Common use of Termination in Event of Default Clause in Contracts

Termination in Event of Default. Lessor shall have, in the event of default by Lessee, in addition to other rights and remedies at law or equity, the right to either terminate this agreement or to continue this agreement in full force and effect. Unless otherwise provided herein, this agreement shall be terminated only upon Lessor’s notification of Lessee in writing of Lessor’s termination of the agreement or upon the institution by Lessor of a judicial proceeding for the primary purpose of termination of the agreement which in fact results in a termination of Lessee’s right of possession of the premises. In no event shall the following actions by Lessor, either before or after abandonment of the Leasehold Premises by Lessee constitute a termination of this lease: maintenance or preservation of the premises, efforts to relet the premises, or appointment of a receiver to protect Lessor’s interest hereunder. If Lessor elects to terminate this lease, Lessor shall, without liability to Lessee, have the right to immediately reenter the Leasehold Premises, remove all persons and property therefrom, and store any property so removed in a public warehouse, or elsewhere, at the cost of and to the account of Lessee; provided that the Lessee shall have the right after reasonable notice to monitor the removal and storage of any lab equipment.