Default by Lessee definition
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
A "Default" by Lessee is defined as a failure by Lessee to observe, comply with or perform any of the terms, covenants, conditions or rules applicable to Lessee under this Lease.
No termination, repossession or other act by Lessor in the exercise of its rights and remedies upon an Event or Default by Lessee shall relieve Lessee from any of its obligations hereunder.
The Schedule Term may be earlier terminated upon: (i) the Non-appropriation of Funds pursuant to Section 7 of this MLA, (ii) an Event of Loss pursuant to Section 18 of this MLA, or (iii) an Event of Default by Lessee and Lessor’s election to cancel the Schedule pursuant to Section 24 of this MLA.
The Schedule Term may be earlier terminated upon: (i) the non-appropriation of funds pursuant to Section 8 (“Appropriation of Funds”) of this MOLA, (ii) an Event of Loss, (iii) an Event of Default by Lessee and Lessor’s election to cancel the Schedule pursuant to Section 24 (“Remedies”) of this MOLA, (iv) an event of default or other breach of this Agreement by Lessor and Lessee's election to cancel the Schedule pursuant to Section 24 (“Remedies”) of this MOLA, or (v) as otherwise set forth herein.
In the event of a Default by Lessee, Lessor may terminate this Lease, effective at such time as may be specified by written notice to Lessee, and demand (and, if such demand is refused, recover) possession of the Premises from Lessee.
More Definitions of Default by 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 is defined in Section 11.1;
Default by Lessee. The following provisions shall govern default by the LESSEE:
20.1. LESSEE will be in default under this Lease upon the happening of any one or more of the following events:
20.1.1. Failure of LESSEE to make any rent payment when due or fully and timely perform any obligation contained in this Lease.
20.1.2. Any warranty, representation or statement made or furnished to LESSOR by or on behalf of LESSEE for the purpose of inducing the execution of this Lease or any other agreement between the parties proves to have been false in any material respect when made or furnished.
20.1.3. LESSEE is dissolved or its existence terminated; LESSEE becomes insolvent, its business fails, or a receiver is appointed for any of LESSEE'S property; LESSEE is generally not paying its debts as they become due; or LESSEE makes an assignment for the benefit of its creditors or is the subject of any voluntary or involuntary bankruptcy or insolvency proceeding.
20.1.4. Any of the occurrences set forth in Section 20.1.3. of this Lease above occurs with respect to any guarantor or surety of LESSEE'S obligations.
20.1.5. LESSEE abandons the Premises, or the Premises or LESSEE'S leasehold interest in the Premises are attached or taken under any court order or writ of execution.
20.2. If LESSEE defaults, LESSOR may enforce its rights by an action for rent and possession, unlawful detainer, or other legal remedy. LESSEE agrees that, notwithstanding LESSOR'S possession of the Premises, LESSEE shall remain liable for and shall pay LESSOR an amount equal to the entire rent payable to the end of the then-applicable term of this Lease. This amount may either (a) be accelerated and become payable at once, or (b) become due and be payable monthly, at the sole option of LESSOR. In addition, LESSEE shall be liable for and shall pay to LESSOR any loss or deficiency sustained by LESSOR because of LESSEE'S default.
20.3. Notwithstanding LESSOR'S re-entry and possession of the Premises, LESSOR, upon LESSEE'S default, shall have the right, without notice to LESSEE, and without terminating this Lease, to make alterations and repairs for the purpose of reletting the Premises. LESSOR may relet or attempt to relet the Premises or any part of the Premises for the remainder of the then-applicable Lease term or for any longer or shorter period as opportunity may offer, to such persons and at such rent as may be obtained. Nothing in this Lease shall require LESSOR to relet or make any attempt to relet the Prem...
Default by Lessee. The following shall be deemed to be events of default by Lessee under this Lease:
(a) Lessee shall fail to pay when due any installment of rent or any other payment required persuant to this Lease; and such failure is not cured by Lessee within 5 days from receipt of written notice;
(b) Lessee shall abandon any substantial portion of the leased premises;
(c) Lessee shall fail to comply with any term, provision or covenant of this Lease, other than the payment of rent, and the failure is not cured within thirty (30) days after written notice to Lessee; (d) Lessee shall file a petition or be adjudged bankrupt or insolvent under the National Bankruptcy Act, as amended, or any similar law or statute of the United States or any state; or a receiver or trustee shall be appointed for all or substantially all of the assets of Lessee; or Lessee shall make a transfer in fraud of creditors or shall make an assignment for the benefit of creditors; or
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. The approved encumbrance shall contain a provision that any default of this lease by the Lessee Obligor of this Lease shall be a default of said encumbrance.
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;