Common use of Rights Upon Default Clause in Contracts

Rights Upon Default. In the event of the nonpayment of said rent, or any installment thereof, at the time in the manner above provided, or if the TENANT shall be dispossessed for nonpayment of rent, or if the leased premises shall be deserted, or vacated, the LANDLORD or its agents shall have the right to enter the said premises as the agent of the TENANT either by force or otherwise and may relet the premises as the agent of the TENANT, and receive the rent thereof, upon terms that may be reasonable and satisfactory to the LANDLORD, and all rights of the TENANT to repossess the premises under this lease shall be forfeited. Such re-entry by the LANDLORD shall not operate to release the TENANT from any rent to be paid or covenants to be performed hereunder during the full term of this lease. For the purpose of re-letting the LANDLORD shall be authorized to make such reasonable repairs or alterations in or to the leased premises as may be necessary to restore the premises to rentable condition. The TENANT shall be liable to the LANDLORD for the cost of such repairs or alterations, and all reasonable expenses of such re-letting. If the sum realized or to be realized from this letting is insufficient to satisfy the monthly or term rent provided in this lease, the LANDLORD, at his option may require the TENANT to pay such deficiency month by month, or may hold the TENANT in advance for the entire deficiency to be realized during the term of re-letting. The TENANT shall not be entitled to any surplus funds accruing as a result of the re-letting. The TENANT agrees to pay, as additional rent, all reasonable Attorneys’ fees and other expenses incurred by the LANDLORD in enforcing any obligations under this lease.

Appears in 3 contracts

Samples: Lease (R F Industries LTD), Lease (Obagi Medical Products, Inc.), Lease (Obagi Medical Products, Inc.)

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Rights Upon Default. In When any Default has occurred and is continuing -------------------- the event Lender may, in addition to such other rights or remedies as it may have, then or at any time or times thereafter exercise with respect to the Collateral any and all of the nonpayment rights, options and remedies of said rent, a secured party under the Uniform Commercial Code of New Jersey (the "UCC") including without limitation the sale of all or any installment thereofpart of the Collateral at any brokers' board or any public or private sale, at provided, however that the time Lender shall only be able to exercise such rights and remedies to the extent of all interest and principal payments which are due and payable as of the date of the Default and provided further that prior to such exercise the Lender shall release from the Collateral so much thereof as it would have been required to release under Section 3.4 hereof if the period from the previous December 31 to the date of such release constituted a Plan Year and no Default had occurred. The net proceeds of any such sale, after deducting all costs and expenses incurred in the manner above providedcollection, or if protection, sale and delivery of the TENANT Collateral (which expenses Borrower promises to pay) shall be dispossessed for nonpayment of rent, or if the leased premises shall be deserted, or vacated, the LANDLORD or its agents shall have the right to enter the said premises as the agent of the TENANT either by force or otherwise and may relet the premises as the agent of the TENANT, and receive the rent thereof, upon terms that may be reasonable and satisfactory applied first to the LANDLORD, payment of any costs and all rights of the TENANT to repossess the premises under this lease shall be forfeited. Such re-entry by the LANDLORD shall not operate to release the TENANT from any rent to be paid or covenants to be performed hereunder during the full term of this lease. For the purpose of re-letting the LANDLORD shall be authorized to make such reasonable repairs or alterations in or to the leased premises as may be necessary to restore the premises to rentable condition. The TENANT shall be liable to the LANDLORD for the cost of such repairs or alterations, and all reasonable expenses of such re-letting. If the sum realized or to be realized from this letting is insufficient to satisfy the monthly or term rent provided in this lease, the LANDLORD, at his option may require the TENANT to pay such deficiency month by month, or may hold the TENANT in advance for the entire deficiency to be realized during the term of re-letting. The TENANT shall not be entitled to any surplus funds accruing as a result of the re-letting. The TENANT agrees to pay, as additional rent, all reasonable Attorneys’ fees and other expenses incurred by the LANDLORD Lender in enforcing selling or otherwise disposing of the Collateral, second, to the payment of the principal of and the interest on the Note, and, third, ratably as among any obligations under this leaseother items of the indebtedness hereby secured. Any surplus remaining after the full payment and satisfaction of the foregoing shall be returned to the Borrower or to whomsoever a court of competent jurisdiction shall determine to be entitled thereto. Any requirement of said UCC as to reasonable notice shall be met by the Lender personally delivering or mailing notice (by certified mail - return receipt requested) to the Borrower at its address as provided in Section 10.6 hereof at least ten (10) days prior to the event giving rise to the requirement of such notice. In connection with any offer, solicitation or sale of the Collateral, the Lender may restrict bidders and otherwise proceed in whatever manner it reasonably believes appropriate in order to comply or assure compliance with applicable legal requirements pertaining to the offer and sale of securities of the same type as the Collateral.

Appears in 3 contracts

Samples: Employee Stock Ownership Trust Loan and Security Agreement (West Essex Bancorp Inc), West Essex Bancorp Inc, South Jersey Financial Corp Inc

Rights Upon Default. (a) In addition to all other rights and remedies granted to it under this Security Agreement and the event Loan Agreement and under any other instrument or agreement securing, evidencing or relating to any of the nonpayment Secured Obligations, if any Event of said rentDefault shall have occurred and be continuing, Lender may exercise all rights and remedies of a secured party under the Code. Without limiting the generality of the foregoing, each Grantor expressly agrees that in any such event Lender, without demand of performance or other demand, advertisement or notice of any kind (except the notice specified below of time and place of public or private sale) to or upon such Grantor or any other Person (all and each of which demands, advertisements and notices are hereby expressly waived to the maximum extent permitted by the Code and other applicable law), may forthwith enter upon the premises of such Grantor where any Collateral is located through self-help, without judicial process, without first obtaining a final judgment or giving such Grantor or any other Person notice and opportunity for a hearing on Lender's claim or action and may collect, receive, assemble, process, appropriate and realize upon the Collateral, or any installment part thereof, at the time in the manner above providedand may forthwith sell, lease, license, assign, give an option or options to purchase, or if the TENANT shall be dispossessed for nonpayment sell or otherwise dispose of rentand deliver said Collateral (or contract to do so), or if any part thereof, in one or more parcels at a public or private sale or sales, at any exchange at such prices as it may deem acceptable, for cash or on credit or for future delivery without assumption of any credit risk. Lender shall have the leased premises shall be desertedright upon any such public sale or sales and, to the extent permitted by law, upon any such private sale or vacatedsales, to purchase for the benefit Lenders, the LANDLORD whole or its agents any part of said Collateral so sold, free of any right or equity of redemption, which equity of redemption each Grantor hereby releases. Such sales may be adjourned and continued from time to time with or without notice. Lender shall have the right to enter conduct such sales on any Grantor's premises or elsewhere and shall have the said right to use any Grantor's premises without charge for such time or times as Lender deems necessary or advisable. If any Event of Default shall have occurred and be continued, each Grantor further agrees, at Lender's request, to assemble the agent Collateral and make it available to Lender at a place or places designated by Lender which are reasonably convenient to Lender and such Grantor, whether at such Grantor's premises or elsewhere. Until Lender is able to effect a sale, lease, or other disposition of Collateral, Lender shall have the TENANT either by force right to hold or otherwise and may relet the premises as the agent of the TENANTuse Collateral, and receive the rent or any part thereof, upon terms that may be reasonable and satisfactory to the LANDLORD, and all rights of the TENANT to repossess the premises under this lease shall be forfeited. Such re-entry by the LANDLORD shall not operate to release the TENANT from any rent to be paid or covenants to be performed hereunder during the full term of this lease. For extent that it deems appropriate for the purpose of re-letting preserving Collateral or its value or for any other purpose deemed appropriate by Lender. Lender shall have no obligation to any Grantor to maintain or preserve the LANDLORD rights of such Grantor as against third parties with respect to Collateral while Collateral is in the possession of Lender. Lender may, if it so elects, seek the appointment of a receiver or keeper to take possession of Collateral and to enforce any of Lender's remedies (for the benefit of Lender), with respect to such appointment without prior notice or hearing as to such appointment. Lender shall be authorized to make apply the net proceeds of any such reasonable repairs collection, recovery, receipt, appropriation, realization or alterations in or sale to the leased premises as may be necessary to restore Secured Obligations, and only after so paying over such net proceeds, and after the premises to rentable condition. The TENANT shall be liable to the LANDLORD payment by Lender of any other amount required by any provision of law, need Lender account for the cost surplus, if any, to any Grantor. To the maximum extent permitted by applicable law, each Grantor waives all claims, damages, and demands against Lender arising out of the repossession, retention or sale of the Collateral except such as arise solely out of the gross negligence or willful misconduct of Lender as finally determined by a court of competent jurisdiction. Each Grantor agrees that ten (10) days prior notice by Lender of the time and place of any public sale or of the time after which a private sale may take place is reasonable notification of such repairs matters. Grantors shall remain liable for any deficiency if the proceeds of any sale or alterations, and all reasonable expenses disposition of such re-letting. If the sum realized or to be realized from this letting is Collateral are insufficient to satisfy the monthly or term rent provided in this leasepay all Secured Obligations, the LANDLORD, at his option may require the TENANT to pay such deficiency month by month, or may hold the TENANT in advance for the entire deficiency to be realized during the term of re-letting. The TENANT shall not be entitled to including any surplus funds accruing as a result of the re-letting. The TENANT agrees to pay, as additional rent, all reasonable Attorneys’ attorneys' fees and other expenses incurred by the LANDLORD in enforcing any obligations under this leaseLender to collect such deficiency.

Appears in 2 contracts

Samples: Security Agreement (Phone1globalwide Inc), Security Agreement (Phone1globalwide Inc)

Rights Upon Default. (a) In addition to all other rights and remedies granted to it under this Security Agreement, the event Credit Agreement, the other Loan Documents and under any other instrument or agreement securing, evidencing or relating to any of the nonpayment Obligations, if any Event of said rentDefault shall have occurred and be continuing, Agent may exercise all rights and remedies of a secured party under the Code. Without limiting the generality of the foregoing, each Grantor expressly agrees that in any such event Agent, without demand of performance or other demand, advertisement or notice of any kind (except the notice specified below of time and place of public or private sale) to or upon such Grantor or any other Person (all and each of which demands, advertisements and notices are hereby expressly waived to the maximum extent permitted by the Code and other applicable law), may forthwith enter upon the premises of such Grantor where any Collateral is located through self-help, without judicial process, without first obtaining a final judgment or giving such Grantor or any other Person notice and opportunity for a hearing on Agent's claim or action and may collect, receive, assemble, process, appropriate and realize upon the Collateral, or any installment part thereof, at the time in the manner above providedand may forthwith sell, lease, license, assign, give an option or options to purchase, or if the TENANT shall be dispossessed for nonpayment sell or otherwise dispose of rentand deliver said Collateral (or contract to do so), or if any part thereof, in one or more parcels at a public or private sale or sales, at any exchange at such prices as it may deem acceptable, for cash or on credit or for future delivery without assumption of any credit risk. Agent or any Lender shall have the leased premises shall be desertedright upon any such public sale or sales and, to the extent permitted by law, upon any such private sale or vacatedsales, to purchase for the benefit of Agent and Lenders, the LANDLORD whole or its agents any part of said Collateral so sold, free of any right or equity of redemption, which equity of redemption each Grantor hereby releases. Such sales may be adjourned and continued from time to time with or without notice. Agent shall have the right to enter conduct such sales on any Grantor's premises or elsewhere and shall have the said right to use any Grantor's premises without charge for such time or times as Agent deems necessary or advisable. If any Event of Default shall have occurred and be continued, each Grantor further agrees, at Agent's request, to assemble the agent Collateral and make it available to Agent at a place or places designated by Agent which are reasonably convenient to Agent and such Grantor, whether at such Grantor's premises or elsewhere. Until Agent is able to effect a sale, lease, or other disposition of Collateral, Agent shall have the TENANT either by force right to hold or otherwise and may relet the premises as the agent of the TENANTuse Collateral, and receive the rent or any part thereof, upon terms that may be reasonable and satisfactory to the LANDLORD, and all rights of the TENANT to repossess the premises under this lease shall be forfeited. Such re-entry by the LANDLORD shall not operate to release the TENANT from any rent to be paid or covenants to be performed hereunder during the full term of this lease. For extent that it deems appropriate for the purpose of re-letting preserving Collateral or its value or for any other purpose deemed appropriate by Agent. Agent shall have no obligation to any Grantor to maintain or preserve the LANDLORD rights of such Grantor as against third parties with respect to Collateral while Collateral is in the possession of Agent. Agent may, if it so elects, seek the appointment of a receiver or keeper to take possession of Collateral and to enforce any of Agent's remedies (for the benefit of Agent and Lenders), with respect to such appointment without prior notice or hearing as to such appointment. Agent shall be authorized to make apply the net proceeds of any such reasonable repairs collection, recovery, receipt, appropriation, realization or alterations in or sale to the leased premises Obligations as may be necessary to restore provided in the premises to rentable condition. The TENANT shall be liable to Credit Agreement, and only after so paying over such net proceeds, and after the LANDLORD payment by Agent of any other amount required by any provision of law, need Agent account for the cost surplus, if any, to any Grantor. To the maximum extent permitted by applicable law, each Grantor waives all claims, damages, and demands against Agent or any Lender arising out of the repossession, retention or sale of the Collateral except such as arise solely out of the gross negligence or willful misconduct of Agent or such Lender as finally determined by a court of competent jurisdiction. Each Grantor agrees that ten (10) days prior notice by Agent of the time and place of any public sale or of the time after which a private sale may take place is reasonable notification of such repairs matters. Grantors shall remain liable for any deficiency if the proceeds of any sale or alterations, and all reasonable expenses disposition of such re-letting. If the sum realized or to be realized from this letting is Collateral are insufficient to satisfy the monthly or term rent provided in this leasepay all Obligations, the LANDLORD, at his option may require the TENANT to pay such deficiency month by month, or may hold the TENANT in advance for the entire deficiency to be realized during the term of re-letting. The TENANT shall not be entitled to including any surplus funds accruing as a result of the re-letting. The TENANT agrees to pay, as additional rent, all reasonable Attorneys’ attorneys' fees and other expenses incurred by the LANDLORD in enforcing Agent or any obligations under this leaseLender to collect such deficiency.

Appears in 2 contracts

Samples: Pledge Agreement (Brightpoint Inc), Security Agreement (Coyne International Enterprises Corp)

Rights Upon Default. (a) In addition to all other rights and remedies granted to it under this Security Agreement, the event Credit Agreement, the other Loan Documents and under any other instrument or agreement securing, evidencing or relating to any of the nonpayment Obligations, if any Event of said rentDefault shall have occurred and be continuing, Agent may exercise all rights and remedies of a secured party under the Code. Without limiting the generality of the foregoing, each Grantor expressly agrees that in any such event Agent, without demand of performance or other demand, advertisement or notice of any kind (except the notice specified below of time and place of public or private sale) to or upon such Grantor or any other Person (all and each of which demands, advertisements and notices are hereby expressly waived to the maximum extent permitted by the Code and other applicable law), may forthwith enter upon the premises of such Grantor where any Collateral is located through self-help, without judicial process, without first obtaining a final judgment or giving such Grantor or any other Person notice and opportunity for a hearing on Agent's claim or action and may collect, receive, assemble, process, appropriate and realize upon the Collateral, or any installment part thereof, at the time in the manner above providedand may forthwith sell, lease, assign, give an option or options to purchase, or if the TENANT shall be dispossessed for nonpayment sell or otherwise dispose of rentand deliver said Collateral (or contract to do so), or if any part thereof, in one or more parcels at a public or private sale or sales, at any exchange at such prices as it may deem acceptable, for cash or on credit or for future delivery without assumption of any credit risk. Agent or any Lender shall have the leased premises shall be desertedright upon any such public sale or sales and, to the extent permitted by law, upon any such private sale or vacatedsales, to purchase for the benefit of Agent and Lenders, the LANDLORD whole or its agents any part of said Collateral so sold, free of any right or equity of redemption, which equity of redemption each Grantor hereby releases. Such sales may be adjourned and continued from time to time with or without notice. Agent shall have the right to enter conduct such sales on any Grantor's premises or elsewhere and shall have the said right to use any Grantor's premises without charge for such time or times as Agent deems necessary or advisable. Each Grantor further agrees, at Agent's request, to assemble the agent Collateral and make it available to Agent at places which Agent shall select, whether at such Grantor's premises or elsewhere. Until Agent is able to effect a sale, lease, or other disposition of Collateral, Agent shall have the TENANT either by force right to hold or otherwise and may relet the premises as the agent of the TENANTuse Collateral, and receive the rent or any part thereof, upon terms that may be reasonable and satisfactory to the LANDLORD, and all rights of the TENANT to repossess the premises under this lease shall be forfeited. Such re-entry by the LANDLORD shall not operate to release the TENANT from any rent to be paid or covenants to be performed hereunder during the full term of this lease. For extent that it deems appropriate for the purpose of re-letting preserving Collateral or its value or for any other purpose deemed appropriate by Agent. Agent shall have no obligation to any Grantor to maintain or preserve the LANDLORD rights of such Grantor as against third parties with respect to Collateral while Collateral is in the possession of Agent. Agent may, if it so elects, seek the appointment of a receiver or keeper to take possession of Collateral and to enforce any of Agent's remedies (for the benefit of Agent and Lenders), with respect to such appointment without prior notice or hearing as to such appointment. Agent shall be authorized to make apply the net proceeds of any such reasonable repairs collection, recovery, receipt, appropriation, realization or alterations in or sale to the leased premises Obligations as may be necessary to restore provided in the premises to rentable condition. The TENANT shall be liable to Credit Agreement, and only after so paying over such net proceeds, and after the LANDLORD payment by Agent of any other amount required by any provision of law, need Agent account for the cost surplus, if any, to any Grantor. To the maximum extent permitted by applicable law, each Grantor waives all claims, damages, and demands against Agent or any Lender arising out of the repossession, retention or sale of the Collateral except such as arise solely out of the gross negligence or willful misconduct of Agent or such Lender as finally determined by a court of competent jurisdiction. Each Grantor agrees that ten (10) days prior notice by Agent of the time and place of any public sale or of the time after which a private sale may take place is reasonable notification of such repairs matters. Grantors shall remain liable for any deficiency if the proceeds of any sale or alterations, and all reasonable expenses disposition of such re-letting. If the sum realized or to be realized from this letting is Collateral are insufficient to satisfy the monthly or term rent provided in this leasepay all Obligations, the LANDLORD, at his option may require the TENANT to pay such deficiency month by month, or may hold the TENANT in advance for the entire deficiency to be realized during the term of re-letting. The TENANT shall not be entitled to including any surplus funds accruing as a result of the re-letting. The TENANT agrees to pay, as additional rent, all reasonable Attorneys’ attorneys' fees and other expenses incurred by the LANDLORD in enforcing Agent or any obligations under this leaseLender to collect such deficiency.

Appears in 2 contracts

Samples: Credit Agreement (Agway Inc), Credit Agreement (Agway Inc)

Rights Upon Default. In When any Default has occurred and is continuing the event Lender may, in addition to such other rights or remedies as it may have, then or at any time or times thereafter exercise with respect to the Collateral any and all of the nonpayment rights, options and remedies of said rent, a secured party under the Uniform Commercial Code of Pennsylvania (the "UCC") including without limitation the sale of all or any installment thereofpart of the Collateral at any brokers' board or any public or private sale, at provided, however that the time Lender shall only be able to exercise such rights and remedies to the extent of all interest and principal payments which are due and payable as of the date of the Default and provided further that prior to such exercise the Lender shall release from the Collateral so much thereof as it would have been required to release under Section 3.4 hereof if the period from the previous December 31 to the date of such release constituted a Plan Year and no Default had occurred. The net proceeds of any such sale, after deducting all costs and expenses incurred in the manner above providedcollection, or if protection, sale and delivery of the TENANT Collateral (which expenses Borrower promises to pay) shall be dispossessed for nonpayment of rent, or if the leased premises shall be deserted, or vacated, the LANDLORD or its agents shall have the right to enter the said premises as the agent of the TENANT either by force or otherwise and may relet the premises as the agent of the TENANT, and receive the rent thereof, upon terms that may be reasonable and satisfactory applied first to the LANDLORD, payment of any costs and all rights of the TENANT to repossess the premises under this lease shall be forfeited. Such re-entry by the LANDLORD shall not operate to release the TENANT from any rent to be paid or covenants to be performed hereunder during the full term of this lease. For the purpose of re-letting the LANDLORD shall be authorized to make such reasonable repairs or alterations in or to the leased premises as may be necessary to restore the premises to rentable condition. The TENANT shall be liable to the LANDLORD for the cost of such repairs or alterations, and all reasonable expenses of such re-letting. If the sum realized or to be realized from this letting is insufficient to satisfy the monthly or term rent provided in this lease, the LANDLORD, at his option may require the TENANT to pay such deficiency month by month, or may hold the TENANT in advance for the entire deficiency to be realized during the term of re-letting. The TENANT shall not be entitled to any surplus funds accruing as a result of the re-letting. The TENANT agrees to pay, as additional rent, all reasonable Attorneys’ fees and other expenses incurred by the LANDLORD Lender in enforcing selling or otherwise disposing of the Collateral, second, to the payment of the principal of and the interest on the Note, and, third, ratably as among any obligations under this leaseother items of the indebtedness hereby secured. Any surplus remaining after the full payment and satisfaction of the foregoing shall be returned to the Borrower or to whomsoever a court of competent jurisdiction shall determine to be entitled thereto. Any requirement of said UCC as to reasonable notice shall be met by the Lender personally delivering or mailing notice (by certified mail - return receipt requested) to the Borrower at its address as provided in Section 10.6 hereof at least ten (10) days prior to the event giving rise to the requirement of such notice. In connection with any offer, solicitation or sale of the Collateral, the Lender may restrict bidders and otherwise proceed in whatever manner it reasonably believes appropriate in order to comply or assure compliance with applicable legal requirements pertaining to the offer and sale of securities of the same type as the Collateral.

Appears in 2 contracts

Samples: Security of Pennsylvania Financial Corp, Northeast Pennsylvania Financial Corp

Rights Upon Default. In A. Upon the event occurrence of an Event of Default by IFN, FPC shall be entitled to immediate and exclusive possession, use and control of the nonpayment IFN Fibers and may forthwith terminate this Agreement by written notice to IFN. Upon the occurrence of said rent, or any installment thereof, at an Event of Default IFN's right to possession and use of the time in the manner above provided, or if the TENANT IFN Fibers shall be dispossessed for nonpayment of rent, or if the leased premises shall be deserted, or vacated, the LANDLORD or its agents terminate and FPC shall have the right to enter the said premises as the agent of the TENANT either by force or otherwise and may relet the premises as the agent of the TENANT, and receive the rent thereof, upon terms that may be reasonable and satisfactory to the LANDLORD, and all rights of the TENANT to repossess the premises under this lease shall be forfeited. Such re-entry IFN Fibers by the LANDLORD shall not operate any lawful means, without demand or notice of any kind to release the TENANT from any rent to be paid or covenants to be performed hereunder during the full term of this lease. For the purpose of re-letting the LANDLORD shall be authorized to make such reasonable repairs or alterations in or to the leased premises IFN except as may be necessary required by law, and without terminating this Agreement or the lease created hereby. FPC may declare immediately due and payable all the remaining installments of the license fee for the remainder of the term hereof of the applicable Exhibit A and such amount, less the fair licensable value of the IFN Fibers for the remainder of the terra, shall be construed as liquidated damages and shall constitute a debt provable in bankruptcy or receivership. In computing such liquidated damages, there shall be added to restore such deficiency the premises to rentable conditionreasonable expenses as FPC may incur in connection with relicensing the IFN Fibers. The TENANT failure of FPC to relicense the IFN Fibers or any part thereof after recovering of possession shall not release or affect IFN's liability for damages. FPC shall in no event be liable in any way whatsoever for failure to relicense the LANDLORD IFN Fibers, on in the event that the IFN Fibers is relicensed, for failure to collect the cost of license fee under such repairs or alterations, and all reasonable expenses of such re-lettingrelicensing. If the sum realized or to be realized from this letting is insufficient to satisfy the monthly or term rent provided in this lease, the LANDLORD, at his option may require the TENANT to pay such deficiency month by month, or may hold the TENANT in advance for the entire deficiency to be realized during the term of re-letting. The TENANT shall not be entitled to any surplus funds accruing as a result of the re-letting. The TENANT agrees to pay, as additional rent, all reasonable Attorneys’ fees and other expenses incurred by the LANDLORD in enforcing any obligations under this lease.CONFIDENTIAL & PROPRIETARY INFORMATION PROPERTY OF FLORIDA POWER

Appears in 1 contract

Samples: Optic Facilities Agreement (Itc Deltacom Inc)

Rights Upon Default. In the event of the nonpayment of said rent, or any installment thereof, at the time in the manner above provided, or if the TENANT shall be dispossessed for nonpayment of rent, or if the leased premises shall be deserted, or vacated, the LANDLORD or its agents The Collateral Agent shall have the right at any time, upon the occurrence and during the continuance of an Event of Default and upon written notice to enter such Grantor of its intention to do so, to notify the said premises as the agent Obligors under any Assigned Agreements, Receivables and Related Contracts of the TENANT either by force assignment of such Assigned Agreements, Receivables and Related Contracts to the Collateral Agent and to direct such Obligors to make payment of all amounts due or to become due to such Grantor thereunder directly to the Collateral Agent and, upon such notification and at the expense of such Grantor, to enforce collection of any such Assigned Agreements, Receivables and Related Contracts, to adjust, settle or compromise the amount or payment thereof, in the same manner and to the same extent as such Grantor might have done, and to otherwise exercise all rights with respect to such Assigned Agreements, Receivables and may relet the premises as the agent Related Contracts, including, without limitation, those set forth set forth in Section 9-607 of the TENANTUCC. After receipt by any Grantor of the notice from the Collateral Agent referred to in the proviso to the preceding sentence, (i) all amounts and receive proceeds (including, without limitation, instruments) received by such Grantor in respect of the rent Assigned Agreements, Receivables and Related Contracts of such Grantor shall be received in trust for the benefit of the Collateral Agent hereunder, shall be segregated from other funds of such Grantor and shall be forthwith paid over to the Collateral Agent in the same form as so received (with any necessary endorsement) to be held by the Collateral Agent as additional collateral security hereunder and either (A) released to such Grantor so long as no Event of Default shall have occurred and be continuing or (B) if any Event of Default shall have occurred and be continuing, applied as provided in Section 20(c) at the direction of the Required Lenders and (ii) such Grantor will not adjust, settle or compromise the amount or payment of any Receivable or amount due on any Assigned Agreement or Related Contract, release wholly or partly any Obligor thereof, upon terms that may be reasonable and satisfactory to the LANDLORD, and all rights of the TENANT to repossess the premises under this lease shall be forfeited. Such re-entry by the LANDLORD shall not operate to release the TENANT from or allow any rent to be paid credit or covenants to be performed hereunder during the full term of this lease. For the purpose of re-letting the LANDLORD shall be authorized to make such reasonable repairs or alterations in or to the leased premises as may be necessary to restore the premises to rentable condition. The TENANT shall be liable to the LANDLORD for the cost of such repairs or alterations, and all reasonable expenses of such re-letting. If the sum realized or to be realized from this letting is insufficient to satisfy the monthly or term rent provided in this lease, the LANDLORD, at his option may require the TENANT to pay such deficiency month by month, or may hold the TENANT in advance for the entire deficiency to be realized during the term of re-letting. The TENANT shall not be entitled to any surplus funds accruing as a result of the re-letting. The TENANT agrees to pay, as additional rent, all reasonable Attorneys’ fees and other expenses incurred by the LANDLORD in enforcing any obligations under this leasediscount thereon.

Appears in 1 contract

Samples: Pledge and Security Agreement (Foster Wheeler LTD)

Rights Upon Default. In When any Default has occurred and is continuing -------------------- the event Lender may, in addition to such other rights or remedies as it may have, then or at any time or times thereafter exercise with respect to the Collateral any and all of the nonpayment rights, options and remedies of said rent, a secured party under the Uniform Commercial Code of New York (the "UCC") including without limitation the sale of all or any installment thereofpart of the Collateral at any brokers' board or any public or private sale, at provided, however that the time Lender shall only be able to exercise such rights and remedies to the extent of all interest and principal payments which are due and payable as of the date of the Default and provided further that prior to such exercise the Lender shall release from the Collateral so much thereof as it would have been required to release under Section 3.4 hereof if the period from the previous December 31 to the date of such release constituted a Plan Year and no Default had occurred. The net proceeds of any such sale, after deducting all costs and expenses incurred in the manner above providedcollection, or if protection, sale and delivery of the TENANT Collateral (which expenses Borrower promises to pay) shall be dispossessed for nonpayment of rent, or if the leased premises shall be deserted, or vacated, the LANDLORD or its agents shall have the right to enter the said premises as the agent of the TENANT either by force or otherwise and may relet the premises as the agent of the TENANT, and receive the rent thereof, upon terms that may be reasonable and satisfactory applied first to the LANDLORD, payment of any costs and all rights of the TENANT to repossess the premises under this lease shall be forfeited. Such re-entry by the LANDLORD shall not operate to release the TENANT from any rent to be paid or covenants to be performed hereunder during the full term of this lease. For the purpose of re-letting the LANDLORD shall be authorized to make such reasonable repairs or alterations in or to the leased premises as may be necessary to restore the premises to rentable condition. The TENANT shall be liable to the LANDLORD for the cost of such repairs or alterations, and all reasonable expenses of such re-letting. If the sum realized or to be realized from this letting is insufficient to satisfy the monthly or term rent provided in this lease, the LANDLORD, at his option may require the TENANT to pay such deficiency month by month, or may hold the TENANT in advance for the entire deficiency to be realized during the term of re-letting. The TENANT shall not be entitled to any surplus funds accruing as a result of the re-letting. The TENANT agrees to pay, as additional rent, all reasonable Attorneys’ fees and other expenses incurred by the LANDLORD Lender in enforcing selling or otherwise disposing of the Collateral, second, to the payment of the principal of and the interest on the Note, and, third, ratably as among any obligations under this leaseother items of the indebtedness hereby secured. Any surplus remaining after the full payment and satisfaction of the foregoing shall be returned to the Borrower or to whomsoever a court of competent jurisdiction shall determine to be entitled thereto. Any requirement of said UCC as to reasonable notice shall be met by the Lender personally delivering or mailing notice (by certified mail - return receipt requested) to the Borrower at its address as provided in Section 10.6 hereof at least ten (10) days prior to the event giving rise to the requirement of such notice. In connection with any offer, solicitation or sale of the Collateral, the Lender may restrict bidders and otherwise proceed in whatever manner it reasonably believes appropriate in order to comply or assure compliance with applicable legal requirements pertaining to the offer and sale of securities of the same type as the Collateral.

Appears in 1 contract

Samples: Massachusetts Fincorp Inc

Rights Upon Default. (a) In the event addition to all other rights and remedies granted to it under this Security Agreement and under any other instrument or agreement securing, evidencing or relating to any of the nonpayment Debt, if any Event of said rentDefault shall have occurred and be continuing, Lender may exercise all rights and remedies of a secured party under the Code. Without limiting the generality of the foregoing, each Grantor expressly agrees that in any such event Lender, without demand of performance or other demand, advertisement or notice of any kind (except the notice specified below of time and place of public or private sale) to or upon such Grantor or any other Person (all and each of which demands, advertisements and notices are hereby expressly waived to the maximum extent permitted by the Code and other applicable law), may forthwith enter upon the premises of such Grantor where any Collateral is located through self-help, without judicial process, without first obtaining a final judgment or giving such Grantor or any other Person notice and opportunity for a hearing on Lender's claim or action and may collect, receive, assemble, process, appropriate and realize upon the Collateral, or any installment part thereof, at the time in the manner above providedand may forthwith sell, lease, license, assign, give an option or options to purchase, or if the TENANT shall be dispossessed for nonpayment sell or otherwise dispose of rentand deliver said Collateral (or contract to do so), or if any part thereof, in one or more parcels at a public or private sale or sales, at any exchange at such prices as it may deem acceptable, for cash or on credit or for future delivery without assumption of any credit risk. Lender shall have the leased premises shall be desertedright upon any such public sale or sales and, to the extent permitted by law, upon any such private sale or vacatedsales, to purchase for the benefit of Lender, the LANDLORD whole or its agents any part of said Collateral so sold, free of any right or equity of redemption, which equity of redemption each Grantor hereby releases. Such sales may be adjourned and continued from time to time with or without notice. Lender shall have the right to enter conduct such sales on any Grantor's premises or elsewhere and shall have the said right to use any Grantor's premises without charge for such time or times as Lender deems necessary or advisable. If any Event of Default shall have occurred and be continuing, each Grantor further agrees, at Lender's request, to assemble the agent Collateral and make it available to Lender at a place or places designated by Lender which are reasonably convenient to Lender and such Grantor, whether at such Grantor's premises or elsewhere. Until Lender is able to effect a sale, lease or other disposition of Collateral, Lender shall have the TENANT either by force right to hold or otherwise and may relet the premises as the agent of the TENANTuse Collateral, and receive the rent or any part thereof, upon terms that may be reasonable and satisfactory to the LANDLORD, and all rights of the TENANT to repossess the premises under this lease shall be forfeited. Such re-entry by the LANDLORD shall not operate to release the TENANT from any rent to be paid or covenants to be performed hereunder during the full term of this lease. For extent that it deems appropriate for the purpose of re-letting preserving Collateral or its value or for any other purpose deemed appropriate by Lender. Lender shall have no obligation to any Grantor to maintain or preserve the LANDLORD rights of such Grantor as against third parties with respect to Collateral while Collateral is in the possession of Lender. Lender may, if it so elects, seek the appointment of a receiver or keeper to take possession of Collateral and to enforce any of Lender's remedies with respect to such appointment without prior notice or hearing as to such appointment. Lender shall be authorized to make apply the net proceeds of any such reasonable repairs collection, recovery, receipt, appropriation, realization or alterations in or sale to the leased premises Debt as may be necessary to restore provided in the premises to rentable condition. The TENANT shall be liable to Mezzanine Loan Agreement, and only after so paying over such net proceeds, and after the LANDLORD payment by Lender of any other amount required by any provision of law, need Lender account for the cost surplus, if any, to any Grantor. To the maximum extent permitted by applicable law, each Grantor waives all claims, damages, and demands against Lender arising out of the repossession, retention or sale of the Collateral except such as arise solely out of the negligence or willful misconduct of Lender as finally determined by a court of competent jurisdiction. Each Grantor agrees that ten (10) days' prior notice by Lender to Grantor of the time and place of any public sale or of the time after which a private sale may take place is reasonable notification of such repairs matters. Grantors shall remain liable for any deficiency if the proceeds of any sale or alterations, and all reasonable expenses disposition of such re-letting. If the sum realized or to be realized from this letting is Collateral are insufficient to satisfy the monthly or term rent provided in this leasepay all Debt, the LANDLORD, at his option may require the TENANT to pay such deficiency month by month, or may hold the TENANT in advance for the entire deficiency to be realized during the term of re-letting. The TENANT shall not be entitled to including any surplus funds accruing as a result of the re-letting. The TENANT agrees to pay, as additional rent, all reasonable Attorneys’ attorneys' fees and other expenses incurred by the LANDLORD in enforcing any obligations under this leaseLender to collect such deficiency.

Appears in 1 contract

Samples: Security Agreement (Skilled Healthcare Group Inc)

Rights Upon Default. In When any Default has occurred and is continuing ------------------- the event Lender may, in addition to such other rights or remedies as it may have, then or at any time or times thereafter exercise with respect to the Collateral any and all of the nonpayment rights, options and remedies of said rent, a secured party under the Uniform Commercial Code of Indiana (the "UCC") including without limitation the sale of all or any installment thereofpart of the Collateral at any brokers' board or any public or private sale, at provided, however that the time Lender shall only be able to exercise such rights and remedies to the extent of all interest and principal payments which are due and payable as of the date of the Default and provided further that prior to such exercise the Lender shall release from the Collateral so much thereof as it would have been required to release under Section 3.4 hereof if the period from the previous December 31 to the date of such release constituted a Plan Year and no Default had occurred. The net proceeds of any such sale, after deducting all costs and expenses incurred in the manner above providedcollection, or if protection, sale and delivery of the TENANT Collateral (which expenses Borrower promises to pay) shall be dispossessed for nonpayment of rent, or if the leased premises shall be deserted, or vacated, the LANDLORD or its agents shall have the right to enter the said premises as the agent of the TENANT either by force or otherwise and may relet the premises as the agent of the TENANT, and receive the rent thereof, upon terms that may be reasonable and satisfactory applied first to the LANDLORD, payment of any costs and all rights of the TENANT to repossess the premises under this lease shall be forfeited. Such re-entry by the LANDLORD shall not operate to release the TENANT from any rent to be paid or covenants to be performed hereunder during the full term of this lease. For the purpose of re-letting the LANDLORD shall be authorized to make such reasonable repairs or alterations in or to the leased premises as may be necessary to restore the premises to rentable condition. The TENANT shall be liable to the LANDLORD for the cost of such repairs or alterations, and all reasonable expenses of such re-letting. If the sum realized or to be realized from this letting is insufficient to satisfy the monthly or term rent provided in this lease, the LANDLORD, at his option may require the TENANT to pay such deficiency month by month, or may hold the TENANT in advance for the entire deficiency to be realized during the term of re-letting. The TENANT shall not be entitled to any surplus funds accruing as a result of the re-letting. The TENANT agrees to pay, as additional rent, all reasonable Attorneys’ fees and other expenses incurred by the LANDLORD Lender in enforcing selling or otherwise disposing of the Collateral, second, to the payment of the principal of and the interest on the Note, and, third, ratably as among any obligations under this leaseother items of the indebtedness hereby secured. Any surplus remaining after the full payment and satisfaction of the foregoing shall be returned to the Borrower or to whomsoever a court of competent jurisdiction shall determine to be entitled thereto. Any requirement of said UCC as to reasonable notice shall be met by the Lender personally delivering or mailing notice (by certified mail - return receipt requested) to the Borrower at its address as provided in Section 10.6 hereof at least ten (10) days prior to the event giving rise to the requirement of such notice. In connection with any offer, solicitation or sale of the Collateral, the Lender may restrict bidders and otherwise proceed in whatever manner it reasonably believes appropriate in order to comply or assure compliance with applicable legal requirements pertaining to the offer and sale of securities of the same type as the Collateral.

Appears in 1 contract

Samples: First Bancorp of Indiana Inc

Rights Upon Default. In Upon the event occurrence of any one or more of the nonpayment above Events of said rentDefault and at any time thereafter, or any installment thereofsuch default not having previously been cured, at BANK shall have, in addition to all other rights and remedies, the time remedies of a secured party under the Alabama Uniform Commercial Code, regardless whether the Code has been enacted in the manner above providedjurisdiction where rights or remedies are asserted, or if the TENANT shall be dispossessed for nonpayment of rentincluding without limitation, or if the leased premises shall be deserted, or vacated, the LANDLORD or its agents shall have the right to enter the said premises as the agent take possession of the TENANT either by force Collateral, and for that purpose BANK may, so far as BORROWER or otherwise Guarantor can give authority therefor, enter upon any premises on which the Collateral may be situated and may relet remove the same therefrom or store the same on the premises as pending disposition. Unless the agent Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market, BANK shall give to BORROWER at least five (5) days' prior written notice of the TENANTtime and place of any public sale of Collateral or of the time after which any private sale or any other intended disposition is to be made. Upon fifteen (15) days' prior written notice to BORROWER, BANK may at any time in its discretion transfer any securities or other property constituting Collateral into its own name or that of its nominee and receive the rent thereofincome thereon and hold the same as security for Liabilities or apply it on principal or interest due on Liabilities. Insofar as Collateral shall consist of insurance policies, instruments, chattel paper, choices in action or the like, BANK may demand, collect, receipt for,- settle, compromise, adjust, sue xxx, foreclose or realize upon terms that Collateral, as BANK may determine, whether or not Liabilities or Collateral are then due, and for the purpose of realizing BANK'S rights therein, BANK may receive, open and dispose of mail addressed to BORROWER and endorse notes, checks, drafts, money orders, documents of title or other evidences of payment, shipment or storage or any form of Collateral on behalf of and in the name of BORROWER. The enumeration of the foregoing rights is not intended to be reasonable exhaustive, and satisfactory to the LANDLORDexercise of any right shall not preclude the exercise of any other rights, all of which shall be cumulative. As against the obligations secured hereby, BORROWER hereby expressly waives all claims and all rights to claim any exemptions, both as to personal and real property, allowed or allowable under the Constitution or laws of the TENANT United States, the State of Alabama or any other jurisdiction. Any notice to repossess the premises under this lease shall be forfeited. Such re-entry BORROWER of sale, disposition or other intended action by the LANDLORD shall not operate to release the TENANT from any rent BANK, required by law to be paid given to BORROWER, sent to BORROWER at the address of BORROWER shown hereinabove or covenants to be performed hereunder during the full term at such other address of this lease. For the purpose of re-letting the LANDLORD shall be authorized to make such reasonable repairs or alterations in or to the leased premises BORROWER as may from time to time be necessary to restore the premises to rentable condition. The TENANT shall be liable to the LANDLORD for the cost of such repairs or alterations, and all reasonable expenses of such re-letting. If the sum realized or to be realized from this letting is insufficient to satisfy the monthly or term rent provided in this lease, the LANDLORDshown on BANK'S records, at his option may require the TENANT least five days prior to pay such deficiency month by monthaction, or may hold the TENANT in advance for the entire deficiency shall constitute reasonable notice to be realized during the term of re-letting. The TENANT shall not be entitled to any surplus funds accruing as a result of the re-letting. The TENANT agrees to pay, as additional rent, all reasonable Attorneys’ fees and other expenses incurred by the LANDLORD in enforcing any obligations under this leaseBORROWER.

Appears in 1 contract

Samples: Credit and Security Agreement (Boyd Bros Transportation Inc)

Rights Upon Default. In When any Default has occurred and is continuing -------------------- the event Lender may, in addition to such other rights or remedies as it may have, then or at any time or times thereafter exercise with respect to the Collateral any and all of the nonpayment rights, options and remedies of said rent, a secured party under the Uniform Commercial Code of Indiana (the "UCC") including without limitation the sale of all or any installment thereofpart of the Collateral at any brokers' board or any public or private sale, at provided, however that the time Lender shall only be able to exercise such rights and remedies to the extent of all interest and principal payments which are due and payable as of the date of the Default and provided further that prior to such exercise the Lender shall release from the Collateral so much thereof as it would have been required to release under Section 3.4 hereof if the period from the previous December 31 to the date of such release constituted a Plan Year and no Default had occurred. The net proceeds of any such sale, after deducting all costs and expenses incurred in the manner above providedcollection, or if protection, sale and delivery of the TENANT Collateral (which expenses Borrower promises to pay) shall be dispossessed for nonpayment of rent, or if the leased premises shall be deserted, or vacated, the LANDLORD or its agents shall have the right to enter the said premises as the agent of the TENANT either by force or otherwise and may relet the premises as the agent of the TENANT, and receive the rent thereof, upon terms that may be reasonable and satisfactory applied first to the LANDLORD, payment of any costs and all rights of the TENANT to repossess the premises under this lease shall be forfeited. Such re-entry by the LANDLORD shall not operate to release the TENANT from any rent to be paid or covenants to be performed hereunder during the full term of this lease. For the purpose of re-letting the LANDLORD shall be authorized to make such reasonable repairs or alterations in or to the leased premises as may be necessary to restore the premises to rentable condition. The TENANT shall be liable to the LANDLORD for the cost of such repairs or alterations, and all reasonable expenses of such re-letting. If the sum realized or to be realized from this letting is insufficient to satisfy the monthly or term rent provided in this lease, the LANDLORD, at his option may require the TENANT to pay such deficiency month by month, or may hold the TENANT in advance for the entire deficiency to be realized during the term of re-letting. The TENANT shall not be entitled to any surplus funds accruing as a result of the re-letting. The TENANT agrees to pay, as additional rent, all reasonable Attorneys’ fees and other expenses incurred by the LANDLORD Lender in enforcing selling or otherwise disposing of the Collateral, second, to the payment of the principal of and the interest on the Note, and, third, ratably as among any obligations under this leaseother items of the indebtedness hereby secured. Any surplus remaining after the full payment and satisfaction of the foregoing shall be returned to the Borrower or to whomsoever a court of competent jurisdiction shall determine to be entitled thereto. Any requirement of said UCC as to reasonable notice shall be met by the Lender personally delivering or mailing notice (by certified mail - return receipt requested) to the Borrower at its address as provided in Section 10.6 hereof at least ten (10) days prior to the event giving rise to the requirement of such notice. In connection with any offer, solicitation or sale of the Collateral, the Lender may restrict bidders and otherwise proceed in whatever manner it reasonably believes appropriate in order to comply or assure compliance with applicable legal requirements pertaining to the offer and sale of securities of the same type as the Collateral.

Appears in 1 contract

Samples: PFSB Bancorp Inc

Rights Upon Default. (a) In addition to all other rights and remedies granted to it under this Security Agreement, the event Credit Agreement, the other Loan Documents and under any other instrument or agreement securing, evidencing or relating to any of the nonpayment Obligations, if any Event of said rentDefault shall have occurred and be continuing, Agent may exercise all rights and remedies of a secured party under the Code. Without limiting the generality of the foregoing, each Grantor expressly agrees that in any such event Agent, without demand of performance or other demand, advertisement or notice of any kind (except the notice specified below of time and place of public or private sale) to or upon such Grantor or any other Person (all and each of which demands, advertisements and notices are hereby expressly waived to the maximum extent permitted by the Code and other applicable law), may forthwith enter upon the premises of such Grantor where any Collateral is located through self-help, without judicial process, without first obtaining a final judgment or giving such Grantor or any other Person notice and opportunity for a hearing on Agent's claim or action and may collect, receive, assemble, process, appropriate and realize upon the Collateral, or any installment part thereof, at the time in the manner above providedand may forthwith sell, lease, license, assign, give an option or options to purchase, or if the TENANT shall be dispossessed for nonpayment sell or otherwise dispose of rentand deliver said Collateral (or contract to do so), or if any part thereof, in one or more parcels at a public or private sale or sales, at any exchange at such prices as it may deem acceptable, for cash or on credit or for future delivery without assumption of any credit risk. Agent or any Lender shall have the leased premises shall be desertedright upon any such public sale or sales and, to the extent permitted by law, upon any such private sale or vacatedsales, to purchase for the benefit of Agent and Lenders, the LANDLORD whole or its agents any part of said Collateral so sold, free of any right or equity of redemption, which equity of redemption each Grantor hereby releases. Such sales may be adjourned and continued from time to time with or without notice. Agent shall have the right to enter conduct such sales on any Grantor's premises or elsewhere and shall have the said right to use any Grantor's premises without charge for such time or times as Agent deems necessary or advisable. If any Event of Default shall have occurred and be continued, each Grantor further agrees, at Agent's request, to assemble the agent Collateral and make it available to Agent at a place or places designated by Agent which are reasonably convenient to Agent and such Grantor, whether at such Grantor's premises or elsewhere. Until Agent is able to effect a sale, lease, or other disposition of Collateral, Agent shall have the TENANT either by force right to hold or otherwise and may relet the premises as the agent of the TENANTuse Collateral, and receive the rent or any part thereof, upon terms that may be reasonable and satisfactory to the LANDLORD, and all rights of the TENANT to repossess the premises under this lease shall be forfeited. Such re-entry by the LANDLORD shall not operate to release the TENANT from any rent to be paid or covenants to be performed hereunder during the full term of this lease. For extent that it deems appropriate for the purpose of re-letting preserving Collateral or its value or for any other purpose deemed appropriate by Agent. Agent shall have no obligation to any Grantor to maintain or preserve the LANDLORD rights of such Grantor as against third parties with respect to Collateral while Collateral is in the possession of Agent. Agent may, if it so elects, seek the appointment of a receiver or keeper to take possession of Collateral and to enforce any of Agent's remedies (for the benefit of Agent and Lenders), with respect to such appointment without prior notice or hearing as to such appointment. Agent shall be authorized to make apply the net proceeds of any such reasonable repairs collection, recovery, receipt, appropriation, realization or alterations in or sale to the leased premises Obligations as may be necessary to restore provided in the premises to rentable condition. The TENANT shall be liable to Credit Agreement, and only after so paying over such net proceeds, and after the LANDLORD payment by Agent of any other amount required by any provision of law, need Agent account for the cost surplus, if any, to any Grantor. To the maximum extent permitted by applicable law, each Grantor waives all claims, damages, and demands against Agent or any Lender arising out of the repossession, retention or sale of the Collateral except such as arise solely out of the gross negligence or willful misconduct of Agent or such Lender as finally determined by a court of competent jurisdiction. Each Grantor agrees that ten (10) days prior notice by Agent of the time and place of any public sale or of the time after which a private sale may take place is reasonable notification of such repairs matters. Grantors shall remain liable for any deficiency if the proceeds of any sale or alterations, and all reasonable expenses disposition of such re-letting. If the sum realized or to be realized from this letting is Collateral are insufficient to satisfy the monthly or term rent provided in this leasepay all Obligations, the LANDLORD, at his option may require the TENANT to pay such deficiency month by month, or may hold the TENANT in advance for the entire deficiency to be realized during the term of re-letting. The TENANT shall not be entitled to including any surplus funds accruing as a result of the re-letting. The TENANT agrees to pay, as additional rent, all reasonable Attorneys’ attorneys' fees and other expenses incurred by the LANDLORD in enforcing Agent or any obligations under this leaseLender to collect such deficiency.

Appears in 1 contract

Samples: Security Agreement (Tefron LTD)

Rights Upon Default. In When Default has occurred and is continuing the event -------------------- Lender may, in addition to such other rights or remedies as it may have, then or at any time or times thereafter exercise with respect to the Collateral any and all of the nonpayment rights, options and remedies of said rent, a secured party under the ________________ including without limitation the sale of all or any installment thereofpart of the Collateral at any brokers' board or any public or private sale, at provided, however that the time Lender shall only be able to exercise such rights and remedies to the extent of all interest and principal payments which are due and payable as of the date of the Default and provided further that prior to such exercise the Lender shall release from the Collateral so much thereof as it would have been required to release under Section 3.4 hereof if the period from the previous December 31 to the date of such release constituted a Plan Year and no Default had occurred. The net proceeds of any such sale, after deducting all costs and expenses incurred in the manner above providedcollection, or if protection, sale and delivery of the TENANT Collateral (which expenses Borrower promises to pay) shall be dispossessed for nonpayment of rent, or if the leased premises shall be deserted, or vacated, the LANDLORD or its agents shall have the right to enter the said premises as the agent of the TENANT either by force or otherwise and may relet the premises as the agent of the TENANT, and receive the rent thereof, upon terms that may be reasonable and satisfactory applied first to the LANDLORD, payment of any costs and all rights of the TENANT to repossess the premises under this lease shall be forfeited. Such re-entry by the LANDLORD shall not operate to release the TENANT from any rent to be paid or covenants to be performed hereunder during the full term of this lease. For the purpose of re-letting the LANDLORD shall be authorized to make such reasonable repairs or alterations in or to the leased premises as may be necessary to restore the premises to rentable condition. The TENANT shall be liable to the LANDLORD for the cost of such repairs or alterations, and all reasonable expenses of such re-letting. If the sum realized or to be realized from this letting is insufficient to satisfy the monthly or term rent provided in this lease, the LANDLORD, at his option may require the TENANT to pay such deficiency month by month, or may hold the TENANT in advance for the entire deficiency to be realized during the term of re-letting. The TENANT shall not be entitled to any surplus funds accruing as a result of the re-letting. The TENANT agrees to pay, as additional rent, all reasonable Attorneys’ fees and other expenses incurred by the LANDLORD Lender in enforcing selling or otherwise disposing of the Collateral, second, to the payment of the principal of and the interest on the Note, and, third, ratably as among any obligations under this leaseother items of the indebtedness hereby secured. Any surplus remaining after the full payment and satisfaction of the foregoing shall be returned to the Borrower or to whomsoever a court of competent jurisdiction shall determine to be entitled thereto. Any requirement of said _______________ as to reasonable notice shall be met by the Lender personally delivering or mailing notice (by certified mail - return receipt requested) to the Borrower at its address as provided in Section 10.6 hereof at least ten (10) days prior to the event giving rise to the requirement of such notice. In connection with any offer, solicitation or sale of the Collateral, the Lender may restrict bidders and otherwise proceed in whatever manner it reasonably believes appropriate in order to comply or assure compliance with applicable legal requirements pertaining to the offer and sale of securities of the same type as the Collateral.

Appears in 1 contract

Samples: Virginia Capital Bancshares Inc

Rights Upon Default. In Upon the event occurrence of any one or more of the nonpayment above Events of said rentDefault and at any time thereafter, or any installment thereofsuch default not having previously been cured, at BANK shall have, in addition to all other rights and remedies, the time remedies of a secured party under the Alabama Uniform Commercial Code, regardless whether the Code has been enacted in the manner above providedjurisdiction where rights or remedies are asserted, or if the TENANT shall be dispossessed for nonpayment of rentincluding without limitation, or if the leased premises shall be deserted, or vacated, the LANDLORD or its agents shall have the right to enter the said premises as the agent take possession of the TENANT either by force Collateral, and for that purpose BANK may, so far as BORROWER or otherwise Guarantor can give authority therefor, enter upon any premises on which the Collateral may be situated and may relet remove the same therefrom or store the same on the premises as pending disposition. Unless the agent Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market, BANK shall give to BORROWER at least five (5) days' prior written notice of the TENANTtime and place of any public sale of Collateral or of the time after which any private sale or any other intended disposition is to be made. Upon fifteen (15) days' prior written notice to BORROWER, BANK may at any time in its discretion transfer any securities or other property constituting Collateral into its own name or that of its nominee and receive the rent thereofincome thereon and hold the same as security for Liabilities or apply it on principal or interest due on Liabilities. Insofar as Collateral shall consist of insurance policies, instruments, chattel paper, choses in action or the like, BANK may demand, collect, receipt for, settle, compromise, adjust, sue xxx, foreclose or realize upon terms that Collateral, as BANK may determine, whether or not Liabilities or Collateral are then due, and for the purpose of realizing BANK'S rights therein, BANK may receive, open and dispose of mail addressed to BORROWER and endorse notes, checks, drafts, money orders, documents of title or other evidences of payment, shipment or storage or any form of Collateral on behalf of and in the name of BORROWER. The enumeration of the foregoing rights is not intended to be reasonable exhaustive, and satisfactory to the LANDLORDexercise of any right shall not preclude the exercise of any other rights, all of which shall be cumulative. As against the obligations secured hereby, BORROWER hereby expressly waives all claims and all rights to claim any exemptions, both as to personal and real property, allowed or allowable under the Constitution or laws of the TENANT United States, the State of Alabama or any other jurisdiction. Any notice to repossess the premises under this lease shall be forfeited. Such re-entry BORROWER of sale, disposition or other intended action by the LANDLORD shall not operate to release the TENANT from any rent BANK, required by law to be paid given to BORROWER, sent to BORROWER at the address of BORROWER shown hereinabove or covenants to be performed hereunder during the full term at such other address of this lease. For the purpose of re-letting the LANDLORD shall be authorized to make such reasonable repairs or alterations in or to the leased premises BORROWER as may from time to time be necessary to restore the premises to rentable condition. The TENANT shall be liable to the LANDLORD for the cost of such repairs or alterations, and all reasonable expenses of such re-letting. If the sum realized or to be realized from this letting is insufficient to satisfy the monthly or term rent provided in this lease, the LANDLORDshown on BANK'S records, at his option may require the TENANT least five days prior to pay such deficiency month by monthaction, or may hold the TENANT in advance for the entire deficiency shall constitute reasonable notice to be realized during the term of re-letting. The TENANT shall not be entitled to any surplus funds accruing as a result of the re-letting. The TENANT agrees to pay, as additional rent, all reasonable Attorneys’ fees and other expenses incurred by the LANDLORD in enforcing any obligations under this leaseBORROWER.

Appears in 1 contract

Samples: Credit and Security Agreement (Boyd Bros Transportation Inc)

Rights Upon Default. If the Events of Default specified in Sections 6(d) and 6(e) shall occur, the Banks' obligations to make Loans hereunder shall immediately terminate and any Loan (with accrued interest thereon) and other amounts owing under this Agreement and the Master Notes shall immediately become due and payable. If any other Event of Default shall occur, the Banks may (i) by notice of default to Borrower, declare the Banks' obligations hereunder terminated forthwith, whereupon such obligations shall terminate, and/or (ii) by notice of default to Borrower, declare any Loan and all amounts owing hereunder and under the Master Notes to be due and payable forthwith, whereupon the same shall become immediately due and payable. Except as expressly provided above in this Section, presentment, demand, protest and further notice of any kind are hereby expressly waived. Notwithstanding the foregoing, the Banks' obligations to maintain the confidentiality of any nonpublic financial information of Borrower provided to Banks pursuant to Section 4(a) of this Agreement shall survive the termination of its other obligations hereunder. In the event of the nonpayment any occurrence of said rentany Event of Default, or any installment thereof, at the time in the manner above provided, or if the TENANT Borrower shall be dispossessed for nonpayment of rent, or if the leased premises shall be deserted, or vacated, the LANDLORD or its agents shall have the right to enter the said premises as the agent of the TENANT either by force or otherwise pay all costs and may relet the premises as the agent of the TENANT, and receive the rent thereof, upon terms that expenses which may be reasonable incurred by Banks with respect thereto and satisfactory with respect to the LANDLORDcollection of any amounts due Banks pursuant hereto or the enforcement of any provisions hereof, including reasonable attorneys' fees and expenses of litigation, and all rights such sums shall be and become part of the TENANT indebtedness pursuant to repossess the premises under this lease shall be forfeitedAgreement. Such re-entry by the LANDLORD shall In addition to and not operate in lieu of any other right or remedy they may have at any time, Banks at any time and from time to release the TENANT from any rent to be paid or covenants to be performed hereunder during the full term of this lease. For the purpose of re-letting the LANDLORD shall be authorized to make such reasonable repairs or alterations in or to the leased premises as time at their election, may be necessary to restore the premises to rentable condition. The TENANT shall be liable to the LANDLORD for the cost of such repairs or alterations, and all reasonable expenses of such re-letting. If the sum realized or to be realized from this letting is insufficient to satisfy the monthly or term rent provided in this lease, the LANDLORD, at his option may require the TENANT to pay such deficiency month by month, or may hold the TENANT in advance for the entire deficiency to be realized during the term of re-letting. The TENANT (but they shall not be entitled required to) do or perform or comply with or cause to be done or performed or complied with anything which Borrower may be required to do or comply with under this Agreement if Borrower shall fail to do so; Borrower shall reimburse Banks upon demand for any surplus funds accruing as a result reasonable cost or expense Banks may pay or incur in such respect, together with interest thereon at the Prime Rate plus two percent (2%) from the date of the re-lettingsuch demand until paid. The TENANT agrees failure of Banks at any time or from time to paytime to exercise any right or remedy, as additional rentwhether arising from or by virtue of any event of default or otherwise, all reasonable Attorneys’ fees shall not constitute a waiver of any such right or remedy and shall not impair the right of Banks to exercise such right or remedy or any other expenses incurred right or remedy thereafter or to insist upon strict performance. No waiver of any right or remedy by Banks shall be valid or effective unless made in writing and signed by an officer of each Bank. Any effective waiver of any right or remedy shall not be deemed to constitute a waiver of any other right or remedy then existing or which may thereafter arise or accrue. The remedies herein provided are cumulative and not exclusive of any remedies provided by law. Upon the LANDLORD in enforcing occurrence of any Event of Default, and pursuant to the provisions of this Section, Banks may sue to enforce the obligations under of Borrower pursuant to this leaseAgreemexx.

Appears in 1 contract

Samples: Loan Agreement (Schultz Sav O Stores Inc)

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Rights Upon Default. If the Events of Default specified in Sections 6(d) and 6(e) shall occur, the Banks' obligations to make Loans hereunder shall immediately terminate and any Loan (with accrued interest thereon) and other amounts owing under this Agreement and the Master Notes shall immediately become due and payable. If any other Event of Default shall occur, the Banks may (i) by notice of default to Co-Borrowers, declare the Banks' obligations hereunder terminated forthwith, whereupon such obligations shall terminate, and/or (ii) by notice of default to Co-Borrowers, declare any Loan and all amounts owing hereunder and under the Master Notes to be due and payable forthwith, whereupon the same shall become immediately due and payable. Except as expressly provided above in this Section, presentment, demand, protest and further notice of any kind are hereby expressly waived. Notwithstanding the foregoing, the Banks' obligations to maintain the confidentiality of any non-public financial information of Co-Borrowers provided to Banks pursuant to Section 4(a) of this Agreement shall survive the termination of its other obligations hereunder. In the event of the nonpayment any occurrence of said rentany Event of Default, or any installment thereof, at the time in the manner above provided, or if the TENANT Co-Borrowers shall be dispossessed for nonpayment of rent, or if the leased premises shall be deserted, or vacated, the LANDLORD or its agents shall have the right to enter the said premises as the agent of the TENANT either by force or otherwise pay all costs and may relet the premises as the agent of the TENANT, and receive the rent thereof, upon terms that expenses which may be reasonable incurred by Banks with respect thereto and satisfactory with respect to the LANDLORDcollection of any amounts due Banks pursuant hereto or the enforcement of any provisions hereof, including reasonable attorneys' fees and expenses of litigation, and all rights such sums shall be and become part of the TENANT indebtedness pursuant to repossess the premises under this lease shall be forfeitedAgreement. Such re-entry by the LANDLORD shall In addition to and not operate in lieu of any other right or remedy they may have at any time, Banks at any time and from time to release the TENANT from any rent to be paid or covenants to be performed hereunder during the full term of this lease. For the purpose of re-letting the LANDLORD shall be authorized to make such reasonable repairs or alterations in or to the leased premises as time at their election, may be necessary to restore the premises to rentable condition. The TENANT shall be liable to the LANDLORD for the cost of such repairs or alterations, and all reasonable expenses of such re-letting. If the sum realized or to be realized from this letting is insufficient to satisfy the monthly or term rent provided in this lease, the LANDLORD, at his option may require the TENANT to pay such deficiency month by month, or may hold the TENANT in advance for the entire deficiency to be realized during the term of re-letting. The TENANT (but they shall not be entitled required to) do or perform or comply with or cause to be done or performed or complied with anything which Co-Borrowers may be required to do or comply with under this Agreement if Co-Borrowers shall fail to do so; Co-Borrowers shall reimburse Banks upon demand for any surplus funds accruing as a result reasonable cost or expense Banks may pay or incur in such respect, together with interest thereon at the Prime Rate plus two percent (2%) from the date of the re-lettingsuch demand until paid. The TENANT agrees failure of Banks at any time or from time to paytime to exercise any right or remedy, as additional rentwhether arising from or by virtue of any event of default or otherwise, all reasonable Attorneys’ fees shall not constitute a waiver of any such right or remedy and shall not impair the right of Banks to exercise such right or remedy or any other expenses incurred right or remedy thereafter or to insist upon strict performance. No waiver of any right or remedy by Banks shall be valid or effective unless made in writing and signed by an officer of each Bank. Any effective waiver of any right or remedy shall not be deemed to constitute a waiver of any other right or remedy then existing or which may thereafter arise or accrue. The remedies herein provided are cumulative and not exclusive of any remedies provided by law. Upon the LANDLORD in enforcing occurrence of any Event of Default, and pursuant to the provisions of this Section, Banks may sue to enforce the obligations under of Xx-Borrowers pursuant to this leaseAgreement.

Appears in 1 contract

Samples: Loan Agreement (Fresh Brands Inc)

Rights Upon Default. In (a) Notwithstanding any provision herein to the contrary and irrespective of whether all or any rights conferred upon Landlord by this Article XIX are expressly or by' implication conferred upon Landlord elsewhere in this Lease, in the event of (i) any failure of Tenant to pay any Minimum Annual Rental, Percentage Rental or Additional Rent or any other charges or sums whatsoever due hereunder (including without limitation, amounts due as reimbursement to Landlord for costs incurred by Landlord in performing obligations of Tenant hereunder upon Tenant's failure so to perform) for more than five (5) days after written notice from Landlord to Tenant that such rental or any other charges or sums whatsoever due hereunder were not received on the nonpayment date require for payment pursuant to this Lease, provided that such notice from Landlord shall be in lieu of, and not in addition to, any notice of said rentdefault required by applicable laws, or (ii) any installment thereofdefault or failure by Tenant to perform any other of the terms, at conditions, or covenants of this Lease to be observed or performed by Tenant for more than twenty (20) days after written notice from Landlord to Tenant of such default (unless such default cannot be cured within said twenty (20) days in which event Tenant shall not be deemed to be in default hereunder if Tenant shall have commenced to cure said default promptly within twenty (20) days and shall thereafter proceed to prosecute such cure to completion with all reasonable dispatch and diligence, provided that in no event shall such cure period extend beyond one hundred twenty (120) days), provided that such notice from Landlord shall be in lieu of, and not in addition to, any notice of default required by applicable laws, or (iii) any failure by Tenant to move into the time Premises and to initially open for business on or before the Rental Commencement Date, or (iv) any failure by Tenant to operate continuously in the manner above providedand during the hours established by Landlord pursuant to Section 7.02(a) hereof or for the purpose specified in the Data Sheet (the Permitted Use), or if (v)Tenant's abandonment of the TENANT shall be dispossessed for nonpayment of rentPremises, or if permitting this Lease to be taken under any writ of execution or similar writ or order, then Landlord, in addition to or in lieu of other rights or remedies it may have under this Lease or by law, shall have the leased premises shall be desertedfollowing rights: Landlord may at its sale discretion: (A) immediately terminate this Lease and Tenant's right to possession of the Premises by giving Tenant written notice that this Lease is terminated, or vacatedin which event, the LANDLORD or its agents upon such termination, Landlord shall have the right to enter recover from Tenant the said premises as sum of (1) the agent worth at the time of award of the TENANT either by force or otherwise and may relet unpaid rental which had been earned at the premises as time of termination; (2) the agent worth at the time of award of the TENANT, amount by which the unpaid rental which would have been earned after termination until the time of award exceeds the amount of such rental loss that Tenant affirmatively proves could have been reasonably avoided; (3) the worth at the time of award of the amount by which the unpaid rental for the balance of the Term after the time of award exceeds the amount of such rental loss that Tenant affirmatively proves could be reasonably avoided; (4) 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 which in the ordinary course of things would be likely to result therefrom; and receive (5) all such other amounts in addition to or in lieu of the rent thereof, upon terms that foregoing as may be reasonable permitted from time to time under applicable law; or (B) have this Lease continue in effect for so long as Landlord does not terminate this Lease and satisfactory Tenant's right to possession of the Premises, in which event Landlord shall have the right to enforce all of Landlord's rights and remedies under this Lease including the right to recover the Minimum Annual Rental, Percentage Rental, Additional Rent and other charges payable by Tenant under this Lease as they become due under this Lease; or (C) without terminating this Lease, Landlord may payor discharge any breach or violation hereof which amount so expended shall be added to the LANDLORDnext monthly incremental payment of Minimum Annual Rent, Percentage Rental and all rights of Additional Rent due and treated in the TENANT to repossess the premises under same manner as Rental hereunder; or (D) without terminating this lease shall be forfeited. Such re-entry by the LANDLORD shall not operate to release the TENANT from any rent to be paid or covenants to be performed hereunder during the full term of this lease. For the purpose of re-letting the LANDLORD shall be authorized to Lease, make such reasonable alterations and repairs or alterations in or to the leased premises as may be necessary in order to restore relet the premises to rentable condition. The TENANT shall be liable to the LANDLORD for the cost of such repairs or alterationsPremises, and all reasonable expenses of relet the Premises or any part thereof for such re-letting. If term or terms (which maybe for a term extending beyond the sum realized Term) at such rental or to be realized from this letting is insufficient to satisfy the monthly or term rent provided rentals and upon such other terms and conditions as Landlord in this lease, the LANDLORD, at his option its sole discretion may require the TENANT to pay such deficiency month by month, or may hold the TENANT in advance for the entire deficiency to be realized during the term of re-letting. The TENANT shall not be entitled to any surplus funds accruing as a result of the re-letting. The TENANT agrees to pay, as additional rent, all reasonable Attorneys’ fees and other expenses incurred by the LANDLORD in enforcing any obligations under this leasedeem advisable.

Appears in 1 contract

Samples: Lease (Melt Inc)

Rights Upon Default. In Upon the event occurrence of any one or more of the nonpayment above Events of said rentDefault and at any time thereafter, or any installment thereofsuch default not having previously been cured, at BANK shall have, in addition to all other rights and remedies, the time remedies of a secured party under the Alabama Uniform Commercial Code, regardless whether the Code has been enacted in the manner above providedjurisdiction where rights or remedies are asserted, or if the TENANT shall be dispossessed for nonpayment of rentincluding without limitation, or if the leased premises shall be deserted, or vacated, the LANDLORD or its agents shall have the right to enter the said premises as the agent take possession of the TENANT either by force Collateral, and for that purpose BANK may, so far as BORROWER or otherwise Guarantor can give authority therefor, enter upon any premises on which the Collateral may be situated and may relet remove the same therefrom or store the same on the premises as pending disposition. Unless the agent Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market, BANK shall give to BORROWER at least five (5) days' prior written notice of the TENANTtime and place of any public sale of Collateral or of the time after which any private sale or any other intended disposition is to be made. Upon fifteen (15) days' prior written notice to BORROWER, BANK may at any time in its discretion transfer any securities or other property constituting Collateral into its own name or that of its nominee and receive the rent thereofincome thereon and hold the same as security for Liabilities or apply it on principal or interest due on Liabilities. Insofar as Collateral shall consist of insurance policies, instruments, chattel paper, choses in action or the like, BANK may demand, collect, receipt for, settle, compromise, adjust, sue xxx, foreclose or realize upon terms that Collateral, as BANK may be reasonable and satisfactory to the LANDLORDdetermine, whether or not Liabilities or Collateral are then due, and all rights of the TENANT to repossess the premises under this lease shall be forfeited. Such re-entry by the LANDLORD shall not operate to release the TENANT from any rent to be paid or covenants to be performed hereunder during the full term of this lease. For for the purpose of re-letting realizing BANK'S rights therein, BANK may receive, open and dispose of mail addressed to BORROWER and endorse notes, checks, drafts, money orders, documents of title or other evidences of payment, shipment or storage or any form of Collateral on behalf of and in the LANDLORD shall be authorized to make such reasonable repairs or alterations in or to the leased premises as may be necessary to restore the premises to rentable conditionname of BORROWER. The TENANT shall be liable to the LANDLORD for the cost enumeration of such repairs or alterations, and all reasonable expenses of such re-letting. If the sum realized or to be realized from this letting is insufficient to satisfy the monthly or term rent provided in this lease, the LANDLORD, at his option may require the TENANT to pay such deficiency month by month, or may hold the TENANT in advance for the entire deficiency to be realized during the term of re-letting. The TENANT shall not be entitled to any surplus funds accruing as a result of the re-letting. The TENANT agrees to pay, as additional rent, all reasonable Attorneys’ fees and other expenses incurred by the LANDLORD in enforcing any obligations under this lease.the

Appears in 1 contract

Samples: Credit and Security Agreement (Boyd Bros Transportation Inc)

Rights Upon Default. Upon the occurrence of an Event of Default, (a) the principal of and accrued interest in respect of this Note shall become due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Maker and (b) the Company shall have all of the rights and remedies provided by law, including, without limitation, those provided by the Uniform Commercial Code. In case of an Event of Default and the acceleration of the Maker's obligations hereunder, the Maker will pay to the holder hereof such further amount as shall be sufficient to cover the cost and expense of collection, including, without limitation, reasonable attorney's fees, expenses and disbursements. No delay or omission on the part of the holder hereof in exercising any right shall operate as a waiver or otherwise prejudge the rights of the holder of this Note. No waiver of any single breach or default shall be deemed a waiver or breach of any other right referred to herein or now or hereafter available at law, in equity by, statute or otherwise; all remedies shall by cumulative and not alternative. In case there shall exist an Event of Default, but subject to the provisions of the Uniform Commercial Code or other applicable law, the Company may cause all or any of the Pledged Securities (as hereinafter defined) to be transferred into its name or into the name of its nominee or nominees. Initials: /s/ AB ------- Upon the occurrence of an Event of Default, the Company shall have the right at any time or times thereafter to sell, resell, assign and deliver all or any of the Pledged Securities in one or more parcels at any exchange or broker's board or at public or private sale. Unless the Pledged Securities threaten to decline speedily in value or are of a type customarily sold on a recognized market, the Company will give the Maker at least ten (10) days prior written notice of the time and place of any public sale thereof or of the time after which any private sale or any other intended disposition thereof is to be made. Any such notice shall be deemed to meet any requirements hereunder or under any applicable law (including the Uniform Commercial Code) that reasonable notification by given of the time and place of such sale or other disposition. Such notice may be given without any demand of performance or other demand, all such demands being hereby expressly waived by the Maker. All such sakes shall be at such commercially reasonable price or prices, as the Company shall deem best and either for cash or on credit or for future delivery (without assuming any responsibility for credit risk). At any such sale or sales the Company may purchase any or all of the Pledged Securities to be sold thereat upon such terms as the Company may deem best. Upon any such sale or sales the Pledged Securities so purchased shall be held by the purchaser absolutely free from any claims or rights of whatsoever kind or nature, including any equity or redemption and any similar rights, all such equity of redemption and any similar rights being hereby expressly waived and released by the Maker, other than restrictions under applicable securities law. In the event of consent, approval or authorization of any governmental agency will necessary to effectuate any such sale or sales, the nonpayment Maker shall execute all such applications or other instruments as may be required. The proceeds of said rentany such sale or sales, or together with any installment thereof, other additional collateral security at the time in the manner above providedreceived and held hereunder, or if the TENANT shall be dispossessed for nonpayment of rentreceived and applied: first, or if the leased premises shall be deserted, or vacated, the LANDLORD or its agents shall have the right to enter the said premises as the agent of the TENANT either by force or otherwise and may relet the premises as the agent of the TENANT, and receive the rent thereof, upon terms that may be reasonable and satisfactory to the LANDLORD, payment all costs and all rights of the TENANT to repossess the premises under this lease shall be forfeited. Such re-entry by the LANDLORD shall not operate to release the TENANT from any rent to be paid or covenants to be performed hereunder during the full term of this lease. For the purpose of re-letting the LANDLORD shall be authorized to make such reasonable repairs or alterations in or to the leased premises as may be necessary to restore the premises to rentable condition. The TENANT shall be liable to the LANDLORD for the cost of such repairs or alterations, and all reasonable expenses of such re-letting. If sale, including reasonable attorneys' fees; second, to the sum realized payment of the amount owed hereunder to which the Company does not have recourse against the Maker; third, to the payment of the amount owed hereunder to which the Company does have recourse against the Maker, and any surplus thereafter remaining shall be paid to the Maker or to whomever may be realized from this letting is insufficient legally entitled thereto (including, if applicable, any subordinated creditor of the Maker). The Maker recognizes that the Company may be unable to satisfy effect a public sale of all or a part of the monthly Pledged Securities by reason of certain prohibitions contained in the Securities Act of 1933, as amended (the "SECURITIES ACT") but may be compelled to resort to one or term rent provided in this leasemore private sales to a restricted group of purchasers, each of whom will be obligated to agree, among other things, to acquire such Pledged Securities for its own account, for investment and not with a view to the LANDLORDdistribution or resale thereof. The Maker acknowledges that private sales so made may be at prices and upon other terms less favorable to the seller than if such Pledged Securities were sold at public sales, at his option may require and that the TENANT Company has no obligation to pay delay sale of any such deficiency month by month, or may hold the TENANT in advance Pledged Securities for the entire deficiency period of time necessary to permit such Pledged Securities to be realized during registered for public sale under the term of re-lettingSecurities Act. The TENANT Maker agrees that any such private sales shall not be entitled deemed to any surplus funds accruing as have been made in a result of commercially unreasonable manner solely because they shall have been made under the re-letting. The TENANT agrees to pay, as additional rent, all reasonable Attorneys’ fees and other expenses incurred by the LANDLORD in enforcing any obligations under this leaseforegoing circumstances.

Appears in 1 contract

Samples: Promissory Note and Pledge Agreement (Cyrk Inc)

Rights Upon Default. In When Default has occurred and is continuing the event -------------------- Lender may, in addition to such other rights or remedies as it may have, then or at any time or times thereafter exercise with respect to the Collateral any and all of the nonpayment rights, options and remedies of said rent, a secured party under the Uniform Commercial Code of Virginia ("UCC") including without limitation the sale of all or any installment thereofpart of the Collateral at any brokers' board or any public or private sale, at provided, however that the time Lender shall only be able to exercise such rights and remedies to the extent of all interest and principal payments which are due and payable as of the date of the Default and provided further that prior to such exercise the Lender shall release from the Collateral so much thereof as it would have been required to release under Section 3.4 hereof if the period from the previous December 31 to the date of such release constituted a Plan Year and no Default had occurred. The net proceeds of any such sale, after deducting all costs and expenses incurred in the manner above providedcollection, or if protection, sale and delivery of the TENANT Collateral (which expenses Borrower promises to pay) shall be dispossessed for nonpayment of rent, or if the leased premises shall be deserted, or vacated, the LANDLORD or its agents shall have the right to enter the said premises as the agent of the TENANT either by force or otherwise and may relet the premises as the agent of the TENANT, and receive the rent thereof, upon terms that may be reasonable and satisfactory applied first to the LANDLORD, payment of any costs and all rights of the TENANT to repossess the premises under this lease shall be forfeited. Such re-entry by the LANDLORD shall not operate to release the TENANT from any rent to be paid or covenants to be performed hereunder during the full term of this lease. For the purpose of re-letting the LANDLORD shall be authorized to make such reasonable repairs or alterations in or to the leased premises as may be necessary to restore the premises to rentable condition. The TENANT shall be liable to the LANDLORD for the cost of such repairs or alterations, and all reasonable expenses of such re-letting. If the sum realized or to be realized from this letting is insufficient to satisfy the monthly or term rent provided in this lease, the LANDLORD, at his option may require the TENANT to pay such deficiency month by month, or may hold the TENANT in advance for the entire deficiency to be realized during the term of re-letting. The TENANT shall not be entitled to any surplus funds accruing as a result of the re-letting. The TENANT agrees to pay, as additional rent, all reasonable Attorneys’ fees and other expenses incurred by the LANDLORD Lender in enforcing selling or otherwise disposing of the Collateral, second, to the payment of the principal of and the interest on the Note, and, third, ratably as among any obligations under this leaseother items of the indebtedness hereby secured. Any surplus remaining after the full payment and satisfaction of the foregoing shall be returned to the Borrower or to whomsoever a court of competent jurisdiction shall determine to be entitled thereto. Any requirement of said UCC as to reasonable notice shall be met by the Lender personally delivering or mailing notice (by certified mail - return receipt requested) to the Borrower at its address as provided in Section 10.6 hereof at least ten (10) days prior to the event giving rise to the requirement of such notice. In connection with any offer, solicitation or sale of the Collateral, the Lender may restrict bidders and otherwise proceed in whatever manner it reasonably believes appropriate in order to comply or assure compliance with applicable legal requirements pertaining to the offer and sale of securities of the same type as the Collateral.

Appears in 1 contract

Samples: Virginia Capital Bancshares Inc

Rights Upon Default. a. In addition to all other rights and remedies granted to it under this Security Agreement, the event Credit Agreement, the other Loan Documents and under any other instrument or agreement securing, evidencing or relating to any of the nonpayment Obligations, if any Event of said rentDefault shall have occurred and be continuing, Agent may exercise all rights and remedies of a secured party under the Code. Without limiting the generality of the foregoing, each Grantor expressly agrees that in any such event Agent, without demand of performance or other demand, advertisement or notice of any kind (except the notice specified below of time and place of public or private sale) to or upon such Grantor or any other Person (all and each of which demands, advertisements and notices are hereby expressly waived to the maximum extent permitted by the Code and other applicable law), may forthwith enter upon the premises of such Grantor where any Collateral is located through self-help, without judicial process, without first obtaining a final judgment or giving such Grantor or any other Person notice and opportunity for a hearing on Agent’s claim or action and may collect, receive, assemble, process, appropriate and realize upon the Collateral, or any installment part thereof, at the time in the manner above providedand may forthwith sell, lease, license, assign, give an option or options to purchase, or if the TENANT shall be dispossessed for nonpayment sell or otherwise dispose of rentand deliver said Collateral (or contract to do so), or if any part thereof, in one or more parcels at a public or private sale or sales, at any exchange at such prices as it may deem acceptable, for cash or on credit or for future delivery without assumption of any credit risk. Agent or any Lender shall have the leased premises shall be desertedright upon any such public sale or sales and, to the extent permitted by law, upon any such private sale or vacatedsales, to purchase for the benefit of Agent and Lenders, the LANDLORD whole or its agents any part of said Collateral so sold, free of any right or equity of redemption, which equity of redemption each Grantor hereby releases. Such sales may be adjourned and continued from time to time with or without notice. Agent shall have the right to enter conduct such sales on any Grantor’s premises or elsewhere and shall have the said right to use any Grantor’s premises without charge for such time or times as Agent deems necessary or advisable. If any Event of Default shall have occurred and be continuing, each Grantor further agrees, at Agent’s request, to assemble the agent Collateral and make it available to Agent at a place or places designated by Agent which are reasonably convenient to Agent and such Grantor, whether at such Grantor’s premises or elsewhere. Until Agent is able to effect a sale, lease, or other disposition of Collateral, Agent shall have the TENANT either by force right to hold or otherwise and may relet the premises as the agent of the TENANTuse Collateral, and receive the rent or any part thereof, upon terms that may be reasonable and satisfactory to the LANDLORD, and all rights of the TENANT to repossess the premises under this lease shall be forfeited. Such re-entry by the LANDLORD shall not operate to release the TENANT from any rent to be paid or covenants to be performed hereunder during the full term of this lease. For extent that it deems appropriate for the purpose of re-letting preserving Collateral or its value or for any other purpose deemed appropriate by Agent. Agent shall have no obligation to any Grantor to maintain or preserve the LANDLORD rights of such Grantor as against third parties with respect to Collateral while Collateral is in the possession of Agent. Agent may, if it so elects, seek the appointment of a receiver or keeper to take possession of Collateral and to enforce any of Agent’s remedies (for the benefit of Agent and Lenders), with respect to such appointment without prior notice or hearing as to such appointment. Agent shall be authorized to make apply the net proceeds of any such reasonable repairs collection, recovery, receipt, appropriation, realization or alterations in or sale to the leased premises Obligations as may be necessary to restore provided in the premises to rentable condition. The TENANT shall be liable to Credit Agreement, and only after so paying over such net proceeds, and after the LANDLORD payment by Agent of any other amount required by any provision of law, need Agent account for the cost surplus, if any, to any Grantor. To the maximum extent permitted by applicable law, each Grantor waives all claims, damages, and demands against Agent or any Lender arising out of the repossession, retention or sale of the Collateral except such as arise solely out of the gross negligence or willful misconduct of Agent or such Lender as finally determined by a court of competent jurisdiction. Each Grantor agrees that ten (10) days prior notice by Agent of the time and place of any public sale or of the time after which a private sale may take place is reasonable notification of such repairs matters. Grantors shall remain liable for any deficiency if the proceeds of any sale or alterations, and all reasonable expenses disposition of such re-letting. If the sum realized or to be realized from this letting is Collateral are insufficient to satisfy the monthly or term rent provided in this leasepay all Obligations, the LANDLORD, at his option may require the TENANT to pay such deficiency month by month, or may hold the TENANT in advance for the entire deficiency to be realized during the term of re-letting. The TENANT shall not be entitled to including any surplus funds accruing as a result of the re-letting. The TENANT agrees to pay, as additional rent, all reasonable Attorneysattorneys’ fees and other expenses incurred by the LANDLORD in enforcing Agent or any obligations under this leaseLender to collect such deficiency.

Appears in 1 contract

Samples: Security Agreement (RBC Bearings INC)

Rights Upon Default. In If Lessee abandons the event Premises, if proceedings are commenced against Lessee in any court under a bankruptcy act or for the appointment of a trustee or receiver of Xxxxxx’s property, if Xxxxxx makes an assignment for the nonpayment benefit of said rentcreditors, or any installment thereof, at the time if Xxxxxx’s interest in the manner above providedPremises is sold under execution or other legal process, or if Lessee defaults in the TENANT shall be dispossessed for nonpayment payment of rent, or if Lessee defaults in the leased premises shall be desertedperformance of any other covenant, agreement, condition, rule, or vacatedregulation herein contained or hereafter established, and Lessee shall fail to remedy such default within fifteen (15) days after a written notice identifying the LANDLORD or nature and scope of the default is mailed by Lessor to Lessee at 000 Xxxx Xxxxx Xxxxxx, Xxxxx 000, X.X. Xxx 0000, Xxxxxxxx, XX 00000, Lessor, at its agents option, shall have the right to declare this Lease null and void, and Lessor shall have the right to re-enter or repossess the said premises as the agent of the TENANT either by force Premises, and dispossess and remove Lessee, or otherwise other occupants thereof, and may their effects. In such case, Lessor may, at its option, relet the premises as the agent of the TENANTPremises or any part thereof, and receive the rent thereof, upon terms that may be reasonable and satisfactory to the LANDLORD, and all rights of the TENANT to repossess the premises under this lease shall be forfeited. Such re-entry by the LANDLORD shall not operate to release the TENANT from any rent to be paid or covenants to be performed hereunder during the full term of this lease. For the purpose of re-letting the LANDLORD shall be authorized to make such reasonable repairs or alterations in or to the leased premises as may be necessary to restore the premises to rentable condition. The TENANT Lessee shall be liable to Lessor for future rent or damages based on future rent and shall pay Lessor the LANDLORD difference between the rent then being paid (or agreed to be paid) by Lessee for the cost portion of such repairs the term remaining at the time of re-entry or alterationsrepossession, and all reasonable expenses the amount, if any, received or to be received under such reletting for such portion of the term. Any such re-lettingentry or repossession shall not prejudice Xxxxxx’s rights to recover from Lessee all rents and other obligations due at the time of such entry. If the sum realized These remedies shall be cumulative and in addition to any other legal or equitable remedies available to Lessor. Lessor’s failure to insist upon a strict performance of any term or condition of this Lease, or to be realized from this letting is insufficient to satisfy the monthly or term rent provided in this leaseavail themselves of any available remedy, the LANDLORD, at his option may require the TENANT to pay such deficiency month by month, or may hold the TENANT in advance for the entire deficiency to be realized during the term of re-letting. The TENANT shall not be entitled to any surplus funds accruing deemed as a result waiver, either express or implied, of any subsequent breach either of the re-lettingsame or difference character. The TENANT At Lessee’s request, Xxxxxx agrees that this Paragraph 21 does not supersede the federal bankruptcy law or any federal, state or local law relating to pay, as additional rent, all reasonable Attorneys’ fees and other expenses incurred by the LANDLORD in enforcing any obligations under this leaseXxxxxx’s legal rights.

Appears in 1 contract

Samples: Commercial Lease Agreement

Rights Upon Default. a. In addition to all other rights and remedies granted to it under this Security Agreement, the event Credit Agreement, the other Loan Documents and under any other instrument or agreement securing, evidencing or relating to any of the nonpayment Obligations, if any Event of said rentDefault shall have occurred and be continuing, Agent may exercise all rights and remedies of a secured party under the Code. Without limiting the generality of the foregoing, each Grantor expressly agrees that in any such event Agent, without demand of performance or other demand, advertisement or notice of any kind (except the notice specified below of time and place of public or private sale) to or upon such Grantor or any other Person (all and each of which demands, advertisements and notices are hereby expressly waived to the maximum extent permitted by the Code and other applicable law), may forthwith enter upon the premises of such Grantor where any Collateral is located through self-help, without judicial process, without first obtaining a final judgment or giving such Grantor or any other Person notice and opportunity for a hearing on Agent's claim or action and may collect, receive, assemble, process, appropriate and realize upon the Collateral, or any installment part thereof, at the time in the manner above providedand may forthwith sell, lease, license, assign, give an option or options to purchase, or if the TENANT shall be dispossessed for nonpayment sell or otherwise dispose of rentand deliver said Collateral (or contract to do so), or if any part thereof, in one or more parcels at a public or private sale or sales, at any exchange at such prices as it may deem acceptable, for cash or on credit or for future delivery without assumption of any credit risk. Agent or any Lender shall have the leased premises shall be desertedright upon any such public sale or sales and, to the extent permitted by law, upon any such private sale or vacatedsales, to purchase for the benefit of Agent and Lenders, the LANDLORD whole or its agents any part of said Collateral so sold, free of any right or equity of redemption, which equity of redemption each Grantor hereby releases. Such sales may be adjourned and continued from time to time with or without notice. Agent shall have the right to enter conduct such sales on any Grantor's premises or elsewhere and shall have the said right to use any Grantor's premises without charge for such time or times as Agent deems necessary or advisable. If any Event of Default shall have occurred and be continuing, each Grantor further agrees, at Agent's request, to assemble the agent Collateral and make it available to Agent at a place or places designated by Agent which are reasonably convenient to Agent and such Grantor, whether at such Grantor's premises or elsewhere. Until Agent is able to effect a sale, lease, or other disposition of Collateral, Agent shall have the TENANT either by force right to hold or otherwise and may relet the premises as the agent of the TENANTuse Collateral, and receive the rent or any part thereof, upon terms that may be reasonable and satisfactory to the LANDLORD, and all rights of the TENANT to repossess the premises under this lease shall be forfeited. Such re-entry by the LANDLORD shall not operate to release the TENANT from any rent to be paid or covenants to be performed hereunder during the full term of this lease. For extent that it deems appropriate for the purpose of re-letting preserving Collateral or its value or for any other purpose deemed appropriate by Agent. Agent shall have no obligation to any Grantor to maintain or preserve the LANDLORD rights of such Grantor as against third parties with respect to Collateral while Collateral is in the possession of Agent. Agent may, if it so elects, seek the appointment of a receiver or keeper to take possession of Collateral and to enforce any of Agent's remedies (for the benefit of Agent and Lenders), with respect to such appointment without prior notice or hearing as to such appointment. Agent shall be authorized to make apply the net proceeds of any such reasonable repairs collection, recovery, receipt, appropriation, realization or alterations in or sale to the leased premises Obligations as may be necessary to restore provided in the premises to rentable condition. The TENANT shall be liable to Credit Agreement, and only after so paying over such net proceeds, and after the LANDLORD payment by Agent of any other amount required by any provision of law, need Agent account for the cost surplus, if any, to any Grantor. To the maximum extent permitted by applicable law, each Grantor waives all claims, damages, and demands against Agent or any Lender arising out of the repossession, retention or sale of the Collateral except such as arise solely out of the gross negligence or willful misconduct of Agent or such Lender as finally determined by a court of competent jurisdiction. Each Grantor agrees that ten (10) days prior notice by Agent of the time and place of any public sale or of the time after which a private sale may take place is reasonable notification of such repairs matters. Grantors shall remain liable for any deficiency if the proceeds of any sale or alterations, and all reasonable expenses disposition of such re-letting. If the sum realized or to be realized from this letting is Collateral are insufficient to satisfy the monthly or term rent provided in this leasepay all Obligations, the LANDLORD, at his option may require the TENANT to pay such deficiency month by month, or may hold the TENANT in advance for the entire deficiency to be realized during the term of re-letting. The TENANT shall not be entitled to including any surplus funds accruing as a result of the re-letting. The TENANT agrees to pay, as additional rent, all reasonable Attorneys’ attorneys' fees and other expenses incurred by the LANDLORD in enforcing Agent or any obligations under this leaseLender to collect such deficiency.

Appears in 1 contract

Samples: Security Agreement (Roller Bearing Co of America Inc)

Rights Upon Default. (a) In addition to all other rights and remedies granted to it under this Security Agreement and the event Loan Agreement and under any other instrument or agreement securing, evidencing or relating to any of the nonpayment Secured Obligations, if any Event of said rentDefault shall have occurred and be continuing, Lender may exercise all rights and remedies of a secured party under the Code. Without limiting the generality of the foregoing, each Grantor expressly agrees that in any such event Lender, without demand of performance or other demand, advertisement or notice of any kind (except the notice specified below of time and place of public or private sale) to or upon such Grantor or any other Person (all and each of which demands, advertisements and notices are hereby expressly waived to the maximum extent permitted by the Code and other applicable law), may forthwith enter upon the premises of such Grantor where any Collateral is located through self-help, without judicial process, without first obtaining a final judgment or giving such Grantor or any other Person notice and opportunity for a hearing on Lender's claim or action and may collect, receive, assemble, process, appropriate and realize upon the Collateral, or any installment part thereof, at the time in the manner above providedand may forthwith sell, lease, license, assign, give an option or options to purchase, or if the TENANT shall be dispossessed for nonpayment sell or otherwise dispose of rentand deliver said Collateral (or contract to do so), or if any part thereof, in one or more parcels at a public or private sale or sales, at any exchange at such prices as it may deem acceptable, for cash or on credit or for future delivery without assumption of any credit risk. Lender shall have the leased premises shall be desertedright upon any such public sale or sales and, to the extent permitted by law, upon any such private sale or vacatedsales, to purchase for the benefit Lenders, the LANDLORD whole or its agents any part of said Collateral so sold, free of any right or equity of redemption, which equity of redemption each Grantor hereby specifically waives and releases. Such sales may be adjourned and continued from time to time with or without notice. Lender shall have the right to enter conduct such sales on any Grantor's premises or elsewhere and shall have the said right to use any Grantor's premises without charge for such time or times as Lender deems necessary or advisable. If any Event of Default shall have occurred and be continued, each Grantor further agrees, at Lender's request, to assemble the agent Collateral and make it available to Lender at a place or places designated by Lender which are reasonably convenient to Lender and such Grantor, whether at such Grantor's premises or elsewhere. Until Lender is able to effect a sale, lease, or other disposition of Collateral, Lender shall have the TENANT either by force right to hold or otherwise and may relet the premises as the agent of the TENANTuse Collateral, and receive the rent or any part thereof, upon terms that may be reasonable and satisfactory to the LANDLORD, and all rights of the TENANT to repossess the premises under this lease shall be forfeited. Such re-entry by the LANDLORD shall not operate to release the TENANT from any rent to be paid or covenants to be performed hereunder during the full term of this lease. For extent that it deems appropriate for the purpose of re-letting preserving Collateral or its value or for any other purpose deemed appropriate by Lender. Lender shall have no obligation to any Grantor to maintain or preserve the LANDLORD rights of such Grantor as against third parties with respect to Collateral while Collateral is in the possession of Lender. Lender may, if it so elects, seek the appointment of a receiver or keeper to take possession of Collateral and to enforce any of Lender's remedies (for the benefit of Lender), with respect to such appointment without prior notice or hearing as to such appointment. Lender shall be authorized to make apply the net proceeds of any such reasonable repairs collection, recovery, receipt, appropriation, realization or alterations in or sale to the leased premises as may be necessary to restore Secured Obligations, and only after so paying over such net proceeds, and after the premises to rentable condition. The TENANT shall be liable to the LANDLORD payment by Lender of any other amount required by any provision of law, need Lender account for the cost surplus, if any, to any Grantor. To the maximum extent permitted by applicable law, each Grantor waives all claims, damages, and demands against Lender arising out of the repossession, retention or sale of the Collateral except such as arise solely out of the gross negligence or willful misconduct of Lender as finally determined by a court of competent jurisdiction. Each Grantor agrees that ten (10) days prior notice by Lender of the time and place of any public sale or of the time after which a private sale may take place is reasonable notification of such repairs matters. Grantors shall remain liable for any deficiency if the proceeds of any sale or alterations, and all reasonable expenses disposition of such re-letting. If the sum realized or to be realized from this letting is Collateral are insufficient to satisfy the monthly or term rent provided in this leasepay all Secured Obligations, the LANDLORD, at his option may require the TENANT to pay such deficiency month by month, or may hold the TENANT in advance for the entire deficiency to be realized during the term of re-letting. The TENANT shall not be entitled to including any surplus funds accruing as a result of the re-letting. The TENANT agrees to pay, as additional rent, all reasonable Attorneys’ attorneys' fees and other expenses incurred by the LANDLORD in enforcing any obligations under this leaseLender to collect such deficiency.

Appears in 1 contract

Samples: Security Agreement (Phone1globalwide Inc)

Rights Upon Default. In the event of the nonpayment of said rent, or any installment thereof, at the time in the manner above provided, or if the TENANT shall be dispossessed for nonpayment of rent, or if the leased premises shall be deserted, or vacated, the LANDLORD or its agents The Assignee shall have the right to enter and may receive the Rents, issues, profits and income from said premises as Mortgaged Property, including all Rents covered by this instrument or hereaf­ter made for appli­cation on the agent Secured Indebtednessonly if and in the event the Assignor defaults in, breaches or fails to perform any one or more of the TENANT either covenants and agreements contained in (a) the Note, (b) the Mortgage, (c) this Assignment or (d) the other Loan Documents, and such is not cured within the applicable curative period, if any, specified in the applicable Loan Document(s). In the event of any such default, breach or failure to perform which is not cured within the period as aforesaid, and the exercise of the Assignee of its right to receive such Rents, issues, profits and income, the amount so received prior to foreclosure sale, less all costs, fees and expenses of collection, including a reasonable attor­ney's fee, shall be applied on the Loan but any such default, breach or failure to perform, or the exercise by force the Assignee of its right to receive the Rents, issues, profits and income, shall not prevent the Assignee from exercising any of its rights under the Loan Documents, including its right to foreclose any mortgage nor any of its other rights under this Assignment. Upon the occurrence of any such default, breach or otherwise failure to perform which is not cured within any applicable cura­tive period, as aforesaid, in addition to all rights, remedies contained herein and the rights and remedies provided for in Florida Statutes § 697.07, as amended from time to time, the Assignee shall have and may relet the premises as the agent of the TENANT, and receive the rent thereof, upon terms that may be reasonable and satisfactory exercise from time to the LANDLORD, time any and all rights and remedies of a secured party under the Uniform Commercial Code of the TENANT State of Florida, as such Code is from time to repossess time in effect, and any and all other rights and remedies available to it under any other applicable law, including but not limited to, the premises under right to foreclose this lease Assignment and the Mortgage in the same proceedings. The security of this Assignment is and shall be forfeited. Such re-entry primary and on a parity with the real estate encumbered by the LANDLORD shall Mortgage and not operate to release the TENANT from any rent to be paid or covenants to be performed hereunder during the full term of this lease. For the purpose of re-letting the LANDLORD shall be authorized to make such reasonable repairs or alterations in or to the leased premises as may be necessary to restore the premises to rentable condition. The TENANT shall be liable to the LANDLORD for the cost of such repairs or alterations, and all reasonable expenses of such re-letting. If the sum realized or to be realized from this letting is insufficient to satisfy the monthly or term rent provided in this lease, the LANDLORD, at his option may require the TENANT to pay such deficiency month by month, or may hold the TENANT in advance for the entire deficiency to be realized during the term of re-letting. The TENANT shall not be entitled to any surplus funds accruing as a result of the re-letting. The TENANT agrees to pay, as additional rent, all reasonable Attorneys’ fees and other expenses incurred by the LANDLORD in enforcing any obligations under this leasesecondary.

Appears in 1 contract

Samples: Bovie Medical Corp

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