇▇▇▇, Landlord must take all reasonable steps to mitigate Landlord’s damages, including making reasonable efforts to relet the Premises for a period that is equal to, shorter, or longer than the Term.
Appears in 1 contract
Sources: Office Lease (Saville Systems PLC)
Remedies of Landlord. (a) Upon the occurrence of an any Tenant Event of Default by ▇▇▇▇▇▇Default, Landlord may exercise any one or more of the following described remedies, in addition to the all other rights and remedies described in § 9.3 and any other remedies available to Landlord provided at law or in equity:
A. Terminate this Lease Agreement by written notice to Tenant and forthwith repossess the Leased Premises and be entitled to recover forthwith as damages a sum of money equal to the total of (i) the cost of recovering the Leased Premises (including attorneys' fees and costs of suit), (ii) the cost of removing and storing any personal property, (iii) the unpaid Rent earned at the time of termination, plus interest thereon at the rate described in Section 5, (iv) the present value (discounted at the rate of eight percent (8%) per annum) of the balance of the Rent for the remainder of the Term less the present value (discounted at the same rate) of the fair market rental value of the Leased Premises for said period, taking into account the period of time the Leased Premises will remain vacant until a new tenant is obtained, and the cost to prepare the Leased Premises for occupancy and the other costs (such as leasing commissions, tenant improvement allowances and attorneys' fees) to be incurred by Landlord in connection therewith, and (v) any other sum of money and damages owed by Tenant to Landlord under this Lease Agreement.
B. Terminate Tenant's right of possession (but not this Lease Agreement) and may repossess the Leased Premises by forcible detainer suit or otherwise, without thereby releasing Tenant from any liability hereunder and without demand or notice of any kind to Tenant and without terminating this Lease Agreement. Landlord shall use reasonable efforts under the circumstances to mitigate its damages, including reletting the Leased Premises on such terms and conditions as Landlord in its reasonable discretion may determine (which may including a term different than the Term, rental concessions, alterations and repair of the Leased Premises); provided, however, Landlord has hereby reserves the right (i) to lease any other comparable space available in the Building or in any adjacent building owned by Landlord prior to offering the Leased Premises for lease, and (ii) to refuse to lease the Leased Premises to any potential tenant which does not meet Landlord's standards and criteria for leasing other comparable space in the Building. For the purpose of such reletting Landlord shall have the right to decorate or to make any repairs, changes, alterations or additions in or to the Leased Premises as may be reasonably necessary or desirable. In the event that (i) Landlord shall fail to relet the Leased Premises, or (ii) the Leased Premises are relet and a sufficient sum shall not be realized from such reletting (after first deducting therefrom, for retention by Landlord, the unpaid Rent due hereunder earned but unpaid at the time of reletting plus interest thereon at the rate specified in Section 5, the cost of recovering possession (including attorneys' fees and costs of suit), all of the costs and expenses of such decorations, repairs, changes, alterations and additions, the expense of such reletting and the cost of collection of the rent accruing therefrom) to satisfy the Rent, then Tenant shall pay to Landlord as damages a sum equal to the amount of such deficiency. Any such payments due Landlord shall be made upon demand therefor from time to time and Tenant agrees that Landlord may file suit to recover any sums falling due under the terms of this Section 16 from time to time. No delivery to or recovery by Landlord of any portion due Landlord hereunder shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall such reletting be construed as an election on the part of Landlord to terminate this Lease upon not less than 60 days prior Agreement unless a written notice of such intention be given to Tenant by Landlord. Notwithstanding any such termination of Tenant's right of possession of the Leased Premises, Landlord may at any time thereafter elect to terminate this Lease Agreement. In any proceedings to enforce this Lease Agreement under this Section 16, Landlord shall be presumed to have used its reasonable efforts to relet the Leased Premises, and Tenant shall bear the burden of proof to establish that such reasonable efforts were not used.
C. Alter any and all locks and other security devices at the Leased Premises, and if it does so Landlord shall not be required to provide a new key or other access right to Tenant unless Tenant has cured all Events of Default; provided, however, that in any such instance, during Landlord's normal business hours and at the convenience of Landlord, and upon the written request of Tenant accompanied by such written waivers and releases as Landlord may require, Landlord will escort Tenant or its authorized personnel to the Leased Premises to retrieve any personal belongings or other property of Tenant not subject to the Landlord's lien or security interest described in Section 17. The provisions of this Section 16.0 are intended to override and control any conflicting provisions of the Texas Property Code.
D. All agreements and provisions to be performed by Tenant under any of the terms of this Lease Agreement shall be at Tenant's sole cost and expense and without any abatement of Rent. If Tenant shall fail to pay any sum of money, other than Base Rent, required to be paid by it hereunder and such failure shall continue for ten (10) days after notice thereof by Landlord, or should Tenant fail to perform any other obligation hereunder and such failure shall continue for thirty (30) days after notice thereof by Landlord (subject to the provision in Section 15.B above regarding matters that cannot be reasonably cured within 30 days) then Landlord may, but shall not be obligated so to do, and without waiving or releasing Tenant from any obligations, make any such payment or perform any such act on Tenant's part. All sums so paid by Landlord and all costs incurred by Landlord in taking such action shall be deemed Additional Rent hereunder and shall be paid to Landlord on demand, and Landlord shall have (in addition to all other rights and remedies of Landlord) the same rights and remedies in the event of the nonpayment thereof by Tenant as in the case of default by Tenant in the payment of Rent.
E. Landlord covenants and agrees to use commercially reasonable efforts to mitigate Landlord's damages if a non-monetary Tenant Event of Default occurs. Notwithstanding, Tenant agrees in favor of Landlord that Landlord shall not be deemed to have failed to mitigate damages, or to have used the efforts required by Tenant that poses an immediate threat law to do so, because:
(1) Landlord leases other space in the health Building prior to re-letting the Leased Premises;
(2) Landlord refuses to relet the Leased Premises to any affiliate of Tenant, or safety any principal of persons Tenant, or propertyany affiliate of such principal (for purposes of this Lease, "affiliate" shall mean and refer to any person or entity controlling, under common control with, or controlled by, the party in question);
(3) Landlord has refuses to relet the right Leased Premises to reduce said 60-day notice period to ten days. Upon such termination, this Lease comes to an end as fully and completely as if the Expiration Date stated any person or entity whose creditworthiness Landlord in such notice were the Expiration Date originally fixed, and ▇good ▇▇▇▇▇ must then quit and surrender the Premises to Landlord as provided in § 6.7, but ▇▇▇▇▇▇ remains liable for damages arising out unacceptable;
(4) Landlord refuses to relet the Leased Premises to any person or entity because such use would, in the good faith opinion of Landlord, impose unreasonable or excessive demands upon the Building;
(5) Landlord refuses to relet the Leased Premises to any person or entity, or any affiliate of such Event person or entity, who has been engaged in litigation with, or who has threatened litigation against, Landlord or any of Defaultits affiliates, as provided or whom Landlord in this Lease.
(b) Upon termination of this Lease by Landlord pursuant to this § 9.2, Tenant must pay to Landlord Rent payable by Tenant to Landlord up to the Expiration Date, and ▇good ▇▇▇▇▇ remains liable for any breach of Tenant’s obligations under this Lease occurring before the Expiration Date. In addition, Tenant is liable to pay Landlord, as damages, the aggregate of Rent remaining in the Term.
(c) Tenant must pay Rent in the same manner, to the same extent, and at the same time as if this Lease had not been terminated. In calculating the amounts to be paid by Tenant pursuant to the preceding sentence, Landlord must credit Tenant with the net rents that Landlord actually receives from a reletting of the Premises. Net rents must be determined by deducting from the gross rents, as and when Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting of the Premises that are allocable to the Term. In no event is Tenant entitled to receive any excess of such net rents over the sums that Tenant must pay to Landlord under this Lease. If Landlord terminates this Lease by reason of an Event of Default by ▇▇▇▇▇▇, ▇ to be unreasonably or excessively litigious;
(6) Landlord must take all reasonable steps to mitigate Landlord’s damages, including making reasonable efforts refuses to relet the Leased Premises for a period that is equal to, shorterbecause the tenant or the terms and provisions of the proposed lease are not approved by the holders of any liens or security interests in the Building or any part thereof, or longer than would cause Landlord to breach or be in default of, or to be unable to perform any of its covenants under, any agreements between Landlord and any third party;
(7) Landlord refuses to relet the TermLeased Premises because the proposed tenant is unwilling to execute and deliver Landlord's standard lease form without substantial tenant-oriented modifications or such tenant requires improvements to the Leased Premises to be paid at Landlord's cost and expense; or
(8) Landlord refuses to relet the Leased Premises to a person or entity whose character or reputation, or the nature of whose business, Landlord in good ▇▇▇▇▇ ▇▇▇▇▇ unacceptable; and it is further agreed that each and all of the grounds for refusal set forth in clauses (1) through (8) above, both inclusive, of this sentence are reasonable grounds for Landlord's refusal to relet the Leased Premises, or (as to all other provisions of this Lease Agreement) for Landlord's refusal to issue any approval, or take any other action, of any nature whatsoever under this Lease Agreement. In the event the waiver set forth in this Section 16.E shall be ineffective, Tenant further agrees in favor of Landlord, to the maximum extent to which it may lawfully and effectively do so, that the following efforts to mitigate damages if made by Landlord (and without obligating Landlord to render such efforts) shall be conclusively deemed reasonable, and that Landlord shall be conclusively deemed to have used the efforts to mitigate damages required by applicable law it Landlord places the Leased Premises on its inventory of available space in the Building; Landlord makes such inventory available to brokers who request same; and Landlord shows the Leased Premises to prospective tenants (or their brokers) who request to see it.
Appears in 1 contract
Sources: Lease Agreement (TaxMasters, Inc.)
Remedies of Landlord. 9.3.1 In case of any such default, and Landlord elects not to terminate this Lease, (i) the Fixed Minimum Rent and additional rent shall become due thereupon and be paid up to the time of such default; (ii) Landlord may relet the Premises, or any part or parts thereof, for a term which may at Landlord’s option be less than or exceed the period which would have otherwise constituted the balance of the term of this Lease and may grant concessions or free rent; and (iii) Tenant or the legal representative of Tenant shall also pay Landlord, as liquidated damages for the failure of Tenant to observe and perform Tenant’s covenants herein contained, for each month of the period constituting the balance of the term of the Lease, any deficiency between (a) Upon the occurrence sum of an Event (1) one monthly installment of Default by ▇▇▇▇▇▇the Fixed Minimum Rent, in addition and (2) the monthly charge for Operating Expenses and other charges and (b) the net amount, if any, of the rents and other amounts collected on account of the lease or leases of the Premises for each month of the period which would otherwise have constituted the balance of the term of the Lease. Landlord shall be obligated to mitigate the remedies described in § 9.3 and any other remedies available to Landlord at law or in equitydamages of Tenant hereunder, Landlord has the right to terminate this Lease upon not less than 60 days prior written notice to Tenant; provided, however, that in the case failure of a non-monetary Event of Default by Tenant that poses an immediate threat Landlord to relet the Premises or any part thereof shall not release or affect Tenant’s liability for damages. In computing such liquidated damages, there shall be added to the health or safety of persons or property, said deficiency such expenses as Landlord has the right to reduce said 60-day notice period to ten days. Upon such termination, this Lease comes to an end as fully and completely as if the Expiration Date stated in such notice were the Expiration Date originally fixed, and ▇▇▇▇▇▇ must then quit and surrender the Premises to Landlord as provided in § 6.7, but ▇▇▇▇▇▇ remains liable for damages arising out of such Event of Default, as provided in this Lease.
(b) Upon termination of this Lease by Landlord pursuant to this § 9.2, Tenant must pay to Landlord Rent payable by Tenant to Landlord up to the Expiration Date, and ▇▇▇▇▇▇ remains liable for any breach of Tenant’s obligations under this Lease occurring before the Expiration Date. In addition, Tenant is liable to pay Landlord, as damages, the aggregate of Rent remaining in the Term.
(c) Tenant must pay Rent in the same manner, to the same extent, and at the same time as if this Lease had not been terminated. In calculating the amounts to be paid by Tenant pursuant to the preceding sentence, Landlord must credit Tenant with the net rents that Landlord actually receives from a reletting of the Premises. Net rents must be determined by deducting from the gross rents, as and when Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays may incur in connection with the reletting reletting, such as court costs, attorney’s fees and disbursements, brokerage commissions, and for putting and keeping the Premises in good order or for preparing same for reletting, together with interest on the expenses so incurred at the then maximum lawful rate from the date of such expenditure to the date of repayment thereof to Landlord. Any such liquidated damages shall be paid in monthly installments by Tenant on the rent date specified in this Lease and any suit brought to collect the amount of deficiency for any month shall not prejudice in any way the rights of Landlord to collect the deficiency for any subsequent month by a similar proceeding. Landlord, at Landlord’s option, may make such alterations, repairs, replacements and/or decorations of the Premises that are allocable to as Landlord, in Landlord’s sole judgment; considers advisable and necessary for the Term. In no event is Tenant entitled to receive any excess purpose of reletting the Premises and the making of such net rents over alterations and/or declaration shall not operate or be construed to release Tenant from liability hereunder.
9.3.2 In the sums that case of such default and the Lease is terminated, Landlord may recover from Tenant, or the legal representative of Tenant, as liquidated damages (i) the worth at the time of termination of any unpaid Fixed Minimum Rent, additional rent, and other charges earned at the time of such termination; plus (ii) the worth at the time of the termination of the amount of the unpaid Fixed Minimum Rent, additional rent and other charges which Tenant must pay would have paid for the remaining term of the Lease, plus (iii) such expenses on other amounts to compensate Landlord under this Lease. If Landlord terminates for all the detriment proximately caused by Tenant’s failure to fulfill any of the covenants of this Lease or which in the ordinary course of things would be likely to result therefrom, including without limitation, any costs or expenses incurred by reason Landlord in (1) maintaining or preserving the Premises after such default, (2) recovering possession of an Event the Premises, including attorneys fees therefor, (3) expenses of Default reletting the Premises including necessary renovations or alterations of the Premises including necessary renovations or alterations of the Premises, attorneys fees and leasing commissions incurred, plus (4) such other amounts in addition to or in lieu of the foregoing as may be permitted by ▇▇▇▇▇▇law. As used in section (i) above, the “worth at the time of termination” is computed by allowing interest on unpaid amounts at the maximum rate allowed by law. As used in section (ii) above the “worth at the time of termination” is computed by discounting such amount at the discount rate of the nearest Federal Reserve Bank in effect at the time of the award plus one percent (1%).
9.3.3 In the event of a breach or threatened breach by Tenant of any of the covenants or provisions hereof, Landlord must take all reasonable steps shall have the right of injunction and the right to mitigate Landlord’s damagesinvoke any remedy allowed at law or in equity as if re-entry, including making reasonable efforts to relet the Premises for a period that is equal to, shorter, summary proceedings and other remedies were not herein provided for. Mention in this Lease of any particular remedy shall not preclude Landlord from any other remedy in law or longer than the Termin equity.
Appears in 1 contract
Sources: Lease Agreement (Wells Mid-Horizon Value-Added Fund I LLC)
Remedies of Landlord. (a) Upon the occurrence of an Event any event of Default by ▇▇▇▇▇▇default set forth in Section 15.01, Landlord shall have the following rights and remedies, in addition to those allowed by law, any one or more of which may be exercised without further notice to or demand upon Tenant;
A. Landlord may re-enter the remedies described Leased Premises and cure any default of Tenant, in § 9.3 which event Tenant shall reimburse Landlord as additional rent for any costs and expenses which Landlord may incur to cure such default; and Landlord shall not be liable to Tenant for any other remedies available to loss or damage which Tenant may sustain by reason of Landlord's action, regardless of whether caused by Landlord's negligence or otherwise.
B 1. Landlord at law or in equity, Landlord has the right to may terminate this Lease upon not less than 60 days prior written notice as of the date of such default, in which event: (i) neither Tenant nor any person claiming under or through Tenant shall thereafter be entitled to Tenantpossession of the Leased Premises, and Tenant shall immediately thereafter surrender the Leased Premises to Landlord; provided(ii) Landlord may re-enter the Leased premises and dispossess Tenant or any other occupants of the Leased Premises by any means permitted by law, howeverand may remove their effects, that without prejudice to any other remedy which Landlord may have for possession or arrearages in rent; and (iii) notwithstanding the case termination of a non-monetary Event of Default by Tenant that poses an immediate threat to the health or safety of persons or propertythis Lease, Landlord has may declare all rent which would have been due under this Lease for the right balance of the term to reduce said 60-day notice period be immediately due and payable, whereupon Tenant shall be obligated to ten days. Upon pay the same to Landlord, together with all loss or damage which Landlord may sustain by reason of such termination, this Lease comes to an end as fully it being expressly understood and completely as if agreed that the Expiration Date stated in such notice were the Expiration Date originally fixed, liabilities and ▇▇▇▇▇▇ must then quit and surrender the Premises to Landlord as provided in § 6.7, but ▇▇▇▇▇▇ remains liable for damages arising out of such Event of Default, as provided remedies specified in this Lease.
subsection (bB) Upon (1) of Section 15.02 shall survive the termination of this Lease by Landlord pursuant to this § 9.2, Tenant must pay to Landlord Rent payable by Tenant to Landlord up to the Expiration Date, and ▇▇▇▇▇▇ remains liable for any breach of Tenant’s obligations under this Lease occurring before the Expiration Date. In addition, Tenant is liable to pay Landlord, as damages, the aggregate of Rent remaining in the Term.
(c) Tenant must pay Rent in the same manner, to the same extent, and at the same time as if this Lease had not been terminated. In calculating the amounts to be paid by Tenant pursuant to the preceding sentence, Landlord must credit Tenant with the net rents that Landlord actually receives from a reletting of the Premises. Net rents must be determined by deducting from the gross rents, as and when Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting of the Premises that are allocable to the Term. In no event is Tenant entitled to receive any excess of such net rents over the sums that Tenant must pay to Landlord under this Lease. If Landlord terminates this Lease by reason of an Event of Default by ▇▇▇▇▇▇, Landlord must take all reasonable steps to mitigate Landlord’s damages, including making reasonable efforts to relet the Premises for a period that is equal to, shorter, or longer than the Term.; or
Appears in 1 contract
Remedies of Landlord. For so long as an Event of Default shall remain uncured, Landlord shall have the following remedies (which remedies are not exclusive and are cumulative and in addition to any rights or remedies at law or in equity now or later allowed to Landlord):
(a) Upon Landlord can continue this Lease in full force and effect without terminating Tenant’s right of possession, and Landlord shall have the occurrence right to collect rent and other monetary charges when due. Landlord may do all acts necessary to maintain or preserve the Leased Premises, as Landlord deems reasonable and necessary, including removal of personal property from the Leased Premises and storage of same in a public warehouse at the expense and risk of the owners thereof. Landlord shall have the right to enter the Leased Premises and re-let them, or any part thereof, to third parties for Tenant’s account. Tenant shall be liable immediately to Landlord for all costs Landlord incurs in reletting the Leased Premises. Reletting can be for a period shorter or longer than the remaining Term of this Lease and at such rent and upon such conditions as Landlord deems reasonable. Any rent received by Landlord from such reletting shall be applied to the payment of:
(i) First, all costs incurred by Landlord in reletting, excluding any repairs or tenant improvements;
(ii) Second, rent due and unpaid under this Lease; and
(iii) Third, future rent as it becomes due under this Lease. Tenant shall pay to Landlord the rent due under this Lease on the dates the rent is due, less the rent Landlord receives from any reletting. No act by Landlord permitted under this Section 18(a) shall be deemed an election to terminate this Lease. Notwithstanding that Landlord fails to elect to terminate the Lease immediately after an Event of Default by ▇▇▇▇▇▇Tenant, Landlord may, at any time during the Term elect to terminate this Lease as a result of any prior Event of Default which has not been cured. After an Event of Default by Tenant and for as long as Landlord does not terminate Tenant’s right to possession of the Leased Premises, and if Tenant obtains Landlord’s consent, Tenant shall have the right to assign or sublet its interest in addition this Lease, but Tenant shall not be released from liability hereunder. Landlord’s consent to such a proposed assignment or subletting shall not be unreasonably withheld.
(b) Landlord can terminate Tenant’s right to possession of the remedies described in § 9.3 and Leased Premises by any lawful means, at any time after an Event of Default by Tenant. No act by Landlord other remedies available than giving written notice to Landlord at law Tenant shall terminate this Lease. Acts of maintenance, efforts to relet the Leased Premises, or in equitythe appointment of a receiver on Landlord’s initiative to protect Landlord’s interests under this Lease shall not constitute a termination of Tenant’s right to possession. On termination, Landlord has the right to terminate this Lease upon not less than 60 days prior written notice to recover from Tenant; provided:
(i) the worth, howeverat the time of the award, that in of any unpaid rent which had been earned at the case time of a non-monetary Event of Default by Tenant that poses an immediate threat to the health or safety of persons or property, Landlord has the right to reduce said 60-day notice period to ten days. Upon such termination; plus
(ii) the worth, this Lease comes at the time of the award, of the amount by which the unpaid rent that would have been earned after the date of termination until the time of award exceeds the amount of the loss of rent that Tenant proves could have been reasonably avoided; plus
(iii) the worth, at the time of the award, of the amount by which the unpaid rent for the balance of the Term after the time of award exceeds the amount of the loss of rent that Tenant proves could have been reasonably avoided. As used in subparagraphs (i) and (ii) above, the “worth at the time of the award” shall be computed by allowing interest at the maximum rate an individual is permitted by law to an end charge. As used in subparagraph (iii) above, the “worth at the time of the award” shall be computed by discounting such amount at the discount rate of six percent (6%) per annum. The term “rent,” as fully and completely as if the Expiration Date stated in such notice were the Expiration Date originally fixed, and ▇▇▇▇▇▇ must then quit and surrender the Premises to Landlord as provided in § 6.7, but ▇▇▇▇▇▇ remains liable for damages arising out of such Event of Default, as provided used in this Lease.
(b) Upon termination of this Lease by Landlord pursuant to this § 9.2Section 18(b), Tenant must pay to Landlord shall include Base Rent payable by Tenant to Landlord up to the Expiration Date, and ▇▇▇▇▇▇ remains liable for any breach of Tenant’s obligations under this Lease occurring before the Expiration Date. In addition, Tenant is liable to pay Landlord, as damages, the aggregate of Rent remaining in the Term.
(c) Tenant must pay Rent in the same manner, to the same extent, and at the same time as if this Lease had not been terminated. In calculating the amounts all other monetary sums required to be paid by Tenant pursuant to the preceding sentence, Landlord must credit Tenant with the net rents that Landlord actually receives from a reletting terms of the Premises. Net rents must be determined by deducting from the gross rents, as and when Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting of the Premises that are allocable to the Term. In no event is Tenant entitled to receive any excess of such net rents over the sums that Tenant must pay to Landlord under this Lease. If Landlord terminates this Lease by reason of an Event of Default by ▇▇▇▇▇▇, Landlord must take all reasonable steps to mitigate Landlord’s damages, including making reasonable efforts to relet the Premises for a period that is equal to, shorter, or longer than the Term.
Appears in 1 contract
Remedies of Landlord. (a) Upon the occurrence of an Event any of Default by ▇▇▇▇▇▇the events of default listed in Article 21, Landlord shall have the option to pursue any remedy available to Prime Landlord as landlord under the Prime Lease or any one or more of the following remedies, without any notice or demand whatsoever:
(i) Terminate this Sublease, in addition to the remedies described in § 9.3 and any other remedies available to Landlord at law or in equity, Landlord has the right to terminate this Lease upon not less than 60 days prior written notice to Tenant; provided, however, that in the case of a non-monetary Event of Default by which event Tenant that poses an immediate threat to the health or safety of persons or property, Landlord has the right to reduce said 60-day notice period to ten days. Upon such termination, this Lease comes to an end as fully and completely as if the Expiration Date stated in such notice were the Expiration Date originally fixed, and ▇▇▇▇▇▇ must then quit and shall immediately surrender the Premises to Landlord. If Tenant fails to so surrender the Premises, Landlord as provided may, without prejudice to any other remedy which it may have for possession of the Premises or arrearages in § 6.7rent, but ▇▇▇▇▇▇ remains enter upon and take possession of the Premises and expel or remove Tenant and any other person who may be occupying such Premises or any part thereof, by force if necessary, without being liable for prosecution or any claim for damages arising out therefor.
(ii) Enter upon and take possession of Premises, by force if necessary, without terminating this Sublease and without being liable for prosecution or for any claim for damages therefor, and expel or remove Tenant and any other person who may be occupying such Premises or any part thereof. Landlord may relet the Premises and receive the rent therefor. Tenant agrees to pay to Landlord monthly or on demand from time to time any deficiency that may arise by reason of any such reletting. In determining the amount of such Event deficiency, the brokerage commission, attorneys' fees, remodeling expenses and other costs incurred by Landlord in connection with such reletting shall be subtracted from the amount of Defaultrent received under such reletting.
(iii) Enter upon the Premises, as provided by force, if necessary, without terminating this Sublease and without being liable for any prosecution or for any claim for damages therefor, and do whatever Tenant is obligated to do under the terms of this Sublease. Tenant agrees to pay Landlord on demand for Landlord's Costs (defined in Article 23) in effecting compliance with Tenant's obligations under this LeaseSublease. Landlord shall not be liable for any damages resulting to the Tenant from such action, whether caused by negligence of Landlord or otherwise.
(b) Upon termination If Landlord elects to terminate this Sublease by reason of this Lease by an event of default, Landlord pursuant may accelerate all Base Rent, Additional Rent and other charges required to this § 9.2, Tenant must pay to Landlord Rent payable be paid by Tenant to Landlord up to the Expiration Date, and ▇▇▇▇▇▇ remains liable for any breach of Tenant’s obligations under this Lease occurring before the Expiration Date. In addition, Tenant is liable to pay Landlord, as damages, the aggregate of Rent remaining in the TermSublease.
(c) In case of any event of default or breach by Tenant, or threatened or anticipatory breach or default, Tenant must shall also be liable for and shall pay Rent on demand to Landlord (in the same manner, addition to the same extent, and at the same time as if this Lease had not been terminated. In calculating the amounts any sum required to be paid by Tenant pursuant to under this Sublease): the preceding sentenceamount of all loss and damage which Landlord may suffer by reason of such default, breach or threatened default or breach; brokers' fees incurred by Landlord must credit Tenant in connection with reletting the net rents that Landlord actually receives from a reletting whole or any part of the Premises. Net rents must be determined by deducting from ; the gross rents, as costs of removing and when Landlord receives the gross rents from such reletting, storing Tenant's or any other occupant's property; the reasonable costs of repairing, altering, remodeling or otherwise putting the Premises into condition reasonably acceptable to a new tenant or tenants; any rent concessions given to a new tenant; all expenses that incurred by Landlord incurs in enforcing or pays in terminating this Lease defending Landlord's rights and/or remedies, including attorneys' fees; and the reasonable expenses that Landlord incurs amount of any rent concession, free rent or pays leasehold improvement allowance given to Tenant in connection with the reletting of the Premises that are allocable to the Term. In no event is Tenant entitled to receive this Sublease and any excess of such net rents over the sums that Tenant must pay to brokerage fee or concession paid by Landlord under this LeaseSublease.
(d) All Base Rent and Additional Rent shall bear interest from the date due until the date paid at the rate of fifteen (15%) percent per annum, not to exceed the maximum rate allowable by law.
(e) All rights and remedies of Landlord herein enumerated shall be cumulative and none shall exclude any other right or remedy allowed by law or equity. If For the purposes of any suit brought or based hereon, this Sublease shall be construed to be a divisible contract, to the end that successive actions may be maintained on this Sublease on successive periodic sums which mature hereunder. Tenant shall pay, upon demand, all of Landlord's costs, charges and expenses, including, without limitation, the fees of counsel, agents and others retained by Landlord terminates this Lease and incurred in enforcing Tenant's obligations hereunder or under a hold over tenancy or incurred by reason of an Event of Default by ▇▇▇▇▇▇Landlord in any litigation, Landlord must take all reasonable steps negotiations or transactions in which Tenant causes Landlord, without Landlord's fault, to mitigate Landlord’s damages, including making reasonable efforts to relet the Premises for a period that is equal to, shorter, become involved or longer than the Termconcerned.
Appears in 1 contract
Sources: Sublease Agreement (Biopure Corp)
Remedies of Landlord. (a) Upon the occurrence of an any Event of Default by ▇▇▇▇▇▇Default, Landlord may exercise any one or more of the following described remedies, in addition to the all other rights and remedies described in § 9.3 and any other remedies available to Landlord at law provided under applicable Laws or in equity:
A. Terminate this Lease Agreement by written notice to Tenant and forthwith repossess the Leased Premises and be entitled to recover forthwith as damages a sum of money equal to the total of (i) the cost of recovering the Leased Premises (including attorneys’ fees and costs of suit), (ii) the cost of removing and storing any personal property, (iii) the unpaid Rent earned at the time of termination, plus interest thereon at the rate described in Section 5C., (iv) the present value (discounted at the rate of eight percent (8%) per annum) of the balance of the Rent for the remainder of the Term less the present value (discounted at the same rate) of the fair market rental value of the Leased Premises for said period, taking into account the period of time the Leased Premises will remain vacant until a new tenant is obtained, and the cost to prepare the Leased Premises for occupancy and the other costs (such as leasing commissions, tenant improvement allowances and attorneys’ fees) to be incurred by Landlord in connection therewith, and (v) any other sum of money and damages owed by Tenant to Landlord under this Lease Agreement.
B. Terminate Tenant’s right of possession (but not this Lease Agreement) and may repossess the Leased Premises by forcible detainer suit or otherwise, without thereby releasing Tenant from any liability hereunder and without demand or notice of any kind to Tenant and without terminating this Lease Agreement. Subject to Section 16E. below, Landlord has shall use reasonable efforts under the circumstances to relet the Leased Premises on such terms and conditions as Landlord in its sole discretion may determine (including a term different than the Term, rental concessions, alterations and repair of the Leased Premises). Landlord shall not be liable for, nor shall Tenant’s obligations hereunder be diminished because of, Landlord’s failure or refusal to relet the Leased Premises or collect rent due in respect of such reletting. For the purpose of such reletting Landlord shall have the right to decorate or to make any repairs, changes, alterations or additions in or to the Leased Premises as may be reasonably necessary or desirable. In the event that (i) Landlord shall fail to relet the Leased Premises, or (ii) the Leased Premises are relet and a sufficient sum shall not be realized from such reletting (after first deducting therefrom, for retention by Landlord, the unpaid Rent due hereunder earned but unpaid at the time of reletting plus interest thereon at the rate specified in Section 5C., the cost of recovering possession (including attorneys’ fees and costs of suit), all of the costs and expenses of such decorations, repairs, changes, alterations and additions, the expense of such reletting and the cost of collection of the rent accruing therefrom) to satisfy the Rent, then Tenant shall pay to Landlord as damages a sum equal to the amount of such deficiency. Any such payments due Landlord shall be made upon demand therefor from time to time and Tenant agrees that Landlord may file suit to recover any sums falling due under the terms of this Section 16 from time to time. No delivery to or recovery by Landlord of any portion due Landlord hereunder shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall such reletting be construed as an election on the part of Landlord to terminate this Lease upon not less than 60 days prior Agreement unless a written notice of such intention be given to Tenant by Landlord. Notwithstanding any such termination of Tenant’s right of possession of the Leased Premises, Landlord may at any time thereafter elect to terminate this Lease Agreement. In any proceedings to enforce this Lease Agreement under this Section 16, Landlord shall be presumed to have used its reasonable efforts to relet the Leased Premises, and Tenant shall bear the burden of proof to establish that such reasonable efforts were not used.
C. Alter any and all locks and other security devices at the Leased Premises, and if it does so Landlord shall not be required to provide a new key or other access right to Tenant unless Tenant has cured all Events of Default; provided, however, that in any such instance, during Landlord’s normal business hours and at the convenience of Landlord, and upon the written request of Tenant accompanied by such written waivers and releases as Landlord may require, Landlord will escort Tenant or its authorized personnel to the Leased Premises to retrieve any personal belongings or other property of Tenant. The provisions of this Section 16.C are intended to override and control any conflicting provisions of the Texas Property Code.
D. Make any payment or perform any act on Tenant’s part to cure such Event of Default without waiving or releasing Tenant from any obligations. All sums so paid by Landlord and all costs incurred by Landlord in taking such action plus interest thereon at the lesser of ten percent (10%) per annum or the highest rate then allowed under Laws shall be deemed Additional Rent hereunder and shall be paid to Landlord on demand, and Landlord shall have (in addition to all other rights and remedies of Landlord) the same rights and remedies in the event of the non-payment thereof by Tenant as in the case of a non-monetary default by Tenant in the payment of Rent.
E. In connection with the exercise by Landlord of its rights and remedies in respect of any Event of Default by Tenant that poses an immediate threat on the part of Tenant, to the health extent (but no further) that Landlord is required by applicable Laws to mitigate damages, or safety to use efforts to do so, Tenant agrees in favor of persons Landlord that Landlord shall not be deemed to have failed to mitigate damages, or propertyto have used the efforts required by Laws to do so, because:
(1) Landlord has leases other property owned by Landlord prior to re-letting the right Leased Premises;
(2) Landlord refuses to reduce said 60-day notice period to ten days. Upon such termination, this Lease comes to an end as fully and completely as if relet the Expiration Date stated in such notice were the Expiration Date originally fixed, and ▇▇▇▇▇▇ must then quit and surrender the Leased Premises to Landlord as provided in § 6.7any affiliate of Tenant, but ▇▇▇▇▇▇ remains liable for damages arising out or any principal of Tenant, or any affiliate of such Event of Default, as provided in this Lease.
principal (b) Upon termination for purposes of this Lease by Landlord pursuant to this § 9.2, Tenant must pay to Landlord Rent payable by Tenant to Landlord up to the Expiration Date, and ▇▇▇▇▇▇ remains liable for any breach of Tenant’s obligations under this Lease occurring before the Expiration Date. In addition, Tenant is liable to pay Landlord, as damages, the aggregate of Rent remaining in the Term.
(c) Tenant must pay Rent in the same manner, to the same extent, and at the same time as if this Lease had not been terminated. In calculating the amounts to be paid by Tenant pursuant to the preceding sentence, Landlord must credit Tenant with the net rents that Landlord actually receives from a reletting of the Premises. Net rents must be determined by deducting from the gross rents, as and when Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting of the Premises that are allocable to the Term. In no event is Tenant entitled to receive any excess of such net rents over the sums that Tenant must pay to Landlord under this Lease. If Landlord terminates this Lease by reason of an Event of Default by ▇▇▇▇▇▇, Landlord must take all reasonable steps to mitigate Landlord’s damages, including making reasonable efforts to relet the Premises for a period that is equal to, shorter, or longer than the Term.Agreement,
Appears in 1 contract
Sources: Build to Suit Lease Agreement (Cardiovascular Systems Inc)
Remedies of Landlord. In the event of default by Tenant, Landlord shall have the following rights and remedies in addition to all other rights and remedies otherwise available to Landlord:
(a) Upon Landlord shall be entitled to immediately accelerate upon written notice to Tenant the occurrence full balance of an Event the rent payable for the remainder of Default by ▇▇▇▇▇▇the term, in addition or renewal term, of this Lease; provided, however, such amount shall be reduced to present value as of the remedies described in § 9.3 and any other remedies available to date of payment based on interest rate of seven percent (7%) per annum.
(b) Landlord at law or in equity, Landlord has shall have the right to terminate this Lease upon not less than 60 days prior written notice to Tenant; provided, however, that in the case of a non-monetary Event of Default by Tenant that poses an immediate threat without prejudice to the health any claim for rents or safety of persons other sums due or property, Landlord has the right to reduce said 60-day notice period to ten days. Upon such termination, this Lease comes to an end as fully and completely as if the Expiration Date stated in such notice were the Expiration Date originally fixed, and ▇▇▇▇▇▇ must then quit and surrender the Premises to Landlord as provided in § 6.7, but ▇▇▇▇▇▇ remains liable for damages arising out of such Event of Default, as provided in become due under this Lease.
(bc) Upon termination Landlord shall have the immediate right of re-entry and may remove all persons and property from the Leased Premises. Such property may be removed and stored at the cost of Tenant. Should Landlord elect to re-enter as herein provided, or should Landlord take possession pursuant to legal proceedings, Landlord may either terminate this Lease or, from time to time, without terminating this Lease, relet the Leased Premises or any part thereof for such term or terms (which may be for a term extending beyond the term of this Lease by Landlord pursuant Lease) and at such rental or rentals and upon such other terms and conditions as Landlord, in the exercise of its sole discretion, deems advisable, with the right to this § 9.2, Tenant must pay to Landlord Rent payable by Tenant to Landlord up make alterations and repairs to the Expiration DateLeased Premises. Upon each such reletting, and ▇▇▇▇▇▇ remains liable for any breach of Tenant’s obligations under this Lease occurring before the Expiration Date. In addition, (i) Tenant is shall be immediately liable to pay to Landlord, as damagesin addition to any indebtedness other than rent due hereunder, the aggregate cost and expense of Rent remaining such reletting and of any such alterations and repairs incurred by Landlord, and the amount, if any, by which the rent reserved in this Lease for the Termperiod of the reletting as accelerated under Subparagraph (a) of this Paragraph, exceeds the amount agreed to be paid for rent for the Leased Premises by the reletting Tenant; or (ii) at the option of Landlord, rents received by Landlord from such reletting shall be applied first, to the payment of any indebtedness other than rent due hereunder from Tenant to Landlord; second, to the payment of any costs and expenses of such reletting and of such alterations and repairs; third, to the payment of rent unpaid hereunder; and the residue, if any, held by Landlord and applied in payment of future unaccelerated rent as the same may become due and payable hereunder.
(cd) Landlord may immediately sue ▇▇ recover from Tenant must pay Rent in the same manner, to the same extent, and at the same time as if this Lease had not been terminated. In calculating the amounts to be paid by Tenant pursuant to the preceding sentence, all damages Landlord must credit Tenant with the net rents that Landlord actually receives from a reletting of the Premises. Net rents must be determined by deducting from the gross rents, as and when Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting of the Premises that are allocable to the Term. In no event is Tenant entitled to receive any excess of such net rents over the sums that Tenant must pay to Landlord under this Lease. If Landlord terminates this Lease may incur by reason of an Event of Default by ▇▇▇▇▇▇, Landlord must take all reasonable steps to mitigate Landlord’s damagesTenant's default, including making reasonable efforts the cost of recovering the Leased Premises, and including the rent reserved and charged in this Lease for the remainder of the stated term as accelerated under Subparagraph (a) of this Paragraph, all of which shall be immediately due and payable along with attorneys' fees and Landlord shall have no obligation to relet the Premises for a period that is equal to, shorter, or longer than the Termrelet.
Appears in 1 contract
Sources: Lease (Airgate PCS Inc /De/)
Remedies of Landlord. If any one or more events of default shall -------------------- happen, then Landlord shall have the right at Landlord's election, then or at any time thereafter while in default, upon ten days notice, to reenter and take possession of the Premises or any part thereof and repossess the same as Landlord's former estate and expel Tenant and those claiming through or under Tenant, and remove the effects of both or either, without being deemed guilty of any manner of trespass, and without prejudice to any remedies for arrears of rent or breach of covenants or prior conditions and without terminating this Lease. Should Landlord elect to reenter as provided in this Subsection, or should Landlord take possession pursuant to legal proceedings or pursuant to any notice provided for by law including a proceeding for possession pursuant to Colorado's Forcible Entry and unlawful Detainer Statutes, Landlord may, from time to time, without terminating this Lease either;
(ai) Upon Relet the occurrence Premises or any part thereof in Landlord's or Tenant's name, but for the account of an Event Tenant, for a term or terms (which may be greater or less than the period which would otherwise have constituted the balance of Default by ▇▇▇▇▇▇the term of this Lease) and on conditions and upon other terms (which may include concessions of free rent and alteration and repair of the Premises) as Landlord, in addition its sole discretion, may determine, and Landlord may collect and receive the rents. Landlord shall use reasonable efforts to relet the remedies described in § 9.3 Premises and maximize the income generated by the Premises. No reentry or taking possession of the Premises by Landlord shall be construed as an election on Landlord's part to terminate this Lease unless a written notice of such intention be given to Tenant. No notice from Landlord hereunder or under a forcible entry and unlawful detainer statute or similar law shall constitute an election by Landlord to terminate this Lease unless such notice specifically so states. Landlord reserves the right following any other remedies available reentry and/or reletting to Landlord at law or in equity, Landlord has the exercise its right to terminate this Lease upon not less than 60 days prior by giving Tenant written notice to Tenant; providednotice, however, that in which event the Lease will terminate as specific in the case notice.
(ii) If Landlord elects to take possession of a non-monetary Event of Default by Tenant that poses an immediate threat to the health or safety of persons or property, Landlord has the right to reduce said 60-day notice period to ten days. Upon such termination, this Lease comes to an end as fully and completely as if the Expiration Date stated in such notice were the Expiration Date originally fixed, and ▇▇▇▇▇▇ must then quit and surrender the Premises to Landlord as provided in § 6.7, but ▇▇▇▇▇▇ remains liable for damages arising out of such Event of Default, as provided in this Subsection (a) without terminating the Lease., Tenant shall pay to Landlord (1) the Rent and other sums due under this Lease which would be payable if repossession had not occurred, less (2) the net proceeds, if any, of any reletting of the Premises after deducting all Landlord's expenses in connection with the reletting, including, but without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys' fees, expenses of employees, alteration, remodeling and repair costs and expenses of preparation of the reletting. If, in connection with any reletting, the new lease term extends beyond the existing term, or the premises covered include other premises not part of the Premises, a fair apportionment of the rent received from the reletting and the expenses incurred in connection with the reletting will be made in determining the net proceeds received from reletting. In addition, in determining the net proceeds from reletting, any rent concession will be apportioned over the term of the new Lease; or
(b) Upon termination To give Tenant written notice of intention to terminate this Lease on the date of the notice, or on any later date specified in the notice. Tenant's right to possession of the Premises shall cease and the Lease shall thereupon be terminated, except as to Tenant's liability under this Lease, as if the expiration of the term fixed in the notice were the end of the term originally demised, including as extended by the exercise of any options granted to Tenant. If this Lease is terminated pursuant to the provisions of this Lease by Landlord Subsection (b), or terminated pursuant to this § 9.2a proceeding for possession under the Colorado Forcible Entry and Unlawful Detainer Statutes, Tenant must pay shall remain liable to Landlord for damages in an amount equal to the Rent payable and other sums which would have been owing by Tenant to Landlord up to the Expiration Date, and ▇▇▇▇▇▇ remains liable for any breach of Tenant’s obligations under this Lease occurring before for the Expiration Date. In additionbalance of the Term had this Lease not been terminated, Tenant is liable less the net proceeds, if any, of any reletting of the Premises by Landlord subsequent to pay the termination, after deducting all Landlord's expenses in connection with such reletting, as damagesincluding, but without limitation, the aggregate of expenses enumerated in Subsection (a) above. Landlord shall be entitled to collect damages from Tenant monthly on the days on which the Rent remaining in the Term.
(c) Tenant must pay Rent in the same manner, to the same extent, and at the same time as other amounts would have been payable if this Lease had not been terminated. In calculating the amounts to be paid by Tenant pursuant to the preceding sentence, Landlord must credit Tenant with the net rents that Landlord actually receives from a reletting of the Premises. Net rents must be determined by deducting from the gross rents, as and when Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting of the Premises that are allocable to the Term. In no event is Tenant entitled to receive any excess of such net rents over the sums that Tenant must pay to Landlord under this Lease. If Landlord terminates this Lease by reason of an Event of Default by ▇▇▇▇▇▇, Landlord must take all reasonable steps to mitigate Landlord’s damages, including making reasonable efforts to relet the Premises for a period that is equal to, shorter, or longer than the Term.
Appears in 1 contract
Sources: Agreement of Understanding (Bi Inc)
Remedies of Landlord. (a) Upon the occurrence of an any Event of Default set forth in Section 13.01, Landlord shall have the following rights and remedies, in addition to those allowed by law, any or all of which may be exercised without additional notice or demand upon Tenant.
(A) Landlord may apply the security deposit, or any other prepaid funds or reenter the Leased Premises and cure any default of Tenant. In such event Tenant shall immediately reimburse Landlord as additional rental for any such costs, and shall restore the security deposit, or other prepaid funds used by Landlord to cure Tenant’s default; and Landlord shall not be liable to Tenant for any loss or damage which Tenant may sustain by reason of Landlord’s actions, whether or not caused by ▇▇▇▇▇▇▇▇’s gross negligence.
(B) Landlord, in addition at any time thereafter, may at its option give written notice thereof to the remedies described in § 9.3 and any other remedies available to Landlord at law or in equity, Landlord has the right to terminate Tenant stating that this Lease and the Lease Term hereby demised shall expire and terminate on the date specified in such notice, and upon not less than 60 days prior written notice to Tenant; provided, however, that the date specified in the case of a non-monetary Event of Default by Tenant that poses an immediate threat to the health or safety of persons or property, Landlord has the right to reduce said 60-day notice period to ten days. Upon such terminationnotice, this Lease comes to an end as fully and completely the Lease Term hereby demised, and all rights of Tenant under this Lease shall expire and terminate as if the Expiration Date stated in such notice date were the Expiration Date originally fixeddate herein definitely fixed for the termination of the Lease Term, and ▇▇▇▇▇▇ must then in which event Tenant shall thereupon quit and surrender the Leased Premises but shall remain liable as hereinafter provided. Landlord may without notice, reenter and repossess the Leased Premises using such force for that purpose as may be necessary without being liable to indictment, prosecution, or damages therefore, and Tenant shall nevertheless remain liable as hereinafter provided for the remainder of the Lease Term. Notwithstanding the termination of this Lease, Landlord as provided in § 6.7may declare all rental which would have been due under the Lease for the balance of the term to be immediately due and payable, but ▇▇▇▇▇▇ remains and Tenant shall then be liable for damages arising out the same to Landlord, together with all loss or damage Landlord may sustain by reason of such Event default and termination, it being expressly agreed and understood that such liabilities and remedies herein specified shall survive the termination of Default, as provided in this Lease.
(bC) Upon termination Landlord may, without terminating this Lease, reenter the Leased Premises and at its option, repair and alter the Leased Premises in such manner as Landlord may deem necessary or advisable, and/or let or relet the premises or any parts thereof for the whole or any part of this the remainder of the Lease Term for a longer period, in Landlord’s name or as agent of Tenant, and out of any rental collected or received as a result of such letting or reletting Landlord shall first, pay to itself the cost and expense of retaking, repossessing, repairing and/or altering the Leased Premises, and the cost and expense of removing all personal property therefrom; second, pay to itself the cost and expense sustained in securing any new tenants, and if Landlord shall maintain and operate the Leased Premises, the reasonable cost and expense of operating and maintaining the Leased Premises; and, third, pay to itself any balance remaining on account of the liability of Tenant to Landlord. No reentry by Landlord pursuant to this § 9.2, shall absolve or discharge Tenant must pay to from liability hereunder. Landlord Rent payable by Tenant to Landlord up to the Expiration Date, and ▇▇▇▇▇▇ remains shall in no way be responsible or liable for any breach of Tenant’s obligations under this Lease occurring before failure to relet the Expiration Date. In additionLeased Premises or any part thereof, Tenant is liable or for any failure to pay Landlord, as damages, the aggregate of Rent remaining in the Termcollect any rental due on any such reletting.
(cD) Tenant must pay Rent in the same manner, Landlord may sue for injunctive relief or to the same extent, and at the same time as if this Lease had not been terminated. In calculating the amounts to be paid by Tenant pursuant to the preceding sentence, Landlord must credit Tenant with the net rents that Landlord actually receives from a reletting of the Premises. Net rents must be determined by deducting recover damages for any loss resulting from the gross rents, as and when Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting of the Premises that are allocable to the Term. In no event is Tenant entitled to receive any excess of such net rents over the sums that Tenant must pay to Landlord under this Lease. If Landlord terminates this Lease by reason of an Event of Default by ▇▇▇▇▇▇, Landlord must take all reasonable steps to mitigate Landlord’s damages, including making reasonable efforts to relet the Premises for a period that is equal to, shorter, or longer than the Termbreach.
Appears in 1 contract
Sources: Office Lease
Remedies of Landlord. (a) Upon the occurrence of an any Event of Default by ▇▇▇▇▇▇set forth in Section 15.01, Landlord shall have the following rights and remedies, in addition to those allowed by law or equity, any one or more of which may be exercised without further notice to or demand upon Tenant:
A. Landlord may cancel and terminate this Lease and, with appropriate legal process or otherwise in accordance with Section 83.05, Florida Statutes, dispossess Tenant;
B. Landlord may without terminating or canceling this Lease declare the remedies described present value of all amounts and rents due under this Lease for the remainder of the existing Lease Term to be immediately due and payable, and thereupon all rents and other charges due hereunder to the end of the then current Lease Term, shall be accelerated. In such event Additional Rental due until the end of the then current lease term shall be calculated by adding the amount of five percent (5%) per year to the amount of Additional Rental last payable by Tenant under this Lease. An annual discount rate of five percent (5%) shall be used in § 9.3 calculating the present value of sums due to Landlord in the event of such acceleration. If Landlord exercises its remedy to retake possession of the Premises and collects from Tenant the full amount of the accelerated Rent as set forth above or otherwise determined by court order, Landlord shall account to Tenant, on an annual basis through the date of expiration of the Lease Term, for amounts actually collected by Landlord as a result of a reletting during the Lease Term, after deducting and net of Landlord’s reletting expenses, re-tenanting the space, including but not limited to, costs of alterations, repairs and tenant construction, real estate broker fees, legal and architectural fees and costs, and any other remedies available damages and obligations of Tenant arising from the default.
C. Landlord may, with appropriate legal process or otherwise in accordance with Section 83.05, Florida Statutes, elect to Landlord at law or enter and repossess the Premises and relet the Premises for Tenant’s account, holding Tenant liable in equity, Landlord has the right to terminate this Lease upon not less than 60 days prior written notice to Tenant; provided, however, that in the case of a non-monetary Event of Default by Tenant that poses an immediate threat to the health or safety of persons or property, Landlord has the right to reduce said 60-day notice period to ten days. Upon such termination, this Lease comes to an end as fully and completely as if the Expiration Date stated damages for all expenses incurred in such notice were reletting and for any difference between the Expiration Date originally fixedamount of rent received from such reletting and the amount due and payable under the terms of this Lease;
D. Landlord may, and ▇▇▇▇▇▇ must then quit and surrender with appropriate legal process or otherwise in accordance with Section 83.05, Florida Statutes, enter upon the Premises and do whatever Tenant is obligated to Landlord as provided in § 6.7, but ▇▇▇▇▇▇ remains liable for damages arising out of such Event of Default, as provided in this Lease.
(b) Upon termination do under the terms of this Lease by (and Tenant shall reimburse Landlord pursuant to this § 9.2, Tenant must pay to Landlord Rent payable by Tenant to Landlord up to the Expiration Date, and ▇▇▇▇▇▇ remains liable on demand for any breach of expenses which Landlord may incur in effecting compliance with Tenant’s obligations under this Lease occurring before the Expiration Date. In additionLease, Tenant is and Landlord shall not be liable to pay Landlord, as damages, the aggregate of Rent remaining in the Term.
(c) Tenant must pay Rent in the same manner, for any damages resulting to the same extent, and at the same time as if this Lease had not been terminated. In calculating the amounts to be paid by Tenant pursuant to the preceding sentence, Landlord must credit Tenant with the net rents that Landlord actually receives from a reletting of the Premises. Net rents must be determined by deducting from the gross rents, as and when Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting of the Premises that are allocable to the Term. In no event is Tenant entitled to receive any excess of such net rents over the sums that Tenant must pay to Landlord under this Lease. If Landlord terminates this Lease by reason of an Event of Default by ▇▇▇▇▇▇, Landlord must take all reasonable steps to mitigate Landlord’s damages, including making reasonable efforts to relet the Premises for a period that is equal to, shorter, or longer than the Termaction).
Appears in 1 contract
Sources: Office Lease Agreement (Twinlab Consolidated Holdings, Inc.)
Remedies of Landlord. The remedies provided Landlord under this Lease are cumulative.
(a) Upon the occurrence of an Event of Default by ▇▇▇▇▇▇any default, Landlord may serve notice on Tenant that the Term and the estate hereby vested in addition to the remedies described in § 9.3 Tenant and any and all other remedies available to Landlord at law or rights of Tenant hereunder shall cease on the date specified in equity, Landlord has such notice and on the right to terminate specified date this Lease upon not less than 60 days prior written notice to Tenant; provided, however, that shall cease and expire as fully and with the effect as if the Term had expired for passage of time.
(b) Without terminating this Lease in the case of a non-monetary Event of Default by Tenant that poses an immediate threat to the health default or safety of persons or propertyif this Lease shall be terminated for default as provided herein, Landlord has may re-enter the right Premises, remove Tenant, or cause Tenant to reduce said 60-day notice period to ten days. Upon such termination, this Lease comes to an end as fully and completely as if be removed from the Expiration Date stated Premises in such notice were the Expiration Date originally fixedmanner as Landlord may deem advisable, with or without legal process, and ▇▇▇▇▇▇ must then quit and surrender using such reasonable force as may be necessary. In the Premises event of re-entry without terminating this Lease, Tenant shall continue to Landlord as provided in § 6.7, but ▇▇▇▇▇▇ remains be liable for damages arising out of such Event of Default, as provided in all Rents and other charges accruing or coming due under this Lease.
(bc) Upon termination If Landlord, without terminating this Lease, shall re-enter the Premises or if this Lease shall be terminated provided in paragraph (a) above:
(i) All Rent due from Tenant to Landlord shall thereupon become due and shall be paid up to the time of re-entry, dispossession or expiration, together with reasonable costs and expenses (including, without limitation, attorney's fees) of Landlord;
(ii) Landlord, without any obligation to do so, may relet the Premises or any part thereof for a term or terms which may at Landlord's option be less than or exceed the period which would otherwise have constituted the balance of the Term and may grant such concessions in reletting as Landlord, in the exercise of its reasonable business judgment, deems desirable. In connection with such reletting, Tenant shall be liable for all costs of the reletting including, without limitation, rent concessions, leasing commissions, legal fees and alteration and remodeling costs; and
(iii) If Landlord shall have terminated this Lease. Tenant shall also be liable to Landlord for all damages provided for in law and under this Lease resulting from Tenant's breach including, without limitation, the difference between the aggregate rentals reserved under the terms of this Lease by Landlord pursuant to for the balance of the Term together with all other sums payable hereunder as Rent for the balance of the Term, less the fair rental value of the Premises for that period determined as of the date of such termination. For purposes of this § 9.2paragraph, Tenant must pay shall be deemed to Landlord Rent payable by Tenant to Landlord up to include any guarantor or surety of the Expiration Date, and ▇▇▇▇▇▇ remains liable for any breach of Tenant’s obligations under this Lease occurring before the Expiration Date. In addition, Tenant is liable to pay Landlord, as damages, the aggregate of Rent remaining in the TermLease.
(cd) Tenant must pay Rent hereby waives all right to trial by jury in any claim, action proceeding or counterclaim by either Landlord or Tenant against each other or any matter arising out of or in any way connected with this Lease, the same mannerrelationship of Landlord and Tenant, and/or Tenant's use or occupancy or the Premises.
(e) In addition to the same extent, and at the same time as if this Lease had not been terminated. In calculating the amounts to be paid by Tenant pursuant to the preceding sentenceabove, Landlord must credit Tenant with the net rents that Landlord actually receives from shall have any and all other rights provided a reletting of the Premises. Net rents must be determined by deducting from the gross rents, as and when Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting of the Premises that are allocable to the Term. In no event is Tenant entitled to receive any excess of such net rents over the sums that Tenant must pay to Landlord under this Lease. If Landlord terminates this Lease law or equity for breach of a tease or tenancy by reason of an Event of Default by ▇▇▇▇▇▇, Landlord must take all reasonable steps to mitigate Landlord’s damages, including making reasonable efforts to relet the Premises for a period that is equal to, shorter, or longer than the TermTenant.
Appears in 1 contract
Sources: Office Lease (C B Com Inc)
Remedies of Landlord. (a) Upon the occurrence of an any Event of Default by ▇▇▇▇▇▇Default, Landlord may exercise any one or more of the following described remedies, in addition to the all other rights and remedies described in § 9.3 and any other remedies available to Landlord provided at law or in equity:
A. Terminate this Lease Agreement by written notice to Tenant and forthwith repossess the Leased Premises and be entitled to recover forthwith as damages a sum of money equal to the total of (i) the cost of recovering the Leased Premises (including attorneys’ fees and costs of suit), (ii) the cost of removing and storing any personal property, (iii) the unpaid Rent earned at the time of termination, plus interest thereon at the rate described in Section 5, (iv) the present value (discounted at the rate of eight percent (8%) per annum) of the balance of the Rent for the remainder of the Term less the present value (discounted at the same rate) of the fair market rental value of the Leased Premises for said period, taking into account the period of time the Leased Premises will remain vacant until a new tenant is obtained, and the cost to prepare the Leased Premises for occupancy and the other costs (such as leasing commissions, tenant improvement allowances and attorneys’ fees) to be incurred by Landlord in connection therewith, and (v) any other sum of money and damages owed by Tenant to Landlord under this Lease Agreement.
B. Terminate Tenant’s right of possession (but not this Lease Agreement) and may repossess the Leased Premises by forcible detainer suit or otherwise, without thereby releasing Tenant from any liability hereunder and without demand or notice of any kind to Tenant and without terminating this Lease Agreement. Landlord shall use reasonable efforts under the circumstances to relet the Leased Premises on such terms and conditions as Landlord in its sole discretion may determine (including a term different than the Term, rental concessions, alterations and repair of the Leased Premises); provided, however, Landlord has hereby reserves the right (i) to lease any other comparable space available in the Building or in any adjacent building owned by Landlord prior to offering the Leased Premises for lease, and (ii) to refuse to lease the Leased Premises to any potential tenant which does not meet Landlord’s standards and criteria for leasing other comparable space in the Building. Landlord shall not be liable for, nor shall Tenant’s obligations hereunder be diminished because of, Landlord’s failure or refusal to relet the Leased Premises or Landlord’s inability to collect rent due in respect of such reletting. For the purpose of such reletting Landlord shall have the right to decorate or to make any repairs, changes, alterations or additions in or to the Leased Premises as may be reasonably necessary or desirable. In the event that (i) Landlord shall fail or refuse to relet the Leased Premises, or (ii) the Leased Premises are relet and a sufficient sum shall not be realized from such reletting (after first deducting therefrom, for retention by Landlord, the unpaid Rent due hereunder earned but unpaid at the time of reletting plus interest thereon at the rate specified in Section 5, the cost of recovering possession (including attorneys’ fees and costs of suit), all of the costs and expenses of such decorations, repairs, changes, alterations and additions, the expense of such reletting and the cost of collection of the rent accruing therefrom) to satisfy the Rent, then Tenant shall pay to Landlord as damages a sum equal to the amount of such deficiency. Any such payments due Landlord shall be made upon demand therefor from time to time and Tenant agrees that Landlord may file suit to recover any sums falling due under the terms of this Section 16 from time to time. No delivery to or recovery by Landlord of any portion due Landlord hereunder shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall such reletting be construed as an election on the part of Landlord to terminate this Lease upon not less than 60 days prior Agreement unless a written notice of such intention be given to Tenant by Landlord. Notwithstanding any such termination of Tenant’s right of possession of the Leased Premises, Landlord may at any time thereafter elect to terminate this Lease Agreement. In any proceedings to enforce this Lease Agreement under this Section 16, Landlord shall be presumed to have used its reasonable efforts to relet the Leased Premises, and Tenant shall bear the burden of proof to establish that such reasonable efforts were not used.
C. Alter any and all locks and other security devices at the Leased Premises, and if it does so Landlord shall not be required to provide a new key or other access right to Tenant unless Tenant has cured all Events of Default; provided, however, that in any such instance, during Landlord’s normal business hours and at the convenience of Landlord, and upon the written request of Tenant accompanied by such written waivers and releases as Landlord may require, Landlord will escort Tenant or its authorized personnel to the Leased Premises to retrieve any personal belongings or other property of Tenant. The provisions of this Section 16.C are intended to override and control any conflicting provisions of the Texas Property Code.
D. All agreements and provisions to be performed by Tenant under any of the terms of this Lease Agreement shall be at Tenant’s sole cost and expense and without any abatement of Rent except as otherwise provided herein. If Tenant, subject to the notice and cure provisions herein provided, shall fail to pay any sum of money, other than Base Rent, required to be paid by it hereunder or shall fail to cure any default, then Landlord may, but shall not be obligated so to do, and without waiving or releasing Tenant from any obligations, make any such payment or perform any such act on Tenant’s part. All sums so paid by Landlord and all costs incurred by Landlord in taking such action shall be deemed Additional Rent hereunder and shall be paid to Landlord on demand, and Landlord shall have (in addition to all other rights and remedies of Landlord) the same rights and remedies in the event of the non-payment thereof by Tenant as in the case of a non-monetary default by Tenant in the payment of Rent.
E. In connection with the exercise by Landlord of its rights and remedies in respect of any Event of Default by Tenant that poses an immediate threat on the part of Tenant, to the health extent (but no further) that Landlord is required herein or safety by applicable Texas law to mitigate damages, or to use efforts to do so, Tenant agrees in favor of persons Landlord that Landlord shall not be deemed to have failed to mitigate damages, or propertyto have used the efforts required by law to do so, because:
(1) Landlord has leases other space in the right Building prior to reduce said 60re-day notice period letting the Leased Premises;
(2) Landlord refuses to ten days. Upon relet the Leased Premises to any affiliate of Tenant, or any principal of Tenant, or any affiliate of such terminationprincipal (for purposes of this Lease, this Lease comes "affiliate" shall mean and refer to an end as fully and completely as if any person or entity controlling, under common control with, or controlled by, the Expiration Date stated party in such notice were question);
(3) Landlord refuses to relet the Expiration Date originally fixed, and Leased Premises to any person or entity whose creditworthiness Landlord in good f▇▇▇▇ ▇▇▇▇▇ must then quit and surrender unacceptable;
(4) Landlord refuses to relet the Leased Premises to any person or entity because the use proposed to be made of the Leased Premises by such prospective tenant is not of a type and nature consistent with that of the other tenants in the Building or the floor where the Leased Premises are situated as of the date Tenant defaults under this Lease Agreement, or because such use would, in the good faith opinion of Landlord, impose unreasonable or excessive demands upon the Building;
(5) Landlord as provided refuses to relet the Leased Premises to any person or entity, or any affiliate of such person or entity, who has been engaged in § 6.7litigation with, but or who has threatened litigation against, Landlord or any of its affiliates, or whom Landlord in good f▇▇▇▇ ▇▇▇▇▇ remains liable for damages arising out of such Event of Default, as provided in this Lease.to be unreasonably or excessively litigious;
(b6) Upon termination Landlord refuses to relet the Leased Premises because the tenant or the terms and provisions of this Lease the proposed lease are not approved by the holders of any liens or security interests in the Building or any part thereof, or would cause Landlord pursuant to this § 9.2breach or be in default of, Tenant must pay or to be unable to perform any of its covenants under, any agreements between Landlord Rent payable by Tenant and any third party;
(7) Landlord refuses to Landlord up relet the Leased Premises because the proposed tenant is unwilling to execute and deliver Landlord’s standard lease form without substantial tenant-oriented modifications or such tenant requires improvements to the Expiration DateLeased Premises to be paid at Landlord’s cost and expense; or
(8) Landlord refuses to relet the Leased Premises to a person or entity whose character or reputation, and or the nature of whose business, Landlord in good f▇▇▇▇ ▇▇▇▇▇ remains liable unacceptable; and it is further agreed that each and all of the grounds for refusal set forth in clauses (1) through (8) above, both inclusive, of this sentence are reasonable grounds for Landlord's refusal to relet the Leased Premises, or (as to all other provisions of this Lease Agreement) for Landlord's refusal to issue any breach approval, or take any other action, of Tenant’s obligations any nature whatsoever under this Lease occurring before the Expiration DateAgreement. In additionthe event the waiver set forth in this Section 16.E shall be ineffective, Tenant is liable to pay further agrees in favor of Landlord, as damages, the aggregate of Rent remaining in the Term.
(c) Tenant must pay Rent in the same manner, to the same extentmaximum extent to which it may lawfully and effectively do so, that the following efforts to mitigate damages if made by Landlord (and without obligating Landlord to render such efforts) shall be conclusively deemed reasonable, and at the same time as if this Lease had not been terminated. In calculating the amounts to be paid by Tenant pursuant to the preceding sentence, Landlord must credit Tenant with the net rents that Landlord actually receives from a reletting of shall be conclusively deemed to have used the Premises. Net rents must be determined by deducting from the gross rents, as and when Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting of the Premises that are allocable to the Term. In no event is Tenant entitled to receive any excess of such net rents over the sums that Tenant must pay to Landlord under this Lease. If Landlord terminates this Lease by reason of an Event of Default by ▇▇▇▇▇▇, Landlord must take all reasonable steps efforts to mitigate Landlord’s damages, including making reasonable efforts damages required by applicable law if: Landlord places the Leased Premises on its inventory of available space in the Building; Landlord makes such inventory available to relet brokers who request same; and Landlord shows the Leased Premises for a period that is equal to, shorter, to prospective tenants (or longer than the Termtheir brokers) who request to see it.
Appears in 1 contract
Remedies of Landlord. (a) Upon the occurrence of an Event any event of Default by ▇▇▇▇▇▇default set forth in Paragraph 15.01, Landlord shall have the following rights and remedies, in addition to the remedies described in § 9.3 and any other remedies available to Landlord at those allowed by law or in equity, any one or more of which may be exercised without further notice to or demand upon Tenant:
A. Landlord has may apply the right security deposit and/or re-enter the Premises and cure any default of Tenant, in which event Tenant shall, upon demand, reimburse Landlord as Additional Rent for any reasonable costs and expenses which Landlord may incur to cure such default; and, Landlord shall not be liable to Tenant for any loss or damage which Tenant may sustain by reason of Landlord’s action. In the event Landlord should consult with or employ the services of legal counsel or bring suit against Tenant for any default or enforcement of any terms of this Lease, Tenant shall be liable for all such attorney’s fees and litigation costs incurred by Landlord and the same shall be recoverable against Tenant in addition to all other amounts that Landlord may recover.
B. Landlord may terminate this Lease upon not less than 60 days prior written notice to Tenant; provided, however, that in as of the case date of a non-monetary Event of Default by Tenant that poses an immediate threat to the health or safety of persons or property, Landlord has the right to reduce said 60-day notice period to ten dayssuch default. Upon such termination. Tenant or any party leasing the Premises through Tenant, this Lease comes to an end as fully and completely as if the Expiration Date stated in such notice were the Expiration Date originally fixed, and ▇▇▇▇▇▇ must then quit and shall immediately surrender the Premises to Landlord. Landlord as provided in § 6.7may re-enter the Premises and dispossess Tenant or any other occupants of the Premises by force, but ▇▇▇▇▇▇ remains liable for damages arising out of such Event of Defaultsummary proceedings, as provided in this Lease.
(b) Upon termination of this Lease by Landlord pursuant to this § 9.2, Tenant must pay to Landlord Rent payable by Tenant to Landlord up to the Expiration Dateejectment or otherwise, and ▇▇▇▇▇▇ remains liable may remove their effects, without prejudice to any other remedy which Landlord may have for any breach of Tenant’s obligations under this Lease occurring before the Expiration Datepossession or arrearage in rent. In addition, Tenant is liable to pay LandlordLandlord may declare all past, as damages, the aggregate of Rent remaining in the Term.
(c) Tenant must pay Rent in the same manner, to the same extent, present and at the same time as if future rent payments under this Lease had not been terminated. In calculating the amounts to be paid by Tenant pursuant to the preceding sentence, immediately due and payable. Landlord must credit Tenant with the net rents that Landlord actually receives from a reletting of the Premises. Net rents must be determined by deducting from the gross rents, as and when Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs may re-let all or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting part of the Premises that are allocable to another party on terms and conditions which may vary from the Termterms of this Lease. In no event is Tenant entitled shall be obligated to receive any excess of such net rents over the sums that Tenant must pay to Landlord under the difference between the rent provided for in any such subsequent lease and the rent provided for in this Lease. If No matter which remedy Landlord terminates this Lease chooses, in its sole discretion, Tenant shall be liable for all costs and expenses caused by reason of an Event of Default by ▇▇▇▇▇▇, Landlord must take all reasonable steps to mitigate Tenant’s default and Landlord’s damagesre-entry and re-letting, including making reasonable efforts to relet the Premises for a period that is equal but not limited to, shorterall repairs, or longer than the Termimprovements, broker’s and attorneys’ fees.
Appears in 1 contract
Remedies of Landlord. (a) Upon In the event of the occurrence of an Event of Default by ▇▇▇▇▇▇Tenant, Landlord, at Landlord’s option, may elect to do one or more of the following:
1. Accelerate all of the remaining Rent for the Lease Term, in addition to which event all Rent shall become immediately due and payable.
2. Terminate this Lease and re-enter the remedies described in § 9.3 Premises and remove all persons and property from the Premises, either by summary proceedings or by any other remedies available suitable action or proceeding at law, or otherwise; or
3. Without terminating this Lease, re-enter the Premises and remove all persons and property from the Premises, either by summary proceedings or by any other suitable action or proceeding at law, or otherwise, and relet all or any part of the Premises.
4. With respect to Landlord at law or in equityTenant’s default under provisions of Section 16.01(i), Landlord has may undertake to cure such event of default in a commercially reasonable manner and Tenant shall be liable for Landlord’s expenses incurred in curing such event of default together with interest at the right rate of eighteen percent (18%) per annum, all of which shall be due and payable as Additional Rent hereunder. Provided however, Landlord shall prior to incurring any expense hereunder provide notice to Tenant of the planned curative action and Landlord’s estimate of costs for such curative action and Tenant shall have ten (10) days after receipt of such notice to undertake appropriate curative action, failing which Landlord may do so as provided herein.
(b) If Landlord elects to terminate this Lease upon not less than 60 days prior Lease:
1. Landlord shall give written notice of such termination, which shall take effect ten (10) days after such notice is given, or such greater number of days as is set forth in such notice, fully and completely as if the effective date of such termination were the date originally set forth in this lease for the expiration of the Least Term;
2. Tenant shall quit and peacefully surrender the Premises to Landlord, without any payment by Landlord for doing so, on a before the effective date of termination; and
3. All Rent, including accelerated Rent, shall become due and shall be paid up to the effective date of termination, together with such expenses, including attorneys’ fees, as Landlord shall incur in connection with such termination.
(c) No receipt of monies by Landlord from Tenant after termination of this Lease shall reinstate, continue, or extend the Lease Term, affect any notice previously given by Landlord to Tenant, or operate as a waiver of the right of Landlord to enforce the payment of Rent.
(d) If Landlord terminates this Lease, Landlord shall be entitled to retain, free of trust, all sums then held by Landlord pursuant to any of the previous provisions of this Lease. In the interim following such termination until the retention of such sums by Landlord free of trust, such sums shall be available to Landlord, but not to Tenant, pursuant to and for the purposes provided by the terms and conditions of this Lease.
(e) If Tenant does not pay rent by the fifth (5th) day after it is due, a late charge of five percent (5%) of the delinquent payment shall be due, effective as of the first day payment was to have been made. If the Landlord does not receive the rent due by the fifth (5th) day after it is due, the Landlord, at the Landlord’s option, may give written notice of late payment to the Tenant; provided, however, that if such late payment notice is given, a late charge of ten percent (10%) of the delinquent payment shall be due effective as of the first day payment was to have been made. If the Tenant does not pay rent plus the late charge by the fifteenth (15th) day after the due date, interest on the outstanding amount due shall accrue at the rate of eighteen percent (18%) per annum on the total amount due and amounts outstanding until the same, plus all accrued interest thereon, is paid in full. In the event any check, bank draft or negotiable instrument given for any payment under this Lease shall be dishonored at any time for any reason whatsoever not attributable to Landlord, Landlord shall be entitled, in addition to any other remedy that may be available, to an administrative charge of Two Hundred Dollars ($200.00).
(f) In the event of any re-entry and/or dispossession by summary proceedings or otherwise without termination of this Lease:
1. All Rent shall become due and shall be paid up to the time of such re-entry and/or dispossession, together with such expenses, including attorney’s fees, as Landlord shall incur in connection with such re-entry and/or dispossession by summary proceedings or otherwise; and
2. All Rent for the remainder of the Lease Term may be accelerated and due in full, the collection of such sums being subject to the provisions of Subsection 16.02(f), below; and
3. Landlord may relet all or any part of the Premises, either in the case name of Landlord or otherwise, for a non-monetary Event term or terms which may, at Landlord’s option, be equal to, less than, or greater than the period which would otherwise have constituted the balance of Default the Lease Term. In connection with such reletting:
(i) Tenant or Tenant’s representative shall pay, as Additional Rent, to Landlord, as they are incurred by Landlord, such reasonable expenses as Landlord may incur in connection with reletting, including, without limitation, legal expenses, attorneys’ fees, brokerage commissions and expenses incurred in altering, repairing, and putting the Premises in good order and condition and in preparing the Premises for reletting;
(ii) Tenant that poses an immediate threat or Tenant’s representative shall pay to Landlord, in monthly installments on the due dates for Rent payments for each month of the balance of the Term, the amount by which any Rent payment exceeds the net amount, if any, of the rents for such period collected on account of the reletting of the Premises; any suit brought to collect such amount for any month or months shall not prejudice in any way the rights of Landlord to collect the deficiency for any subsequent month or months by a similar action or proceeding;
(iii) At Landlord’s option exercised at any time, Landlord shall be entitled to recover immediately from Tenant, in addition to any other proper claims, but in lieu of and not in addition to any amount which would thereafter become payable under the preceding subsection, a sum equal to the health or safety amount by which the sum of persons or propertythe Rent for the balance of the Lease Term, discounted based upon the prime rate less two percent (2%) to its then-present value, exceeds the net rental value of the Premises, discounted at the same annual rate to its then-present value, for the balance of the Lease Term. In determining such net rental value of the Premises, the rent realized by any reletting of the Premises, if such reletting is upon terms generally comparable to the terms of this Lease, shall be deemed to be such net rental value;
(iv) At Landlord’s option, Landlord has may make such commercially reasonable alterations in or upon the right to reduce said 60-day notice period to ten days. Upon such terminationPremises as Landlord, this Lease comes to an end as fully in Landlord’s sole judgment, considers advisable and completely as if necessary for the Expiration Date stated in such notice were the Expiration Date originally fixed, and ▇▇▇▇▇▇ must then quit and surrender purpose of reletting the Premises to Landlord as provided in § 6.7, but ▇▇▇▇▇▇ remains liable for damages arising out an identifiable prospective tenant. The making of such Event alterations shall not operate or be construed to release Tenant from liability under this Section 16.02. The cost of Default, as provided in this Lease.
(b) Upon termination of this Lease by Landlord pursuant to this § 9.2, Tenant must pay to Landlord Rent payable all such alterations and/or decorations shall be paid by Tenant to Landlord up to the Expiration Dateas Additional Rent;
(v) Landlord shall have, receive, and ▇▇▇▇▇▇ remains liable for enjoy as Landlord’s sole and absolute property, any breach of Tenant’s obligations under this Lease occurring before and all sums collected by Landlord as Rent or otherwise on reletting the Expiration Date. In addition, Tenant is liable to pay Landlord, as damages, the aggregate of Rent remaining in the Term.
(c) Tenant must pay Rent in the same manner, to the same extent, and at the same time as if this Lease had not been terminated. In calculating the amounts to be paid by Tenant pursuant to the preceding sentence, Premises after Landlord must credit Tenant with the net rents that Landlord actually receives from a reletting of the Premises. Net rents must be determined by deducting from the gross rents, as and when Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting shall resume possession of the Premises that are allocable to as provided by this Lease, including, without limitation, any amounts by which the Term. In no event is sum or sums so collected shall exceed the continuing liability of Tenant entitled to receive any excess of such net rents over the sums that Tenant must pay to Landlord under this Lease. If Landlord terminates shall have accelerated Rent payments and collected same from Tenant, and subsequently shall have relet the Premises, then Landlord, after deducting all costs related to reletting, including, but not limited to, those described or anticipated in this Section 16.02, shall pay to Tenant the amount remaining which is collected as Rent for each month, to the extent Landlord shall have previously received the Rent for such month from Tenant.
(vi) Landlord and Tenant agree that after the commencement of suit for possession of the Premises or after final order or judgment for the possession of the Premises, Landlord may demand, receive, and collect any monies due or coming due without in any manner affecting such suit, order, or judgment. All such monies collected shall be deemed to be payments on account of the use and occupation of the Premises, or, at the election of Landlord, on account of Tenant’s liability under this Lease;
(vii) The words “re-enter” and “re-entry”, as used in this Section 16.02, are not and shall not be restricted to their technical legal meaning, but are used in the broadest sense;
(viii) Landlord, in addition to other rights and remedies it may have, shall have the right to (a) keep in place and use all of the furniture, fixtures, and equipment in the Premises, including that which is owned by or leased to Tenant, and (b) to remove all or any part of Tenant’s property from the Premises and any property removed may, at Landlord’s option be stored in any public warehouse or elsewhere at the cost of and for the account of Tenant. Landlord shall not be responsible for the care or safekeeping of such property, whether in transport, storage or otherwise. Tenant waives any and all claim against Landlord for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. Tenant shall be liable to Landlord for costs incurred by Landlord in connection with any storage, transport or other acts anticipated in this Section 16.02 and shall not harmless and indemnify Landlord from all loss, damage, cost, expenses and liability in connection therewith. Landlord shall also have the right to relinquish possession of all or any portion of such furniture, fixtures, equipment and other property to any person (“Claimant”) claiming to be entitled to possession of such property, and who presents to Landlord a copy of any instrument represented to Landlord by Claimant to have been executed by Tenant (or any predecessor of Tenant) granting Claimant the right under various circumstances to take possession of such furniture, fixtures, equipment or other property, without the necessity on the part of Landlord to inquire into the authenticity of Tenant’s or Tenant’s predecessor’s signature thereon and without the necessity of Landlord making any nature of investigation or inquiry as to the validity of the factual or legal basis upon which the Claimant purports to act. Tenant agrees to indemnify and hold Landlord harmless from all cost, expense, loss, damage and liability incident to Landlord’s relinquishment of possession of all or any portion of such furniture, fixtures, equipment or other property to Claimant. No re-entry or taking possession of the Premises by Landlord shall be construed as an election on Landlord’s part to terminate this Lease by reason unless a written notice of an Event of Default by ▇▇▇▇▇▇such intention is given to Tenant. Notwithstanding any such re-letting without termination, Landlord must take may at all reasonable steps times thereafter elect to mitigate terminate this Lease for such previous default. Any such re-entry shall be allowed by Tenant without hindrance, and Landlord shall not be liable in damages for any such re-entry, or guilty of trespass or forcible entry; and
(ix) Landlord shall be entitled to the issuance of pre-judgment writs of replevin, pre-judgment distress writs, attachment writs, break open orders, orders authorizing the locking of the Premises to protect Landlord’s damageslien on personal property, including making reasonable efforts fixtures and equipment, and such other orders as may be issued by a court of law or equity without waiving any right or remedy under Florida law. Landlord shall have the right to relet take possession as allowed under Chapter 78, Florida Statutes. The remedies described in this Article XVI are cumulative and in addition to and without waiver of all remedies allowed Landlord by this Lease or by case law, common law and statute now or hereinafter in effect. Tenant agrees that the Premises for a period that is equal to, shorter, or longer than the Termrights and remedies granted Landlord in this Article XVI are commercially reasonable.
Appears in 1 contract
Sources: Lease Agreement (Quixote Corp)
Remedies of Landlord. (a) Upon 36.1 If an event of default set forth in Section 35.1 occurs, including repeated default under Section 35.1(i), the occurrence of an Event of Default by ▇▇▇▇▇▇Landlord shall have the following rights and remedies, in addition to the remedies described in § 9.3 and any all other remedies available to Landlord at law or in equity, and none of the following whether or not exercised by the Landlord has shall preclude the exercise of any other right or remedy whether herein set forth or existing at law or equity, and all such remedies shall be cumulative:
(a) Landlord shall have the right to terminate this Lease upon not less by giving the Tenant notice in writing at any time. No act by or on behalf of the Landlord, such as entry of the Leased Premises by the Landlord to perform maintenance and repairs and efforts to relet the Leased Premises, other than 60 days prior giving the Tenant written notice of termination, shall terminate this Lease. If the Landlord gives such notice, this Lease and the Term hereof as well as the right, title and interest of the Tenant under this Lease shall wholly cease and expire in the same manner and with the same force and effect (except as to the Tenant’s liability) on the date specified in such notice as if such date were the expiration date of the Term of this Lease without the necessity of re-entry or any other act on the Landlord’s part. Upon any termination of this Lease, the Tenant shall quit and surrender to the Landlord the Leased Premises as set forth in Section 37.1. If this Lease is terminated, the Tenant shall be and remain liable to the Landlord for damages as hereinafter provided and the Landlord shall be entitled to recover forthwith from the Tenant as damages an amount equal to the total of:
(i) the cost, including reasonable attorneys’ fees, of enforcing any provision of this Lease, defending counterclaims, crossclaims or third party actions, and of recovering the Leased Premises;
(ii) all Rent accrued and unpaid at the time of termination of the Lease, plus interest thereon at the rate provided in Section 36.1(g); and
(iii) any other money and damages owed by the Tenant to the Landlord. In addition, the Landlord shall also be entitled to recover from the Tenant as damages the amounts determined, at the Landlord’s election, under (iv) or (v) below:
(iv) the amount of Rent that would have been payable hereunder if the Lease had not been terminated, less the net proceeds, if any, received by the Landlord from any reletting of the Leased Premises, after deducting all costs incurred by the Landlord in finding a new tenant and reletting the space, including costs of remodeling and refinishing space for a new tenant, reasonable tenant inducements, reasonable brokerage commissions or agents’ commissions in connection therewith, redecorating costs, attorneys’ fees and other costs and expenses incident to the reletting of the Leased Premises (collectively referred to herein as “Reletting Costs”); provided, however, that in the case of a non-monetary Event of Default by Landlord shall have no obligation to relet or attempt to relet the Leased Premises. The Tenant that poses an immediate threat shall pay such damages to the health Landlord on the days on which the Rent would have been payable if the Lease had not terminated; or
(v) the present value (discounted at the rate of eight percent (8%) per annum) on the balance of the Rent for the remainder of the stated Term of this Lease after the termination date plus anticipated Reletting Costs, Less the present value (discounted at the same rate) of the fair market rental value of the Leased Premises for such period. No provision of this Lease shall limit or safety prejudice the right of the Landlord to prove and obtain as damages by reason of any termination of this Lease, an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved, whether or not such amount be greater, equal to or less than the amounts referred to above.
(b) The Landlord may, without demand or notice of any kind to the Tenant, terminate the Tenant’s right of possession (but not the Lease) and re-enter and take possession of the Leased Premises or any part thereof, and repossess the same as of the Landlord’s former estate and expel the Tenant and those claiming through or under the Tenant, and remove the effects of any and all such persons (forcibly, if necessary) and change the locks on the Leased Premises without being deemed guilty of any manner of trespass, without prejudice to any remedies for arrears of Rent of preceding breach of covenants and without terminating this Lease or propertyotherwise relieving the Tenant of any obligation hereunder. Should the Landlord elect to re-enter as provided in this Section 36.1(b), or should the Landlord has take possession pursuant to legal proceedings or pursuant to any notice provided for by law, the Landlord may, from time to time, without terminating this Lease, relet the Leased Premises or any part thereof for such term or terms and at such rental or rentals, and upon such other conditions as the Landlord may in its absolute discretion deem advisable, with the right to reduce said 60make alterations and repairs to the Leased Premises. No such re-day entry, repossession or reletting of the Leased Premises by the Landlord shall be construed as an election on the Landlord’s part to terminate this Lease unless a written notice period of termination is given to ten daysthe Tenant by the Landlord. No such re-entry, repossession or reletting of the Leased Premises shall relieve the Tenant of its liability and obligation under this Lease, all of which shall survive such re-entry, repossession or reletting. Upon the occurrence of such terminationre-entry or repossession, the Landlord shall be entitled to the amount of the monthly Rent which would be payable hereunder if such re-entry or repossession had not occurred, less the net proceeds, if any, of any reletting of the Leased Premises after deducting all Reletting Costs and all attorneys’ fees, other costs and expenses incurred in the re-entry, repossession and reletting procedures. The Tenant shall pay such amount to the Landlord on the days on which the Rent or any other sums due hereunder would have been payable hereunder if possession had not been retaken. In no event shall the Tenant be entitled to receive the excess, if any, of net Rent collected by the Landlord as a result of such reletting over the sums payable by the Tenant to the Landlord hereunder. If this Lease comes is terminated by operation of law as a result of the Landlord’s actions under this Section, then the Landlord shall be entitled to an end as fully and completely as if recover damages from the Expiration Date stated in such notice were the Expiration Date originally fixed, and ▇▇▇▇▇▇ must then quit and surrender the Premises to Landlord Tenant as provided in § 6.7, but ▇▇▇▇▇▇ remains liable Section 36.1(a). The Landlord shall have the right to collect from the Tenant amounts equal to such deficiencies and damages provided for damages arising out above by suits or proceedings brought from time to time on one or more occasions without the Landlord being obligated to wait until the expiration of such Event the term of Default, as provided in this Lease.
(bc) Upon termination In the event Landlord gives Tenant notice of this Lease by Landlord default or delivers to Tenant a Notice of Demand for Payment or Possession pursuant to this § 9.2the applicable statute, Tenant must pay any such notice will not constitute an election to terminate the Lease unless Landlord Rent payable by Tenant expressly states in any such notice that it is exercising its rights to Landlord up to terminate the Expiration Date, and ▇▇▇▇▇▇ remains liable for any breach of Tenant’s obligations under this Lease occurring before the Expiration Date. In addition, Tenant is liable to pay Landlord, as damages, the aggregate of Rent remaining in the TermLease.
(cd) If the Tenant must pay Rent shall default in making any payment required to be made by the same mannerTenant (other than payments of Rent) or shall default in performing any other obligations of the Tenant under this Lease, the Landlord may, but shall not be obligated to, make such payment or, on behalf of the Tenant, expend such sum as may be necessary to perform such obligation. All sums so expended by the Landlord with interest thereon at the rate provided in Section 36.1(g) shall be repaid by the Tenant to the same extentLandlord on demand. No such payment or expenditure by the Landlord shall be deemed a waiver of the Tenant’s default nor shall it affect any other remedy of the Landlord by reason of such default.
(e) If the Tenant shall default in making payment of any Rent due under this Lease, the Landlord may charge and the Tenant shall pay, upon demand, interest thereon at the same time as if this Lease had not been terminated. In calculating rate provided in Section 36.1(g), but the amounts to be paid by Tenant pursuant to the preceding sentence, Landlord must credit Tenant with the net rents that Landlord actually receives from a reletting of the Premises. Net rents must be determined by deducting from the gross rents, as and when Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting of the Premises that are allocable to the Term. In no event is Tenant entitled to receive any excess payment of such net rents over interest shall not excuse or cure any default by the sums that Tenant must pay to Landlord under this Lease. If In addition to such interest, the Tenant shall be responsible for the late charges set forth in Section 36.3. Such interest and late payment penalties are separate and cumulative and are in addition to and shall not diminish or represent a substitute for any or all of the Landlord’s rights or remedies under any other provisions of this Lease.
(f) In any action of unlawful detainer commenced by the Landlord terminates this Lease against the Tenant by reason of any default hereunder, the reasonable rental value of the Leased Premises for the Period of the unlawful detainer shall be deemed to be the amount of Rent reserved in this Lease for such period.
(g) Whenever the Tenant shall be required to make payment to the Landlord of any sum with interest, interest on such sum shall be computed from the date such sum is due until paid, at an Event of Default by ▇▇▇▇▇▇interest rate equal to eighteen percent (18%) per annum or, if such amount violates any then applicable law with respect to interest rates, at the highest interest rate otherwise allowable under then applicable law. Should Tenant be in default, Landlord must take may collect 18% interest under this provision or $50.00 per day penalty under Paragraph 4, whichever is greater.
(h) In addition to any damages described as being collectable herein, damages will also include, in all reasonable steps to mitigate Landlord’s damagescases, including making reasonable efforts to relet the Premises for a period that is equal tounamortized portion of any costs, shorterexpenses, or longer than inducements provided by the TermLandlord to the Tenant in connection with this Lease. Such expenses include, without limitation, any tenant inducements paid directly to the Tenant, expenses incurred in providing tenant improvements or other similar improvements to the Leased Premises, and free rent periods or reduced rent periods granted to the Tenant. All such expenses will be amortized over the Term (or initial term, if applicable) of the Lease and will be prorated in proportion to the total amount of time of the Term of the Lease as compared to the time during which the Tenant performed under the Lease without default.
(i) As used in this Lease, the terms “re-entry”, “take possession”, “repossess” and “repossession” are not restricted to their technical legal meaning.
(j) Tenant hereby expressly waives, to the full extent waivable, any and all right of redemption granted by or under any present or future laws in the event of Tenant being evicted or dispossessed for any cause, or in the event of Landlord obtaining possession of the Leased Premises, by reason of the violation by Tenant of any of the covenants or conditions of this Lease, or otherwise.
Appears in 1 contract
Sources: Commercial Lease Addendum (Integral Systems Inc /Md/)
Remedies of Landlord. (a) The remedies provided Landlord under this Lease are cumulative.
i. Upon the occurrence of an Event of Default by ▇▇▇▇▇▇any default, Landlord may serve notice on Tenant that the Term and the estate hereby vested in addition to the remedies described in § 9.3 Tenant and any and all other remedies available to Landlord at law or rights of Tenant hereunder shall cease on the date specified in equity, Landlord has such notice and on the right to terminate specified date this Lease upon not less than 60 days prior written notice to Tenant; provided, however, that shall cease and expire as fully and with the effect as if the Term had expired for passage of time.
ii. Without terminating this Lease in the case of a non-monetary Event of Default by Tenant that poses an immediate threat to the health default or safety of persons or propertyif this Lease shall be terminated for default as provided herein, Landlord has may re-enter the right Premises, remove Tenant, or cause Tenant to reduce said 60-day notice period to ten days. Upon such termination, this Lease comes to an end as fully and completely as if be removed from the Expiration Date stated Premises in such notice were the Expiration Date originally fixedmanner as Landlord may deem advisable, with or without legal process, and ▇▇▇▇▇▇ must then quit and surrender using such reasonable force as may be necessary. In the Premises event of re-entry without terminating this Lease, Tenant shall continue to Landlord as provided in § 6.7, but ▇▇▇▇▇▇ remains be liable for damages arising out of such Event of Default, as provided in all Rents and other charges accruing or coming due under this Lease.
iii. If Landlord, without terminating this Lease, shall re-enter the Premises or if this Lease shall be terminated as provided in paragraph (ba) Upon termination above:
(i) All Rent due from Tenant to Landlord shall thereupon become due and shall be paid up to the time of re-entry, dispossession or expiration, together with reasonable costs and expenses (including, without limitation, attorney's fees) of Landlord;
(ii) SUBJECT TO (vi) BELOW, Landlord, without any obligation to do so, may relet the Premises or any part thereof for a term or terms which may at Landlord's option be less than or exceed the period which would otherwise have constituted the balance of the Term and may grant such concessions in reletting as Landlord, in the exercise of its reasonable business judgment, deems desirable. In connection with such reletting, Tenant shall be liable for all costs of the reletting including, without limitation, rent concessions, leasing commissions, legal fees and alteration and remodeling costs; and
(iii) If Landlord shall have terminated this Lease, Tenant shall also be liable to Landlord for all damages provided for in law and under this Lease resulting from Tenant's breach including, without limitation, the difference between the aggregate rentals reserved under the terms of this Lease by Landlord pursuant to this § 9.2, Tenant must pay to Landlord for the balance of the Term together with all other sums payable hereunder as Rent payable by Tenant to Landlord up to for the Expiration Date, and ▇▇▇▇▇▇ remains liable for any breach balance of Tenant’s obligations under this Lease occurring before the Expiration Date. In addition, Tenant is liable to pay Landlord, as damages, the aggregate of Rent remaining in the Term.
(c) Tenant must pay Rent in , less the same manner, to the same extent, and at the same time as if this Lease had not been terminated. In calculating the amounts to be paid by Tenant pursuant to the preceding sentence, Landlord must credit Tenant with the net rents that Landlord actually receives from a reletting of the Premises. Net rents must be determined by deducting from the gross rents, as and when Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting fair rental value of the Premises for that are allocable to period determined as of the Term. In no event is Tenant entitled to receive any excess date of such net rents over termination. For purposes of this paragraph, Tenant shall be deemed to include any guarantor or surety of the sums that Lease.
iv. Tenant must pay hereby waives all right to trial by jury in any claim, action proceeding or counterclaim by either Landlord under or Tenant against each other or any matter arising out of or in any way connected with this Lease. If , the relationship of Landlord terminates this Lease by reason of an Event of Default by ▇▇▇▇▇▇and Tenant, Landlord must take all reasonable steps to mitigate Landlord’s damages, including making reasonable efforts to relet and/or Tenant's use or occupancy or the Premises for a period that is equal to, shorter, or longer than the TermPremises.
Appears in 1 contract
Sources: Office Lease (Pivotal Corp)
Remedies of Landlord. (a) Upon the occurrence of If an Event of Default occurs and is not thereafter cured by ▇▇▇▇▇▇Tenant prior to the Landlord’s exercise of the remedies set forth in this Section 20.2, Landlord may thereafter, either:
(a) Without further notice except as required by Applicable Laws, reenter and repossess the Premises or any part and expel Tenant and those claiming through or under Tenant and remove the effects of both without being deemed guilty of any manner of trespass and without prejudice to any remedies for arrears of Rent or preceding breach of this Lease. Should Landlord reenter or take possession pursuant to legal proceedings or any notice provided for by Applicable Law, Landlord may, from time to time, without terminating this Lease, relet the Premises or any part, either alone or in conjunction with other portions of the Building Complex, in addition to Landlord’s or Tenant’s name but for the remedies described in § 9.3 and any other remedies available to Landlord at law account of Tenant, for such periods (which may be greater or in equity, Landlord has the right to terminate this Lease upon not less than 60 days prior written notice the period which would otherwise have constituted the balance of the Term) and on such conditions and upon such other terms (which may include concessions of free rent and alteration and repair of the Premises) as Landlord, in its sole discretion, determines and Landlord may collect the rents therefor. Landlord is not in any way responsible or liable for failure to Tenantrelet the Premises, or any part thereof, or for any failure to collect any rent due upon such reletting; provided, however, that in the case of a non-monetary Event of Default by Tenant that poses an immediate threat to the health or safety of persons or property, Landlord has the right to reduce said 60-day notice period to ten days. Upon such termination, this Lease comes to an end as fully and completely as if the Expiration Date stated in such notice were the Expiration Date originally fixed, and ▇▇▇▇▇▇ must then quit and surrender the Premises to Landlord as provided in § 6.7, but ▇▇▇▇▇▇ remains liable for damages arising out of such Event of Default, as provided in this Lease.
(b) Upon termination of this Lease by Landlord pursuant to this § 9.2, Tenant must pay to Landlord Rent payable by Tenant to Landlord up to the Expiration Date, and ▇▇▇▇▇▇ remains liable for any breach of Tenant’s obligations under this Lease occurring before the Expiration Date. In addition, Tenant is liable to pay Landlord, as damages, the aggregate of Rent remaining in the Term.
(c) Tenant must pay Rent in the same manner, to the same extent, and at the same time as if this Lease had not been terminated. In calculating the amounts to be paid by Tenant pursuant to the preceding sentence, Landlord must credit Tenant with the net rents however that Landlord actually receives from a reletting of the Premises. Net rents must be determined by deducting from the gross rents, as and when Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting of the Premises that are allocable agrees to the Term. In no event is Tenant entitled to receive any excess of such net rents over the sums that Tenant must pay to Landlord under this Lease. If Landlord terminates this Lease by reason of an Event of Default by ▇▇▇▇▇▇, Landlord must take all reasonable steps to mitigate Landlord’s damages, including making use reasonable efforts to relet the Premises for and to collect rent due upon such reletting. No such reentry or repossession or notice from Landlord shall be construed as an election by Landlord to terminate this Lease unless specific notice of such intention is given Tenant. Landlord reserves the right following any reentry and/or reletting to exercise its right to terminate this Lease by giving Tenant notice, in which event this Lease will terminate as specified in the notice.
(b) If Landlord takes possession of the Premises without terminating this Lease, Tenant shall pay Landlord (i) the Rent which would be payable if repossession had not occurred, less (ii) the net proceeds, if any, of any reletting of the Premises after deducting all of Landlord’s expenses incurred in connection with such reletting, including all repossession costs, brokerage commissions, attorneys’ fees, expenses of employees, and alteration and repair costs (collectively “Reletting Expenses”). If, in connection with any reletting, the new lease term extends beyond the Term or the premises covered thereby include other premises not part of the Premises, a period that fair apportionment of the rent received from such reletting and the Reletting Expenses, will be made in determining the net proceeds received from the reletting. In determining such net proceeds, rent concessions will also be apportioned over the term of the new lease. Tenant shall pay such amounts to Landlord monthly on the days on which the Rent would have been payable if possession had not been retaken, and Landlord is equal toentitled to receive the same from Tenant on each such day; or
(2) Give Tenant notice of termination of this Lease on the date specified and, shorteron such date, or longer than Tenant’s right to possession of the Premises shall cease and the Lease will terminate except as to Tenant’s liability as hereafter provided as if the expiration of the term fixed in such notice were the end of the Term.. If this Lease terminates pursuant to this Section, Tenant remains liable to Landlord for damages in an amount equal to the Rent which would have been owing by Tenant for the balance of the Term had this Lease not terminated, less the net proceeds, if any, of reletting of the Premises by Landlord
Appears in 1 contract
Sources: Lease (Constant Contact, Inc.)
Remedies of Landlord. In the case of any such dispossession by summary proceedings or other legal actions or proceedings, (a) Upon the occurrence of an Event of Default by ▇▇▇▇▇▇, in addition Fixed Rent and additional rent shall become due thereupon and be paid to the remedies described time of such dispossession, together with such expenses as Landlord may incur for reasonable attorneys' fees, brokerage, and/or putting the Premises in § 9.3 good order, or for preparing the same for re-rental; (b) Landlord may re-let the Premises or any part or parts thereof, either in the name of Landlord or otherwise, for a term or terms, which may at Landlord's option be less than or exceed the period which would otherwise have constituted the balance of the Term and may grant market concessions or free rent; and/or (c) Tenant or the legal representative of Tenant shall also pay Landlord as liquidated damages for the failure of Tenant to observe and perform said Tenant's covenants herein contained, any deficiency between the rent hereby reserved and/or covenanted to be paid and the net amount, if any, of the rents collected or to be collected on account of the lease or leases of the Premises for each month of the period which would otherwise have constituted the balance of the Term (after first deducting any market concessions granted in such lease(s) such as free rent and any work allowance and all other remedies available costs incurred by Landlord in connection with such lease(s), including brokerage commissions and reasonable attorneys' fees). The failure of Landlord to re-let the Premises or any part or parts thereof shall not release or affect Tenant's liability for damages. Any such damages shall be paid in monthly installments by Tenant on the rent days specified in this Lease and any suit brought to collect the amount of the deficiency for any month or months shall not prejudice in any way the rights of Landlord to collect the deficiency for any subsequent month or months by a similar proceeding. In lieu thereof, Landlord may immediately accelerate such deficiency for the entire balance of the term assuming that the Premises are relet within a reasonable time given the then market conditions at a market rent for a lease for the balance of the term and giving due consideration for market concessions including free rent, work allowance or other economic terms that would be granted in such a lease and costs incurred by Landlord in connection with such lease (including brokerage commissions and reasonable attorneys' fees), discounted to present value using the average of the published prime interest rate (during the 12-month period immediately prior to such acceleration) upon unsecured loans charged by JPMorgan Chase Bank (or Citibank if JPMorgan Chase Bank shall not then have an announced prime rate) on loans of ninety (90) days. Landlord at Landlord's option may make such alterations, repairs, replacements and/or decorations in the Premises as Landlord in Landlord's reasonable judgment considers advisable and necessary for the purpose of re-letting the Premises; and the making of such alterations and/or decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord shall in no event be liable in any way whatsoever for failure to re-let the Premises, or in the event that the Premises are re-let, for failure to collect the rent thereof under such re-letting. Any such action may be an action for the full amount of all rents and damages suffered or to be suffered by Landlord. In the event of a breach or threatened breach by Tenant of any of the covenants or provisions hereof, Landlord shall have the right of injunction and the right to invoke any remedy allowed at law or in equityequity as if re-entry, Landlord has summary proceedings and other remedies were not herein provided for and the right to terminate invoke any remedy at law or in equity which is not inconsistent with the terms of this Lease. Mention in this Lease upon of any particular remedy, shall not less than 60 days prior written notice to Tenant; providedpreclude Landlord from any other remedy, however, that in law or in equity. The foregoing remedies and rights of Landlord are cumulative. Tenant hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the case event of a non-monetary Event of Default by Tenant that poses an immediate threat to the health Tenant's being evicted or safety of persons or property, Landlord has the right to reduce said 60-day notice period to ten days. Upon such termination, this Lease comes to an end as fully and completely as if the Expiration Date stated in such notice were the Expiration Date originally fixed, and ▇▇▇▇▇▇ must then quit and surrender the Premises to Landlord as provided in § 6.7, but ▇▇▇▇▇▇ remains liable for damages arising out of such Event of Default, as provided in this Lease.
(b) Upon termination of this Lease by Landlord pursuant to this § 9.2, Tenant must pay to Landlord Rent payable by Tenant to Landlord up to the Expiration Date, and ▇▇▇▇▇▇ remains liable dispossessed for any breach of Tenant’s obligations under this Lease occurring before the Expiration Date. In additioncause in accordance herewith, Tenant is liable to pay Landlord, as damages, the aggregate of Rent remaining or in the Term.
(c) Tenant must pay Rent in the same manner, to the same extent, and at the same time as if this Lease had not been terminated. In calculating the amounts to be paid by Tenant pursuant to the preceding sentence, event of Landlord must credit Tenant with the net rents that Landlord actually receives from a reletting of the Premises. Net rents must be determined by deducting from the gross rents, as and when Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting obtaining possession of the Premises that are allocable to the Term. In no event is Tenant entitled to receive any excess of such net rents over the sums that Tenant must pay to Landlord under this Lease. If Landlord terminates this Lease by reason of an Event the violation of Default by ▇▇▇▇▇▇, Landlord must take all reasonable steps to mitigate Landlord’s damages, including making reasonable efforts to relet Tenant of the Premises for a period that is equal to, shortercovenants and conditions of this Lease, or longer than the Termotherwise.
Appears in 1 contract
Remedies of Landlord. A. If at any time during the term of this Lease, one or more Events of Default shall have occurred and shall not have been remedied, then, and in any such case, Landlord, at Landlord’s option, may elect to:
(ai) Upon terminate this Lease at any time by giving notice of termination to Tenant, and the occurrence Term hereof shall expire upon the date prescribed in such notice as fully and completely as if said date were the date herein originally fixed as the Expiration Date, and Tenant shall thereupon quit and peacefully surrender the Demised Premises to Landlord without payment therefor by Landlord, and Landlord shall be entitled to re-enter the Demised Premises, and remove all persons and property therefrom, either by summary proceedings or by any permissible action or proceeding at law; or
(ii) enforce this Lease in accordance with its terms.
B. In the event of the termination of this Lease, or of reentry by summary proceedings, ejectment or by any permissible action or proceeding at law, or by agreement, by reason of an Event of Default by ▇▇▇▇▇▇Default, in addition Tenant shall pay Landlord as damages sums equal to the remedies described in § 9.3 aggregate of the Base Rent and the Additional Rent, together with any other remedies available to Landlord at law or in equity, Landlord has the right to terminate charges which would have been payable by Tenant had this Lease upon not less than 60 days prior written notice to Tenantterminated or had Landlord not so reentered the Demised Premises, following such termination or such reentry and until the conclusion of the Term; provided, however, that in if Landlord shall re-let the case of a non-monetary Event of Default by Tenant that poses an immediate threat to the health Demised Premises or safety of persons any portion or propertyportions thereof during said period, Landlord has the right to reduce said 60-day notice period to ten days. Upon such termination, this Lease comes to an end as fully and completely as if the Expiration Date stated in such notice were the Expiration Date originally fixed, and ▇▇▇▇▇▇ must then quit and surrender the Premises to Landlord as provided in § 6.7, but ▇▇▇▇▇▇ remains liable for damages arising out of such Event of Default, as provided in this Lease.
(b) Upon termination of this Lease by Landlord pursuant to this § 9.2, Tenant must pay to Landlord Rent payable by Tenant to Landlord up to the Expiration Date, and ▇▇▇▇▇▇ remains liable for any breach of Tenant’s obligations under this Lease occurring before the Expiration Date. In addition, Tenant is liable to pay Landlord, as damages, the aggregate of Rent remaining in the Term.
(c) Tenant must pay Rent in the same manner, to the same extent, and at the same time as if this Lease had not been terminated. In calculating the amounts to be paid by Tenant pursuant to the preceding sentence, Landlord must shall credit Tenant with the net rents that received by Landlord actually receives from a reletting of the Premises. Net such re-letting, such net rents must to be determined by first deducting from the gross rents, rents as and when received by Landlord receives the gross rents from such relettingre-letting, the reasonable expenses that incurred or paid by Landlord incurs or pays in terminating this Lease or in reentering the Demised Premises, including reasonable attorneys' fees, and in securing possession thereof, as well as the reasonable expenses of re-letting, including, without limitation, altering and preparing the Demised Premises or any portion or portions thereof for new tenants, brokers' commissions and advertising expenses; it being understood that Landlord incurs any such re-letting may be for a period shorter or pays longer than the remaining term of this Lease, but in connection with the reletting of the Premises that are allocable to the Term. In no event is shall Tenant be entitled to receive any excess of such net rents over the sums that payable by Tenant must pay to Landlord hereunder, nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subsection to a credit in respect of any net rents from a re-letting, except to the extent that such net rents are actually received by Landlord. If the Demised Premises or any part thereof should be re-let in combination with other space, then proper apportionment shall be made of the rent received from such re-letting and of the expenses of re-letting, and Landlord shall have the right to grant reasonable rent concessions to attract one or more new tenants and to permit the term of any new lease covering part or all of the Demised Premises to be for a shorter or longer period than provided for herein; or
C. Landlord shall in no event be responsible or liable for any failure to re-let the Demised Premises or any part thereof or for failure to collect any rent due upon any such re-letting.
D. Landlord, in putting the Demised Premises in good order or preparing the same for re-rental may, at Landlord's option, make, and Tenant shall be liable for such alterations, repairs, replacements, and decorations in the Demised Premises as Landlord, in Landlord's reasonable judgment, considers advisable and as reasonably necessary for the purpose of re-letting the Demised Premises, and the making of such alterations, repairs, replacements, and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid.
E. Any monies received by Landlord from or on behalf of Tenant during the pendency of any proceeding of the types referred to in this Article 11 shall be deemed paid as compensation for the use and occupation of the Demised Premises, and the acceptance of any such compensation by Landlord shall not be deemed an acceptance of Rent or a waiver on the part of Landlord of any rights under this Lease. If Article 11.
F. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord terminates this Lease against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of an Event any default hereunder on the part of Default Tenant. Notwithstanding the foregoing, Tenant shall never have any liability or responsibility whatsoever for any indirect or consequential damages (except to the extent, if any, that such damages are required to be paid by ▇▇▇▇▇▇Landlord to a third party).
G. In the event of any breach or breach threatened in writing by Tenant or any persons claiming through or under Tenant of any of the agreements, terms, covenants or conditions contained in this Lease, Landlord must take shall be entitled to enjoin such breach or breach threatened in writing and shall have the right to invoke any right and remedy allowed at law or in equity or by statute or otherwise as if re-entry, summary proceedings or other specific remedies were not provided for in this Lease
H. Notwithstanding any provision set forth in this Lease to the contrary, Tenant shall never have any liability or responsibility whatsoever for any indirect or consequential damages (except to the extent, if any, that such damages are required to be paid by Landlord to a third party).
I. Tenant hereby waives for itself and all reasonable steps those claiming under it any and all right to mitigate Landlord’s damages, including making reasonable efforts to relet redeem the Demised Premises for a period that is equal to, shorter, or longer than the Termafter termination of this Lease in accordance with this Article 11.
Appears in 1 contract
Sources: Lease Agreement (VerifyMe, Inc.)
Remedies of Landlord. Upon any Event of default, Landlord may, at Landlord's option and in addition to all other rights, remedies and recourse afforded Landlord hereunder or by law or equity, of an one or more of the following:
(a) Upon At Landlord's option and without waiving any default by Tenant, Landlord shall have the occurrence of an Event of Default by ▇▇▇▇▇▇right to continue this Lease in full force and effect and to collect all Base Rent, in addition to the remedies described in § 9.3 Additional Rent, and any other remedies available amounts to Landlord at law or be paid by Tenant under ~is Lease as and when due. During any period that Tenant is in equitydefault, Landlord has shall have the right right, pursuant to terminate legal proceedings or pursuant to any notice provided for by law, to enter and take possession of the Premises, without terminating this Lease upon not less than 60 days prior written notice to Tenant; providedLease, however, for the purpose of reletting the Premises or any part thereof and making any alterations and repairs that may be necessary or desirable in connection with such reletting. Any such reletting or relettings may be for such term or terms (including periods that exceed the case balance of a non-monetary Event the term of Default by Tenant that poses an immediate threat to the health or safety of persons or property, Landlord has the right to reduce said 60-day notice period to ten days. Upon such termination, this Lease comes to an end as fully and completely as if the Expiration Date stated in such notice were the Expiration Date originally fixedLease), and ▇▇▇▇▇▇ must then quit upon such other terms, covenants and surrender conditions as Landlord may in Landlord's sole discretion deem advisable. If the Premises to Landlord rent or rents received during any month and applied as provided in § 6.7, but ▇▇▇▇▇▇ remains liable for damages arising out of above shall be insufficient to cover all such Event of Default, as provided in this Lease.
(b) Upon termination of this Lease by Landlord pursuant to this § 9.2, Tenant must pay to Landlord amounts including the Base Rent payable by Tenant to Landlord up to the Expiration Date, and ▇▇▇▇▇▇ remains liable for any breach of Tenant’s obligations under this Lease occurring before the Expiration Date. In addition, Tenant is liable to pay Landlord, as damages, the aggregate of Rent remaining in the Term.
(c) Tenant must pay Rent in the same manner, to the same extent, and at the same time as if this Lease had not been terminated. In calculating the other amounts to be paid by Tenant pursuant to the preceding sentence, Landlord must credit Tenant with the net rents that Landlord actually receives from a reletting of the Premises. Net rents must be determined by deducting from the gross rents, as and when Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease for such month, Tenant shall pay to Landlord any deficiency; such deficiencies shall be calculated and the reasonable expenses that Landlord incurs paid monthly. No entry or pays in connection with the reletting taking possession of the Premises that are allocable by Landlord shall be construed as an election by Landlord to terminate this Lease, unless Landlord gives written notice of such election to Tenant or unless such termination shall be decreed by a court of competent jurisdiction. Notwithstanding any reletting by Landlord without termination, Landlord may at any time thereafter terminate this Lease for such previous default by giving written notice thereof to Tenant.
(b) Terminate Tenant's right to possession by notice to Tenant, in which case this Lease shall terminate and Tenant shall immediately surrender possession of the TermPremises to Landlord. In no such event is Tenant Landlord shall be entitled to receive any excess of such net rents over the sums that recover from Tenant must pay to all damages incurred by Landlord under this Lease. If Landlord terminates this Lease by reason of Tenant's default, including without limitation the following: (1) all unpaid Rent which has been earned at the time of such termination plus (2) the amount by which the unpaid Rent which would have been earned after termination until the time of award exceeds the amount of such rental loss that is proved could have been reasonably avoided. Upon any such re-entry Landlord shall have the right to make any reasonable repairs, alterations or modifications to the Premises, which Landlord in Landlord's sole discretion deems reasonable and necessary.
(c) If an Event of Default by ▇▇▇▇▇▇specified in Section 22.1 (c) occurs, Landlord must take all reasonable steps to mitigate Landlord’s damages, including making reasonable efforts to relet may remove and store any property that remains on the Premises and, if Tenant does not claim such property within ten (10) days after Landlord has delivered to Tenant notice of such storage, Landlord may appropriate, sell, destroy or otherwise dispose of the property in question without notice to Tenant or any other person, and without an obligation to account for a period that is equal to, shorter, or longer than the Termsuch property.
Appears in 1 contract
Remedies of Landlord. In the case of any such dispossession by summary proceedings or other legal actions or proceedings, (a) Upon the occurrence of an Event of Default by ▇▇▇▇▇▇, in addition Fixed Rent and additional rent shall become due thereupon and be paid to the remedies described time of such dispossession, together with such expenses as Landlord may incur for actual, reasonable, out-of-pocket attorneys’ fees, brokerage, and/or putting the Premises in § 9.3 good order, or for preparing the same for re-rental; (b) Landlord may re-let the Premises or any part or parts thereof, either in the name of Landlord or otherwise, for a term or terms, which may at Landlord’s option be less than or exceed the period which would otherwise have constituted the balance of the Term and may grant market concessions or free rent; and/or (c) Tenant or the legal representative of Tenant shall also pay Landlord as liquidated damages for the failure of Tenant to observe and perform said Tenant’s covenants herein contained, any deficiency between the rent hereby reserved and/or covenanted to be paid and the net amount, if any, of the rents collected or to be collected on account of the lease or leases of the Premises for each month of the period which would otherwise have constituted the balance of the Term (after first deducting any market concessions granted in such lease(s) such as free rent and any work allowance and all other remedies available costs incurred by Landlord in connection with such lease(s), including brokerage commissions and actual, reasonable, out-of-pocket attorneys’ fees). The failure of Landlord to re-let the Premises or any part or parts thereof shall not release or affect Tenant’s liability for damages. Any such damages shall be paid in monthly installments by Tenant on the rent days specified in this Lease and any suit brought to collect the amount of the deficiency for any month or months shall not prejudice in any way the rights of Landlord to collect the deficiency for any subsequent month or months by a similar proceeding. In lieu thereof, Landlord may immediately accelerate such deficiency for the entire balance of the term assuming that the Premises are relet within a reasonable time given the then market conditions at a market rent for a lease for the balance of the term and giving due consideration for market concessions including free rent, work allowance or other economic terms that would be granted in such a lease and costs incurred by Landlord in connection with such lease (including brokerage commissions and actual, reasonable, out-of-pocket attorneys’ fees), discounted to present value using the average of the published prime interest rate (during the 12-month period immediately prior to such acceleration) upon unsecured loans charged by JPMorgan Chase Bank (or Citibank if JPMorgan Chase Bank shall not then have an announced prime rate) on loans of ninety (90) days. Landlord at Landlord’s option may make such alterations, repairs, replacements and/or decorations in the Premises as Landlord in Landlord’s reasonable judgment considers advisable and necessary for the purpose of re-letting the Premises; and the making of such alterations and/or decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord shall in no event be liable in any way whatsoever for failure to re-let the Premises, or in the event that the Premises are re-let, for failure to collect the rent thereof under such re-letting. Any such action may be an action for the full amount of all rents and damages suffered or to be suffered by Landlord. In the event of a breach or threatened breach by Tenant of any of the covenants or provisions hereof, Landlord shall have the right of injunction and the right to invoke any remedy allowed at law or in equityequity as if re-entry, Landlord has summary proceedings and other remedies were not herein provided for and the right to terminate invoke any remedy at law or in equity which is not inconsistent with the terms of this Lease. Mention in this Lease upon of any particular remedy, shall not less than 60 days prior written notice to Tenant; providedpreclude Landlord from any other remedy, however, that in law or in equity. The foregoing remedies and rights of Landlord are cumulative. Tenant hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the case of a non-monetary Event of Default by Tenant that poses an immediate threat to the health or safety of persons or property, Landlord has the right to reduce said 60-day notice period to ten days. Upon such termination, this Lease comes to an end as fully and completely as if the Expiration Date stated in such notice were the Expiration Date originally fixed, and ▇▇▇▇▇▇ must then quit and surrender the Premises to Landlord as provided in § 6.7, but ▇▇▇▇▇▇ remains liable for damages arising out of such Event of Default, as provided in this Lease.
(b) Upon termination of this Lease by Landlord pursuant to this § 9.2, Tenant must pay to Landlord Rent payable by Tenant to Landlord up to the Expiration Date, and ▇▇▇▇▇▇ remains liable for any breach event of Tenant’s obligations under this Lease occurring before the Expiration Date. In additionbeing evicted or dispossessed for any cause in accordance herewith, Tenant is liable to pay Landlord, as damages, the aggregate of Rent remaining or in the Term.
(c) Tenant must pay Rent in the same manner, to the same extent, and at the same time as if this Lease had not been terminated. In calculating the amounts to be paid by Tenant pursuant to the preceding sentence, event of Landlord must credit Tenant with the net rents that Landlord actually receives from a reletting of the Premises. Net rents must be determined by deducting from the gross rents, as and when Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting obtaining possession of the Premises that are allocable to the Term. In no event is Tenant entitled to receive any excess of such net rents over the sums that Tenant must pay to Landlord under this Lease. If Landlord terminates this Lease by reason of an Event the violation of Default by ▇▇▇▇▇▇, Landlord must take all reasonable steps to mitigate Landlord’s damages, including making reasonable efforts to relet Tenant of the Premises for a period that is equal to, shortercovenants and conditions of this Lease, or longer than the Termotherwise.
Appears in 1 contract
Sources: Lease Agreement (Olo Inc.)
Remedies of Landlord. (a) Upon the occurrence of an Event any of Default by the events of default listed in Paragraph 23, Landlord, without prejudice to any legal, equitable, or other (including contractual) right or remedy to which it may be entitled, shall have the option to pursue any one or more of the following remedies without notice or demand whatsoever (and using lawful force if necessary or appropriate after providing written notice thereof, if any is required):
A. Terminate this Lease or any of Tenant's rights under this Lease, with or without reentering or repossessing the Leased Premises.
B. Terminate Tenant's right to occupy all or any part of the Premises without terminating this Lease and with or without reentering or repossessing the Premises.
C. Recover unpaid rent and any Breach Damages (as “Breach Damages” are defined in this Paragraph 24, below).
D. Change or pick the locks, access codes, or other access control devices, and take any other self-help or judicial action to exclude Tenant and other occupants from the Premises.
E. Remove and store (at Tenant's sole cost) any property on the Premises at Tenant's sole cost.
F. ▇▇▇▇▇▇▇ for eviction, specific enforcement, equitable relief, rent, damages, or any other available remedy.
G. Apply the Security Deposit in addition any manner permitted by this Lease, and/or increase the amount of the Security Deposit.
H. Cure Tenant's default, and if Landlord so elects, Tenant must reimburse Landlord within thirty (30) days after Landlord delivers an invoice for the cure amounts paid or to be paid plus any reasonable expenses Landlord incurred effecting compliance with Tenant's obligations.
I. Withhold or suspend any payment that this Lease would otherwise require Landlord to make.
J. Charge interest on any amount not paid when due through the remedies described date of its payment at the Default Interest Rate (as set forth in § 9.3 Paragraph 40).
K. Recover, but only if Tenant fails to pay Rent and Landlord terminates this Lease or Tenant's right of possession with more than twelve (12) months remaining in the Term of this Lease, liquidated rental damages for the period after any such termination equal to twelve (12) times the monthly Rent due at the time of termination in lieu of any other contractual or legal measure of damages (including re-letting costs) for Tenant's non-payment of Rent, and the parties agree this is a reasonable estimate of Landlord's damages for such a breach given the uncertainty of future market rental rates and of the duration of any vacancy.
L. Exercise all other remedies available to Landlord at law or Law, in equity, Landlord has the right to terminate this Lease upon not less than 60 days prior written notice to Tenant; providedor otherwise (including, howeverwithout limitation, that in the case of a non-monetary Event of Default by Tenant that poses an immediate threat to the health or safety of persons or property, Landlord has the right to reduce said 60-day notice period to ten days. Upon such termination, this Lease comes to an end as fully injunctive relief and completely as if the Expiration Date stated in such notice were the Expiration Date originally fixed, and ▇▇▇▇▇▇ must then quit and surrender the Premises to Landlord as provided in § 6.7, but ▇▇▇▇▇▇ remains liable for damages arising out of such Event of Default, as provided in this Leaseany other remedy available under applicable Law).
(b) Upon termination of this Lease by Landlord pursuant to this § 9.2, Tenant must pay to Landlord Rent payable by Tenant to Landlord up to the Expiration Date, and ▇▇▇▇▇▇ remains liable for any breach of Tenant’s obligations under this Lease occurring before the Expiration Date. In addition, Tenant is liable to pay Landlord, as damages, the aggregate of Rent remaining in the Term.
(c) Tenant must pay Rent in the same manner, to the same extent, and at the same time as if this Lease had not been terminated. In calculating the amounts to be paid by Tenant pursuant to the preceding sentence, Landlord must credit Tenant with the net rents that Landlord actually receives from a reletting of the Premises. Net rents must be determined by deducting from the gross rents, as and when Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting of the Premises that are allocable to the Term. In no event is Tenant entitled to receive any excess of such net rents over the sums that Tenant must pay to Landlord under this Lease. If Landlord terminates this Lease by reason of an Event of Default by ▇▇▇▇▇▇, Landlord must take all reasonable steps to mitigate Landlord’s damages, including making reasonable efforts to relet the Premises for a period that is equal to, shorter, or longer than the Term.
Appears in 1 contract
Sources: Conventional Hangar Lease for Commercial Aviation Use
Remedies of Landlord. (a) Upon the occurrence of an any Event of Default set forth in Section 13.01, Landlord shall have the following rights and remedies, in addition to those allowed by law, any or all of which may be exercised without additional notice or demand upon Tenant.
(A) Landlord may apply the security deposit, or any other prepaid funds or reenter the Leased Premises and cure any default of Tenant. In such event Tenant shall immediately reimburse Landlord as additional rental for any such costs, and shall restore the security deposit, or other prepaid funds used by Landlord to cure Tenant’s default; and Landlord shall not be liable to Tenant for any loss or damage which Tenant may sustain by reason of Landlord’s actions, whether or not caused by ▇▇▇▇▇▇▇▇’s gross negligence.
(B) Landlord, in addition at any time thereafter, may at its option give written notice thereof to the remedies described in § 9.3 and any other remedies available to Landlord at law or in equity, Landlord has the right to terminate Tenant stating that this Lease and the Lease Term hereby demised shall expire and terminate on the date specified in such notice, and upon not less than 60 days prior written notice to Tenant; provided, however, that the date specified in the case of a non-monetary Event of Default by Tenant that poses an immediate threat to the health or safety of persons or property, Landlord has the right to reduce said 60-day notice period to ten days. Upon such terminationnotice, this Lease comes to an end as fully and completely the Lease Term hereby demised, and all rights of Tenant under this Lease shall expire and terminate as if the Expiration Date stated in such notice date were the Expiration Date originally fixeddate herein definitely fixed for the termination of the Lease Term, in which event Tenant shall thereupon quit and surrender the Leased Premises but shall remain liable as hereinafter provided. Landlord may without notice, reenter and repossess the Leased Premises using such force for that purpose as may be necessary without being liable to indictment, prosecution, or damages therefore, and ▇▇▇▇▇▇ must shall nevertheless remain liable as hereinafter provided for the remainder of the Lease Term. Notwithstanding the termination of this Lease, Landlord may declare all rental which would have been due under the Lease for the balance of the term to be immediately due and payable, and Tenant shall then quit and surrender the Premises to Landlord as provided in § 6.7, but ▇▇▇▇▇▇ remains be liable for damages arising out the same to Landlord, together with all loss or damage Landlord may sustain by reason of such Event default and termination, it being expressly agreed and understood that such liabilities and remedies herein specified shall survive the termination of Default, as provided in this Lease.
(bC) Upon termination Landlord may, without terminating this Lease, reenter the Leased Premises and at its option, repair and alter the Leased Premises in such manner as Landlord may deem necessary or advisable, and/or let or relet the premises or any parts thereof for the whole or any part of this the remainder of the Lease Term for a longer period, in Landlord’s name or as agent of Tenant, and out of any rental collected or received as a result of such letting or reletting Landlord shall first, pay to itself the cost and expense of retaking, repossessing, repairing and/or altering the Leased Premises, and the cost and expense of removing all personal property therefrom; second, pay to itself the cost and expense sustained in securing any new tenants, and if Landlord shall maintain and operate the Leased Premises, the reasonable cost and expense of operating and maintaining the Leased Premises; and, third, pay to itself any balance remaining on account of the liability of Tenant to Landlord. No reentry by Landlord pursuant to this § 9.2, shall absolve or discharge Tenant must pay to from liability hereunder. Landlord Rent payable by Tenant to Landlord up to the Expiration Date, and ▇▇▇▇▇▇ remains shall in no way be responsible or liable for any breach of Tenant’s obligations under this Lease occurring before failure to relet the Expiration Date. In additionLeased Premises or any part thereof, Tenant is liable or for any failure to pay Landlord, as damages, the aggregate of Rent remaining in the Termcollect any rental due on any such reletting.
(cD) Tenant must pay Rent in the same manner, Landlord may sue for injunctive relief or to the same extent, and at the same time as if this Lease had not been terminated. In calculating the amounts to be paid by Tenant pursuant to the preceding sentence, Landlord must credit Tenant with the net rents that Landlord actually receives from a reletting of the Premises. Net rents must be determined by deducting recover damages for any loss resulting from the gross rents, as and when Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting of the Premises that are allocable to the Term. In no event is Tenant entitled to receive any excess of such net rents over the sums that Tenant must pay to Landlord under this Lease. If Landlord terminates this Lease by reason of an Event of Default by ▇▇▇▇▇▇, Landlord must take all reasonable steps to mitigate Landlord’s damages, including making reasonable efforts to relet the Premises for a period that is equal to, shorter, or longer than the Termbreach.
Appears in 1 contract
Sources: Office Lease
Remedies of Landlord. (a) Upon the occurrence of an Event any event of Default by ▇▇▇▇▇▇default set forth in Section 15 .01, Landlord shall have the following rights and remedies, in addition to those allowed by law, any one or more of which may be exercised without further notice to or demand upon Tenant:
A. Landlord may re-enter the remedies described Leased Premises and cure any default of Tenant, in § 9.3 which event Tenant shall reimburse Landlord as additional rent for any costs and expenses which Landlord may incur to cure such default; and Landlord shall not be liable to Tenant for any other remedies available to loss or damage which Tenant may sustain by reason of Landlord’s action, regardless of whether caused by Landlord’s negligence or otherwise.
B. 1. Landlord at law or in equity, Landlord has the right to may terminate this Lease upon not less than 60 days prior written notice as of the date of such default, in which event (i) neither Tenant nor any person claiming under or through Tenant shall thereafter be entitled to Tenantpossession of the Leased Premises, and Tenant shall immediately thereafter surrender the Leased Premises to Landlord; provided(ii) Landlord may re-enter the Leased Premises and dispossess Tenant or any other occupants of the Leased Premises by any means permitted by law, howeverand may remove their effects, that without prejudice to any other remedy which Landlord may have for possession or arrearages in rent; and (iii) notwithstanding the case termination of a non-monetary Event this Lease( Landlord may declare all rent which would have been due under this Lease for the balance of Default the Term to be immediately due and payable, whereupon Tenant shall be obligated to pay the same to Landlord, together with all loss or damage which Landlord may sustain by Tenant that poses an immediate threat to the health or safety reason of persons or property, Landlord has the right to reduce said 60-day notice period to ten days. Upon such termination, this Lease comes to an end as fully it being expressly understood and completely as if agreed that the Expiration Date stated in such notice were the Expiration Date originally fixed, liabilities and ▇▇▇▇▇▇ must then quit and surrender the Premises to Landlord as provided in § 6.7, but ▇▇▇▇▇▇ remains liable for damages arising out of such Event of Default, as provided remedies specified in this Lease.
(b) Upon subsection B I of Section 15 .02 shall survive the termination of this Lease by Landlord pursuant to this § 9.2, Tenant must pay to Landlord Rent payable by Tenant to Landlord up to the Expiration Date, and ▇▇▇▇▇▇ remains liable for any breach of Tenant’s obligations under this Lease occurring before the Expiration Date. In addition, Tenant is liable to pay Landlord, as damages, the aggregate of Rent remaining in the Term.
(c) Tenant must pay Rent in the same manner, to the same extent, and at the same time as if this Lease had not been terminated. In calculating the amounts to be paid by Tenant pursuant to the preceding sentence, Landlord must credit Tenant with the net rents that Landlord actually receives from a reletting of the Premises. Net rents must be determined by deducting from the gross rents, as and when Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting of the Premises that are allocable to the Term. In no event is Tenant entitled to receive any excess of such net rents over the sums that Tenant must pay to Landlord under this Lease. If Landlord terminates this Lease by reason of an Event of Default by ▇▇▇▇▇▇, Landlord must take all reasonable steps to mitigate Landlord’s damages, including making reasonable efforts to relet the Premises for a period that is equal to, shorter, or longer than the Term.; or
Appears in 1 contract
Remedies of Landlord. In the event of a default by Tenant, Landlord shall have the following rights and remedies in addition to all other rights and remedies otherwise available to Landlord:
(a) Upon the occurrence of an Event of Default by ▇▇▇▇▇▇, in addition Landlord shall be entitled to the remedies described in § 9.3 and any other remedies available to Landlord at law or in equity, Landlord has the right to terminate this Lease upon not less than 60 days prior written immediately accelerate without further notice to Tenant; provided, however, that in Tenant the case full balance of a non-monetary Event the rent payable for the remainder of Default by Tenant that poses an immediate threat to the health or safety term of persons or property, Landlord has the right to reduce said 60-day notice period to ten days. Upon such termination, this Lease comes to an end as fully and completely as if the Expiration Date stated in such notice were the Expiration Date originally fixed, and ▇▇▇▇▇▇ must then quit and surrender the Premises to Landlord as provided in § 6.7, but ▇▇▇▇▇▇ remains liable for damages arising out of such Event of Default, as provided in this Lease.
(b) Upon termination Landlord shall have the immediate right of re-entry and may remove all persons and property from the Leased Premises. Such property may be removed and stored at the cost of Tenant. Should Landlord elect to re-enter as herein provided, or should Landlord take possession pursuant to legal proceedings, Landlord may either terminate this Lease or, from time to time, without terminating this Lease, relet the Leased Premises or any part thereof for such term or terms (which may be for a term extending beyond the term of this Lease by Landlord pursuant Lease) and at such rental or rentals and upon such other terms and conditions as Landlord, in the exercise of its sole discretion, deems advisable, with the right to this § 9.2, Tenant must pay to Landlord Rent payable by Tenant to Landlord up make alterations and repairs to the Expiration DateLeased Premises. Upon each such reletting, and ▇▇▇▇▇▇ remains liable for any breach of Tenant’s obligations under this Lease occurring before the Expiration Date. In addition, (i) Tenant is shall be immediately liable to pay to Landlord, as damagesin addition to any indebtedness other than rent due hereunder, the aggregate cost and expense of Rent remaining such reletting and of any such alterations and repairs incurred by Landlord, and the amount, if any, by which the rent reserved in this Lease for the Termperiod of the reletting as accelerated under subparagraph (a) of this Paragraph, exceeds the amount agreed to be paid for rent for the Leased Premises by the reletting Tenant; or (ii) at the option of Landlord, rents received by Landlord from such reletting shall be applied first, to the payment of any indebtedness other than rent due hereunder from Tenant to Landlord, second, to the payment of any costs and expenses of such reletting and of such alterations and repairs; third, to the payment of rent unpaid hereunder; and the residue, if any, held by Landlord and applied in payment of future unaccelerated rent as the same may become due and payable hereunder.
(c) Landlord may immediately s▇▇ to recover from Tenant must pay Rent in the same manner, to the same extent, and at the same time as if this Lease had not been terminated. In calculating the amounts to be paid by Tenant pursuant to the preceding sentence, all damages Landlord must credit Tenant with the net rents that Landlord actually receives from a reletting of the Premises. Net rents must be determined by deducting from the gross rents, as and when Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting of the Premises that are allocable to the Term. In no event is Tenant entitled to receive any excess of such net rents over the sums that Tenant must pay to Landlord under this Lease. If Landlord terminates this Lease may incur by reason of an Event of Default by ▇▇▇▇▇▇, Landlord must take all reasonable steps to mitigate Landlord’s damagesTenant's default, including making reasonable efforts the cost of recovering the Leased Premises, and including the rent reserved and charged in this Lease for the remainder of the stated term as accelerated under Subparagraph (a), all of which shall be immediately due and payable along with attorneys fees and Landlord shall have no obligation to relet the Premises for a period that is equal to, shorter, or longer than the Termrelet.
Appears in 1 contract
Remedies of Landlord. If a default occurs, and at any time thereafter while Tenant remains in default, Landlord may do any one or more of the following without any notice or demand:
(a) Upon the occurrence of an Event of Default by ▇▇▇▇▇▇Terminate this Lease, in addition which event Tenant shall immediately surrender the Leased Premises to Landlord. If Tenant fails to do so, Landlord may, without any further notice and without prejudice to any other remedy Landlord may have for possession or arrearages in Rental, enter upon and take possession of the Leased Premises and remove Tenant and its effects without being liable to prosecution or any claim for damages therefor, and Tenant shall indemnify Landlord for all loss and damage which Landlord may suffer by reason of such termination, whether through inability to relet the Leased Premises or otherwise, including any loss of Rental for the remainder of the Term.
(b) If the default relates to nonpayment of Rental, terminate this Lease, in which event Tenant's default shall be deemed a total and entire breach of Tenant's obligations under this Lease and Tenant immediately shall become liable for damages in an amount equal to the remedies described excess of (i) the total Base Rental for the remainder of the Term discounted at the Prime Rate to the then present value, together with all other expenses incurred by Landlord in § 9.3 connection with Tenant's default, all sums due pursuant to Section 15.5 thereof, and the unpaid Rental due as of the date of termination, over (ii) the fair market rental value of the Leased Premises on a net basis for the balance of the Term discounted at the Prime Rate to the then present value. It is acknowledged, intended and agreed that the amounts which Landlord is entitled to recover under this Section 15.2(b) constitute liquidated damages and not a penalty for Tenant's defaults related to nonpayment of Rental. Such amounts constitute the parties' best, good faith, and reasonable estimate of the damages which would be suffered by Landlord in the event any other remedies available such default occurs, the exact amount of such damages being difficult or impractical to calculate.
(c) Enter upon and take possession of the Leased Premises as Tenant's agent without terminating this Lease and without being liable to prosecution to any claim for damages therefor, and Landlord may relet the Leased Premises as Tenant's agent and receive the Rental therefor, in which event Tenant shall pay to Landlord at law or in equityon demand all sums due pursuant to Section 15.5 hereof, Landlord has the right to terminate this Lease upon not less than 60 days prior written notice to Tenanttogether with any deficiency that may arise by reason of such reletting; provided, however, that in Landlord shall have no duty to relet the case of a non-monetary Event of Default by Tenant that poses an immediate threat to the health or safety of persons or property, Landlord has the right to reduce said 60-day notice period to ten days. Upon such termination, this Lease comes to an end as fully and completely as if the Expiration Date stated in such notice were the Expiration Date originally fixedLeased Premises, and ▇▇▇▇▇▇ must then quit and surrender the Premises Landlord's failure to Landlord as provided in § 6.7, but ▇▇▇▇▇▇ remains liable do so shall not release or affect Tenant's liability for damages arising out of such Event of Default, as provided in this LeaseRental or for damages.
(bd) Upon termination of this Lease by Landlord pursuant Do whatever Tenant is obligated to this § 9.2, Tenant must pay to Landlord Rent payable by Tenant to Landlord up to the Expiration Date, and ▇▇▇▇▇▇ remains liable for any breach of Tenant’s obligations do under this Lease occurring before and enter the Expiration Date. In additionLeased Premises, Tenant is without being liable to pay Landlordprosecution or any claim for damages therefor, as damagesto accomplish such purpose. Tenant shall reimburse Landlord immediately upon demand for any reasonable expenses which Landlord incurs in this effecting compliance with this Lease on Tenant's behalf, together with interest thereon at the aggregate of Rent remaining Highest Lawful Rate from the date Landlord incurs the expense in the Termquestion until Landlord is reimbursed therefor.
(ce) Require Tenant must to pay Rent any Rental in quarterly installments in advance of each calendar quarter during the same mannerTerm by certified or cashier's check.
(f) In the event of a monetary default, without notice, alter the locks and any other security device or devices which allow Tenant access to the same extentLeased Premises or the Building, and at Landlord shall not be required to provide a new key or right of access to Tenant, and restrict or terminate any right to use parking facilities associated with the same time Building as if this Lease had not been terminated. In calculating the amounts to be paid by Tenant pursuant well as Building services to the preceding sentence, Landlord must credit Tenant with Leased Premises. This Section 15.2(f) is intended to and shall supersede the net rents that Landlord actually receives from a reletting provisions of Section 93.002 of the Premises. Net rents must Texas Property Code; provided, however, Tenant shall be determined by deducting from the gross rents, as and when Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting of the Premises that are allocable permitted access to the Term. In no event is Leased Premises to the extent necessary for Tenant entitled to receive any excess of such net rents over the sums that Tenant must pay to Landlord under this Lease. If Landlord terminates this Lease by reason of an Event of Default by ▇▇▇▇▇▇, Landlord must take all reasonable steps to mitigate Landlord’s damages, including making reasonable efforts to relet the Premises for a period that is equal to, shorter, or longer than the Termmaintain compliance with applicable securities laws.
Appears in 1 contract
Remedies of Landlord. If an Event of Default occurs, Landlord -------------------- may then or at any time thereafter:
(a) Upon such notice as is required by Applicable Laws and pursuant to all legal requirements, reenter and repossess the occurrence Building Complex and expel Tenant and those claiming through or under Tenant and remove the effects of an Event both without being deemed guilty of Default any manner of trespass and without prejudice to any remedies for arrears of Rent or preceding breach of this Lease. Should Landlord reenter or take possession pursuant to legal proceedings or any notice provided by ▇▇▇▇▇▇Applicable Law, Landlord may, from time to time, without terminating this Lease, relet the Building Complex or any part, in addition Landlord's name but for the account of Tenant, for such periods (which may be greater or less than the period which would otherwise have constituted the balance of the Term) and on such reasonable conditions and terms (which may include reasonable concessions of free rent and alteration and repair of the Building Complex) as Landlord, in its sole and reasonable discretion, determines and Landlord may collect the rents therefor. Landlord shall not be responsible or liable for failure to relet the Premises, or any part thereof, or for any failure to collect any rent due upon such reletting, except to the remedies described in § 9.3 and extent of any other remedies available mitigation requirements of Applicable Laws. No such reentry or repossession or notice from Landlord shall be construed as an election by Landlord to terminate this Lease unless specific notice of such intention is given Tenant. Landlord at law or in equity, Landlord has reserves the right following any reentry and/or reletting to exercise its right to terminate this Lease upon by giving Tenant notice, in which event this Lease will terminate as specified in such notice.
(b) If Landlord takes possession of the Building Complex without terminating this Lease, Tenant shall pay Rent which would be payable if repossession had not occurred, less than 60 the net proceeds, if any, of any reletting of the Building Complex after deducting all of Landlord's reasonable expenses incurred in connection with such reletting, including all repossession costs, brokerage commissions, attorneys' fees and alteration and repair costs (collectively, "Reletting Expenses"). If, in ------------------ connection with any such reletting, the new lease term extends beyond the Term or the premises covered thereby include other premises not part of the Building Complex, a fair apportionment of the rent received from such reletting and the Reletting Expenses will be made in determining the net proceeds received from the reletting. In determining such net proceeds, rent concessions will also be apportioned over the term of the new lease. Tenant shall pay such amounts to Landlord monthly on the days prior written on which the Rent would have been payable if possession had not been retaken, and Landlord is entitled to receive the same from Tenant on each such day; or
(2) Provide Tenant with notice of termination of this Lease on the date therein specified and, on such date, Tenant's right to possession of the Building Complex shall cease and this Lease will terminate (except as to Tenant; 's liability as hereafter provided, however, that in the case of a non-monetary Event of Default by Tenant that poses an immediate threat to the health or safety of persons or property, Landlord has the right to reduce said 60-day notice period to ten days. Upon such termination, this Lease comes to an end as fully and completely ) as if the Expiration Date stated expiration of the term fixed in such notice were the Expiration Date originally fixed, and ▇▇▇▇▇▇ must then quit and surrender end of the Premises to Landlord as provided in § 6.7, but ▇▇▇▇▇▇ remains liable for damages arising out of such Event of Default, as provided in this Lease.
(b) Upon termination of Term. If this Lease by Landlord terminates pursuant to this § 9.2Section, Tenant must pay shall remain liable to Landlord for damages in an amount equal to the Rent payable which would have been owing by Tenant to Landlord up to for the Expiration Date, and ▇▇▇▇▇▇ remains liable for any breach balance of Tenant’s obligations under this Lease occurring before the Expiration Date. In addition, Tenant is liable to pay Landlord, as damages, the aggregate of Rent remaining in the Term.
(c) , less the net proceeds, if any, of reletting of the Building Complex by Landlord after deducting Reletting Expenses. Landlord may collect such damages from Tenant must pay monthly on the days on which the Rent in the same manner, to the same extent, and at the same time as would have been payable if this Lease had not been terminated. In calculating the amounts to terminated and Landlord shall be paid by Tenant pursuant to the preceding sentence, Landlord must credit Tenant with the net rents that Landlord actually receives from a reletting of the Premises. Net rents must be determined by deducting from the gross rents, as and when Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting of the Premises that are allocable to the Term. In no event is Tenant entitled to receive any excess of the same from Tenant on each such net rents over the sums that Tenant must pay to Landlord under this Leaseday. If Landlord terminates Alternatively, if this Lease by reason is terminated, Landlord, at its option, may recover forthwith against Tenant as damages for loss of the bargain (and not as a penalty) an Event of Default by ▇▇▇▇▇▇, Landlord must take all reasonable steps amount equal to mitigate Landlord’s damages, including making reasonable efforts to relet the Premises for a period that is equal to, shorter, or longer than the Term.worth
Appears in 1 contract
Remedies of Landlord. The remedies provided Landlord under this Lease are cumulative.
(a) Upon the occurrence of an Event of Default by ▇▇▇▇▇▇any default, Landlord may serve notice on Tenant that the Term and the estate hereby vested in addition to the remedies described in § 9.3 Tenant and any and all other remedies available to Landlord at law or rights of Tenant hereunder shall cease on the date specified in equity, Landlord has such notice and on the right to terminate specified date this Lease upon not less than 60 days prior written notice to Tenant; provided, however, that shall cease and expire as fully and with the effect as if the Term had expired for passage of time.
(b) Without terminating this Lease in the case of a non-monetary Event of Default by Tenant that poses an immediate threat to the health default or safety of persons or propertyif this Lease shall be terminated for default as provided herein, Landlord has may re-enter the right Premises, remove Tenant, or cause Tenant to reduce said 60-day notice period to ten days. Upon such termination, this Lease comes to an end as fully and completely as if be removed from the Expiration Date stated Premises in such notice were the Expiration Date originally fixedmanner as Landlord may deem advisable, with or without legal process, and ▇▇▇▇▇▇ must then quit and surrender using such reasonable force as may be necessary. In the Premises event of re-entry without terminating this Lease, Tenant shall continue to Landlord as provided in § 6.7, but ▇▇▇▇▇▇ remains be liable for damages arising out of such Event of Default, as provided in all Rents and other charges accruing or coming due under this Lease.
(bc) Upon termination If Landlord, without terminating this Lease, shall re-enter the Premises or if this Lease shall be terminated as provided in paragraph (a) above:
(i) All Rent due from Tenant to Landlord shall thereupon become due and shall be paid up to the time of re-entry, dispossession or expiration;
(ii) Landlord, without any obligation to do so, may relet the Premises or any part thereof for a term or terms which may at Landlord’s option be less than or exceed the period which would otherwise have constituted the balance of the Term and may grant such concessions in reletting as Landlord, in the exercise of its reasonable business judgment, deems desirable. In connection with such reletting, Tenant shall be liable for all costs of the reletting including, without limitation, rent concessions, leasing commissions, legal fees and alteration and remodeling costs; and
(iii) If Landlord shall have terminated this Lease, Tenant shall also be liable to Landlord for all damages provided for in law and under this Lease resulting from Tenant’s breach including, without limitation, the difference between the aggregate rentals reserved under the terms of this Lease for the balance of the Term together with all other sums payable hereunder as Rent for the balance of the Term, less the fair rental value of the Premises for that period determined as of the date of such termination. For purposes of this paragraph, Tenant shall be deemed to include any guarantor or surety of the Lease.
(d) Tenant hereby waives all right to trial by jury in any claim, action, proceeding or counterclaim by either Landlord or Tenant against each other or any matter arising out of or in any way connected with this Lease, the relationship of Landlord and Tenant, and/or Tenant’s use or occupancy or the Premises.
(e) Tenant shall pay upon demand, all costs and expenses, including court costs and reasonable legal fees, incurred by Landlord pursuant to this § 9.2, Tenant must pay to Landlord Rent payable by Tenant to Landlord up to the Expiration Date, and ▇▇▇▇▇▇ remains liable for any breach of in enforcing Tenant’s obligations under this Lease occurring before the Expiration Date. In additionLease, Tenant is liable to pay Landlord, as damages, the aggregate of Rent remaining in the Termor resulting from Tenant’s default under this Lease.
(cf) Tenant must pay Rent in the same manner, In addition to the same extent, and at the same time as if this Lease had not been terminated. In calculating the amounts to be paid by Tenant pursuant to the preceding sentenceabove, Landlord must credit Tenant with the net rents that Landlord actually receives from shall have any and all other rights provided a reletting landlord at law or in equity for breach of the Premises. Net rents must be determined a lease or tenancy by deducting from the gross rents, as and when Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting of the Premises that are allocable to the Term. In no event is Tenant entitled to receive any excess of such net rents over the sums that Tenant must pay to Landlord under this Lease. If Landlord terminates this Lease by reason of an Event of Default by ▇▇▇▇▇▇, Landlord must take all reasonable steps to mitigate Landlord’s damages, including making reasonable efforts to relet the Premises for a period that is equal to, shorter, or longer than the Termtenant.
Appears in 1 contract
Sources: Lease (Wilshire Bancorp Inc)
Remedies of Landlord. 14.01. In the event of default by Tenant, subject to the provisions of Section 13 of this Agreement, Landlord, at its sole option, shall have the following rights:
(ai) Upon The right to declare the occurrence term of an Event this Lease ended and re-enter the Premises and take possession thereof, and to terminate all of Default by ▇▇▇▇▇▇the rights of Tenant in and to the Premises; or
(ii) The right to continue this Agreement in full force and effect, without terminating Tenant's right to possession of the Premises, in addition to the remedies described in § 9.3 and any other remedies available to which event Landlord at law or in equity, Landlord has shall have the right to terminate collect the Monthly Rent and other charges when due, including any sums due for any option period for which an option to extend has been exercised.
14.02. If Tenant defaults under this Lease upon not less than 60 days prior and abandons the Premises before the end of the Lease Term, or if its right of possession is terminated by Landlord because of Tenant's default under this Agreement, then this Lease may be terminated by Landlord at its option by written notice to Tenant; provided. On such termination Landlord may recover from Tenant any obligation which has accrued and not been paid prior to the time this Agreement is terminated, however, that plus reasonable attorneys fees relating to the enforcement of these provisions by Landlord and an indemnification from Tenant in the case amount of the unpaid rents for the balance of the Lease Term from the date of such termination notice payable upon demand.
14.03. The waiver by Landlord of any breach or default of Tenant hereunder shall not be a non-monetary Event waiver of Default any preceding or subsequent breach of the same or any other term. Acceptance of any rent payment shall not be construed to be a waiver by the Landlord of any preceding breach by Tenant.
14.04. All past due amounts owed by Tenant that poses an immediate threat to under the health or safety of persons or property, Landlord has the right to reduce said 60-day notice period to ten days. Upon such termination, this Lease comes to an end as fully and completely as if the Expiration Date stated in such notice were the Expiration Date originally fixed, and ▇▇▇▇▇▇ must then quit and surrender the Premises to Landlord as provided in § 6.7, but ▇▇▇▇▇▇ remains liable for damages arising out of such Event of Default, as provided in this Lease.
(b) Upon termination terms of this Lease by Landlord pursuant to this § 9.2, Tenant must pay to Landlord Rent payable by Tenant to Landlord up to the Expiration Date, and ▇▇▇▇▇▇ remains liable for any breach of Tenant’s obligations under this Lease occurring before the Expiration Date. In addition, Tenant is liable to pay Landlord, as damages, the aggregate of Rent remaining in the Term.
(c) Tenant must pay Rent in the same manner, to the same extent, and shall bear interest at the same time as if this Lease had not been terminated. In calculating the amounts to be paid by Tenant pursuant to the preceding sentence, Landlord must credit Tenant with the net rents that Landlord actually receives from a reletting of the Premises. Net rents must be Prime Rate determined by deducting from the gross rentsCitibank, as and when Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting of the Premises that are allocable to the Term. In no event is Tenant entitled to receive any excess of such net rents over the sums that Tenant must pay to Landlord under this Lease. If Landlord terminates this Lease by reason of an Event of Default by ▇▇▇▇▇▇, Landlord must take all reasonable steps to mitigate Landlord’s damages, including making reasonable efforts to relet the Premises for a period that is equal to, shorter, or longer than the Term.New
Appears in 1 contract
Sources: Lease Agreement (International Manufacturing Services Inc)
Remedies of Landlord. (a) Upon the occurrence of an Event any of Default by ▇▇▇▇▇▇the events of default listed in Paragraph 23, in addition Landlord, without prejudice to any legal, equitable, or other (including contractual) right or remedy to which it may be entitled, shall have the option to pursue any one or more of the following remedies described in § 9.3 without notice or demand whatsoever (and using lawful force if necessary or appropriate after providing written notice thereof, if any is required):
A. Terminate this Lease or any of Tenant's rights under this Lease, with or without reentering or repossessing the Leased Premises.
B. Terminate Tenant's right to occupy all or any part of the Premises without terminating this Lease and with or without reentering or repossessing the Premises.
C. Recover unpaid rent and any Breach Damages (as “Breach Damages” are defined in this Paragraph 24, below).
D. Change or pick the locks, access codes, or other access control devices, and take any other self-help or judicial action to exclude Tenant and other occupants from the Premises.
E. Remove and store (at Tenant's sole cost) any property on the Premises at Tenant's sole cost.
F. Sue for eviction, specific enforcement, equitable relief, rent, damages, or any other available remedy.
G. Apply the Security Deposit in any manner permitted by this Lease, and/or increase the amount of the Security Deposit.
H. Cure Tenant's default, and if Landlord so elects, Tenant must reimburse Landlord within thirty (30) days after Landlord delivers an invoice for the cure amounts paid or to be paid plus any reasonable expenses Landlord incurred effecting compliance with Tenant's obligations.
I. Withhold or suspend any payment that this Lease would otherwise require Landlord to make.
J. Charge interest on any amount not paid when due through the date of its payment at the Default Interest Rate (as set forth in Paragraph 40).
K. Recover, but only if Tenant fails to pay Rent and Landlord terminates this Lease or Tenant's right of possession with more than twelve (12) months remaining in the Term of this Lease, liquidated rental damages for the period after any such termination equal to twelve (12) times the monthly Rent due at the time of termination in lieu of any other contractual or legal measure of damages (including re-letting costs) for Tenant's non-payment of Rent, and the parties agree this is a reasonable estimate of Landlord's damages for such a breach given the uncertainty of future market rental rates and of the duration of any vacancy.
L. Exercise all other remedies available to Landlord at law or Law, in equity, Landlord has the right to terminate this Lease upon not less than 60 days prior written notice to Tenant; providedor otherwise (including, howeverwithout limitation, that in the case of a non-monetary Event of Default by Tenant that poses an immediate threat to the health or safety of persons or property, Landlord has the right to reduce said 60-day notice period to ten days. Upon such termination, this Lease comes to an end as fully injunctive relief and completely as if the Expiration Date stated in such notice were the Expiration Date originally fixed, and ▇▇▇▇▇▇ must then quit and surrender the Premises to Landlord as provided in § 6.7, but ▇▇▇▇▇▇ remains liable for damages arising out of such Event of Default, as provided in this Leaseany other remedy available under applicable Law).
(b) Upon termination of this Lease by Landlord pursuant to this § 9.2, Tenant must pay to Landlord Rent payable by Tenant to Landlord up to the Expiration Date, and ▇▇▇▇▇▇ remains liable for any breach of Tenant’s obligations under this Lease occurring before the Expiration Date. In addition, Tenant is liable to pay Landlord, as damages, the aggregate of Rent remaining in the Term.
(c) Tenant must pay Rent in the same manner, to the same extent, and at the same time as if this Lease had not been terminated. In calculating the amounts to be paid by Tenant pursuant to the preceding sentence, Landlord must credit Tenant with the net rents that Landlord actually receives from a reletting of the Premises. Net rents must be determined by deducting from the gross rents, as and when Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting of the Premises that are allocable to the Term. In no event is Tenant entitled to receive any excess of such net rents over the sums that Tenant must pay to Landlord under this Lease. If Landlord terminates this Lease by reason of an Event of Default by ▇▇▇▇▇▇, Landlord must take all reasonable steps to mitigate Landlord’s damages, including making reasonable efforts to relet the Premises for a period that is equal to, shorter, or longer than the Term.
Appears in 1 contract
Sources: Conventional Hangar Lease
Remedies of Landlord. (a) Upon the occurrence of If an Event of Default occurs, Landlord may then or at any time thereafter, either:
(a) Without further notice except as required by ▇▇▇▇▇▇Applicable Laws, reenter and repossess the Premises or any part and expel Tenant and those claiming through or under Tenant and remove the effects of both without being deemed guilty of any manner of trespass and without prejudice to any remedies for arrears of Rent or preceding breach of this Lease. Should Landlord reenter or take possession pursuant to legal proceedings or any notice provided for by Applicable Law, Landlord may, from time to time, without terminating this Lease, relet the Premises or any part, either alone or in conjunction with other portions of the Building Complex, in addition to Landlord's or Tenant's name but for the remedies described in § 9.3 and any other remedies available to Landlord at law account of Tenant, for such periods (which may be greater or in equity, Landlord has the right to terminate this Lease upon not less than 60 days prior written notice the period which would otherwise have constituted the balance of the Term) and on such conditions and upon such other terms (which may include concessions of free rent and alteration and repair of the Premises) as Landlord, in its sole discretion, determines and Landlord may collect the rents therefor. Landlord is not in any way responsible or liable for failure to Tenantrelet the Premises, or any part thereof, or for any failure to collect any rent due upon such reletting; provided, however, that in the case of a non-monetary Event of Default by Tenant that poses an immediate threat to the health or safety of persons or property, Landlord has the right to reduce said 60-day notice period to ten days. Upon such termination, this Lease comes to an end as fully and completely as if the Expiration Date stated in such notice were the Expiration Date originally fixed, and ▇▇▇▇▇▇ must then quit and surrender the Premises to Landlord as provided in § 6.7, but ▇▇▇▇▇▇ remains liable for damages arising out of such Event of Default, as provided in this Lease.
(b) Upon termination of this Lease by Landlord pursuant to this § 9.2, Tenant must pay to Landlord Rent payable by Tenant to Landlord up to the Expiration Date, and ▇▇▇▇▇▇ remains liable for any breach of Tenant’s obligations under this Lease occurring before the Expiration Date. In addition, Tenant is liable to pay Landlord, as damages, the aggregate of Rent remaining in the Term.
(c) Tenant must pay Rent in the same manner, to the same extent, and at the same time as if this Lease had not been terminated. In calculating the amounts to be paid by Tenant pursuant to the preceding sentence, Landlord must credit Tenant with the net rents however that Landlord actually receives from a reletting of the Premises. Net rents must be determined by deducting from the gross rents, as and when Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting of the Premises that are allocable agrees to the Term. In no event is Tenant entitled to receive any excess of such net rents over the sums that Tenant must pay to Landlord under this Lease. If Landlord terminates this Lease by reason of an Event of Default by ▇▇▇▇▇▇, Landlord must take all reasonable steps to mitigate Landlord’s damages, including making use reasonable efforts to relet the Premises for and to collect rent due upon such reletting. No such reentry or repossession or notice from Landlord shall be construed as an election by Landlord to terminate this Lease unless specific notice of such intention is given Tenant. Landlord reserves the right following any reentry and/or reletting to exercise its right to terminate this Lease by giving Tenant notice, in which event this Lease will terminate as specified in the notice.
(b) If Landlord takes possession of the Premises without terminating this Lease, Tenant shall pay Landlord (i) the Rent which would be payable if repossession had not occurred, less (ii) the net proceeds, if any, of any reletting of the Premises after deducting all of Landlord's expenses incurred in connection with such reletting, including all repossession costs, brokerage commissions, attorneys' fees, expenses of employees, alteration, and repair costs (collectively "Reletting Expenses"). If, in connection with any reletting, the new lease term extends beyond the Term or the premises covered thereby include other premises not part of the Premises, a period that fair apportionment of the rent received from such reletting and the Reletting Expenses, will be made in determining the net proceeds received from the reletting. In determining such net proceeds, rent concessions will also be apportioned over the term of the new lease. Tenant shall pay such amounts to Landlord monthly on the days on which the Rent would have been payable if possession had not been retaken, and Landlord is equal toentitled to receive the same from Tenant on each such day; or
(2) Give Tenant notice of termination of this Lease on the date specified and, shorteron such date, or longer than Tenant's right to possession of the Premises shall cease and the Lease will terminate except as to Tenant's liability as hereafter provided as if the expiration of the term fixed in such notice were the end of the Term.. If this Lease terminates pursuant to this Section, Tenant remains liable to Landlord for damages in an amount equal to the Rent which would have been owing by Tenant for the balance of the Term had this Lease not terminated, less the net proceeds, if any, of reletting of the Premises by Landlord subsequent to termination after deducting Reletting Expenses. Landlord may collect such damages from Tenant monthly on the days on which the Rent would have been payable if this Lease had not terminated and Landlord shall be entitled to receive the same from Tenant on each such day. Alternatively, if this Lease is
Appears in 1 contract
Sources: Office Lease (Kroll Inc)
Remedies of Landlord. (a) Upon the occurrence of an any Event of Default by ▇▇▇▇▇▇Default, Landlord may exercise any one or more of the following described remedies, in addition to the all other rights and remedies described in § 9.3 and any other remedies available to Landlord provided at law or in equity:
A. Terminate this Lease Agreement by written notice to Tenant and forthwith repossess the Leased Premises and be entitled to recover forthwith as damages a sum of money equal to the total of (i) the cost of recovering the Leased Premises (including attorneys’ fees and costs of suit), (ii) the cost of removing and storing any personal property, (iii) the unpaid Rent earned at the time of termination, plus interest thereon at the rate described in Section 5, (iv) the present value (discounted at the rate of six percent (6%) per annum) of the balance of the Rent for the remainder of the Term less the present value (discounted at the same rate) of the fair market rental value of the Leased Premises for said period, taking into account the period of time the Leased Premises will remain vacant until a new tenant is obtained, and the cost to prepare the Leased Premises for occupancy and the other costs (such as leasing commissions, tenant improvement allowances and attorneys’ fees) to be incurred by Landlord in connection therewith, and (v) any other sum of money and damages owed by Tenant to Landlord under this Lease Agreement.
B. Terminate Tenant’s right of possession (but not this Lease Agreement) and may repossess the Leased Premises by forcible detainer suit or otherwise, without thereby releasing Tenant from any liability hereunder and without demand or notice of any kind to Tenant and without terminating this Lease Agreement. Landlord shall use reasonable efforts under the circumstances to relet the Leased Premises on such terms and conditions as Landlord in its sole discretion may determine (including a term different than the Term, rental concessions, alterations and repair of the Leased Premises); provided, however, Landlord has hereby reserves the right (i) to lease any other comparable space available in the Building or in any adjacent building owned by Landlord prior to offering the Leased Premises for lease, and (ii) to refuse to lease the Leased Premises to any potential tenant which does not meet Landlord’s standards and criteria for leasing other comparable space in the Building. Landlord shall not be liable for, nor shall Tenant’s obligations hereunder be diminished because of, Landlord’s failure or refusal to relet the Leased Premises or collect rent due in respect of such reletting. For the purpose of such reletting Landlord shall have the right to decorate or to make any repairs, changes, alterations or additions in or to the Leased Premises as may be reasonably necessary or desirable. In the event that (i) Landlord shall fail or refuse to relet the Leased Premises, or (ii) the Leased Premises are relet and a sufficient sum shall not be realized from such reletting (after first deducting therefrom, for retention by Landlord, the unpaid Rent due hereunder earned but unpaid at the time of reletting plus interest thereon at the rate specified in Section 5, the cost of recovering possession (including attorneys’ fees and costs of suit), all of the costs and expenses of such decorations, repairs, changes, alterations and additions, the expense of such reletting and the cost of collection of the rent accruing therefrom) to satisfy the Rent, then Tenant shall pay to Landlord as damages a sum equal to the amount of such deficiency. Any such payments due Landlord shall be made upon demand therefor from time to time and Tenant agrees that Landlord may file suit to recover any sums falling due under the terms of this Section 16 from time to time. No delivery to or recovery by Landlord of any portion due Landlord hereunder shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall such reletting be construed as an election on the part of Landlord to terminate this Lease upon not less than 60 days prior Agreement unless a written notice of such intention be given to Tenant by Landlord. Notwithstanding any such termination of Tenant’s right of possession of the Leased Premises, Landlord may at any time thereafter elect to terminate this Lease Agreement. In any proceedings to enforce this Lease Agreement under this Section 16, Landlord shall be presumed to have used its reasonable efforts to relet the Leased Premises, and Tenant shall bear the burden of proof to establish that such reasonable efforts were not used.
C. Alter any and all locks and other security devices at the Leased Premises, and if it does so Landlord shall not be required to provide a new key or other access right to Tenant unless Tenant has cured all Events of Default; provided, however, that in any such instance, during Landlord’s normal business hours and at the convenience of Landlord, and upon the written request of Tenant accompanied by such written waivers and releases as Landlord may require, Landlord will escort Tenant or its authorized personnel to the Leased Premises to retrieve any personal belongings or other property of Tenant not subject to the Landlord’s lien or security interest described in Section 17. The provisions of this Section 16.C are intended to override and control any conflicting provisions of the Texas Property Code.
D. All agreements and provisions to be performed by Tenant under any of the terms of this Lease Agreement shall be at Tenant’s sole cost and expense and without any abatement of Rent. If Tenant shall fail to pay any sum of money, other than Base Rent, required to be paid by it hereunder or shall fail to cure any default and such failure shall continue for ten (10) days after notice thereof by Landlord, then Landlord may, but shall not be obligated so to do, and without waiving or releasing Tenant from any obligations, make any such payment or perform any such act on Tenant’s part. All sums so paid by Landlord and all costs incurred by Landlord in taking such action shall be deemed Additional Rent hereunder and shall be paid to Landlord on demand, and Landlord shall have (in addition to all other rights and remedies of Landlord) the same rights and remedies in the event of the non-payment thereof by Tenant as in the case of a non-monetary default by Tenant in the payment of Rent.
E. In connection with the exercise by Landlord of its rights and remedies in respect of any Event of Default on the part of Tenant, to the extent (but no further) that Landlord is required by applicable Texas law to mitigate damages, or to use efforts to do so, and such requirement cannot be lawfully and effectively waived (it being the intention of Landlord and Tenant that poses an immediate threat such requirements be and are hereby WAIVED to the health maximum extent permitted by applicable law), Tenant agrees in favor of Landlord that Landlord shall not be deemed to have failed to mitigate damages, or safety to have used the efforts required by law to do so, because:
(1) Landlord leases other space in the Building prior to re-letting the Leased Premises;
(2) Landlord refuses to relet the Leased Premises to any affiliate of persons Tenant, or propertyany principal of Tenant, or any affiliate of such principal (for purposes of this Lease, “affiliate” shall mean and refer to any person or entity controlling, under common control with, or controlled by, the party in question);
(3) Landlord refuses to relet the Leased Premises to any person or entity because the use proposed to be made of the Leased Premises by such prospective tenant is not of a type and nature consistent with that of the other tenants in the Building or the floor where the Leased Premises are situated as of the date Tenant defaults under this Lease Agreement, or because such use would, in the good faith opinion of Landlord, impose unreasonable or excessive demands upon the Building;
(4) Landlord refuses to relet the Leased Premises to any person or entity, or any affiliate of such person or entity, who has been engaged in litigation with, or who has threatened litigation against, Landlord has the right to reduce said 60-day notice period to ten days. Upon such terminationor any of its affiliates, this Lease comes to an end as fully and completely as if the Expiration Date stated or whom Landlord in such notice were the Expiration Date originally fixed, and ▇good ▇▇▇▇▇ must then quit and surrender the Premises to Landlord as provided in § 6.7, but ▇▇▇▇▇▇ remains liable for damages arising out of such Event of Default, as provided in this Lease.to be unreasonably or excessively litigious;
(b5) Upon termination Landlord refuses to relet the Leased Premises because the tenant or the terms and provisions of this Lease the proposed lease are not approved by the holders of any liens or security interests in the Building or any part thereof, or would cause Landlord pursuant to this § 9.2breach or be in default of, Tenant must pay or to be unable to perform any of its covenants under, any agreements between Landlord Rent payable by Tenant and any third party;
(6) Landlord refuses to Landlord up relet the Leased Premises because the proposed tenant is unwilling to execute and deliver Landlord’s standard lease form without substantial tenant-oriented modifications or such tenant requires improvements to the Expiration DateLeased Premises to be paid at Landlord’s cost and expense; or
(7) Landlord refuses to relet the Leased Premises to a person or entity whose character or reputation, and ▇or the nature of whose business, Landlord in good ▇▇▇▇▇ remains liable for any breach of Tenant’s obligations under this Lease occurring before the Expiration Date. In addition, Tenant is liable to pay Landlord, as damages, the aggregate of Rent remaining in the Term.
(c) Tenant must pay Rent in the same manner, to the same extent, and at the same time as if this Lease had not been terminated. In calculating the amounts to be paid by Tenant pursuant to the preceding sentence, Landlord must credit Tenant with the net rents that Landlord actually receives from a reletting of the Premises. Net rents must be determined by deducting from the gross rents, as and when Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting of the Premises that are allocable to the Term. In no event is Tenant entitled to receive any excess of such net rents over the sums that Tenant must pay to Landlord under this Lease. If Landlord terminates this Lease by reason of an Event of Default by ▇▇▇▇▇▇▇ unacceptable; and it is further agreed that each and all of the grounds for refusal set forth in clauses (1) through (7) above, Landlord must take all both inclusive, of this sentence are reasonable steps to mitigate grounds for Landlord’s damages, including making reasonable efforts refusal to relet the Premises for a period that is equal to, shorterLeased Premises, or longer than (as to all other provisions of this Lease Agreement) for Landlord’s refusal to issue any approval, or take any other action, of any nature whatsoever under this Lease Agreement. In the Termevent the waiver set forth in this Section 16.E shall be ineffective, Tenant further agrees in favor of Landlord, to the maximum extent to which it may lawfully and effectively do so, that the following efforts to mitigate damages if made by Landlord (and without obligating Landlord to render such efforts) shall be conclusively deemed reasonable, and that Landlord shall be conclusively deemed to have used the efforts to mitigate damages required by applicable law if: Landlord places the Leased Premises on its inventory of available space in the Building; Landlord makes such inventory available to brokers who request same; and Landlord shows the Leased Premises to prospective tenants (or their brokers) who request to see it.
Appears in 1 contract
Sources: Lease Agreement (Georesources Inc)
Remedies of Landlord. (a) Upon the occurrence of If an Event of Default by ▇▇▇▇▇▇occurs, in addition Landlord, may, at its option, within 5 days after written notice to Tenant, reenter the Leased Premises, to the remedies described extent provided by law remove all persons therefrom, take possession of the Leased Premises, and remove ail of Tenant's personal property at Tenant's risk and expense and, either (i) terminate this Lease and Tenant's right of possession of the Leased Premises or (ii) maintain this Lease in § 9.3 full force and any other remedies available effect and endeavor to relet all or part of the Leased Premises. In the event Landlord at law or in equityelects to maintain this Lease, Landlord has shall have the right to relet the Leased Premises for such rent and upon such terms as Landlord deems reasonable and necessary, and Tenant shall be liable for all damages sustained by Landlord, including but not limited to, any deficiency in 18 Rent for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys' fees, other marketing and collection costs, the cash value of any concessions granted to Tenant and all expenses of placing the Leased Premises in first class rentable condition. Landlord retains the right to terminate this Lease, at any time, notwithstanding that Landlord fails to terminate this Lease upon not less than initially. If Landlord is unable after diligent efforts to relet the Leased Premises within 60 days prior written notice to Tenant; provided, however, that in the case of a non-monetary Event of Default by Tenant that poses an immediate threat to the health or safety of persons or property, Landlord has the right to reduce said 60-day notice period to ten days. Upon such termination, this Lease comes to an end as fully and completely as if the Expiration Date stated in such notice were the Expiration Date originally fixed, and ▇▇▇▇▇▇ must then quit and surrender the Premises to Landlord as provided in § 6.7, but ▇▇▇▇▇▇ remains liable for damages arising out of such Event of Default, as provided in this Lease.
(b) Upon after termination of this Lease by Lease, Landlord pursuant may elect at any time thereafter to this § 9.2, have Tenant must pay to Landlord Rent payable by Tenant to Landlord up to the Expiration Date, and ▇▇▇▇▇▇ remains liable for any breach of Tenant’s obligations under this Lease occurring before the Expiration Date. In addition, Tenant is liable to pay Landlordimmediately pay, as damages, liquidated damages and not as a penalty. all Rent then due and the aggregate present value (discounted at 10%) of all Rent remaining which would have become due (based on Base Rent and Tenant's Pro Rata Share of Excess Operating Costs payable at the time of such election and the cash value of any concessions granted to Tenant) for the period of time which would have remained in the Term.
(c) Tenant must pay Rent Lease Term in the same manner, absence of any termination. Landlord agrees to the same extent, and at the same time as if this Lease had not been terminated. In calculating the amounts to be paid by Tenant pursuant to the preceding sentence, Landlord must credit Tenant with the net rents that Landlord actually receives from a reletting of the Premises. Net rents must be determined by deducting from the gross rents, as and when Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting of the Premises that are allocable to the Term. In no event is Tenant entitled to receive any excess of such net rents over the sums that Tenant must pay to Landlord under this Lease. If Landlord terminates this Lease by reason of an Event of Default by ▇▇▇▇▇▇, Landlord must take all reasonable steps to mitigate Landlord’s damages, including making use reasonable efforts to relet the Premises Leased Premises. The remedies granted to Landlord herein shall be cumulative and shall not exclude any other remedy allowed by law, and shall not prevent the enforcement of any claim Landlord may have against Tenant for anticipatory breach of the unexpired term of this Lease, including without limitation, a period that is equal to, shorter, or longer than the Termclaim for attorney's fees incurred by Landlord.
Appears in 1 contract
Remedies of Landlord. (a) Upon the occurrence of If an Event of Default by ▇▇▇▇▇▇, in addition to the remedies described in § 9.3 and any other remedies available to Landlord at law or in equityoccurs, Landlord has may at its option, at any time after five (5) days’ written notice to Tenant, reenter the Premises, remove all persons therefrom, take possession of the Premises, and remove all of Tenant's personal property at Tenant's risk and expense, and/or either (i) terminate this Lease and Tenant's right of possession of the Premises or (ii) maintain this Lease in full force and effect and endeavor to relet all or part of the Premises. In the event Landlord elects to maintain this Lease, Landlord shall have the right to relet the Premises for such rent and upon such terms as Landlord deems reasonable and necessary, and Tenant shall be liable for all damages sustained by Landlord, including but not limited to, any deficiency in Rent for the period of time which would have remained in the Lease Term in the absence of any termination, leasing fees, attorneys' fees, other marketing and collection costs, the cash value of any concessions granted to Tenant and all expenses of placing the Premises in rentable condition comparable to its condition as of the Commencement Date. Landlord retains the right to terminate this Lease upon not less than 60 days prior written notice Lease, at any time, notwithstanding that Landlord fails to Tenant; provided, however, that in the case of a non-monetary Event of Default by Tenant that poses an immediate threat to the health or safety of persons or property, Landlord has the right to reduce said 60-day notice period to ten days. Upon such termination, terminate this Lease comes to an end as fully and completely as if the Expiration Date stated in such notice were the Expiration Date originally fixed, and ▇▇▇▇▇▇ must then quit and surrender the Premises to Landlord as provided in § 6.7, but ▇▇▇▇▇▇ remains liable for damages arising out of such Event of Default, as provided in this Lease.
(b) Upon termination of this Lease by Landlord pursuant to this § 9.2, Tenant must pay to Landlord Rent payable by Tenant to Landlord up to the Expiration Date, and ▇▇▇▇▇▇ remains liable for any breach of Tenant’s obligations under this Lease occurring before the Expiration Date. In addition, Tenant is liable to pay Landlord, as damages, the aggregate of Rent remaining in the Term.
(c) Tenant must pay Rent in the same manner, to the same extent, and at the same time as if this Lease had not been terminated. In calculating the amounts to be paid by Tenant pursuant to the preceding sentence, Landlord must credit Tenant with the net rents that Landlord actually receives from a reletting of the Premises. Net rents must be determined by deducting from the gross rents, as and when Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting of the Premises that are allocable to the Term. In no event is Tenant entitled to receive any excess of such net rents over the sums that Tenant must pay to Landlord under this Leaseinitially. If Landlord terminates this Lease by reason of an Event of Default by ▇▇▇▇▇▇, Landlord must take all reasonable steps to mitigate Landlord’s damages, including making reasonable is unable after diligent efforts to relet the Premises within 90 days after termination of this Lease, Landlord may elect at any time thereafter to have Tenant immediately pay, as liquidated damages and not as a penalty, (x) all Rent then due plus (y) the present value (discounted at 6% per annum) of all Rent which would have become due (based on Base Rent and Tenant's Pro Rata Share of Excess Operating Costs payable at the time of such election) for the period of time which would have remained in the Lease Term in the absence of such termination, less the present value (also discounted at 6% per annum) of the fair market rental value of the Premises for the remainder of the Lease Term as determined by Landlord in its commercially reasonable discretion, taking into consideration the time, expenses, and tenant concessions that Landlord reasonably believes to be required to relet the Premises. The remedies granted to Landlord herein shall be cumulative and shall not exclude any other remedy allowed by law, and shall not prevent the enforcement of any claim Landlord may have against Tenant for anticipatory breach of the unexpired term of this Lease, including without limitation, a period that is equal to, shorter, or longer than the Termclaim for attorney's fees incurred by Landlord.
Appears in 1 contract
Remedies of Landlord. (a) Upon the occurrence of an Event of Default by ▇▇▇▇▇▇, in addition to the remedies described in § 9.3 and any other remedies available to Landlord at law or in equity, Landlord has the right to terminate this Lease upon not less than 60 days prior written notice to Tenant; provided, however, that in the case of a non-monetary Event of Default by Tenant that poses an immediate threat to the health or safety of persons or property, Landlord has the right to reduce said 60-day notice period to ten days. Upon such termination, this Lease comes to an end as fully and completely as if the Expiration Date stated in such notice were the Expiration Date originally fixed, and ▇▇▇▇▇▇ must then quit and surrender the Premises to Landlord as provided in § 6.7, but ▇▇▇▇▇▇ remains liable for damages arising out of such Event of Default, as provided in this Lease.
(b) Upon termination of this Lease by Landlord pursuant to this § 9.2, Tenant must pay to Landlord Rent payable by Tenant to Landlord up to the Expiration Date, and ▇▇▇▇▇▇ remains liable for any breach of Tenant’s obligations under this Lease occurring before the Expiration DateSection 12.1. In addition, the event that Tenant is liable shall fail to pay Landlord, as damages, any of the aggregate of Rent remaining in the Term.
(c) Tenant must pay Rent in the same manner, to the same extent, and at the same time as if this Lease had not been terminated. In calculating the amounts items required to be paid by Tenant pursuant to hereto (other than the preceding sentenceFixed Rent), Landlord must credit Tenant with the net rents that may, but shall not be required to, pay any such items, premiums or sums, and shall thereupon become entitled to repayment from Tenant, on demand, of any amount so paid.
Section 12.2. No performance by Landlord actually receives from a reletting of any of the Premises. Net rents must obligations on Tenant’s part to be determined performed hereunder shall be or be deemed to be a waiver of Tenant’s default in the failure to perform the same nor shall the performance thereof by deducting Landlord release or relieve Tenant from the gross rents, as and when Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting of the Premises that are allocable any obligations on Tenant’s part to the Term. In no event is Tenant entitled to receive any excess of such net rents over the sums that Tenant must pay to Landlord be performed under this Lease.
Section 12.3. Landlord shall at all times during the Term, upon reasonable notice given to Tenant, have the right and privilege to enter the Demised Premises and the buildings, additions and improvements thereon at reasonable times for the purpose of inspecting the same to prospective purchasers or mortgagees thereof. Also, provided Landlord provides tenant with reasonable advance notice, Landlord shall also have the right and privilege during the last ninety (90) days prior to the Expiration Date (i) to enter the Demised Premises and the buildings, additions and improvements thereon at reasonable times during business hours for the purpose of exhibiting the same to prospective new tenants; and (ii) to display the customary “To Let” and “For Sale” signs on said buildings. Landlord shall, during the Term, have the right and privilege to enter the Demised Premises at any time without notice in the event of an emergency.
Section 12.4. Landlord shall, at all times during the Term, upon reasonable notice given to Tenant, have the right to enter the Demised Premises or any part thereof, for the purpose of making such repairs or alterations therein as Landlord deems necessary, but such right of access shall not be construed as obligating Landlord to make any repairs to or replacements of said building or buildings, additions or improvements or as obligating Landlord to make any inspection or examination of said building or buildings, additions or improvements.
Section 12.5. The rights and remedies given to Landlord in this Lease are distinct, separate and cumulative, and no one of them, whether or not exercised by the Landlord, shall be deemed to be in exclusion of any of the others, or of any rights or remedies otherwise provided at law or in equity.
Section 12.6. In addition to and cumulative with any other remedy herein, Landlord shall have the right to impose a late fee of five percent (5%) on any payment of Fixed Rent, Additional Rent or any other sum due hereunder which is not paid within thirty (30) days of the date due. If Landlord terminates this Lease after such thirty (30) day period any payment of Fixed Rent, Additional Rent or other such amount due hereunder shall bear interest at the annual rate equal to the lower of eighteen percent (18%) or the highest rate allowed by reason of an Event of Default by ▇▇▇▇▇▇, Landlord must take all reasonable steps to mitigate Landlord’s damages, including making reasonable efforts to relet the Premises for a period that is equal to, shorter, or longer than the Termlaw.
Appears in 1 contract
Remedies of Landlord. (a) Upon If an event default occurs, the occurrence of an Event of Default by ▇▇▇▇▇▇, Landlord will have the following rights and remedies in addition to the remedies described in § 9.3 and any all other remedies available to Landlord at law or in equity, and none and none of the following, whether or not exercised by the Landlord, will preclude the exercise of any other right or remedy: Landlord has the right to may terminate this Lease upon not less than 60 days prior written by giving the Tenant notice to Tenant; provided, however, that in the case of a non-monetary Event of Default by Tenant that poses an immediate threat to the health or safety of persons or property, Landlord has the right to reduce said 60-day notice period to ten days. Upon such termination, this Lease comes to an end as fully and completely as if the Expiration Date stated in such notice were the Expiration Date originally fixedwriting, and ▇▇▇▇▇▇ must then quit and surrender upon the Premises to Landlord as provided in § 6.7, but ▇▇▇▇▇▇ remains liable for damages arising out giving of such Event of Defaultnotice, as provided in this Lease.
(b) Upon termination of this Lease by Landlord pursuant to this § 9.2, Tenant must pay to Landlord Rent payable by Tenant to Landlord up to the Expiration Date, and ▇▇▇▇▇▇ remains liable for any breach of Tenant’s obligations under this Lease occurring before the Expiration Date. In addition, Tenant is liable to pay Landlord, as damages, the aggregate of Rent remaining in the Term.
(c) Tenant must pay Rent in the same manner, to the same extent, and at the same time as if this Lease had not been terminated. In calculating the amounts to be paid by Tenant pursuant to the preceding sentence, Landlord must credit Tenant with the net rents that Landlord actually receives from a reletting of the Premises. Net rents must be determined by deducting from the gross rents, as and when Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays term hereof as well as all the right, title and interest of the Tenant under this Lease will wholly cease and expire in connection the same manner and with the reletting same force and effect on the date specified in such notice as if such date were the expiration date of the Lease Term, without the necessity of re-entry or any other act by Landlord. Upon termination the Tenant will quit and surrender to Landlord the Premises, and all improvements thereon. If this Lease is so terminated, the Landlord will be entitled to recover from the Tenant as damages any unpaid balance of the rental installment due for the year in which termination occurs. Landlord may, without demand, or notice, re-enter and take possession of the Premises that are allocable or any part thereof, repossess the same and expel the Tenant and those claiming through or under the Tenant, and remove the effects of any and all such persons, in compliance with Colorado law, and without prejudice to the Termany remedies for arrears of rent or preceding breach of covenants. In no event is Tenant Landlord shall be entitled to receive recover from Tenant all attorney's fees and costs that Landlord may incur in enforcing any excess provisions of such net rents over the sums that Tenant must pay to Landlord under this Lease. If Tenant defaults in making any payment required to be made by the Tenant (otherthan payments of rent) or defaults in performing any other obligations of the Tenant underthis Lease, the Landlord terminates this Lease may, but will not be obligated to, make such payment or, on behalf of the Tenant, expend such sum as may be necessary to perform such obligations. All sums so expended by the Landlord, plus interest at 18% per year, will be repaid by the Tenant to the Landlord on demand. No such payment or expenditure by the Landlord willbe deemed a waiver of the Tenant's default nor will it affect any other remedy of the Landlord by reason of an Event of Default by ▇▇▇▇▇▇, Landlord must take all reasonable steps to mitigate Landlord’s damages, including making reasonable efforts to relet the Premises for a period that is equal to, shorter, or longer than the Termsuch default.
Appears in 1 contract
Sources: Lease Agreement
Remedies of Landlord. In the case of any such dispossession by summary proceedings or other legal actions or proceedings, (a) Upon the occurrence of an Event of Default by ▇▇▇▇▇▇, in addition Fixed Rent and additional rent shall become due thereupon and be paid to the remedies described time of such dispossession, together with such expenses as Landlord may incur for reasonable attorneys’ fees, brokerage, and/or putting the Demised Premises in § 9.3 good order, or for preparing the same for re-rental; (b) Landlord may re-let the Demised Premises or any part or parts thereof, either in the name of Landlord or otherwise, for a term or terms, which may at Landlord’s option be less than or exceed the period which would otherwise have constituted the balance of the term of this Lease and may grant market concessions or free rent; and/or (c) Tenant or the legal representative of Tenant shall also pay Landlord as liquidated damages for the failure of Tenant to observe and perform said Tenant’s covenants herein contained, any deficiency between the rent hereby reserved and/or covenanted to be paid and the net amount, if any, of the rents collected or to be collected on account of the lease or leases of the Demised Premises for each month of the period which would otherwise have constituted the balance of the term of this Lease (after first deducting any market concessions granted in such lease(s) such as free rent and any work allowance and all other remedies available costs incurred by Landlord in connection with such lease(s), including brokerage commissions and reasonable attorneys’ fees). The failure of Landlord to re-let the Demised Premises or any part or parts thereof shall not release or affect Tenant’s liability for damages. Any such damages shall be paid in monthly installments by Tenant on the rent days specified in this Lease and any suit brought to collect the amount of the deficiency for any month or months shall not prejudice in any way the rights of Landlord to collect the deficiency for any subsequent month or months by a similar proceeding. In lieu thereof, Landlord may immediately accelerate such deficiency for the entire balance of the term based upon the assumption that the Demised Premises are relet within a reasonable time given the then market conditions at a market rent for a lease for the balance of the term and giving due consideration for market concessions including free rent, work allowance or other economic terms that would be granted in such a lease and costs incurred by Landlord in connection with such lease (including brokerage commissions and reasonable attorneys’ fees), discounted to present value using the average of the published prime interest rate (during the 12-month period immediately prior to such acceleration) upon unsecured loans charged by JPMorgan Chase Bank (or Citibank if JPMorgan Chase Bank shall not then have an announced prime rate) on loans of ninety (90) days. Landlord at Landlord’s option may make such alterations, repairs, replacements and/or decorations in the Demised Premises as Landlord in Landlord’s sole judgment considers advisable and necessary for the purpose of re-letting the Demised Premises; and the making of such alterations and/or decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord shall in no event be liable in any way whatsoever for failure to re-let the Demised Premises, or in the event that the Demised Premises are re-let, for failure to collect the rent thereof under such re-letting. Any such action may be an action for the full amount of all rents and damages suffered or to be suffered by Landlord. In the event of a breach or threatened breach by Tenant of any of the covenants or provisions hereof, Landlord shall have the right of injunction and the right to invoke any remedy allowed at law or in equityequity as if re-entry, Landlord has summary proceedings and other remedies were not herein provided for and the right to terminate invoke any remedy at law or in equity which is not inconsistent with the terms of this Lease. Mention in this Lease upon of any particular remedy, shall not less than 60 days prior written notice to preclude Landlord from any other remedy, in law or in equity. The foregoing remedies and rights of Landlord are cumulative. Tenant; provided, howeveron its own behalf and on behalf of all persons claiming by, that in the case of a non-monetary Event of Default by Tenant that poses an immediate threat through or under Tenant, including all creditors, does, to the health fullest extent permitted by Legal Requirements, hereby expressly waives all rights which Tenant and all such persons might otherwise have to (i) the service of any notice of intention to re-enter or safety of persons or property, Landlord has the right to reduce said 60-day notice period institute legal proceedings to ten days. Upon such termination, this Lease comes to an that end as fully and completely as if the Expiration Date stated in such notice were the Expiration Date originally fixed, and ▇▇▇▇▇▇ must then quit and surrender the Premises to Landlord as (except for any notices expressly provided in § 6.7, but ▇▇▇▇▇▇ remains liable for damages arising out of such Event of Default, as provided in this Lease.
, including this Article 20), (bii) Upon redeem the Demised Premises or any interest therein, (iii) re-enter or repossess the Demised Premises, or (iv) restore the operation of this Lease, after Tenant shall have been dispossessed by a judgment or by a warrant of any court or judge, or after any re-entry by Landlord, or after any termination of this Lease Lease, whether such dispossess, re-entry by Landlord pursuant to this § 9.2, Tenant must pay to Landlord Rent payable or termination shall be by Tenant to Landlord up to the Expiration Date, and ▇▇▇▇▇▇ remains liable for any breach operation of Tenant’s obligations under this Lease occurring before the Expiration Date. In addition, Tenant is liable to pay Landlord, as damages, the aggregate of Rent remaining in the Term.
(c) Tenant must pay Rent in the same manner, to the same extent, and at the same time as if this Lease had not been terminated. In calculating the amounts to be paid by Tenant law or pursuant to the preceding sentence, Landlord must credit Tenant with the net rents that Landlord actually receives from a reletting provisions of the Premises. Net rents must be determined by deducting from the gross rents, as and when Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting of the Premises that are allocable to the Term. In no event is Tenant entitled to receive any excess of such net rents over the sums that Tenant must pay to Landlord under this Lease. If Landlord terminates The words “re-enter,” “re-entry” and “re-entered” as used in this Lease by reason of an Event of Default by ▇▇▇▇▇▇, Landlord must take all reasonable steps shall not be deemed to mitigate Landlord’s damages, including making reasonable efforts be restricted to relet the Premises for a period that is equal to, shorter, or longer than the Termtheir technical legal meanings.
Appears in 1 contract
Sources: Lease Agreement (Take Two Interactive Software Inc)
Remedies of Landlord. (a) Upon the occurrence any Event of an Default, and at any time thereafter while any Event of Default by ▇▇▇▇▇▇remains uncured, Landlord may, at Landlord’s option and in addition to the remedies described in § 9.3 all other rights, remedies, and any other remedies recourses available to Landlord at law or law, in equity, Landlord has or pursuant to this Lease, do any one (1) or more of the right to terminate following:
(a) Terminate this Lease upon not less than 60 days prior by written notice to Tenant; provided, however, that in which event Tenant shall immediately vacate the case Leased Premises and shall simultaneously pay to Landlord the sum of a non-monetary Event of Default by Tenant that poses an immediate threat (i) all Rent and other amounts accrued hereunder to the health or safety date of persons or property, Landlord has the right to reduce said 60-day notice period to ten days. Upon such termination, this Lease comes to an end as fully termination and completely as if the Expiration Date stated in such notice were the Expiration Date originally fixed, and ▇▇▇▇▇▇ must then quit and surrender the Premises to Landlord as provided in § 6.7, but ▇▇▇▇▇▇ remains liable for damages arising out of such Event of Default, as provided in this Lease.(ii) all reasonable costs; and/or
(b) Upon termination Without terminating this Lease, terminate Tenant’s right to possession of this Lease the Leased Premises by Landlord pursuant written notice to this § 9.2Tenant, in which event Tenant must shall immediately vacate the Leased Premises and shall simultaneously pay to Landlord (i) all Rent payable by Tenant to Landlord up and other amounts accrued hereunder to the Expiration Date, date of termination of possession; (ii) all amounts due from time to time under Section. 23.3; and ▇▇▇▇▇▇ remains liable for any breach of Tenant’s obligations under this Lease occurring before the Expiration Date. In addition, Tenant is liable to pay Landlord, as damages, the aggregate of (iii) all Rent remaining in the Term.
(c) Tenant must pay Rent in the same manner, to the same extent, and at the same time as if this Lease had not been terminated. In calculating the amounts other sums required hereunder to be paid by Tenant pursuant to during the preceding sentence, Landlord must credit Tenant with the net rents that Landlord actually receives from a reletting remainder of the PremisesTerm as the same become due, diminished by any net sums thereafter received by Landlord through reletting the Leased Premises during said period. Net rents must be determined Reentry by deducting from Landlord in the gross rentsLeased Premises will not affect the obligations of Tenant hereunder for the unexpired Term. Landlord may bring actions against Tenant to collect amounts due by Tenant on one or more occasions, as and when Landlord receives without the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting necessity of the Premises that are allocable to Landlord’s waiting until expiration of the Term. In no event is Tenant entitled If Landlord elects to receive proceed under this Section 23.2(b), Landlord may at any excess time elect to terminate this Lease pursuant to Section 23.2(a); and/or
(c) Subject to the provisions of such net rents over the sums that Tenant must pay Section 23.6, exercise any other right or remedy available to Landlord under pursuant to this Lease. If Landlord terminates this Lease by reason of an Event of Default by ▇▇▇▇▇▇, Landlord must take all reasonable steps to mitigate Landlord’s damages, including making reasonable efforts to relet the Premises for a period that is equal to, shorterat law, or longer than the Termin equity.
Appears in 1 contract
Sources: Lease Agreement (Cornerstone Healthcare Plus Reit, Inc.)
Remedies of Landlord. The remedies provided Landlord under this Lease are cumulative.
(a) Upon the occurrence of an Event any default, Landlord may serve notice on Tenant that the Term and the estate hereby vested in Tenant and any and all other rights of Default by ▇▇▇▇▇▇Tenant hereunder shall cease on the date specified in such notice and on the specified date this Lease shall cease and expire as fully and with the effect as if the Term had expired for passage of time.
(b) Without terminating this Lease in case of a default or if this Lease shall be terminated for default as provided herein, Landlord may reenter the Premises, remove Tenant, or cause Tenant to be removed from the Premises in such manner as Landlord may deem advisable, with or without legal process, and using such reasonable force as may be necessary. In the event of reentry without terminating this Lease, Tenant shall continue to be liable for all Rents and other charges accruing or coming due under this Lease.
(c) If Landlord, without terminating this Lease, shall reenter the Premises or if this Lease shall be terminated as provided in paragraph (a) above:
(i) All Rent due from Tenant to Landlord shall thereupon become due and shall be paid up to the time of reentry, dispossession or expiration, together with reasonable costs and expenses (including, without limitation, attorney fees) of Landlord. Landlord has the remedy described in California Civil Code Section 1951.4 and may continue this Lease in effect after the Tenant’s breach and abandonment of the Premises and recover the Rent as it becomes due under this Lease.
(ii) Landlord, without any obligation to do so, may relet the Premises or any part thereof for a term or terms which may at Landlord’s option be less than or exceed the period which would otherwise have constituted the balance of the Term and may grant such concessions in reletting as Landlord, in the exercise of its reasonable business judgment, deems desirable. In connection with such reletting, Tenant shall be liable for all costs of the reletting including, without limitation, rent concessions, leasing commissions, legal fees and alteration and remodeling costs; and
(iii) If Landlord shall have terminated this Lease, Tenant shall also be liable to Landlord for all damages provided for at law and under this Lease resulting from Tenant’s breach, including, without limitation, the right to recover the worth at the time of award of the amount by which the unpaid Rent for the balance of the Term after the time of award exceeds the amount of such rental loss that the Tenant proves could be reasonably avoided. For purposes of this paragraph, Tenant shall be deemed to include any guarantor or surety of the Lease.
(d) LANDLORD AND TENANT HEREBY WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY CLAIM, ACTION PROCEEDING OR COUNTERCLAIM BY EITHER LANDLORD OR TENANT AGAINST THE OTHER OR ANY MATTER ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS LEASE, THE RELATIONSHIP OF LANDLORD AND TENANT, AND/OR TENANT’S USE OR OCCUPANCY OR THE PREMISES.
(e) In addition to the remedies described in § 9.3 above, Landlord shall have any and any all other remedies available to Landlord rights provided a landlord at law or in equity, Landlord has including, but not limited to, those remedies provided for by laws, statutes, ordinances, governmental regulations or requirements of the right to terminate this Lease upon not less than 60 days prior written notice to Tenant; providedUnited States, howeverthe State in which the Building is located or any local government authority or agency or any political subdivision thereof, that now or hereafter in the case effect, for breach of a non-monetary Event of Default lease or tenancy by Tenant that poses an immediate threat to the health or safety of persons or property, Landlord has the right to reduce said 60-day notice period to ten days. Upon such termination, this Lease comes to an end as fully and completely as if the Expiration Date stated in such notice were the Expiration Date originally fixed, and ▇▇▇▇▇▇ must then quit and surrender the Premises to Landlord as provided in § 6.7, but ▇▇▇▇▇▇ remains liable for damages arising out of such Event of Default, as provided in this Leasea tenant.
(b) Upon termination of this Lease by Landlord pursuant to this § 9.2, Tenant must pay to Landlord Rent payable by Tenant to Landlord up to the Expiration Date, and ▇▇▇▇▇▇ remains liable for any breach of Tenant’s obligations under this Lease occurring before the Expiration Date. In addition, Tenant is liable to pay Landlord, as damages, the aggregate of Rent remaining in the Term.
(c) Tenant must pay Rent in the same manner, to the same extent, and at the same time as if this Lease had not been terminated. In calculating the amounts to be paid by Tenant pursuant to the preceding sentence, Landlord must credit Tenant with the net rents that Landlord actually receives from a reletting of the Premises. Net rents must be determined by deducting from the gross rents, as and when Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting of the Premises that are allocable to the Term. In no event is Tenant entitled to receive any excess of such net rents over the sums that Tenant must pay to Landlord under this Lease. If Landlord terminates this Lease by reason of an Event of Default by ▇▇▇▇▇▇, Landlord must take all reasonable steps to mitigate Landlord’s damages, including making reasonable efforts to relet the Premises for a period that is equal to, shorter, or longer than the Term.
Appears in 1 contract
Remedies of Landlord. 36.1 If an event of default set forth in Section 35.1 occurs, including repeated default under Section 35.1(i), the Landlord shall have the following rights and remedies, in addition to all other remedies at law or equity, and none of the following whether or not exercised by the Landlord shall preclude the exercise of any other right or remedy whether herein set forth or existing at law or equity, and all such remedies shall be cumulative:
(a) Landlord shall have the right to terminate this Lease by giving the Tenant notice in writing at any time. No act by or on behalf of the Landlord, such as entry of the Leased Premises by the Landlord to perform maintenance and repairs and efforts to relet the Leased Premises, other than giving the Tenant written notice of termination, shall terminate this Lease. If the Landlord gives such notice, this Lease and the Term hereof as well as the right, title and interest of the Tenant under this Lease shall wholly cease and expire in the same manner and with the same force and effect (except as to the Tenant’s liability) on the date specified in such notice as if such date were the expiration date of the Term of this Lease without the necessity of re-entry or any other act on the Landlord’s part. Upon any termination of this Lease, the occurrence Tenant shall quit and surrender to the Landlord the Leased Premises as set forth in Section 37.1. If this Lease is terminated, the Tenant shall be and remain liable to the Landlord for damages as hereinafter provided and the Landlord shall be entitled to recover forthwith from the Tenant as damages an amount equal to the total of:
(i) the cost, including reasonable attorneys’ fees, of an Event enforcing any provision of Default by this Lease, defending counterclaims, crossclaims or third party actions, and of recovering the Leased Premises; ▇▇▇▇▇▇-▇▇▇▇▇ Commercial, Inc. 20 LL /T
(ii) all Rent accrued and unpaid at the time of termination of the Lease, plus interest thereon at the rate provided in addition Section 36.1(g); and
(iii) any other money and damages owed by the Tenant to the remedies described Landlord. In addition, the Landlord shall also be entitled to recover from the Tenant as damages the amounts determined, at the Landlord’s election, under (iv) or (v) below:
(iv) the amount of Rent that would have been payable hereunder if the Lease had not been terminated, less the net proceeds, if any, received by the Landlord from any reletting of the Leased Premises, after deducting all costs incurred by the Landlord in § 9.3 finding a new tenant and any reletting the space, including costs of remodeling and refinishing space for a new tenant, reasonable tenant inducements, reasonable brokerage commissions or agents’ commissions in connection therewith, redecorating costs, attorneys’ fees and other remedies available costs and expenses incident to Landlord at law or in equity, Landlord has the right reletting of the Leased Premises (collectively referred to terminate this Lease upon not less than 60 days prior written notice to Tenantherein as “Reletting Costs”); provided, however, that in the case of a non-monetary Event of Default by Landlord shall have no obligation to relet or attempt to relet the Leased Premises. The Tenant that poses an immediate threat shall pay such damages to the health Landlord on the days on which the Rent would have been payable if the Lease had not terminated; or
(v) the present value (discounted at the rate of eight percent (8%) per annum) on the balance of the Rent for the remainder of the stated Term of this Lease after the termination date plus anticipated Reletting Costs, Less the present value (discounted at the same rate) of the fair market rental value of the Leased Premises for such period. No provision of this Lease shall limit or safety of persons or property, Landlord has prejudice the right of the Landlord to reduce said 60-day notice period prove and obtain as damages by reason of any termination of this Lease, an amount equal to ten days. Upon such termination, this Lease comes to an end as fully and completely as if the Expiration Date stated maximum allowed by any statute or rule of law in such notice were effect at the Expiration Date originally fixedtime when, and ▇▇▇▇▇▇ must then quit and surrender governing the Premises proceedings in which, such damages are to Landlord as provided in § 6.7be proved, but ▇▇▇▇▇▇ remains liable for damages arising out of whether or not such Event of Defaultamount be greater, as provided in this Leaseequal to or less than the amounts referred to above.
(b) Upon termination The Landlord may, without demand or notice of any kind to the Tenant, terminate the Tenant’s right of possession (but not the Lease) and re-enter and take possession of the Leased Premises or any part thereof, and repossess the same as of the Landlord’s former estate and expel the Tenant and those claiming through or under the Tenant, and remove the effects of any and all such persons (forcibly, if necessary) and change the locks on the Leased Premises without being deemed guilty of any manner of trespass, without prejudice to any remedies for arrears of Rent of preceding breach of covenants and without terminating this Lease by or otherwise relieving the Tenant of any obligation hereunder. Should the Landlord elect to re-enter as provided in this Section 36.1(b), or should the Landlord take possession pursuant to legal proceedings or pursuant to any notice provided for by law, the Landlord may, from time to time, without terminating this § 9.2Lease, Tenant must pay relet the Leased Premises or any part thereof for such term or terms and at such rental or rentals, and upon such other conditions as the Landlord may in its absolute discretion deem advisable, with the right to Landlord Rent payable by Tenant to Landlord up make alterations and repairs to the Expiration DateLeased Premises. No such re-entry, repossession or reletting of the Leased Premises by the Landlord shall be construed as an election on the Landlord’s part to terminate this Lease unless a written notice of termination is given to the Tenant by the Landlord. No such re-entry, repossession or reletting of the Leased Premises shall relieve the Tenant of its liability and ▇▇▇▇▇▇ remains liable for any breach of Tenant’s obligations obligation under this Lease occurring before Lease, all of which shall survive such re-entry, repossession or reletting. Upon the Expiration Date. In addition, Tenant is liable to pay Landlord, as damagesoccurrence of such re-entry or repossession, the aggregate Landlord shall be entitled to the amount of the monthly Rent remaining which would be payable hereunder if such re-entry or repossession had not occurred, less the net proceeds, if any, of any reletting of the Leased Premises after deducting all Reletting Costs and all attorneys’ fees, other costs and expenses incurred in the Term.
(c) re-entry, repossession and reletting procedures. The Tenant must shall pay Rent in the same manner, such amount to the same extent, and at Landlord on the same time as days on which the Rent or any other sums due hereunder would have been payable hereunder if this Lease possession had not been terminated. In calculating the amounts to be paid by Tenant pursuant to the preceding sentence, Landlord must credit Tenant with the net rents that Landlord actually receives from a reletting of the Premises. Net rents must be determined by deducting from the gross rents, as and when Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting of the Premises that are allocable to the Termretaken. In no event is shall the Tenant be entitled to receive any excess the excess, if any, of net Rent collected by the Landlord as a result of such net rents reletting over the sums that payable by the Tenant must pay to the Landlord hereunder. If this Lease is terminated by operation of law as a result of the Landlord’s actions under this Lease. If Section, then the Landlord terminates this Lease by reason of an Event of Default by shall be entitled to recover damages from the ▇▇▇▇▇▇-▇▇▇▇▇ Commercial, Inc. 21 LL /T Tenant as provided in Section 36.1(a). The Landlord shall have the right to collect from the Tenant amounts equal to such deficiencies and damages provided for above by suits or proceedings brought from time to time on one or more occasions without the Landlord being obligated to wait until the expiration of the term of this Lease.
(c) In the event Landlord gives Tenant notice of default or delivers to Tenant a Notice of Demand for Payment or Possession pursuant to the applicable statute, any such notice will not constitute an election to terminate the Lease unless Landlord expressly states in any such notice that it is exercising its rights to terminate the Lease.
(d) If the Tenant shall default in making any payment required to be made by the Tenant (other than payments of Rent) or shall default in performing any other obligations of the Tenant under this Lease, the Landlord may, but shall not be obligated to, make such payment or, on behalf of the Tenant, expend such sum as may be necessary to perform such obligation. All sums so expended by the Landlord with interest thereon at the rate provided in Section 36.1(g) shall be repaid by the Tenant to the Landlord on demand. No such payment or expenditure by the Landlord shall be deemed a waiver of the Tenant’s default nor shall it affect any other remedy of the Landlord by reason of such default.
(e) If the Tenant shall default in making payment of any Rent due under this Lease, the Landlord may charge and the Tenant shall pay, upon demand, interest thereon at the rate provided in Section 36.1(g), but the payment of such interest shall not excuse or cure any default by the Tenant under this Lease. In addition to such interest, the Tenant shall be responsible for the late charges set forth in Section 36.3. Such interest and late payment penalties are separate and cumulative and are in addition to and shall not diminish or represent a substitute for any or all of the Landlord’s rights or remedies under any other provisions of this Lease.
(f) In any action of unlawful detainer commenced by the Landlord against the Tenant by reason of any default hereunder, the reasonable rental value of the Leased Premises for the Period of the unlawful detainer shall be deemed to be the amount of Rent reserved in this Lease for such period.
(g) Whenever the Tenant shall be required to make payment to the Landlord of any sum with interest, interest on such sum shall be computed from the date such sum is due until paid, at an interest rate equal to eighteen percent (18%) per annum or, if such amount violates any then applicable law with respect to interest rates, at the highest interest rate otherwise allowable under then applicable law. Should Tenant be in default, Landlord must may collect 18% interest under this provision or $50.00 per day penalty under Paragraph 4, whichever is greater.
(h) In addition to any damages described as being collectable herein, damages will also include, in all cases, the unamortized portion of any costs, expenses, or inducements provided by the Landlord to the Tenant in connection with this Lease. Such expenses include, without limitation, any tenant inducements paid directly to the Tenant, expenses incurred in providing tenant improvements or other similar improvements to the Leased Premises, and free rent periods or reduced rent periods granted to the Tenant. All such expenses will be amortized over the Term (or initial term, if applicable) of the Lease and will be prorated in proportion to the total amount of time of the Term of the Lease as compared to the time during which the Tenant performed under the Lease without default.
(i) As used in this Lease, the terms “re-entry”, “take possession”, “repossess” and “repossession” are not restricted to their technical legal meaning.
(j) Tenant hereby expressly waives, to the full extent waivable, any and all reasonable steps right of redemption granted by or under any present or future laws in the event of Tenant being evicted or dispossessed for any cause, or in the event of Landlord obtaining possession of the Leased Premises, by reason of the violation by Tenant of any of the covenants or conditions of this Lease, or otherwise. ▇▇▇▇▇▇-▇▇▇▇▇ Commercial, Inc. 22 LL /T
36.2 As additional security for the Tenant’s performance of its obligations under this Lease, the Tenant hereby grants to mitigate the Landlord a security interest in and to all of the personal property of Tenant situated on the Leased Premises, subject to a perfected purchase money security interest and prior existing security interests, as security for the payment of all Rent and other sums due, or to become due, under this Lease. Tenant shall execute such documents as the Landlord may reasonably require to evidence the Landlord’s damagessecurity interest in such personal property. If the Tenant is in default under this Lease, such personal property shall not be removed from the Leased Premises (except to the extent such property is replaced with an item of equal or greater value) without the prior written consent of the Landlord. It is intended by the parties hereto that the instrument shall have the effect of a security agreement covering such personal property, and the Landlord may upon the occurrence of an event of default set forth in Section 35.1 exercise any rights of a secured party under the Uniform Commercial Code of the State of Colorado including making reasonable efforts the right to relet take possession of such personal property and (after ten (10) days notice to those parties required by statute to be notified) to sell the same for the best price that can be obtained at public or private sale and out of the money derived therefrom, pay the amount due the Landlord, and all costs arising out of the execution of the provisions of this Section, paying the surplus, if any, to the Tenant. If such personal property or any portion thereof shall be offered at a public sale, the Landlord may become the purchaser thereof.
36.3 As part of the consideration for the Landlord’s executing this Lease, Tenant hereby waives a trial by jury and the right to interpose any counterclaim or offset of any nature or description in any litigation between the Tenant and Landlord with respect to this Lease, the Leased Premises for a period and the repossession hereof.
36.4 Tenant hereby acknowledges that is equal late payment by Tenant to Landlord of Rent and other sums due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of which will be extremely difficult to ascertain. Such costs include, but are not limited to, shorterprocessing and accounting charges and late charges which may be imposed on Landlord by the terms of any mortgage or trust deed covering the Real Property. Accordingly, if any installment of Rent or longer than any other sum due from Tenant shall not be received by Landlord or Landlord’s designee within five (5) days after such amount shall be due, Tenant shall pay to the TermLandlord a late charge equal to ten percent (10%) of such overdue amount. The parties hereby agree that such late charge represents a fair and reasonable estimate of the costs Landlord will incur by reason of late payment by Tenant. Acceptance of such late charge by Landlord shall in no event constitute a waiver of Tenant’s default with respect to such overdue amount, nor prevent Landlord from exercising any of the rights and remedies granted hereunder.
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Remedies of Landlord. In the event that the term of this Lease shall terminate and expire pursuant to notice or as the result of summary proceeding, or if Landlord shall reenter by summary proceedings or other action or proceeding or recover possession of the Apartment in any other manner herein provided, (a) Upon the occurrence of an Event of Default by ▇▇▇▇▇▇, in addition Tenant shall pay to Landlord any rent then due up to the remedies described in § 9.3 time of the end of the lease term and any other remedies available Tenant shall be responsible for use and occupation until reentry or dispossess together with all expenses of Landlord including attorneys’ fees, not to Landlord at law or in equity, Landlord has the right to terminate this Lease include attorneys’ fees upon not less than 60 days prior written notice to Tenant; provided, however, that in the case of a non-monetary Event of Default by Tenant that poses an immediate threat to the health or safety of persons or property, Landlord has the right to reduce said 60-day notice period to ten days. Upon such termination, this Lease comes to an end as fully and completely as if the Expiration Date stated in such notice were the Expiration Date originally fixeddefault judgment, and ▇▇▇▇▇▇ must then quit disbursements, incurred in connection with any summary proceedings or other action or proceeding and surrender the Premises to removal of the property and effects of Tenant or other occupants from the Apartment and all expenses incurred by Landlord as provided that are reasonably necessary in § 6.7, but ▇▇▇▇▇▇ remains liable repairing and redecorating the same for damages arising out of such Event of Default, as provided in this Lease.
re-rental and (b) Upon termination to the extent that Tenant is not absolved from an obligation to pay Landlord pursuant to paragraph 7(B) above, Tenant shall remain responsible to Landlord for damages including any difference between the rent to be paid under the Lease and the amount, if any, of this the rents collected on account of the subsequent lease or leases of the Apartment for each month of the period which would otherwise have constituted the rest of the term of the Lease, after the deduction of brokers’ commissions and expense of Landlord for repairing, redecorating and otherwise preparing the Apartment for occupancy, by any other Tenant. Landlord, at its option, may make such alterations and/or decorations in the Apartment as are reasonably necessary for the purpose of reletting same and the making of such alterations and/or decorations shall not release Tenant from any liability hereunder. Damages shall be paid in monthly installments by Tenant on the rent day mentioned in the Lease and any legal action brought to collect the amount of the loss of rent for any month shall not prejudice in any way the rights of Landlord to collect the loss of rent for any subsequent month by a similar proceeding. None of the expenses, counsel fees, disbursements and/or damages, if any, paid by Tenant to Landlord pursuant to this § 9.2, Tenant must pay to Landlord Rent payable by Tenant to Landlord up to the Expiration Date, and ▇▇▇▇▇▇ remains liable for any breach of Tenant’s obligations under this Lease occurring before the Expiration Date. In addition, Tenant is liable to pay Landlord, as damages, the aggregate of Rent remaining in the TermParagraph 20 shall be considered additional rent.
(c) Tenant must pay Rent in the same manner, to the same extent, and at the same time as if this Lease had not been terminated. In calculating the amounts to be paid by Tenant pursuant to the preceding sentence, Landlord must credit Tenant with the net rents that Landlord actually receives from a reletting of the Premises. Net rents must be determined by deducting from the gross rents, as and when Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting of the Premises that are allocable to the Term. In no event is Tenant entitled to receive any excess of such net rents over the sums that Tenant must pay to Landlord under this Lease. If Landlord terminates this Lease by reason of an Event of Default by ▇▇▇▇▇▇, Landlord must take all reasonable steps to mitigate Landlord’s damages, including making reasonable efforts to relet the Premises for a period that is equal to, shorter, or longer than the Term.
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Sources: Lease Agreement
Remedies of Landlord. (a) Upon In the occurrence event of an Event of any such Default by ▇▇▇▇▇▇Tenant, then in addition to the remedies described in § 9.3 and any other remedies available to Landlord at law or in equity, Landlord has shall have the right immediate option to terminate this Lease upon not less than 60 days prior and all rights of Tenant hereunder by giving Tenant written notice of termination. If Landlord elects so to Tenant; providedterminate this Lease, however, that in then Landlord may recover from Tenant a sum which at the case of a non-monetary Event of Default by Tenant that poses an immediate threat to the health or safety of persons or property, Landlord has the right to reduce said 60-day notice period to ten days. Upon such termination, this Lease comes to an end as fully and completely as if the Expiration Date stated in such notice were the Expiration Date originally fixed, and ▇▇▇▇▇▇ must then quit and surrender the Premises to Landlord as provided in § 6.7, but ▇▇▇▇▇▇ remains liable for damages arising out time of such Event of Default, as provided in this Lease.
(b) Upon termination of this Lease by Landlord pursuant to this § 9.2represents the excess, Tenant must pay to Landlord Rent if any, of (1) the then present value of the aggregate amount of the Rents which would have been payable by Tenant (conclusively presuming the average monthly Additional Charges under ARTICLE 4 to Landlord up to be the Expiration same as were payable for the last 12 calendar months, or if less than 12 calendar months have then elapsed since the Commencement Date, and ▇▇▇▇▇▇ remains liable all of the calendar months immediately preceding such termination or reentry) for any breach the period commencing with such earlier termination of Tenant’s obligations under this Lease occurring before the Expiration Date. In addition, Tenant is liable to pay Landlord, as damages, the aggregate of Rent remaining in the Term.
(c) Tenant must pay Rent in the same manner, to the same extentLease, and at ending with the same time expiration date contemplated as the expiration date hereof (not including any unexercised renewal options) if this Lease had not been so terminated, over (2) the then present value of the aggregate of the product of the Fair Market Rate (as defined in SECTION 29 hereof) for the same period times the number of square feet of Rentable Area included within the Premises at the time of the award. In calculating the amounts to be paid by Tenant pursuant to For purposes of the preceding sentence, "present value" shall be computed by discounting such amount to present value at a discount rate equal to the Agreed Rate. Landlord must credit Tenant with shall also have the net rents that option to recover possession without terminating the Lease, provided, however, Landlord actually receives from a in good faith attempts to relet the Premises. Should Landlord choose not to terminate the Lease and instead choose to recover possession of the Premises, Landlord may recover Rents, as they become due, less any amounts the Landlord recovers through its good faith reletting of the Premises. Net rents must be determined by deducting from the gross rents, as and when Landlord receives the gross rents from such reletting, the reasonable expenses that Landlord incurs or pays in terminating this Lease and the reasonable expenses that Landlord incurs or pays in connection with the reletting of the Premises that are allocable to the Term. In no event is Tenant entitled to receive any excess of such net rents over the sums that Tenant must pay to Landlord under this Lease. If Landlord terminates this Lease by reason of an Event of Default by ▇▇▇▇▇▇, Landlord must take all reasonable steps to mitigate Landlord’s damages, including making reasonable efforts to relet the Premises for a period that is equal to, shorter, or longer than the Term.
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