Common use of Consequences of Default Clause in Contracts

Consequences of Default. 38. If and whenever the Lessor is entitled to re-enter the demised premises, or does re-enter the demised premises, the Lessor may either terminate this Lease by giving written notice of termination to the Lessee, or by posting notice of termination in the demised premises, and in such event the Lessee will forthwith vacate and surrender the demised premises or alternatively, the Lessor may from time to time without terminating the Lessee's obligation under this Lease, make alterations and repairs considered by the Lessor necessary to facilitate a sub-letting and sub-let the demised premises or any part thereof as agent of the Lessee for such term or terms and at such rent or rents and upon such other terms and conditions as the Lessor in its reasonable discretion considers advisable. Upon each sub-letting all rent and other monies received by the Lessor from the sub-letting will be applied first to the payment of indebtedness other than rent due hereunder from the Lessee to the Lessor, second to the payment of costs of the alterations and repairs, and third to the payment of rent due and unpaid hereunder. The residue, if any, will be held by the Lessor and applied in payment of future rent as it becomes due and payable. If the rent received from the sub-letting during a month is less than the rent to be paid during that month by the Lessee, the Lessee will pay the deficiency to the Lessor, the deficiency will be calculated and paid monthly. No re-entry by the Lessor will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Lessee or posted as aforesaid. Despite a sub-letting without termination, the Lessor may elect at any time to terminate this Lease for a previous breach. If the Lessor re-enters the premises or terminates this Lease for any breach, the Lessee will pay to the Lessor on demand therefore:

Consequences of Default. 38. If and whenever the Lessor Landlord is entitled to re-enter the demised premises, or does re-enter the demised premisesLeased Premises, the Lessor Landlord may either terminate this Lease and the Term by giving written notice of termination to the Lessee, Tenant or by posting notice of termination in the demised premisesLeased Premises, and in such event the Lessee Tenant will forthwith vacate and surrender the demised premises or alternativelyLeased Premises. Alternatively, the Lessor Landlord may from time to time without terminating the LesseeTenant's obligation obligations under this Lease, make alterations and repairs considered by the Lessor Landlord necessary to facilitate a sub-letting and sub-let the demised premises Leased Premises or any part thereof as agent of the Lessee Tenant for such term or terms and at such rent or rents and upon such other terms and conditions as the Lessor Landlord in its reasonable sole discretion considers advisable. Upon each sub-letting subletting all rent and other monies received by the Lessor Landlord from the sub-letting will shall be applied first to the payment of indebtedness other than rent Rent due hereunder from the Lessee Tenant to the LessorLandlord, second to the payment of costs and expenses of the sub-letting including brokerage fees and solicitors fees and the cost of alterations and repairs, and third to the payment of rent Rent due and unpaid hereunder. The residue, if any, will shall be held by the Lessor Landlord and applied in payment of future rent Rent as it becomes due and payable. If the rent Rent received from the sub-letting during a month and any surplus then held by the Landlord to the credit of the Tenant is less than the rent Rent to be paid during that month by the LesseeTenant, the Lessee Tenant will pay the deficiency to the Lessor, the Landlord. The deficiency will be calculated and paid monthly. No re-entry by the Lessor Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention termination is given to the Lessee Tenant or posted as aforesaid. Despite a sub-letting subletting without termination, the Lessor Landlord may elect at any time to terminate this Lease for a previous breach. If the Lessor re-enters the premises or Landlord so terminates this Lease for any breachLease, the Lessee will Tenant shall pay to the Lessor Landlord on demand thereforetherefor:

Consequences of Default. 38. If and whenever a default occurs, Landlord may, at its option, reenter the Lessor is entitled to re-enter the demised premises, or does re-enter the demised premises, the Lessor may either terminate this Lease by giving written notice of termination to the Lessee, or by posting notice of termination in the demised premises, and in such event the Lessee will forthwith vacate and surrender the demised premises or alternatively, the Lessor may from time to time Premises without terminating the Lessee's obligation under this Lease, make alterations relet the Premises on Tenant’s behalf; and repairs considered by the Lessor necessary to facilitate a sub-letting and sub-let the demised premises or any part thereof as agent of the Lessee Tenant shall be responsible for such term or terms and at such rent or rents and upon such other terms and conditions as the Lessor in its reasonable discretion considers advisable. Upon each sub-letting all rent and other monies received by the Lessor from the sub-letting will be applied first to the payment of indebtedness other than any deficiency in the rent due hereunder from received by Landlord in accordance with the Lessee Lease, as well as all costs relating to recovery and reletting the LessorPremises, second including all leasing commissions, reasonable legal fees and costs plus all actual damages, but if Landlord does not relet the Premises Tenant shall continue to be responsible for the full payment of costs rentals in accordance with the Lease. In addition, Tenant shall be liable for (i) the unamortized portion of brokerage commissions paid in connection with this Lease; (ii) the unamortized portion of the alterations and repairs, and third to improvement allowance or the payment cost of rent due and unpaid hereunder. The residuethe improvements made by Landlord, if any, will ; and (iii) the unamortized portion of any rent abated pursuant to this Lease. Landlord shall not be held by the Lessor and applied in payment required to serve further notice or resort to legal process prior to exercising its right of future rent as it becomes due and payable. If the rent received from the sub-letting during a month is less than the rent to be paid during that month by the Lessee, the Lessee will pay the deficiency to the Lessor, the deficiency will be calculated and paid monthly. No re-entry by entry, and Tenant waives any available rights of redemption. Landlord shall also have the Lessor will be construed as an election on its part right to terminate this Lease unless a written notice and recover damages, even if Landlord has previously exercised its right of that intention is given re-entry. If Landlord elects to terminate, Landlord shall be entitled to liquidated damages in an amount equal to: (i) all sums owing hereunder up to the Lessee date of termination; (ii) the unamortized portion of brokerage commissions paid in connection with this Lease; (iii) the unamortized portion of the improvement allowance or posted as aforesaid. Despite a sub-letting without terminationthe cost of the improvements made by Landlord, if any; (iv) the Lessor may elect at unamortized portion of any time rent abated pursuant to terminate this Lease for a previous breachand (v) accelerated rent discounted to present value using an interest rate of ten percent (10%), provided that Landlord will forward to Tenant any net rentals received on reletting the Premises as they are received, provided that Landlord shall incur no liability, and Tenant’s obligations hereunder shall not be diminished, by virtue of Landlord’s failure to relet. If the Lessor re-enters the premises The foregoing remedies are in addition to any other remedies available hereunder or terminates this Lease for any breach, the Lessee will pay to the Lessor on demand therefore:at law.

Consequences of Default. 38. 38 If and whenever the Lessor is entitled to re-enter the demised premises, or does re-enter the demised premises, the Lessor may either terminate this Lease by giving written notice of termination to the Lessee, or by posting notice of termination in the demised premises, and in such event the Lessee will forthwith vacate and surrender the demised premises or alternatively, the Lessor may from time to time without terminating the Lessee's obligation under this Lease, make alterations and repairs considered by the Lessor necessary to facilitate a sub-letting and sub-let the demised premises or any part thereof as agent of the Lessee for such term or terms and at such rent or rents and upon such other terms and conditions as the Lessor in its reasonable discretion considers advisable. Upon each sub-letting all rent and other monies received by the Lessor from the sub-letting will be applied first to the payment of indebtedness other than rent due hereunder from the Lessee to the Lessor, second to the payment of costs of the alterations and repairs, and third to the payment of rent due and unpaid hereunder. The residue, if any, will be held by the Lessor and applied in payment of future rent as it becomes due and payable. If the rent received from the sub-letting during a month is less than the rent to be paid during that month by the Lessee, the Lessee will pay the deficiency to the Lessor, the deficiency will be calculated and paid monthly. No re-entry by the Lessor will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Lessee or posted as aforesaid. Despite a sub-letting without termination, the Lessor may elect at any time to terminate this Lease for a previous breach. If the Lessor re-enters the premises or terminates this Lease for any breach, the Lessee will pay to the Lessor on demand therefore:

Consequences of Default. 38. If and whenever the Lessor Landlord is entitled to re-enter the demised premises, or does re-enter the demised premisesLeased Premises, the Lessor Landlord may either terminate this Lease and the Term by giving written notice of termination to the Lessee, Tenant or by posting notice of termination in the demised premisesLeased Premises, and in such event the Lessee Tenant will forthwith vacate and surrender the demised premises or alternativelyLeased Premises. Alternatively, the Lessor Landlord may from time to time without terminating the Lessee's obligation Tenant’s obligations under this Lease, make alterations and repairs considered by the Lessor Landlord necessary to facilitate a sub-letting and sub-let the demised premises Leased Premises or any part thereof as agent of the Lessee Tenant for such term or terms and at such rent or rents and upon such other terms and conditions as the Lessor Landlord in its reasonable sole discretion considers advisable. Upon each sub-letting subletting all rent and other monies received by the Lessor Landlord from the sub-letting will shall be applied first to the payment of indebtedness other than rent Rent due hereunder from the Lessee Tenant to the LessorLandlord, second to the payment of costs and expenses of the sub-letting including brokerage fees and solicitors fees and the cost of alterations and repairs, and third to the payment of rent Rent due and unpaid hereunder. The residue, if any, will shall be held by the Lessor Landlord and applied in payment of future rent Rent as it becomes due and payable. If the rent Rent received from the sub-letting during a month and any surplus then held by the Landlord to the credit of the Tenant is less than the rent Rent to be paid during that month by the LesseeTenant, the Lessee Tenant will pay the deficiency to the Lessor, the Landlord. The deficiency will be calculated and paid monthly. No re-entry by the Lessor Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention termination is given to the Lessee Tenant or posted as aforesaid. Despite a sub-letting subletting without termination, the Lessor Landlord may elect at any time to terminate this Lease for a previous breach. If the Lessor re-enters the premises or Landlord so terminates this Lease for any breachLease, the Lessee will Tenant shall pay to the Lessor Landlord on demand thereforetherefor:

Consequences of Default. 38. If and whenever the Lessor Landlord is entitled to re-enter the demised premisesDemised Premises, or does re-enter the demised premisesDemised Premises, the Lessor Landlord may either terminate this Lease by giving written notice of termination to the LesseeTenant, or by posting notice of termination in the demised premisesDemised Premises, and in such event the Lessee Tenant will forthwith vacate and surrender the demised premises Demised Premises or alternatively, the Lessor Landlord may from time to time without terminating the LesseeTenant's obligation obligations under this Lease, make alterations and repairs considered by the Lessor Landlord necessary to facilitate a sub-letting and sub-let the demised premises Demised Premises or any part thereof as agent of the Lessee Tenant for such term or terms and at such rent or rents and upon such other terms and conditions as the Lessor Landlord in its reasonable discretion considers advisable. Upon each sub-letting all rent Rent and other monies received by the Lessor Landlord from the sub-letting will be applied first to the payment of indebtedness other than rent Rent due hereunder from the Lessee Tenant to the LessorLandlord, second to the payment of costs and expenses of the alterations sub-letting including brokerage fees and solicitors' fees and costs of the alteration and repairs, and third to the payment of rent Rent due and unpaid hereunder. The residue, if any, will be held by the Lessor Landlord and applied in payment of future rent Rent as it becomes due and payable. If the rent Rent received from the sub-letting during a month is less than the rent Rent to be paid during that month by the LesseeTenant, the Lessee Tenant will pay the deficiency to the Lessor, the Landlord. The deficiency will be calculated and paid monthly. No re-entry by the Lessor Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Lessee Tenant or posted as aforesaid. Despite a sub-letting without termination, the Lessor Landlord may elect at any time to terminate this Lease for a previous breach. If the Lessor re-enters the premises or Landlord terminates this Lease for any breach, the Lessee Tenant will pay to the Lessor Landlord on demand therefore:;

Consequences of Default. 38. If and whenever the Lessor Tenant is entitled to re-enter the demised premises, or does re-enter the demised premisesin default under this Lease, the Lessor Landlord may either terminate this Lease and the Term by giving written notice of termination to the Lessee, Tenant or by posting notice of termination in the demised premisesLeased Premises, and in such event the Lessee Tenant will forthwith vacate and surrender the demised premises or alternativelyLeased Premises. Alternatively, the Lessor Landlord may from time to time without terminating the LesseeTenant's obligation obligations under this Lease, re-enter the Leased Premises, make alterations and repairs considered by the Lessor Landlord necessary to facilitate a sub-letting and sub-let the demised premises Leased Premises or any part thereof as agent of the Lessee Tenant for such term or terms and at such rent or rents and upon such other terms and conditions as the Lessor Landlord in its reasonable sole discretion considers advisable. Upon each sub-letting subletting all rent and other monies received by the Lessor Landlord from the sub-letting will shall be applied first to the payment of indebtedness other than rent Rent due hereunder from the Lessee Tenant to the LessorLandlord, second to the payment of costs and expenses of the sub-letting including brokerage fees and attorneys fees and the cost of alterations and repairs, and third to the payment of rent Rent due and unpaid hereunder. The residue, if any, will shall be held by the Lessor Landlord and applied in payment of future rent Rent as it becomes due and payable. , If the rent Rent received from the sub-letting subletting during a month and any surplus then held by the Landlord to the credit of the Tenant is less than the rent Rent to be paid during that month by the LesseeTenant, the Lessee Tenant will pay the deficiency to the Lessor, the Landlord. The deficiency will be calculated and paid monthly. No re-entry by the Lessor Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention termination is given to the Lessee Tenant or posted as aforesaid. Despite a sub-letting subletting without termination, the Lessor Landlord may elect at any time to terminate this Lease for a previous breach. If the Lessor re-enters the premises or Landlord so terminates this Lease for any breachLease, the Lessee will Tenant shall pay to the Lessor Landlord on demand thereforetherefor:

Consequences of Default. 38The Tenant shall indemnify the Landlord against all loss of rent and other payments which the Landlord may incur by reason of such termination during the residue of the Term. If the Tenant shall default, after applicable notice thereof, in the observance or performance of any conditions or covenants on Tenant's part to be observed or performed under or by virtue of any of the provisions in any provision of this Lease, the Landlord, without being under any obligation to do so and whenever without thereby waiving such default, may remedy such default for the Lessor is account and at the expense of the Tenant. If the Landlord makes any expenditures or incurs any obligations for the payment of money in connection therewith, including but not limited to, reasonable attorney's fees, shall be paid to the Landlord by the Tenant as Additional Rent. Tenant further covenants and agrees, notwithstanding any entry or re-entry by Landlord or the termination of this Lease, whether by summary proceedings or otherwise, that all Rent and other charges due under this Lease shall be accelerated and shall be immediately due and payable in full. For purposes of calculating the Annual Percentage Rent that would have become due for the remainder of the Term, the highest Quarterly Percentage Rent amount paid during the preceding thirty-six (36) months shall be annualized and used as the Annual Percentage Rent amount. In the event the Premises are relet by Landlord (which right Landlord shall have at its sole election without an obligation to relet), Tenant shall be entitled to re-enter the demised premises, or does re-enter the demised premises, the Lessor may either terminate this Lease by giving written notice of termination to the Lessee, or by posting notice of termination a credit in the demised premisesnet amount of rent and other charges received by Landlord in reletting, after deduction of all reasonable expenses incurred in reletting the Premises (including, without limitation, remodeling costs, brokerage fees, attorneys' fees and the like), and in collecting the rent in connection therewith, in the following manner: Amounts received by Landlord after reletting shall first be applied against such event Landlord's reasonable expenses, until the Lessee will forthwith vacate same are recovered, and surrender the demised premises or alternativelyuntil such recovery, the Lessor may from time to time without terminating the Lessee's obligation Tenant shall pay, as of each day when a payment would fall due under this Lease, make alterations the full amount thereof (Tenant's liability prior to any such reletting and repairs considered by the Lessor necessary such recovery not in any way to facilitate be diminished as a sub-letting and sub-let the demised premises or any part thereof as agent result of the Lessee fact that such reletting might be for a rent higher than the rent provided for in this Lease); when and if such term expenses have been completely recovered, the amounts received from reletting by Landlord as have not previously been applied shall be credited against Tenant's obligations as of each day when a payment would fall due under this Lease, and only the net amount thereof shall be payable by Tenant. Further, amounts received by Landlord from such reletting for any period shall be credited only against obligations of Tenant accruing subsequent or terms prior to such period; nor shall any credit of any kind be due for any period after the date when the Term of this Lease is scheduled to expire according to its Term. Without limiting any of Landlord's rights and at such remedies hereunder, and in addition to all other amounts Tenant is otherwise obligated to pay, it is expressly agreed that Landlord shall be entitled to recover from Tenant all reasonable costs and expenses, including attorneys' fees, incurred by Landlord in enforcing this Lease from and after Tenant's default. Notwithstanding anything contained herein to the contrary, Tenant expressly acknowledges the Landlord's right to show and rent other space in the Building prior to showing or rents letting Tenant's space, and that Landlord is under no obligation to let Tenant's space upon such other terms and conditions as different from that proposed for other space in the Lessor in its reasonable discretion considers advisable. Upon each sub-letting all rent and other monies received by the Lessor from the sub-letting will be applied first to the payment of indebtedness other than rent due hereunder from the Lessee to the Lessor, second to the payment of costs of the alterations and repairs, and third to the payment of rent due and unpaid hereunder. The residue, if any, will be held by the Lessor and applied in payment of future rent as it becomes due and payable. If the rent received from the sub-letting during a month is less than the rent to be paid during that month by the Lessee, the Lessee will pay the deficiency to the Lessor, the deficiency will be calculated and paid monthly. No re-entry by the Lessor will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Lessee or posted as aforesaid. Despite a sub-letting without termination, the Lessor may elect at any time to terminate this Lease for a previous breach. If the Lessor re-enters the premises or terminates this Lease for any breach, the Lessee will pay to the Lessor on demand therefore:Building.

Consequences of Default. 38. If and whenever the Lessor University is entitled to re-enter the demised premisesDemised Premises, or does re-enter the demised premisesDemised Premises, the Lessor University may either terminate this Lease by giving written notice of termination to the LesseeTenant, or by posting notice of termination in the demised premisesDemised Premises, and in such event the Lessee Tenant will forthwith vacate and surrender the demised premises Demised Premises or alternatively, the Lessor University may from time to time without terminating the LesseeTenant's obligation obligations under this Lease, make alterations and repairs considered by the Lessor University necessary to facilitate a sub-letting and sub-let subplot the demised premises or any part thereof as agent of the Lessee Tenant for such term or terms and at such rent or rents and upon such other terms and conditions as the Lessor University in its reasonable discretion considers advisable. Upon each sub-letting all rent and other monies received by the Lessor University from the sub-letting will be applied first to the payment of indebtedness other than rent due hereunder from the Lessee Tenant to the LessorUniversity, second to the payment of costs and expenses of the sub-letting including brokerage fees and solicitors' fees and costs of the alterations and repairs, and third to the payment of rent due and unpaid hereunder. The residue, if any, will be held by the Lessor University and applied in payment of future rent as it becomes due and payable. If the rent received from the sub-letting during a month is less than the rent to be paid during that month by the Lessee, Tenant,. the Lessee Tenant will pay the deficiency to the Lessor, the University. The deficiency will be calculated and paid monthly. No re-entry by the Lessor University will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Lessee Tenant or posted as aforesaid. Despite a sub-letting without termination, the Lessor University may elect at any time to terminate this Lease lease for a previous breach. If the Lessor re-enters the premises or University terminates this Lease for any breach, the Lessee will pay such termination shall be without prejudice to the Lessor on demand therefore:University's right to recover from the Tenant for past, present and prospective damages.

Consequences of Default. 38. If and whenever the Lessor Landlord is entitled to re-enter the demised premises, or does re-enter the demised premisesLeased Premises, the Lessor Landlord may either terminate this Lease and the Term by giving written notice of termination to the Lessee, Tenant or by posting notice of termination in the demised premisesLeased Premises, and in such event the Lessee Tenant will forthwith vacate and surrender the demised premises or alternativelyLeased Premises. Alternatively, the Lessor Landlord may from time to time without terminating the LesseeTenant's obligation obligations under this Lease, make alterations and repairs considered by the Lessor Landlord necessary to facilitate a sub-letting and sub-let the demised premises Leased Premises or any part thereof as agent of the Lessee Tenant for such term or terms and at such rent or rents and upon such other terms and conditions as the Lessor Landlord in its reasonable sole discretion considers advisable. Upon each sub-letting subletting all rent and other monies received by the Lessor Landlord from the sub-letting will shall be applied first to the payment of indebtedness other than rent Rent due hereunder from the Lessee Tenant to the LessorLandlord, second to the payment of costs and expenses of the sub-letting including brokerage fees and solicitors fees and the cost of alterations and repairs, and third to the payment of rent Rent due and unpaid hereunder. The residue, if any, will shall be held by the Lessor Landlord and applied in payment of future rent Rent as it becomes due and payable. If the rent Rent received from the sub-letting subletting during a month and any surplus then held by the Landlord to the credit of the Tenant is less than the rent Rent to be paid during that month by the LesseeTenant, the Lessee Tenant will pay the deficiency to the Lessor, the Landlord. The deficiency will be calculated and paid monthly. No re-entry by the Lessor Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention termination is given to the Lessee Tenant or posted as aforesaid. Despite a sub-letting subletting without termination, the Lessor Landlord may elect at any time to terminate this Lease for a previous breach. If the Lessor re-enters the premises or Landlord so terminates this Lease for any breachLease, the Lessee will Tenant shall pay to the Lessor Landlord on demand thereforetherefor:

Consequences of Default. 38. If and whenever the Lessor Landlord is entitled to re-enter the demised premises, or does re-enter the demised premisesLeased Premises, the Lessor Landlord may either terminate this Lease and the Term by giving written notice of termination to the Lessee, Tenant or by posting notice of termination in the demised premisesLeased Premises, and in such event the Lessee Tenant will forthwith vacate and surrender the demised premises or alternativelyLeased Premises. Alternatively, the Lessor Landlord may from time to time without terminating the LesseeTenant's obligation obligations under this Lease, make alterations and repairs considered by the Lessor Landlord necessary to facilitate a sub-letting subletting and sub-let sublet the demised premises Leased Premises or any part thereof as agent of the Lessee Tenant for such term or terms and at such rent or rents and upon such other terms and conditions as the Lessor Landlord in its reasonable sole discretion considers advisable. Upon each sub-letting subletting all rent and other monies received by the Lessor Landlord from the sub-letting will subletting shall be applied applied, first to the payment of indebtedness other than rent Rent due hereunder from the Lessee Tenant to the LessorLandlord, second to the payment of costs and expenses of the subletting including brokerage fees and solicitors fees and the cost of alterations and repairs, and third to the payment of rent Rent due and unpaid hereunder. The residue, if any, will shall be held by the Lessor Landlord and applied in payment of future rent Rent as it becomes due and payable. If the rent Rent received from the sub-letting subletting during a month and any surplus then held by the Landlord to the credit of the Tenant is less than the rent Rent to be paid during that month by the LesseeTenant, the Lessee Tenant will pay the deficiency to the Lessor, the Landlord. The deficiency will be calculated and paid monthly. No re-entry by the Lessor Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention termination is given to the Lessee Tenant or posted as aforesaid. Despite a sub-letting subletting without termination, the Lessor Landlord may elect at any time to terminate this Lease for a previous breach. If the Lessor re-enters the premises or Landlord so terminates this Lease for any breachLease, the Lessee will Tenant shall pay to the Lessor Landlord on demand thereforetherefor: