Common use of Waiver by Tenant Clause in Contracts

Waiver by Tenant. Tenant hereby waives all claims by Landlord's re-entering and taking possession of the Premises and removing and storing the property of Tenant as permitted under this Article 14 and will save Landlord harmless from all losses, costs or damages occasioned Landlord thereby. No such reentry shall be considered or construed to be a forcible entry by Landlord. If Landlord fails to perform any of Landlord's obligations under this Lease, which failure continues for more than fifteen (15) days after Tenant's delivery of written notice to Landlord specifying such failure, or if such failure is of a nature that it requires more than fifteen (15) days to remedy and continues beyond the time reasonably necessary to cure (and Landlord has not undertaken procedures to cure the failure withing such fifteen (15) day period and diligently pursued such efforts to complete such cure), Tenant may deliver a reminder notice ("Reminder Notice"). If Landlord fails to commence to cure such failure within fifteen (15) days of receipt of Tenant's Reminder Notice and diligently pursue the same to completion, then Tenant may incur reasonable expenses necessary to perform the obligation of Landlord specified in such notice and invoice Landlord therefor. If Landlord fails to reimburse Tenant within fifteen (15) days following receipt of such invoice, then Tenant may deliver a reminder notice ("First Reminder Notice"). If Landlord fails to reimburse Tenant within fifteen (15) days of receipt of Tenant's First Reminder Notice, Tenant may deliver a second reminder notice ("Second Reminder Notice"). If Landlord fails to reimburse Tenant within fifteen (15) days of receipt of Tenant's Second Reminder Notice, then Tenant may apply the cost of such repairs against the next Basic Rent obligations due hereunder, and invoice Landlord therefor. Notwithstanding anything contained herein to the contrary, Tenant's rights to deduct from Basic Rent shall be restricted to any amount per month not in excess of the sum of twenty-five percent (25%) of the Basic Rent; provided, however, that the sum which was not capable of offset as a result of such cap shall bear interest at the Maximum Rate of Interest from thirty (30) days after the date Tenant first invoiced Landlord for such expenses to be offset until the date Tenant actually recovers such costs through offset. It is further agreed that, if any default by Landlord cannot be cured by Tenant by the expenditure of a sum that is recoverable from future offsets as authorized in this Lease by the end of the then applicable Term, the aforesaid twenty-five percent (25%) figure shall be increased to such percentage of the Basic Rent as is necessary in order to assure that such sum is recoverable from future offsets.

Appears in 3 contracts

Samples: Lease Agreement (Petco Animal Supplies Inc), Lease Agreement (Petco Animal Supplies Inc), Lease Agreement (Petco Animal Supplies Inc)

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Waiver by Tenant. If the Tenant hereby waives all claims by Landlord's re-entering and taking possession shall make default in the payment of the Premises and removing and storing the property rent reserved hereunder, or any item of Tenant as permitted under this Article 14 and will save Landlord harmless from all losses'additional rent' herein mentioned, costs or damages occasioned Landlord thereby. No such reentry shall be considered any part of either or construed to be a forcible entry by Landlord. If Landlord fails to perform in making any of Landlord's obligations under this Lease, which failure continues for more than fifteen (15) days after Tenant's delivery of written notice to Landlord specifying such failureother payment herein provided for, or if the notice last above provided for shall have been given and if the condition which was the basis of said notice shall exist at the expiration of said ten days' period, the Landlord may immediately, or at any time thereafter, re-enter the demised premises and remove all persons and all or any property therefrom, either by summary dispossess proceedings, or by any suitable action or proceeding at law, or by force or otherwise, without being liable to indictment, prosecution or damages therefor, and re-possess and enjoy all premises together with all additions, alterations and improvements. In any such failure is case or in the event that this lease be 'terminated' before the commencement of the term, as above provided, the Landlord may either re-let the demised premises or any part or parts thereof for the Landlord's own account, or may, at the Landlord's option, re-let the demised premises or any part or parts thereof as the agent of the Tenant, and receive the rents therefor, applying the same first to the payment of such expenses as the Landlord may have incurred, and then to the fulfillment of the covenants of the Tenant herein, and the balance, if any, at the expiration of the term first above provided for, shall be paid to the Tenant. Landlord may rent the premises for a term extending beyond the term hereby granted without releasing Tenant from any liability. In the event that the term of this lease shall expire as above in this subdivision 'Sixth' provided, or terminate by summary proceedings or otherwise, and if the Landlord shall not re-let the demised premises for the Landlord's own account, then, whether or not the premises be re-let, the Tenant shall remain liable for, and the Tenant hereby agrees to pay to the Landlord, until the time when this lease would have expired but for such termination or expiration, the equivalent of the amount of all of the rent and 'additional rent' reserved herein, less the avails of reletting, of any, and the same shall be due and payable by the Tenant to the Landlord on the several rent days above specified, that is, upon each of such rent days the Tenant shall pay to the Landlord the amount of deficiency then existing. The Tenant hereby expressly waives any and all right of redemption in case the Tenant shall be dispossessed by judgment or warrant of any court or judge, and the Tenant waives and will waive all right to trial by jury in any summary proceedings hereafter instituted by the Landlord against the Tenant in respect to the demised premises. The words 're-enter' and 're-entry' as used in this lease are not restricted to their technical legal meaning. REMEDIES ARE CUMULATIVE In the event of a nature that it requires more than fifteen (15) days to remedy and continues beyond breach or threatened breach by the time reasonably necessary to cure (and Landlord has not undertaken procedures to cure the failure withing such fifteen (15) day period and diligently pursued such efforts to complete such cure), Tenant may deliver a reminder notice ("Reminder Notice"). If Landlord fails to commence to cure such failure within fifteen (15) days of receipt of Tenant's Reminder Notice and diligently pursue the same to completion, then Tenant may incur reasonable expenses necessary to perform the obligation of Landlord specified in such notice and invoice Landlord therefor. If Landlord fails to reimburse Tenant within fifteen (15) days following receipt of such invoice, then Tenant may deliver a reminder notice ("First Reminder Notice"). If Landlord fails to reimburse Tenant within fifteen (15) days of receipt of Tenant's First Reminder Notice, Tenant may deliver a second reminder notice ("Second Reminder Notice"). If Landlord fails to reimburse Tenant within fifteen (15) days of receipt of Tenant's Second Reminder Notice, then Tenant may apply the cost of such repairs against the next Basic Rent obligations due hereunder, and invoice Landlord therefor. Notwithstanding anything contained herein to the contrary, Tenant's rights to deduct from Basic Rent shall be restricted to any amount per month not in excess of the sum of twenty-five percent (25%) of the Basic Rent; provided, however, that the sum which was not capable of offset as a result of such cap shall bear interest at the Maximum Rate of Interest from thirty (30) days after the date Tenant first invoiced Landlord for such expenses to be offset until the date Tenant actually recovers such costs through offset. It is further agreed that, if any default by Landlord cannot be cured by Tenant by the expenditure of a sum that is recoverable from future offsets as authorized in this Lease by the end of the then applicable Termconvenants or provisions hereof, the aforesaid twentyLandlord shall have the right of injunction and the right to invoke any remedy allowed at law or in equity, as if re-five percent (25%) figure shall be increased to such percentage of the Basic Rent as is necessary in order to assure that such sum is recoverable from future offsetsentry, summary proceedings and other remedies were not herein provided for.

Appears in 1 contract

Samples: Lease (National Medical Health Card Systems Inc)

Waiver by Tenant. Tenant hereby waives all claims by Landlord's re-entering and taking possession If the tenant shall make default in the payment of the Premises and removing and storing the property rent reserved hereunder, or any item of Tenant as permitted under this Article 14 and will save Landlord harmless from all losses"additional rent" her mentioned, costs or damages occasioned Landlord thereby. No such reentry shall be considered any part of a ___ or construed to be a forcible entry by Landlord. If Landlord fails to perform in making any of Landlord's obligations under this Lease, which failure continues for more than fifteen (15) days after Tenant's delivery of written notice to Landlord specifying such failureother payment herein provided, or if the notice last above provided for shall have been given and if the ___ which was the basis of said notice shall exceed the expiration of said ten days' period, Landlord may immediately, or at any time thereafter, re-enter the demised premises and remove all persons and all or any property therefrom, either by summary dispossess proceedings, or by any suitable action or proceeding at law, or by force otherwise, without being liable to indictment, prosecution or damages therefor, and re-possess and enjoy said premises to get with all additions, alterations and improvements. In any such failure is case or in the event that this lease be "terminated" before commencement of the term, as above provided, the Landlord may either re-let the demised premises or any part or parts thereof for the Landlord's own account, or may, at the Landlord's option, re-let the demised premises or any part or parts thereof as the agent of the Tenant, and receive the rents therefore, applying the same first to the payment of such expenses as the Landlord may have incurred, and then to the fulfillment of the covenants of the Tenant herein, and the balance, if any, at the expiration of term first above provided for, shall be paid to the Tenant. Landlord may rent the premises for a term extending beyond the term hereby granted without releasing Tenant from any liability. In the event that the term of this lease shall expire as above in this subdivision "Sixth" provided, or terminate by summary proceedings or otherwise, and if the Landlord shall not re-let the demised premises for the Landlord's own account, then, whether or not the premises be re-let, the Tenant shall remain liable for, and the Tenant hereby agrees to pay to the Landlord, until the time when this lease would have expired but for such termination or expiration, the equivalent of the amount of all of the rent and "additional rent" reserved herein, less the avails of reletting, if any, and the name shall be due and payable by the Tenant to the Landlord on the several rent days above specified, that is, upon each of such rent days the Tenant shall pay to the Landlord the amount of deficiency then existing. The Tenant hereby expressly waives any and all right of redemption in case the Tenant shall be dispossessed by judgment or warrant of any court or judge, and the Tenant waives and will waive all right to trial by jury in any summary proceedings hereafter instituted by the Landlord against the Tenant in respect to the demised premises. The words "re-enter" and "re-entry" as used in this lease are not restricted to their technical legal meaning. REMEDIES ARE CUMULATIVE In the event of a nature that it requires more than fifteen (15) days to remedy and continues beyond breach or threatened breach by the time reasonably necessary to cure (and Landlord has not undertaken procedures to cure the failure withing such fifteen (15) day period and diligently pursued such efforts to complete such cure), Tenant may deliver a reminder notice ("Reminder Notice"). If Landlord fails to commence to cure such failure within fifteen (15) days of receipt of Tenant's Reminder Notice and diligently pursue the same to completion, then Tenant may incur reasonable expenses necessary to perform the obligation of Landlord specified in such notice and invoice Landlord therefor. If Landlord fails to reimburse Tenant within fifteen (15) days following receipt of such invoice, then Tenant may deliver a reminder notice ("First Reminder Notice"). If Landlord fails to reimburse Tenant within fifteen (15) days of receipt of Tenant's First Reminder Notice, Tenant may deliver a second reminder notice ("Second Reminder Notice"). If Landlord fails to reimburse Tenant within fifteen (15) days of receipt of Tenant's Second Reminder Notice, then Tenant may apply the cost of such repairs against the next Basic Rent obligations due hereunder, and invoice Landlord therefor. Notwithstanding anything contained herein to the contrary, Tenant's rights to deduct from Basic Rent shall be restricted to any amount per month not in excess of the sum of twenty-five percent (25%) of the Basic Rent; provided, however, that the sum which was not capable of offset as a result of such cap shall bear interest at the Maximum Rate of Interest from thirty (30) days after the date Tenant first invoiced Landlord for such expenses to be offset until the date Tenant actually recovers such costs through offset. It is further agreed that, if any default by Landlord cannot be cured by Tenant by the expenditure of a sum that is recoverable from future offsets as authorized in this Lease by the end of the then applicable Termcovenants or provisions hereof, the aforesaid twentyLandlord shall have the right of injunction and the right to invoke any remedy allowed at law or in equity, as if re-five percent (25%) figure shall be increased to such percentage of the Basic Rent as is necessary in order to assure that such sum is recoverable from future offsetsentry, summary proceeding and other remedies were not herein provided for.

Appears in 1 contract

Samples: Lease (Cyberopticlabs Inc)

Waiver by Tenant. If the Tenant hereby waives all claims by Landlord's re-entering and taking possession shall make default in the payment of the Premises and removing and storing the property rent reserved hereunder, or any item of Tenant as permitted under this Article 14 and will save Landlord harmless from all losses"additional rent" herein mentioned, costs or damages occasioned Landlord thereby. No such reentry shall be considered any part of either or construed to be a forcible entry by Landlord. If Landlord fails to perform in making any of Landlord's obligations under this Lease, which failure continues for more than fifteen (15) days after Tenant's delivery of written notice to Landlord specifying such failureother payment herein provided for, or if the notice last above provided for shall have been given and if the condition which was the basis of said notice shall exist at the expiration of said ten days, period, the Landlord may immediately, or at any time thereafter, re-enter the demised premises and remove all persons and all or any property therefrom, either by summary dispossess proceedings, or by any suitable action or proceeding at law, or by force or otherwise, without being liable to indictment, prosecution or damages therefor, and re-possess and enjoy said premises together with all additions, alterations and improvements. In any such failure is case or in the event that this lease be "terminated" before the commencement of the term, as above provided, the Landlord may either re-let the-demised premises or any part or parts thereof for the Landlord's own account, or may, at the Landlord's option, re-let the demised premises or any part or parts thereof as the agent of the Tenant, and receive the rents therefor, applying the same first to the payment of such expenses as the Landlord may have incurred, and then to the fulfillment of the covenants of the Tenant herein, and the balance, if any, at the expiration of the term first above provided for, shall be paid to the Tenant. Landlord may rent the premises for a term extending beyond the term hereby granted without releasing Tenant from any liability. In the event that the term of this lease shall expire as above in the this subdivision "Sixth" provided, or terminate by summary proceedings or otherwise, and if the Landlord shall not re-let the demised premises for the Landlord's own account, then, whether or not the premises be re-let, the Tenant shall remain liable for, and the Tenant hereby agrees to pay to the Landlord, until the time when this lease would have expired but for such termination or expiration, the equivalent of the amount of all of the rent and "additional rent" reserved herein, less the avails of reletting, if any, and the same shall be due and payable by the Tenant to the Landlord on the several rent days above specified, that is, upon each of such rent days the Tenant shall pay to the Landlord the amount of deficiency then existing. The Tenant hereby expressly waives any and all right of redemption in case the Tenant shall be dispossessed by judgment or warrant of any court or judge, and the Tenant waives and will waive all right to trial by jury in any summary proceedings hereafter instituted by the Landlord against the Tenant in respect to the demised premises. The words "re-enter" and "re-entry" as used in this lease are not restricted to their technical legal meaning. REMEDIES ARE CUMULATIVE In the event of a nature that it requires more than fifteen (15) days to remedy and continues beyond breach or threatened breach by the time reasonably necessary to cure (and Landlord has not undertaken procedures to cure the failure withing such fifteen (15) day period and diligently pursued such efforts to complete such cure), Tenant may deliver a reminder notice ("Reminder Notice"). If Landlord fails to commence to cure such failure within fifteen (15) days of receipt of Tenant's Reminder Notice and diligently pursue the same to completion, then Tenant may incur reasonable expenses necessary to perform the obligation of Landlord specified in such notice and invoice Landlord therefor. If Landlord fails to reimburse Tenant within fifteen (15) days following receipt of such invoice, then Tenant may deliver a reminder notice ("First Reminder Notice"). If Landlord fails to reimburse Tenant within fifteen (15) days of receipt of Tenant's First Reminder Notice, Tenant may deliver a second reminder notice ("Second Reminder Notice"). If Landlord fails to reimburse Tenant within fifteen (15) days of receipt of Tenant's Second Reminder Notice, then Tenant may apply the cost of such repairs against the next Basic Rent obligations due hereunder, and invoice Landlord therefor. Notwithstanding anything contained herein to the contrary, Tenant's rights to deduct from Basic Rent shall be restricted to any amount per month not in excess of the sum of twenty-five percent (25%) of the Basic Rent; provided, however, that the sum which was not capable of offset as a result of such cap shall bear interest at the Maximum Rate of Interest from thirty (30) days after the date Tenant first invoiced Landlord for such expenses to be offset until the date Tenant actually recovers such costs through offset. It is further agreed that, if any default by Landlord cannot be cured by Tenant by the expenditure of a sum that is recoverable from future offsets as authorized in this Lease by the end of the then applicable Termcovenants or provisions hereof, the aforesaid twentyLandlord shall have the right of injunction and the right to invoke any remedy allowed at law or in equity, as if re-five percent (25%) figure shall be increased to such percentage of the Basic Rent as is necessary in order to assure that such sum is recoverable from future offsetsentry, summary proceedings and other remedies were not herein provided for.

Appears in 1 contract

Samples: Fidelity Holdings Inc

Waiver by Tenant. If the Tenant hereby waives all claims by Landlord's re-entering and taking possession shall make default in the payment of the Premises and removing and storing the property rent reserved hereunder, or any item of Tenant as permitted under this Article 14 and will save Landlord harmless from all losses"additional rent" herein mentioned, costs or damages occasioned Landlord thereby. No such reentry shall be considered any part of either or construed to be a forcible entry by Landlord. If Landlord fails to perform in making any of Landlord's obligations under this Lease, which failure continues for more than fifteen (15) days after Tenant's delivery of written notice to Landlord specifying such failureother payment herein provided for, or if the notice last above provided for shall have been given and If the condition which was the basis of said notice shall exist at the expiration of said ten days' period, the Landlord may immediately, or at any time thereafter, re-enter the demised premises and remove all persons and all or any property therefrom, either by summary dispossess proceedings, or by any suitable action or proceeding at law, or by force or otherwise, without being liable to indictment, prosecution or damages therefor, and re-possess and enjoy said premises together with all additions, alterations amid improvements. In any such failure is case or in the event that this lease be "terminated" before the commencement of the term, as above provided, the Landlord may either re-let the demised premises or any part or parts thereof for the Landlord's own account, or may, at the Landlord's option, re-let the demised premises or any part or parts thereof as the agent of the Tenant and receive the rents therefor, applying the same first to the payment of such expenses as the landlord may have incurred, and then to the fulfillment of the covenants of the Tenant herein, and the balance, if any, at the expiration of the term first above provided for, shall be paid to the Tenant. Landlord may rent the premises for a term extending beyond the term hereby granted without releasing Tenant from any liability. In the event that the term of this lease shall expire as above in this subdivision "Sixth" provided, or terminate by summary proceedings or otherwise, and if the Landlord shall not re-let the demised premises for the Landlord's own account, then, whether or not the premises be re-let, the Tenant shall remain liable for, and the Tenant hereby agrees to pay to the Landlord, until the time when this lease would have expired but for such termination or expiration, the equivalent of the amount of all of the rent and "additional rent" reserved herein, less the avails of reletting, if any, and the same shall be due and payable by the Tenant to the Landlord on the several rent days above specified, that is. upon each of such rent days the Tenant shall pay to the Landlord the amount of deficiency then existing. The Tenant hereby expressly waives any and all right of redemption in case the Tenant shall be dispossessed by judgment or warrant of any court or judge, and the Tenant waives and will waive all right to trial by jury in any summary proceedings hereafter instituted by the Landlord against the Tenant in respect to the demised premises. The words "re-enter" and "re-entry" as used in this lease are not restricted to their technical legal meaning. REMEDIES ARE CUMULATIVE In the event of a nature that it requires more than fifteen (15) days to remedy and continues beyond breach or threatened breach by the time reasonably necessary to cure (and Landlord has not undertaken procedures to cure the failure withing such fifteen (15) day period and diligently pursued such efforts to complete such cure), Tenant may deliver a reminder notice ("Reminder Notice"). If Landlord fails to commence to cure such failure within fifteen (15) days of receipt of Tenant's Reminder Notice and diligently pursue the same to completion, then Tenant may incur reasonable expenses necessary to perform the obligation of Landlord specified in such notice and invoice Landlord therefor. If Landlord fails to reimburse Tenant within fifteen (15) days following receipt of such invoice, then Tenant may deliver a reminder notice ("First Reminder Notice"). If Landlord fails to reimburse Tenant within fifteen (15) days of receipt of Tenant's First Reminder Notice, Tenant may deliver a second reminder notice ("Second Reminder Notice"). If Landlord fails to reimburse Tenant within fifteen (15) days of receipt of Tenant's Second Reminder Notice, then Tenant may apply the cost of such repairs against the next Basic Rent obligations due hereunder, and invoice Landlord therefor. Notwithstanding anything contained herein to the contrary, Tenant's rights to deduct from Basic Rent shall be restricted to any amount per month not in excess of the sum of twenty-five percent (25%) of the Basic Rent; provided, however, that the sum which was not capable of offset as a result of such cap shall bear interest at the Maximum Rate of Interest from thirty (30) days after the date Tenant first invoiced Landlord for such expenses to be offset until the date Tenant actually recovers such costs through offset. It is further agreed that, if any default by Landlord cannot be cured by Tenant by the expenditure of a sum that is recoverable from future offsets as authorized in this Lease by the end of the then applicable Termcovenants or provisions hereof, the aforesaid twentyLandlord shall have the right of injunction and the right to invoke any remedy allowed at law or in equity, as if re-five percent (25%) figure shall be increased to such percentage of the Basic Rent as is necessary in order to assure that such sum is recoverable from future offsetsentry, summary proceedings and other remedies were not herein provided for.

Appears in 1 contract

Samples: Lease (National Medical Health Card Systems Inc)

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Waiver by Tenant. If the Tenant hereby waives all claims by Landlord's re-entering and taking possession shall make default in the payment of the Premises and removing and storing the property rent reserved hereunder, or any item of Tenant as permitted under this Article 14 and will save Landlord harmless from all losses"additional rent" herein mentioned, costs or damages occasioned Landlord thereby. No such reentry shall be considered any part of either or construed to be a forcible entry by Landlord. If Landlord fails to perform in making any of Landlord's obligations under this Lease, which failure continues for more than fifteen (15) days after Tenant's delivery of written notice to Landlord specifying such failureother payment herein provided for, or if the notice last above provided for shall have been given and if the condition which was the basis of said notice shall exist at the expiration of said ten days' period, the Landlord may immediately, or at any time thereafter, re-enter the demised premises and remove all person and all or any property therefrom, either by summary dispossess proceedings, or by any suitable action or proceeding at law, or by force or otherwise, without being liable to indictment, prosecution or damages therefor, and re-possess and enjoy said premises together with all additions, alterations and improvements. In any such failure is case or in the event that this lease be "terminated" before the commencement of the term, as above provided, the Landlord may either re-let the demised premises or any part or parts thereof for the Landlord's own account, or may, at the Landlord's option, re-let the demised premises or any part or parts thereof as the agent of the Tenant, and receive the rents therefor, applying the same first to the payment of such expenses as the Landlord may have incurred, and then to the fulfillment of the covenants of the Tenant herein, and the balance, if any, at the expiration of the term first above provided for, shall be paid to the Tenant. Landlord may rent the premises for a term extending beyond the term hereby granted without releasing Tenant from any liability. In the event that the term of this lease shall expire as above in this subdivision "Sixth" provided, or terminate by summary proceedings or otherwise, and if the Landlord shall not re-let the demised premises for the Landlord's own account, then, whether or not the premises be re-let, the Tenant shall remain liable for, and the Tenant hereby agrees to pay to the Landlord, until the time when this lease would have expired but for such termination or expiration, the equivalent of the amount of all of the rent and "additional rent" reserved herein, less the avails of reletting, if any, and the same shall be due and payable by the Tenant to the Landlord on the several rent days above specified, that is, upon each of such rent days the Tenant shall pay to the Landlord the amount of deficiency then existing. The Tenant hereby expressly waives any and all right of redemption in case the Tenant shall be dispossessed by judgment or warrant of any court or judge, and the Tenant waives and will waive all right to trial by jury in any summary proceedings hereafter instituted by the Landlord against the Tenant in respect to the demised premises. The words "re-enter" and "re-entry" as used in this lease are not restricted to their technical legal meaning. REMEDIES ARE CUMULATIVE In the event of a nature that it requires more than fifteen (15) days to remedy and continues beyond breach or threatened breach by the time reasonably necessary to cure (and Landlord has not undertaken procedures to cure the failure withing such fifteen (15) day period and diligently pursued such efforts to complete such cure), Tenant may deliver a reminder notice ("Reminder Notice"). If Landlord fails to commence to cure such failure within fifteen (15) days of receipt of Tenant's Reminder Notice and diligently pursue the same to completion, then Tenant may incur reasonable expenses necessary to perform the obligation of Landlord specified in such notice and invoice Landlord therefor. If Landlord fails to reimburse Tenant within fifteen (15) days following receipt of such invoice, then Tenant may deliver a reminder notice ("First Reminder Notice"). If Landlord fails to reimburse Tenant within fifteen (15) days of receipt of Tenant's First Reminder Notice, Tenant may deliver a second reminder notice ("Second Reminder Notice"). If Landlord fails to reimburse Tenant within fifteen (15) days of receipt of Tenant's Second Reminder Notice, then Tenant may apply the cost of such repairs against the next Basic Rent obligations due hereunder, and invoice Landlord therefor. Notwithstanding anything contained herein to the contrary, Tenant's rights to deduct from Basic Rent shall be restricted to any amount per month not in excess of the sum of twenty-five percent (25%) of the Basic Rent; provided, however, that the sum which was not capable of offset as a result of such cap shall bear interest at the Maximum Rate of Interest from thirty (30) days after the date Tenant first invoiced Landlord for such expenses to be offset until the date Tenant actually recovers such costs through offset. It is further agreed that, if any default by Landlord cannot be cured by Tenant by the expenditure of a sum that is recoverable from future offsets as authorized in this Lease by the end of the then applicable Termcovenants or provisions hereof, the aforesaid twentyLandlord shall have the right of injunction and the right to invoke any remedy allowed at law or in equity, as if re-five percent (25%) figure shall be increased to such percentage of the Basic Rent as is necessary in order to assure that such sum is recoverable from future offsetsentry, summary proceedings and other remedies were not herein provided for.

Appears in 1 contract

Samples: Letter of Agreement (Gyrodyne Company of America Inc)

Waiver by Tenant. If the Tenant hereby waives all claims by Landlord's re-entering and taking possession shall make default in the payment of the Premises and removing and storing the property rent reserved hereunder, or any item of Tenant as permitted under this Article 14 and will save Landlord harmless from all losses"additional rent" herein mentioned, costs or damages occasioned Landlord thereby. No such reentry shall be considered any part of either or construed to be a forcible entry by Landlord. If Landlord fails to perform in making any of Landlord's obligations under this Lease, which failure continues for more than fifteen (15) days after Tenant's delivery of written notice to Landlord specifying such failureother payment herein provided for, or if the notice last above provided for shall have been given and if the condition which was the basis of said notice shall exist at the expiration of said ten days' period, the Landlord may immediately, or at any time thereafter, re-enter the demised premises and remove all person and all or any property therefrom, either by summary dispossess proceedings, or by any suitable action or proceeding at law, or by force or otherwise, without being liable to indictment, prosecution or damages therefor, and re-possess and enjoy said premises together with all additions, alterations and improvements. In any such failure is case or in the event that this lease be "terminated" before the commencement of the term, as above provided, the Landlord may either re-let the demised premises or any part or parts thereof for the Landlord's own account, or may, at the Landlord's option, re-let the demised premises or any part or parts thereof as the agent of the Tenant, and receive the rents therefor, applying the same first to the payment of such expenses as the Landlord may have incurred, and then to the fulfillment of the covenants of the Tenant herein, and the balance, if any, at the expiration of the term first above provided for, shall be paid to the Tenant. Landlord may rent the premises for a nature that it requires more than fifteen (15) days to remedy and continues term extending beyond the term hereby granted without releasing Tenant from any liability.* In the event that the term of this lease shall expire as above in this subdivision "Sixth" provided, or terminate by summary proceedings or otherwise, and if the Landlord shall not re-let the demised premises for the Landlord's own account, then, whether or not the premises be re-let, the Tenant shall remain liable for, and the Tenant hereby agrees to pay to the Landlord, until the time reasonably necessary to cure (when this lease would have expired but for such termination or expiration, the equivalent of the amount of all of the rent and Landlord has not undertaken procedures to cure "additional rent" reserved herein, less the failure withing such fifteen (15) day period avails of reletting, if any, and diligently pursued such efforts to complete such cure), Tenant may deliver a reminder notice ("Reminder Notice"). If Landlord fails to commence to cure such failure within fifteen (15) days of receipt of Tenant's Reminder Notice and diligently pursue the same shall be due and payable by the Tenant to completionthe Landlord on the several rent days above specified, then Tenant may incur reasonable expenses necessary to perform the obligation of Landlord specified in such notice and invoice Landlord therefor. If Landlord fails to reimburse Tenant within fifteen (15) days following receipt that is, upon each of such invoicerent days the Tenant shall pay to the Landlord the amount of deficiency then existing. The Tenant hereby expressly waives any and all right of redemption in case the Tenant shall be dispossessed by judgment or warrant of any court of judge, then and the Tenant may deliver a reminder notice ("First Reminder Notice"). If waives and will waive all right to trial by jury in any summary proceedings hereafter instituted by the Landlord fails to reimburse Tenant within fifteen (15) days of receipt of Tenant's First Reminder Notice, Tenant may deliver a second reminder notice ("Second Reminder Notice"). If Landlord fails to reimburse Tenant within fifteen (15) days of receipt of Tenant's Second Reminder Notice, then Tenant may apply the cost of such repairs against the next Basic Rent obligations due hereunder, and invoice Landlord therefor. Notwithstanding anything contained herein Tenant in respect to the contrary, Tenant's rights to deduct from Basic Rent shall be demised premises. The word "re-enter" and "re-entry" as used in this lease are not restricted to any amount per month not in excess of the sum of twenty-five percent (25%) of the Basic Rent; provided, however, that the sum which was not capable of offset as a result of such cap shall bear interest at the Maximum Rate of Interest from thirty (30) days after the date their technical legal meaning. *Tenant first invoiced Landlord for such expenses liability is restricted to be offset until the date Tenant actually recovers such costs through offset. It is further agreed that, if any default by Landlord cannot be cured by Tenant by the expenditure of a sum that is recoverable from future offsets as authorized in this Lease by the end of the then applicable Termlease term. REMEDIES ARE CUMULATIVE In the event of a breach or threatened breach by the Tenant of any of the covenants or provisions hereof, the aforesaid twentyLandlord shall have the right of injunction and the right to invoke any remedy allowed at law or in equity, as if re-five percent (25%) figure shall be increased to such percentage of the Basic Rent as is necessary in order to assure that such sum is recoverable from future offsetsentry, summary proceedings and other remedies were not herein provided for.

Appears in 1 contract

Samples: Gyrodyne Company of America Inc

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