Tenant’s Default. If Tenant shall fail to comply with any term, provision or agreement hereunder in this Exhibit B, and if any such failure is not cured within fifteen (15) days following written notice to Tenant, then, in addition to any other remedies granted Landlord under the Lease in the case of default by T▇▇▇▇▇ and any remedies provided for elsewhere in this Exhibit B or available at law or equity, Landlord may elect, upon notice to Tenant, to: (i) discontinue all work hereunder, and T▇▇▇▇▇’s obligation to pay rent shall commence as of the Scheduled Commencement Date set forth in the Lease, without any abatement on account of any delay in connection with any work relating to the Premises; or (ii) complete the construction of the Landlord’s Work pursuant to the Plans as approved by Landlord and Tenant or complete any work which Landlord and Tenant have agreed to in writing, tendering possession to Tenant upon substantial completion thereof, the date of such tender being deemed to be the Commencement Date under the Lease, and charge Tenant for the additional costs of completing any other work, the plans and specifications for which have not been agreed to by Landlord and Tenant, but which Landlord, in its reasonable discretion, deems necessary for the completion of the Premises; or (iii) cancel the Lease, effective immediately after T▇▇▇▇▇ receives notice thereof, without incurring any liability on account thereof and the term granted under the Lease is expressly limited accordingly. If Landlord cancels the Lease pursuant to the terms hereof or as a result of Tenant’s default under the Lease, such cancellation shall not affect Tenant’s liability for any sums payable hereunder.
Appears in 1 contract
Tenant’s Default. If Section 1. The Tenant, ten (10) days after receipt of written notice, shall be considered in default of this Lease upon failure to pay when due the rent or any other sum required by the terms of the Lease. Tenant shall fail also be considered in default thirty (30) days after receipt of written notice for failure to comply with perform any term, provision covenant or agreement hereunder in condition of this Exhibit BLease; upon the commencement of any action or proceeding for the dissolution, liquidation or reorganization under the Bankruptcy Act, of Tenant, or for the appointment of a receiver or trustee of the Tenant's property; upon making of any assignment for the benefit of creditors by Tenant; upon suspension of business; or the abandonment of the Leased Premises by the Tenant. Any defaults other than nonpayment defaults shall have a thirty (30) day cure period.
Section 2. In the event of default of this Lease by either party, then either party may pursue any and if all remedies and rights available under applicable Ohio law. Should Landlord elect to reenter, as herein provided, or should it take possession pursuant to legal proceedings or pursuant to any notice provided for by law, it may either terminate this Lease, or it may without terminating this Lease relet said Leased Premises or any part thereof for such term or terms and at such rental or rentals and upon such other terms and conditions as Landlord may deem advisable, with the right to make alterations and repairs to said Leased Premises for the purpose of rerental. Should such rentals received from such reletting during any month be less than required to be paid by Tenant as defined above, then Tenant shall immediately pay such deficiency to Landlord.
Section 3. No such reentry or taking possession of said Leased Premises by Landlord shall be construed as an election on its part to terminate this Lease, unless a written notice of such intention be given to Tenant or unless the termination thereof be decreed by a court of competent jurisdiction. Notwithstanding any such failure is not cured within fifteen (15) days following written notice reletting without termination, Landlord may at any time thereafter elect to Tenant, thenterminate this Lease for such previous breach or act of default. Should Landlord at any time terminate this Lease for any breach or act of default, in addition to any other remedies granted Landlord under remedy it may have, it may recover from Tenant all damages it may incur by reason of such breach or act of default, including the Lease in cost of recovering the case Leased Premises, legal fees, and including the worth at the time of default by T▇▇▇▇▇ such termination of the excess, if any, of the amount of rent and any remedies provided for elsewhere charges equivalent to rent reserved in this Exhibit B or available at law or equity, Landlord may elect, upon notice to Tenant, to:
(i) discontinue all work hereunder, and T▇▇▇▇▇’s obligation to pay rent shall commence as Lease for the remainder of the Scheduled Commencement Date set forth in stated term over the Lease, without any abatement on account of any delay in connection with any work relating to the Premises; or
(ii) complete the construction then reasonable rental value of the Landlord’s Work pursuant to the Plans as approved by Landlord and Tenant or complete any work which Landlord and Tenant have agreed to in writing, tendering possession to Tenant upon substantial completion thereof, the date of such tender being deemed to be the Commencement Date under the Lease, and charge Tenant Leased Premises for the additional costs of completing any other work, the plans and specifications for which have not been agreed to by Landlord and Tenant, but which Landlord, in its reasonable discretion, deems necessary for the completion remainder of the Premises; or
(iii) cancel the Lease, effective immediately after T▇▇▇▇▇ receives notice thereof, without incurring any liability on account thereof and the term granted under the Lease is expressly limited accordingly. If Landlord cancels the Lease pursuant to the terms hereof or as a result of Tenant’s default under the Lease, such cancellation shall not affect Tenant’s liability for any sums payable hereunderstated term.
Appears in 1 contract
Tenant’s Default. If In the event the Tenant shall shall: (a) fail to comply with pay the rental payment as and when it shall become due; or (b) fail to perform any term, provision other promise duty or agreement hereunder in this Exhibit Bobligation herein agreed to by the Tenant or imposed upon him by law, and if any such failure is not cured within fifteen (15shall continue for a period of five(5) days following from the date the Landlord provides the Tenant with written notice to Tenantof such failure, thenthen in either of such events and as often as either of them occur, the Landlord, in addition to any all other remedies granted Landlord under the Lease in the case of default by T▇▇▇▇▇ rights and any remedies provided for elsewhere in this Exhibit B by law, may, at his option and with or available at law or equity, Landlord may elect, upon without notice to the Tenant, to:
either (ia) discontinue all work hereunder, and T▇▇▇▇▇terminate his lease or (b) terminate the Tenant’s obligation right to pay rent shall commence as possession of the Scheduled Commencement Date set forth in Premises without terminating this lease. Regardless of whether the Lease, without any abatement on account Landlord terminates this lease or only terminates the Tenant’s right of any delay in connection with any work relating to the Premises; or
(ii) complete the construction possession of the Landlord’s Work pursuant to Premises the Plans as approved by Landlord and Tenant or complete any work which Landlord and Tenant have agreed to in writing, tendering shall peacefully surrender possession to Tenant upon substantial completion thereof, the date of such tender being deemed to be the Commencement Date under the Lease, and charge Tenant for the additional costs of completing any other work, the plans and specifications for which have not been agreed to by Landlord and Tenant, but which Landlord, in its reasonable discretion, deems necessary for the completion of the Premises; or
(iii) cancel , the Landlord shall, in compliance with Article 2A of Chapter 42 of the General Statutes of North Carolina, re-enter and retake possession of the Premises only through a summary ejectement proceeding. In the event the Landlord terminates this Lease, effective immediately after T▇▇▇▇▇ receives notice thereof, without incurring any liability on account thereof all further rights and duties hereunder shall terminate and the term granted under Landlord shall be entitled to collect from the Lease is expressly limited accordinglyTenant all accrued but unpaid rents and any damages resulting from the Tenant’s breach. If In the event the Landlord cancels terminates the Lease pursuant Tenant’s right of possession without terminating this lease, the Tenant shall remain liable for the full performance of all covenants hereof, and the Landlord shall use reasonable efforts to re-let the Premises on the Tenant’s behalf. Any rentals reserved from re-letting shall be applied first to the terms hereof or as a result costs of Tenant’s default under re-letting the LeasePremises and then to the rentals due hereunder. In the event the rentals from such re-letting are insufficient to pay the rentals due hereunder in full, such cancellation the Tenant shall not affect Tenant’s liability be liable to the Landlord for any deficiency. In the event the Landlord institutes a legal action against the Tenant to enforce the lease or to recover any sums payable due hereunder, the Tenant agrees to pay the Landlord reasonable attorney’s fees in addition to all other damages.
Appears in 1 contract
Sources: Lease Agreement
Tenant’s Default. If Tenant shall fail be in default of this Lease upon the happening of any one of the following:
A. Failure to comply with pay the rent or any other sum required by the terms of this Lease within five (5) days after the due date.
B. The commencement of any action or proceeding or the dissolution or liquidation of Tenant, or for the appointment of a receiver or trustee of Tenant's property, and the failure to discharge any such action within twenty (20) days.
C. The making of any assignment for the benefit of creditors, or if Tenant is declared bankrupt.
D. The abandonment of the Premises by Tenant.
E. Failure to perform or observe any other term, provision covenant or agreement hereunder condition of this Lease and the continuance therefore for twenty (20) days after written notice from Landlord. In addition to any other remedies contained herein the Landlord at his sole discretion may convert this Lease to a month-to-month lease if the Tenant has been in default for any rent or other amounts owned for over (30) days. Upon default, as hereinabove defined, Landlord, without notice to Tenant, may enter upon the Premises without terminating this Exhibit BLease and do any acts which Landlord may deem necessary to cure such default, and if Tenant agrees to pay Landlord any such failure is not cured within fifteen damage and/or expense incurred thereby. Furthermore, upon default Landlord may, on ten (1510) days following advance written notice to Tenant, thenterminate this Lease and, in addition to with or without legal process, take possession of the Premises and remove Tenant or any other remedies granted occupant. Landlord under shall be entitled to recover as damages from Tenant an amount equal to the balance of all rent due to the end of the Lease in term, together with all legal and other expenses incurred, including the case cost of default by T▇▇▇▇▇ and any remedies provided for elsewhere in this Exhibit B or available at law or equityreletting the Premises. Tenant shall be credited however, Landlord may elect, upon notice to Tenant, to:
(i) discontinue all work hereunder, and T▇▇▇▇▇’s obligation to pay rent shall commence as of the Scheduled Commencement Date set forth in the Lease, without any abatement on account of any delay in connection with any work relating to the Premises; or
(ii) complete the construction of the Landlord’s Work pursuant to the Plans as approved net amounts received by Landlord and Tenant or complete any work which Landlord and Tenant have agreed to in writing, tendering possession to Tenant upon substantial completion thereof, from the date of such tender being deemed to be the Commencement Date under the Lease, and charge Tenant for the additional costs of completing any other work, the plans and specifications for which have not been agreed to by Landlord and Tenant, but which Landlord, in its reasonable discretion, deems necessary for the completion reletting of the Premises; or
(iii) cancel . No act of Landlord shall be considered an acceptance of a surrender of the LeasePremises, effective immediately after T▇▇▇▇▇ receives notice thereofunless in writing. Landlord may maintain separate actions each month to recover the damages, without incurring any liability on account thereof and waiting to the end of the term granted under the Lease is expressly limited accordingly. If Landlord cancels the Lease pursuant to the terms hereof or as a result of Tenant’s default under the this Lease, such cancellation shall not affect Tenant’s liability for any sums payable hereunder.
Appears in 1 contract
Tenant’s Default. In the event Tenant should default in any of its obligations under the Lease, prior to terminating the Lease as a remedy for such default, Landlord shall: (a) concurrently with notice given to Tenant, provide Lender with notice specifying the nature of such default, the section of the Lease under which such default arose, the remedy which Landlord will elect under the terms of the Lease or otherwise and the time period granted to Tenant to cure such default (“Tenant’s Cure Period”), and (b) allow Lender thirty (30) additional days following the expiration of all applicable time periods allowed Tenant in the Lease, to cure such default; provided, if such default cannot with diligence be cured by Lender within such thirty (30) day period, the commencement of action by Lender within such thirty (30) day period to remedy the same shall be deemed sufficient so long as Lender pursues such cure with diligence. Landlord agrees that Lender shall have the right, but not the obligation, to cure any such default, and that Landlord shall not terminate the Lease, re-enter the Premises, or exercise any other remedy available to Landlord under the Lease as a result of any default by Tenant unless Lender fails to cure such default within the time period specified above. Lender shall exercise this right by providing written notice to Landlord not later than 5:00 p.m. Pacific time on the third (3rd) business day after the expiration of Tenant’s Cure Period (so that if Tenant’s cure period expires on a Monday, Lender shall provide such notice no later than 5:00 p.m. Pacific time on the following Thursday). In the event that Lender notifies Landlord within the time period specified in the prior sentence of its intent to either (i) cure any default of Tenant under the Lease, or (ii) enter into the Premises to remove any of Lender’s collateral, Lender by providing such notice shall agree to remit to Landlord an amount equal to the daily per diem of rent that would be payable by Tenant under the Lease beyond Tenant’s Cure Period for the longer of Landlord’s additional cure period or the period of time in which Lender’s collateral remains within the Premises at the request of Lender. Lender shall provide Landlord written notice of either the last date that Lender intends to exercise its cure rights or enter the Premises to remove collateral and unless Lender has assumed the Lease, Lender’s cure and occupancy rights shall terminate as of the date specified in such notice and (A) Lender will be relieved of any further obligation to pay rental to Landlord, and (B) Lender shall have no further interest in Lender’s collateral. If Tenant Lender enters the Premises to exercise its rights to repossess collateral for the Loan located in the Premises, Lender, at no cost to Landlord, shall repair any damage to the Premises or the center of which the Premises is a part caused by or resulting from Lender’s repossession, display, operation, severance, removal, maintenance, preparation for sale or lease, lease, transfer, or sale of any such collateral, or by Lender’s occupancy of the Premises for any reason. In the event Lender should fail to comply with any term, provision or agreement hereunder in this Exhibit B, and if any perform such failure is not cured repairs within fifteen (15) days following written notice to Tenant, then, in addition to any other remedies granted Landlord under the Lease in the case of default after demand by T▇▇▇▇▇ and any remedies provided for elsewhere in this Exhibit B or available at law or equityLandlord, Landlord may elect, upon notice to Tenant, to:
(i) discontinue all work hereunderperform such repairs, and T▇▇▇▇▇’s obligation to pay rent Lender shall commence as reimburse Landlord for the costs thereof within thirty (30) days after receipt by Lender of an invoice from Landlord, accompanied by reasonable documentation of the Scheduled Commencement Date set forth in costs of such repairs shown on the Leaseinvoice. In addition, without Lender and Tenant shall and hereby do indemnify Landlord, its partners, officers, directors, shareholders, members, employees, agents, contractors, insurers, and attorneys from any abatement on account damage, loss, liability, claim, or suit arising from Lender’s occupancy of the Premises under this Agreement, including any delay in connection with any work relating to disposition of Lender’s collateral for its Loan from the Premises; or
(ii) complete the construction of the Landlord’s Work pursuant . Tenant hereby waives any claim it may be able to the Plans as approved by assert against Landlord and Tenant or complete any work which Landlord and Tenant have agreed to in writing, tendering possession to Tenant upon substantial completion thereof, the date of such tender being deemed to be the Commencement Date under the Lease, and charge Tenant for the additional costs of completing any other work, the plans and specifications for which have not been agreed to by Landlord and Tenant, but which Landlord, in its reasonable discretion, deems necessary for the completion of the Premises; or
(iii) cancel the Lease, effective immediately after T▇▇▇▇▇ receives notice thereof, without incurring any liability on account thereof and the term granted under the Lease is expressly limited accordingly. If Landlord cancels the Lease pursuant to the terms hereof or Lender as a result of TenantLender’s default exercise of any of Lender’s rights under the Lease, such cancellation shall not affect Tenant’s liability for any sums payable hereunderthis Agreement.
Appears in 1 contract
Tenant’s Default. If It shall be an "Event of Default" if (i) Tenant shall fail fails to comply with pay any termmonthly installment of Rent or any other charge or payment required of Tenant hereunder (even though no legal or formal demand has been made therefor); (ii) Tenant violates or fails to perform any of the other conditions, provision covenants or agreement hereunder in this Exhibit Bagreements herein made by TENANT, and if any such failure is not cured within fifteen AND SUCH VIOLATION OR FAILURE CONTINUES FOR A PERIOD OF FIFTEEN (15I 5) days following after written notice thereof to Tenant by Landlord; (iii) Tenant makes a general assignment for the benefit of its creditors or files a petition for bankruptcy or other reorganization, liquidation, dissolution or similar relief; (iv) a proceeding is filed against Tenant seeking any relief mentioned in the preceding clause; (v) a trustee, receiver or liquidator is appointed for Tenant or a substantial part of its property; (vi) Tenant vacates or abandons the Leased Premises (an absence of substantial activity by Tenant in the Leased Premises for more than 30 days to constitute such abandonment); or (vii) Tenant mortgages, assigns or otherwise encumbers its leasehold interest. If an Event of Default occurs, this Lease shall@ at the option of Landlord, cease and terminate and shall operate as a notice to quit (any written notice to Tenantquit, thenor of Landlord's intention to re-enter, being hereby expressly waived) and Landlord may proceed to recover the possession under and by virtue of the provisions of the laws of the State of Florida, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease, the obligations herein contained on the part of Landlord to be performed shall cease without prejudice, subject however, to the right of Landlord to recover from Tenant all Rent and other charges accrued up to the time of termination or recovery of possession by Landlord, whichever is later. Should this Lease be terminated before the expiration of the Term of this Lease by reason of an Event of Default, the Leased Premises may be relet by Landlord, for such rent and upon such terms as Landlord is able to obtain, and, if the full rent shall not be realized by Landlord, Tenant shall be liable for all damages sustained by Landlord, including, without limitation, the deficiency in Rent, reasonable attorneys' fees, other collection costs and all expenses (including leasing fees) of placing the Leased Premises in first class rentable condition. Any damage or loss sustained by Landlord may be recovered by Landlord, at Landlord's option, (i) at the time of the reletting, (ii) in separate action@,from time to time, as said damage shall have been made more easily ascertainable by successive relettings, (iii) be deferred until the expiration of the term of this Lease, in which event the cause of action shall not be deemed to have accrued until the date of expiration of said term, or (iv) if Landlord is unable to find a new tenant for the Leased Premises within sixty days from termination of the Lease, Tenant shall immediately pay Landlord the present value (discounted at 10%) of all the Rent due for the remainder of the Ten-n (as if there had been no termination for cause) as liquidated damages. The provisions contained in the paragraph shall be in addition to and shall not prevent the enforcement of any claim Landlord may have against Tenant for anticipatory breach of the unexpired term of this Lease. All rights and remedies of Landlord under this Lease shall be cumulative and shall not be exclusive of any other remedies granted Landlord under the Lease in the case of default by T▇▇▇▇▇ rights and any remedies provided for elsewhere in this Exhibit B or available at law or equity, Landlord may elect, upon notice to Tenant, to:
(i) discontinue all work hereunder, and T▇▇▇▇▇’s obligation to pay rent shall commence as of the Scheduled Commencement Date set forth in the Lease, without any abatement on account of any delay in connection with any work relating to the Premises; or
(ii) complete the construction of the Landlord’s Work pursuant to the Plans as approved by Landlord and Tenant or complete any work which Landlord and Tenant have agreed to in writing, tendering possession to Tenant upon substantial completion thereof, the date of such tender being deemed to be the Commencement Date under the Lease, and charge Tenant for the additional costs of completing any other work, the plans and specifications for which have not been agreed to by Landlord and Tenant, but which Landlord, in its reasonable discretion, deems necessary for the completion of the Premises; or
(iii) cancel the Lease, effective immediately after T▇▇▇▇▇ receives notice thereof, without incurring any liability on account thereof and the term granted under the Lease is expressly limited accordingly. If Landlord cancels the Lease pursuant to the terms hereof or as a result of Tenant’s default under the Lease, such cancellation shall not affect Tenant’s liability for any sums payable hereunder.
Appears in 1 contract
Sources: Lease Agreement (Cobratec Inc)
Tenant’s Default. If Tenant shall fail to comply with defaults in the performance ---------------- of any termobligation under this Lease, provision or agreement hereunder in this Exhibit BLandlord, without thereby waiving such default, and if subject to all other applicable provisions of this Lease, including Section 7.3 hereof, may perform such obligation for the account and at the expense of Tenant: (a) immediately or at any such failure time thereafter, and without notice (as long as Tenant is not cured within fifteen (15) days following written notice to Tenantdiligently engaged in curing such default), then, in addition to any other remedies granted Landlord under the Lease in the case of emergency or in the case the default by T▇▇▇▇▇ and any remedies provided for elsewhere in this Exhibit B or available at law or equity, Landlord may elect, upon notice to Tenant, to:
(i) discontinue all work hereunderwill result in a violation of any material Requirement, or (ii) will result in a cancellation of any insurance policy maintained by Landlord, and T▇▇▇▇▇’s obligation (b) in any other case if such default continues after thirty (30) days (or the applicable cure period, if shorter) from the date Landlord gives notice of Landlord's intention so to pay rent shall commence as of perform the Scheduled Commencement Date set forth in the Lease, without any abatement on account of any delay defaulted obligation. All costs and expenses reasonably incurred by Landlord in connection with any work relating such performance by it for the account of Tenant and all reasonable costs and expenses, including reasonable counsel fees and disbursements, incurred by Landlord in any action or proceeding (including any summary dispossession proceeding) brought by Landlord to enforce any obligation of Tenant under this Lease and/or right of Landlord in or to the Premises; or
, shall be paid by Tenant to Landlord within thirty (ii30) complete days of demand, with interest thereon at the construction of Interest Rate from the date incurred by Landlord’s Work . Except as expressly provided to the contrary in this Lease, all costs and expenses which, pursuant to this Lease (including the Plans as approved Rules and Regulations) are incurred by Landlord and Tenant or complete any work which payable to Landlord and Tenant have agreed to in writing, tendering possession to Tenant upon substantial completion thereof, the date of such tender being deemed to be the Commencement Date under the Leaseby Tenant, and charge all charges, amounts and sums payable to Landlord by Tenant for any property, material, labor, utility or other services which, pursuant to this Lease or at the additional costs request and for the account of completing any other work, the plans and specifications for which have not been agreed to by Landlord and Tenant, but which are provided, furnished or rendered by Landlord, in its reasonable discretion, deems necessary for the completion of the Premises; or
shall become due and payable by Tenant to Landlord thirty (iii30) cancel the Lease, effective immediately days after T▇▇▇▇▇ receives notice thereof, without incurring any liability on account thereof and the term granted under the Lease is expressly limited accordingly. If Landlord cancels the Lease pursuant to the terms hereof or as a result of Tenant’s default under the Lease, such cancellation shall not affect Tenant’s liability for any sums payable hereunderdemand therefor.
Appears in 1 contract
Sources: Deed of Lease (Verisign Inc/Ca)
Tenant’s Default. Each of the following events shall be a default by Tenant and a breach of the lease:
A. Abandonment or surrender of the Premises or of the leasehold estate, or failure or refusal to pay when due any installment of rent or any other sum required by this lease to be paid by Tenant, or to perform as required or conditioned by any other covenant or condition of this lease.
B. The subjection of any right or interest of Tenant to attachment, execution, or other levy, or to seizure under legal process, if not released within thirty (30) days; provided, that the foreclosure of any mortgage permitted by provisions of this lease relating to purchase or construction of improvements shall not be construed as a default within the meaning of this paragraph.
C. The appointment of a receiver to take possession of the Premises or improvements or of Tenant’s interest in the leasehold estate or of Tenant’s operations on the Premises for any reason, including, but not limited to, assignment for benefit of creditors or voluntary or involuntary bankruptcy proceedings, but not including receivership (i) pursuant to administration of the estate of any deceased or incompetent Tenant or of any deceased or incompetent individual member of any Tenant, or (ii) pursuant to any mortgage permitted by provisions of this lease relating to purchase or construction of improvements, or (iii) instituted by Landlord, the event of default being not the appointment of a receiver at Landlord’s instance but the event justifying the receivership, if any.
D. An assignment by Tenant for the benefit of creditors or the filing of a voluntary or involuntary petition by or against Tenant under any law for the purpose of adjudicating Tenant a bankrupt; or for extending time for payment, adjustment, or satisfaction of Tenant’s liabilities; or for reorganization, dissolution, or arrangement on account of or to prevent bankruptcy or insolvency; unless the assignment or proceeding, and all consequent orders, adjudications, custodies, and supervisions are dismissed, vacated, or otherwise permanently stayed or terminated within thirty (30) days after the assignment, filing, or other initial event. As a precondition to pursuing any remedy for an alleged default by Tenant, Landlord shall, before pursuing any remedy, give notice of default to Tenant and to all qualifying subtenants and mortgagees whose names and addresses were previously given to Landlord in a notice or notices from Tenant or any qualifying mortgagee stating that the notice was for the purpose of notice under this provision and/or Section 16 of this lease. A qualifying subtenant is a subtenant in possession under an existing sublease for which notice has been provided to Landlord. A qualifying mortgagee is a mortgagee under a mortgage then existing under the provisions of this lease relating to purchase, construction or refinance of improvements. Each notice of default shall specify in detail the alleged event of default and the intended remedy. With regard to notification of default to, and recourse of, a mortgagee, the parties agree that the provisions of Section 16 of this lease shall apply. If the alleged default is nonpayment of rent, taxes, or other sums to be paid by Tenant as provided in the section on rent, or elsewhere in this lease directed to be paid as rent, Tenant shall fail have ten (10) days after notice is given to cure the default. For the cure of any other default, Tenant shall promptly and diligently after the notice commence curing the default and shall have thirty (30) days after notice is given, to complete the cure plus any additional period that is reasonably required for the curing of the default. Any subtenant of the entire premises shall have the right, at its election, to cure a curable default under this lease, or under any mortgage then existing under provisions of this lease relating to purchase or construction or improvements, or under both. If any such subtenant cures all defaults then existing, or if any such subtenant cures all defaults that are then curable and other defaults are non-curable, or if all then existing defaults are non-curable, that subtenant’s possession and use shall not be disturbed by Landlord or by mortgagee as long as (1) the subtenant performs his sublease’s provisions, (2) the subtenant attorns to Landlord and mortgagee according to their respective interests, and (3) subsequent defaults are cured as in the above provisions or are non-curable. After expiration of the applicable time for curing a particular default, or before the expiration of that time in the event of emergency, Landlord may at Landlord’s election, but is not obligated to, make any payment required of Tenant under this lease or under any note or other document pertaining to the financing of improvements or fixtures on the Premises or perform or comply with any term, provision covenant or agreement hereunder in condition imposed on Tenant under this Exhibit Blease or any such note or document, and if the amount so paid plus the reasonable cost of any such failure is not cured within fifteen (15) days following written notice to Tenantperformance of compliance, then, in addition to any other remedies granted Landlord under plus interest at the Lease in the case of default highest rate allowed by T▇▇▇▇▇ and any remedies provided for elsewhere in this Exhibit B or available at law or equity, Landlord may elect, upon notice to Tenant, to:
(i) discontinue all work hereunder, and T▇▇▇▇▇’s obligation to pay rent shall commence as of the Scheduled Commencement Date set forth in the Lease, without any abatement on account of any delay in connection with any work relating to the Premises; or
(ii) complete the construction of the Landlord’s Work pursuant to the Plans as approved by Landlord and Tenant or complete any work which Landlord and Tenant have agreed to in writing, tendering possession to Tenant upon substantial completion thereof, from the date of such tender being payment, performance, or compliance (herein called act), shall be deemed to be additional rent payable by Tenant with the Commencement Date under the Lease, and charge Tenant next succeeding installment of rent. No such act shall constitute a waiver of default or of any remedy for the additional costs of completing any other work, the plans and specifications for which have not been agreed to by default or render Landlord and Tenant, but which Landlord, in its reasonable discretion, deems necessary for the completion of the Premises; or
(iii) cancel the Lease, effective immediately after T▇▇▇▇▇ receives notice thereof, without incurring any liability on account thereof and the term granted under the Lease is expressly limited accordingly. If Landlord cancels the Lease pursuant to the terms hereof or as a result of Tenant’s default under the Lease, such cancellation shall not affect Tenant’s liability liable for any sums payable hereunderloss or damage resulting from any such act.
Appears in 1 contract
Tenant’s Default. The failure by Tenant to perform any one or more of the following obligations shall constitute a default hereunder by Tenant:
(1) If Tenant abandons all or a substantial portion of the Premises;
(2) If Tenant fails to pay any rent or other charges required to be paid by Tenant under this Lease and such failure continues for three (3) days after written notice thereof from Landlord to Tenant; provided, however, that any such notice shall be in lieu of, and not in addition to, any notice required under California Code of Civil Procedure Sec. 1161, ET SEQ., as amended;
(3) If Tenant involuntarily transfers Tenant's interest in this Lease or voluntarily transfers (attempted or actual) its interest in this Lease, without Landlord's prior written consent;
(4) If Tenant files a voluntary petition for relief or if a petition against Tenant in a proceeding under the Federal Bankruptcy Laws or other insolvency laws is filed and not withdrawn or dismissed within sixty (60) days thereafter, or if under the provisions of any law providing for reorganization or winding up of corporations, any court of competent jurisdiction assumes jurisdiction, custody or control of Tenant or any substantial part of the Premises or any of Tenant's personal property located at the Premises and such jurisdiction, custody or control remains in force unrelinquished, unstayed or unterminated for a period of sixty (60) days;
(5) If in any proceeding or action in which Tenant is a party, a trustee, receiver, agent or custodian is appointed to take charge of the Premises or any of Tenant's personal property located at the Premises (or has the authority to do so) for the purpose of enforcing a lien against the Premises or Tenant's personal property;
(6) If Tenant shall fail make any general assignment for the benefit of creditors or convene a meeting of its creditors or any class thereof for the purpose of effecting a moratorium upon or composition of its debts, or any class thereof;
(7) If Tenant fails to comply with discharge any termlien placed upon the Premises, provision the Building or the Project by Tenant or any person claiming under, by or through Tenant within ten (10) days of the imposition of such lien;
(8) If Tenant fails to promptly and fully perform any other covenant, condition or agreement hereunder contained in this Exhibit B, Lease (other than subparagraphs (1) through (7) above) and if any such failure is not cured within fifteen continues for ten (1510) days following after written notice thereof from Landlord to Tenant, thenor if such failure cannot be completely cured within such ten (10) day period, in addition then if Tenant fails to any other remedies granted Landlord under the Lease in the case of default by T▇▇▇▇▇ commence such cure within such ten (10) day period and any remedies provided for elsewhere in this Exhibit B or available at law or equity, Landlord may elect, upon notice thereafter proceed to Tenant, to:completely cure such failure within sixty (60) days after such written notice;
(i9) discontinue all work hereunderIf Tenant is a partnership or consists of more than one (1) person or entity, and T▇▇▇▇▇’s obligation to pay rent shall commence as if any partner of the Scheduled Commencement Date set forth partnership or other person or entity is involved in any of the Lease, without any abatement on account of any delay acts or events described in connection with any work relating to the Premisessubparagraphs (1) through (8) above; or
(ii10) complete the construction The occurrence of the a default under that certain lease of even date herewith between Landlord’s Work pursuant to the Plans , as approved by Landlord and Tenant or complete any work which Landlord and Tenant have agreed to in writinglandlord, tendering possession to Tenant upon substantial completion thereof, the date of such tender being deemed to be the Commencement Date under the Lease, and charge Tenant for the additional costs of completing any other work, the plans and specifications for which have not been agreed to by Landlord and Tenant, but which Landlordas tenant, for certain other premises located within Building "A" in its reasonable discretion, deems necessary for the completion Project consisting of the Premises; or
(iii) cancel the Lease, effective immediately after T▇▇▇▇▇ receives notice thereof, without incurring any liability on account thereof and the term granted under the Lease is expressly limited accordingly. If Landlord cancels the Lease pursuant to the terms hereof or as a result of Tenant’s default under the Lease, such cancellation shall not affect Tenant’s liability for any sums payable hereunderapproximately 69,022 square feet.
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Tenant’s Default. If 24.1. The following shall be deemed a default by Tenant under the terms of this Lease (each of which shall be referred to individually as an "Event of Default" and collectively as "Events of Default").
(a) Failure by Tenant to pay the base rent and additional rent within five (5) days of when due.
(b) (g) Deleted
(h) The abandonment of the Leased Premises by Tenant or permitting this Lease to be taken under a writ of execution.
(i) Failure by Tenant to perform any other term, covenant, agreement or condition of this Lease on the part of Tenant to be performed for a period of ten (10) days after written notice thereof by Landlord to Tenant.
24.2. Upon the occurrence of an Event of Default, Tenant shall fail to comply with any termforfeit its security deposit, provision or agreement hereunder in this Exhibit Bif any, and Landlord shall, at its election, have the immediate right of re-entry to the Leased Premises and may remove all persons and property from the Leased Premises using such force as may be necessary, all without service of notice or resort to legal process and without being guilty of trespass or becoming liable for any loss or damage which may be occasioned thereby. Any property removed from the Leased Premises and stored in a public warehouse or elsewhere shall be at the cost of and for the account of Tenant. Landlord acknowledges this Lease is subject to all FDIC and Federal Reserve Regulations in effect at time of default.
24.3. Should Landlord elect to re-enter, as herein provided, or should it take possession pursuant to legal proceedings or pursuant to any notice provided for by law, it may either terminate this Lease or it may from time to time without terminating this Lease, make such alterations and repairs as may be necessary in order to relet the Leased Premises or any part thereof for such term or terms (which may be for a term extending beyond the term of this Lease) and at such rent and upon such terms and conditions as Landlord, in its sole discretion, may deem advisable. Upon each such reletting all rents received by Landlord from such reletting shall be applied, first, to the payment of any indebtedness other than rent and other sums due hereunder from Tenant to Landlord; second, to the payment of any costs and expenses of such reletting including brokerage fees and attorney's fees and costs of such alterations and repairs deemed by Landlord to be necessary for reletting; third, to the payment of rent and other sums due and unpaid hereunder, and the residue, if any, shall be held by Landlord and applied in payment of future rent as the same may become due and payable hereunder. If the monthly rents to be received from such reletting are less than the monthly rents to be paid by Tenant hereunder, then Tenant shall pay such deficiency to Landlord. Such deficiency shall be calculated and payable at the time of the reletting, with Tenant paying the difference between any amounts due and payable under this Lease for the balance of the term hereof, including this Paragraph 24.3, and the amount of total rent which will be received during the balance of the term of this Lease from the subletting. No such re-entry or taking of the Leased Premises by Landlord shall be construed as an election on its part to terminate this Lease unless a written notice of such intention is given by Landlord to Tenant or unless the termination hereof is decreed by a court of competent jurisdiction. Notwithstanding any such failure is not cured within fifteen (15) days following written notice reletting without termination, Landlord may at any time thereafter elect to Tenant, thenterminate this Lease for any breach and, in addition to any other remedies granted it may have, it may recover from Tenant all damages it may incur by reason of such breach, including the cost of recovering the Leased Premises and attorney's fees, all of which amounts shall be immediately due and payable by Tenant to Landlord. Within one (l) month after the date originally fixed herein for the expiration of the term of this Lease, Landlord shall give a written statement to Tenant showing all sums received by Landlord by way of damages, claims and rents from Tenant and from others to whom the Leased Premises may have been relet, and all expenses incurred by Landlord with respect to securing said damages, claims, rents and reletting. In the event that Tenant has paid a greater sum of money than is due as determined by the terms of this Lease, then in such event Landlord will promptly refund to Tenant any such excess.
24.4. In the event that suit shall be brought for recovery of possession of the Leased Premises, for the recovery of rent of any other amount due under the provisions of this Lease in the case of default by T▇▇▇▇▇ and any remedies provided for elsewhere in this Exhibit B or available at law or equity, Landlord may elect, upon notice to Tenant, to:
(i) discontinue all work hereunder, and T▇▇▇▇▇’s obligation to pay rent shall commence as because of the Scheduled Commencement Date set forth breach of any other covenant herein contained on the part of Tenant to be kept or performed and a breach shall be established, Tenant shall pay to Landlord all expenses incurred therefor, including attorney's fees, as additional rent.
24.5. Tenant hereby waives trial by jury in any action, proceeding or counterclaim brought by either of the parties hereto against the other on any matters whatsoever arising out of or in any way connected with this Lease, without any abatement on account the relationship of any delay in connection with any work relating to the Premises; or
(ii) complete the construction of the Landlord’s Work pursuant to the Plans as approved by Landlord and Tenant or complete any work which Landlord and Tenant have agreed to in writing, tendering possession to Tenant upon substantial completion thereof, the date of such tender being deemed to be the Commencement Date under the Lease, and charge Tenant for the additional costs of completing any other work, the plans and specifications for which have not been agreed to by Landlord and Tenant, but which Tenant's use or occupancy of the Leased Premises and/or any claim of injury or damage. In the event Landlord commences proceedings for non-payment of rent, Tenant will not interpose any counterclaim of whatsoever nature or description in any such proceeding except as such may be required by law to be interposed or forever lost. This shall not, however, be construed in any way as a waiver of Tenant's right to assert such claims in any separate action or actions brought by Tenant. Tenant hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Tenant's being evicted or dispossessed for any cause or the event of Landlord's obtaining possession of the Leased Premises by reason of the violation by Tenant of any of the covenants or conditions of this Lease or otherwise.
24.6. It is agreed that, in its reasonable discretion, deems necessary for the completion purpose of the Premises; or
(iii) cancel the any suit brought or based on this Lease, effective immediately after T▇▇▇▇▇ receives notice thereofthis Lease shall be construed to be a divisible contract, without incurring any liability on account thereof and the term granted under the Lease is expressly limited accordingly. If Landlord cancels the Lease pursuant to the terms hereof end that successive actions may be maintained on said Lease as successive periodic sums shall mature under this Lease, and it is further agreed that failure to include in any suit or action any sum or sums then matured shall not be a bar to the maintenance of any suit or action for the recovery of said sum or sums so omitted, and Tenant agrees that it will not in any suit or suits brought on this Lease for a matured sum for which judgment has not previously been received, plead, rely on or urge as a result bar to said suit or suits, the defense of res adjudicata, former recovery, extinguishment, merger, election of remedies or other similar defenses.
24.7. Tenant agrees that all property on the Leased Premises, and for thirty (30) days after removal, shall be liable to distress for rent and Tenant waives the benefit of all laws exempting Tenant’s default 's property from levy and sale either on distress for said rent, or under the Lease, such cancellation shall not affect Tenant’s liability for any sums payable hereunderexecution of a judgment obtained in a suit therefor.
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Tenant’s Default. If The Landlord may evict the Tenant shall fail to comply with for the violation of any term, provision or agreement hereunder in this Exhibit BLease and for all other causes provided by law. The Landlord may then re-enter and regain possession of the Rental Space. If the cause for eviction is non-payment of Rent, and if the Tenant fails to pay any rent or additional rent due under this Lease Landlord may give notice of such failure default. In the event that the Tenant’s default for non-payment of any rent or additional rent is not remedied within 10 days of Landlord’s notice then the Landlord shall have the absolute right to terminate this Lease upon a second notice to the Tenant and the Landlord shall then have the right to re-rent the Rental Space to another party and Tenant shall immediately vacate the Rental Space. The Tenant shall have 30 days to cure any other non-monetary default. If the non-monetary default is capable of being cured within fifteen (15) days following 30 days, and Tenant fails to cure, the Landlord may terminate this Lease upon written notice to Tenant, then, in addition to any other remedies granted Landlord under the Lease in the . In case of a non-monetary default by T▇▇▇▇▇ on part of the Tenant where such default cannot be reasonably cured within 30 days, providing such default is curable and Tenant diligently proceeds to cure the default, the Tenant shall have a reasonable period of time to cure such default. The Tenant is obligated to the Landlord for all damages, including reasonable attorneys fees and costs resulting from the Tenant’s violation or default of any remedies provided for elsewhere agreement in this Exhibit B or available at law or equity, Landlord may elect, upon notice to Tenant, to:
(i) discontinue all work hereunder, and T▇▇▇▇▇’s obligation Lease including failure to pay rent and additional rent on time. Even if the Tenant is evicted or this Lease is terminated for non-payment of rent or other non-monetary defaults, the Tenant shall commence as continue to be bound by the terms of this Lease and to pay the Rent and additional Rent until the Landlord has re-rented the Rental Space. If the Landlord re-rents the Rental Space for less than the Tenant’s Rent, the Tenant shall pay the difference until the end of the Scheduled Commencement Date set forth in the Lease, without any abatement on account of any delay in connection with any work relating to the Premises; or
(ii) complete the construction of the Landlord’s Work pursuant to the Plans as approved by Landlord and Term. The Tenant or complete any work which Landlord and Tenant have agreed to in writing, tendering possession to Tenant upon substantial completion thereof, the date of such tender being deemed to be the Commencement Date under the Lease, and charge Tenant for the additional costs of completing any other work, the plans and specifications for which have not been agreed to by Landlord and Tenant, but which Landlord, in its reasonable discretion, deems necessary for the completion of the Premises; or
(iii) cancel the Lease, effective immediately after T▇▇▇▇▇ receives notice thereof, without incurring any liability on account thereof and the term granted under the Lease is expressly limited accordingly. If Landlord cancels the Lease pursuant to the terms hereof or as a result of Tenant’s default under the Lease, such cancellation shall not affect Tenant’s liability be entitled to any excess rent resulting from the re-renting. The Tenant shall also pay, (a) all reasonable expenses incurred by the Landlord in preparing the Rental Space for any sums payable hereunderre-renting and, (b) commissions paid to a broker for obtaining a new tenant and (c) reasonable attorney fees.
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Tenant’s Default. If In the event the Tenant shall shall: (a) fail to comply with pay the rent herein reserved as and when they shall become due hereunder; or (b) fail to perform any termother promise, provision duty or agreement hereunder in this Exhibit B, obligation herein agreed to by him/her or imposed upon him/her by law and if any such failure is not cured within fifteen shall continue for a period for five (155) days following from the date the Landlord provides Tenant with written notice of such failure, then in either of such events and as often as either of them may occur, the Landlord, in addition to all other rights and remedies provided by law, may at its option and with or without notice to Tenant, theneither (i) terminate his/her agreement or (ii) terminate the Tenant’s right to possession of the Premises without terminating his/her agreement. Regardless of whether Landlord terminates his/her agreement or only terminates the Tenant’s right of possession without terminating his/her agreement, Landlord shall be immediately entitled to possession of the Premises and the Tenant shall peacefully surrender possession of the Premises to Landlord immediately upon Landlord’s demand. In the event Landlord terminates his/her agreement, all further rights and duties hereunder shall terminate and Landlord shall be entitled to collect from Tenant all accrued but unpaid rents and any damages resulting from the Tenant’s breach. In the event the Landlord terminates the Tenant’s right of possession without terminating his/her agreement, Tenant shall remain liable for the full performance of all the covenants hereof. In the event Landlord institutes a legal action against the Tenant to enforce the agreement or to recover any sums due hereunder, Tenant agrees to pay Landlord reasonable attorney’s fees in addition to any all other remedies granted Landlord under the Lease in the case of default by T▇▇▇▇▇ and any remedies provided for elsewhere in this Exhibit B or available at law or equity, Landlord may elect, upon notice to Tenant, to:
(i) discontinue all work hereunder, and T▇▇▇▇▇’s obligation to pay rent shall commence as of the Scheduled Commencement Date set forth in the Lease, without any abatement on account of any delay in connection with any work relating to the Premises; or
(ii) complete the construction of the Landlord’s Work pursuant to the Plans as approved by Landlord and Tenant or complete any work which Landlord and Tenant have agreed to in writing, tendering possession to Tenant upon substantial completion thereof, the date of such tender being deemed to be the Commencement Date under the Lease, and charge Tenant for the additional costs of completing any other work, the plans and specifications for which have not been agreed to by Landlord and Tenant, but which Landlord, in its reasonable discretion, deems necessary for the completion of the Premises; or
(iii) cancel the Lease, effective immediately after T▇▇▇▇▇ receives notice thereof, without incurring any liability on account thereof and the term granted under the Lease is expressly limited accordingly. If Landlord cancels the Lease pursuant to the terms hereof or as a result of Tenant’s default under the Lease, such cancellation shall not affect Tenant’s liability for any sums payable hereunderdamages.
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Tenant’s Default. If Each of the events described in the following subsections of this Section 12.1 shall be a material default by Tenant and a breach of this Lease.
(a) The abandonment of the Premises by Tenant if in Landlord’s reasonable opinion such abandonment causes a failure to satisfy its other obligations under this Lease or, in Landlord’s reasonable opinion, exposes the Landlord to an unreasonable risk of liability on account of the Premises. Termination under this Section shall fail not relieve Tenant from the payment of any sum then due to comply with Landlord or from any termclaim for damages previously accrued or then accruing against Tenant.
(b) The failure by Tenant to make any payment of Rent or any other payment required to be made by Tenant hereunder within thirty (30) days after Landlord notifies Tenant in writing that such payment is past due.
(c) The failure by Tenant to observe or perform any of the covenants, provision conditions or agreement hereunder provisions of this Lease to be observed or performed by Tenant, other than described in this Exhibit BSubsection (b) above, and if any where such failure is not cured within fifteen shall continue for a period of thirty (1530) days following after written notice thereof from Landlord to Tenant, thenprovided, in addition however, that if Tenant commences cure within such thirty (30) day period, the cure time shall be extended to the time reasonably required for completion with reasonable diligence.
(d) The making by Tenant of any other remedies granted Landlord general assignment or general arrangement for the benefit of creditors; the filing by or against Tenant of a petition to be adjudged a bankrupt or a petition for reorganization or arrangement under the Lease any law relating to bankruptcy (unless, in the case of default by T▇▇▇▇▇ and any remedies provided for elsewhere a petition filed against Tenant, the same is dismissed within sixty (60) days); the appointment of a trustee or receiver to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Exhibit B Lease, where possession is not restored to Lessee within sixty (60) days; or available the attachment, execution, or other judicial seizure of substantially all of Tenant’s assets located at law the Premises or equityof Tenant’s interest in this Lease, Landlord may elect, upon notice to Tenant, to:where such seizure is not discharged within sixty (60) days.
(ie) discontinue all work hereunder, and T▇▇▇▇▇’s obligation to pay rent shall commence as of the Scheduled Commencement Date set forth in the Lease, without any abatement on account of any delay in connection with any work relating to the Premises; or
(ii) complete the construction of the Landlord’s Work pursuant to the Plans as approved by Landlord and Tenant or complete any work which Landlord and Tenant have agreed to in writing, tendering possession to Tenant upon substantial completion thereof, the date of such tender being deemed to be the Commencement Date under the Lease, and charge Tenant for the additional costs of completing any other work, the plans and specifications for which have not been agreed to by Landlord and Tenant, but which Landlord, in its reasonable discretion, deems necessary for the completion of the Premises; or
(iii) cancel the Lease, effective immediately after T▇▇▇▇▇ receives notice thereof, without incurring any liability on account thereof and the term granted under the Lease is expressly limited accordingly. If Landlord cancels the Lease pursuant to the terms hereof or as a result of Tenant’s default under the Lease, Development Agreement that is not cured within any period provided for curing such cancellation shall not affect Tenant’s liability for any sums payable hereunderdefault pursuant to the Development Agreement.
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Tenant’s Default. If Tenant shall neglect or fail to comply with perform or observe any term, provision covenant or agreement hereunder in this Exhibit Bcondition by Tenant to be performed or observed hereunder, and if any such neglect or failure is not cured within fifteen shall continue for more than ten (1510) days following after written notice with respect to the covenant to pay Rent or any other covenant calling for the payment of money by Tenant hereunder, including the obligation to pay Tenant's Share and Tenant's Conversion Share, and more than thirty (30) days after written notice to TenantTenant thereof with respect to any other term, covenant or condition, or if Tenant shall abandon, vacate or cease operating from the Premises, or if a petition is filed by Tenant under any bankruptcy, receivership, or other insolvency or creditors' rights law, or if such a petition is filed against Tenant under any such law and the same shall not be dismissed, vacated, stayed, or set aside within thirty (30) days from the date thereof, then, and in addition to any other remedies granted Landlord under the Lease in the case of default by T▇▇▇▇▇ and any remedies provided for elsewhere in this Exhibit B or available at law or equitysaid cases, Landlord may electterminate this Lease by so notifying Tenant. At the time of the termination or at any time thereafter, upon notice to Tenant, to:
(i) discontinue all work hereunderLandlord may rent the Premises, and T▇▇▇▇▇’s obligation to pay rent shall commence as for a term which may expire after the expiration of the Scheduled Commencement Date set forth in the term of this Lease, without releasing Tenant from any abatement on account of liability whatsoever. Tenant shall be liable for any delay reasonable expenses incurred by Landlord in connection with any work relating to the Premises; or
(ii) complete the construction of the Landlord’s Work pursuant to the Plans as approved by Landlord and Tenant or complete any work which Landlord and Tenant have agreed to in writing, tendering obtaining possession to Tenant upon substantial completion thereof, the date of such tender being deemed to be the Commencement Date under the Lease, and charge Tenant for the additional costs of completing any other work, the plans and specifications for which have not been agreed to by Landlord and Tenant, but which Landlord, in its reasonable discretion, deems necessary for the completion of the Premises; or
, with removing from the Premises property of Tenant and persons claiming under Tenant (iiiincluding warehouse charges) cancel which Tenant was required by this Lease to remove at the expiration or termination of this Lease, effective immediately after T▇▇▇▇▇ receives notice thereofwith putting the Premises into condition for reletting, and with any reletting, including, but without incurring limitation, any liability on account thereof differences in the rent to be paid, reasonable attorneys' fees and the term granted under the Lease is expressly limited accordingly. If Landlord cancels the Lease pursuant brokers' fees; and any monies collected from any reletting shall be applied first to the terms hereof or as a result foregoing expenses and then to the payment of Tenant’s default under the Lease, such cancellation shall not affect Tenant’s liability for any sums payable hereunderrent and all other payments due from Tenant to Landlord.
Appears in 1 contract
Sources: Lease Agreement (Nestor Inc)
Tenant’s Default. If The occurrence of any of the following shall constitute a material default and breach of this Lease by Tenant: a) Any failure by Tenant to pay the rental or to make any other payment required to be made by Tenant hereunder provided however, that Tenant may cure such default by payment to Landlord of the Base Monthly Rent or other sum due within ten (10) days after receipt by Tenant of written notice specifying Landlord has failed to receive the amount in question; b) The abandonment of the Premises by Tenant; c) A failure by Tenant to observe and materially perform any other provision of this Lease to be observed or performed by Tenant, where such failure continues for thirty (30) days after written notice thereof by Landlord to Tenant; provided, however, that if the nature of such default is such that the same cannot reasonably be cured within such thirty (30) day period Tenant shall fail not be deemed to comply with be in default if Tenant shall within such period commence such cure and thereafter diligently prosecute the same to completion; d) The making by Tenant of any termgeneral assignment for the benefit of creditors; the filing by or against Tenant of a petition to have Tenant adjudged a bankrupt or of a petition for reorganization or arrangement under any law relating to bankruptcy (unless, provision or agreement hereunder in this Exhibit B, and if any such failure is not cured within fifteen (15) days following written notice to Tenant, then, in addition to any other remedies granted Landlord under the Lease in the case of default by T▇▇▇▇▇ and any remedies provided for elsewhere a petition filed against Tenant, the same is dismissed after the filing); the appointment of a trustee or receiver to take possession of substantially all of Tenant's assets located at the Premises or of Tenant's interest in this Exhibit B Lease, where possession is not restored to Tenant within thirty (30) days; or available the attachment, execution or other judicial seizure of substantially all of Tenant's assets located at law the Premises or equityof Tenant's interest in this Lease, Landlord may elect, upon where such seizure is not discharged within thirty (30) days. The notice to Tenant, to:
(i) discontinue all work hereunder, and T▇▇▇▇▇’s obligation to pay rent shall commence as of the Scheduled Commencement Date requirements set forth herein are in the Lease, without any abatement on account lieu of any delay and not in connection with any work relating addition to the Premises; or
(ii) complete the construction notices required by California Code of the Landlord’s Work pursuant to the Plans as approved by Landlord and Tenant or complete any work which Landlord and Tenant have agreed to in writing, tendering possession to Tenant upon substantial completion thereof, the date of such tender being deemed to be the Commencement Date under the Lease, and charge Tenant for the additional costs of completing any other work, the plans and specifications for which have not been agreed to by Landlord and Tenant, but which Landlord, in its reasonable discretion, deems necessary for the completion of the Premises; or
(iii) cancel the Lease, effective immediately after T▇▇▇▇▇ receives notice thereof, without incurring any liability on account thereof and the term granted under the Lease is expressly limited accordingly. If Landlord cancels the Lease pursuant to the terms hereof or as a result of Tenant’s default under the Lease, such cancellation shall not affect Tenant’s liability for any sums payable hereunderCivil Procedure Section 1161.
Appears in 1 contract
Sources: Lease Agreement (Visx Inc)
Tenant’s Default. If Tenant (a) shall fail to comply with pay any term, provision Base Rent or agreement Additional Rent or other sum of money due hereunder in this Exhibit B, and if any such failure is not cured within fifteen ten (1510) days following of the date the same was first due, (b) shall breach the use restrictions set forth in Section 4.2 hereof and such default shall continue beyond a period of five (5) days after Landlord has provided notice to Tenant of such default, (c) shall fail to perform any other of the terms, conditions, or covenants of this Lease to be observed or performed by Tenant for thirty (30) days after written notice of such default shall have been mailed to Tenant, thenunless such default is of a nature that it cannot practically be cured within such thirty (30) day period and Tenant is proceeding with due diligence and in a continuous manner to cure such default, or (d) shall abandon the Leased Premises, then in addition to any such event at Landlord's option and without limiting Landlord in the exercise of any other remedies granted right or remedy Landlord under the Lease may have in the case of default by T▇▇▇▇▇ and any remedies provided for elsewhere in this Exhibit B or available at law or equityequity on account of such default, and without any further demand or notice, Landlord may elect, upon notice to Tenant, totake any or all of the following actions:
(i1) discontinue Landlord may re-enter the Leased Premises, take possession of all work hereunderimprovements, additions, alterations, equipment and fixtures thereon, eject all parties in possession thereof therefrom, and, without terminating this Lease, at any time and from time to time relet the Leased Premises or any part or parts thereof for the account of Tenant or otherwise, receive and collect the Rents therefore, applying the Rents first to the payment of such reasonable expense as Landlord may have paid, assumed or incurred in recovering possession of the Leased Premises, including costs, expenses and attorneys' fees, and T▇▇▇▇▇’s obligation to pay rent shall commence as of in placing the Scheduled Commencement Date set forth Leased Premises in good order and condition or preparing or altering the Leasesame for reletting, without any abatement on account of any delay and all other reasonable expenses, commission and charges paid, assumed or incurred by Landlord in or in connection with any work relating reletting the Leased Premises, and then to the Premises; or
(ii) complete the construction fulfillment of the Landlord’s Work pursuant to the Plans as approved by Landlord and Tenant or complete any work which Landlord and Tenant have agreed to in writing, tendering possession to Tenant upon substantial completion thereof, the date covenants of Tenant. Any such tender being deemed to reletting may be the Commencement Date under the Lease, and charge Tenant for the additional costs of completing any other work, the plans and specifications for which have not been agreed to by Landlord and Tenant, but which Landlord, in its reasonable discretion, deems necessary for the completion remainder of the Premises; or
(iii) cancel the Lease, effective immediately after T▇▇▇▇▇ receives notice thereof, without incurring Term of this Lease or for a longer or shorter period. Landlord may execute any liability on account thereof and the term granted under the Lease is expressly limited accordingly. If Landlord cancels the Lease made pursuant to the terms hereof either in Landlord's name or as a result in the name of Tenant’s default , as Landlord may see fit, and the subtenant therein shall be under no obligation whatsoever for the application by Landlord of any Rent collected by Landlord from such subtenant to any and all sums, due and owing or which may become due and owing under the provisions of this Lease. Tenant shall not have any right or authority to collect any Rent from any subtenant. In any case and whether or not the Leased Premises or any part thereof be relet, Tenant shall pay to Landlord all sums required to be paid by Tenant up to the time of re-entry by Landlord. Thereafter Tenant, if required by Landlord, shall pay to Landlord, until the end of the Term of this Lease, the equivalent of the amount of all Base Rent and Additional Rent and other charges required to be paid by Tenant under the terms of this Lease, less the proceeds of such cancellation reletting during the Term of this Lease, if any, after payment of the expenses of Landlord. Such Rent shall be due and payable on the several Rent days herein specified, and Landlord need not wait until the termination of this Lease to recover any Base Rent or Additional Rent by legal action or otherwise. Re-entry by Landlord shall not affect constitute an election to terminate this Lease unless Landlord gives Tenant notice of Landlord's election to terminate.
(2) Landlord may declare this Lease at an end, re-enter the Leased Premises with or without process of law, eject all parties in possession thereof therefrom and repossess and enjoy the Leased Premises together with all improvements thereto, and Landlord shall thereupon be entitled to recover from Tenant the present value, at the time of such termination, of the amount of Base Rent, Additional Rent and charges payable by Tenant to Landlord hereunder for the balance of the Term. For the purpose of this subparagraph (2), the current Impositions and contributions to expenses and other items paid by Tenant shall be projected over the term of the Lease.
(3) Landlord may perfect and otherwise enforce a lien, which Tenant hereby grants Landlord on all personal property, fixtures and trade fixtures of Tenant’s , presently existing or subsequently acquired, except financed equipment, placed in the Leased Premises or the Building by or for the benefit of Tenant. Landlord may, without notice and without liability for any sums payable hereunderto Tenant or other party, sell such personalty at public or private sale with the proceeds being applied to amounts owed by Tenant and toward damages resulting from Tenant's breach of this Lease.
Appears in 1 contract
Tenant’s Default. If In the event the Tenant shall fail to:
(a) Pay the rentals herein reserved as and when they shall become due hereunder; or
(b) Perform any other promise, duty or obligation herein agreed to comply with any term, provision by him or agreement hereunder in this Exhibit B, imposed upon him by law and if any such failure is not cured within fifteen shall continue for a period of five (155) days following from the date the Landlord provides Tenant with written notice of such failure, then in either of such events and as often as either of them may occur, the Landlord, in addition to all other rights and remedies provided by law, may, at its option and with or without notice to Tenant, theneither (i) terminate this lease or (ii) terminate the Tenant's right to possession of the Premises without terminating this lease. Regardless of whether Landlord terminates this lease or only terminates the Tenant's right of possession without terminating this lease, Landlord shall be immediately entitled to possession of the Premises and the Tenant shall peacefully surrender possession of the Premises to Landlord immediately upon Landlord's demand. In the event Tenant shall fail or refuse to surrender possession of the Premises, Landlord shall, in compliance with Article 2A of Chapter 42 of the General Statutes of North Carolina, reenter and retake possession of the Premises only through a summary ejectment proceeding. If a summary ejectment proceeding is instituted against Tenant, in addition to any other remedies granted court costs and past-due rent that may be awarded, Tenant shall be responsible for paying Landlord under the Lease Summary Ejectment Administrative Fee, the amount of which shall be reasonably related to the additional expense in filing the case of default by T▇▇▇▇▇ proceeding. In the' event Landlord terminates this lease, all further rights and duties hereunder shall terminate and Landlord shall be entitled to collect from Tenant all accrued but unpaid rents and any remedies provided damages resulting from the Tenant's breach. In the event Landlord terminates the Tenant's right of possession without terminating this lease, Tenant shall remain liable for elsewhere the full performance of all the covenants hereof, and Landlord shall use reasonable efforts to re-rent the Premises on Tenant's behalf. Any such rentals reserved from such re-renting shall be applied first to the costs of re-renting the Premises and then to the rentals due hereunder. In the event the rentals from such re-renting are insufficient to pay the rentals due hereunder in this Exhibit B full, Tenant shall be liable to the Landlord for any deficiency. In the event Landlord institutes a legal action against the Tenant to enforce the lease or available at law or equity, Landlord may elect, upon notice to Tenant, to:
(i) discontinue all work recover any sums due hereunder, and T▇▇▇▇▇’s obligation Tenant agrees to pay rent shall commence as Landlord reasonable attorney's fees in addition to all other damages. No fees may be deducted from the Tenant Security Deposit until the termination of the Scheduled Commencement Date set forth in the Lease, without any abatement on account of any delay in connection with any work relating to the Premises; or
(ii) complete the construction of the Landlord’s Work pursuant to the Plans as approved by Landlord and Tenant or complete any work which Landlord and Tenant have agreed to in writing, tendering possession to Tenant upon substantial completion thereof, the date of such tender being deemed to be the Commencement Date under the Lease, and charge Tenant for the additional costs of completing any other work, the plans and specifications for which have not been agreed to by Landlord and Tenant, but which Landlord, in its reasonable discretion, deems necessary for the completion of the Premises; or
(iii) cancel the Lease, effective immediately after T▇▇▇▇▇ receives notice thereof, without incurring any liability on account thereof and the term granted under the Lease is expressly limited accordingly. If Landlord cancels the Lease pursuant to the terms hereof or as a result of Tenant’s default under the Lease, such cancellation shall not affect Tenant’s liability for any sums payable hereundertenancy.
Appears in 1 contract
Sources: Monthly Lease Agreement
Tenant’s Default. If The failure to perform or honor any covenant, condition or representation made under this Lease shall constitute a default hereunder by Tenant upon expiration of the appropriate grace period hereinafter provided, except as expressly and specifically provided in Subparagraph 9(e) [Repair and Maintenance; Cure Rights]. Tenant shall fail to comply with any term, provision or agreement hereunder in this Exhibit B, and if any such failure is not cured within fifteen have a period of three (153) days following from the date of written notice to Tenant, then, from Landlord (which notice shall be in lieu of and not in addition to the notice required by Section 1161 of the California Code of Civil Procedure) within which to cure any default in the payment of Base Rent or Additional Charges; provided, however, that Landlord shall not be required to provide such notice more than twice during any four (4) year period during the Term with respect to non-payment of Base Rent or Additional Charges, the third such non-payment constituting default without requirement of notice. Tenant shall have a period of thirty (30) days from the date of written notice from Landlord (which notice shall be in lieu of and not in addition to the notice required by Section 1161 of the California Code of Civil Procedure) within which to cure any other remedies granted Landlord curable default under this Lease; provided, however, that with respect to any curable default other than the Lease in payment of Base Rent or Additional Charges that cannot reasonably be cured within thirty (30) days, the case of default by T▇▇▇▇▇ shall not be deemed to be uncured if Tenant commences to cure within thirty (30) days from Landlord’s notice and any remedies provided for continues to prosecute diligently the curing thereof. Notwithstanding the foregoing, (i) if a different cure period is specified elsewhere in this Exhibit B Lease or available at law or equity, Landlord may elect, upon notice the Work Letter with respect to any specific obligation of Tenant, to:
(i) discontinue all work hereunder, and T▇▇▇▇▇’s obligation such specific cure period shall apply with respect to pay rent shall commence as a default of the Scheduled Commencement Date set forth in the Lease, without any abatement on account of any delay in connection with any work relating to the Premisessuch obligation; or
(ii) complete the construction foregoing cure rights shall not extend the specified time for compliance with any required delivery, approval or performance obligation of the Landlord’s Work pursuant to the Plans as approved by Landlord and Tenant or complete any work which Landlord and Tenant have agreed to in writing, tendering possession to Tenant upon substantial completion thereof, the date of such tender being deemed to be the Commencement Date under the Lease, Work Letter; and charge Tenant for the additional costs of completing any other work, the plans and specifications for which have not been agreed to by Landlord and Tenant, but which Landlord, in its reasonable discretion, deems necessary for the completion of the Premises; or
(iii) cancel the Lease, effective immediately after T▇▇▇▇▇ receives notice thereof, without incurring any liability on account thereof and the term granted under the Lease is expressly limited accordingly. If Landlord cancels the Lease pursuant to the terms hereof or as a result of Tenant’s default under the Lease, such cancellation foregoing cure rights shall not affect Tenant’s liability for apply to any sums payable hereunderDraw Event (as defined in the Work Letter).
Appears in 1 contract
Tenant’s Default. If In the event the Tenant shall fail to:
(a) Pay the rental herein reserved as and when they shall become due hereunder; or
(b) Perform any other promise, duty or obligation herein agreed to comply with any term, provision by Tenant or agreement hereunder in this Exhibit B, imposed on Tenant by law and if any such failure is not cured within fifteen shall continue for a period of five (155) days following from the date the OWNER/AGENT provided Tenant with written notice of such failure, Then in either of such events and as often as either of them may occur, the OWNER/AGENT, in addition to all other rights and remedies provided by law, may, at its option and without notice to Tenant, theneither (1) terminate this lease or (ii) terminate the Tenant’s right to possession of the Premises without terminating this lease. Regardless of whether the OWNER/TENANT terminates this lease or only terminates the Tenant’s right of possession, Landlord shall be immediately entitled to possession of the Premises and the Tenant shall peaceably surrender possession of the Premises immediately upon of the OWNER/AGENT. In the event Tenant, shall fail or refuse to surrender possession of the Premises, OWNER/AGENT shall, in compliance with Article 2A of Chapter 42 of the North Carolina General statutes, reenter and take possession of the Premises only through a summary ejectment proceeding. If a summary ejectment proceeding is instituted against Tenant, in addition to any other remedies granted Court costs and past-due rent that may be awarded, Tenant shall be responsible for paying the Landlord under the Lease Summary Ejectment Administrative Fee, the amount of which shall be responsible for paying the OWNER/AGENT the Summary Ejectment Administrative Fee, the amount of which shall be reasonably related to the additional expense in filing the case of default by T▇▇▇▇▇ proceeding. In the event OWNER/AGENT terminates the lease, all further rights and duties hereunder shall terminate and OWNER/AGENT shall be entitled to collect from Tenant all accrued but unpaid rents and any remedies provided damages resulting from the Tenant’s breach. In the event the OWNER/AGENT terminates the tenant’s possession without terminating the lease, Tenant shall remain liable for elsewhere the full performance of all of the covenants hereof, and OWNER/AGENT shall use reasonable efforts to relet the Premises on Tenant’s behalf. Any such rentals reserved from such re-letting shall be applied first to the costs of reletting the Premises and then to the rentals due hereunder. In the event the rentals from such re-letting are insufficient to pay the rentals due hereunder in this Exhibit B full, Tenant shall be liable to OWNER/AGENT for any deficiency. In the event OWNER/AGENT institutes a legal action against the Tenant to enforce the lease or available at law or equity, Landlord may elect, upon notice to Tenant, to:
(i) discontinue all work recover any sums hereunder, and T▇▇▇▇▇’s obligation Tenant agrees to pay rent shall commence as OWNER/AGENT reasonable attorney fees in addition to other damages, No fees may be deducted from the Tenant Security Deposit until the termination of the Scheduled Commencement Date set forth in the Lease, without any abatement on account of any delay in connection with any work relating to the Premises; or
(ii) complete the construction of the Landlord’s Work pursuant to the Plans as approved by Landlord and Tenant or complete any work which Landlord and Tenant have agreed to in writing, tendering possession to Tenant upon substantial completion thereof, the date of such tender being deemed to be the Commencement Date under the Lease, and charge Tenant for the additional costs of completing any other work, the plans and specifications for which have not been agreed to by Landlord and Tenant, but which Landlord, in its reasonable discretion, deems necessary for the completion of the Premises; or
(iii) cancel the Lease, effective immediately after T▇▇▇▇▇ receives notice thereof, without incurring any liability on account thereof and the term granted under the Lease is expressly limited accordingly. If Landlord cancels the Lease pursuant to the terms hereof or as a result of Tenant’s default under the Lease, such cancellation shall not affect Tenant’s liability for any sums payable hereundertenancy.
Appears in 1 contract
Sources: Residential Rental/Lease Agreement
Tenant’s Default. (a) If Tenant fails to pay when due and without demand the Basic Annual Rent, Basic Monthly Rent, any other rent, or any installment of rent or any Additional Rent; if Tenant violates or fails or neglects to keep and perform any other obligation under the Lease; or if the Unit becomes vacant or deserted, at the option of Landlord, Tenant's right of possession shall fail thereupon expire. Landlord shall be then entitled to comply with possession of the Unit and to re-enter without demand of rent or demand of possession of the Unit and may forthwith proceed to recover possession of the Unit by process of law, any term, provision notice to quit or agreement hereunder in this Exhibit Bintention to re-enter, and if any all rights of Tenant to notice being expressly waived.
(b) If Landlord re-enters by process of law or otherwise, Tenant shall remain liable for all damage, deficiency or loss of rent which Landlord may sustain by such failure is not cured within fifteen (15) days following written notice to re-entry, including reasonable attorneys' fees and court costs. The parties agree that Landlord may relet the Unit for the benefit of Tenant, thenin liquidation and discharge, in addition whole or in part, as the case may be, of Tenant's liabilities.
(c) If Landlord exercises its right to lease the Unit on behalf of Tenant, it may do so upon terms and conditions and for such rent as the Landlord may deem proper (including the right to lease all or part of the Unit for a greater or lesser rent than provided herein, or for a term greater or less than equal to the unexpired portion of the Lease Term) and to collect the rent and any other rent that may thereafter become payable. Neither the reletting by the Landlord nor Landlord's receipt of keys from Tenant shall be deemed an acceptance of any attempted surrender of the Lease by Tenant. Nothing shall be construed as obligating the Landlord to relet the whole or any part of the Unit. In any entry or taking possession, Landlord shall have the right, but not obligation, to remove all or any part of the personal property located on the Unit and to place the same in storage at a public warehouse at the expense and risk the owner.
(d) All rights and remedies granted of Landlord under the Lease in the case are cumulative and are not exclusive of default by T▇▇▇▇▇ any other rights and any remedies provided for elsewhere in this Exhibit B to Landlord under applicable law. The exercise of any right or available at law remedy shall not preclude the exercise of any other right or equityremedy.
(e) If, under the provisions hereof, Landlord may electgives notice of any default and a compromise or settlement thereof shall be made, upon notice it shall not be deemed a waiver of any breach of the Lease nor shall the waiver of any breach operate as a waiver of any subsequent breach. No provision of the Lease shall be deemed to Tenant, to:
(i) discontinue all work hereunderhave been waived by Landlord unless such waiver is in writing signed by Landlord. No payment by Tenant or receipt by Landlord of a lesser amount than the monthly installments of rent provided by the Lease shall be deemed to be other than on account of the earliest rent outstanding nor shall any endorsement or statement on any check or any letter accompanying any check or payment as rent be deemed an accord and satisfaction, and T▇▇▇▇▇’s obligation the Landlord may accept any such check or payment without prejudice to pay the Landlord's right to recover the balance of such rent shall commence as of the Scheduled Commencement Date set forth or pursue any other remedy provided in the Lease, without any abatement on account of any delay in connection with any work relating to the Premises; or
(ii) complete the construction of the Landlord’s Work pursuant to the Plans as approved by Landlord and Tenant or complete any work which Landlord and Tenant have agreed to in writing, tendering possession to Tenant upon substantial completion thereof, the date of such tender being deemed to be the Commencement Date under the Lease, and charge Tenant for the additional costs of completing any other work, the plans and specifications for which have not been agreed to by Landlord and Tenant, but which Landlord, in its reasonable discretion, deems necessary for the completion of the Premises; or
(iii) cancel the Lease, effective immediately after T▇▇▇▇▇ receives notice thereof, without incurring any liability on account thereof and the term granted under the Lease is expressly limited accordingly. If Landlord cancels the Lease pursuant to the terms hereof or as a result of Tenant’s default under the Lease, such cancellation shall not affect Tenant’s liability for any sums payable hereunder.
Appears in 1 contract
Tenant’s Default. If Tenant shall fail will be in "Default" if (i) Tenant falls to comply with any term, provision or agreement hereunder in this Exhibit B, pay rent when due and if any such the failure is not cured within fifteen 10 days; (15ii) Tenant falls to perform any other material covenant or condition contained in this Lease within 30 days following after Tenant receives written notice of the failure from Landlord (unless the failure cannot reasonably be cured within such period, in which case Tenant will be in Default if it fails to commence its cure within such period and/or fails to diligently pursue its cure to completion); and/or (iii) Tenant is adjudicated a bankrupt in a proceeding against it or a receiver for Tenant or for all or a substantial part of its property is appointed, or a court order is entered approving a petition seeking reorganization or an arrangement under the Bankruptcy Code, and any such adjudication, appointment or order is not vacated, set aside or otherwise terminated or stayed within 60 days from the date of its entry. If Tenant is in Default and while that Default is continuing, Landlord may at its option (1) terminate this Lease by notice to Tenant, thenrecover possession of the Premises, in addition to any other remedies granted Landlord under and recover from Tenant the difference, if any, between the rent owed by Tenant for the remaining portion of the Lease in term and the case fair rental value of default the Premises for such period, discounted to present value at the rate of 7% per annum; or (2) without terminating this Lease, recover possession of the Premises and relet the Premises or any part of the Premises, as the agent of Tenant, and Tenant shall pay Landlord as it becomes due the difference, if any, between the rent owed by T▇▇▇▇▇ Tenant for the remaining portion of the Lease term and any remedies provided the amount received or to be received under such reletting for elsewhere in this Exhibit B or available at law or equity, such period. Landlord may elect, upon notice to Tenant, to:
(i) discontinue also recover all work hereunder, reasonable and T▇▇▇▇▇’s obligation to pay rent shall commence as of the Scheduled Commencement Date set forth in the Lease, without any abatement on account of any delay necessary costs and expenses it incurs in connection with any work relating to Tenant's Default and the Premises; or
(ii) complete the construction enforcement of the Landlord’s Work pursuant to the Plans as approved by Landlord and Tenant or complete any work which Landlord and Tenant have agreed to in writing, tendering possession to Tenant upon substantial completion thereof, the date of such tender being deemed to be the Commencement Date its remedies under the this Lease, and charge Tenant including without limitation reasonable legal fees, alterations, remodeling or redecorating for the additional costs of completing any other work, the plans and specifications for which have not been agreed new tenants. Landlord shall use reasonable good faith efforts to by Landlord and Tenant, but which Landlord, in mitigate its reasonable discretion, deems necessary for the completion of the Premises; or
(iii) cancel the Lease, effective immediately after T▇▇▇▇▇ receives notice thereof, without incurring any liability on account thereof and the term granted under the Lease is expressly limited accordingly. If Landlord cancels the Lease pursuant to the terms hereof or damages as a result of Tenant’s default 's Default. Any amount required to be paid by Tenant pursuant to this Lease in addition to base rent shall be deemed additional rent and nay at Landlord's option be added to any subsequent installment of the base rent due under the this Lease, such cancellation shall not affect Tenant’s liability for any sums payable hereunder.
Appears in 1 contract
Tenant’s Default. If 1. It is expressly agreed that if default shall be made in the payment of rent or any part thereof, or additional rents enumerated in this Lease at the time due, or if any material default of the Tenant hereunder in the performance or commencement of performance of any other covenant or condition hereto to be performed by the Tenant, shall continue for ten (10) days after written notice thereof from the Landlord, the Landlord may terminate the Lease and re-enter the said premises, by Summary Process or otherwise and the same have again, repossess and enjoy as of Landlord's former estate and interest, or without such re-entry, may recover possession thereof in the manner prescribed by the Statute relating to Summary Process it being understood that no demand for the rent and no re-entry for condition broken as at common law, shall be necessary to enable the Landlord to recover such possession, pursuant to the Statute relating to Summary Process, but that all right to enter such demised premises or any such reentry , is hereby expressly waived by the Tenant.
2. Upon recovering possession of the promises, Landlord shall attempt to relet the premises and receive the rent therefrom, but the Tenant shall fail continue to comply remain liable for the equivalent of the amount of all rent reserved herein, less the avails of re-letting, if any.
3. If the demised premises, or any part thereof at any time is vacated or abandoned, or if a Receiver shall be appointed by a Court of competent jurisdiction to take possession of the property of the Tenant, or if a petition under the Bankruptcy Act shall be filed against the Tenant and be not dismissed within sixty (60) days after the filing thereof, or if the Tenant shall be adjudicated bankrupt or insolvent, or if the Tenant shall make an assignment for the benefit of creditors or take advantage of any act or law of bankruptcy or any acts, Federal or State, dealing with or relating to bankruptcy or insolvency, or under which the Tenant may effect a compromise, composition, extension, or reorganization of its debts or affairs, or if there is any termchange in the stock ownership of the Lessee, provision or agreement hereunder if this Lease or any right, title or interest therein of the Tenant or the possession of the demised premises shall pass to any other than the person consented to in writing by the Landlord, in each and every case, the Landlord shall have the right to terminate this Exhibit B, and if any such failure is Lease by written notice (which shall not cured within be less than fifteen (15) days following written notice after the mailing thereof) by certified mail, addressed to Tenant, then, in addition to any other remedies granted Landlord under the Lease in Tenant at the case of default by T▇▇▇▇▇ and any remedies provided for elsewhere in this Exhibit B or available at law or equity, Landlord may elect, upon notice to Tenant, to:
(i) discontinue all work hereunderdemised premises, and T▇▇▇▇▇’s obligation to pay rent this Lease and the term and estate hereby granted shall commence expire as if that date were the date herein fixed as the expiration of the Scheduled Commencement Date set forth in the terms of this Lease, without any abatement on account of any delay in connection with any work relating to and the Premises; or
(ii) complete the construction of the Landlord’s Work pursuant to the Plans as approved by Landlord and Tenant or complete any work which Landlord and Tenant have agreed to in writing, tendering possession to Tenant upon substantial completion thereof, the date of such tender being shall thereafter be deemed to be holding over in possession of the Commencement Date under premises without the Lease, and charge Tenant for permission of the additional costs of completing any other work, the plans and specifications for which have not been agreed to by Landlord and Tenantthereupon the Landlord shall have all rights, but which Landlordremedies, in its reasonable discretion, deems necessary for the completion of the Premises; or
(iii) cancel the Lease, effective immediately after T▇▇▇▇▇ receives notice thereof, without incurring any liability on account thereof powers and the term privileges granted under the Lease is expressly limited accordingly. If Landlord cancels the Lease pursuant to the terms hereof or as a result of Tenant’s default Landlord under the this Lease, such cancellation shall not affect Tenant’s liability for any sums payable hereunder.
Appears in 1 contract
Tenant’s Default. If the Leased Property shall be deserted or vacated, or Tenant shall fail to comply with any termvoluntarily file a petition in bankruptcy or be adjudicated a bankrupt in a proceeding against it, provision or agreement hereunder in this Exhibit Ba receiver for Tenant or for all or a substantial part of its property shall be appointed, or a court order shall be made approving a petition seeking reorganization or an arrangement under the Bankruptcy Act and if any such failure is adjudication, appointment or order shall not cured have been vacated or set aside or otherwise terminated or stayed within sixty (60) days from the entry or granting thereof, or if there shall be a default in the payment of rent or any part thereof for more than fifteen (15) days following after written notice to of such default by the Landlord is received by Tenant, or if there shall be default by Tenant in the performance of any other material covenant or material condition herein contained for more than thirty (30) days after receipt of written notice thereof; then, upon any of such events, this Lease (if the Landlord so elects) shall thereupon become null and void, and the Landlord may, at its option, relet the Leased Property or any part thereof, as the agent of the Tenant, and the Tenant shall pay the Landlord the difference, if any, between the rent owed by Tenant for the remaining portion of the Lease term and the amount received or to be received under such reletting for such portion of the Lease term. Landlord shall be required to exercise reasonable good faith efforts to mitigate its damages and relet the Leased Property in accordance with the customary practice in South Carolina. Should the Tenant, pursuant to this Lease, become obligated to reimburse or otherwise pay the Landlord any sum of money in addition to any other remedies granted Landlord under the Lease in base rent, the case of default by T▇▇▇▇▇ amount thereof shall be deemed additional rent and any remedies provided for elsewhere in this Exhibit B or available may, at law or equity, Landlord may elect, upon notice to Tenant, to:
(i) discontinue all work hereunder, and T▇▇▇▇▇’s obligation to pay rent shall commence as of the Scheduled Commencement Date set forth in the Lease, without any abatement on account of any delay in connection with any work relating to the Premises; or
(ii) complete the construction option of the Landlord’s Work pursuant , be added to any subsequent installment of the Plans as approved by Landlord base rent due and Tenant or complete any work which Landlord and Tenant have agreed to in writing, tendering possession to Tenant upon substantial completion thereof, the date of such tender being deemed to be the Commencement Date payable under the this Lease, and charge Tenant in which event the Landlord shall have the remedies for default in the additional costs payment thereof provided by this Lease. The provisions of completing any other work, this paragraph shall survive the plans and specifications for which have not been agreed to by Landlord and Tenant, but which Landlord, in its reasonable discretion, deems necessary for the completion termination of the Premises; or
(iii) cancel the this Lease, effective immediately after T▇▇▇▇▇ receives notice thereof, without incurring any liability on account thereof and the term granted under the Lease is expressly limited accordingly. If Landlord cancels the Lease pursuant to the terms hereof or as a result of Tenant’s default under the Lease, such cancellation shall not affect Tenant’s liability for any sums payable hereunder.
Appears in 1 contract
Tenant’s Default. If Tenant shall be in default under this Lease in the event that Tenant (a) shall fail to make any payment of money (including, without limitation, Basic Rent and Escalation Charge) when it is due hereunder and such failure shall continue for five (5) days after notice from Landlord to Tenant, or (b) shall fail or neglect to perform or observe any other covenant or obligation under this Lease and Tenant shall fail to comply with remedy the same within thirty (30) days after notice from Landlord to Tenant specifying such failure or neglect (provided, however, that if such failure or neglect is of such nature that Tenant cannot reasonably remedy the same within such thirty (30) day period. Tenant shall have such additional period of time to remedy the same if Tenant shall commence such remedy within such thirty (30) day period and thereafter diligently and continuously prosecute such remedy to completion), or (c) shall commence reorganization, bankruptcy or insolvency proceedings of, in case any termsuch proceedings are brought against Tenant, provision if the same are not dismissed within thirty (30) days or agreement hereunder in this Exhibit B, and if any such failure is not cured within fifteen (15) days following written notice to assignment shall be made of Tenant's property of the benefit or creditors. If Tenant shall be in default under this Lease, then, in addition to any other Landlord shall have the all right and remedies granted Landlord under the Lease in the case of default by T▇▇▇▇▇ and any remedies provided for elsewhere in this Exhibit B or as are available at law or in equity. Such rights and remedies shall include, Landlord may electwithout limitation, upon notice the right to evict Tenant, totake exclusive possession of the Premises, continue to collect Basic Rent, Escalation Charges and other charges, terminate the Lease, obtain a judgement for all damages that might flow from a breach or termination of this Lease, re-let the Premises or any part thereof and make any repairs or alterations to the Premises. Without limiting the foregoing, in the event of any termination of this Lease as provided in this Section 21, Tenant shall pay the Basic Rent, Escalation Charges and all other sums payable hereunder up to the time of such termination, and in addition shall pay to Landlord as damages, at the election of Landlord, either:
(ia.) discontinue The Basic Rent, Escalation Charges and all work hereunderother sums which would have been payable hereunder if such termination has not occurred, at the times and T▇▇▇▇▇’s obligation to pay rent shall commence as in the manner thereof specified herein, less the net proceeds, if any, re-letting of the Scheduled Commencement Date set forth in the LeasePremises, without any abatement on account of any delay after deducting all expenses in connection with any work relating to the Premisessuch re-letting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorney' fees, advertising expense and alteration cost; orOR
(iib.) complete The amount by which at the construction time of the Landlord’s Work pursuant to termination of this Lease (or at any time thereafter upon demand if Landlord shall initially elected damages under clause (a) above), the Plans as approved by Landlord basic Rent, Escalation Charges and Tenant or complete any work all other sum which Landlord and Tenant would have agreed to in writing, tendering possession to Tenant upon substantial completion thereof, been payable hereunder from the date of such tender being deemed to termination of demand (assuming that, for the purpose of this clause (b) annual payment by Tenant on account of Escalation Charges would be the Commencement Date under same as the payment required for the 12-month period immediately preceding the date of such termination or demand) for what would have been the then remaining Term of this Lease if same had remained in effect, exceeds the then fair rental value of the Premises for the same period. Tenant shall pay Landlord's cost of enforcing this Lease, including without limitation, reasonable attorneys' fees and charge Tenant for the additional costs of completing any other work, the plans and specifications for which have not been agreed to by Landlord and Tenant, but which Landlord, in its reasonable discretion, deems necessary for the completion of the Premises; or
(iii) cancel the Lease, effective immediately after T▇▇▇▇▇ receives notice thereof, without incurring any liability on account thereof and the term granted under the Lease is expressly limited accordingly. If Landlord cancels the Lease pursuant to the terms hereof or as a result of Tenant’s default under the Lease, such cancellation shall not affect Tenant’s liability for any sums payable hereundercost.
Appears in 1 contract
Sources: Lease Agreement (Cyberkinetics Neurotechnology Systems, Inc.)
Tenant’s Default. Each of the following shall be deemed a “Tenant’s Default” by Tenant hereunder and a material breach of this Lease:
(a) If Tenant fails to pay any installment of rent on the date upon which the same is due to be paid and such default continues for ten (10) days after Tenant receives written notice specifying such default.
(b) If Tenant fails to keep, perform or observe any of the covenants, agreements, terms or provisions contained in this Lease that are to be kept or performed by Tenant other than with respect to payment of rent or other liquidated sums of money and Tenant fails to commence and take such steps as are necessary to remedy the same within thirty (30) days after Tenant receives written notice specifying the same, or having so commenced, thereafter fails to proceed diligently and with continuity to remedy the same.
(c) If an involuntary petition is filed against Tenant under any bankruptcy or insolvency law or under the reorganization provisions of any law of like import or if a receiver of Tenant, or of all or substantially all of the property of Tenant, is appointed without acquiescence, and such petition or appointment is not discharged or stayed within sixty (60) days after the happening of such event.
(d) If Tenant makes an assignment of its property for the benefit of creditors or files a voluntary petition under any bankruptcy or insolvency law, or seeks relief under any other law for the benefit of debtors.
(e) The leasehold hereunder demised shall be taken by execution or other process of law in any action against Tenant.
(f) Except for a valid termination of this Lease by Tenant pursuant to any provision hereunder including, without limitation, the provisions of Section 2.2 above, Tenant otherwise notifies Landlord, at any time prior to the Delivery of the Premises, that Tenant does not intend to take occupancy of the Premises upon the Delivery of the Premises, or Tenant shall fail to comply with any term, provision or agreement hereunder in this Exhibit B, promptly move into and if any such failure is not cured within fifteen (15) days following written notice to Tenant, then, in addition to any other remedies granted Landlord under take possession of the Lease in Premises when the case of default by T▇▇▇▇▇ and any remedies provided Premises are ready for elsewhere in this Exhibit B or available at law or equity, Landlord may elect, upon notice to Tenant, to:occupancy.
(ig) discontinue all work hereunder, and T▇▇▇▇▇’s obligation Tenant shall become insolvent or unable to pay rent shall commence its debts as of the Scheduled Commencement Date set forth they become due, or Tenant notifies Landlord in the Lease, without any abatement on account of any delay in connection with any work relating to the Premises; or
(ii) complete the construction of the Landlord’s Work pursuant to the Plans as approved by Landlord and Tenant or complete any work which Landlord and Tenant have agreed to in writing, tendering possession to Tenant upon substantial completion thereof, the date of such tender being deemed to be the Commencement Date under the Lease, and charge Tenant for the additional costs of completing any other work, the plans and specifications for which have not been agreed to by Landlord and Tenant, but which Landlord, in its reasonable discretion, deems necessary for the completion of the Premises; or
(iii) cancel the Lease, effective immediately after T▇▇▇▇▇ receives notice thereof, without incurring any liability on account thereof and the term granted under the Lease is expressly limited accordingly. If Landlord cancels the Lease pursuant to the terms hereof or as a result of Tenant’s default under the Lease, such cancellation shall not affect Tenant’s liability for any sums payable hereunderwriting that it anticipates either condition.
Appears in 1 contract
Sources: Lease Agreement
Tenant’s Default. If The occurrence of any of the following shall constitute a material default and breach of this Lease by Tenant: a) Any failure by Tenant to pay the rental or to make any other payment required to be made by Tenant hereunder provided however, that Tenant may cure such default by payment to Landlord of the Base Monthly Rent or other sum due within ten (10) days after receipt by Tenant of written notice specifying Landlord has failed to receive the amount in question; b) The abandonment of the Premises by Tenant; c) A failure by Tenant to observe and perform any other provision of this Lease to be observed or performed by Tenant, where such failure continues for thirty (30) days after written notice thereof by Landlord to Tenant; provided, however, that if the nature of such default is such that the same cannot reasonably be cured within such thirty (30) day period Tenant shall fail not be deemed to comply with be in default if Tenant shall within such period commence such cure and thereafter diligently prosecute the same to completion; d) The making by Tenant of any termgeneral assignment for the benefit of creditors; the filing by or against Tenant of a petition to have Tenant adjudged a bankrupt or of a petition for reorganization or arrangement under any law relating to bankruptcy (unless, provision or agreement hereunder in this Exhibit B, and if any such failure is not cured within fifteen (15) days following written notice to Tenant, then, in addition to any other remedies granted Landlord under the Lease in the case of default by T▇▇▇▇▇ and any remedies provided for elsewhere in this Exhibit B or available at law or equity, Landlord may elect, upon notice to a petition filed against Tenant, to:
(i) discontinue the same is dismissed after the filing); the appointment of a trustee or receiver to take possession of substantially all work hereunder, and T▇▇▇▇▇’s obligation to pay rent shall commence as of the Scheduled Commencement Date set forth in the Lease, without any abatement on account of any delay in connection with any work relating to the Premises; or
(ii) complete the construction of the Landlord’s Work pursuant to the Plans as approved by Landlord and Tenant or complete any work which Landlord and Tenant have agreed to in writing, tendering possession to Tenant upon substantial completion thereof, the date of such tender being deemed to be the Commencement Date under the Lease, and charge Tenant for the additional costs of completing any other work, the plans and specifications for which have not been agreed to by Landlord and Tenant, but which Landlord, in its reasonable discretion, deems necessary for the completion of the Premises; or
(iii) cancel the Lease, effective immediately after T▇▇▇▇▇ receives notice thereof, without incurring any liability on account thereof and the term granted under the Lease is expressly limited accordingly. If Landlord cancels the Lease pursuant to the terms hereof or as a result of Tenant’s default under assets located at the Premises or of Tenant’s interest in this Lease, such cancellation shall where possession is not affect restored to Tenant within thirty (30) days; or the attachment, execution or other judicial seizure of substantially all of Tenant’s liability for any sums payable hereunderassets located at the Premises or of Tenant’s interest in this Lease, where such seizure is not discharged within thirty (30) days. The notice requirements set forth herein are in lieu of and not in addition to the notices required by California Code of Civil Procedure Section 1161.
Appears in 1 contract
Sources: Lease Agreement (Affymetrix Inc)
Tenant’s Default. If In the event Tenant shall fail to comply with pay the Rent when due or shall fail to perform any term, provision or agreement hereunder in this Exhibit B, and if any such failure is not cured within fifteen (15) days following written notice to Tenant, then, in addition to any of its other remedies granted Landlord obligations under the Lease in the case Lease, after notice of such default by T▇▇▇▇▇ and any remedies shall have been given as provided for elsewhere in this Exhibit B or available at law or equitybelow (an "EVENT OF DEFAULT BY TENANT"), Landlord may elect, upon notice without waiver of any other rights or remedies available to Landlord, to either: (a) re-enter the Leased Premises by summary or similar proceedings and re-let the Leased Premises, using reasonable efforts therefor, or (b) to terminate this Lease and obtain possession of the Leased Premises. In addition to, and not in lieu of, the foregoing remedies, Landlord may at any time, but shall not be obligated to, cure any default of Tenant, and in such event, all reasonable, out-of-pocket costs incurred by Landlord shall be paid to Landlord by Tenant. In the event Landlord elects to re-enter the Leased Premises, Landlord may, but shall not be obligated to:
(i) discontinue all work hereunder, make such alterations and repairs as may be necessary in order to relet the Leased Premises, and T▇▇▇▇▇’s obligation relet the Leased Premises or any part thereof for such term or terms (which may extend beyond the Term of this Lease) and at such rental and upon such other terms and conditions as Landlord in its reasonable discretion may deem advisable. Upon each such reletting all rentals and other sums received by Landlord from such reletting shall be applied, first, to pay rent shall commence as of the Scheduled Commencement Date set forth in the Lease, without any abatement on account payment of any delay in connection indebtedness other than Rent due hereunder from Tenant to Landlord; second, to the payment of any costs and expenses of such reletting, including reasonable brokerage fees and attorneys' fees as well as costs associated with any work relating necessary repairs; third, to the Premisespayment of Rent and other charges due and unpaid hereunder; or
(ii) complete and the construction of the Landlord’s Work pursuant to the Plans as approved residue, if any, shall be held by Landlord and applied in payment of future Rent as the same may become due and payable hereunder. If such rentals and other sums received from such reletting during any month are less than that to be paid during that month by Tenant or complete any work which hereunder, Tenant shall pay such deficiency to Landlord on the Rent payment date provided herein. Landlord shall use reasonable efforts to mitigate damages by reletting. If such rentals and sums are more, Tenant shall have agreed no right to in writingthe excess. If Landlord shall elect to terminate this Lease, tendering possession Landlord shall be entitled to recover from Tenant upon substantial completion thereofall costs incurred by Landlord by reason of Tenant's default, including, without limitation, all costs incurred to relet the Leased Premises, together with all Rent due to the date of termination, plus an amount equal to the then-present value (as calculated by Landlord in the reasonable exercise of its real estate business judgment) of the excess of the Rent reserved in this Lease for the remainder of the Term over the fair market value of the Leased Premises for the remainder of the Term. Landlord shall not exercise remedies for default hereunder on the part of Tenant until 5 days after Tenant's receipt of written notice of any monetary default, provided that such tender being deemed notice shall not be required to be the Commencement Date under the Leasegiven by Landlord more than twice in any 12-month period, and charge 30 days after Tenant's receipt of written notice of any non-monetary default, and Tenant for the additional costs of completing within such time shall have failed to remedy such default. If any other work, the plans and specifications for which have not been agreed to default by Landlord and Tenant, but which Landlord, in its reasonable discretion, deems necessary for the completion of the Premises; or
(iii) cancel the Lease, effective immediately after T▇▇▇▇▇ receives notice thereof, without incurring any liability on account thereof and the term granted under the Lease is expressly limited accordingly. If Landlord cancels the Lease pursuant to the terms hereof or as a result of Tenant’s default under the Lease, such cancellation shall not affect Tenant’s liability for any sums payable hereunder.except monetary
Appears in 1 contract
Sources: Land and Building Lease Agreement (Aerobic Creations, Inc.)
Tenant’s Default. The occurrence of any one or more of the following events shall constitute a default and breach of this Lease by Tenant.
a. If Tenant shall fail to comply with any termabandons or vacates the Premises, provision or agreement hereunder in this Exhibit B, stops the payment of all monthly obligations and if any such failure is not cured within fifteen (15) days following written notice using good faith efforts to Tenant, then, in addition to any other remedies granted Landlord under the Lease in the case of default by T▇▇▇▇▇ and any remedies provided for elsewhere in this Exhibit B or available at law or equity, Landlord may elect, upon notice to Tenant, to:
(i) discontinue all work hereunder, and T▇▇▇▇▇’s obligation to pay rent shall commence as of the Scheduled Commencement Date set forth in the Lease, without any abatement on account of any delay in connection with any work relating to sublease the Premises; or
(ii) complete the construction of the Landlord’s Work pursuant b. If Tenant fails to the Plans as approved by Landlord and Tenant pay any Rent or complete any work which Landlord and Tenant have agreed to in writing, tendering possession to Tenant upon substantial completion thereof, the date of such tender being deemed other charges required to be the Commencement Date paid by Tenant under the Lease, this Lease and charge Tenant such failure continues for the additional costs of completing any other work, the plans five (5) days after such payment is due and specifications for which have not been agreed to by Landlord and Tenant, but which Landlord, in its reasonable discretion, deems necessary for the completion of the Premisespayable; or
c. If Tenant fails to promptly and fully perform any other covenant, condition or agreement contained in this Lease and such failure continues for thirty (iii30) cancel days after written notice thereof from Landlord to Tenant (provided, however, that in the Leaseevent such failure is not reasonably susceptible of cure within such thirty-day period, effective immediately after T▇▇▇▇▇ receives notice thereofTenant shall have a reasonable additional period within which to effectuate such cure); or
d. If a writ of attachment or execution is levied on this Lease or on any of Tenant's Property; or
e. If Tenant makes a general assignment for the benefit of creditors, without incurring any liability on account thereof and the term granted or provides for an arrangement, composition extension or adjustment with its creditors; or
f. If Tenant files a voluntary petition for relief or if a petition against Tenant in a proceeding under the Lease federal bankruptcy laws or other insolvency laws is expressly limited accordingly. If Landlord cancels the Lease pursuant to the terms hereof filed and not withdrawn or as a result of Tenant’s default dismissed within ninety (90) days thereafter, or if under the Leaseprovisions of any law providing for reorganization or winding up of corporations, any court of competent jurisdiction assumes jurisdiction, custody or control of Tenant or any substantial part of its property and such cancellation shall jurisdiction, custody or control remains in force unrelinquished, unstayed or unterminated for a period of forty-five (45) days; or
g. If in any proceeding or action in which Tenant is a party, a trustee, receiver, agent or custodian is appointed to take charge of the Premises or Tenant's Property (so has the authority to do so) for the purpose of enforcing a lien against the Premises or Tenant's Property and such appointment is not affect Tenant’s liability for dismissed within 30 days thereafter; or
h. If Tenant is a partnership or consists of more than one (1) person or entity, if any sums payable hereunderpartner of the partnership or other person or entity, is involved in any of the acts or events described in subparagraphs d through g above.
Appears in 1 contract
Tenant’s Default. Each of the following events shall be an event of default (“Event of Default”) by Tenant under this Lease:
(1) If Tenant fails to pay any installment of Base Rent, additional rent, or any other sum, charge or payment required to be paid by Tenant under this Lease (collectively a “Monetary Default”) and such failure continues for a period of five (5) days after such payment was due;
(2) If Tenant or any guarantor or surety of Tenant’s obligations hereunder shall (a) make a general assignment for the benefit of creditors; (b) commence (voluntary) or have commenced against it (involuntary) any proceeding under the Federal bankruptcy Laws or other insolvency laws which is not withdrawn or dismissed within ninety (90) days thereafter, (collectively a “Proceeding for Relief”); (c) under the provisions of any law providing for reorganization or winding up of corporations, partnerships or limited liability companies, any court of competent jurisdiction assumes jurisdiction, custody or control of Tenant or any substantial part of the Premises or any of Tenant’s personal property located at the Premises and such jurisdiction, custody or control remains in force unrelinquished, unstayed or unterminated for a period of ninety (90) days; or (d) die or suffer a legal disability (if Tenant, guarantor, or surety is an individual) or be dissolved or otherwise fail to maintain its legal existence (if Tenant, guarantor or surety is a corporation, partnership or other entity);
(3) If in any proceeding or action in which Tenant is a party, a trustee, a receiver, agent or custodian is appointed to take charge of the Premises or a material portion of Tenant’s personal property located at the Premises (or has the authority to do so) for the purpose of enforcing a lien against the Premises or Tenant’s personal property;
(4) If any insurance required to be maintained by Tenant pursuant to this Lease shall be canceled or terminated or shall expire or shall be reduced or materially changed, except, in each case, as permitted in this Lease;
(5) If Tenant shall abandon or otherwise vacate the Premises while any rent or additional rent is due and owing;
(6) If Tenant shall attempt or there shall actually occur any (voluntarily or involuntarily) any Assignment, Subleasing or other transfer of Tenant’s interest in or with respect to this Lease except as otherwise permitted in this Lease;
(7) If Tenant shall fail to comply with discharge any term, provision or agreement hereunder lien placed upon the Premises in violation of this Exhibit B, and if any such failure is not cured Lease within fifteen (15) days following written notice to Tenant, then, in addition to after any other remedies granted Landlord under the Lease in the case of default by T▇▇▇▇▇ and any remedies provided for elsewhere in this Exhibit B such lien or available at law or equity, Landlord may elect, upon notice to Tenant, to:
(i) discontinue all work hereunder, and T▇▇▇▇▇’s obligation to pay rent shall commence as of the Scheduled Commencement Date set forth in the Lease, without any abatement on account of any delay in connection with any work relating to encumbrance is filed against the Premises; or
(ii8) If Tenant fails to promptly and fully perform each and every other covenant, condition or agreement contained in this Lease and such failure shall continue for more than fifteen (15) complete days after written notice thereof shall have been given to Tenant; provided, however, that if the construction of the Landlord’s Work pursuant to the Plans as approved by Landlord and Tenant or complete any work which Landlord and Tenant have agreed to in writing, tendering possession to Tenant upon substantial completion thereof, the date of such tender being deemed to be the Commencement Date under the Lease, and charge Tenant for the additional costs of completing any other work, the plans and specifications for which have not been agreed to by Landlord and Tenant, but which Landlord, in its reasonable discretion, deems necessary for the completion of the Premises; or
(iii) cancel the Lease, effective immediately after T▇▇▇▇▇ receives notice thereof, without incurring any liability on account thereof and the term granted under the Lease is expressly limited accordingly. If Landlord cancels the Lease pursuant to the terms hereof or as a result nature of Tenant’s default under the Leaseis such that more than fifteen (l5) days are reasonably required for its cure, such cancellation then Tenant shall not affect Tenant’s liability for any sums payable hereunderbe deemed to be in default if Tenant commences such cure within said fifteen (l5) day period and thereafter diligently prosecutes such cure to completion not to exceed sixty (60) days in the aggregate.
Appears in 1 contract
Sources: Industrial Building Lease (Sirenza Microdevices Inc)
Tenant’s Default. If Tenant shall fail In the event of Tenant's default in the payment of base rent or any other charges or with respect to comply with any termother terms, provision covenants or agreement hereunder in this Exhibit Bconditions as herein required, and if any such Tenant's failure is not cured within fifteen (15) days following written notice to Tenantcure, thenLandlord, in addition to any other rights or remedies granted it may have, shall have the immediate right of re-entry and may remove all persons and property from the Premises; such property may be removed and stored in a public warehouse or elsewhere at the cost of, and for the account of, Tenant. Should Landlord under the Lease in the case of default by T▇▇▇▇▇ and elect to re-enter, as herein provided, or should it take possession pursuant to legal proceedings or pursuant to any remedies notice provided for elsewhere in this Exhibit B or available at law or equityby law, Landlord may electeither terminate this Lease or it may from time to time, upon notice without terminating this Lease, re-let the Premises, or any part thereof, for such term or terms and at such rental or rentals and on such other terms and conditions as Landlord, in its sole discretion, may deem advisable, with the right to Tenant, tomake alterations and repairs to the improvements located on the Premises. On each such re-letting:
(ia) discontinue all work Tenant shall be immediately liable to pay to Landlord, in addition to any indebtedness other than rent due hereunder, the expenses of such re-letting and T▇▇▇▇▇’s obligation of such alterations and repairs incurred by Landlord, and the amount, if any, by which the rent reserved in this Lease for the period of such re-letting (up to, but not beyond, the term of this Lease) exceeds the amount agreed to pay be paid as rent shall commence as of for the Scheduled Commencement Date set forth in the Lease, without any abatement Premises for such period on account of any delay in connection with any work relating to the Premisessuch re-letting; or
(iib) complete At the construction option of the Landlord’s Work pursuant , rents received by Landlord from such re-letting shall be applied first, to the Plans as approved payment of any indebtedness, other than rent due hereunder from Tenant to Landlord; second, to the payment of any expenses of such re-letting and of such alterations and repairs, third, to the payment of rent due and unpaid hereunder, and the residue, if any, shall be held by Landlord and applied in payment of future rent as the same may become due and payable hereunder. If Tenant has been credited with any rent to be received by such re-letting under option (a) hereof, and such rent shall not be promptly paid to Landlord by the new tenant, or if such rentals received from such re-letting under option (b), hereof, during any month is less than that to be paid during the month by Tenant hereunder, Tenant shall pay any such deficiency to Landlord. Such deficiency shall be calculated and paid monthly. No such re-entry or taking possession of the Premises by Landlord shall be constructed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention is given to Tenant or complete unless the termination thereof is decreed by a court of competent jurisdiction. Notwithstanding any work which such re-letting without termination, Landlord and may, at any time thereafter, elect to terminate this Lease for such previous breach. Should Landlord at any time terminate this Lease for any breach, in addition to any other remedy it may have, Landlord may recover from Tenant have agreed to in writing, tendering possession to Tenant upon substantial completion thereof, the date all damages incurred by reason of such tender being deemed breach, including the cost of recovering the Premises and including the worth at the time of such termination of the excess, if any, of the amount of rent and charges equivalent to be the Commencement Date under the Lease, and charge Tenant rent reserved in this Lease for the additional costs remainder of completing any other work, the plans and specifications for which have not been agreed to by Landlord and Tenant, but which Landlord, in its stated term over the then reasonable discretion, deems necessary rental value of the Premises for the completion remainder of the Premises; or
(iii) cancel the Leasestated term, effective all of which amounts shall be immediately after T▇▇▇▇▇ receives notice thereof, without incurring any liability on account thereof due and the term granted under the Lease is expressly limited accordingly. If Landlord cancels the Lease pursuant payable from Tenant to the terms hereof or as a result of Tenant’s default under the Lease, such cancellation shall not affect Tenant’s liability for any sums payable hereunderLandlord.
Appears in 1 contract
Sources: Ground Lease (Invitrogen Corp)
Tenant’s Default. The occurrence of any of the following shall constitute an event of Default:
(a) The vacation, abandonment or desertion of the Premises by Tenant.
(b) A failure by Tenant to have made any payment hereunder for seven (7) days after the date such payment was due.
(c) A failure by Tenant to observe or perform any provision of this Lease for fifteen (15) days after written notice thereof from Landlord; provided that if such Default cannot reasonably be cured within such period, and Tenant promptly commences to cure such Default and thereafter diligently prosecutes the same to completion, Tenant shall not be deemed in Default.
(d) The making by Tenant of any general assignment for the benefit of creditors, or the attachment, execution or other judicial seizure of substantially all of Tenant's assets located at the Premises or of Tenant's interest in this Lease. If an event of Default shall occur, Landlord may, at any time:
(i) re-enter the Premises and take possession thereof and of all property of Tenant therein and remove Tenant and all other parties from the Premises without terminating this Lease, and at any time relet the Premises, or any part thereof, upon such conditions and at such rental as Landlord deems proper; provided such rental is not less than rates commercially reasonable in the marketplace for comparable properties. In such event Landlord may receive and collect the rent from such reletting and apply it against any amounts due from Tenant hereunder, (plus expenses Landlord incurs in recovering possession of the Premises, placing the same in good condition, preparing the same for reletting, and all other related expenses, commissions and charges). Rent or other charges collected from a tenant to whom the Premises have been relet shall be applied to reduce any indebtedness due hereunder. Landlord shall not be deemed to 11 have terminated this Lease or the liability of Tenant for the total liability hereunder by re-entry or any other act unless Landlord shall have specifically notified Tenant of Landlord's election to terminate this Lease.
(ii) give written notice to Tenant of Landlord's election to terminate this Lease. In the such event Landlord may recover from Tenant all damages related to Tenant's Default, including reasonable attorneys' fees; and
(iii) pursue any and all other rights and remedies that Landlord may have from time to time and at any time, at law or in equity or otherwise. In the event of Default, all of Tenant's trade fixtures, improvements and other personal property shall be left on the Premises and Landlord shall have the right to or remove, or store same, at the risk and expense of Tenant, until all Defaults are cured. If Tenant shall fail to comply with any term, provision or agreement hereunder in this Exhibit B, cure all Defaults and if any such failure is not cured remove said property within fifteen ten (1510) days following written notice to of Landlord's request, said property shall be deemed abandoned by Tenant. In no event shall Landlord be responsible for the preservation or safekeeping of Tenant's property. If Tenant shall Default in the payment of Rent and such Default continues for two (2) consecutive months, or for a total of four (4) months in any twenty-four (24) month period, or if Tenant shall Default in the performance of any other covenant of this Lease more than three (3) times in any twenty-four (24) month period then, in addition to notwithstanding that such Default shall have been cured, any other remedies granted Landlord under the Lease in the case of default by T▇▇▇▇▇ further similar Default shall be deemed deliberate and any remedies provided for elsewhere in this Exhibit B or available at law or equity, Landlord may elect, upon notice to Tenant, to:
(i) discontinue all work hereunder, and T▇▇▇▇▇’s obligation to pay rent shall commence as of the Scheduled Commencement Date set forth in the Lease, terminate this Lease without any abatement on account of any delay in connection with any work relating to the Premises; or
(ii) complete the construction of the Landlord’s Work pursuant to the Plans as approved by Landlord and Tenant or complete any work which Landlord and Tenant have agreed to in writing, tendering possession affording to Tenant upon substantial completion thereof, the date of an opportunity to cure such tender being deemed to be the Commencement Date under the Lease, and charge Tenant for the additional costs of completing any other work, the plans and specifications for which have not been agreed to by Landlord and Tenant, but which Landlord, in its reasonable discretion, deems necessary for the completion of the Premises; or
(iii) cancel the Lease, effective immediately after T▇▇▇▇▇ receives notice thereof, without incurring any liability on account thereof and the term granted under the Lease is expressly limited accordingly. If Landlord cancels the Lease pursuant to the terms hereof or as a result of Tenant’s default under the Lease, such cancellation shall not affect Tenant’s liability for any sums payable hereunderDefault.
Appears in 1 contract
Tenant’s Default. If The following events shall be considered events of default by Tenant hereunder:
a. Tenant shall fail to pay any installments of rent hereby reserved and such failure shall continue for a period of ten (10) days after written notice thereof to Tenant that such installment of rent is due pursuant hereto.
b. Tenant shall fail to comply with any term, provision or agreement hereunder covenant of this lease, other than the payment of rent, and shall not cure such failure within thirty (30) days after written notice thereof to Tenant; provided, however, if the reasonable time to cure such failure shall be longer than thirty (30) days, Tenant shall have as long as reasonably necessary to complete the same if it commences to cure within the thirty (30) day period and diligently continues thereafter to completion.
c. Tenant files a voluntary petition in bankruptcy.
d. A receiver or trustee shall be appointed for all or substantially all of Tenant's assets and such receiver or trustee has not been discharged within thirty (30) days. Upon the occurrence of any of such events of default, Landlord shall have the option to pursue any one or more of the following remedies without notice or demand whatsoever:
(a) Terminate this Exhibit Blease, in which event Tenant shall immediately surrender the leased premises to Landlord, and if any such failure is not cured within fifteen (15) days following written notice Tenant fails so to Tenantdo, thenLandlord may, in addition without prejudice to any other remedies granted remedy which it may have for possession or arrearages in rent or rent for the remainder of the lease term, enter upon and take possession of the leased premises and expel or remove Tenant and any other person who may be occupying said premises or any part thereof, by all lawful means, without being liable for prosecution or any claim of damages therefor, except those resulting from the gross negligence or willful misconduct of Landlord or its employees, agents or contractors; and Tenant agrees to pay to Landlord on demand the amount of all loss and damage which Landlord may suffer by reason of such termination, whether through inability to relet the leased premises on satisfactory terms or otherwise.
(b) Enter upon and take possession of the leased premises and expel or remove Tenant and any other person who may be occupying said premises or any part thereof, by all lawful means, without being liable for prosecution or any claim for damages therefor, except those resulting from the gross negligence or willful misconduct of Landlord or its employees, agents or contractors, and relet the leased premises and receive the rent therefor; and Tenant agrees to pay to Landlord on demand any deficiency that may arise by reason of such reletting.
(c) Enter upon the leased premises by all lawful means without being liable for prosecution or any claim for damages therefor, except those resulting from the gross negligence or willful misconduct of Landlord or its employees, agents or contractors, and do whatever Tenant is obligated to do under the Lease terms of this lease, and Tenant agrees to reimburse Landlord on demand for any reasonable expenses which Landlord may incur in thus effecting compliance with Tenant's obligations under this lease, and Tenant further agrees that Landlord shall not be liable for any damage resulting to the case Tenant from such action provided the same is not caused by the gross negligence or wilful misconduct of default by T▇▇▇▇▇ and Landlord or its agents, employees or contractors or otherwise. Pursuit of any of the foregoing remedies shall not preclude pursuit of any of the other remedies provided for elsewhere herein or any other remedies provided by law, all of which may be enforced cumulatively, nor shall pursuit of any remedy provided for herein constitute a forfeiture or waiver of any rent due to Landlord hereunder or of any damages accruing to Landlord by reason of the violation of any of the terms, provisions and covenants herein contained. Tenant shall remain obligated to pay all rent, additional rent and other reimbursements to Landlord on the dates when due as provided in this Exhibit B lease. Failure by Landlord to enforce one or available at law or equity, Landlord may elect, upon notice to Tenant, to:
(i) discontinue all work hereunder, and T▇▇▇▇▇’s obligation to pay rent shall commence as more of the Scheduled Commencement Date set forth in the Leaseremedies herein provided upon any event of default shall not be deemed or construed to constitute a waiver of such default, without any abatement on account or of any delay in connection with other violation or breach of any work relating to the Premises; or
(ii) complete the construction of the Landlord’s Work pursuant to the Plans as approved by Landlord terms, provisions and Tenant or complete any work which Landlord and Tenant have agreed to in writing, tendering possession to Tenant upon substantial completion thereof, the date of such tender being deemed to be the Commencement Date under the Lease, and charge Tenant for the additional costs of completing any other work, the plans and specifications for which have not been agreed to by Landlord and Tenant, but which Landlord, in its reasonable discretion, deems necessary for the completion of the Premises; or
(iii) cancel the Lease, effective immediately after T▇▇▇▇▇ receives notice thereof, without incurring any liability on account thereof and the term granted under the Lease is expressly limited accordingly. If Landlord cancels the Lease pursuant to the terms hereof or as a result of Tenant’s default under the Lease, such cancellation shall not affect Tenant’s liability for any sums payable hereundercovenants herein contained.
Appears in 1 contract
Tenant’s Default. If The happening of any one or more of the following listed events (hereinafter referred to as "event of default") shall constitute a breach of this Lease agreement on the part of Tenant:
(a) The failure of Tenant shall fail to comply with pay Base Rent or any term, provision or agreement additional rent on the due date hereunder in this Exhibit B, and if any such the continued failure is not cured within fifteen to pay the same for ten (1510) days following after written notice to Tenant, then, in addition .
(b) The failure of the Tenant to fully and promptly perform any other remedies granted Landlord under the Lease act required of it in the case performance of this Lease or to otherwise comply with the terms or provisions thereof within thirty (30) days after notice thereof to Tenant by Landlord; provided said thirty (30) day period shall be extended if within said thirty (30) day period Tenant has commenced to cure said default and is diligently pursuing same. No part of this clause shall be applicable to nonpayment of Base Rent, but it shall be applicable to payments of additional rent and other payments of money required hereunder.
(c) Any default by T▇▇▇▇Tenant or Rattlesnake Holding Corp. under that certain Consulting Agreement among Fran▇ and any remedies provided for elsewhere in this Exhibit B or available at law or equity, Landlord may elect, upon notice to Tenant, to:
(i) discontinue all work hereunder, and T▇▇▇▇▇’s obligation to pay rent shall commence as of the Scheduled Commencement Date set forth in the Lease, without any abatement on account of any delay in connection with any work relating to the Premises; or
(ii) complete the construction of the Landlord’s Work pursuant to the Plans as approved by Landlord and Tenant or complete any work which Landlord and Tenant have agreed to in writing, tendering possession to Tenant upon substantial completion thereof, the date of such tender being deemed to be the Commencement Date under the Lease, and charge Tenant for the additional costs of completing any other work, the plans and specifications for which have not been agreed to by Landlord and Tenant, but which Landlord, in its reasonable discretion, deems necessary for the completion of the Premises; or
(iii) cancel the Lease, effective immediately after T▇▇▇▇▇, ▇▇ar▇▇▇ receives ▇▇▇▇▇▇▇▇▇▇, ▇▇om▇▇ ▇▇▇▇, ▇▇nant and Rattlesnake Holding Corp. which continues for 20 days after written notice thereofto the defaulting party.
(d) Upon the happening of any event of default, Landlord, if it shall elect, may (1) collect each installment of rental hereunder as and when the same matures, or (2) Landlord, or any other person by its order, may re-enter the said Premises, without incurring process of law, and without being liable to any liability on account thereof prosecution therefor, and may either elect to terminate this Lease, or if the term granted under the Lease is expressly limited accordingly. If Landlord cancels the Lease pursuant to the terms hereof or as a result of Tenant’s default under desires, not terminate the Lease, but terminate the right to possession and occupancy and relet the said Premises too any person, firm or corporation, as the agent of the Tenant or otherwise, for whatever rent it shall obtain, applying the avails for such cancellation letting first to the payment of such expenses as the Landlord may incur in the re-entering and reletting of same, and then to the payment of the rent due hereunder and the fulfillment of the Tenant's covenants, and paying over to the Tenant the balance, if any; and in case of its deficiency, the Tenant shall remain liable therefor. Tenant hereby waives the service of a notice to quit pursuant to Connecticut General Statutes. Tenant agrees to pay a reasonable attorney's fee and all costs if it becomes necessary for Landlord to employ an attorney to collect any of the rent or enforce any of the provisions of this Lease, and of any other cost of collection or enforcement of any provision of this Lease, or any cost of retaking or reletting said Premises, including but not affect Tenant’s liability limited to, the payment of a commission for brokerage, and Tenant expressly waives all exemptions secured to the Tenant under the laws of the State of Connecticut or of any sums payable hereunderState of the United States as against the collection of any debt herein or hereby incurred or secured. If Tenant is late paying any installment of rent or additional rent, the provisions of Section 2(d) above shall apply.
Appears in 1 contract
Tenant’s Default. The failure by Tenant to perform any one or more of the following obligations shall constitute a default hereunder by Tenant:
(1) If Tenant abandons all or a substantial portion of the Premises;
(2) If Tenant fails to pay any rent or other charges required to be paid by Tenant under this Lease and such failure continues for three (3) days after written notice thereof from Landlord to Tenant; provided, however, that any such notice shall be in lieu of, and not in addition to, any notice required under California Code of Civil Procedure Sec. 1161, ET SEQ., as amended;
(3) If Tenant involuntarily transfers Tenant's interest in this Lease or voluntarily transfers (attempted or actual) its interest in this Lease, without Landlord's prior written consent;
(4) If Tenant files a voluntary petition for relief or if a petition against Tenant in a proceeding under the Federal Bankruptcy Laws or other insolvency laws is filed and not withdrawn or dismissed within sixty (60) days thereafter, or if under the provisions of any law providing for reorganization or winding up of corporations, any court of competent jurisdiction assumes jurisdiction, custody or control of Tenant or any substantial part of the Premises or any of Tenant's personal property located at the Premises and such jurisdiction, custody or control remains in force unrelinquished, unstayed or unterminated for a period of sixty (60) days;
(5) If in any proceeding or action in which Tenant is a party, a trustee, receiver, agent or custodian is appointed to take charge of the Premises or any of Tenant's personal property located at the Premises (or has the authority to do so) for the purpose of enforcing a lien against the Premises or Tenant's personal property;
(6) If Tenant shall fail make any general assignment for the benefit of creditors or convene a meeting of its creditors or any class thereof for the purpose of effecting a moratorium upon or composition of its debts, or any class thereof;
(7) If Tenant fails to comply with discharge any termlien placed upon the Premises, provision the Building or the Project by Tenant or any person claiming under, by or through Tenant within ten (10) days of the imposition of such lien;
(8) If Tenant fails to promptly and fully perform any other covenant, condition or agreement hereunder contained in this Exhibit B, Lease (other than subparagraphs (1) through (7) above) and if any such failure is not cured within fifteen continues for ten (1510) days following after written notice thereof from Landlord to Tenant, thenor if such failure cannot be completely cured within such ten (10) day period, in addition then if Tenant fails to any other remedies granted Landlord under the Lease in the case of default by T▇▇▇▇▇ commence such cure within such ten (10) day period and any remedies provided for elsewhere in this Exhibit B or available at law or equity, Landlord may elect, upon notice thereafter proceed to Tenant, to:completely cure such failure within sixty (60) days after such written notice;
(i9) discontinue all work hereunderIf Tenant is a partnership or consists of more than one (1) person or entity, and T▇▇▇▇▇’s obligation to pay rent shall commence as if any partner of the Scheduled Commencement Date set forth partnership or other person or entity is involved in any of the Lease, without any abatement on account of any delay acts or events described in connection with any work relating to the Premisessubparagraphs (1) through (8) above; or
(ii10) complete the construction The occurrence of the a default under that certain lease of even date herewith between Landlord’s Work pursuant to the Plans , as approved by Landlord and Tenant or complete any work which Landlord and Tenant have agreed to in writinglandlord, tendering possession to Tenant upon substantial completion thereof, the date of such tender being deemed to be the Commencement Date under the Lease, and charge Tenant for the additional costs of completing any other work, the plans and specifications for which have not been agreed to by Landlord and Tenant, but which Landlordas tenant, for certain other premises located within Building "B" in its reasonable discretion, deems necessary for the completion Project consisting of the Premises; or
(iii) cancel the Lease, effective immediately after T▇▇▇▇▇ receives notice thereof, without incurring any liability on account thereof and the term granted under the Lease is expressly limited accordingly. If Landlord cancels the Lease pursuant to the terms hereof or as a result of Tenant’s default under the Lease, such cancellation shall not affect Tenant’s liability for any sums payable hereunderapproximately 26,088 square feet.
Appears in 1 contract
Sources: Lease (Peregrine Systems Inc)
Tenant’s Default. a. If at any time during Tenant’s occupancy of the demised Premises it shall become necessary to institute legal proceedings for any reason, Tenant shall fail agrees to comply with pay Landlord an additional amount of rental equal to the attorney’s fees incurred by the Landlord during said litigation.
b. In the event of any term, provision or agreement failure of Tenant to pay rental due hereunder in this Exhibit B, and if any such failure is not cured within fifteen five (155) days following after the same shall be due, or any failure to perform any other of the terms, conditions or covenants of this Lease to be observed or performed by Tenant for more than thirty (30) days after written notice of such default shall have been mailed to Tenant, thenor if Tenant shall become bankrupt or insolvent, or file any debtor proceedings or take or have taken against Tenant in any court pursuant to any statute either of the United States or of any State, a petition in bankruptcy or insolvency or for reorganization or for the Tenant’s property, or if Tenant makes an assignment for the benefit of creditors or petitions for or enters into an arrangement, or if tenant shall abandon the leased property, or suffer this Lease to be taken under any writ of execution, then Landlord, besides other rights or remedies it may have, shall have the immediate right of re-entry and may remove all persons and property from the leased property and such property may be removed and stored in a public warehouse or elsewhere at the cost of and for the account of tenant, all without service or notice or resort to legal process and without being deemed guilty of trespass or becoming liable for any loss or damage which may be occasioned thereby.
c. Should Landlord elect to re-enter as herein provided, or should it take possession pursuant to legal proceedings or pursuant to any notice provided for by law, it may either terminate this Lease, or it may from time to time without terminating this Lease, make such alterations and repairs as may be necessary in order to relit the property, and relit the property, or any part thereof, for such term or terms (which may be for a term extending beyond the term of this Lease) and at such rental or rentals and upon such other terms and conditions as Landlord, in its sole discretion, may deem advisable. Upon such reletting all rentals received by Landlord from such reletting shall be applied, first, to the payment of any indebtedness other than rent due hereunder from Tenant to Landlord; second, to the payment of any costs and expenses of such reletting, including brokerage fees and attorney’s fees and cost of such alterations and repairs; third, to the payment of rent due and unpaid hereunder and the residue, if any, shall be held by Landlord and applied in payment of future rent as the same may become due and payable hereunder. If such rentals received from such reletting during any month be less than that to be paid during that month by Tenant hereunder, Tenant shall pay any such deficiency to Landlord. Such deficiency shall be calculated and paid monthly. No such re-entry or taking possession of the leased property by Landlord shall be construed as an election on its part to terminate this Lease unless a written notice of such intention be given to Landlord or unless the termination thereof be decreed by a court of competent jurisdiction. Notwithstanding any such reletting without this Lease for such previous breach. Should Landlord at any time terminate this Lease for any breach, in addition to any other remedies granted Landlord under it may have, it may recover from Tenant all damages it may incur by reason of such breach, including the Lease in cost of recovering the case leased property, reasonable attorney’s fees, and including the amount of default by T▇▇▇▇▇ rent and any remedies provided for elsewhere charges equivalent to rent reserved in this Exhibit B or available at law or equity, Landlord may elect, upon notice to Tenant, to:
(i) discontinue all work hereunder, and T▇▇▇▇▇’s obligation to pay rent shall commence as Lease for the remainder of the Scheduled Commencement Date set forth in stated term over the Lease, without any abatement on account of any delay in connection with any work relating to the Premises; or
(ii) complete the construction then reasonable rental value of the Landlord’s Work pursuant to the Plans as approved by Landlord and Tenant or complete any work which Landlord and Tenant have agreed to in writing, tendering possession to Tenant upon substantial completion thereof, the date of such tender being deemed to be the Commencement Date under the Lease, and charge Tenant leased property for the additional costs of completing any other work, the plans and specifications for which have not been agreed to by Landlord and Tenant, but which Landlord, in its reasonable discretion, deems necessary for the completion remainder of the Premises; or
(iii) cancel the Leasestated term, effective all of which amounts shall be immediately after T▇▇▇▇▇ receives notice thereof, without incurring any liability on account thereof due and the term granted under the Lease is expressly limited accordingly. If Landlord cancels the Lease pursuant payable from Tenant to the terms hereof or as a result of Tenant’s default under the Lease, such cancellation shall not affect Tenant’s liability for any sums payable hereunderLandlord.
Appears in 1 contract
Sources: Commercial Lease Agreement (Solomon Technologies Inc)