DEFAULT BY LESSEE and "Lessee's Default" both mean the occurrence of any one or more of the following events:
DEFAULT BY LESSEE. Time is of the essence in performance of obligations created by this Rental Agreement. Failure of the LESSEE to perform in a timely manner any obligation or duty set forth in this Rental Agreement shall constitute default and FULL SERVICE STORAGE, LLC may proceed to do any or all of the following: (a) Provide written notice of the default and FULL SERVICE STORAGE, LLC’s claim to the LESSEE, to any lien holder with an interest in the property, of whom FULL SERVICE STORAGE, LLC has knowledge either through the disclosure provisions of this Rental Agreement or through finding a validly filed financing statement, AND TO THE SHERIFF OF THE COURT IN WHICH THE SITE IS LOCATED. Such notice shall include an itemized statement of FULL SERVICE STORAGE, LLC’s claim, a brief and general description of the personal property subject to FULL SERVICE STORAGE, LLC’s lien, notification of denial of access to the personal property, a demand for payment, and a statement that, unless the claim is paid within the time stated, the personal property will be sold or otherwise disposed of, as provided by law; (b) Deny LESSEE access to the personal property; (c) Terminate LESSEE’s right of possession of the storage space by lawful means. In addition to the amount of FULL SERVICE STORAGE, LLC’s lien, LESSEE shall be obligated to FULL SERVICE STORAGE, LLC for all costs, interest of 21%, attorneys fees, costs, and expenses associated with enforcement by FULL SERVICE STORAGE, LLC of its rights, including without limitation, reasonable attorneys’ fees, court costs, service of process fees, appraisal fees and any and all other costs, as allowed by law.
DEFAULT BY LESSEE shall exist under this Agreement if any one or more of the following occur:
Examples of DEFAULT BY LESSEE in a sentence
LESSEE COVENANTS AND AGREES TO PAY, AND TO INDEMNIFY LESSOR AGAINST, ALL LEGAL COSTS AND CHARGES, INCLUDING COUNSEL FEES, LAWFULLY AND REASONABLY INCURRED IN OBTAINING POSSESSION OF THE PREMISES AFTER DEFAULT BY LESSEE OR UPON EXPIRATION OR EARLIER TERMINATION OF THE TERM OF THIS LEASE OR IN ENFORCING ANY COVENANT OR AGREEMENT OF LESSEE HEREIN CONTAINED.
It is acknowledged that A POWER OF SALE HAS BEEN GRANTED IN THIS INSTRUMENT; A POWER OF SALE MAY ALLOW LESSOR TO TAKE THE PROPERTIES AND SELL THEM WITHOUT GOING TO COURT IN A FORECLOSURE ACTION UPON DEFAULT BY LESSEE UNDER THIS INSTRUMENT.
It is acknowledged that A POWER OF SALE HAS BEEN GRANTED IN THIS INSTRUMENT; A POWER OF SALE MAY ALLOW LESSOR TO TAKE THE SITES AND SELL THEM WITHOUT GOING TO COURT IN A FORECLOSURE ACTION UPON DEFAULT BY LESSEE UNDER THIS INSTRUMENT.
IT IS FURTHER AGREED THAT IN THE EVENT OF ANY SUCH DEFAULT BY LESSEE (i) IT WOULD BE IMPRACTICABLE OR EXTREMELY DIFFICULT TO DETERMINE AND FIX THE ACTUAL DAMAGES SUFFERED BY LESSOR, AND (ii) THE CHARGES SET FORTH BELOW ARE, AS OF THE DATE HEREOF, A FAIR AND REASONABLE ESTIMATE OF LESSOR’S DAMAGES.
ACCORDINGLY, LESSEE EXPRESSLY ACKNOWLEDGES AND AGREES THAT ANY DEFAULT BY LESSEE UNDER THE TERMS OF THE OTHER LEASE OR ANY OF THE OTHER DOCUMENTS EVIDENCING AND SECURING SAID OTHER LEASE SHALL ALSO CONSTITUTE AN EVENT OF DEFAULT UNDER THE TERMS OF THIS LEASE.
More Definitions of DEFAULT BY LESSEE
DEFAULT BY LESSEE. The occurrence of any one of the following events shall automatically (without any need for prior notice or demand) constitute an event of default hereunder;
DEFAULT BY LESSEE. The following provisions shall govern default by the LESSEE:
DEFAULT BY LESSEE. As used in this Lease, the term "Event of Default" means the occurrence or existence of any of the following events or conditions: Lessee's failure to make punctual payment when due of any Rent or other payment becoming due hereunder; or Lessee's failure to keep or perform punctually and fully any other of Lessee's covenants, agreements or undertakings contained in this Lease and Lessee's failure to remedy such failure or nonperformance within thirty (30) days after notice thereof is given by Lessor to Lessee; or Lessee's insolvency or business failure or the commencement of any proceedings by or against Lessee under any provisions of the Bankruptcy Code, as amended, or any other law (state or federal) for the relief of debtors, or a receiver or trustee is appointed for the Leased Premises or for all or any substantial part of the assets of the Lessee, or Lessee makes any assignment for the benefit of creditors or any transfer or conveyance in fraud or creditors; or Lessee deserts or abandons any substantial portion of the Leased Premises.
DEFAULT BY LESSEE. The following shall be deemed to be events of default by Lessee under this Lease:
DEFAULT BY LESSEE. If Lessee should default in any covenant or agreement to be performed by it or abandon or vacate the Leased Premises and, if after written notice is given by Lessor to Lessee (except for a default caused by the nonpayment of rent as set forth in Section 5 hereof, for which no notice is required), such default shall continue for a period of ten (10) days or if the leasehold interest of Lessee shall be taken on execution or other process of law, then and in any of said cases, Lessor may immediately or at any time thereafter, without further notice or demand, enter upon and into the Leased Premises or any part thereof and take absolute possession of the same fully and absolutely without such re-entry automatically working a forfeiture of the rents to be paid and the covenants to be performed by Lessee for the full term of this Lease Agreement and at Lessor's election, Lessor may either lease or sublet the Leased Premises or any part thereof on such terms and conditions and for such rents and for such times as Lessor may reasonably elect and after crediting the proceeds of any rent collected by Lessor from such reletting on the rentals stipulated to be paid under this Lease Agreement by Lessee, collect from Lessee any balance remaining due on the rent reserved under this Lease Agreement, or Lessor may declare this Lease Agreement forfeited and may take full and absolute possession of the Leased Premises free from any subsequent rights or obligations of Lessee or at the option of Lessor, the present value of the entire rent for the balance of the Term, computed using a discount rate of eight percent (8%), but allowing for a reasonable period fo vacancy as determined by the market conditions at that time (during which reasonable period of vacancy no discount rate shall be applied) shall at once become due and payable, as if by the terms of this Lease Agreement it were all payable in advance. In the event of such default and reletting by Lessor, Lessee agrees to pay all costs of refurbishing and all costs of reletting the Leased Premises. All remedies herein given Lessor, including all those not set forth but provided by law, shall be cumulative, and the exercise of one or more of such remedies by Lessor shall not exclude the exercise of any other consistent remedy, nor shall any waiver by Lessor, express or implied, or any breach of any term, covenant or condition hereof be deemed a waiver of such term, condition or covenant, or of any subsequent breach of the s...
DEFAULT BY LESSEE is defined in Section 11.1;
DEFAULT BY LESSEE. SEE ADDENDUM.