Tenant’s Event of Default Clause Samples
The Tenant’s Event of Default clause defines specific actions or failures by the tenant that constitute a breach of the lease agreement. Typically, this includes non-payment of rent, unauthorized alterations to the property, or failure to comply with other material terms of the lease. When such an event occurs, the landlord is usually granted certain remedies, such as the right to terminate the lease or seek damages. This clause is essential for protecting the landlord’s interests by clearly outlining what constitutes default and the consequences, thereby ensuring both parties understand the risks and responsibilities involved.
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Tenant’s Event of Default
Tenant’s Event of Default. Each of the following shall be deemed an event of default and a breach of this Lease by Tenant (an “Event of Default”):
(a) The failure of Tenant to pay (i) any portion of any installment of Base Rent due from Tenant under this Lease for seven (7) days after written notice by Landlord to Tenant describing such default or (ii) any portion of any installment of Additional Rent due from Tenant to Landlord under this Lease for thirty (30) days after written notice by Landlord to Tenant describing such default;
(b) Tenant makes or causes a Transfer in violation of Article 9 of this Lease that, unless such Transfer results in a Change of Control of Tenant prohibited by Article 9 (in which case no notice or cure period shall apply), continues for ten (10) days after written notice from Landlord;
(c) The failure of Tenant to comply with or observe any of the other provisions, agreements, conditions, covenants or terms contained in this Lease for thirty (30) days after written notice by Landlord to Tenant describing such default with reasonable specificity, or if such default is a non-monetary default and of such a nature that it cannot be completely remedied within said thirty (30) day period, the failure of Tenant to commence the cure of such default within such thirty (30) day period and thereafter diligently prosecutes such cure to completion;
(d) (i) Tenant or Guarantor shall commence any case, proceeding or other action (A) under any existing or future Legal Requirement relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to Tenant or Guarantor, or seeking to adjudicate Tenant or Guarantor bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, liquidation, dissolution, composition or other relief with respect to Tenant or Guarantor or Tenant’s or Guarantor’s debts, or (B) seeking appointment of a receiver, trustee, custodian or other similar official for Tenant or Guarantor or for all or any substantial part of their respective property; or (ii) Tenant or Guarantor shall become insolvent or make a general assignment for the benefit of their respective creditors or shall make a transfer in fraud of creditors; or (iii) there shall be commenced against Tenant or Guarantor any case, proceeding or other action of a nature referred to in clause (i) above (including involuntary bankruptcy) or seeking issuance of a warrant of attachment, execution, distraint or similar pr...