Common use of Default by Tenant Clause in Contracts

Default by Tenant. (a) This Lease is made upon the condition that the Tenant shall punctually and faithfully perform all of the covenants and agreements by it to be performed as herein set forth. If any of the following events shall occur, to-wit: (i) if any installment of Fixed Base Rent, Percentage Rent, or any other sums required to be paid by Tenant hereunder, or any part thereof, shall at any time be in arrears and unpaid for ten (10) days after the date due, or (ii) if there be any default on the part of the Tenant in the observance or performance of any of the other covenants, agreements or conditions of said Lease on the part of Tenant to be kept and performed and said default shall continue for a period of fifteen (15) days after written notice thereof from Landlord to Tenant (unless such default cannot reasonably be cured within fifteen (15) days and in such case, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of same) or (iii) if Tenant shall file a petition in bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or make an assignment for the benefit of creditors, or (iv) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall be appointed in any action, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed within thirty (30) days after such appointment, or (v) if the leasehold estate hereby created shall be taken by execution or by other process of law, or (vi) if Tenant shall fail to operate and conduct business as required in Section 8 hereinabove, then, in any such event, Landlord, at Landlord's option and without limiting Landlord in the exercise of any other right or remedy Landlord may have on account of any default by Tenant, may either:

Appears in 4 contracts

Samples: Lease Agreement (Dominion Homes Inc), Lease Agreement (Dominion Homes Inc), Lease Agreement (Dominion Homes Inc)

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Default by Tenant. (a) This Lease is made upon the condition that the Tenant The following shall punctually and faithfully perform all of the covenants and agreements by it be deemed to be performed as herein set forth. If any events of the following events shall occurdefault by Tenant under this Lease (each, to-wit: a “Tenant Default”): (i) if Tenant shall fail to pay when due any installment of Fixed Base Rent, Percentage Rent, Rent or any other sums payment required pursuant to be paid by Tenant hereunder, or any part thereof, shall at any time be in arrears and unpaid for ten this Lease within twenty (1020) days after the date due, Tenant’s receipt of written notice of nonpayment thereof (a “Monetary Default”); or (ii) if there be Tenant shall fail to comply with any default on term, provision or covenant of this Lease, other than the part payment of Rent, and the Tenant in the observance or performance of any of the other covenants, agreements or conditions of said Lease on the part of Tenant to be kept and performed and said default shall continue for a period of fifteen failure is not cured within thirty (1530) days after Tenant’s receipt of written notice thereof from Landlord to thereof, or such longer period as may be reasonable under the circumstances so long as Tenant (unless such default cannot reasonably be cured within fifteen (15) days and in such case, Tenant shall have commenced commences to cure said default within said fifteen such thirty (1530) days day period and thereafter continues diligently to pursue prosecutes such cure to completion the curing of same) (a “Non-Monetary Default”); or (iii) if Tenant shall file a petition in or be adjudged bankrupt or insolvent under any applicable federal or state bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, insolvency law or regulation, a receiver or trustee shall be appointed for all or substantially all of the assets of Tenant or Tenant shall make a transfer in fraud of creditors or shall make an assignment for the benefit of creditors, creditors and same is not dismissed within ninety (90) days thereafter; or (iv) if this Lease or the Tenant’s Leasehold Estate is transferred in violation of the requirements of this Lease. Any permitted assignee or lender (including a Leasehold Mortgagee) may cure any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall be appointed in any action, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed within thirty (30) days after such appointment, or (v) if the leasehold estate hereby created shall be taken by execution or by other process of law, or (vi) if Tenant shall fail to operate and conduct business as required in Section 8 hereinabove, then, in any such event, Landlord, at Landlord's option and without limiting Landlord in the exercise of any other right or remedy Landlord may have on account of any default by Tenant, may either:Default hereunder.

Appears in 3 contracts

Samples: Garage Lease (Virgin Trains USA LLC), Garage Lease (Virgin Trains USA LLC), Garage Lease (Virgin Trains USA LLC)

Default by Tenant. (a) This Lease is made upon the condition that the Tenant shall punctually and faithfully perform all of the covenants and agreements by it to be performed as herein set forth. If any of the following events shall occur, to-wit: (i) if any installment of Fixed Base Rent, Percentage Rent, or any other sums required to be paid by Tenant hereunder, or any part thereof, shall at any time be in arrears and unpaid default under this Lease in the event that it (A) fails to pay rent for ten (10) days after the date dueit is due hereunder, or (iiB) if there be fails to perform or comply with any default on the part of the Tenant in the observance or performance of any of the other covenants, agreements or conditions of said Lease on the part of Tenant to be kept and performed and said default shall continue provision hereof for a period of fifteen thirty (1530) days after receipt of written notice thereof from Landlord to Tenant (unless Landlord; provided that if, such default failure cannot reasonably be cured within fifteen thirty (1530) days and in such casedays, then Tenant shall have commenced an additional period of time, not to exceed sixty (60) days, to cure said such failure, so long as Tenant has commenced and is diligently pursuing appropriate actions to cure such failure. Upon a default within said fifteen by Tenant, Tenant's right to the further possession of the Premises shall terminate and Landlord shall become and be entitled to immediate possession of the Premises, provided Landlord shall so elect, but not otherwise. Landlord shall thereupon immediately have the full right of re-entry upon the Premises, by force or otherwise, to the extent permitted by the applicable law then in force, and without formal notice or demand, and without liability of any kind; and also the right, but not the obligation, to re-let the Premises for any unexpired balance of the term, and collect the rent therefor. In the event of such re-letting by Landlord, the re-letting shall be for such duration (15which may extend beyond the unexpired balance of the term) days and thereafter continues diligently to pursue to completion on such other terms, conditions, and rental as Landlord may deem proper, and the curing proceeds that may be collected from the same, less the expense of same) or re-letting (iii) if including reasonable leasing costs, fees, and commissions and reasonable costs of renovating the Premises), shall be applied upon Tenant's rental obligation as set forth in this Lease for the unexpired portion of the Lease term. Tenant shall file be liable for any balance that may be due under this Lease, although Tenant shall have no further right of possession of the Premises. Such re-entry by Landlord and any such re-letting shall not operate as a petition termination of this Lease, unless Landlord shall so elect, nor as a waiver or postponement of any right of Landlord against Tenant. Landlord shall have the further right, in bankruptcy the event of Tenant's default as aforesaid, and irrespective of whether Landlord shall have elected to terminate Tenant's right to the further possession of the Premises, to declare the entire rent for the unexpired portion of the Lease term to be immediately due and payable and to collect the same by any manner not inconsistent with applicable law. Mention in this Lease of any particular remedy shall not preclude Landlord from any other remedy, in law or be adjudicated a bankruptin equity. To the extent permitted by law, Tenant hereby consents to summary proceedings in connection with Landlord's re-entry of the Premises, and expressly waives any and all rights of redemption, granted by or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state laws in the event of Tenant being evicted or other statute, law or regulationdispossessed for any cause, or make an assignment for in the benefit event of creditorsLandlord obtaining possession of the Premises, by reason of the violation by Tenant of any of the covenants and conditions of this Lease, or (iv) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall be appointed in any action, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed within thirty (30) days after such appointment, or (v) if the leasehold estate hereby created shall be taken by execution or by other process of law, or (vi) if Tenant shall fail to operate and conduct business as required in Section 8 hereinabove, then, in any such event, Landlord, at Landlord's option and without limiting Landlord in the exercise of any other right or remedy Landlord may have on account of any default by Tenant, may either:otherwise.

Appears in 3 contracts

Samples: Lease Agreement (National Service Industries Inc), Lease Agreement (Acuity Brands Inc), Lease Agreement (L&c Spinco Inc)

Default by Tenant. Any other provisions of this Lease to the contrary notwithstanding, it shall be deemed to be an “Event of Default” under this Lease if: (a) This Lease is made upon the condition that the Tenant shall punctually and faithfully perform all of the covenants and agreements by it fails to be performed as herein set forth. If any of the following events shall occur, to-wit: (i) if pay any installment of Fixed Base Rent, Percentage Rent, or any other sums required to be paid Rent which is due and payable hereunder by Tenant hereunder, or any part thereof, shall at any time be in arrears and unpaid for ten (10) days after the date due, or (ii) if there be any default on the part of the Tenant in the observance or performance of any of the other covenants, agreements or conditions of said Lease on the part of Tenant to be kept and performed and said default shall continue such failure continues for a period of fifteen thirty (1530) days after written Tenant’s receipt of notice thereof from Landlord, or (b) Tenant fails to keep, observe or perform any other term, covenant or condition of this Lease to be kept, observed or performed by Tenant and such failure continues after Tenant’s receipt of notice of default thereof from Landlord to Tenant for more than thirty (unless such default 30) days, provided that if the same cannot reasonably be cured within fifteen thirty (1530) days days, then within such additional time, if any, as is reasonably necessary to complete such cure, provided that Tenant has commenced such cure within the initial thirty (30) day period and in diligently pursues such casecure to completion, or (c) Tenant and/or Bloom Energy Corporation shall have commenced (i) voluntarily be adjudicated a bankrupt or insolvent; (ii) consent to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing appointment of same) a receiver or trustee for itself or for any of the Premises or Improvements; (iii) if Tenant shall file a petition in bankruptcy or be adjudicated a bankruptbankruptcy, or file any a petition or answer seeking any reorganizationreorganization under the Federal Bankruptcy Code, arrangement, composition, readjustment, liquidation, dissolution or similar a petition seeking relief for itself under any present other debtor relief law; or future federal, state or other statute, law or regulation, or make an (iv) file a general assignment for the benefit of creditors; or (d) a court shall enter an order, judgment, or decree (ivi) if any trusteeappointing, with or without the voluntary consent of Tenant, a receiver or liquidator trustee for Tenant and/or Bloom Energy Corporation or for the Premises or Improvements; or (ii) adjudicating Tenant and/or Bloom Energy Corporation bankrupt or approving a petition filed against Tenant and/or Bloom Energy Corporation which seeks reorganization of Tenant and/or Bloom Energy Corporation under the Federal Bankruptcy Code or of all seeks relief under any judgment or any substantial part of its properties shall be appointed in any actiondebtor relief law, suit or proceeding by or against Tenant and such proceeding order, judgment, or action decree shall not have been dismissed within thirty remain in force, undischarged or unstayed, ninety (3090) days after such appointment, it is entered or (ve) if Tenant abandons the leasehold estate hereby created Premises. For purposes of this Lease, abandonment shall be taken by execution or by other process of law, or (vi) deemed to have occurred if Tenant shall fail ceases business operations at the Premises for a period of twelve (12) consecutive months or otherwise after vacating the Premises unequivocally evidences an intention to operate and conduct business as required in Section 8 hereinabove, then, in any such event, Landlord, at Landlord's option and without limiting Landlord in abandon indefinitely the exercise of any other right or remedy Landlord may have on account of any default by Tenant, may either:Project.

Appears in 2 contracts

Samples: Ground Lease (Bloom Energy Corp), Ground Lease (Bloom Energy Corp)

Default by Tenant. The following shall be deemed to be events of default (a"Default") This Lease is made upon the condition that the by Tenant under this Lease: (1) Tenant shall punctually and faithfully perform all of the covenants and agreements by it fail to be performed as herein set forth. If any of the following events shall occur, to-wit: (i) if pay when due any installment of Fixed Base Rent, Percentage Rent, rent or any other sums payment required pursuant to be paid by Tenant hereunder, or any part thereof, shall at any time be in arrears this Lease and unpaid for ten (10) days after the date due, or (ii) if there be any default on the part of the Tenant in the observance or performance of any of the other covenants, agreements or conditions of said Lease on the part of Tenant to be kept and performed and said default such failure shall continue for a period of fifteen five (155) days after written notice thereof from Landlord to Tenant; (2) Tenant shall abandon any substantial portion of the Premises; (unless such default can3) Tenant shall fail to comply with any term, provision or covenant of this Lease, other than the payment of rent, and the failure is not reasonably be cured within fifteen thirty (1530) days and in such case, Tenant shall have commenced after written notice to cure said default within said fifteen Tenant; (154) days and thereafter continues diligently to pursue to completion the curing of same) or (iii) if Tenant shall file a petition in or if an involuntary petition is filed against Tenant, or becomes insolvent, under any applicable federal or state bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, insolvency law or regulation, admit that it cannot meet its financial obligations as they become due; or a receiver or trustee shall be appointed for all or substantially all of the assets of Tenant; or Tenant shall make a transfer in fraud of creditors or shall make an assignment for the benefit of creditors, ; or (iv5) if Tenant shall do or permit to be done any trustee, receiver act which results in a lien being filed against the Premises or liquidator the Building and/or project of which the Premises are a part; and Tenant or of all or any substantial part of its properties shall be appointed in any action, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed cause such lien to be released or bonded off within thirty (30) days after such appointmentwritten notice to Tenant. In the event that an order for relief is entered in any case under Title 11 U.S.C. (the "Bankruptcy Code") in which Tenant is the debtor and: (A) Tenant as debtor-in-possession, or any trustee who may be a Jointed in the case (vthe "Trustee") seeks to assume the lease, then Tenant, or Trustee if applicable, in addition to providing adequate assurance described in a applicable provisions of the leasehold estate hereby created Bankruptcy Code, shall provide adequate assurance to Landlord of Tenant's future performance under the Lease by depositing with Landlord a sum equal to the lesser of twenty-five percent (25%) of the rental and other charges due for the balance of the Lease term or six (6) months' rent ("Security"), to be held (without any allowance for interest thereon) to secure Tenant's obligation under the Lease and (B) Tenant, or Trustee if applicable, seeks to assign the Lease after assumption of the same, then Tenant, in addition to providing adequate assurance described in applicable provisions of the Bankruptcy Code, shall provide adequate assurance to Landlord of the proposed assignee's future performance under the Lease by depositing with Landlord a sum equal to the Security to be held (without any allowance or interest thereon) to secure performance under the Lease. Nothing contained herein expresses or implies, or shall be taken by execution construed to express or by other process imply, that Landlord is consenting to assumption and/or assignment of law, or (vi) if Tenant shall fail to operate and conduct business as required in Section 8 hereinabove, then, in any such event, Landlord, at Landlord's option and without limiting Landlord in the exercise of any other right or remedy Landlord may have on account of any default Lease by Tenant, may either:and Landlord expressly reserves all of its rights to object to any assumption and/or assignment of the Lease. Neither Tenant nor any Trustee shall conduct or permit the conduct of any "fire", "bankruptcy", "going out of business" or auction sale in or from the Premises.

Appears in 2 contracts

Samples: Fair Isaac & Company Inc, Fair Isaac & Company Inc

Default by Tenant. (a) This Lease is made upon the condition that the Tenant shall punctually and faithfully perform all The happening of the covenants and agreements by it to be performed as herein set forth. If any of the following enumerated events shall occurconstitute a default for which Landlord, toin addition to other right or remedies it may have, shall have the immediate right of re-wit: (i) if any installment entry without service of Fixed Base Rent, Percentage Rentnotice or resort to legal process and without Landlord being guilty of trespass, or becoming liable for any other sums required loss or damage which may by occasioned thereby. (a) failure of Tenant to be paid by Tenant hereunder, or pay any part thereof, shall at any time be in arrears and unpaid for rent due hereunder within ten (10) days after written notice to Tenant of such failure; (b) vacation of the date dueLeased Premises by Tenant or advertising by Tenant in any manner that would indicate or lead the public to believe that Tenant was going out of business or intending to vacate the Leased Premises; (c) the filing by, on behalf of or against Tenant, of any petition or pleading to declare Tenant insolvent or unable to pay its debts or meet its obligations under the laws of the United States or any state; or a receiver of the property of Tenant is appointed; or the levy of execution or other taking of property, assets or the leasehold interest of Tenant by process of law or otherwise in satisfaction of any judgment, debt or claim against Tenant; or (iid) if there be any default on the part failure of the Tenant in the observance or performance of to perform any of the other covenantsterms, agreements conditions or conditions covenants of said this Lease on the part of Tenant to be kept and performed and said default shall continue agreement for a period of fifteen more than ten (1510) days after written notice of such failure shall have been given to Tenant. Should Landlord elect to re-enter and terminate Tenant's use of the Leased Premises as herein provided, or should Landlord take possession pursuant to legal proceedings or pursuant to any provisions under law, Landlord may either terminate this Lease or it may from time to time without terminating this Lease, make such alterations and repairs as may be necessary in order to relet the Leased Premises, and relet the Leased Premises or any part thereof for such term or terms (which may be for a term extending beyond the original or renewal terms of this Lease) and at such rent and upon such other terms and conditions as Landlord, in its sole discretion may deem advisable. Upon each such reletting all rent received by Landlord from such reletting shall be applied, first, to the payment of any indebtedness other than rent due hereunder from Tenant to Landlord; second, to the payment of any costs and expenses for such repossession and reletting, including brokerage fees and attorney's fees and costs of alterations and/or repairs, third, to the payment of rent due and unpaid hereunder, and the residue, if any, shall be held by Landlord and applied in payment of future rent as the same may become due and payable hereunder. If the Leased Premises are not relet as aforesaid, or if the rent received for such reletting during any month be less than that to be paid during the month by Tenant (unless such default cannot reasonably be cured within fifteen (15) days and in such caseto Landlord hereunder, Tenant shall have commenced promptly pay the rental due hereunder or any such deficiency as the case may be to cure said default within said fifteen (15) days Landlord. Such deficiency shall be calculated and thereafter continues diligently paid monthly. No such re-entry or taking possession of the Leased Premises by Landlord shall be construed as an election on its part to pursue terminate this Lease unless a written notice of such election be given to completion the curing of same) or (iii) if Tenant shall file a petition in bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or make an assignment for the benefit of creditors, or (iv) if any trustee, receiver or liquidator of Tenant or unless the termination he decreed by a court of competent jurisdiction. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach. Tenant will pay Landlord and Agent respectively all or expenditures incurred by them in enforcing the provisions of this Lease including reasonable fees of attorneys and others employed by Landlord of Agent. Except as expressly herein provided to the contrary, any substantial part amount due to Landlord not paid when due shall bear simple interest at twelve percent (12%) per annum. All of its properties this foregoing remedies shall be appointed in any action, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed within thirty (30) days after such appointment, or (v) if the leasehold estate hereby created shall be taken by execution or by other process of law, or (vi) if Tenant shall fail addition to operate and conduct business as required in Section 8 hereinabove, then, in any such event, Landlord, at Landlord's option and without limiting Landlord in the exercise of any other right or remedy rights Landlord may have on account at law or in equity, and waiver of one default shall not be deemed to be a waiver of any default by Tenant, may either:subsequent default.

Appears in 2 contracts

Samples: Lease Agreement (Aderis Pharmaceuticals Inc), Lease Agreement (Aderis Pharmaceuticals Inc)

Default by Tenant. If (a) This Lease is made upon Tenant defaults in the condition that payment of rent or in the Tenant payment of any sum due under this Lease, and such default shall punctually and faithfully perform all of the covenants and agreements continue for five (5) days after notice thereof in writing by it Landlord to be performed as herein set forth. If any of the following events shall occurTenant, to-wit: or (ib) if Tenant defaults in the prompt and full performance of any installment covenant, condition, agreement or provision of Fixed Base Rentthis Lease (including, Percentage Rentwithout limitation, or Tenant's compliance obligations under Section 3.1(c) hereof and Tenant's payment obligations under Section 5.2(b) hereof to the extent Landlord has exercised its right to require Tenant to pay any other sums required Fee Mortgage Obligations then due and payable directly to the Fee Mortgagee) and such default shall continue for thirty (30) days after notice thereof in writing by Landlord to Tenant, provided, however, that in the case of a default which cannot with reasonable diligence be paid by Tenant hereunder, or any part thereof, shall at any time be in arrears and unpaid for ten cured within said period of thirty (1030) days after the date duenotice, Tenant shall have such additional time to cure the same as may reasonably be necessary (provided Tenant is proceeding with reasonable diligence to cure the same), or (iic) if there be Tenant shall abandon the Premises for any default on period of thirty (30) consecutive days during the part Term of this Lease, or (d) if Tenant shall cease to operate the Tenant in Premises for the observance or performance of any of the other covenants, agreements or conditions of said Lease on the part of Tenant to be kept and performed and said default shall continue Permitted Use for a period of fifteen thirty (1530) consecutive days after written notice thereof from Landlord to Tenant (unless such default cannot reasonably be cured within fifteen (15) days and in such caseother than as a result of a casualty or taking), Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of same) or (iiie) if Tenant shall file a voluntary petition in bankruptcy or shall be adjudicated a bankrupt, bankrupt in any bankruptcy or file any insolvency proceedings and such petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution adjudication shall not be vacated or similar relief for itself under any present or future federal, state or other statute, law or regulation, or make an assignment for the benefit of creditorsstayed within sixty (60) days, or (ivf) if any trusteecourt shall enter an order, judgment or decree appointing a receiver or liquidator of trustee for Tenant or any of all Tenant's property in a bankruptcy or any substantial part of its properties shall be appointed in any actionother proceeding, suit or proceeding by or against Tenant and such proceeding order, judgment or action decree shall not have been dismissed within thirty remain in force, undischarged or unstayed, for sixty (3060) days after such appointmentit is entered, or (vg) if any representation, warranty or statement contained herein proves to be untrue in any material respect as of the leasehold estate hereby created shall be taken by execution date when made or by other process of lawat any time if such representation or warranty is a continuing representation or warranty, or (vih) if either the state license to operate the Facility as a nursing home or the certification of the Facility to participate in the Medicare and Medicaid programs is revoked or terminated, or (i) if Tenant shall fail to operate and conduct business as required is in Section 8 hereinaboveDefault under any of the Other Leases, then, then in any such eventevent of default (hereinafter a "Default") as herein described, LandlordLandlord may, at Landlord's its option and without limiting Landlord in at any time during the exercise continuation of any other right or remedy Landlord may have on account of any default by Tenant, may eithersuch Default:

Appears in 2 contracts

Samples: Lease (Harborside Healthcare Corp), Lease (Harborside Healthcare Corp)

Default by Tenant. (a) This It shall be an event of default by Tenant under this Lease is made upon the condition that the if Tenant shall punctually and faithfully perform all of the covenants and agreements by it fails to be performed as herein set forth. If any of the following events shall occur, to-wit: (i) if pay any installment of Fixed Base Rent, Percentage Rent, Rent or other monetary obligation owing to Landlord under this Lease when due; (ii) perform any other sums required to be paid by Tenant hereunder, or any part thereof, shall at any time be in arrears and unpaid obligation of this Lease for ten more than thirty (1030) days after the date due, or (ii) if there be any default on the part of the Tenant in the observance or performance of any of the other covenants, agreements or conditions of said Lease on the part of Tenant to be kept and performed and said default shall continue for a period of fifteen (15) days after Landlord delivers written notice thereof from Landlord to Tenant (unless of such default and demand for performance to Tenant, provided that if such failure cannot be reasonably be cured within fifteen said thirty (1530) days and in such caseday period, Tenant shall have commenced not be in default hereunder so long as Tenant commences curative action within such thirty (30) day period and diligently and continuously pursues the curative action to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of same) or completion; (iii) if Tenant shall file files a voluntary petition in bankruptcy or be is adjudicated a bankruptbankrupt or insolvent, or file takes the benefit of any relevant legislation that may be in force for bankrupt or insolvent debtors or files any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or make an proceedings are taken by Tenant under any relevant Bankruptcy Act in force in any jurisdiction available to Tenant, or Tenant seeks or consents to or acquiesces in the appointment of any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties or of the Premises, or makes any general assignment for the benefit of creditors, ; or (iv) A petition is filed against Tenant seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future federal, state or other statute, law or regulation, and shall remain undismissed for an aggregate of 120 days, or if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall be or of the Premises is appointed in any action, suit without the consent or proceeding by or against acquiescence of Tenant and such proceeding or action shall not have been dismissed within thirty (30) days after such appointment, or (v) if appointment remains unvacated for an aggregate of 20 days. Upon the leasehold estate hereby created shall be taken by execution or by other process occurrence of law, or (vi) if Tenant shall fail to operate and conduct business as required in Section 8 hereinabove, then, in any such event, Landlord, at Landlord's option and without limiting Landlord in the exercise an event of any other right or remedy Landlord may have on account of any default by Tenant, Landlord may either:(to the extent permitted by the Laws of the State of Colorado) (i) terminate this Lease upon written notice to Tenant, (ii) cure such default and be reimbursed by Tenant upon demand for the reasonable costs of such cure, and/or (iii) exercise any other remedy available at law, in equity or by statute for such default. Reasonable attorneys' fees, expert witness fees, consulting fees and other expenses incurred by Landlord by reason of the breach by Tenant in complying with any of the agreements, terms, conditions or covenants of this Lease shall constitute additional sums to be paid to Landlord on demand.

Appears in 2 contracts

Samples: Lease Agreement (Edgewise Therapeutics, Inc.), Lease Agreement (Edgewise Therapeutics, Inc.)

Default by Tenant. In the event (a) This Lease is made upon the condition that the Tenant shall punctually and faithfully perform all of the covenants and agreements by it fails to be performed as herein set forth. If pay any of the following events shall occur, to-wit: (i) if any installment of Fixed Base Rent, Percentage Rent, Additional Rent or other sum of money due under this Lease Agreement when due; or (b) Tenant defaults in the performance of any other sums required covenant of this Lease Agreement and fails to be paid by Tenant hereunder, or any part thereof, shall at any time be in arrears and unpaid for cure such default within ten (10) days after the date duewritten notice to Tenant, or (ii) if there be any default on the part of the Tenant in the observance or performance of any of the other covenants, agreements or conditions of said Lease on the part of Tenant to be kept and performed and said default shall continue for a period of fifteen (15) days after written notice thereof from Landlord to Tenant (unless such default cannot reasonably be cured within fifteen in ten (1510) days and in such casedays, Tenant shall have commenced does not within such ten (10) day period commence such act or acts necessary to cure said such default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of same) complete such act or acts promptly, or (iiic) if Tenant shall file becomes insolvent or is adjudicated bankrupt, or files in any court a petition in bankruptcy or be adjudicated a bankruptother debtor proceedings, or file any files or has filed against it a petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state in bankruptcy or other statute, law or regulationdebtor proceedings, or make files or has filed against it a petition for the appointment of a receiver or trustee for all or substantially all of the assets of Tenant, or an attachment proceeding ancillary to an underlying debt is initiated by a creditor so that the Tenant's personal property within the Premises is seized, and such appointment or attachment is not vacated or set aside within twenty (20) days from the date of such appointment or attachment, or Tenant makes an assignment for the benefit of creditors, or petitions for or enters into such an arrangement; or (ivd) if any trustee, receiver or liquidator of Tenant or of all abandons the Premises or any substantial part thereof, or suffers this Lease to be taken or encumbered under any legal process and such taking or encumbrance is not dissolved within twenty (20) days; or (e) Tenant disposes of or agrees to dispose all or substantially all of its properties shall be appointed in any actionassets, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed within thirty (30) days after such appointment, or (v) if the leasehold estate hereby created shall be taken by execution or by other process of law, or (vi) if Tenant shall fail to operate and conduct business as required in Section 8 hereinabove, then, then in any such event, at the option of Landlord and without any further notice or action by Landlord, Landlord shall have the immediate right of reentry to remove all persons and property from the Premises and dispose of or store such property as it sees fit, all without resort to legal process and without being deemed guilty of trespass. If Landlord should elect to reenter as provided in this paragraph B.26 or should take possession pursuant to legal proceedings, Landlord may either terminate this Lease, or Landlord may, without terminating this Lease, make such alterations and repairs as may be necessary in order to relet the Premises, and may at its option relet the Premises for such term and at such rentals and upon such other terms and conditions as Landlord may deem advisable. No such reentry or taking possession of the Premises by Landlord shall be construed as an election to terminate this Lease unless a written notice of such intention is given by Landlord to Tenant at the time of such reentry; but, notwithstanding any such reentry and reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach. If Landlord elects to terminate this Lease, Landlord may recover from Tenant all damages incurred by reason of such breach, including the cost of recovering the Premises and enforcing this Lease (including reasonable attorney's fees) and the difference in value between the Base Rent and other amounts which would be payable by Tenant hereunder for the remainder of the Lease Term and the reasonable rental value (net of all expenses of reletting including the expense of repairs, alteration, upfitting and renovation) of the Premises for the remainder of the Lease Term. If Landlord elects to reenter without terminating this Lease, Landlord may recover from Tenant all damages incurred by reason of such breach, including the cost of recovering the Premises and enforcing this Lease (including reasonable attorneys' fees), and the costs of repairing, altering, upfitting and renovating the Premises for the purpose of reletting the Premises. If Landlord does not terminate this Lease, then unless and until Landlord does relet the Premises, Tenant shall pay Landlord monthly during the period that Tenant's right of possession is terminated, a sum equal to all Base Rent and other amounts due under this Lease Agreement. If and when the Premises are relet and a sufficient sum is not realized from such reletting after payment of all Landlord's option expenses of reletting (including repairs, alterations, improvement, additions, decorations, legal fees and without limiting brokerage commissions) to satisfy the payment of Base Rent and all other amounts due under this Lease Agreement for any monthly period, Tenant shall pay Landlord in the exercise any such deficiency monthly upon demand. Tenant agrees that Landlord may file suit to recover any sums due to Landlord under this paragraph B.26 and that any such suit or recovery of any amount due Landlord shall not be any defense to any subsequent action brought for any amount not previously reduced to judgment in favor of Landlord. If Landlord elects to terminate Tenant's right to possession only without terminating this Lease, Landlord may, at its option, enter into the Premises remove Tenant's signs and other right evidences of tenancy, and take and hold possession thereof, provided, however, that such entry and possession shall not terminate this Lease or remedy Landlord may have on account of any default by release Tenant, may either:in whole or in part, from Tenant's obligation to pay rent or from any other obligation of Tenant for the remainder of the term of this Lease.

Appears in 1 contract

Samples: Lease Agreement (Wellington Hall LTD)

Default by Tenant. (a) This Lease is made upon the condition that the Tenant shall punctually and faithfully perform all of the covenants and agreements by it to be performed as herein set forth. If any Each of the following events shall occur, to-witbe deemed to be an event of default by Tenant under this Sublease: (i1) if Tenant shall fail to pay when due any installment of Fixed Base Rent, Percentage Rent, rent or any other sums payment required pursuant to be paid by Tenant hereunder, or any part thereof, shall at any time be in arrears this Sublease and unpaid the failure continues for ten five (10) days after the date due, or (ii) if there be any default on the part of the Tenant in the observance or performance of any of the other covenants, agreements or conditions of said Lease on the part of Tenant to be kept and performed and said default shall continue for a period of fifteen (155) days after written notice thereof from the Landlord of such failure to Tenant pay; (unless such default cannot reasonably be cured within fifteen (152) days and in such case, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of same) or (iii) if Tenant shall file a petition in or be adjudged bankrupt or insolvent under any applicable federal or state bankruptcy or be adjudicated a bankruptinsolvency law or admit that it cannot meet its financial obligations as they become due, or file any petition a receiver or answer seeking any reorganizationtrustee shall be appointed for all or substantially all of the assets of Tenant, arrangement, composition, readjustment, liquidation, dissolution if the same is not dismissed within 90 days; (3) Tenant shall make a transfer in fraud of creditors or similar relief for itself under any present or future federal, state or other statute, law or regulation, or shall make an assignment for the benefit of creditors; (4) Tenant shall do or permit to be done any act which results in a lien being filed against the Subleased Premises or the Property and the lien is not released by payment or bonding within fifteen (15) days after Tenant first has notice thereof; (5) the liquidation, termination or dissolution of Tenant; or (iv6) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall be appointed in default of any actionother term, suit provision or proceeding by or against Tenant covenant of this Sublease, other than those specified in clauses (1) through (5) above, and such proceeding or action shall default is not have been dismissed cured within thirty (30) days after written notice thereof to Tenant; provided, however, that if, by the nature of such appointmentagreement or covenant, such failure or breach cannot reasonably be cured within such period of thirty (v30) if days, an event of default shall not exist as long as Tenant commences with due diligence and dispatch the leasehold estate hereby created shall be taken by execution curing of such failure or by other process breach within such period of lawthirty (30) days and, having so commenced, thereafter prosecutes with diligence and dispatch and completes the curing of such failure or (vi) if Tenant shall fail to operate and conduct business as required in Section 8 hereinabove, then, in any such event, Landlord, at Landlord's option and without limiting Landlord in the exercise of any other right or remedy Landlord may have on account of any default by Tenant, may either:breach within a reasonable time.

Appears in 1 contract

Samples: Sublease (JMP Group Inc.)

Default by Tenant. (a) This Lease is made upon In addition to the condition that the Tenant shall punctually and faithfully perform all other events of the covenants and agreements by it to be performed as herein set forth. If default mentioned elsewhere in this Lease, any of the following events occurrences or acts shall occur, to-witconstitute an event of default under this Lease: (i) if Tenant, at any installment time during the continuance of Fixed this Lease (and regardless of the pendency of any bankruptcy, reorganization, receivership, insolvency or other proceedings, in law, in equity, or before any administrative tribunal, which have or might have the effect of preventing Tenant from complying with the terms of this Lease), shall (x) fail to make any payment of Base Rent, Percentage Rent, additional rent or any other sums sum required to be paid by Tenant hereunderhereunder and Tenant shall fail to make any such payment for a period of five (5) days after service by Landlord of written notice to Tenant that any such payment has become due, or (y) fail to observe or perform any part thereof, shall at any time be in arrears and unpaid other provision hereof for ten (10) days after Landlord shall have served on Tenant written notice of such failure, provided, that in the date duecase of any default referred to in this clause which is curable but cannot be cured by the payment of money and cannot with diligence be cured within such 10-day period, if Tenant shall proceed promptly to cure the same and thereafter shall prosecute the curing of within which such failure may be cured shall be extended for such period as may be necessary to complete the curing of the same with diligence and continuity; or (ii) if there be any default on the part of the Tenant in the observance or performance of any of the other covenants, agreements or conditions of said Lease on the part of Tenant to be kept and performed and said default shall continue for a period of fifteen (15) days after written notice thereof from Landlord to Tenant (unless such default cannot reasonably be cured within fifteen (15) days and in such case, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of same) or (iii) if Tenant shall file a petition in bankruptcy or be adjudicated a bankrupt, for reorganization or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under an arrangement pursuant to any present or future federal, federal or state or other statute, bankruptcy law or regulationunder any similar federal or state law, or shall be adjudicated a bankrupt or insolvent or shall make an assignment for the benefit of creditorsits creditors or shall admit in writing its inability to pay its debts generally as they become due, or if a petition or answer proposing the adjudication of Tenant as a bankrupt or its reorganization under any present or future federal or state bankruptcy law or any similar federal or state law shall be filed in any court and such petition or answer shall not be discharged or denied within thirty (30) days after the filing thereof, or (iviii) if any of a receiver, trustee, receiver custodian or liquidator of Tenant or of all or substantially all of the assets of Tenant or of the Premises or any substantial part of its properties portion thereof shall be appointed in any action, suit or proceeding brought by or against Tenant and such proceeding or action shall not have been dismissed be discharged within thirty (30) days after such appointment, or if Tenant shall consent to or acquiesce in such appointment, or (iv) if the Premises shall have been abandoned, or (v) if the leasehold estate hereby created Tenant shall be taken by execution or by in default under any other process lease of law, or (vi) if Tenant shall fail to operate and conduct business as required in Section 8 hereinabove, then, in any such event, Landlord, at Landlord's option and without limiting Landlord Premises in the exercise of any other right Office Building or remedy Landlord may have on account of any default by Tenant, may either:the complex.

Appears in 1 contract

Samples: Endorex Corp

Default by Tenant. (a) This Lease is made upon the condition that the Tenant The following shall punctually and faithfully perform all of the covenants and agreements by it be deemed to be performed as herein set forth. If any events of the following events shall occur, to-witdefault by Tenant under this Lease: (i) if Tenant shall fail to pay any installment of Fixed Base Annual Gross Rent, Percentage any installment of Tenant's Proportionate Share of Operating Costs in Excess of the Operating Stop or reconciliation thereof, any other Additional Rent, or any other sums required charge or assessment against Tenant pursuant to be paid by Tenant hereunder, or any part thereof, the terms hereof when due and shall at any time be in arrears and unpaid for not cure such failure within ten (10) days after the date due, or of such due date; (ii) if there be Tenant shall fail to comply with any default on term, provision, covenant, agreement or warranty made under this Lease by Tenant, other than the part payment of any installment of Annual Gross Rent, any installment of Tenant's Proportionate Share of Operating Costs in Excess of the Tenant in the observance Operating Stop or performance of reconciliation thereof, any of the other covenants, agreements or conditions of said Lease on the part of Tenant to be kept and performed and said default shall continue for a period of fifteen (15) days after written notice thereof from Landlord to Tenant (unless such default cannot reasonably be cured within fifteen (15) days and in such case, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of same) or (iii) if Tenant shall file a petition in bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state Additional Rent or other statutecharge or assessment payable by Tenant, law or regulation, or make an assignment for the benefit of creditors, or (iv) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall be appointed in any action, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed cure such failure within thirty (30) days after such appointmentwritten notice thereof to Tenant; (iii) a petition in bankruptcy or insolvency or for reorganization or for the appointment of a receiver or trustee of all or substantially all of Tenant's assets is filed against Tenant in any court pursuant to any statute either of the United States or of any state and Tenant fails to secure or diligently proceed to secure a discharge thereof within sixty (60) days, or (v) if Tenant voluntarily files a petition in bankruptcy or makes an assignment for the leasehold estate hereby created shall be taken by execution benefit of creditors or by other process of law, petitions for or enters into an arrangement with creditors; or (viiv) if Tenant shall fail do or permit to operate and conduct business as required in Section 8 hereinabovebe done anything which creates a lien upon the Leased Premises for work performed by, then, in any such event, Landlord, at Landlord's option and without limiting Landlord in the exercise of any other right through or remedy Landlord may have on account of any default by Tenant, may either:under Tenant which Tenant fails to remove or bond off within thirty (30) days after written notice thereof.

Appears in 1 contract

Samples: Office Lease (Ixion Biotechnology Inc)

Default by Tenant. (a) This Lease is made upon In the condition that the event Tenant shall punctually fail to pay any installments of Rent or Additional Rent or other amounts owed Landlord when due; or if Tenant is adjudicated as bankrupt; or if Tenant files a petition in bankruptcy under any section or provision of any bankruptcy law; or if an involuntary petition in bankruptcy is filed against Tenant, and faithfully same is not withdrawn or dismissed within sixty (60) days from the filing thereof; or if a receiver or trustee is appointed for Tenant's property and the order appointing such receiver or trustee remains in force for thirty (30) days after the entry of such order, or if, whether voluntarily or involuntarily, Tenant takes advantage of any debtor relief proceedings under any present or future law, whereby the Base Rent or Additional Rent or any part thereof is or is proposed to be, reduced or payment thereof deferred; or if Tenant makes an assignment for the benefit of creditors; or if Tenant's effects should be levied upon or attached under process against Tenant, and such levy or attachment is not satisfied or dissolved within thirty (30) days after written notice from Landlord to Tenant to obtain satisfaction thereof; or if Tenant shall vacate or abandon the Premises; or if Tenant shall fail to perform all of the covenants and agreements by it or observe any other covenant, agreement, or condition to be performed as herein set forth. If any of the following events shall occur, to-wit: (i) if any installment of Fixed Base Rent, Percentage Rent, or any other sums required to be paid kept by Tenant hereunderunder the terms and provisions of this Lease including without limitation the Operations Guidelines, or any part thereof, and such failure shall at any time be in arrears and unpaid continue for ten (10) days after the date due, or (ii) if there be any default on the part of the Tenant in the observance or performance of any of the other covenants, agreements or conditions of said Lease on the part of Tenant to be kept and performed and said default shall continue for a period of fifteen (15) days after written notice thereof from has been given by Landlord to Tenant Tenant; then in any of such events, Landlord shall have the right, at the option of Landlords (unless 1) to pursue any one or more remedies available to Landlord under North Carolina law; and/or (2) to cure such default cannot reasonably or defaults at the expense of Tenant without prejudice to any other remedies which Landlord might otherwise have. Any expense incurred by Landlord in curing such default shall bear interest thereon at twelve (1256) percent per annum, or at such maximum legal rates as permitted by North Carolina Law, whichever shall be cured lower, to be and become Additional Rent to be paid by Tenant within fifteen (15) days of written request therefor from Landlord; and/or to the extent permitted by law, (3) to re-enter the Premises by force and dispossess Tenant and anyone claiming under Tenant, by summary proceedings or otherwise and remove and take complete possession of the Premises and either (i) declare this Lease forfeited and the term ended, and/or (ii) elect to continue this Lease in such casefull force and effect, Tenant shall have commenced but with the right at any time thereafter to cure said default within said fifteen (15) days declare this Lease forfeited and thereafter continues diligently to pursue to completion the curing of same) or Term ended, and/or (iii) if Tenant shall file a petition in bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or make an assignment for the benefit of creditors, or (iv) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall be appointed in any action, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed within thirty (30) days after such appointment, or (v) if the leasehold estate hereby created shall be taken by execution or by other process of law, or (vi) if Tenant shall fail to operate and conduct business as required in Section 8 hereinabove, then, in any such event, Landlord, at Landlord's option and without limiting Landlord in the exercise of any other right or remedy Landlord may have on account of any default by Tenant, may either:remedies

Appears in 1 contract

Samples: Decorize Inc

Default by Tenant. (a) This Lease is made upon the condition that the Tenant shall punctually and faithfully perform all The occurrence of the covenants and agreements by it to be performed as herein set forth. If any one or more of the following events shall occur, to-witconstitute a material default and breach of this Lease by Tenant: (i) if the abandonment of the Premises by Tenant or the vacating of the Premises for more than thirty (30) consecutive days; (ii) the failure by Tenant to make any installment of Fixed Base Rent, Percentage Rent, or any other sums payment required to be paid made by Tenant hereunder, or any part thereof, shall at any time be in arrears and unpaid such failure continues for ten more than five (105) business days after written notice from Landlord; (iii) the date due, failure by Tenant to observe or (ii) if there be any default on the part of the Tenant in the observance or performance of perform any of the other covenants, agreements conditions or conditions provisions of said Lease on the part of Tenant to be kept and performed and said default Lease, where such failure shall continue for a period of fifteen (15) days after written notice thereof from Landlord to Tenant (unless such default cannot reasonably be cured within fifteen (15) days and in such case, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of same) or (iii) if Tenant shall file a petition in bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or make an assignment for the benefit of creditors, or (iv) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall be appointed in any action, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed within thirty (30) days after written notice from Landlord; provided, however, if more than 30 days are reasonably required for its cure then Tenant shall not be deemed to be in default if Xxxxxx commences such appointment, cure within said 30day period and thereafter diligently prosecutes such cure to completion; (iv) the making by Tenant of any general assignment or general arrangement for the benefit of creditors; (v) if the leasehold estate hereby created shall be taken filing by execution or by other process against Tenant of lawa petition to have Tenant adjudged bankrupt or a petition for reorganization or arrangement under any law relating to bankruptcy (unless, or in the case of a petition filed against Tenant, the same is dismissed within sixty (60) days); (vi) if the appointment of a trustee or receiver to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in the Lease, where possession is not restored to Tenant shall fail to operate and conduct business as required within thirty (30) days; (vii) the attachment, execution or other judicial seizure of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in Section 8 hereinabovethis Lease, thenwhere such seizure is not discharged within thirty (30) days; (viii) the assignment or other transfer of all or any interest of Tenant in this Lease, or the subletting of all or any portion of the Premises, in either case which is in violation of Section 17 above; or (viii) a material default under the terms of the Clinic Support Agreement. All notice and cure periods set forth above are in lieu of and not in addition to any such event, Landlord, at Landlord's option and without limiting Landlord in the exercise of any other right or remedy Landlord may have on account of any default by Tenant, may either:notice required pursuant to applicable unlawful detainer/eviction statutes.

Appears in 1 contract

Samples: Office and Equipment Lease Agreement

Default by Tenant. In the event of a default by the Tenant under this Lease, the Landlord will have the following remedies: A. If any voluntary or involuntary petition or similar pleading under any section of any bankruptcy law is filed by or against the Tenant or any voluntary or involuntary proceedings in any court or tribunal is instituted to declare the Tenant insolvent or unable to pay its debts and, in the case of an involuntary petition or proceeding, if it is not dismissed with thirty (a30) This Lease days from the date it is made filed, then the Landlord, at its election and without further notice or demand and either with or without entry upon the condition that Premises, may forthwith cancel this Lease and be thereafter entitled to recover damages in an amount equal to the present value of the rental obligation herein stated, including increases in rent as provided in this Lease, less the fair rental value for the Premises which it can obtain for the residue of the stated term. B. If the Tenant shall punctually and faithfully perform all either fails to pay any rent or other monies owed to the Landlord on the date it is due, or, if Tenant is otherwise in default of the covenants and agreements by it to be performed as herein set forth. If any of its obligations or duties under this Lease, and said default shall remain in effect for five (5) days following receipt of written notice of said default by Tenant, then the following events shall occur, to-wit: (i) if any installment of Fixed Base Rent, Percentage Rent, or any other sums required to be paid by Tenant hereunderLandlord may enter into and upon the Premises, or any part thereof, shall and repossess the same, with or without terminating this Lease and without prejudice to any of its remedies for rent or breach of covenant and may, at any time be in arrears and unpaid for ten (10) days after its option, terminate this Lease by giving written notice of its election to do so or may, at its option, lease the date duePremises, or any part thereof, as the agent of the Tenant, or otherwise. (ii) if there be If Landlord, in any given calendar year, provides written notice following default on the part of the Tenant in the observance or performance of any of the other covenantstwo occasions, agreements or conditions of said Lease on the part of Tenant Landlord shall not be required to be kept and performed and said default shall continue for a period of fifteen (15) days after provide written notice thereof from of default for any subsequent defaults by Tenant during that calendar year. Landlord may proceed to exercise its remedies upon such subsequent default without such five (5) day written notice to Tenant.) The Tenant (unless such default cannot reasonably be cured within fifteen (15) days and in such caseshall, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of same) without demand or (iii) if Tenant shall file a petition in bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or make an assignment for the benefit of creditors, or (iv) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall be appointed in any action, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed within thirty (30) days after such appointment, or (v) if the leasehold estate hereby created shall be taken by execution or by other further process of law, pay to the Landlord at the end of each month during the full term of this Lease the difference between the rent due the Landlord from the Tenant under this Lease, including any increases in rent due under this Lease, and the net receipts, if any, being received by the Landlord from the Premises (such net receipts to be calculated by deducting from the gross receipts the expense incurred by the Landlord in connection with the reletting of the Premises and performing the Tenant's obligations hereunder). In the event the rent for reletting the Premises is higher than the monthly rent under the term of this Lease, then such excess rent shall belong to the Landlord and the Tenant will have no claim or (vi) if right thereto. C. The Tenant shall fail to operate pay upon demand all the Landlord's costs, charges, and conduct business as required expenses, including reasonable fees of attorneys, agents, and others retained by the Landlord, incurred in Section 8 hereinabove, then, enforcing the Tenant's obligations hereunder or incurred by the Landlord in any such eventlitigation, Landlord, at involving the Tenant in which the Landlord becomes involved without the Landlord's option fault. D. The Landlord shall pay upon demand all the Tenant's costs, charges, and without limiting expenses, including reasonable fees of attorneys, agents, and others retained by the Tenant, incurred in enforcing the Landlord's obligations hereunder or incurred by the Tenant in any litigation, involving the Landlord in which the exercise of any other right or remedy Landlord may have on account of any default by Tenant becomes involved without the Tenant, may either:'s fault. 21.

Appears in 1 contract

Samples: Lease Agreement (MFB Corp)

Default by Tenant. In addition to any other default specifically described in this Lease, each of the following occurrences shall be a “Default”: (a) This Lease is made upon the condition that the Tenant shall punctually and faithfully perform all Tenant’s failure to pay any portion 32. of the covenants and agreements by it to be performed as herein set forth. If any of the following events shall occur, to-wit: (i) if any installment of Fixed Base Rent, Percentage Rent, or any other sums required to be paid by Tenant hereunder, or any part thereof, shall at any time be in arrears and unpaid for ten (10) days after the date Rent when due, or if the failure continues for five (ii) if there be any default on the part of the Tenant in the observance or performance of any of the other covenants, agreements or conditions of said Lease on the part of Tenant to be kept and performed and said default shall continue for a period of fifteen (155) days after written notice thereof from Landlord of Default to Tenant (unless such default “Monetary Default”); (b) Tenant’s failure (other than a Monetary Default) to comply with any term, provision, condition or covenant of this Lease, if the failure is not cured within 20 days after written notice to Tenant provided, however, if Tenant’s failure to comply cannot reasonably be cured within fifteen twenty (1520) days and in such casedays, Tenant shall have commenced be allowed additional time (not to exceed sixty (60) days) as is reasonably necessary to cure said default the failure so long as Tenant begins the cure within said fifteen twenty (1520) days and thereafter continues diligently pursues the cure to pursue completion; (c) a Tenant Insolvency Event occurs; (d) Tenant’s interest in this Lease shall be Transferred to completion any third party, whether by operation of Law or otherwise, except as expressly permitted under Article 11, the curing leasehold estate is taken by process or operation of sameLaw; (d) Tenant does not take possession of or abandons or vacates all or any portion of the Premises; (iiif) Tenant is in default beyond any notice and cure period under any other lease or agreement with Landlord at the Building or Property, (g) if Landlord applies or retains any portion of the Security Deposit, and Tenant shall file a petition in bankruptcy fails to deposit with Landlord the amount so applied or be adjudicated a bankruptretained by Landlord, or file any petition to provide Landlord with a replacement Letter of Credit, if applicable, within five (5) Business Days after notice by Landlord to Tenant stating the amount applied or answer seeking any reorganizationretained, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or make an assignment for the benefit (h) a Letter of creditorsCredit Default, or (ivi) if Landlord provides Tenant with notice of Tenant’s failure to comply with the same provision of this Lease on two (2) separate occasions during any trusteetwelve (12) month period, receiver or liquidator Tenant’s subsequent violation of Tenant or of all or any substantial part of its properties shall be appointed in any action, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed within thirty (30) days after such appointment, or (v) if the leasehold estate hereby created shall be taken by execution or by other process of law, or (vi) if Tenant shall fail to operate and conduct business as required in Section 8 hereinabove, then, in any such event, Landlordprovision shall, at Landlord's option ’s option, be an incurable Default by Tenant. All notices sent under this Section 19.01 shall be in lieu of, and without limiting Landlord not in addition to, any notice required under Section 1161 of the exercise California Code of Civil Procedure or any other law now or hereafter in effect requiring that notice of default be given prior to the commencement of any unlawful detainer or other right or remedy Landlord may have on account of any default by Tenant, may either:legal proceeding.

Appears in 1 contract

Samples: Lease Agreement (PagerDuty, Inc.)

Default by Tenant. (a) This Lease is made upon the condition that the Tenant The following shall punctually and faithfully perform all of the covenants and agreements by it be deemed to be performed as herein set forth. If any events of the following events shall occur, to-witdefault by Tenant under this Lease: (i) if Tenant shall fail to pay any installment of Fixed Base Rent, Percentage Annual Gross Rent or any other Additional Rent, or any other sums required charge or assessment against Tenant pursuant to be paid by Tenant hereunder, or any part thereof, the terms hereof and such failure to pay shall at any time be in arrears and unpaid continue for more than ten (10) days after the date same is due, or ; (ii) if there be Tenant shall fail to comply with any default on term, provision, covenant, agreement or warranty made under this Lease by Tenant, other than the part of the Tenant in the observance or performance payment of any installment of the Annual Gross Rent or any other covenants, agreements or conditions of said Lease on the part of Tenant to be kept and performed and said default shall continue for a period of fifteen (15) days after written notice thereof from Landlord to Tenant (unless such default cannot reasonably be cured within fifteen (15) days and in such case, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of same) or (iii) if Tenant shall file a petition in bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state Additional Rent or other statutecharge or assessment payable by Tenant, law or regulation, or make an assignment for the benefit of creditors, or (iv) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall be appointed in any action, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed cure such failure within thirty (30) days after written notice thereof to Tenant provided however that if such appointment, or (v) if the leasehold estate hereby created shall be taken by execution or by other process non-monetary default is of law, or (vi) if Tenant shall fail to operate and conduct business as required in Section 8 hereinabove, then, in any such event, Landlord, at Landlord's option and without limiting Landlord in a nature that it cannot through the exercise of diligent and reasonable efforts be cured within thirty (30) days, then Tenant shall not be in default in such instance if Tenant promptly commences and diligently pursues the cure of such non-monetary default to completion as soon as possible and in all events within ninety (90) days after such initial notice; (iii) a petition in bankruptcy or insolvency or for reorganization or for the appointment of a receiver or trustee of all or substantially all of Tenant’s assets is filed against Tenant in any other right court pursuant to any statute either of the United States or remedy Landlord may have on account of any default by Tenantstate and Tenant fails to secure or diligently proceed to secure a discharge thereof within sixty (60) days, may either:or if Tenant voluntarily files a petition in bankruptcy or makes an assignment for the benefit of creditors or petitions for or enters into an arrangement with creditors; or (iv) Tenant shall do or permit to be done anything which creates a lien upon the Leased Premises for work performed by, through or under Tenant which Tenant fails to remove or bond off within thirty (30) days after written notice thereof.

Appears in 1 contract

Samples: Lease (AxoGen, Inc.)

Default by Tenant. If (a1) This Lease default is made upon in the condition that the Tenant shall punctually and faithfully perform all payment of the covenants and agreements by it to be performed as herein set forth. If any of the following events shall occur, to-wit: (i) if any installment of Fixed Base Rent, Percentage Rent, or any other sums required sum to be paid by Tenant hereunderunder this Lease (no notice being required for default in payment), or any part thereof, shall at any time be in arrears and unpaid for ten (102) days after the date due, or (ii) if there be any default on the part of the Tenant is made in the observance or performance of any of the other covenants, agreements covenants or conditions of said Lease on the part of which Tenant is required to be kept observe and performed to perform under this Lease, and said such non-monetary default shall continue for a period of fifteen twenty (1520) days after written notice thereof from Landlord to Tenant, (3) the interest of Tenant under this Lease is levied on under execution or other legal process, (unless such default cannot reasonably be cured within fifteen (154) days and in such caseany petition is filed by or against Tenant to declare Tenant bankrupt or to delay, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of same) or (iii) if Tenant shall file a petition in bankruptcy or be adjudicated a bankruptreduce, or file modify Tenant’s debts or obligations, (5) any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state is filed or other statuteaction taken to reorganize or modify Tenant’s capital structure, law or regulation(6) Tenant is declared insolvent according to law, or make an (7) any assignment of Tenant’s property is made for the benefit of creditors, or (iv) if any trustee, 8) a receiver or liquidator of trustee is appointed for Tenant or its property, (9) Tenant abandons the Leased Premises (which shall mean that Tenant is absent from the Leased Premises for ten (10) consecutive days), , then Landlord may treat the occurrence of all any one or any substantial part more of its properties shall be appointed in any actionthe foregoing events as a breach of this Lease (provided that no such levy, suit execution, legal process, or proceeding by or petition filed against Tenant shall constitute a breach of this Lease if Tenant shall vigorously contest the same by appropriate proceedings and such proceeding shall remove or action shall not have been dismissed vacate the same within thirty (30) days after such appointmentfrom the date of its creation, service, or (vfiling) if the leasehold estate hereby created shall be taken by execution or by other process of law, or (vi) if Tenant shall fail to operate and conduct business as required in Section 8 hereinabove, then, in any such event, Landlordthereupon, at Landlord's its option and without limiting Landlord in the exercise of any other right or remedy Landlord may have on account any one or more of any default by Tenant, may eitherthe following described remedies in addition to all other rights and remedies provided at law or in equity:

Appears in 1 contract

Samples: Lease Agreement (Wintegra Inc)

Default by Tenant. (a) This 18.1 The prompt payment of rent for the demised premises upon the dates named, or when billed therefor, the faithful performance of all covenants of this Lease and the faithful observance of the rules and regulations of the entire building, grounds and parking facilities now in existence, and which are hereby made a part of this Lease, and of such further reasonable rules and regulations for the entire building, grounds and parking facilities which may be hereafter made by the Landlord, are the conditions upon which this Lease is made upon and accepted. Any failure on the condition that part of Tenant to comply with the Tenant terms of this Lease, or any of the reasonable rules and regulations now in existence, or hereafter prescribed by the Landlord, shall punctually at the option of Landlord, after giving notice as provided in this paragraph, work a forfeiture of this Lease and faithfully perform all of the covenants rights of Tenant hereunder, and agreements by it thereupon Landlord, its agent or attorneys, shall have. the right to be performed as herein set forth. If any enter the demised premises and remove all persons therefrom and shall have the right to declare the entire rent for the balance of the following events shall occur, to-wit: (i) if any installment of Fixed Base Rent, Percentage Rent, or any other sums required to be paid by Tenant hereunderterm, or any part thereof, immediately due and payable in full and may proceed to collect same either by distress or otherwise, and thereupon the Lease shall at any time be in arrears and unpaid terminate. The expression "entire rent for ten (10) days after the date due, or (ii) if there be any default on the part balance of the term" as used herein shall mean all of the rent prescribed to be paid by the Tenant in to the observance or performance Landlord for the full term of the Lease, less any payments that have been made on account of and pursuant to the terms of the Lease. Tenant shall be entitled to ten days notice of any monetary default under this Lease and thirty days notice of the other covenantsany non-monetary default, agreements or conditions of said Lease on the part of but Tenant to be kept and performed and said agrees that if Tenant's default shall continue for a period of fifteen (15) days after written notice thereof from Landlord to Tenant (unless such default canhas not reasonably be been cured within fifteen (15) days and in such case, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing time prescribed by any notice of same) or (iii) if Tenant shall file a petition in bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or make an assignment for the benefit of creditors, or (iv) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall be appointed in any action, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed within thirty (30) days after such appointment, or (v) if the leasehold estate hereby created shall be taken by execution or by other process of law, or (vi) if Tenant shall fail to operate and conduct business as required in Section 8 hereinabove, then, in any such eventdefault, Landlord, at Landlord's option its agent or attorneys, may immediately re-enter the demised premises and dispossess Tenant without limiting Landlord in further legal notice or the exercise institution of any other right or remedy Landlord may have on account of any default legal proceedings whatsoever, to the extent that such waiver and agreement by Tenant, may either:or such acts by Landlord are not prohibited by law.

Appears in 1 contract

Samples: Lease (Smartdisk Corp)

Default by Tenant. (a) This Lease is made upon the condition that the Tenant shall punctually and faithfully perform all The occurrence of the covenants and agreements by it to be performed as herein set forth. If any one or more of the following events shall occur, to-witconstitute an event of default ("Event of Default") by Tenant under this Lease: (i) if Tenant fails to pay when due any installment Rent or other amounts payable hereunder and such failure to pay continues and remains unremedied for a period of Fixed Base Rentten (10) days after written notice thereof given by Landlord to Tenant; provided, Percentage Rentthat in no event shall Landlord be required to give more than two (2) such notices during any calendar year and after the second of such notices is given, an Event of Default shall occur upon any subsequent failure by Tenant to pay when due any Rent or any other sums amount required to be paid by Tenant hereunder; (ii) the failure by Tenant to comply with or perform any of the terms, provisions, covenants, or any part thereofconditions which Tenant is required to observe and to perform hereunder other than those covered by the remaining subsections of this Section 8.1(a), shall at any time be in arrears and unpaid such failure or action continues for ten a period of thirty (1030) days after notice thereof; provided, however, if the date due, or (ii) if there be any default on the part nature of the default is such that it cannot be cured with the exercise of Tenant's best efforts within the thirty (30) day period set forth above, and if Tenant in undertakes such curative action promptly following the observance or performance of any of the other covenantsoccurrence thereof and diligently and continuously proceeds with such curative action using Tenant's best efforts, agreements or conditions of said Lease on the part of Tenant shall have such additional time as is reasonably necessary to cure such default; (iii)the failure by Tenant to be kept return the estoppel certificate required by Section 10.3 below within the time period provided in such Section 10.3 and performed and said default shall continue for a an additional period of fifteen (15) days after written notice thereof from is given by Landlord to Tenant Tenant; (unless such default cannot reasonably be cured within fifteen (15) days and in such case, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of same) or (iiiiv) if Tenant shall file is a corporation, if Tenant ceases to exist as a corporation in good standing in the state of its incorporation; or, if Tenant, is a partnership or other entity, if Tenant is dissolved or otherwise liquidated; (v) the filing of any voluntary petition in bankruptcy or be adjudicated a bankruptby Tenant, or file any the filing of an involuntary petition by Tenant's creditors, which involuntary petition remains undischarged or answer unstayed for a period of sixty (60) days. In the event that under applicable law the trustee in bankruptcy or Tenant has the right to affirm this Lease and continue to perform the obligations of Tenant hereunder, such trustee or Tenant shall, in such time period as may be permitted by the bankruptcy court having jurisdiction, cure all defaults of Tenant hereunder outstanding as of the date of the affirmance of this Lease and prove to Landlord such adequate assurances as may be necessary to ensure Landlord of the continued performance of Tenant's obligations under this Lease; (vi) a general assignment by Tenant for the benefit of one or more of its creditors, or the admission by Tenant in writing of its inability to pay its debts as they become due, the filing by Tenant of a petition seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, the filing by Tenant of any answer admitting or make an assignment for failing timely to contest a material allegation of a petition filed against Tenant in any such proceeding or, if within sixty (60) days after the benefit commencement of creditorsany proceeding against Tenant seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, such proceeding shall 134 not have been dismissed; (vii)the attachment, execution, or (iv) if any trustee, receiver or liquidator of Tenant or other judicial seizure of all or any substantial part substantially all of its properties shall be appointed in any actionTenant's assets or the Premises, suit or proceeding by or against Tenant and such proceeding attachment or action shall not have been dismissed within thirty other seizure remains undismissed or undischarged for a period of sixty (3060) business days after the levy thereof; and (viii) the employment of a receiver to take possession of substantially all of Tenant's assets or the Premises, if such appointment, or receivership remains undissolved for a period of sixty (v60) if the leasehold estate hereby created shall be taken by execution or by other process of law, or (vi) if Tenant shall fail to operate and conduct business as required in Section 8 hereinabove, then, in any such event, Landlord, at Landlord's option and without limiting Landlord in the exercise of any other right or remedy Landlord may have on account of any default by Tenant, may either:days after creation thereof.

Appears in 1 contract

Samples: Lease Agreement (Cabot Oil & Gas Corp)

Default by Tenant. It is a Default for TENANT: (a) This Lease is made upon the condition that the Tenant shall punctually and faithfully perform all of the covenants and agreements by it to be performed as herein set forth. If any of the following events shall occur, to-wit: (i) if any installment of Fixed Base Rent, Percentage Additional Rent, or any other sums required sum due by TENANT under this Lease shall be unpaid as of the date payment is required; (b) if TENANT fails to perform any of the other terms, conditions, covenants and obligations of this Lease to be paid observed or performed by Tenant hereunder, or any part thereof, shall at any time be in arrears and unpaid the TENANT for ten more than (10) days after the date LANDLORD gives TENANT written notice of such Default ( it being agreed that a Default, other than failure to pay Base Rent, Additional Rent or other sums due, or which is of such character that the cure thereof reasonably requires longer than (ii10) ten days, shall be deemed cured within said period, if TENANT in good faith commences a cure within the (10) ten day period and diligently undertakes to complete the cure with reasonable dispatch); (c) if there TENANT abandons the Leased Premises (it being agreed that the Leased Premises shall be any default on considered abandoned should TENANT fail to openly conduct business from the part of the Tenant in the observance or performance of any of the other covenants, agreements or conditions of said Lease on the part of Tenant to be kept and performed and said default shall continue aforementioned premises for a period of fifteen (157) seven Calendar days after October 31, 1997) (d) if TENANT or guarantor knowingly misrepresents any material fact in any written notice thereof from Landlord statement provided to Tenant (unless such default cannot reasonably be cured within fifteen (15) days and the LANDLORD or at its request, pursuant to or in such case, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of same) connection with this Lease; or (iiie) if Tenant shall file a petition in bankruptcy or be adjudicated a bankruptTENANT, any guarantor, general partner, joint venture, or file majority shareholder becomes insolvent or the subject of a bankruptcy petition. A Default gives LANDLORD the right (without further notice except as hereinafter expressly provided) to: (a) immediately reenter the Leased Premises, change the locks, and remove all persons and property; (b) at TENANT'S expense, store or sell said property for TENANT'S account; (c) treat said property as abandoned upon TENANT'S failure to remove it within (10) ten days of written demand to remove; (d) make alterations and repairs; (e) without terminating the Lease, relet all or part of the Leased Premises, at TENANT'S expense and for its account, on such terms, for such rentals, and for such a term as LANDLORD in its sole discretion deems advisable and/or (f) resort to any petition other remedy authorized by this Lease or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other by statute, law or regulationequity. Whether or not LANDLORD reenters and/or relets the Leased Premises, TENANT will remain liable, for all periods in which this Lease is in full force and not terminated, for the Base Rent, Additional Rent and utilities due hereunder, subject only to a credit for rental received from a substitute tenant over and above expenses of reletting and other sums due hereunder. Additionally, whether or not LANDLORD has already resorted to any other above-mentioned right, LANDLORD may elect, by giving a written notice, to terminate the Lease effective as of any date specified in the notice. No act, including the re-entering and/or reletting, except the giving of such notice, shall be deemed a termination, or make an assignment acceptance of surrender of the Lease. Upon said effective date, TENANT will comply with any surrender provisions. TENANT will be liable for (a) all expenses and damages incurred by LANDLORD resulting, whether before or after termination, from a Default, including without limitation attorney's fees and brokers' fees to obtain a new tenant, reclaiming possession and alteration or repair costs to obtain a new tenant and (b) 10% interest on any sum due under the benefit of creditorsLease, or (iv) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall be appointed in any action, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed within thirty (30) days after such appointment, or (v) if from the leasehold estate hereby created shall be taken by execution or by other process of law, or (vi) if Tenant shall fail to operate and conduct business as required in Section 8 hereinabove, then, in any such event, Landlord, at Landlord's option and without limiting Landlord in the exercise of any other right or remedy Landlord may have on account of any default by Tenant, may either:date due.

Appears in 1 contract

Samples: Chronimed Inc

Default by Tenant. (a) This Lease is made upon the condition that the Tenant shall punctually and faithfully perform all of the covenants and agreements by it to be performed as herein set forth. If , and if any of the following events of default shall occur, to-wit: (ia) if any installment of Fixed Base Rentrent, Percentage Rentadditional rent, taxes, or any other sums required to be paid by Tenant hereunder, or any part thereof, shall at any time be in arrears and unpaid for ten fifteen (1015) days after the date duewritten notice thereof, or (iib) if there be any default on the part of the Tenant in the observance or performance of any of the other covenants, agreements agreements, or conditions of said this Lease on the part of Tenant to be kept and performed performed, and said default shall continue for a period of fifteen (15) days after written notice thereof from Landlord to Tenant (unless such default cannot reasonably be cured within fifteen (15) days and in such case, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues continue diligently to pursue to completion the curing of the same) ), or (iiic) if Tenant shall file a petition in bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or make an assignment for the benefit of creditors, or (ivd) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties or of the Premises shall be appointed in any action, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed within thirty (30) days after such appointment, or (ve) if the leasehold estate hereby created shall be taken by on execution or by other process of law, or (vif) if Tenant shall fail vacate or abandon the Premises before the end of the Term, then and in any of said cases, Landlord at its option may terminate this Lease and re-enter upon the Premises and take possession thereof with full right to operate sue xxx and conduct business as required collect all sums or amounts with respect to which Tenant may then be in Section 8 hereinabovedefault and accrued up to the time of such entry, thenincluding damages to Landlord by reason of any breach or default on the part of Tenant, or Landlord may, if it elects to do so, bring suit for the collection of such rents and damages without entering into possession of the Premises or voiding this Lease. In addition to, but not in limitation of, any of the remedies set forth in this Lease or given to Landlord by law or in equity, Landlord shall also have the right and option, in any such event, Landlord, at Landlord's option and without limiting Landlord in the exercise of any other right or remedy Landlord may have on account event of any default by Tenant under this Lease and the continuance of such default after the period of notice above provided, to discontinue services to Tenant and/or to retake possession of the Premises from Tenant without process of law, by summary proceedings or otherwise, and it is agreed that the commencement and prosecution of any action by Landlord in forcible entry and detainer, ejectment or otherwise, or any execution of any judgment or decree obtained in any action to recover possession of the Premises, shall not be construed as an election to terminate this Lease unless Landlord expressly exercises its option hereinabove provided to declare the term hereof ended, whether or not such entry or re-entry be had to taken under summary proceedings or otherwise, and shall not be deemed to have absolved or discharged Tenant from any of its obligations and liabilities for the remainder of the term of this Lease, and Tenant shall notwithstanding such entry or re-entry, continue to be liable for the payment of the rents and the performance of the other covenants and conditions hereof and shall pay to Landlord all monthly deficits after any such re-entry in monthly installments as the amounts of such deficits from time to time are ascertained, and if in the event of any such ouster Landlord rents or leases the Premises to some other person, firm or corporation (whether for a term greater, less than or equal to the unexpired portion of the term created hereunder) for an ag8regate rent during the portion of such new lease co-extensive with the term created hereunder which is less than the rent and other charges which Tenant would pay hereunder for such period, Landlord may immediately upon the making of such new lease or the creation of such new tenancy sue xxx and recover the differences between the aggregate rental provided for in said new lease for the portion of the term co-extensive with the term created hereunder and the rent which Tenant would pay hereunder for such period, together with any expense to which Landlord may be put for brokerage commission, placing the Premises in tenantable condition, reasonable attorneys fees, or otherwise. If such new lease or tenancy is made for a shorter term than the balance of the term of this Lease, any such action brought by Landlord to collect the deficit for that period shall not bar Landlord from thereafter suing for any loss accruing during the balance of the unexpired term of this Lease. If Tenant at any time shall fail to pay any taxes, assessments, or liens, or to make any payment or perform any act required by this Lease to be made or performed by it, Landlord without waiving or releasing Tenant from any obligation or default under this Lease, may (but shall be under no obligation to) at any time thereafter make such payment or perform such act for the account and at the expense of Tenant. All sums so paid by Landlord and all costs and expenses so incurred shall accrue interest at the annual rate of six (6%) percent from the date of payment or incurring thereof by Landlord and, together with such interest, shall constitute additional rent payable by Tenant under this Lease and shall be paid by Tenant to Landlord upon demand. All other sums payable by Tenant to Landlord under this Lease, including rent and late charges thereon, if not paid within any applicable grace period when due, shall accrue interest at the rate of six (6%) percent per annum from their due date until paid, said interest to be additional rent under this Lease and paid to Landlord by Tenant upon demand. All rights and remedies of Landlord herein enumerated shall be cumulative, an none shall exclude any other remedies allowed at law or in equity. If Tenant defaults in the performance of any of the covenants of this Lease and by reason thereof Landlord employs the services of any attorney to enforce performance by Tenant, may either:to evict Tenant, to collect moneys due by Tenant, or to perform any service based upon said default, then the Tenant shall pay a reasonable attorney's fee and all reasonable expenses and costs incurred by Landlord pertaining thereto.

Appears in 1 contract

Samples: Agreement (Inspire Insurance Solutions Inc)

Default by Tenant. It is a Default for TENANT: (a) This Lease is made upon the condition that the Tenant shall punctually and faithfully perform all of the covenants and agreements by it to be performed as herein set forth. If any of the following events shall occur, to-wit: (i) if any installment of Fixed Base Rent, Percentage Additional Rent, or any other sums required sum due by TENANT under this Lease shall be unpaid of the date payment is required; (b) if TENANT fails to perform any of the other terms, conditions, covenants and obligations of this Lease to be paid observed or performed by Tenant hereunder, or any part thereof, shall at any time be in arrears and unpaid the TENANT for ten more than (10) days after the date LANDLORD gives TENANT written notice of such Default ( it being agreed that a Default, other than failure to pay Base Rent, Additional Rent or other sums due, or which is of such character that the cure thereof reasonably requires longer than (ii10) ten days, shall be deemed cured within said period, if TENANT in good faith commences a cum within the (10) ten day period and diligently undertakes to complete the cure with reasonable dispatch); (c) if there TENANT abandons the Leased Premises (it being agreed that the Leased Premises shall be any default on considered abandoned should TENANT fail to openly conduct business from the part of the Tenant in the observance or performance of any of the other covenants, agreements or conditions of said Lease on the part of Tenant to be kept and performed and said default shall continue aforementioned premises for a period of fifteen (157) days after seven calendar days; (d) if TENANT or guarantor knowingly misrepresents any material fact in any written notice thereof from Landlord statement provided to Tenant (unless such default cannot reasonably be cured within fifteen (15) days and the LANDLORD or at its request, pursuant to or in such case, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of same) connection with this Lease; or (iiie) if Tenant shall file a petition in bankruptcy or be adjudicated a bankruptTENANT, any guarantor, general partner, joint venture, or file majority shareholder becomes insolvent or the subject of a bankruptcy petition. A Default gives LANDLORD the right (without further notice except as hereinafter expressly provided) to: (a) immediately reenter the Leased Premises, change the locks, and remove all persons and property; (b) at TENANT's expense, store or sell said property for TENANT's account; (c) treat said property as abandoned upon TENANT's failure to remove it within (10) ten days of written demand to remove; (d) make alterations and repairs; (e) without terminating the Lease, relet all or part of the Leased Premises, at TENANT's expense and for its account, on such terms, for such rentals, and for such a term as LANDLORD in it sole discretion deems advisable' and /or (h) resort to any petition other remedy authorized by this Lease or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other by statute, law or regulationequity. Whether or not LANDLORD reenters and/or relets the Leased Premises, or make an assignment TENANT will remain liable, for all periods in which this Lease is in full force and not terminated, for the benefit Base Rent, Additional Rent and utilities due hereunder, subject only to a credit for rental received from a substitute tenant over and above expenses of creditorsreletting and other sums due hereunder. Additionally, whether or (iv) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall be appointed in any action, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed within thirty (30) days after such appointment, or (v) if the leasehold estate hereby created shall be taken by execution or by other process of law, or (vi) if Tenant shall fail LANDLORD has already resorted to operate and conduct business as required in Section 8 hereinabove, then, in any such event, Landlord, at Landlord's option and without limiting Landlord in the exercise of any other right or remedy Landlord may have on account of any default by Tenant, may either:above-mentioned

Appears in 1 contract

Samples: Ringer Corp /Mn/

Default by Tenant. (a) This Lease is made upon the condition that the Tenant shall punctually and faithfully perform all The occurrence of the covenants and agreements by it to be performed as herein set forth. If any one or more of the following events shall occur, to-witconstitute an Event of Default by Tenant under this Lease: (i) if Tenant’s failure to pay any installment of Fixed Base Rent, Percentage Rent, or any other sums required to be paid by Tenant hereunder, or any part thereof, shall at any time be in arrears and unpaid for ten (10) days after the date due, or (ii) if there be any default on the part of the Tenant in the observance or performance of any of the other covenants, agreements or conditions of said Lease on the part of Tenant to be kept and performed and said default shall continue for a period of sum due hereunder within fifteen (15) days after written notice thereof from Landlord the due date for said payment; (ii) Tenant’s failure to Tenant (unless such default cannot reasonably be cured within fifteen (15) days and in such caseperform or observe any other term, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of same) or (iii) if Tenant shall file a petition in bankruptcy or be adjudicated a bankruptcovenant, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or make an assignment for the benefit condition of creditors, or (iv) if any trustee, receiver or liquidator of Tenant or of all or any substantial this Lease on Tenant’s part of its properties shall to be appointed in any action, suit or proceeding by or against Tenant performed hereunder and such proceeding or action shall not have been dismissed within failure continues for a period of more than thirty (30) days after the date Tenant receives written notice from School District notifying Tenant of the specific failure, provided, however, Tenant shall have such appointment, extended period as may be required beyond the thirty (30) days if the nature of the cure is such that it reasonably requires more than thirty (30) days and Tenant commences the cure within the thirty (30) day period and thereafter continuously and diligently pursues the cure to completion within sixty (60) days; or (viii) if the Tenant's leasehold estate hereby created shall be being taken by execution execution, attachment or by other process of law or being subjected to any bankruptcy proceeding. If any Event of Default occurs, then at any time thereafter while the Event of Default continues, School District shall have the right to pursue such remedies as may be available to School District under the law, or including, without limitation, the right to give Tenant notice that School District intends to terminate this Lease upon a specified date not less than three (vi3) if Tenant shall fail to operate and conduct business as required in Section 8 hereinabove, then, in any such event, Landlord, at Landlord's option and without limiting Landlord in days after the exercise of any other right or remedy Landlord may have on account of any default date notice is received by Tenant, may either:in which event this Lease shall then expire on the date specified as if that date had been originally fixed as the expiration date of the Term of this Lease. If, however, the default is cured within the three (3) day period and the School District is so notified, this Lease will continue.

Appears in 1 contract

Samples: Lease Agreement

Default by Tenant. (a) This Lease is made upon the condition that the Tenant shall punctually and faithfully perform all of the covenants and agreements by it is to be performed as herein set forth. If , and if any of the following events of default shall occur, to-wit: (ia) if any installment of Fixed Base Rent, Percentage Rent, or any other sums required to be paid by Tenant hereunder, or any part thereof, shall at any time be in arrears and unpaid for ten (10) days after the date due, or (ii) if there be any default on the part of the Tenant in the observance or performance of any of the other covenants, agreements agreements, or conditions of said this Lease on the part of Tenant to be kept and performed performed, and said default shall continue for a period of fifteen (15) days after written notice thereof from Landlord to Tenant (unless such default cannot reasonably be cured within fifteen (15) days and in such case, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of the same) ), or (iiib) if Tenant shall file a petition in bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or make an assignment for the benefit of creditors, or (ivc) if any trustee, receiver or liquidator of or Tenant or of all or any substantial part of its properties or of the leased premises shall be appointed in any action, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed within thirty (30) days after such appointment, or (vd) if the leasehold estate hereby created shall be taken by on execution or by other process of law, or (vie) if Tenant shall fail admit in writing its inability to operate pay its obligations generally as they become due, or (f) Tenant shall vacate or abandon the leased premises, then and conduct business as required in Section 8 hereinaboveany of said cases, thenLandlord at its option may terminate this lease and re-enter upon the leased premises and take possession thereof with full right to xxx for and collect all sums or amounts with respect to which Tenant may be in default and accrued up to the time of such entry, including damages to Landlord by reason of any breach or default on the part of Tenant, or Landlord may, if it elects to do so, bring suit for the collection of such rents and damages without entering into possession of the leased premises or voiding this Lease. In addition to, but not in limitation of, any of the remedies set forth in this lease or given to Landlord by law or in equity, Landlord shall also have the right and option, in any such event, Landlord, at Landlord's option and without limiting Landlord in the exercise of any other right or remedy Landlord may have on account event of any default by TenantTenant under this lease and the continuance of such default after the period of notice above provided, to retake possession of the leased premises from Tenant without process of law, by summary proceeding or otherwise, and it is agreed that the commencement and prosecution of any action by Landlord in forcible entry and detainer, ejectment or otherwise, or any execution of any judgement or decree obtained in any action to recover possession of the leased premises, shall not be construed as an election to terminate this lease unless Landlord expressly exercises its option hereinabove provided to declare the term hereof ended, whether, or not such entry or re-entry be had or taken under summary proceedings or otherwise, and shall not be deemed to have absolved or discharged Tenant from any of its obligations and liabilities for the remainder of the term of this lease, and Tenant shall, notwithstanding such entry or re-entry, continue to be liable for the payment of the rents and performance of the other covenants and conditions hereof and shall pay to Landlord all monthly deficits after any such re-entry in monthly installments as the amounts of such deficits from time to time are ascertained and, in the event of any such ouster, Landlord rents or leases the leased premises to some other person, firm or corporation (whether for a term greater, less than or equal to the unexpired portion of the term created hereunder) for an aggregate rent during the portion of such new lease co-extensive with the term created hereunder which is less than the rent and other charges which Tenant would pay hereunder for such period, Landlord may immediately upon the making of such new lease of the creation of such new tenancy xxx for and recover the difference between the aggregate rental provided for in said new lease for the portion of the term co-extensive with the term created hereunder and the rent which Tenant would pay hereunder for such period, together with any expenses to which Landlord may be put for brokerage commission, placing the leased premises in tenantable conditions or otherwise. If such new lease or tenancy is made for shorter term than the balance of the term of this lease, any such action brought by Landlord to collect the deficit for that period shall not bar Landlord from thereafter suing for any loss accruing during the balance of the unexpired term of this Lease. If Tenant at any time shall fail to pay any taxes, assessments, or liens, or to make any payment or perform any act required by this Lease to be made or performed by it, Landlord, without waiving or releasing Tenant from any obligation or default under this lease, may either:(but shall be under no obligation to) at any time thereafter make such payment or perform such act for the account and at the expense of Tenant. All sums so paid by Landlord and all costs and expenses so incurred shall accrue interest at the rate of eight percent (8%) from the date of payment or incurring thereof by Landlord and shall constitute additional rent payable by Tenant under this lease and shall be paid by Tenant to Landlord upon demand. All other sums payable by Tenant to Landlord under this lease, if not paid when due, shall accrue interest at the rate of eight percent (8%) from their due date until paid, said interest to be so much additional rent under this lease and shall be paid to Landlord by Tenant upon demand. All rights and remedies of Landlord herein enumerated shall be cumulative, and none shall exclude any other remedies allowed at law or in equity. Tenant agrees to pay a reasonable attorney's fee and all costs if Landlord, in its sole discretion, employs an attorney to collect any rent, additional rent, or any other sums payable under this Lease agreement or to enforce any covenants, agreements, or conditions on the part of the Tenant to be kept and performed; and Tenant expressly waives all exemptions secured to the Tenant under the laws of the State of South Carolina or of any other State of the United States as against the collection of any debt herein or hereby incurred or secured.

Appears in 1 contract

Samples: Agreement (Airgate Wireless Inc)

Default by Tenant. (a) This Lease is made upon the condition that the Tenant shall punctually and faithfully perform all of the covenants and agreements by it to be performed as herein set forth. If any of the following events shall occur, to-wit: (i) if default shall be made in the payment of any installment of Fixed Base Rent, Percentage Rent, or any other sums required sum to be paid by Tenant hereunderunder this Lease, or any part thereof, and default shall at any time be in arrears and unpaid continue for ten (10) days after the date duedelivery (or attempted but refused delivery) of notice from Landlord (provided that Landlord shall only be obligated to give Tenant notice of any monetary default twice in any twelve (12) month period, and thereafter Tenant shall be deemed in default within ten (10) days after failure to make such payment without requirement of notice from Landlord), or (ii) if there default shall be any default on the part of the Tenant made in the observance or performance of any of the other covenants, agreements covenants or conditions of said Lease on the part of that Tenant is required to be kept observe and performed to perform, and said such default shall continue for a period of fifteen twenty (1520) days after written notice thereof from Landlord to Tenant (unless such default cannot reasonably be cured within fifteen (15) days and in such casedays, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of same) or (iii) if the interest of Tenant under this Lease shall file a petition in bankruptcy be levied on under execution or be adjudicated a bankruptother legal process, or file (iv) if any petition shall be filed by or answer seeking against Tenant to declare Tenant a bankrupt or to delay, reduce or modify Tenant's debts or obligations, or (v) if any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state petition shall be filed or other statute, law action taken to reorganize or regulationmodify Tenant's capital structure if Tenant be a corporation or other entity, or make an (vi) if Tenant be declared insolvent according to law, or (vii) if any assignment of Tenant's property shall be made for the benefit of creditors, or (ivviii) if any trustee, a receiver or liquidator of trustee is appointed for Tenant or of all or any substantial part of its properties shall be appointed in any action, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed within thirty (30) days after such appointmentproperty, or (v) if the leasehold estate hereby created shall be taken by execution or by other process of law, or (viix) if Tenant shall fail to operate abandon the Leased Premises during the Term or any renewals or extensions thereof (any of (i) through (ix) is herein called an "Event of Default"), then Landlord may treat the occurrence of any one or more of the Events of Default as a breach of this Lease (provided that no such levy, execution, legal process, declaration, appointment or petition filed against Tenant shall constitute a breach of this Lease if Tenant shall contest the same by appropriate proceedings and conduct business as required in Section 8 hereinaboveshall remove or vacate the same within ninety (90) days from the date of its creation, then, in any such event, Landlordservice or filing) and thereupon, at Landlord's option and without limiting Landlord in the exercise of any other right or remedy Landlord option, may have on account any one or more of any default by Tenant, may eitherthe following described remedies in addition to all other rights and remedies provided at law or in equity:

Appears in 1 contract

Samples: Lease Agreement (Icarus International Inc)

Default by Tenant. (a) This Lease is made upon the condition that the Tenant shall punctually and faithfully perform all The occurrence of the covenants and agreements by it to be performed as herein set forth. If any one or more of the following events shall occur, to-witconstitute a material default and breach of this Lease by Tenant: (i) if the abandonment of the Premises by Tenant or the vacating of the Premises for more than thirty (30) consecutive days; (ii) the failure by Tenant to make any installment payment of Fixed Base Rent, Percentage Rent, Rent or any other sums payment required to be paid made by Tenant hereunder, or any part thereof, where that failure shall at any time be in arrears and unpaid continue for ten a period of three (103) business days after Landlord gives written notice to Tenant of that failure; (iii) the date due, failure by Tenant to observe or (ii) if there be any default on the part of the Tenant in the observance or performance of perform any of the other covenants, agreements conditions or conditions provisions of said Lease on the part of Tenant to be kept and performed and said default Lease, where such failure shall continue for a period of fifteen twenty (1520) days; provided, however, if more than twenty (20) days after written notice thereof from Landlord to Tenant (unless such default cannot are reasonably be cured within fifteen (15) days and in such case, required for its cure then Tenant shall have commenced not be deemed to be in default if Tenant commences such cure said default within said fifteen (15) days 20-day period and thereafter continues diligently prosecutes such cure to pursue to completion completion; (iv) the curing making by Tenant of same) any general assignment or (iii) if Tenant shall file a petition in bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or make an assignment general arrangement for the benefit of creditors, or ; (ivv) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall be appointed in any action, suit or proceeding the filing by or against Tenant and such proceeding of a petition to have Tenant adjudged bankrupt or action shall a petition for reorganization or arrangement under any law relating to bankruptcy (unless, in the case of a petition filed against Tenant, the same is dismissed within sixty (60) days); (vi) the appointment of a trustee or receiver to take possession of substantially all of Tenant's assets located at the Premises or of Tenant's interest in the Lease, where possession is not have been dismissed restored to Tenant within thirty (30) days after such appointment, days; or (vvii) if the leasehold estate hereby created shall be taken by attachment, execution or by other process judicial seizure of lawsubstantially all of Tenant's assets located at the Premises or of Tenant's interest in this Lease, or where such seizure is not discharged within thirty (vi30) if Tenant shall fail to operate and conduct business as required in Section 8 hereinabove, then, in any such event, Landlord, at Landlord's option and without limiting Landlord in the exercise of any other right or remedy Landlord may have on account of any default by Tenant, may either:days.

Appears in 1 contract

Samples: Lease Agreement (Three Five Systems Inc)

Default by Tenant. (a) This Lease is made upon the condition that the Tenant shall punctually and faithfully perform all of the covenants and agreements by it to be performed as herein set forth. If any Each of the following events shall occurconstitute, to-wit: and hereafter be referred to as "an Event of Default" (ia) if Tenant fails or refuses to pay any installment of Fixed Base RentRent as and when due hereunder unless payment in full thereof is made within five (5) days thereafter; (b) if Tenant fails or refuses to perform, Percentage Rentobserve or comply with any covenant, agreement, duty or any other sums required obligation of the Tenant strictly according to be paid by Tenant hereunder, the terms of this Lease Agreement unless such failure or any part thereof, shall at any time be in arrears and unpaid for ten refusal is cured within twenty (1020) days after the date due, or (ii) if there be any default on the part receipt of the Tenant in the observance or performance of any of the other covenants, agreements or conditions of said Lease on the part of Tenant to be kept and performed and said default shall continue for a period of fifteen (15) days after written notice thereof from Landlord to Tenant (unless Landlord, or, if such default failure or refusal cannot reasonably be cured within fifteen such twenty (1520) days and in such caseday period, unless Tenant shall have commenced promptly commences to cure said default the same within said fifteen such twenty (1520) days day period and thereafter continues continuously and diligently to pursue to completion prosecutes such cure and completes the curing of same) or ; (iiic) if Tenant or any guarantor of this Lease Agreement shall file a petition in bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or make an assignment for the benefit of its creditors; (d) if Tenant's interest in this Lease Agreement or in the Leased Premises is encumbered or taken by attachment, lien, execution or their legal process; (ive) if any trusteepetition shall be filed by or against Tenant or any guarantor of this Lease Agreement in any court, whether or not pursuant to any statute of the United States or of any State, in any bankruptcy, reorganization, composition, extension, arrangement, receivership, insolvency or similar proceedings or if Tenant, or if any guarantor of this Lease Agreement, shall be adjudicated bankrupt, or if any such petition shall be approved by the appropriate court or if the court shall assume jurisdiction of the subject matter thereof; (f) if in any proceedings any receiver or liquidator trustee shall be appointed for Tenant's property or the property of any guarantor of this Lease Agreement; or (g) if Tenant shall vacate or of all abandon the Premises or any substantial part thereof and fails to timely pay rent due. Upon and at any time after the happening of any one or more of the aforesaid Events of Default, Tenant shall for all purposes be in default under this Lease Agreement and Landlord may, at its option, exercise any or all of its properties shall be appointed in any action, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed within thirty (30) days after such appointment, or (v) if the leasehold estate hereby created shall be taken by execution or by other process of law, or (vi) if Tenant shall fail to operate and conduct business rights and/or remedies as required provided in Section 8 hereinabove, then, 23 of this Lease Agreement or as otherwise provided by law or in equity. Tenant hereby waives any such event, Landlord, at Landlord's option and without limiting Landlord in the exercise right of any other right or remedy Landlord may have on account of any default by Tenant, may either:redemption.

Appears in 1 contract

Samples: Lease Agreement (Staff Builders Inc /De/)

Default by Tenant. (a) This Lease is made upon In the condition that the event Tenant shall punctually and faithfully perform all fail to pay monthly rental by the tenth (10th) day of the covenants and agreements by it to be performed as herein set forth. If month for three consecutive months or four times during a twelve month period; or if Tenant is adjudicated a bankrupt; or if Tenant files a petition on bankruptcy under any section or provision of the following events shall occurbankruptcy law; or if an involuntary petition in bankruptcy is filed against Tenant, to-wit: and same is not withdrawn or dismissed within sixty (i60) days from the filing thereof; or if any installment of Fixed Base Rent, Percentage Rent, a receiver or any other sums required to be paid by Tenant hereunder, trustee is appointed for Tenant's property and the order appointing such receiver or any part thereof, shall at any time be trustee remains in arrears and unpaid force for ten thirty (1030) days after the date dueentry of such order; or if, whether voluntarily or (ii) if there be any default on the part of the involuntarily, Tenant in the observance or performance takes advantage of any of the other covenants, agreements or conditions of said Lease on the part of Tenant to be kept and performed and said default shall continue for a period of fifteen (15) days after written notice thereof from Landlord to Tenant (unless such default cannot reasonably be cured within fifteen (15) days and in such case, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of same) or (iii) if Tenant shall file a petition in bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar debtor relief for itself proceedings under any present or future federallaw, state whereby the rent or other statute, law or regulationany part thereof is, or make is proposed to be, reduced or payment thereof deferred; or if Tenant makes an assignment for the benefit of creditors; or if Tenant's effects should be levied upon or attached under process against Tenant, not satisfied or (iv) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall be appointed in any action, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed dissolved within thirty (30) days after such appointment, written notice from Landlord to tenant to obtain satisfaction thereof; or (v) if Tenant shall vacate or abandon the leasehold estate hereby created shall be taken by execution Premises; or by other process of law, or (vi) if Tenant shall fail to operate perform or observe any other covenant, agreement, or condition to be performed or kept by the Tenant under the terms and conduct business provisions of this Lease, and such failure in any one such event shall continue for thirty (30) days after written notice thereof has been given by Landlord to Tenant; then in any one of such events, Landlord shall have the right, at the option of the Landlord, then or at any time thereafter while such default or defaults shall continue, to elect either: (1) to cure such defaults at the expense of Tenant and without prejudice to any other remedies which Landlord might otherwise have, any payment made or expenses incurred by Landlord incurring such default shall bear interest thereon at eighteen percent (18%) per annum, or at such maximum legal rate as required permitted by North Carolina law, whichever shall be lower, to be and become additional rent to be paid by Tenant with the next installment or rent falling due thereafter; or (2) to re-enter the Premises and dispossess Tenant and anyone claiming under Tenant, by summary proceedings pursuant to the laws of the State of North Carolina, and remove their effects, and take complete possession of the Premises and either (i) declare this Lease forfeited and the term ended, or (ii) elect to continue this Lease in Section 8 hereinabovefull force and effect, thenbut with the right at any time thereafter to declare this Lease forfeited and the term ended; or (iii) exercise any other remedies or maintain any action permitted to Landlord pursuant to the laws of the State of North Carolina, or any other applicable laws. In such re-entry the Landlord may, under process of law, have all persons and Tenant's personal property removed from the Premises. Tenant hereby covenants in such event of default for itself and all others occupying the Premises under Tenant, to peacefully yield up and surrender the Premises to the Landlord. Should Landlord justifiably declare this Lease forfeited and the term ended subject to due process, the Landlord shall be entitled to recover from Tenant the rental and all other sums due and owing by Tenant to the date of termination, plus the costs of curing all of Tenant's defaults existing at or prior to the date of termination, plus the deficiency, if any, between Tenant's rental hereunder and the rental obtained by Landlord on another Lease for the balance of the term remaining under this Lease should Landlord, following default as aforesaid, elect to continue this Lease in full force. Landlord shall use its best efforts to rent the Premises by private negotiations, with or without advertising and on the best terms available for the remainder of the term hereof, or for such longer or shorter period as Landlord shall deem advisable. Tenant shall remain liable for all rentals and other charges and costs imposed on Tenant herein, in any such event, Landlordthe amounts, at Landlordthe times and upon the conditions as herein provided, but Landlord shall credit against such liability of the Tenant all amounts received by Landlord from such reletting after first reimbursing itself for all costs incurred in curing Tenant's option defaults and without limiting Landlord in re-entering, preparing and refinishing the exercise Premises for reletting, and reletting the Premises, and for the payment of any other right procurement fee or remedy Landlord may have on account of any default by commission paid to obtain another Tenant, may either:and for all attorney fees and legal costs incurred by landlord.

Appears in 1 contract

Samples: Lease Agreement (Frisby Technologies Inc)

Default by Tenant. (a) This Lease is made upon the condition that the Tenant shall punctually and faithfully perform all of the covenants and agreements by it to be performed as herein set forth. If any of the following events rent shall occur, to-wit: (i) if any installment of Fixed Base Rent, Percentage Rent, or any other sums required to be paid by Tenant hereunder, or any part thereof, shall at any time be in arrears and unpaid for ten (10) days after the date duewritten notice to Tenant, or if Tenant shall be in default under any other provisions of this Lease and remain so for thirty (ii) if there be any default on the part of the Tenant in the observance or performance of any of the other covenants, agreements or conditions of said Lease on the part of Tenant to be kept and performed and said default shall continue for a period of fifteen (1530) days after written notice thereof from Landlord to has notified Tenant (unless in writing of such default cannot reasonably be cured within fifteen (15) days and in such casedefault, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of same) or (iii) if Tenant shall file tile a petition in bankruptcy or be adjudicated a bankruptfor relief under the Bankruptcy Act, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or shall make an assignment for the benefit of creditors, or (iv) if Tenant shall be adjudged a bankrupt, or if Tenant's interest shall be levied upon under execution, or seized by virtue of any trustee, decree of a court of competent jurisdiction by appointment of a receiver or liquidator of Tenant or of all or any substantial part of its properties shall be appointed in any actionotherwise, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed within order is in effect for thirty (30) days after such appointment, or (v) if the leasehold estate hereby created shall be taken by execution or by other process of law, or (vi) if Tenant shall fail to operate and conduct business as required in Section 8 hereinabovemore, then, and in any such event, Landlord may, at its option, immediately and without notice to Tenant or any other person, enter and take possession of the Premises and terminate this Lease without prejudice to any other remedies or rights of Landlord, at Landlord's and every obligation of Landlord shall terminate. In the event of such repossession, Landlord may nevertheless recover from Tenant all rent and other sums due hereunder up to the time of such entry and such further sums, if any, as Landlord may be entitled to under the Bankruptcy Act or other applicable laws then existing. Landlord shall also have the right and option in any such event, to relet the Premises for the account of Tenant without such reletting constituting a termination of this Lease, and without limiting Landlord Tenant shall be liable for any deficiency between the rent herein reserved and the net proceeds realized by such reletting, and Tenant shall also be liable In the event of such reletting for such reasonable expenses; including attorney fees, repairs, changes, alterations or additions in or to the Premises as may be necessary in the exercise opinion of the Landlord for such reletting. In the event that Tenant fails to pay rent or any other right charges provided for in the lease on or remedy before their due date, Landlord shall also be entitled to interest on the unpaid amount at the First Union National Bank (or successor) prime rate plus 5% per annum until such payment is received by Landlord should any monthly installments of rent not be paid on or before its due date on two or more occasions in any twelve (12) month period, Landlord may have on account impose a late charge of any default by Tenant, may either:2% of the amount of such monthly installments which should be in addition to other remedies available to Landlord.

Appears in 1 contract

Samples: Industrial Building Lease (Griffin Capital Essential Asset REIT II, Inc.)

Default by Tenant. A. If (a) This Lease is made upon the condition that the Tenant shall punctually and faithfully perform all defaults in fulfilling any of the covenants and agreements by it of this Lease on Tenant’s part to be performed as herein set forth. If any of fulfilled, other than the following events shall occur, to-wit: (i) if any installment covenants for the payment of Fixed Base Rent, Percentage Rent, Rent or any other sums required to be paid by Tenant hereunder, or any part thereof, shall at any time be in arrears and unpaid for ten (10) days after the date due, or (ii) if there be any default on the part of the Tenant in the observance or performance of any of the other covenants, agreements or conditions of said Lease on the part of Tenant to be kept and performed and said default shall continue for a period of fifteen (15) days after written notice thereof from Landlord to Tenant (unless such default cannot reasonably be cured within fifteen (15) days and in such case, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of same) or (iii) if Tenant shall file a petition in bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or make an assignment for the benefit of creditors, or (iv) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall be appointed in any action, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed within thirty (30) days after such appointment, or (v) if the leasehold estate hereby created shall be taken by execution or by other process of law, or (vi) if Tenant shall fail to operate and conduct business as required in Section 8 hereinaboveadditional rent, then, in any one or more of such eventevents, upon Landlord serving a ten (10) days’ Notice upon Tenant specifying the nature of said default, and upon the expiration of said ten (10) days, if Tenant shall have failed to comply with or remedy such default, or if the said default or omission complained of shall be of such a nature that the same cannot be completely cured or remedied within said ten (10) day period, and if Tenant shall not have diligently commenced curing such default within such ten (10) day period, and shall not thereafter with reasonable diligence and in good faith proceed to remedy or cure such default or (b) Tenant shall default in the performance of any term or condition of this Lease (other than the payment of Fixed Rent or additional rent) more than three (3) times in any period of nine (9) months, or, with respect to the payment of any item of Fixed Rent or additional rent, more than two (2) times in any period of six (6) months, and notwithstanding that such defaults shall have each been cured within the applicable period, as above provided, if any further similar default shall occur or (c) Tenant shall default in the payment of Fixed Rent or any item of additional rent hereunder for more than five (5) Business Days after Notice from Landlord of such default or (d) a Bankruptcy Event, then (in the event of (a), (b), (c), or (d) above) Landlord may serve a three (3) days’ Notice of cancellation of this Lease upon Tenant, and upon the expiration of said three (3) days, this Lease and the Term shall end and expire as fully and completely as if the date of expiration of such three (3) day period were the Expiration Date set forth herein and Tenant shall then quit and surrender the Premises to Landlord, at Landlord's option and without limiting Landlord in the exercise of any other right or remedy Landlord may have on account of any default by Tenant, may either:but Tenant shall remain liable as hereinafter provided.

Appears in 1 contract

Samples: Lease (Olo Inc.)

Default by Tenant. (a) This 31.1 Upon Tenant’s failure to pay any installment of Basic Rent, additional rent or any other payment under this Lease is made upon the condition that the when due, or if Tenant shall punctually fail to observe and faithfully perform all of the covenants and agreements by it to be performed as herein set forth. If any of the following events other conditions, agreements or provisions of this Lease, it shall occurbe lawful thereupon, after seven (7) days written notice as to monetary default and twenty-one (21) days notice as to any other default (unless Tenant shall have remedied the failure within said seven (7) or twenty-one (21) day period as the case may be or shall have commenced in good faith within said seven (7) or twenty-one (21) day period as the case may be to remedy said failure and diligently continues thereafter until said failure is remedied) for Landlord to-wit: (i1) if re—enter and repossess the Premises, to remove all persons therefrom and to take exclusive possession of and remove all property therefrom; and/or (2) perform on behalf of and at the expense of Tenant, any installment obligation of Fixed Base RentTenant under this Lease which Tenant has failed to perform, Percentage Rentprovided, however, that Landlord may exercise the remedy described in this clause without a default by, or notice to Tenant if Landlord, in its good faith judgment, believes it would suffer material or substantial damage by failure to take rapid action or if the unperformed obligation of Tenant constituted an emergency. Upon any other sums required to be paid occurrence of default by Tenant hereunder, beyond any applicable cure period, any and all rights of Tenant as a tenant shall, at the option of Landlord, immediately cease and terminate. Nothing provided herein shall be deemed to obligate or require Landlord to take any part thereof, shall at action or do any time be in arrears and unpaid thing for ten (10) days after the date dueor on behalf of Tenant, or (ii) if there be any default otherwise. The failure on the part of the Tenant in Landlord to re—enter or repossess the observance Premises, or performance to exercise any of its rights hereunder upon any default shall not be deemed a waiver of any of the other covenants, agreements or terms and conditions of said Lease on the part of Tenant to be kept this Lease, and performed and said default shall continue for a period of fifteen (15) days after written notice thereof from Landlord to Tenant (unless such default cannot reasonably be cured within fifteen (15) days and in such case, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of same) or (iii) if Tenant shall file a petition in bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or make an assignment for the benefit of creditors, or (iv) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall be appointed in any action, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed within thirty (30) days after such appointment, or (v) if the leasehold estate hereby created shall be taken by execution or by other process of law, or (vi) if Tenant shall fail to operate and conduct business as required in Section 8 hereinabove, then, in any such event, Landlord, at Landlord's option and without limiting preclude said Landlord in from the exercise of any other right of such rights upon any subsequent occurring default or remedy Landlord may have on account of any default by Tenant, may either:defaults.

Appears in 1 contract

Samples: Commercial Lease (Biodel Inc)

Default by Tenant. The following shall be deemed to be events of default (a“Default”) This Lease is made upon the condition that the by Tenant under this Lease: (1) Tenant shall punctually and faithfully perform all of the covenants and agreements by it fail to be performed as herein set forth. If any of the following events shall occur, to-wit: (i) if pay when due any installment of Fixed Base Rent, Percentage Rent, rent or any other sums payment required pursuant to be paid by this Lease; (2) Tenant hereundershall abandon any substantial portion of the Premises; (3) Tenant shall fail to comply with any term, provision or any part thereofcovenant of this Lease, shall at any time be in arrears other than the payment of rent, and unpaid for the failure is not cured within ten (10) days after the date due, or (ii) if there be any default on the part of the Tenant in the observance or performance of any of the other covenants, agreements or conditions of said Lease on the part of Tenant to be kept and performed and said default shall continue for a period of fifteen (15) days after written notice thereof from Landlord to Tenant Tenant; (unless such default cannot reasonably be cured within fifteen (154) days and in such case, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of same) or (iii) if Tenant shall file a petition in or if an involuntary petition is filed against Tenant, or becomes insolvent, under any applicable federal or state bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, insolvency law or regulation, admit that it cannot meet its financial obligations as they become due; or a receiver or trustee shall be appointed for all or substantially all of the assets of Tenant; or Tenant shall make a transfer in fraud of creditors or shall make an assignment for the benefit of creditors; or (5) Tenant shall do or permit to be done any act which results in a lien being filed against the Premises or the Building and/or project of which the Premises are a part. In the event that an order for relief is entered in any case under Title 11, U.S.C. (the “Bankruptcy Code”) in which Tenant is the debtor and: (A) Tenant as debtor-in-possession, or (iv) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall trustee who may be appointed in any actionthe case (the “Trustee”) seeks to assume the Lease, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed within thirty (30) days after such appointmentthen Tenant, or Trustee if applicable, in addition to providing adequate assurance described in applicable provisions of the Bankruptcy Code, shall provide adequate assurance to Landlord of Tenant’s future performance under the Lease by depositing with Landlord a sum equal to the lesser of twenty-five percent (v25%) of the rental and other charges due for the balance of the Lease term of six (6) months’ rent (“Security”), to be held (without any allowance for interest thereon) to secure Tenant’s obligations under the Lease, and (B) Tenant, or Trustee if applicable, seeks to assign the leasehold estate hereby created Lease after assumption of the same, then Tenant, in addition to providing adequate assurance described in applicable provisions of the Bankruptcy Code, shall provide adequate assurance to Landlord of the proposed assignee’s future performance under the Lease by depositing with Landlord a sum equal to the Security to be held (without any allowance or interest thereon) to secure performance under the Lease. Nothing contained herein expresses or implies, or shall be taken by execution construed to express or by other process imply, that Landlord is consenting to assumption and/or assignment of law, or (vi) if Tenant shall fail to operate and conduct business as required in Section 8 hereinabove, then, in any such event, Landlord, at Landlord's option and without limiting Landlord in the exercise of any other right or remedy Landlord may have on account of any default Lease by Tenant, may either:and Landlord expressly reserves all of its rights to object to any assumption and/or assignment of the Lease. Neither Tenant nor any Trustee shall conduct or permit the conduct of any “fire”, “bankruptcy”, “going out of business” or auction sale in or from the Premises.

Appears in 1 contract

Samples: Lease Agreement (Vascular Solutions Inc)

Default by Tenant. Notwithstanding any contrary provision of the Lease, as amended hereby, but subject to applicable law, Landlord shall have the right, at its option, to accelerate the repayment of the Rent Deferral Amount, and interest thereon, and to make the same immediately due and payable in full by Tenant (awith interest at the rate provided in Article 25 of the Lease, which interest shall accrue monthly from and after the calendar month in which each installment of the Rent Deferral Amount was originally due and owing under the Lease) This Lease is made and to make the same immediately due and payable in full by Tenant (the “Accelerated Amount”), upon the condition that the Tenant shall punctually and faithfully perform all occurrence of the covenants and agreements by it to be performed as herein set forth. If any of the following events shall occur(each, to-wit: an “Acceleration Event”): (i) if any installment breach of Fixed Base Rentthe representations, Percentage Rentwarranties, or any other sums required to be paid by certifications and covenants of Tenant hereunder, or any part thereof, shall at any time be set forth in arrears this Second Amendment beyond applicable notice and unpaid for ten (10) days after the date due, or cure periods; (ii) if there be any default on by Tenant under the part of the Tenant in the observance or performance of any of the other covenantsLease, agreements or conditions of said Lease on the part of Tenant to be kept as amended hereby, beyond applicable notice and performed and said default shall continue for a period of fifteen (15) days after written notice thereof from Landlord to Tenant (unless such default cannot reasonably be cured within fifteen (15) days and in such case, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of same) or periods; (iii) if any assignment or attempted assignment of the Lease to any third party in violation of Article 14 of the Lease; (iv) a general assignment by Tenant shall file a petition in bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or make an assignment guarantor of the Lease for the benefit of creditors, or the taking of any corporate action in furtherance of bankruptcy or dissolution (iv) if whether or not there exists any trusteeproceeding under an insolvency or bankruptcy law), receiver or liquidator of Tenant or of all or any substantial part of its properties shall be appointed in any action, suit or proceeding the filing by or against Tenant and such or any guarantor of any proceeding under an insolvency or action shall not have been dismissed within thirty (30) days after such appointment, bankruptcy law; or (v) if the leasehold estate hereby created shall be taken by execution or by other process of lawrejection, or (vi) if Tenant shall fail to operate and conduct business deemed rejection, of the Lease, as required in Section 8 hereinabove, thenamended hereby, in any such eventinsolvency or bankruptcy case or proceeding. Further, Landlordnotwithstanding any contrary provision of the Lease, at Landlord's option as amended hereby, the Rent Deferral Amount, and without limiting interest thereon as provided above, payable hereunder shall constitute a part of the Rent payable by Tenant under the Lease. Landlord may include in any unpaid sums or amounts it seeks to recover from Tenant the aggregate Rent Deferral Amount, it being agreed by Tenant that the Rent Deferral Amount has been granted by Landlord in consideration of Tenant not defaulting under the exercise terms and conditions of any other right or remedy the Lease. Tenant agrees that Landlord may have on account include the Accelerated Amount in any statutory notices (or notices required under the Lease), that Landlord is required to give Tenant as a condition precedent to an action for recovery of any default by Tenant, may either:possession of the Existing Premises.

Appears in 1 contract

Samples: Lease (Dynamics Special Purpose Corp.)

Default by Tenant. (a) This Lease is made upon the condition that the Tenant shall punctually and faithfully perform all The occurrence of the covenants and agreements by it to be performed as herein set forth. If any of the following events shall occur, to-witconstitute a default by Tenant under this Lease: (ia) if Tenant fails to timely pay any installment of Fixed Base Rent, Percentage RentTenant's Share, payments required under Section 4.3 above, late fees, interest or the utility payments after they are due (note, the payment of the Base Rent may be made within the 1st to the 10th day of the applicable month as provided in Section 3 above, any Base Rent paid after those periods shall be an event of default, and Tenant’s Share and the other payments required under this Lease shall be paid within three (3) days of the 1st day of each month and any payment later than that shall be an event of default); (b) Tenant fails to timely pay any other sums required amount due under this Lease or to perform any other non-monetary obligation to be paid performed by Tenant hereunderunder this Lease, or any part thereof, shall at any time be in arrears and unpaid for ten (10) days after the date due, or (ii) if there be any default on the part of the Tenant in the observance or performance of any of the other covenants, agreements or conditions of said Lease on the part of Tenant to be kept and performed and said default shall continue for a period of fifteen (15) days after written notice thereof from Landlord to Tenant (unless such default cannot reasonably be cured within fifteen (15) days and in such case, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of same) or (iii) if Tenant shall file a petition in bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or make an assignment for the benefit of creditors, or (iv) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall be appointed in any action, suit or proceeding by or against Tenant and such proceeding or action shall failure to perform the non-monetary obligation is not have been dismissed cured within thirty (30) days after written notice is given to Tenant; (c) Tenant's cessation of its normal business operations in the Premises or if Tenant vacates, abandons or lets the Premises go dark for a period of seven (7) days, unless such appointmentvacation or abandonment is caused by earthquake, fire, flood, or other acts of God; (vd) if Tenant's action, permission or authorization of itself or any other person to do anything which creates a lien upon the leasehold estate hereby created shall be Premises which is not paid, bonded over or discharged promptly; (e) Tenant files a petition in bankruptcy, becomes insolvent, has taken by execution against Tenant in any court, pursuant to state or by other process federal statute, a petition in bankruptcy or insolvency or for reorganization or appointment of lawa receiver or trustee, which involuntary petition is not dismissed within sixty (60) days, petitions for or enters into an arrangement for the benefit of creditors or suffers this Lease to become subject to a writ of execution, and such writ is not released within thirty (30) days; or (vif) if Tenant shall fail to operate and conduct business as required in Section 8 hereinabove, then, in any such event, Landlord, at LandlordTenant's option and without limiting Landlord in the exercise breach of any other right terms or remedy Landlord may have on account provisions of any default by Tenant, may either:this Lease subject to the express notice and cure periods provided in this Section.

Appears in 1 contract

Samples: East West Center Lease Agreement (SpectrumDNA, Inc.)

Default by Tenant. (a) This Lease is made upon the condition that the Tenant shall punctually and faithfully perform all The occurrence of the covenants and agreements by it to be performed as herein set forth. If any one or more of the following events shall occur, to-witconstitute a material default and breach of this Lease by Tenant: (i) if the abandonment of the Premises by Tenant or the vacating of the Premises for more than thirty (30) consecutive days; (ii) the failure by Tenant to make any installment payment of Fixed Base Rent, Percentage Rent, Rent or any other sums payment required to be paid made by Tenant hereunder, or any part thereof, shall at any time be in arrears and unpaid for ten within five (105) days after the of date due, ; (iii) the failure by Tenant to observe or (ii) if there be any default on the part of the Tenant in the observance or performance of perform any of the other covenants, agreements conditions or conditions provisions of said Lease on the part of Tenant to be kept and performed and said default Lease, where such failure shall continue for a period of fifteen twenty (1520) days; provided, however, if more than twenty (20) days after written notice thereof from Landlord to Tenant (unless such default cannot are reasonably be cured within fifteen (15) days and in such case, required for its cure then Tenant shall have commenced not be deemed to be in default if Tenant commences such cure said default within said fifteen (15) days 20-day period and thereafter continues diligently prosecutes such cure to pursue to completion completion; (iv) the curing making by Tenant of same) any general assignment or (iii) if Tenant shall file a petition in bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or make an assignment general arrangement for the benefit of creditors, or ; (ivv) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall be appointed in any action, suit or proceeding the filing by or against Tenant and such proceeding of a petition to have Tenant adjudged bankrupt or action shall a petition for reorganization or arrangement under any law relating to bankruptcy (unless, in the case of a petition filed against Tenant, the same is dismissed within sixty (60) days); (vi) the appointment of a trustee or receiver to take possession of substantially all of Tenant's assets located at the Premises or of Tenant's interest in the Lease, where possession is not have been dismissed restored to Tenant within thirty (30) days after such appointment, days; or (vvii) if the leasehold estate hereby created shall be taken by attachment, execution or by other process judicial seizure of lawsubstantially all of Tenant's assets located at the Premises or of Tenant's interest in this Lease, or where such seizure is not discharged within thirty (vi30) if Tenant shall fail to operate and conduct business as required in Section 8 hereinabovedays. The above notice periods may, then, in any such event, at the election of Landlord, at Landlord's option and without limiting Landlord in the exercise of run concurrently with any other right or remedy Landlord may have on account of any default by Tenant, may either:statutorily required notice periods.

Appears in 1 contract

Samples: Office Lease Agreement (Bsquare Corp /Wa)

Default by Tenant. If (a) This Lease is made upon the condition that the Tenant shall punctually and faithfully perform all of the covenants and agreements by it fails to be performed as herein set forth. If pay any of the following events shall occur, to-wit: (i) if any installment of Fixed Base Rent, Percentage Rentadditional rent or other sum of money due under this lease, or any other sums required and fails to be paid by Tenant hereunder, or any part thereof, shall at any time be in arrears and unpaid for cure such default within ten (10) days after the date due, written notice to Tenant; or (iib) if there be any default on the part of the Tenant defaults in the observance or performance of any other covenant of the other covenants, agreements or conditions of said Lease on the part of Tenant this lease and fails to be kept and performed and said cure such default shall continue for a period of fifteen within twenty (1520) days after written notice thereof from Landlord to Tenant (unless Tenant, or if such default cannot reasonably be cured within fifteen in twenty (1520) days and in such casedays, Tenant shall have commenced does not within such twenty (20) day period commence such act Or acts necessary to cure said such default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of same) complete such act or acts promptly; or (iiic) if Tenant shall file becomes insolvent or is adjudicated bankrupt, or files in any court a petition in bankruptcy or be adjudicated a bankruptother debtor proceedings, or file any files or has filed against it a petition for the appointment of a receiver or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution trustee for all or similar relief for itself under any present substantially all of the assets of Tenant and such appointment is not vacated or future federal, state or other statute, law or regulationset aside within twenty (20) days from the date of such appointment, or make Tenant makes an assignment for the benefit of creditors, or petitions for or enters into such an arrangement; or (ivd) if any trustee, receiver or liquidator of Tenant or of all abandons the Demised Premises or any substantial part of its properties shall thereof, or suffers this lease to be appointed in taken or encumbered under any action, suit or proceeding by or against Tenant legal process and such proceeding taking or action shall encumbrance is not have been dismissed dissolved within thirty twenty (3020) days after such appointmentdays, or (ve) if the leasehold estate hereby created shall be taken by execution Tenant disposes of or by other process agrees to dispose all or substantially all of lawits assets , or (vi) if Tenant shall fail to operate and conduct business as required in Section 8 hereinabove, then, then in any such event, at the option of Landlord and without any without any further notice or action by Landlord, Landlord shall have the immediate right of reentry to remove all persons and property from the Demised Premises and dispose of or store such property as it sees fit, all without resort to legal process and without being deemed guilty of trespass. If Landlord should elect to reenter as provided in this paragraph 21 or should it take possession pursuant to legal proceedings, Landlord may either terminate this lease, or Landlord may from time to time, without terminating this lease, make much alterations and repairs as may be necessary in order to relet the Demised Premises, and may at its Option relet the Demised Premises for such term and at such rentals and upon such ocher terms and conditions as Landlord may deem advisable. No such reentry or taking possession of the Demised Premises by Landlord shall be construed as an election to terminate this lease unless a written notice of such intention is given by Landlord to Tenant at the time of such reentry; but, notwithstanding any such reentry and reletting without termination, Landlord may at any time thereafter elect to terminate this lease for such previous breach. If Landlord elects to terminate this lease, Landlord may recover from Tenant damages incurred by reason of such breach, including the cost of recovering the Demised Premises and enforcing this lease (including reasonable attorneys' fees) and the difference in value between the base rent and other amounts which would be payable by Tenant hereunder for the remainder of the lease term and the reasonable rental value (net of all expenses of reletting including the expense of repairs, alteration, upfitting and renovation) of the Demised Premises for the remainder of the lease term. If the Landlord elects to reenter without terminating this lease, Landlord may recover from Tenant damages incurred by reason of such breach, including the cost of recovering the Demised Premises and enforcing this lease (including reasonable attorneys' fees) and the costs of repairing, altering, upfitting and renovating the Demised Premises for the purpose of reletting the Demised Premises. If Landlord does not terminate this lease, then unless and Until Landlord does relet the Demised Premises, Tenant shall pay Landlord monthly, on the tenth (10th) day of each month during the period that Tenant's right of possession is terminated, a sum equal to all base rent and other amounts due under this lease (less any amount which Landlord could have realized had Landlord relet the Demised Premises to a reputable, creditworthy substitute Tenant procured by Tenant and presented the Landlord in writing, ready, willing and able to lease the entire Demised Premises from Landlord pursuant to a lease in form identical to the form of this lease). If and when the Demised Premises are relet and a sufficient sum is not realized from such reletting after payment of all Landlord's option expenses of releting (including repairs, alterations, improvements, addition, decorations. legal fees and without limiting brokerage commissions) to satisfy the payment of base rent and all other amounts due under this lease for any months Tenant shall pay Landlord in the exercise any such deficiency monthly upon demand. Tenant agrees that Landlord may file suit to recover any sums due to Landlord under this paragraph from time to time, and that any such suit or recovery of any amount due Landlord shall not be any defense to any subsequent action brought for any amount not previously reduced to judgment in favor of Landlord. If landlord elects to terminate Tenant's right to possession only without terminating this lease, Landlord may, at its option, enter into the Demised Premises, remove Tenant's signs and other right evidence of tenancy, and take and hold possession thereof; provided, however, that such entry and possession shall not terminate this lease or remedy Landlord may have on account of any default by release Tenant, may either:in whole or in part, from Tenant's obligation to pay rent or from any ocher obligation of Tenant for the remainder of the term of this lease.

Appears in 1 contract

Samples: Lease Agreement (Winston Furniture Co of Alabama Inc)

Default by Tenant. (a) This Tenant's failure to pay any installment of rent or any other charges or expenses it is required to pay pursuant to this Lease is made upon when the condition that the Tenant same shall punctually be due and faithfully payable, or Tenant's failure to perform all any of the covenants other covenants, conditions and agreements by it herein contained on Tenant's part to be kept or performed as herein set forthand the continuance of such failure to perform such other covenants, conditions or agreements without curing the same or taking reasonable steps to cure the same, for a period of thirty (30) days after receipt by Tenant of notice in writing from Landlord specifying in detail the nature of such failure, shall constitute a default under this Lease ("Tenant's Default"), provided, however, that, in the event of a default that cannot be reasonably cured during the said 30-day period, Tenant need only commence the cure of such default within the 30-day period and thereafter shall diligently pursue the cure of such default through completion of the cure. Upon the occurrence of a Tenant's Default, Landlord may at any time thereafter, give a written termination notice to Tenant specifying a date on which this Lease shall terminate, and on such date, the Term of this Lease shall terminate and all rights of Tenant under this Lease shall cease unless before such date (i) all arrears of rent and all other sums payable by Tenant under this Lease, and all costs and expenses (including, without limitation, reasonable attorneys' fees) incurred by or on behalf of Landlord on account of such Tenant's Default shall have been paid by Tenant to Landlord, and (ii) all other Tenant's Defaults at the time existing under this Lease shall have been fully cured to the reasonable satisfaction of Landlord. All costs and expenses incurred by or on behalf of Landlord (including, without limitation, reasonable attorneys' fees) occasioned by any Tenant's Default shall constitute additional rent hereunder. If any Tenant's Default shall have occurred and be continuing and the Term of this Lease shall have been terminated pursuant to Section 24(b) above, Landlord may enter upon and repossess the Premises by self-help, summary proceeding, ejectment, or otherwise, and may remove Tenant and all other persons and any and all property therefrom. Landlord shall have no liability for or by reason of such entry, repossession or removal. The foregoing notwithstanding, Landlord will use reasonable efforts to arrange for an orderly repossession of the following events Premises before exercising its rights hereunder. After the repossession of the Premises pursuant to Section 24(c), Landlord shall occuruse reasonable efforts to relet the Premises on commercially reasonable terms. In the event of any termination or repossession under this Section 24, to-wit: (i) if any installment of Fixed Base Rent, Percentage Rent, or any Tenant will pay to Landlord the rent and other sums required to be paid by Tenant hereunderup to the time of such termination or repossession, and thereafter Tenant shall be liable to Landlord for, and shall pay to Landlord, as liquidated and agreed current damages on account of such termination or repossession, (i) a sum equal to the rent and all other sums which would be payable under this Lease by Tenant in the absence of such termination or repossession for the remainder of the Term, plus (ii) all reasonable expenses of Landlord in connection with such termination or repossession and the re-letting of the Premises (including, without limitation, reasonable legal expenses and attorneys' fees, advertising, signage, brokers' fees, managers' fees, and compensation for landlord's time); provided, however, that any amounts received by Landlord through the re-letting of the Premises, or any part thereofportion thereof shall be offset against amounts due hereunder. In the event Landlord re-lets the Premises to mitigate its damages, Landlord shall report to Tenant monthly (or at such other times as the parties may agree) all rents received by virtue of any time such re-letting; provided however, that Landlord's failure to report to Tenant monthly or otherwise shall not constitute a defense to or waiver of Landlord's right to damages. Tenant shall pay such damages monthly on the days on which the rent would have been due and payable under this Lease in the absence of such termination or repossession. If Tenant shall fail to make any payment or perform any act required to be in arrears and unpaid for made or performed by it hereunder, Landlord upon ten (10) days after days' notice to Tenant may (but shall be under no obligation to) at any time thereafter make payment or perform such act for the date dueaccount and at the expense of Tenant, and may enter upon the Premises or any part thereof at reasonable times for such purpose and take all such action thereon as, in the opinion of Landlord, may be necessary or appropriate. No such entry shall be deemed an eviction of Tenant. All payments so made by Landlord and all costs and expenses (iiincluding, without limitation, reasonable attorneys' fees and expenses) if there incurred in connection therewith or in connection with the performance by Landlord of any such act shall, upon demand, be any default on reimbursed to Landlord by Tenant as additional rent hereunder. Each right, power and remedy of Landlord provided for in this Lease or now or hereafter existing at law or in equity or by statute or otherwise shall be cumulative and concurrent and shall be in addition to every other right, power or remedy provided for in this Lease or now or hereafter existing at law or in equity or by statute or otherwise, and the part exercise or beginning of the Tenant in the observance or performance exercise by Landlord of any one or more of the other covenantsrights, agreements powers or conditions of said remedies provided for in this Lease on the part of Tenant to be kept and performed and said default shall continue for a period of fifteen (15) days after written notice thereof from Landlord to Tenant (unless such default cannot reasonably be cured within fifteen (15) days and in such case, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of same) or (iii) if Tenant shall file a petition in bankruptcy now or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, hereafter existing at law or regulation, in equity or make an assignment for the benefit of creditors, by statute or (iv) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall be appointed in any action, suit or proceeding by or against Tenant and such proceeding or action otherwise shall not have been dismissed within thirty (30) days after such appointment, preclude the simultaneous or (v) if the leasehold estate hereby created shall be taken later exercise by execution or by other process of law, or (vi) if Tenant shall fail to operate and conduct business as required in Section 8 hereinabove, then, in any such event, Landlord, at Landlord's option and without limiting Landlord in the exercise of any or all such other right rights, powers or remedy Landlord may have on account of any default by Tenant, may either:remedies.

Appears in 1 contract

Samples: Lease Agreement (Green Mountain Coffee Roasters Inc)

Default by Tenant. The following shall be deemed to be events of default (a"Default") This Lease is made upon the condition that the by Tenant under this Lease: (1) Tenant shall punctually and faithfully perform all of the covenants and agreements by it fail to be performed as herein set forth. If any of the following events shall occur, to-wit: (i) if pay when due any installment of Fixed Base Rent, Percentage Rent, rent or any other sums payment required pursuant to be paid by this Lease within five (5) days of written notice from Landlord; (2) Tenant hereundershall fail to comply with any term, provision or any part thereofcovenant of this Lease, shall at any time be in arrears other than the payment of rent, and unpaid for the failure is not cured within ten (10) days after the date due, or (ii) if there be any default on the part of the Tenant in the observance or performance of any of the other covenants, agreements or conditions of said Lease on the part of Tenant to be kept and performed and said default shall continue for a period of fifteen (15) days after written notice thereof from Landlord to Tenant Tenant; (unless such default cannot reasonably be cured within fifteen (153) days and in such case, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of same) or (iii) if Tenant shall file a petition in or if an involuntary petition is filed against Tenant, or becomes insolvent, under any applicable federal or state bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, insolvency law or regulation, admit that it cannot meet its financial obligations as they become due; or a receiver or trustee shall be appointed for all or substantially all of the assets of Tenant; or Tenant shall make a transfer in fraud of creditors or shall make an assignment for the benefit of creditors; or (4) Tenant shall do or permit to be done any act which results in a lien being filed against the Premises or the Building and/or project of which the Premises are a part. In the event that an order for relief is entered in any case under Title 11, U.S.C. (the "Bankruptcy Code") in which Tenant is the debtor and: (A) Tenant as debtor-in-possession, or (iv) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall trustee who may be appointed in any actionthe case (the "Trustee") seeks to assume the lease, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed within thirty (30) days after such appointmentthen Tenant, or Trustee if applicable, in addition to providing adequate assurance described in applicable provisions of the Bankruptcy Code, shall provide adequate assurance to Landlord of Tenant's future performance under the Lease by depositing with Landlord a sum equal to the lesser of twenty-five percent (v25%) of the rental and other charges due for the balance of the Lease term or six (6) months' rent ("Security"), to be held (without any allowance for interest thereon) to secure Tenant's obligation under the Lease, and (B) Tenant, or Trustee if applicable, seeks to assign the leasehold estate hereby created Lease after assumption of the same, then Tenant, in addition to providing adequate assurance described in applicable provisions of the Bankruptcy Code, shall provide adequate assurance to Landlord of the proposed assignee's future performance under the Lease by depositing with Landlord a sum equal to the Security to be held (without any allowance or interest thereon) to secure performance under the Lease. Nothing contained herein expresses or implies, or shall be taken by execution construed to express or by other process imply, that Landlord is consenting to assumption and/or assignment of law, or (vi) if Tenant shall fail to operate and conduct business as required in Section 8 hereinabove, then, in any such event, Landlord, at Landlord's option and without limiting Landlord in the exercise of any other right or remedy Landlord may have on account of any default Lease by Tenant, may either:and Landlord expressly reserves all of its rights to object to any assumption and/or assignment of the Lease. Neither Tenant nor any Trustee shall conduct or permit the conduct of any "fire", "bankruptcy", "going out of business" or auction sale in or from the Premises.

Appears in 1 contract

Samples: Norstan Inc

Default by Tenant. (a) This 29.1 Upon Tenant’s failure to pay any installment of Basic Rent, additional rent or any other payment under this Lease is made upon the condition that the when due, or if Tenant shall punctually fail to observe and faithfully perform all of the covenants and agreements by it to be performed as herein set forth. If any of the following events other conditions, agreements or provisions of this Lease, it shall occurbe lawful thereupon, after seven (7) days written notice as to monetary default and twenty-one (21) days notice as to any other default (unless Tenant shall have remedied the failure within said seven (7) or twenty-one (21) day period as the case may be or shall have commenced in good faith within said seven (7) or twenty-one (21) day period as the case may be to remedy said failure and diligently continues thereafter until said failure is remedied) for Landlord to-wit: (i1) if re-enter and repossess the Premises, to remove all persons therefrom and to take exclusive possession of and remove all property therefrom; and/or (2) perform on behalf of and at the expense of Tenant, any installment obligation of Fixed Base RentTenant under this Lease which Tenant has failed to perform, Percentage Rentprovided, however, that Landlord may exercise the remedy described in this clause without a default by, or notice to Tenant if Landlord, in its good faith judgment, believes it would suffer material or substantial damage by failure to take rapid action or if the unperformed obligation of Tenant constituted an emergency. Upon any other sums required to be paid occurrence of default by Tenant hereunder, beyond any applicable cure period, any and all rights of Tenant as a tenant shall, at the option of Landlord, immediately cease and terminate. Nothing provided herein shall be deemed to obligate or require Landlord to take any part thereof, shall at action or do any time be in arrears and unpaid thing for ten (10) days after the date dueor on behalf of Tenant, or (ii) if there be any default otherwise. The failure on the part of the Tenant in Landlord to re-enter or repossess the observance Premises, or performance to exercise any of its rights hereunder upon any default shall not be deemed a waiver of any of the other covenants, agreements or terms and conditions of said Lease on the part of Tenant to be kept this Lease, and performed and said default shall continue for a period of fifteen (15) days after written notice thereof from Landlord to Tenant (unless such default cannot reasonably be cured within fifteen (15) days and in such case, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of same) or (iii) if Tenant shall file a petition in bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or make an assignment for the benefit of creditors, or (iv) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall be appointed in any action, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed within thirty (30) days after such appointment, or (v) if the leasehold estate hereby created shall be taken by execution or by other process of law, or (vi) if Tenant shall fail to operate and conduct business as required in Section 8 hereinabove, then, in any such event, Landlord, at Landlord's option and without limiting preclude said Landlord in from the exercise of any other right of such rights upon any subsequent occurring default or remedy Landlord may have on account of any default by Tenant, may either:defaults.

Appears in 1 contract

Samples: Biodel Inc

Default by Tenant. The following shall be deemed to be events of default (a“Default”) This Lease is made upon the condition that the by Tenant under this Lease: (1) Tenant shall punctually and faithfully perform all of the covenants and agreements by it fail to be performed as herein set forth. If any of the following events shall occur, to-wit: (i) if pay when due any installment of Fixed Base Rent, Percentage Rent, rent or any other sums payment required pursuant to be paid by this Lease; (2) Tenant hereundershall fail to comply with any term, provision or any part thereofcovenant of this Lease, shall at any time be in arrears other than the payment of rent, and unpaid for the failure is not cured within ten (10) days after the date due, or (ii) if there be any default on the part of the Tenant in the observance or performance of any of the other covenants, agreements or conditions of said Lease on the part of Tenant to be kept and performed and said default shall continue for a period of fifteen (15) days after written notice thereof from Landlord to Tenant (unless or such default cannot additional time period as is reasonably be cured within fifteen (15) days and in such case, Tenant shall have commenced necessary to cure said default within said fifteen such default, provided Tenant commences such cure and proceeds with due diligence to cure such default: (153) days and thereafter continues diligently to pursue to completion the curing of same) or (iii) if Tenant shall file a petition in or if an involuntary petition is filed against Tenant, or becomes insolvent, under any applicable federal or state bankruptcy or be adjudicated a bankruptinsolvency law or admits that it cannot meet its financial obligation as they become due, or file any petition a receiver or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution trustee shall be appointed for all or similar relief for itself under any present substantially all of the assets of Tenant; or future federal, state Tenant shall make a transfer in fraud of creditors or other statute, law or regulation, or shall make an assignment for the benefit of creditors; or (4) Tenant shall do or permit to be done any act which results in a lien being filed against the Premises or the Building and/or project of which the Premises are a part. In the event that an order for relief is entered in any case under Title 11, U.S.C. (the “Bankruptcy Code”) in which Tenant is the debtor and: (A) Tenant as debtor-in-possession, or (iv) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall trustee who may be appointed in any actionthe case (the “Trustee”) seeks to assume the Lease, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed within thirty (30) days after such appointmentthen Tenant, or Trustee if applicable, in addition to providing adequate assurance described in applicable provisions of the Bankruptcy Code, shall provide adequate assurance to Landlord of Tenant’s future performance under this Lease by depositing with Landlord a sum equal to the lesser of twenty-five percent (v25%) of the rental or other charges due for the balance of this Lease term or six (6) months’ rent (“Security”), to be held (without any allowance or interest thereon) to secure Tenant’s obligation under the Lease, and (B) Tenant, or Trustee if applicable, seeks to assign the leasehold estate hereby created Lease after assumption of the same, then Tenant, in addition to providing adequate assurance described in applicable provisions of the Bankruptcy Code, shall provide adequate assurance to Landlord of the proposed assignee’s future performance under the Lease by depositing with Landlord, a sum equal to the Security to be held (without any allowance or interest thereon) to secure performance under the Lease. Nothing contained herein expresses or implies, or shall be taken by execution construed to express or by other process imply, that Landlord is consenting to assumption and/or assignment of law, or (vi) if Tenant shall fail to operate and conduct business as required in Section 8 hereinabove, then, in any such event, Landlord, at Landlord's option and without limiting Landlord in the exercise of any other right or remedy Landlord may have on account of any default Lease by Tenant, may either:and Landlord expressly reserves all of its rights to object to any assumption and/or assignment of the Lease. Neither Tenant nor any Trustee shall conduct or permit the conduct of any “fire”, “bankruptcy”, “going out of business” or auction sale in or from the Premises.

Appears in 1 contract

Samples: Cardiovascular Systems Inc

Default by Tenant. The following shall be deemed to be events of default by Tenant under this Lease: (a) This Lease is made upon the condition that the Tenant shall punctually and faithfully perform all of the covenants and agreements by it fail to be performed as herein set forth. If any of the following events shall occur, to-wit: (i) if pay when due any installment of Fixed Base Rent, Percentage Rent, rent or any other sums payment required pursuant to be paid by this Lease; (b) Tenant hereunder, shall abandon any substantial portion of the Leased Premises; (c) Tenant or any part thereof, shall at any time be in arrears and unpaid for ten (10) days after the date due, or (ii) if there be any default on the part guarantor of the Tenant in the observance or performance of any of the other covenants, agreements or conditions of said Lease on the part of Tenant to be kept and performed and said default shall continue for a period of fifteen (15) days after written notice thereof from Landlord to Tenant (unless such default cannot reasonably be cured within fifteen (15) days and in such case, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of same) or (iii) if Tenant Tenant's obligations hereunder shall file a petition in or be adjudged bankrupt or insolvent under any applicable federal or state bankruptcy or be adjudicated a bankruptinsolvency law or admit that it cannot meet its financial obligations as they become due, or file a receiver or trustee shall he appointed for all or substantially all of the assets of Tenant or any petition guarantor of Tenant's obligations hereunder; (d) Tenant or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution guarantor of Tenant's obligations hereunder shall make a transfer in fraud of creditors or similar relief for itself under any present or future federal, state or other statute, law or regulation, or shall make an assignment for the benefit of creditors; (e) Tenant shall do or permit to be done any act which results in a lien being filed against the Leased Premises or the Property; (f) the liquidation, termination, dissolution or (ivif the Tenant is a natural person) if any trustee, receiver or liquidator the death of Tenant or any guarantor of all Tenant's obligations hereunder; (g) Tenant fails during operating hours to continuously conduct and carry on in good faith the type of business for which the Leased Premises are leased; (h) Tenant fails to open for business within five (5) calendar days after the Commencement Date of this Lease; or (i) Tenant shall he in default of any substantial part other term, provision or covenant of its properties shall be appointed this Lease, other than those specified in any actionsubparts (a) through (h). above, suit or proceeding by or against Tenant and such proceeding or action shall default is not have been dismissed cured within thirty ten (3010) days after such appointment, or (v) if the leasehold estate hereby created shall be taken by execution or by other process of law, or (vi) if Tenant shall fail written notice thereof to operate and conduct business as required in Section 8 hereinabove, then, in any such event, Landlord, at Landlord's option and without limiting Landlord in the exercise of any other right or remedy Landlord may have on account of any default by Tenant, may either:.

Appears in 1 contract

Samples: Lease Agreement (Deep Down, Inc.)

Default by Tenant. (a) This Lease is made upon A. In the condition that the Tenant shall punctually and faithfully perform all of the covenants and agreements by it to be performed as herein set forth. If any of the following events shall occur, to-witevent of: (i) if any installment failure of Fixed Base Rent, Percentage Rent, Tenant to pay any rental or any other sums required to be paid by Tenant hereunder, or any part thereof, shall at any time be in arrears and unpaid charges due hereunder for more than ten (10) days after the date same shall be due, ; or (ii) if there be any default on the part of the Tenant in the observance or performance of any of the other covenants, agreements or conditions of said Lease on the part failure of Tenant to perform any other of the terms, conditions or covenants of this Lease to be kept and observed or performed and said default shall continue by Tenant for a period of fifteen more than thirty (1530) days after written notice thereof from Landlord to Tenant (unless of such default cannot reasonably be cured within fifteen (15) days and in such case, Tenant shall have commenced been given to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of same) Tenant; or (iii) if Tenant or any guarantor of this Lease shall become bankrupt or insolvent, or file any debtor proceedings, or take or have taken against Tenant or any guarantor of this Lease in any Court pursuant to any statute, either of the United States or of any state, a petition in bankruptcy or be adjudicated insolvency or for reorganization or for appointment of a bankrupt, receiver or file a trustee of all or a portion of Tenant's or any petition such guarantor's property; or answer seeking (iv) if Tenant or any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or make such guarantor makes an assignment for the benefit of creditors, or (iv) if petitions for or enters into any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall be appointed in any action, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed within thirty (30) days after such appointment, agreement; or (v) if Tenant shall abandon the leasehold estate hereby created shall Leased Premises or suffer this Lease to be taken by execution under any writ of execution; then Landlord, in addition to the other rights or by other process remedies it may have, shall have the immediate right of lawre-entry and remove all persons and property from the Leased Premises; and such property may be removed and stored in a public warehouse or elsewhere at the cost of, and for the account of Tenant, and without being deemed guilty of trespass, or (vi) if becoming liable for any loss or damage which may be occasioned thereby. It is expressly agreed by Tenant shall fail to operate that Minimum Rent, tax reimbursement, insurance reimbursement, charges and conduct business as required in Section 8 hereinabove, then, in any such event, Landlord, at Landlord's option and without limiting Landlord in the exercise of any other right regular monthly payments due under this Lease are due on the date specified herein; and any other sum (whether or remedy Landlord may have on account not designated as Additional Rent) is due within ten (10) business days after receipt of any default by Tenant, may either:the invoice therefor or notice thereof.

Appears in 1 contract

Samples: Commercial Lease (Integrated Management Information, Inc.)

Default by Tenant. (a) This Lease is made upon the condition that the 19.1 Should Tenant shall punctually and faithfully perform all of the covenants and agreements by it to be performed as herein set forth. If any of the following events shall occur, to-wit: (i) if any installment of Fixed Base Rent, Percentage Rent, or any other sums required to be paid by Tenant hereunder, or any part thereof, shall at any time be in arrears default hereunder with respect to any rental or Direct Expenses payments or other charges payable by Tenant hereunder, and unpaid for ten (10) days after the date due, or (ii) if there be any should such default on the part of the Tenant in the observance or performance of any of the other covenants, agreements or conditions of said Lease on the part of Tenant to be kept and performed and said default shall continue for a period of fifteen ten (1510) business days after written notice from Landlord to Tenant; or should Tenant be in default in the prompt and full performance of any other of its promises, covenants or agreements herein contained and should such default or breach of performance continue for more than a reasonable time (not exceeding thirty (30) days) after written notice thereof from Landlord to Tenant (unless specifying the particulars of such default cannot reasonably be cured within fifteen (15) days or breach of performance; or should Tenant vacate or abandon the Premises; then Landlord may treat the occurrence of any one or more of the foregoing events as a breach of this Lease, and in such caseaddition to any or all other rights or remedies of Landlord hereunder and by the law provided, it shall be, at the option of Landlord, without further notice or demand of any kind to Tenant or any other person: (a) the right of Landlord to terminate this Lease and declare the lease term ended and to reenter the Premises and take possession thereof and remove all persons therefrom, and Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of same) no further claim thereon or thereunder; or (iiib) if Tenant shall file a petition in bankruptcy the right of Landlord without declaring this Lease ended, to reenter the Premises and occupy the whole or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief part thereof for itself under any present or future federal, state or other statute, law or regulation, or make an assignment for the benefit of creditors, or (iv) if any trustee, receiver or liquidator and on account of Tenant or and to collect said rent and any other rent that may thereafter become payable; and (c) the right of all or any substantial part of its properties shall be appointed in any action, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed within thirty (30) days after such appointment, or (v) if the leasehold estate hereby created shall be taken by execution or by other process of law, or (vi) if Tenant shall fail to operate and conduct business as required in Section 8 hereinabove, then, in any such event, Landlord, at Landlord's option and without limiting Landlord in the exercise of any other right or remedy even though Landlord may have reentered the Premises on account of any default by Tenant, may either:to thereafter elect to terminate this Lease and all of the rights of Tenant in or to the Premises.

Appears in 1 contract

Samples: Office Lease (Scripps Financial Corp)

Default by Tenant. (a) This Lease is made upon the condition that the Tenant shall punctually and faithfully perform all of the covenants and agreements by it to be performed as herein set forth. If any of the following events shall occur, to-wit: (i) if any installment default shall be made in the payment of Fixed Base Rent, Percentage Rent, the Rent or in the payment of any other sums sum required to be paid by Tenant hereunder, or any part thereof, under this Lease and such default shall at any time be in arrears and unpaid continue for ten (10) business days after the date dueTenant's receipt of written notice from Landlord, or (ii) if there be any default on the part of the Tenant shall fail to perform in the observance or performance of all material respects any of the other covenants, agreements or conditions of said Lease on the part of covenants which Tenant is required to be kept perform and performed and said such default shall continue for a period of fifteen thirty (1530) days after written notice thereof from Landlord to Tenant (unless from Landlord, provided, however, if such default cannot be reasonably be cured within fifteen said thirty (1530) days and in such case, day period Tenant shall have commenced not be in default if Tenant promptly commences to cure said the default within said fifteen (15) days and thereafter diligently continues diligently such efforts to pursue to completion cure the curing of same) or default, (iii) if Tenant shall make a general assignment for the benefit of its creditors or shall file a voluntary petition in for bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any other reorganization, arrangement, composition, readjustmentconservation, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or make an assignment for the benefit of creditorsrelief, or (iv) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall be appointed in any action, suit or proceeding by or is filed against Tenant seeking any relief mentioned or similar to that referred to in (iii) above and such said proceeding or action shall is not have been dismissed discharged within thirty (30) days after such appointmentof the filing thereof or Tenant consents, acquiesces, admits or (v) if the leasehold estate hereby created shall be taken by execution otherwise approves or by other process of law, or (vi) if Tenant shall fail agrees to operate and conduct business as required in Section 8 hereinabove, then, in any such eventproceeding or such relief, Landlord, at Landlord's option and without limiting then Landlord in may treat the exercise occurrence of any other right one or remedy Landlord may have on account more of any default by the foregoing events as a breach of this Lease, and thereupon at its option may, with notice to Tenant, may either:terminate this Lease and the Term created hereby and recover any sum of money or damages owed by Tenant to Landlord,

Appears in 1 contract

Samples: Lease (Buckeye Ventures, Inc.)

Default by Tenant. (a) This Lease is made upon the condition that the Tenant shall punctually and faithfully perform all of the covenants and agreements by it to be performed as herein set forth. If any Any of the following events shall occur, to-witconstitutes an event of default and breach of this Lease by Tenant: (i) if failing to pay any installment of Fixed Base Rent, Percentage Rent, or any other sums required to be paid by Tenant hereunder, or any part thereof, shall at any time be in arrears and unpaid for ten (10) days after the date due, or (ii) if there be any default on the part of the Tenant in the observance or performance of any of the other covenants, agreements or conditions of said Lease on the part of Tenant to be kept and performed and said default shall continue monetary obligation for a period of fifteen five (155) days after written notice thereof from Landlord or to Tenant perform any other obligation of this Lease for more than a reasonable time (unless not exceeding ten (10) business days) after written notice from Landlord (any such default canwritten notice being in lieu of, and not reasonably be cured within fifteen in addition to, any notice required by Section 1161 of the California Code of Civil Procedure or superseding statute); or (15ii) days and in such case, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion vacating or abandoning the curing of same) Premises; or (iii) if Tenant shall file a petition in bankruptcy or be adjudicated a bankrupt, or file making any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or make an general assignment for the benefit of creditors, ; or (iv) if any trustee, receiver the attachment or liquidator judicial seizure of Tenant substantially all of Tenant’s assets located at the Premises or of all or any substantial part of its properties shall be appointed Tenant’s interest in any action, suit or proceeding by or against Tenant and such proceeding or action shall this Lease (where the seizure is not have been dismissed discharged within thirty (30) days after such appointment, days); or (v) Tenant fails to pay its debts as they become due or admits in writing its inability to pay its debts, or makes a general assignment for the benefit of creditors. In addition to all other rights or remedies of Landlord set forth in this Lease, if Tenant defaults, then Landlord shall have all rights available to Landlord as may be permitted from time to time by the laws of the State of California, without further notice or demand to Tenant. Notwithstanding anything to the contrary set forth above, if the leasehold estate hereby created shall default complained of, other than a default for the payment of monies, cannot be taken by execution or by other process of lawcured within the period required herein, or (vi) if then Tenant shall fail not be considered to operate be in default of the Lease if it commences to cure the default within the required period and conduct business as required in Section 8 hereinabove, then, in any such event, Landlord, at Landlord's option thereafter diligently and without limiting Landlord in continuously prosecutes the exercise of any other right or remedy Landlord may have on account of any default by Tenant, may either:cure to completion.

Appears in 1 contract

Samples: Lease

Default by Tenant. The following shall be deemed to be events of default (a"Default") This Lease is made upon the condition that the by Tenant under this Lease; (1) Tenant shall punctually and faithfully perform all of the covenants and agreements by it fail to be performed as herein set forth. If any of the following events shall occur, to-wit: pay within five (i) if any installment of Fixed Base Rent, Percentage Rent, or any other sums required to be paid by Tenant hereunder, or any part thereof, shall at any time be in arrears and unpaid for ten (10) days after the date due, or (ii) if there be any default on the part of the Tenant in the observance or performance of any of the other covenants, agreements or conditions of said Lease on the part of Tenant to be kept and performed and said default shall continue for a period of fifteen (155) days after written notice thereof from Landlord of default any installment of rent or any other payment required pursuant to Tenant this Lease; (unless such default cannot reasonably be cured within fifteen (152) days and in such case, Tenant shall have commenced to cure said default within said fifteen abandon any substantial portion of the Premises; (153) days and thereafter continues diligently to pursue to completion the curing of same) or (iii) if Tenant shall file a petition in bankruptcy fail to comply with any term, provision or be adjudicated a bankruptcovenant of this Lease, or file any petition or answer seeking any reorganizationother than the payment of rent, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or make an assignment for and the benefit of creditors, or (iv) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall be appointed in any action, suit or proceeding by or against Tenant and such proceeding or action shall failure is not have been dismissed cured within thirty (30) days after such appointmentwritten notice to Tenant; (4) Tenant shall file a petition or if an involuntary petition is filed against Tenant, or (v) if the leasehold estate hereby created becomes insolvent, under any applicable federal or state bankruptcy or insolvency law or admit that it cannot meet its financial obligations as they become due; or a receiver or trustee shall be taken by execution appointed for the benefit of creditors; or by other process (5) Tenant shall do or permit to be done any act which results in a lien being filed against the Premises at the Building and/or project of lawwhich the Premises are a part, except that Tenant may deposit an amount equal to one and one-half (1 1/2) times the asserted lien with the Landlord and contest the lien in an appropriate proceeding. In the event that an order for relief is entered in any Lease under Title 11, U.S.C. (the "Bankruptcy Code") in which Tenant is the debtor and: (A) Tenant as debtor-in-possession, or any trustee who may be appointed in the case (vithe "Trustee") seeks to assume the Lease, then Tenant, or Trustee if Tenant shall fail to operate and conduct business as required in Section 8 hereinabove, thenapplicable, in addition to providing adequate assurance described in applicable provisions of the Bankruptcy Code, shall provide adequate assurance to Landlord of Tenant's future performance under the Lease by depositing with Landlord a sum equal to the lesser of twenty-five percent (25%) of the rental and other charges due for the balance of the Lease term of six (6) months' rent ("Security"), to be held (without any such eventallowance for interest thereon) to secure Tenant's obligations under the Lease, Landlordand (B) Tenant, at Landlordor Trustee if applicable, seeks to assign the Lease after assumption of the same, then Tenant, in addition to providing adequate assurance described in applicable provisions of the Bankruptcy Code, shall provide adequate assurance to Landlord of the proposed assignee's option and future performance under the Lease by depositing with Landlord a sum equal to the Security to be held (without limiting any allowance or interest thereon) to secure, performance under the Lease. Nothing contained herein expresses or implies, or shall be construed to express or imply, that Landlord in is consenting to assumption and/or assignment of the exercise Lease. Neither Tenant nor any Trustee shall conduct or permit the conduct of any other right "fire", "bankruptcy", "going out of business" or remedy Landlord may have on account of any default by Tenant, may either:auction sale in or from the Premises.

Appears in 1 contract

Samples: Basic Lease Terms (Atmi Inc)

Default by Tenant. The following shall be deemed to be events of default (a"Default") This Lease is made upon the condition that the by Tenant under this Lease: (1) Tenant shall punctually and faithfully perform all fail to pay within five days of the covenants and agreements by it to be performed as herein set forth. If any of the following events shall occur, to-wit: (i) if when due any installment of Fixed Base Rent, Percentage Rent, rent or any other sums payment required pursuant to be paid by this Lease; (2) Tenant hereundershall fail to comply with any term, provision or any part thereofcovenant of this Lease, shall at any time be in arrears other than the payment of rent, and unpaid for the Tenant fails to commence to cure such failure within ten (10) days after the date due, written notice to Tenant or shall fail to thereafter diligently complete such cure; or (ii3) if there be any default on the part of the Tenant in the observance or performance of any of the other covenants, agreements or conditions of said Lease on the part of Tenant to be kept and performed and said default shall continue for a period of fifteen (15) days after written notice thereof from Landlord to Tenant (unless such default cannot reasonably be cured within fifteen (15) days and in such case, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of same) or (iii) if Tenant shall file a petition in or if an involuntary petition is filed against Tenant, or becomes insolvent, under any applicable federal or state bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, insolvency law or regulation, admit that it cannot meet its financial obligations as they become due; or a receiver or trustee shall be appointed for all or substantially all of the assets of Tenant; or Tenant shall make a transfer in fraud of creditors or shall make an assignment for the benefit of creditors. In the event that an order for relief is entered in any case under Title 11, U.S.C. (the "Bankruptcy Code") in which Tenant is the debtor and: (A) Tenant as debtor-in-possession, or (iv) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall trustee who may be appointed in any actionthe case (the 'Trustee') seeks to assume the Lease, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed within thirty (30) days after such appointmentthen Tenant, or Trustee if applicable, in addition to providing adequate assurance described in applicable provisions of the Bankruptcy Code, shall provide adequate assurance to Landlord of Tenant's future performance under the Lease by depositing with Landlord a sum equal to the lesser of twenty-five percent (v25%) of the rental and other charges due for the balance of the Lease term of six (6) months's rent ("Security"), to be held (without any allowance or interest thereon) to secure Tenant's obligation under the Lease, and (B) Tenant, or Trustee if applicable, seeks to assign the leasehold estate hereby created Lease after assumption of the same, then Tenant, in addition to providing adequate assurance described in applicable provisions of the Bankruptcy Code, shall provide adequate assurance to Landlord of the proposed assignee's future performance under the Lease by depositing with Landlord a sum equal to the Security to be held (without any allowance or interest thereon) to secure performance under the Lease. Nothing contained herein expresses or implies, or shall be taken by execution construed to express or by other process imply, that Landlord is consenting to assumption and/or assignment of law, or (vi) if Tenant shall fail to operate and conduct business as required in Section 8 hereinabove, then, in any such event, Landlord, at Landlord's option and without limiting Landlord in the exercise of any other right or remedy Landlord may have on account of any default Lease by Tenant, may either:and Landlord expressly reserves all of its rights to object to any assumption and/or assignment of the Lease. Neither Tenant nor any Trustee shall conduct or permit the conduct of any "fire," "bankruptcy, 1. "going out of business" or auction sale in or from the Premises.

Appears in 1 contract

Samples: Stratasys Inc

Default by Tenant. If (a) This Lease Tenant defaults in the payment of Minimum Rent or other charges and such payment is not made upon the condition that the Tenant shall punctually and faithfully perform all of the covenants and agreements by it to be performed as herein set forth. If any of the following events shall occur, to-wit: (i) if any installment of Fixed Base Rent, Percentage Rent, or any other sums required to be paid by Tenant hereunder, or any part thereof, shall at any time be in arrears and unpaid for within ten (10) days after the date following Landlord’s written notice that same is due, provided that in no event shall Landlord be obligated to provide Tenant with written notice of any monetary default, more than once in any twelve (12) month period, or (ii) if there be any default on the part of the Tenant in the observance or performance of any of the other covenants, agreements or conditions of said Lease on the part of Tenant to be kept and performed and said default shall continue for a period of fifteen (15) days after written notice thereof from Landlord to Tenant (unless such default cannot reasonably be cured within fifteen (15) days and in such case, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of same) or (iiib) if Tenant shall file a petition default in bankruptcy or be adjudicated a bankrupt, or file the performance of any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or make an assignment for the benefit of creditors, or (iv) if any trustee, receiver or liquidator of Tenant’s obligations hereunder and Tenant or of all or any substantial part of its properties shall be appointed in any action, suit or proceeding by or against Tenant and fails to remedy such proceeding or action shall not have been dismissed default within thirty (30) days after written notice from Landlord, or such longer time, but not to exceed an additional sixty (60) days, as may be reasonably required to cure because of the nature of the default (provided, as to such longer time, that within the thirty (30) day period Tenant has notified Landlord that more time reasonably is needed and has undertaken procedures to cure the default within such thirty (30) day period and that Tenant thereafter diligently and continuously pursues such effort to completion and promptly responds to any request from Landlord for updates on Tenant’s progress) or (c) if a receiver of any property of Tenant on the Premises is appointed, or Tenant’s interest in the Premises is levied upon by legal process, or Tenant be adjudged bankrupt and Tenant fails within thirty (30) days to cause the vacation of such appointment, levy or (v) adjudication, or if Tenant files a voluntary petition in bankruptcy, disposes of all or substantially all of its assets in bulk, or makes an assignment for the leasehold estate hereby created shall be taken by execution or by other process benefit of lawits creditors, or (vid) if Tenant shall fail to operate vacates or abandons the Premises, then and conduct business as required in Section 8 hereinabove, then, in any such eventinstance, without further notice to Tenant, or (e) a default occurs under any of the Related Leases, Landlord shall have the right to exercise any and all rights or remedies available to Landlord at law, in equity or otherwise, arising from such default, including but not limited to the right to (i) terminate this Lease, or (ii) enter upon the Premises without terminating this Lease and relet the Premises in Landlord’s name for the account of Tenant for the remainder of the Term upon terms and conditions reasonably acceptable to Landlord and immediately recover from Tenant any deficiency for the balance of the Term, plus expenses of reletting. In addition to the foregoing, any time after such default and the lapse of any applicable notice period, Landlord shall have the right to make such payments in default or perform such act in default for the account and at the expense of Tenant, and all unpaid Minimum Rent, Percentage Rent or other charges which are not paid when due and all sums paid by Landlord pursuant to this sentence, including reasonable attorneys’ fees as specifically provided below, shall accrue interest at the annual rate of (i) fifteen percent (15%), or (ii) five percent (5%) above the prime lending rate of JPMorgan Chase Bank, whichever is greater, which shall constitute Additional Rent under this Lease and shall be payable upon demand. Landlord shall use commercially reasonable efforts to mitigate the damages suffered by Landlord rising from the default by Tenant of any of its obligations under this Lease. If Tenant shall issue a check to Landlord which is dishonored by Tenant’s depository bank and returned unpaid for any reason, including without limitation, due to insufficient funds in Tenant’s checking account, Tenant shall pay to Landlord in addition to any other rights or remedies available to Landlord at law, the sum of Seventy-five and 00/100 Dollars ($75.00) for Landlord’s administrative expense in connection therewith. Tenant’s failure to pay Rent, Additional Rent, or any other Lease costs when due under this Lease may cause Landlord to incur unanticipated costs. The exact amount of such costs is impractical or extremely difficult to ascertain. Such costs may include, but are not limited to, processing and accounting charges and late charges that may be imposed on Landlord by any ground lease, mortgage, or deed of trust encumbering the Premises. Therefore, if Landlord does not receive the Rent, Additional Rent, or any other Lease costs in full on or before the tenth (10th) day of the month it becomes due, Tenant shall pay Landlord a late charge, which shall constitute liquidated damages, equal to Fifty Dollars ($50.00) (“Late Charge”), which shall be paid to Landlord together with such Rent, Additional Rent, or other Lease costs then in arrears. The parties agree that such Late Charge represents a fair and reasonable estimate of the cost Landlord will incur by reason of such late payment. All Late Charges and any returned check charges shall then become Additional Rent and shall be due and payable immediately along with such other Rent, Additional Rent, or other Lease costs then in arrears. Money paid by Tenant to Landlord shall be applied to Tenant’s account in the following order: (i) to any unpaid Additional Rent, including, without limitation, Late Charges, returned check charges, legal fees and/or court costs legally chargeable to Tenant, and then (ii) to unpaid Minimum Rent. Nothing herein contained shall be construed so as to compel Landlord to accept any payment of Rent, Additional Rent, or other Lease costs in arrears or Late Charge or returned check charge should Landlord elect to apply its rights and remedies available under this Lease or at law or equity in the event of default hereunder by Tenant. Landlord’s acceptance of Rent, Additional Rent, or other Lease costs in arrears or Late Charge or returned check charge pursuant to this clause shall not constitute a waiver of Landlord’s rights and remedies available under this Lease or at law or equity. At any time after the termination of this Lease, Landlord shall be entitled to additional damages (“Liquidated Damages”), which, at Landlord's option and without limiting the election of Landlord in the exercise of any other right or remedy Landlord may have on account of any default by Tenant, may shall be either:

Appears in 1 contract

Samples: Agreement (Rex Stores Corp)

Default by Tenant. (a) This Lease is made upon the condition that the Tenant shall punctually and faithfully perform all of the covenants and agreements by it to be performed as herein set forth. If , and if any of the following events of default shall occur, to-to wit: (ia) if any installment of Fixed Base Rentrent, Percentage Rentadditional rent, taxes or any other sums required to be paid by Tenant hereunder, or any part thereof, shall at any time be in arrears and unpaid when due for ten thirty (1030) days after the date due, (notice by Landlord to Tenant not being required); or (iib) if there be any default on the part of the Tenant in the observance or performance of any of the other covenants, agreements or conditions of said this Lease on the part of Tenant to be kept and performed performed, and said default shall continue for a period of fifteen (15) days after written notice thereof from Landlord to Tenant (unless such default cannot reasonably be cured within fifteen (15) days and in such case, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of the same) ); or (iiic) if Tenant shall file a petition in bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution dissolution, receivership or similar relief for itself under any present or future federalFederal, state or other statutestatutes, law or regulationregulations, or make an assignment for the benefit of creditors, ; or (ivd) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties or of the Demised Premises shall be appointed in any action, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed within thirty ninety (3090) days after such appointment, ; or (ve) if the leasehold estate hereby created shall be taken by on execution or by other process of law; or (f) Tenant shall cease its operations for a period of sixty (60) consecutive days; or (g) Tenant shall vacate or abandon the Demised Premises, then and in any of said cases, Landlord at its option may terminate this Lease and reenter upon the Demised Premises and take possession thereof with full right to xxx for and collect the entire balance of the Base Rent for the last year of the term in addition to any other rights afforded to Landlord in this Lease, including damages to Landlord by reason of any breach or default on the part of Tenant, or (vi) Landlord may, if Tenant it elects to do so, bring suit for the collection of such rents and damages without entering into possession of the Demised Premises or voiding this Lease. In addition to, but not in limitation of, any of the remedies set forth in this Lease or given to Landlord by law or in equity, Landlord shall fail to operate also have the right and conduct business as required in Section 8 hereinabove, thenoption, in any such event, Landlord, at Landlord's option and without limiting Landlord in the exercise of any other right or remedy Landlord may have on account event of any default by Tenant under this Lease and the continuance of such default after the period of notice above provided, to retake possession of the Demised Premises from Tenant without process of law, by summary proceedings or otherwise, and it is agreed that the commencement and prosecution of any action by Landlord in forcible entry and detainer, ejectment or otherwise, or any execution of any judgment or decree obtained in any action to recover possession of the Demised Premises, shall not be construed as an election to terminate this Lease unless Landlord expressly exercises its option hereinabove provided to declare the Term ended, whether or not such entry or re-entry be had or taken under summary proceedings or otherwise, and shall not be deemed to have absolved or discharged Tenant from any of its obligations and liabilities for the remainder of the Term, subject to Tenant's right to credit against such obligation to Landlord all amounts realized by Landlord through the rent or lease or sublet or assignment of the Demised Premises during the Term to some other person or entity, and Tenant shall, notwithstanding such entry or re-entry, continue to be liable for the payment of the rents and the performance of the other covenants and conditions thereof and shall pay to Landlord all monthly deficits after any such re-entry in monthly installments as the amounts of such deficits from time to time are ascertained, subject to Tenant's right to credit against such obligation to Landlord all amounts realized by Landlord through the rent or lease or sublet or assignment of the Demised Premises during the Term to some other person or entity, and, in the event of any such ouster, Landlord rents or leases the Demised Premises to some other person, firm or corporation (whether for a term greater, less than or equal to the unexpired portion of the Term) for an aggregate rent during the portion of such new lease coextensive with the Term which is less than the rent and other charges which Tenant would pay hereunder, for such period, Landlord may immediately upon the making of such new lease or the creation of such new tenancy xxx for and recover the difference between the aggregate rental provided for in said new lease for the portion of the term co-extensive with the Term and the rent which Tenant would pay hereunder for such period, together with any expense to which Landlord may be put for brokerage commission, placing the Demised Premises in tenable condition or otherwise. If such new lease or tenancy is made for a shorter term than the balance of the Term, any such action brought by Landlord to collect the deficit for that period shall not bar Landlord from thereafter suing for any loss accruing during the balance of the Term. If Tenant at any time shall fail to pay any taxes, assessments or liens, or to make any payment or to perform any act required by this Lease to be made or performed by it, Landlord, without waiving or releasing Tenant from any obligation or default under this Lease, may either:(but shall be under no obligation to) at any time thereafter make such payment or perform such act for the account and at the expense of Tenant. All sums so paid by Landlord and all costs and expenses so incurred shall accrue interest at the annual simple interest rate of eighteen (18%) percent from the date of payment or incurring thereof by Landlord and shall constitute additional rent payable by Tenant under this Lease and shall be paid by Tenant to Landlord upon demand. Except as otherwise expressly provided herein, all other sums payable by Tenant to Landlord under this Lease, if not paid when due, shall accrue interest at the rate of ten (10%) percent from their due date until paid, said interest to be so much additional rent under this Lease and shall be paid to Landlord by Tenant upon demand. All rights and remedies of Landlord herein enumerated shall be cumulative, and none shall exclude any other remedies allowed at law or in equity. Tenant agrees to pay a reasonable attorney's fee and all costs if Landlord, in its sole discretion, employs an attorney to collect any rent, additional rent or any other sums payable under this Lease or to enforce any covenants, agreements or conditions on the part of Tenant to be kept and performed; and Tenant expressly waives all exemptions secured to Tenant under the laws of the State of South Carolina or of any other state of the United States as against the collection of any debt herein or hereby incurred or secured. For the purpose of any suit brought by Landlord or based on the Lease, this Lease shall be construed to be a divisible contract to the end that successive actions may be maintained as successive periodic sums shall mature under this Lease, and it is further agreed that failure to include in any suit any sum or sums then mature shall not be a bar to the maintenance of any suit or action for the recovering of said sum or sums so omitted. Tenant waives the right to a jury trial in any suit or proceeding brought to enforce the terms, covenants and conditions of this Lease, including but not limited to the collection of rent, or any other amounts due hereunder.

Appears in 1 contract

Samples: Lease Agreement (Integrated Business Systems & Services Inc)

Default by Tenant. (a) This Lease is made upon the condition that the If Tenant shall punctually and faithfully perform all defaults in fulfilling any of the covenants and agreements by it to of this Lease other than the covenant for the payment of rent or additional rent, or if any execution or attachment shall be performed as herein set forth. If issued against Tenant or any of Tenant's Property whereupon the following events shall occur, to-wit: (i) if any installment of Fixed Base Rent, Percentage Rent, or any other sums required to be paid by Tenant hereunder, Premises or any part thereof, thereof shall at any time be in arrears and unpaid for ten (10) days after the date duetaken or occupied by someone other than Tenant, or if the Premises becomes vacant or deserted (ii) unless Tenant secures the Premises to Landlord's reasonable satisfaction, and provides exterminating services reasonably acceptable to Landlord), or if there be Tenant defaults in any default on respect under any other lease between this Landlord and this Tenant, or if Tenant fails to replenish the security deposit after Landlord has applied any part of it to any rent, additional rent or other charge default, then, in any one or more of such events, upon Landlord serving a written thirty (30) day notice upon Tenant specifying the Tenant in the observance or performance of any of the other covenants, agreements or conditions nature of said Lease on default, and upon the part expiration of Tenant to be kept and performed and said default shall continue for a period of fifteen (15) days after written notice thereof from Landlord to Tenant (unless such default cannot reasonably be cured within fifteen (15) days and in such case, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of same) or (iii) if Tenant shall file a petition in bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or make an assignment for the benefit of creditors, or (iv) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall be appointed in any action, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed within thirty (30) days after such appointment, or (v) if the leasehold estate hereby created shall be taken by execution or by other process of law, or (vi) if Tenant shall fail have failed to operate comply with or remedy such default, or if the said default or omission complained of shall be of a nature that the same cannot be completely cured or remedied within said thirty (30) day period, if Tenant shall not have diligently commenced curing such default within such thirty (30) day period, and conduct business shall not thereafter with reasonable diligence and in good faith proceed to remedy or cure such default, then this Lease and the Term shall end and expire as required in Section 8 hereinabovefully and completely as if the expiration of such thirty (30) day period were the day herein definitely fixed for the end and expiration of this Lease and the Term, then, in any such event, and Tenant shall then quit and surrender the Premises to Landlord, at Landlord's option and without limiting Landlord in the exercise of any other right or remedy Landlord may have on account of any default by Tenant, may either:but Tenant shall remain liable as hereinafter provided.

Appears in 1 contract

Samples: Agreement of Lease (STV Group Inc)

Default by Tenant. The following shall be deemed to be events of default (a“Default”) This Lease is made upon the condition that the by Tenant under this Lease; (1) Tenant shall punctually and faithfully perform all of the covenants and agreements by it fail to be performed as herein set forth. If any of the following events shall occur, to-wit: (i) if pay when due any installment of Fixed Base Rent, Percentage Rent, Rent or additional rent and such failure shall be continuing for a period of more than five (5) days after such installment was due or any other sums payment required pursuant to be paid by Tenant hereunder, or any part thereof, shall at any time be in arrears and unpaid this Lease for ten a period of more than five (105) days after the date written notice to Tenant that such amount was due, or ; (ii2) if there be Tenant shall abandon any default on the part substantial portion of the Premises; (3) Tenant in shall fail to comply with any term, provision or covenant of this Lease, other than the observance or performance payment of any of the other covenantsrent, agreements or conditions of said Lease on the part of Tenant to be kept and performed and said such default shall continue for a period of more than fifteen (15) days after written notice thereof from Landlord to Tenant (unless Tenant; provided, however, if such default canmay not reasonably be practicably cured by Tenant within such fifteen (15) days day period, and in such case, provided further Tenant shall have commenced commence to cure said the default within said the fifteen (15) day period, the fact that the default is not cured within the fifteen (15) day period shall not constitute a breach of the Lease so long as Tenant diligently proceeds to cure the default and such default is cured within a reasonable period thereafter; (4) Tenant shall file a petition or if an involuntary petition is filed against Tenant (which is not dismissed within sixty (60) days or said filing), or becomes insolvent, under any applicable federal or state bankruptcy or insolvency law or admit that it cannot meet its financial obligations as they become due; or a receiver or trustee shall be appointed for the benefit of creditors; or (5) Tenant shall do or permit to be done any act which results in a lien being filed against the Premises or the Building and/or project of which the Premises are a part, which is not released within sixty (60) days of the date such claim or lien first attached. In the event that an order for relief is entered in any case under the United States Code, Title 11 (the “Bankruptcy Code”) in which the Tenant is the debtor, the Tenant as debtor-in-possession, or any Trustee who may be appointed, if applicable, agrees as follows (i) to perform each and thereafter continues diligently every obligation of Tenant under this Lease until such time as this Lease is either rejected or assumed by order of the United States Bankruptcy Court; (ii) to pursue pay monthly compensation for use and occupancy of the Premises, an amount equal to completion the curing of same) or fixed rent as well as other charges due pursuant to the Lease; (iii) if Tenant shall file a petition in bankruptcy or be adjudicated a bankruptthe Trustee seeks to assume the Lease, then Tenant, or file any petition or answer seeking any reorganizationTrustee, arrangementif applicable, compositionin addition to providing adequate assurance described in applicable provisions of the Bankruptcy Code, readjustment, liquidation, dissolution or similar relief for itself shall provide adequate assurance to Landlord of Tenant’s future performance under any present or future federal, state or the Lease by depositing with Landlord a sum equal to the lesser of twenty-five percent of the rental and other statute, law or regulation, or make an assignment charges due for the benefit balance of creditorsthe Lease term or three (3) months rent (“Security”), or to be held (without any allowance for interest thereon) to secure Tenant’s obligations under the Lease; (iv) if any trustee, receiver or liquidator of Tenant or Trustee, seeks to assume or assign the Lease, Tenant or Trustee agrees to give Landlord at least forty-five (45) days prior written notice of any proceeding relating to any assumption of this Lease; (v) if Tenant or Trustee seeks to assign this Lease after assumption of the same, then Tenant or the Trustee, in addition to providing adequate assurance described in applicable provisions of the Bankruptcy Code, shall provide adequate assurance to Landlord of the proposed assignee’s future performance under the Lease by depositing with Landlord a sum equal to the Security to be held (without any allowance for interest thereon) to secure performance under the Lease. Nothing contained herein expresses or implies, or shall be construed to express or imply, that Landlord is consenting to assumption and/or assignment of the Lease by Tenant, and Landlord expressly reserves all or any substantial part of its properties rights to object to any assumption and/or assignment of the Lease. Neither Tenant nor any Trustee shall be appointed conduct or permit the conduct of any “fire”, “bankruptcy”, “going out of business” or auction sale in any action, suit or proceeding by from the Premises; (vi) Tenant or against Tenant and such proceeding or action shall not have been dismissed within Trustee agrees to give at least thirty (30) days after such appointment, prior written notice of any abandonment of the Premises or rejection of the Lease; (v) if the leasehold estate hereby created shall be taken by execution or by other process of law, or (vivii) if Tenant shall fail or the trustee, rejects the Lease as described in the applicable provisions of the Bankruptcy Code, Tenant or Trustee consents to operate the entry of an order by the Bankruptcy Court permitting the immediate lifting of the automatic stay, waiving notice and conduct business as required in Section 8 hereinabovehearing of the entry of same, then, in so the Landlord may offset any such event, Landlord, at Landlord's option security deposits or other monies being held by the Landlord against any and all obligations due and owing pursuant to the Lease; (viii) without limiting the foregoing, Tenant and/or the Trustee releases Landlord from any and all causes of action, claims, demand, defenses, set offs and the like under Sections 502 (d), 542, 547, 548, 550, 551 and 553 of the Bankruptcy Code; (ix) the Tenant or Trustee agrees that the Landlord will have an allowed claim in the exercise Tenant’s bankruptcy case in the amount equal to the obligations which remain due and owing pursuant to the provisions of any other right or remedy Landlord may have on account of any default by Tenant, may either:the Lease.

Appears in 1 contract

Samples: Lease Agreement (Enpath Medical Inc)

Default by Tenant. (a) This Lease is made upon the condition that the Tenant shall punctually and faithfully perform all of the covenants and agreements by it to be performed as herein set forth1. If any Tenant defaults in the payment of the following events shall occur, to-wit: (i) if any installment of Fixed Base Minimum Rent, Percentage Rent, or other charges, or in the performance of any other sums required to be paid by Tenant of Tenant's obligations hereunder, or any part thereof, shall at any time be in arrears and unpaid for Tenant fails to remedy such default within ten (10) days after written notice from Landlord (unless default relates to matters other than the date due, or payment of money and cannot be remedied within ten (ii10) if there be any days; and Tenant commences to remedy such default on the part of the Tenant in the observance or performance of any of the other covenants, agreements or conditions of within said Lease on the part of Tenant to be kept and performed and said default shall continue for a ten (10) day period of fifteen (15) days after written notice thereof from Landlord and thereafter diligently pursues correction thereof, in which event the time to Tenant (unless remedy such default cannot shall be extended to the time reasonably required therefore), or if a receiver of any property of Tenant on the Premises is appointed, or Tenant's interest in the Premises is levied upon by legal process, or Tenant be cured adjudged bankrupt and Tenant fails within fifteen thirty (1530) days and in to cause the vacation of such caseappointment, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of same) levy or (iii) adjudication, or if Tenant shall file files a voluntary petition in bankruptcy bankruptcy, disposes of all or be adjudicated a bankruptsubstantially all of its assets in bulk, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or make makes an assignment for the benefit of its creditors, or then and in any such instance, without further notice to Tenant, Landlord may enter upon the Premises and terminate this Lease. In the event of such termination, the obligations of Landlord hereunder shall cease, without prejudice, however, to the right of Landlord to recover from Tenant any sums due Landlord for Minimum Rent and other charges payable by Tenant hereunder, including reasonable attorney's fees to the date of such entry, and also liquidated damages equal to any deficiency between the then rental value of the Premises for the unexpired portion of the term and the Minimum Rent provided for that portion of the term, discounted at six percent (iv6%) if any trusteeper annum to present net worth. In addition, receiver or liquidator Landlord may enter upon the Premises without terminating this Lease and may relent the Premises in its own name for the account of Tenant for the remainder of the term at the highest rent then obtainable and immediately recover from Tenant any deficiency for the balance of the term between the amount for which the Premises were relet, less expense of reletting, and the rent provided hereunder. If Landlord submeters electric current, gas, or of all water to the Premises, then if at any time Tenant fails to pay rent or any substantial part of its properties shall be appointed in any action, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed other charges for same within thirty ten (3010) days after they are due, Landlord may, at its option, in addition to the foregoing remedies and without further notice to Tenant, cease furnishing such appointmentelectric current, gas or (v) if the leasehold estate hereby created shall be taken by execution water. No failure of Landlord to enforce its right or by other process remedies upon default of law, or (vi) if Tenant shall fail to operate and conduct business as required in Section 8 hereinabove, then, in prejudice or affect the rights of Landlord upon any such event, Landlord, at Landlord's option and without limiting Landlord in the exercise of any other right subsequent or remedy Landlord may have on account of any default by Tenant, may either:similar default.

Appears in 1 contract

Samples: Lease (Dollar Tree Inc)

Default by Tenant. The following shall be deemed to be Events of Default by Tenant under this Lease: (a) This Lease is made upon the condition that the Tenant shall punctually and faithfully perform all of the covenants and agreements by it fail to be performed as herein set forth. If any of the following events shall occur, to-wit: (i) if pay when due any installment of Fixed Base Rent, Percentage Rent, Rent or any other sums payment required pursuant to be paid by Tenant hereunder, or any part thereof, shall at any time be in arrears this Lease and unpaid the continuation of such failure for ten five (105) days after following Landlord’s written notice thereof to Tenant (but Landlord shall not be obligated to provide such written default notice on more than two (2) occasions in any one calendar year; thereafter an Event of Default shall occur if such payment is not made when due); (b) Tenant shall fail to comply with any term, provision or covenant of this Lease, other than the date duepayment of Rent, or and the failure is not cured within thirty (ii) if there be any default on the part of the Tenant in the observance or performance of any of the other covenants, agreements or conditions of said Lease on the part of Tenant to be kept and performed and said default shall continue for a period of fifteen (1530) days after written notice thereof from Landlord to Tenant Tenant; provided, however, that no Event of Default shall occur if the failure is not susceptible to cure within thirty (unless such default cannot reasonably be cured within fifteen (1530) days so long as Tenant promptly commences the cure within such thirty (30) day period and diligently and continuously pursues it to completion as soon as reasonably possible and in such case, Tenant shall have commenced to cure said default any event within said fifteen one hundred eighty (15180) days and thereafter continues diligently to pursue to completion the curing thereafter; (c) Tenant or any guarantor of same) or (iii) if Tenant Tenant’s obligations shall file a petition in or be adjudged bankrupt or insolvent under any applicable federal or state bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, insolvency law or regulation, admit that it cannot meet its financial obligations as they become due; or a receiver or trustee shall be appointed for all or substantially all of the assets of Tenant or any guarantor of Tenant’s obligations; or Tenant shall make a transfer to defraud creditors or shall make an assignment for the benefit of creditors, ; or (ivd) if Tenant shall do or permit to be done any trusteeact which results in a lien being filed against the Premises, receiver Building or liquidator of Tenant Property, which lien is not removed or of all or any substantial part of its properties shall be appointed bonded over in any action, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed accordance with South Carolina law within thirty twenty (3020) days after written notice thereof by Landlord to Tenant or such appointment, or (v) if the leasehold estate hereby created shall be taken by execution or by other process of law, or (vi) if Tenant shall fail to operate and conduct business shorter period as required in Section 8 hereinabove, then, in any such event, Landlord, at Landlord's option and without limiting Landlord in by the exercise holder of any other right mortgage or remedy Landlord may have on account deed of any default by Tenant, may either:trust encumbering the Premises.

Appears in 1 contract

Samples: Lease Agreement (Blackbaud Inc)

Default by Tenant. (a) This 18.1 The prompt payment of rent for the demised premises upon the dates named, or when billed therefore, the faithful performance of all covenants of this Lease and the faithful observance of the rules and regulations of the entire building, grounds and parking facilities now in existence, and which are hereby made a part of this lease, and of such further reasonable rules and regulations for the entire building, grounds and parking facilities Which may be hereafter made by the Landlord are the conditions upon which this Lease is made upon and accepted. Any failure on the condition that part of Tenant to comply with the Tenant terms of this Lease, or any of the reasonable rules and regulations now in existence, or hereafter prescribed by the Landlord, shall punctually at the option of Landlord, after giving notice as provided In this paragraph, work a forfeiture of this Lease and faithfully perform all of the covenants rights of Tenant hereunder, and agreements by it thereupon Landlord, its agent or attorneys, shall have the right to be performed as herein set forth. If any enter the demised premises and remove all persons therefrom and shall have the right to declare the entire rent for the balance of the following events shall occur, to-wit: (i) if any installment of Fixed Base Rent, Percentage Rent, or any other sums required to be paid by Tenant hereunderterm, or any part thereof, immediately due and payable in full and may proceed to collect same either by distress or otherwise, and thereupon the lease shall at any time be in arrears and unpaid terminate. The expression “entire rent for ten (10) days after the date due, or (ii) if there be any default on the part balance of the Tenant in the observance or performance of any term” as used herein shall mean all of the other covenants, agreements or conditions of said Lease on rent prescribed to be paid by the part of Tenant to be kept and performed and said default shall continue for a period of fifteen (15) days after written notice thereof from the, Landlord to Tenant (unless such default cannot reasonably be cured within fifteen (15) days and in such case, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of same) or (iii) if Tenant shall file a petition in bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or make an assignment for the benefit full term of creditorsthe Lease, or (iv) if Jess any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall be appointed in any action, suit or proceeding by or against Tenant and such proceeding or action shall not payments that have been dismissed within thirty (30) days after such appointment, or (v) if the leasehold estate hereby created shall be taken by execution or by other process of law, or (vi) if Tenant shall fail to operate and conduct business as required in Section 8 hereinabove, then, in any such event, Landlord, at Landlord's option and without limiting Landlord in the exercise of any other right or remedy Landlord may have made on account of and pursuant to the terms of the lease. Tenant shall be entitled to ten days notice of any monetary default under this Lease and thirty days notice of any non-monetary default, but Tenant agrees that if Tenants default has not been cured within the time prescribed by any notice of default Landlord, its agent or attorneys, may immediately re-enter the demised premises and dispossess Tenant without further legal notice or the Institution of any legal proceedings whatsoever, to the extent that such waiver and agreement by Tenant, may either:or such acts by Landlord are not prohibited by law.

Appears in 1 contract

Samples: Lease (Smartdisk Corp)

Default by Tenant. (a) This 30.1 Upon Tenant's failure to pay any installment of Basic Rental, Additional Rent or any other payment under this Lease is made upon the condition that the when due, or if Tenant shall punctually fail to observe and faithfully perform all of the covenants and agreements by it to be performed as herein set forth. If any of the following events other conditions, agreements or provisions of this Lease, it shall occurbe lawful thereupon, to-wit: (i) if any installment of Fixed Base Rent, Percentage Rent, or any other sums required to be paid by Tenant hereunder, or any part thereof, shall at any time be in arrears and unpaid for after ten (10) days after written notice as to monetary default (subsequent to the date duegrace period set forth in Paragraph 3.1 above) and thirty (30) days notice as to any other default (unless Tenant shall have remedied the failure within said ten (10) or thirty (30) day period as the case may be or shall have commenced in good faith within said ten (10) or thirty (30) day period as the case may be to remedy said failure and diligently continues thereafter until said failure is remedied) for Landlord to: (1) re-enter and repossess the Premises, to remove all persons therefrom and to take exclusive possession of and remove all property therefrom; and/or (2) perform on behalf of and at the expense of Tenant, any obligation of Tenant under this Lease which Tenant has failed to perform, provided, however, that Landlord may exercise the remedy described in this clause without a default by, or (ii) notice to Tenant if there Landlord, in its good faith judgment, believes it would suffer material or substantial damage by failure to take rapid action or if the unperformed obligation of Tenant constituted an emergency. Upon any occurrence of default by Tenant hereunder, beyond any applicable cure period, any and all rights of Tenant as a tenant shall, at the option of Landlord, immediately cease and terminate. Nothing provided herein shall be deemed to obligate or require Landlord to take any default action or do any thing for or on behalf of Tenant, or otherwise. The failure on the part of the Tenant in Landlord to re-enter or repossess the observance Premises, or performance to exercise any of its fights hereunder upon any default shall not be deemed a waiver of any of the other covenants, agreements or terms and conditions of said Lease on the part of Tenant to be kept this Lease, and performed and said default shall continue for a period of fifteen (15) days after written notice thereof from Landlord to Tenant (unless such default cannot reasonably be cured within fifteen (15) days and in such case, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of same) or (iii) if Tenant shall file a petition in bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or make an assignment for the benefit of creditors, or (iv) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall be appointed in any action, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed within thirty (30) days after such appointment, or (v) if the leasehold estate hereby created shall be taken by execution or by other process of law, or (vi) if Tenant shall fail to operate and conduct business as required in Section 8 hereinabove, then, in any such event, Landlord, at Landlord's option and without limiting preclude said Landlord in from the exercise of any other right of such rights upon any subsequent occurring default or remedy Landlord may have on account of any default by Tenant, may either:defaults.

Appears in 1 contract

Samples: Cyberian Outpost Inc

Default by Tenant. The following shall be deemed to be events of default (a“Default”) This Lease is made upon the condition that the by Tenant under this Lease; (1) Tenant shall punctually fail to pay when due any installment of rent or any other payment required pursuant to this Lease, and faithfully perform the failure is not cured within five (5) business days after written notice to Tenant; (2) Tenant shall abandon any substantial portion of the Premises, unless Tenant shall otherwise comply with all of the covenants other terms and agreements by it to be performed as herein set forth. If any of the following events shall occur, to-wit: (i) if any installment of Fixed Base Rent, Percentage Rent, or any other sums required to be paid by Tenant hereunder, or any part thereof, shall at any time be in arrears and unpaid for ten (10) days after the date due, or (ii) if there be any default on the part of the Tenant in the observance or performance of any of the other covenants, agreements or conditions of said Lease on this Lease; (3) Tenant shall fail to comply with any term, provision or covenant of this Lease, other than the part payment of Tenant to be kept rent, and performed and said default shall continue for a period of fifteen the failure is not cured within twenty (1520) days after written notice thereof from Landlord to Tenant (unless such Tenant, provided that if the default cannot reasonably be cured within fifteen (15) days and in such caseperiod, Tenant then such cure period shall have commenced be extended as is reasonably required to cure said default the default, provided that Tenant expeditiously commences the cure within said fifteen such period and proceeds with reasonable diligence to complete the same within sixty (1560) days and thereafter continues diligently to pursue to completion the curing of samedays; (4) or (iii) if Tenant shall file a petition in or if an involuntary petition is filed against Tenant, or becomes insolvent, under any applicable federal or state bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, insolvency law or regulation, admit that it cannot meet its financial obligations as they become due; or make an assignment a receiver or trustee shall be appointed for the benefit of creditors, which petition is not terminated or withdrawn within sixty (60) days after filing; or (iv5) if Tenant shall do or permit to be done any trusteeact which results in a lien being filed against the Premises or the Building and/or project of which the Premises are a part, receiver or liquidator which lien is not removed of record within twenty (20) days after written notice to Tenant. In the event that an order for relief is entered in any case under Title 11. U.S.C. (the “Bankruptcy Code”) in which Tenant or of all is the debtor and: (A) Tenant as debtor-in-possession, or any substantial part of its properties shall trustee who may be appointed in any actionthe case (the “Trustee”) seeks to assume the Lease, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed within thirty (30) days after such appointmentthen Tenant, or Trustee if applicable, in addition to providing adequate assurance described in applicable provisions of the Bankruptcy Code, shall provide adequate assurance to Landlord of Tenant’s future performance under the Lease by depositing with Landlord a sum equal to the lesser of twenty-five percent (v25%) of the rental and other charges due for the balance of the Lease term of six (6) months’ rent (“Security”), to be held (without any allowance for interest thereon) to secure Tenant’s obligations under the Lease, and (B) Tenant, or Trustee if applicable, seeks to assign the leasehold estate hereby created Lease after assumption of the same, then Tenant, in addition to providing adequate assurance described in applicable provisions of the Bankruptcy Code, shall provide adequate assurance to Landlord of the proposed assignee’s future performance under the Lease by depositing with Landlord a sum equal to the Security to be held (without any allowance or interest thereon) to secure performance under the Lease. Nothing contained herein expresses or implies, or shall be taken by execution construed to express or by other process imply, that Landlord is consenting to assumption and/or assignment of law, the Lease. Neither Tenant nor any Trustee shall conduct or (vi) if Tenant shall fail to operate and permit the conduct business as required in Section 8 hereinabove, then, in any such event, Landlord, at Landlord's option and without limiting Landlord in the exercise of any other right “fire”, “bankruptcy”, “going out of business” or remedy Landlord may have on account of any default by Tenant, may either:auction sale in or from the Premises.

Appears in 1 contract

Samples: Lease Agreement (Delphax Technologies Inc)

Default by Tenant. The following shall be deemed to be events of default (a"Default") This Lease is made upon the condition that the by Tenant under this Lease: (1) Tenant shall punctually and faithfully perform all of the covenants and agreements by it fail to be performed as herein set forth. If any of the following events shall occur, to-wit: (i) if pay when due any installment of Fixed Base Rent, Percentage Rent, rent or any other sums payment required pursuant to be paid by this Lease; (2) Tenant hereundershall abandon any substantial portion of the Premises; (3) Tenant shall fail to comply with any term, provision or any part thereofcovenant of this Lease, shall at any time be in arrears other than the payment of rent, and unpaid for the failure is not cured within ten (10) days after the date due, or (ii) if there be any default on the part of the Tenant in the observance or performance of any of the other covenants, agreements or conditions of said Lease on the part of Tenant to be kept and performed and said default shall continue for a period of fifteen (15) days after written notice thereof from Landlord to Tenant Tenant; (unless such default cannot reasonably be cured within fifteen (154) days and in such case, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of same) or (iii) if Tenant shall file a petition in or if an involuntary petition is filed against Tenant, or becomes insolvent, under any applicable federal or state bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, insolvency law or regulation, admit that it cannot meet its financial obligations as they become due; or a receiver or trustee shall be appointed for all or substantially all of the assets of Tenant; or Tenant shall make a transfer in fraud of creditors or shall make an assignment for the benefit of creditors; or (5) Tenant shall do or permit to be done any act which results in a lien being filed against the Premises or the Building and/or project of which the Premises are a part. In the event that an order for relief is entered in any case under Title 11, U.S.C. (the "Bankruptcy Code") in which Tenant is the debtor and: (A) Tenant as debtor-in-possession, or (iv) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall trustee who may be appointed in any actionthe case (the "Trustee") seeks to assume the Lease, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed within thirty (30) days after such appointmentthen Tenant, or Trustee if applicable, in addition to providing adequate assurance described in applicable provisions of the Bankruptcy Code, shall provide adequate assurance to Landlord of Tenant's future performance under the Lease by depositing with Landlord a sum equal to the lesser of twenty-five percent (v25%) of the rental and other charges due for the balance of the Lease term of six (6) months' rent ("Security"), to be held (without any allowance for interest thereon) to secure Tenant's obligations under the Lease, and (B) Tenant, or Trustee if applicable, seeks to assign the leasehold estate hereby created Lease after assumption of the same, then Tenant, in addition to providing adequate assurance described in applicable provisions of the Bankruptcy Code, shall provide adequate assurance to Landlord of the proposed assignee's future performance under the Lease by depositing with Landlord a sum equal to the Security to be held (without any allowance or interest thereon) to secure performance under the Lease. Nothing contained herein expresses or implies, or shall be taken by execution construed to express or by other process imply, that Landlord is consenting to assumption and/or assignment of law, or (vi) if Tenant shall fail to operate and conduct business as required in Section 8 hereinabove, then, in any such event, Landlord, at Landlord's option and without limiting Landlord in the exercise of any other right or remedy Landlord may have on account of any default Lease by Tenant, may either:and Landlord expressly reserves all of its rights to object to any assumption and/or assignment of the Lease. Neither Tenant nor any Trustee shall conduct or permit the conduct of any "fire", "bankruptcy", "going out of business" or auction sale in or from the Premises.

Appears in 1 contract

Samples: Insignia Systems Inc/Mn

Default by Tenant. (a) This Lease is made upon the condition that the Tenant shall punctually and faithfully perform all of the covenants and agreements by it to be performed as herein set forth. If , and if any of the following events of default shall occur, to-wit: (ia) if any installment of Fixed Base Rent, Percentage Rentadditional rent, CAM charges, or any other sums required to be paid by Tenant hereunder, or any part thereof, shall at any time be in arrears and unpaid for ten fifteen (1015) days after the date it is due, or (iib) if there be any default on the part of the Tenant in the observance or performance of any of the other covenants, agreements agreements, or conditions of said this Lease on the part of Tenant to be kept and performed performed, and said default shall continue for a period of fifteen thirty (1530) days after written notice thereof from Landlord to Tenant (unless such default cannot reasonably be cured within fifteen thirty (1530) days and in such case, Tenant shall have commenced to cure said default within said fifteen thirty (1530) days and thereafter continues diligently to pursue to completion the curing of the same) ), or (iiic) if Tenant shall file a petition in bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or make an assignment for the benefit of creditors, or (ivd) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties or of the Demised Premises shall be appointed in any action, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed within thirty (30) days after such appointment, or (ve) if the leasehold estate hereby created shall be taken by on execution or by other process of law, or (vif) if Tenant shall fail admit in writing its inability to operate pay its obligations generally as they become due, or (g) Tenant shall vacate or abandon the Demised Premises, then and conduct business as required in Section 8 hereinaboveany of said cases, thenLandlord at its option may terminate this Lease and re-enter upon the Demised Premises and take possession thereof with full right to sue for and collect all sums or amounts with respect to which Tenant may then be in default and accrued up to the time of such entry, including damages to Landlord by reason of any breach or default on the part of Tenant, or Landlord may, if it elects to do so, bring suit for the collection of such rents and damages without entering into possession of the Demised Premises or voiding this Lease. In addition to, but not in limitation of, any of the remedies set forth in this Lease or given to Landlord by law or in equity, Landlord shall also have the right and option, in any such event, Landlord, at Landlord's option and without limiting Landlord in the exercise of any other right or remedy Landlord may have on account event of any default by TenantTenant under this Lease and the continuance of such default after the period of notice above provided, retake possession of the Demised Premises from Tenant without process of law, by summary proceedings or otherwise, and it is agreed that the commencement and prosecution of any action by Landlord in forcible entry and detainer, ejectment or otherwise, or any execution of any judgment or decree obtained in any action to recover possession of the Demised Premises, shall not be construed as an election to terminate this Lease unless Landlord expressly exercises its option hereinabove provided to declare deemed to have absolved or discharged Tenant from any of its obligations and liabilities for the remainder of the term of this Lease, and Tenant shall, notwithstanding such entry or re-entry, continue to be liable for the payment of the Rent and any additional rent and the performance of the other amounts of such deficits from time to time are ascertained and, in the event of any such ouster, Landlord rents or leases the Demised Premises to some other person, firm or corporation (whether for a term greater, less than or equal to the unexpired portion of the term created hereunder) for an aggregate rent during the portion of such new lease co-extensive with the term created hereunder which is less than the rent and other charges which Txxxxx would pay hereunder for such period, Landlord may immediately upon the making of such new lease of the creation of such new tenancy sue for and recover the differences between the aggregate rental provided for in said new lease for the portion of the term co-extensive with the term created hereunder and the rent which Txxxxx would pay hereunder for such period, together with any expense to which Landlord may be put for brokerage commission, placing the Demised Premises in tenantable condition or otherwise. If such now lease or tenancy is made for shorter term than the balance of the term of this Lease, any such action brought by Landlord to collect the deficit for that period shall not bar Landlord from thereafter suing for any loss during the balance of the unexpired terms of this Lease. For the avoidance of doubt, in the event of a default and unless and until Tenant cures the default, Landlord withholds the right to prevent Tenant from occupying the Demised Premises. Moreover, in the event of a default, Landlord may, at its sole option, terminate the Lease and upon termination, Tenant shall pay the balance of the then-current Lease Tem immediately due and payable, together with all other charges, payments, costs, and expenses payable by Tenant as though such amounts were payable in advance on the date the Event of Default occurred. If Tenant at any time shall fail to pay any assessments or liens, or to make any payment or perform any act required by this Lease to be made or performed by it, Landlord, without waiving or releasing Tenant from any obligation or default under this Lease, may either:(but shall be under no obligation to) at any time thereafter make such payment or perform such act for the account and at the expense of Tenant. All sums so paid by Lxxxxxxx and all costs and expenses so incurred shall accrue interest at the rate of 12% per annum or the highest rate permitted by law, whatever is less, from the date of payment or incurring thereof by Landlord and shall constitute additional rent payable by Tenant under this Lease and shall be paid by Tenant to Landlord upon demand. All rights and remedies of Landlord herein enumerated shall be cumulative, and none shall exclude any other remedies allowed at law or in equity. Txxxxx agrees to pay reasonable attorney’s fee and all costs if Landlord, in its sole discretion, employs an attorney to collect any rent, additional rent, or any other sums payable under this Lease agreement or to enforce any covenants, agreements, or conditions on the part of the Tenant to be kept and performed.

Appears in 1 contract

Samples: Lease Agreement (Hut 8 Corp.)

Default by Tenant. (a) This Lease is made upon the condition that the Tenant shall punctually and faithfully perform all of the covenants and agreements by it to be performed as herein set forth. If any of the A. The following events shall occur, to-witbe deemed to be events of default by Tenant under this Lease: (i1) if Tenant shall fail to pay any installment of Fixed Base Rent, Percentage Rent, Minimum Rent or any other sums required to be paid by Tenant hereunder, or any part thereof, shall at any time be in arrears and unpaid for ten (10) days after additional rent on the date due, or (ii) if there be any default on the part of the Tenant in the observance or performance of any of the other covenants, agreements or conditions of said Lease on the part of Tenant to be kept that same is due and performed and said default such failure shall continue for a period of fifteen five (155) days after Landlord delivers written notice thereof from Landlord to Tenant. (2) Tenant shall fail to comply with any term, condition or covenant of this Lease, other than the payment of rent, and shall not cure such failure within ten (unless such default 10) days of delivery of written notice provided however that if the Default cannot reasonably with due diligence be cured prior to the expiration of said ten (10) day period and if Tenant commences within fifteen ten (1510) days from the date of delivery of said notice to eliminate the cause of such Default and in proceeds diligently and with reasonable dispatch to take all steps and do all work required to cure such caseDefault, then Tenant shall have commenced to cure said default within said fifteen not be in Default. (153) days and thereafter continues diligently to pursue to completion the curing of same) or (iii) if Tenant shall file a petition in bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or make an assignment for the benefit of creditors, or (iv) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall be appointed in adjudged a bankrupt. (4) If an event of Default occurs by Tenant under the Land Lease, it shall also be deemed an event of Default by Tenant under the Building Lease. if an event of Default occurs by Tenant under this Lease. B. Upon the occurrence of a Default, Landlord shall have the option to pursue any actionone or more of the following remedies without any notice or demand whatsoever: (1) Landlord shall have the immediate right of re-entry and may remove all persons and property from the Leased Premises, suit or proceeding by or against Tenant and such proceeding property may be removed and stored in a public warehouse or action shall not have been dismissed within thirty (30) days after such appointmentelsewhere at the cost of, and for the account of Tenant, with or (v) if the leasehold estate hereby created shall be taken by execution or by other without process of law, without being deemed guilty of trespass, or becoming liable to any party for any loss or damage which may be occasioned thereby; (vi2) Landlord may from time to time without terminating this Lease, and without releasing Tenant in whole or in part from Tenant's obligation to pay rent and perform any of the covenants, conditions and agreements to be performed by Tenant as provided in this Lease, make such alterations and repairs to the Leased Premises as may be necessary in order to relet the Leased Premises. Landlord may relet the Leased Premises or any part thereof for such term or terms (which may be for a term extending beyond the term of this Lease) and at such rental or rentals and upon such other terms and conditions as Landlord in its discretion may deem advisable. Upon each such reletting if all rentals received by the Landlord from such reletting during any month shall be less than that to be paid during that month by Tenant hereunder, Tenant shall fail to operate and conduct business as required in Section 8 hereinabove, then, in pay any such eventdeficiency to Landlord. Such deficiency shall be calculated and paid monthly. Notwithstanding any such reletting without termination, LandlordLandlord may at any time thereafter elect to terminate this Lease for such previous breach. Tenant shall also be liable to Landlord for all costs of reletting, at Landlord's option including, but not limited to, alterations and without limiting repairs of the Leased Premises for a new tenant, brokerage commissions, attorneys fees, advertising and any other expenses incurred by Landlord in connection therewith and said costs shall be due upon demand (collectively, the exercise "Reletting Costs"); (3) Landlord may terminate this Lease, and with or without process of law may remove all persons, fixtures and property from the Leased Premises, and Landlord shall be entitled to receive as damages all Fixed Minimum Rent, all additional rent and all other sums payable by Tenant as of the date of termination, plus all Reletting Costs plus (1) a sum of money equal to the sums reserved for the balance of the Term for all Fixed Minimum Rent, all additional rent and other sums provided in this Lease to be paid by Tenant to Landlord for the remainder of the Lease Term, less the fair rental value of the Leased Premises for the period, (2) the cost of performing any other right or remedy Landlord may have on account of any default covenant to be performed by Tenant, and (3) all costs and reasonable attorneys' fees incurred by Landlord in connection with any action taken against Tenant; and (4) Enter upon the Leased Premises by force if necessary without being liable for prosecution of any claim for damages therefore, and do whatever Tenant is obligated to do under the terms of this Lease, and Tenant agrees to reimburse Landlord on demand for expenses, which Landlord may either:incur in thus effecting compliance with Tenant's obligations under this Lease, and Tenant further agrees that Landlord shall not be liable for any damages resulting to the Tenant from such action whether caused by the negligence of Landlord or otherwise. C. Pursuit of any of the foregoing remedies shall not preclude pursuit of any of the other remedies herein provided or any other remedies provided by Law, nor shall pursuit of any remedy herein provided constitute a forfeiture or waiver of any rent due to Landlord hereunder or of any damages accruing to Landlord by reason of the violation of any of the terms, conditions, and covenants herein contained. 21. ATTORNEY'S FEES: Non-prevailing party shall pay all reasonable attorney's fees and all costs incurred by prevailing party in enforcing any of the covenants and obligations of non-prevailing party under this Lease. 22.

Appears in 1 contract

Samples: Land Lease Agreement (Ace Hardware Corp)

Default by Tenant. (a) This Lease is made upon the condition that the Tenant shall punctually and faithfully perform all of the covenants and agreements by it to be performed as herein set forth. If any of the The following events shall occur, to-witconstitute events of default under this Lease: (i1) if any installment of Fixed Base Rent, Percentage Rent, or any other sums required to be paid a failure by Tenant hereunder, or to pay any part thereof, shall at scheduled Rent where such failure continues for five (5) days after written notice by Landlord to Tenant. (2) a failure by Tenant to deliver any time be in arrears and unpaid rent other than scheduled Rent where such failure continues for ten (10) days after the date due, or written notice by Landlord to Tenant. (ii3) if there be any default on the part of the Tenant in the observance or performance of any of the other covenants, agreements or conditions of said Lease on the part of a failure by Tenant to be kept and performed and said default shall continue deliver an estoppel certificate (as provided in Paragraph 17 below) where such failure continues for a period of fifteen ten (1510) days after written notice thereof from by Landlord to Tenant Tenant. (unless such default cannot reasonably be cured within fifteen (154) days and in such case, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of same) or (iii) if Tenant shall file a petition in bankruptcy or be adjudicated a bankruptinsolvency of Tenant, or file any petition or answer seeking transfer by Tenant to defraud creditors, any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or make an assignment by Tenant for the benefit of creditors, or (iv) if the commencement of any trustee, receiver or liquidator proceedings of Tenant or of all or any substantial part of its properties shall be appointed in any action, suit or proceeding kind by or against Tenant under any provision of the Federal Bankruptcy Act or under any other insolvency, bankruptcy or reorganization act unless, in the event any such proceedings are involuntary, Tenant is discharged from the same within sixty (60) days thereafter; the appointment of a receiver for a substantial part of the assets of Tenant; or the levy upon this Lease or any estate of Tenant hereunder by any attachment or execution; (5) the abandonment or vacation of the Premises; (6) the discovery by Landlord that any financial statement given to Landlord by Tenant, any assignee of Tenant, any subtenant of Tenant, any successor in interest of Tenant or any guarantor of Tenant's obligation hereunder, and any of them, was materially false; and (7) a failure by Tenant to perform any of the terms, covenants, agreements or conditions of this Lease to be observed or performed by Tenant (excluding any event of default under Paragraph 14(a)(1) through 14(a)(3) above), where such proceeding or action shall not have been dismissed within failure continues for thirty (30) days after such appointmentwritten notice thereof by Landlord to Tenant; provided, or (v) however, that if the leasehold estate hereby created nature of the default is such that the same cannot reasonably be cured within the 30-day period, Tenant shall not be taken by execution or by other process of law, or (vi) deemed to be in default if Tenant shall fail within such period commence such cure and thereafter diligently prosecute the same to operate and conduct business as required in Section 8 hereinabovecompletion. (b) In the event of any material default or breach by Tenant, thenLandlord may at any time thereafter, in any such event, Landlord, at Landlord's option and without limiting Landlord in the exercise of any other right or remedy at law or in equity which Landlord may have by reason of such default or breach: (1) Pursue the remedy described in California Civil Code Section 1951.4 whereby Landlord may continue this Lease in full force and effect after Tenant's breach and abandonment and recover the Rent and any other monetary charges as they become due, without terminating Tenant's right to sublet or assign this Lease, subject only to reasonable limitations as herein provided. During the period Tenant is in default, Landlord shall have the right to do all acts necessary to preserve and maintain the Premises as Landlord deems reasonable and necessary, including removal of all persons and property from the Premises, and Landlord can enter the Premises and relet them, or any part of them, to third parties for Tenant's account. Tenant shall be liable immediately to Landlord for all costs Landlord incurs in reletting the Premises, including, without limitation, brokers' commissions, expenses of remodeling the Premises required by the reletting, and like costs. Reletting can be for a period shorter or longer than the remaining Term. (2) Pay or perform such obligation due (but shall not be obligated to do so), if Tenant fails to pay or perform any obligations when due under this Lease within the time permitted for their payment or performance. In such case, the costs incurred by Landlord in connection with the performance of any -14- 15 such obligation will be additional rent due under this Lease and will become due and payable on account demand by Landlord. (3) Terminate Tenant's rights to possession by any lawful means, in which case this Lease shall terminate and Tenant shall immediately surrender possession of the Premises to Landlord. In such event Landlord shall be entitled to recover from Tenant all damages incurred by Landlord by reason of Tenant's default, including, without limitation, the following: (A) the worth at the time of award of any unpaid Rent which had been earned at the time of such termination; plus (B) the worth at the time of award of the amount by which the unpaid Rent which would have been earned after termination until the time of award exceeds the amount of such Rent loss that is proved could have been reasonably avoided; plus (C) the worth at the time of award of the amount by which the unpaid Rent for the balance of the Term after the time of award exceeds the amount of such Rent loss that is proved could be reasonably avoided; plus (D) any other amount necessary to compensate Landlord for all the detriment proximately caused by Tenant's failure to perform its obligations under this Lease or which in the ordinary course of events would be likely to result therefrom; plus (E) at Landlord's election, such other amounts in addition to or in lieu of the foregoing as may be permitted from time to time by applicable State law. Upon any such termination of Tenant's possessory interest in and to the Premises, Tenant (and at Landlord's sole election, Tenant's sublessees) shall no longer have any interest in the Premises, and Landlord shall have the right to make any reasonable repairs, alterations or modifications to the Premises which Landlord in its sole discretion deems reasonable and necessary. The "worth at the time of award" of the amounts referred to in subparagraphs (A) and (B) above is computed by allowing interest at the maximum rate an individual is permitted by law to charge. The worth at the time of award of the amount referred to in subparagraph (C) above is computed by discounting such amount at the discount rate of the Federal Reserve Bank of San Francisco at the time of award plus one percent (1%). (4) Pursue any other legal or equitable remedy available to Landlord. Unpaid installments of Rent and other unpaid monetary obligations of Tenant under the terms of this Lease shall bear interest from the date due at the rate of ten percent (10%) per annum. (c) In the event Tenant is evicted or Landlord takes possession of the Premises by reason of any default by Tenant hereunder, Tenant hereby waives any right of redemption or relief from forfeiture as provided by law. (d) Even though Tenant has breached this Lease and abandoned the Premises, this Lease shall continue in effect for so long as Landlord does not terminate Tenant's right to possession, and Landlord may either:enforce all its rights and remedies under this Lease, including the right to recover Rent as it becomes due under this Lease. Acts of maintenance or preservation, efforts to relet the Premises, or the appointment of a receiver upon initiative of Landlord to protect Landlord's interest under this Lease, shall not constitute a termination of Tenant's right to possession. (e) In the event Tenant is in material default under any provision of this Lease then, at Landlord's sole election: (i) Tenant shall not have the right to exercise any available right, option or election under this Lease ("Tenant's Exercise Rights") if at such time Tenant is in default hereunder, (ii) Tenant shall not have the right to consummate any transaction or event triggered by the exercise of any of Tenant's Exercise Rights if at such time Tenant is in default hereunder, and (iii) Landlord shall not be obligated to give Tenant any required notices or information relating to the exercise of any of Tenant's Exercise Rights hereunder. 15.

Appears in 1 contract

Samples: MCB Financial Corp

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Default by Tenant. (a) This Lease is made upon the condition that the Tenant shall punctually and faithfully perform all The occurrence of the covenants and agreements by it to be performed as herein set forth. If any one or more of the following events shall occur, to-witconstitute a material default and breach of this Lease by Tenant: (i) if the abandonment of the Premises by Tenant or the vacating of the Premises for more than thirty (30) consecutive days; (ii) the failure by Tenant to make any installment of Fixed Base Rent, Percentage Rent, or any other sums payment required to be paid made by Tenant hereunder, or any part thereof, shall at any time be in arrears and unpaid such failure continues for ten more than five (105) business days after written notice from Landlord; (iii) the date due, failure by Tenant to observe or (ii) if there be any default on the part of the Tenant in the observance or performance of perform any of the other covenants, agreements conditions or conditions provisions of said Lease on the part of Tenant to be kept and performed and said default Lease, where such failure shall continue for a period of fifteen (15) days after written notice thereof from Landlord to Tenant (unless such default cannot reasonably be cured within fifteen (15) days and in such case, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of same) or (iii) if Tenant shall file a petition in bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or make an assignment for the benefit of creditors, or (iv) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall be appointed in any action, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed within thirty (30) days after written notice from Landlord; provided, however, if more than 30 days are reasonably required for its cure then Tenant shall not be deemed to be in default if Tenant commences such appointment, cure within said 30 day period and thereafter diligently prosecutes such cure to completion; (iv) the making by Tenant of any general assignment or general arrangement for the benefit of creditors; (v) if the leasehold estate hereby created shall be taken filing by execution or by other process against Tenant of lawa petition to have Tenant adjudged bankrupt or a petition for reorganization or arrangement under any law relating to bankruptcy (unless, or in the case of a petition filed against Tenant, the same is dismissed within sixty (60) days); (vi) if the appointment of a trustee or receiver to takepossessionofsubstantiallyallofTenant’sassetslocatedatthePremisesorofTenant’sinterestintheLease, where possession is not restored to Tenant shall fail to operate within thirty (30) days; (vii) the attachment, execution or other judicialseizureofsubstantiallyallofTenant’sassetslocatedatthePremisesorofTenant’sinterestinthisLease, wheresuchseizureis notdischarged within thirty (30) days; or (viii) the assignment or other transfer ofall or anyinterestof Tenantinthis Lease, orthesublettingofalloranyportion ofthe Premises, ineithercasewhich is in violation of Section 16 aboveand constitutes anon-curabledefault. Allnotice and conduct business as required in Section 8 hereinabove, then, in any such event, Landlord, at Landlord's option and without limiting Landlord in the exercise of any other right or remedy Landlord may have on account of any default by Tenant, may either:cure periods set forth aboveareinlieuofandnotinadditiontoanynotice requiredpursuanttoapplicableunlawful detainer/eviction statutes.

Appears in 1 contract

Samples: Lease

Default by Tenant. (a) This Lease is If default shall be made upon in the condition that the Tenant shall punctually and faithfully perform all payment of the covenants and agreements by it to be performed as herein set forth. If any of the following events shall occur, to-wit: (i) if any installment of Fixed Base Rent, Percentage Rent, or any other sums required sum to be paid by Tenant hereunderunder this Lease, or any part thereof, and such default shall at any time be in arrears and unpaid continue for ten (10) days after notice thereof (however, Landlord shall not be required to provide such notice more than once per calendar year during the date dueterm of this Lease, the second (2nd) such nonpayment during any calendar year constituting default without the requirement of notice), or (ii) if there default shall be any default on the part of the Tenant made in the observance or performance of any of the other covenants, agreements covenants or conditions of said Lease on the part of which Tenant is required to be kept observe and performed to perform, and said such default shall continue for a period of fifteen (15twenty(20) days after written notice thereof from Landlord thereof, or if the interest of Tenant under this Lease shall be levied on under execution or other legal process, or if any petition shall be filed by or against Tenant to declare Tenant (unless such default cannot reasonably be cured within fifteen (15) days and in such caseas bankrupt or to delay, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of same) reduce or (iii) modify Tenant's capital structure if Tenant shall file be a petition in bankruptcy corporation or be adjudicated a bankruptother entity, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulationif Tenant be declared insolvent according to law, or make an if any assignment of Tenant's property shall be made for the benefit of creditors, or (iv) if any trustee, a receiver or liquidator trustee is appointed for Tenant or its property, or if Tenant shall vacate (for more than ninety (90) days except in the case of Tenant or listing such space for sublease) the Leased Premises during the term of all this Lease or any substantial part renewals or extensions thereof, or, at the option of its properties Landlord, if Tenant shall be appointed in assign this Lease or sublet any action, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed within thirty (30) days after such appointmentportion of the Leased Premises except as permitted herein, or (vif Tenant is a corporation) if Tenant shall cease to exist as a corporation in the leasehold estate hereby created shall be taken by execution or by other process state of lawits incorporation, or (viif Tenant is a partnership or other entity) Tenant shall be dissolved or otherwise liquidated, then Landlord may treat the occurrence of any one or more of the foregoing events as a breach of this Lease (provided that no such levy, execution, legal process or petition filed against Tenant by a party other than Landlord shall constitute a breach of this Lease if Tenant shall fail to operate vigorously contest the same by appropriate proceedings and conduct business as required in Section 8 hereinaboveshall remove or vacate the same within sixty (60) days from the date of its creation, then, in any such event, Landlordservice or filing) and thereupon, at Landlord's option and without limiting Landlord in the exercise of any other right or remedy option, Landlord may have on account any one or more of any default by Tenant, may eitherthe following described remedies in addition to all other rights and remedies provided at law or in equity:

Appears in 1 contract

Samples: Agreement (Charles River Associates Inc)

Default by Tenant. (a) This Lease It is made upon the condition mutually understood and agreed that the if Tenant shall punctually and faithfully perform all default in the payment of the covenants and agreements by it to be performed as herein set forth. If any of the following events shall occur, to-wit: (i) if any installment of Fixed Base Rent, Percentage Rent, or any other sums required to be paid by Tenant hereunder, rents above stipulated or any part thereof, or shall at default in the payment of any time other monies required to be paid hereunder or any part thereof, or shall be in arrears and unpaid default for ten breach of, noncompliance with or failure to perform any covenant, agreement, condition or provision required on Tenant’s part to be kept, complied with or performed hereunder (10) days after other than the date duepayment of rent or other monies hereunder), each or (ii) if there be any of which events or occurrences shall constitute a default on of Tenant under this Lease, Landlord shall have the part right to terminate this Lease as hereinafter provided. If Landlord, in the event of any such default, desires to terminate this Lease, Landlord shall give written notice of the default to Tenant, and Tenant in the observance or performance of any of the other covenants, agreements or conditions of said Lease on the part of Tenant to be kept and performed and said default shall continue for a period of have fifteen (15) days after written the giving of such notice thereof from Landlord to Tenant (unless such cure any default cannot reasonably be cured within fifteen (15) days based upon the nonpayment of any rent or other monies as aforesaid, and in such case, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of same) or (iii) if Tenant shall file a petition in bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or make an assignment for the benefit of creditors, or (iv) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall be appointed in any action, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed within thirty (30) days after to cure any other default. However, if at the end of that thirty (30) day period such appointmentother default has not been completely cured but Tenant has commenced to cure the same and has employed diligent efforts to do so, the right of Landlord to terminate this Lease shall be abated as long as Tenant proceeds with due diligence to cure such default. If the default is not cured within the applicable period of time above provided, it shall be lawful for Landlord, or (v) if Landlord’s agents, attorneys or assigns, in addition to any and all other remedies provided by law or this Lease, to declare the leasehold estate hereby created shall be taken by execution Term ended and to re-enter said Leased Premises either with or by other without process of law, and to expel or (vi) if remove Tenant shall fail or any person or persons occupying the same, and to operate retake possession of the Leased Premises and conduct business as required in Section 8 hereinaboveall buildings and other improvements located thereon, thenwithout hindrance or delay, in any such event, Landlord, at Landlord's option and without limiting Landlord in the exercise of prejudice to any other right remedies or remedy rights which Landlord may have on account for rent in arrears or any preceding breach of any default covenants, or for future rents accruing during the remainder of the Term which Landlord shall not reasonably be able to mitigate, whether such expulsion or removal is accomplished directly by TenantLandlord, may either:by legal proceedings instituted for such purpose, or otherwise.

Appears in 1 contract

Samples: Lease (Duluth Holdings Inc.)

Default by Tenant. (a) This Lease is made upon the condition that the Tenant shall punctually and faithfully perform all of the covenants and agreements by it to be performed as herein set forth. If any of the following events shall occur8.01 If, to-wit: (i) if any installment of Fixed Base Rent, Percentage Rent, the Tenant neglects or any other sums required fails to be paid by Tenant hereunder, pay the rent herein reserved or any part thereofthereof when due and payable, shall at any time be in arrears and unpaid for ten (10) days after the date dueas herein provided, or (ii) if there be any default on the part of the Tenant in the observance neglects or performance of fails to perform or observe any of the other covenants, agreements or conditions of said provisions contained in this Lease which, on the part of Tenant Tenant's part, are to be kept performed or observed, and performed and said default such neglect or failure to pay rent shall continue for a period of fifteen (15) days after written notice thereof from Landlord to Tenant (unless such default cannot reasonably be cured within fifteen (15) days and in such case, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of same) or (iii) if Tenant shall file a petition in bankruptcy or be adjudicated a bankruptLandlord, or file any petition default in the observance or answer seeking any reorganizationperformance of the other covenants, arrangement, composition, readjustment, liquidation, dissolution agreements or similar relief provisions shall continue for itself under any present or future federal, state or other statute, law or regulation, or make an assignment for the benefit of creditors, or (iv) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall be appointed in any action, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed within thirty (30) days after written notice from Landlord without, in either case, Tenant's having commenced diligently to remedy such appointmentdefault, or (vi.) if the leasehold estate hereby created shall be taken by execution on execution, or by other process of law, or (viiii) if any assignment shall be made of Tenant's property for the benefit of creditors, or if a receiver, trustee in bankruptcy, or similar officer shall be appointed to take charge of all or any part of the Tenants property by a court of competent jurisdiction, or if a petition is filed by the Tenant seeking an adjudication of itself as bankrupt or insolvent under any bankruptcy law or if an involuntary petition is filed against the Tenant and the appointment of such receiver, trustee or similar officer shall fail to operate and conduct business as required not be vacated or the proceeding in Section 8 hereinabove, bankruptcy or insolvency shall not be dismissed within sixty (60) days then, and in any such eventof the said cases, Landlordthe Landlord lawfully may immediately, or at any time thereafter, and without demand or notice enter upon the Leased Premises or any part thereof, in the name of the whole and repossess the same as of the Landlord's option former estate, and expel the Tenant and those claiming through or under the Tenant and remove their effects, forcibly if necessary, without being deemed liable for any manner of trespass and without limiting Landlord in the exercise prejudice to any remedies which might otherwise be used for arrears of any other right rent or remedy Landlord may have on account preceding breach of any default by Tenantcovenant, may either:and upon such re-entry and declaration this Lease shall terminate.

Appears in 1 contract

Samples: Leisure Time Casinos & Resorts Inc

Default by Tenant. The following shall be deemed to be events of default (a"Default") This Lease is made upon the condition that the by Tenant under this Lease: (1) Tenant shall punctually and faithfully perform all of the covenants and agreements by it fail to be performed as herein set forth. If any of the following events shall occur, to-wit: (i) if pay when due any installment of Fixed Base Rent, Percentage Rent, rent or any other sums payment required pursuant to be paid by Tenant hereunder, or any part thereof, shall at any time be in arrears this Lease and unpaid for ten such failure is not cured within three (103) days after the date due, or following written notice to Tenant; (ii2) if there be Tenant shall abandon any default on the part substantial portion of the Premises; (3) Tenant in shall fail to comply with any term, provision or covenant of this Lease, other than the observance or performance payment of any of rent, and the other covenants, agreements or conditions of said Lease on the part of Tenant to be kept and performed and said default shall continue for a period of fifteen failure is not cured within twenty (1520) days after written notice thereof from Landlord to Tenant or such longer period as is reasonably required to cure, provided that Tenant is diligently pursuing the same; (unless such default cannot reasonably be cured within fifteen (154) days and in such case, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of same) or (iii) if Tenant shall file a petition in or if an involuntary petition is filed against Tenant and is not discharged within thirty (30) days, or becomes insolvent, under any applicable federal or state bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, insolvency law or regulation, admit that it cannot meet its financial obligations as they become due; or a receiver or trustee shall be appointed for all or substantially all of the assets of Tenant; or Tenant shall make a transfer in fraud of creditors or shall make an assignment for the benefit of creditors; or (5) Tenant shall do or permit to be done any act which results in a lien being filed against the Premises or the Building and/or project of which the Premises are a part, which is not discharged within ten (10) days following written notice to Tenant. In the event that an order for relief is entered in any case under Title 11, U.S.C. (the "Bankruptcy Code") in which Tenant is the debtor and: (A) Tenant as debtor-in-possession, or (iv) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall trustee who may be appointed in any actionthe case (the "Trustee") seeks to assume the lease, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed within thirty (30) days after such appointmentthen Tenant, or Trustee if applicable, in addition to providing adequate assurance described in applicable provisions of the Bankruptcy Code, shall provide adequate assurance to Landlord of Tenant's future performance under the Lease by depositing with Landlord a sum equal to the lesser of twenty-five percent (v25%) of the rental and other charges due for the balance of the Lease term or six (6) months' rent ("Security"), to be held (without any allowance for interest thereon) to secure Tenant's obligation under the Lease, and (B) Tenant, or Trustee if applicable, seeks to assign the leasehold estate hereby created Lease after assumption of the same, then Tenant, in addition to providing adequate assurance described in applicable provisions of the Bankruptcy Code, shall provide adequate assurance to Landlord of the proposed assignee's future performance under the Lease by depositing with Landlord a sum equal to the Security to be held (without any allowance or interest thereon) to secure performance under the Lease. Nothing contained herein expresses or implies, or shall be taken by execution construed to express or by other process imply, that Landlord is consenting to assumption and/or assignment of law, or (vi) if Tenant shall fail to operate and conduct business as required in Section 8 hereinabove, then, in any such event, Landlord, at Landlord's option and without limiting Landlord in the exercise of any other right or remedy Landlord may have on account of any default Lease by Tenant, may either:and Landlord expressly reserves all of its rights to object to any assumption and/or assignment of the Lease. Neither Tenant nor any Trustee shall conduct or permit the conduct of any "fire", "bankruptcy", "going out of business" or auction sale in or from the Premises.

Appears in 1 contract

Samples: Lease Terms (Bio Vascular Inc)

Default by Tenant. (a) This Lease is made upon In the condition that the event Tenant shall punctually and faithfully perform all fail to pay monthly rental by the tenth (10th) day of the covenants and agreements by it to be performed as herein set forth. If month; or if Tenant is adjudicated a bankrupt; or if Tenant files a petition on bankruptcy under any section or provision of the following events shall occurbankruptcy law; or if an involuntary petition in bankruptcy is filed against Tenant, to-wit: and same is not withdrawn or dismissed within sixty (i60) days from the filing thereof; or if any installment of Fixed Base Rent, Percentage Rent, a receiver or any other sums required to be paid by Tenant hereunder, trustee is appointed for Tenant's property and the order appointing such receiver or any part thereof, shall at any time be trustee remains in arrears and unpaid force for ten thirty (1030) days after the date dueentry of such order; or if, whether voluntarily or (ii) if there be any default on the part of the involuntarily, Tenant in the observance or performance takes advantage of any of the other covenants, agreements or conditions of said Lease on the part of Tenant to be kept and performed and said default shall continue for a period of fifteen (15) days after written notice thereof from Landlord to Tenant (unless such default cannot reasonably be cured within fifteen (15) days and in such case, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of same) or (iii) if Tenant shall file a petition in bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar debtor relief for itself proceedings under any present or future federallaw, state whereby the rent or other statute, law or regulationany part thereof is, or make is proposed to be, reduced or payment thereof deferred; or if Tenant makes an assignment for the benefit of creditors; or if Tenant's effects should be levied upon or attached under process against Tenant, not satisfied or (iv) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall be appointed in any action, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed dissolved within thirty (30) days after such appointment, written notice from Landlord to tenant to obtain satisfaction thereof; or (v) if Tenant shall vacate or abandon the leasehold estate hereby created shall be taken by execution Premises; or by other process of law, or (vi) if Tenant shall fail to operate perform or observe any other covenant, agreement, or condition to be performed or kept by the Tenant under the terms and conduct business as required in Section 8 hereinaboveprovisions of this Lease, then, and such failure in any one such eventevent shall continue for thirty (30) days after written notice thereof has been given by Landlord to Tenant; then in any one of such events, Landlord shall have the right, at the option of the Landlord, then or at Landlord's option any time thereafter while such default or defaults shall continue, to elect either: (1) to cure such defaults at the expense of Tenant and without limiting Landlord in the exercise of prejudice to any other right remedies which Landlord might otherwise have, any payment made or remedy expenses incurred by Landlord may have on account of any incurring such default shall bear interest thereon at eighteen percent (18%) per annum, or at such maximum legal rate as permitted by North Carolina law, whichever shall be lower, to be and become additional rent to be paid by Tenant with the next installment or rent falling due thereafter; or (2) to re-enter the Premises and dispossess Tenant and anyone claiming under Tenant, may either:by summary proceedings pursuant to the laws of the State of North Carolina, and remove their effects, and take complete possession of the Premises and either (i) declare this Lease forfeited and the term ended, or (ii) elect to continue this Lease in full force and effect, but with the right at any time thereafter to declare this Lease forfeited and the term ended; or (iii) exercise any other remedies or maintain any action permitted to Landlord pursuant to the laws of the State of North Carolina, or any other applicable laws. In such re-entry the Landlord may, under process of law, have all persons and Tenant's personal property removed from the

Appears in 1 contract

Samples: Lease Agreement (Frisby Technologies Inc)

Default by Tenant. (a) This Lease is made upon the condition that the Tenant shall punctually and faithfully perform all of the covenants and agreements by it to be performed as herein set forth. If any of the following events shall occur, to-wit: (i) if any installment of Fixed Base Rent, Percentage Rent, or any other sums required to be paid Any failure by Tenant hereunderto fully and completely perform or comply with any covenant, condition, term or any part thereof, shall at any time be in arrears and unpaid for ten (10) days after the date due, or (ii) if there be any default on the part of the Tenant in the observance or performance of any of the other covenants, agreements or conditions of said Lease provision on the part of Tenant to be kept performed or complied with under any Article of, and/or Exhibit to, this Lease shall constitute a breach of this Lease after the applicable notice and cure period. Landlord shall have the right to treat the occurrence of any one or more of the following events as a default under this Lease (provided, no such levy, execution, legal process or petition as set forth in Subsections (3) through (7) below filed against Tenant shall constitute a default under this Lease if Tenant shall vigorously contest the same by appropriate proceedings, and shall remove or vacate the same within sixty (60) days from the date of its creation, service or filing): Tenant does not pay Rent or any other sum required to be paid by Tenant under this Lease within five (5) days after notice from Landlord but in no event shall Landlord be obligated to give Tenant such notice more than two (2) times during any calendar year or within five (5) days of due date after Tenant has received two (2) notices from Landlord in any calendar year; or Tenant does not perform or comply with any covenant, condition, term or provision on the part of Tenant to be performed or complied with under any Article of, and/or Exhibit to, this Lease and said default shall continue such non-performance or non-compliance continues for thirty (30) days after notice to Tenant, unless the same cannot be cured within thirty (30) days, then within such additional time as is reasonably necessary to complete such cure, provided that Tenant has commenced such cure within the initial thirty (30) day period and diligently pursues such cure to completion within ninety (90) days. the interest of Tenant under this Lease is levied on under execution or other legal process; or any petition is filed by or against Tenant to declare Tenant a bankrupt or to delay, reduce or modify Tenant’s debts or obligations; or any petition is filed to reorganize or modify Tenant’s debts or obligations; or any petition is filed to reorganize or modify Tenant’s capital structure; or Tenant is declared insolvent according to law; or any assignment of Tenant’s property is made for the benefit of creditors; or a receiver or trustee is appointed for Tenant or its property; or Tenant vacates or abandons the Leased Premises or any part thereof at any time during the Term for a period of fifteen (15) days after written notice thereof from Landlord or more continuous days; or Tenant is a corporation and Tenant ceases to Tenant (unless such default cannot reasonably be cured within fifteen (15) days and exist as a corporation in such case, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion good standing in the curing of same) or (iii) if Tenant shall file a petition in bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or make an assignment for the benefit of creditors, or (iv) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall be appointed in incorporation after receipt of notice from the Secretary of State of Delaware. Tenant expressly acknowledges and agrees that this Lease, as well as any actioninvoices and notices relating thereto, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed constitutes evidence of an indebtedness within thirty (30) days after such appointment, or (v) if the leasehold estate hereby created shall be taken by execution or by other process meaning of law, or (vi) if Tenant shall fail to operate and conduct business as required in North Carolina General Statutes Section 8 hereinabove, then, in any such event, Landlord, at Landlord's option and without limiting Landlord in the exercise of any other right or remedy Landlord may have on account of any default by Tenant, may either:6-21.2.

Appears in 1 contract

Samples: Lease Agreement (Trans1 Inc)

Default by Tenant. (a) This Lease lease is made upon the condition that the Tenant shall punctually and faithfully perform all of the covenants and agreements by it to be performed as herein set forth. If , and if any of the following events of default shall occur, to-to wit: (ia) if any installment of Fixed Base Rentrent, Percentage Rentadditional rent, taxes or any other sums required to be paid by Tenant hereunder, or any part thereof, shall at any time be in arrears and unpaid when due for ten fifteen (1015) days after the date due, (notice by Landlord to Tenant not being required); or (iib) if there be any default on the part of the Tenant in the observance or performance of any of the other covenants, agreements or conditions of said this Lease on the part of Tenant to be kept and performed performed, and said default shall continue for a period of fifteen (15) days after written notice thereof from Landlord to Tenant (unless such default cannot reasonably be cured within fifteen (15) days and in such case, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of the same) ); or (iiic) if Tenant shall file a petition in bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution dissolution, receivership or similar relief for itself under any present or future federalFederal, state or other statutestatutes, law or regulationregulations, or make an assignment for the benefit of creditors, ; or (ivd) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties or of the Demised Premises shall be appointed in any action, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed within thirty (30) days after such appointment, ; or (ve) if the leasehold estate hereby created shall be taken by on execution or by other process of law; or (f) Tenant shall admit in writing its inability to pay its obligations generally as they become due; or (g) Tenant shall vacate or abandon the Demised Premises, then and in any of said cases, Landlord at its option may terminate this Lease and re-enter upon the Demised Premises and take possession thereof with full right to sue xxx and collect all sums or amounts with respect to which Tenant may then be in default and accrued up to the time of such entry, including damages to Landlord by reason of any breach or default on the part of Tenant, or (vi) Landlord may, if Tenant it elects to do so, bring suit for the collection of such rents and damages without entering into possession of the Demised Premises or voiding this Lease. In addition to, but not in limitation of, any of the remedies set forth in this Lease or given to Landlord by law or in equity, Landlord shall fail to operate also have the right and conduct business as required in Section 8 hereinabove, thenoption, in any such event, Landlord, at Landlord's option and without limiting Landlord in the exercise of any other right or remedy Landlord may have on account event of any default by TenantTenant under this Lease and the continuance of such default after the period of notice above provided, may either:to retake possession of the Demised Premises from Tenant without process of law, by summary proceedings or otherwise, and it is agreed that the commencement and prosecution of any action by Landlord in forcible entry and detainer, ejectment or otherwise, or any execution of any judgment or decree obtained in any action to recover possession of the Demised Premises, shall not be construed as an election to terminate this Lease unless Landlord expressly exercises its option hereinabove provided to declare the Term ended, whether or not such entry or re-entry be had or taken under summary proceedings or otherwise, and shall not be deemed to have absolved or discharged Tenant from any of its obligations and liabilities for the remainder of the Term, and Tenant shall, notwithstanding such entry or re-entry, continue to be liable for the payment of the rents and the performance of the other covenants and conditions thereof and shall pay to Landlord all monthly deficits after any such re-entry in monthly installments as the amounts of such deficits from time to time are ascertained and, in the event of

Appears in 1 contract

Samples: Office Lease (Integrated Business Systems & Services Inc)

Default by Tenant. (a) This Lease is made upon the condition that the Tenant shall punctually and faithfully perform all The occurrence of the covenants and agreements by it to be performed as herein set forth. If any one or more of the following events shall occur, to-witconstitute a material default and breach of this Lease by Tenant: (i) if the abandonment of the Premises by Tenant or the vacating of the Premises for more than thirty (30) consecutive days; (ii) the failure by Tenant to make any installment payment of Fixed Base Rent, Percentage Rent, Rent or any other sums payment required to be paid made by Tenant hereunder, within five (5) business days of date due provided, however, if Tenant makes any payment due hereunder after the due date, Tenant shall be in default if, within twelve months of the overdue payment, Tenant fails to pay Rent or any part thereof, shall at any time be in arrears and unpaid for ten other payment due hereunder within five (105) days after of the date due, ; (iii) the failure by Tenant to observe or (ii) if there be any default on the part of the Tenant in the observance or performance of perform any of the other covenants, agreements conditions or conditions provisions of said Lease on the part of Tenant to be kept and performed and said default Lease, where such failure shall continue for a period of fifteen twenty (1520) days after following written notice thereof from Landlord to Tenant Landlord; provided, however, if more than twenty (unless such default cannot reasonably be cured within fifteen (1520) days and in such case, are reasonably required for its cure then Tenant shall have commenced not be deemed to be in default if Tenant commences such cure said default within said fifteen (15) days 20-day period and thereafter continues diligently prosecutes such cure to pursue to completion completion; (iv) the curing making by Tenant of same) any general assignment or (iii) if Tenant shall file a petition in bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or make an assignment general arrangement for the benefit of creditors, or creditors other than in the normal course of business; (ivv) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall be appointed in any action, suit or proceeding the filing by or against Tenant and such proceeding of a petition to have Tenant adjudged bankrupt or action shall a petition for reorganization or arrangement under any law relating to bankruptcy (unless, in the case of a petition filed against Tenant, the same is dismissed within sixty (60) days); (vi) the appointment of a trustee or receiver to take possession of substantially all of Tenant's assets located at the Premises or of Tenant's interest in the Lease, where possession is not have been dismissed restored to Tenant within thirty (30) days after such appointment, days; or (vvii) if the leasehold estate hereby created shall be taken by attachment, execution or by other process judicial seizure of lawsubstantially all of Tenant's assets located at the Premises or of Tenant's interest in this Lease, or where such seizure is not discharged within thirty (vi30) if Tenant shall fail to operate and conduct business as required in Section 8 hereinabovedays. The above notice periods may, then, in any such event, at the election of Landlord, at Landlord's option and without limiting Landlord in the exercise of run concurrently with any other right or remedy Landlord may have on account of any default by Tenant, may either:statutorily required notice periods.

Appears in 1 contract

Samples: Office Lease Agreement (Tut Systems Inc)

Default by Tenant. (a) This Lease is made upon the condition that the Tenant shall punctually and faithfully perform all The occurrence of the covenants and agreements by it to be performed as herein set forth. If any one or more of the following events shall occur, to-witconstitute a material default and breach of this Lease by Tenant: (i) if the abandonment of the Premises by Tenant or the vacating of the Premises for more than thirty (30) consecutive days; (ii) the failure by Tenant to make any installment of Fixed Base Rent, Percentage Rent, or any other sums payment required to be paid made by Tenant hereunder, or any part thereof, shall at any time be in arrears and unpaid such failure continues for ten more than five (105) business days after written notice from Landlord; (iii) the date due, failure by Tenant to observe or (ii) if there be any default on the part of the Tenant in the observance or performance of perform any of the other covenants, agreements conditions or conditions provisions of said Lease on the part of Tenant to be kept and performed and said default Lease, where such failure shall continue for a period of fifteen (15) days after written notice thereof from Landlord to Tenant (unless such default cannot reasonably be cured within fifteen (15) days and in such case, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of same) or (iii) if Tenant shall file a petition in bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or make an assignment for the benefit of creditors, or (iv) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall be appointed in any action, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed within thirty (30) days after written notice from Landlord; provided, however, if more than 30 days are reasonably required for its cure then Tenant shall not be deemed to be in default if Tenant commences such appointment, cure within said 30day period and thereafter diligently prosecutes such cure to completion; (iv) the making by Tenant of any general assignment or general arrangement for the benefit of creditors; (v) if the leasehold estate hereby created shall be taken filing by execution or by other process against Tenant of lawa petition to have Tenant adjudged bankrupt or a petition for reorganization or arrangement under any law relating to bankruptcy (unless, or in the case of a petition filed against Tenant, the same is dismissed within sixty (60) days); (vi) if the appointment of a trustee or receiver to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in the Lease, where possession is not restored to Tenant shall fail to operate and conduct business as required within thirty (30) days; (vii) the attachment, execution or other judicial seizure of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in Section 8 hereinabovethis Lease, thenwhere such seizure is not discharged within thirty (30) days; (viii) the assignment or other transfer of all or any interest of Tenant in this Lease, or the subletting of all or any portion of the Premises, in either case which is in violation of Section 17 above; or (viii) a material default under the terms of the Clinic Support Agreement. All notice and cure periods set forth above are in lieu of and not in addition to any such event, Landlord, at Landlord's option and without limiting Landlord in the exercise of any other right or remedy Landlord may have on account of any default by Tenant, may either:notice required pursuant to applicable unlawful detainer/eviction statutes.

Appears in 1 contract

Samples: Office and Equipment Lease Agreement

Default by Tenant. The following shall be deemed to be events of default (a"Default") This Lease is made upon the condition that the by Tenant under this Lease: (1) Tenant shall punctually and faithfully perform all of the covenants and agreements by it fail to be performed as herein set forth. If any of the following events shall occur, to-wit: (i) if pay when due any installment of Fixed Base Rent, Percentage Rent, rent or any other sums payment required pursuant to be paid by this Lease; (2) Tenant hereundershall abandon any substantial portion of the Premises; (3) Tenant shall fail to comply with any term, provision or any part thereofcovenant of this Lease, shall at any time be in arrears other than the payment of rent, and unpaid for the failure is not cured within ten (10) days after the date due, or (ii) if there be any default on the part of the Tenant in the observance or performance of any of the other covenants, agreements or conditions of said Lease on the part of Tenant to be kept and performed and said default shall continue for a period of fifteen (15) days after written notice thereof from Landlord to Tenant Tenant; (unless such default cannot reasonably be cured within fifteen (154) days and in such case, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of same) or (iii) if Tenant shall file a petition in or an involuntary petition is filed against Tenant; or Tenant becomes insolvent under any applicable federal or state bankruptcy or insolvency law; or Tenant admits that it cannot meet its financial obligations as they become due; or a receiver or trustee shall be adjudicated appointed for all or substantially all of the assets of Tenant; or Tenant shall make a bankrupt, transfer in fraud of creditors or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or shall make an assignment for the benefit of creditors; or (5) Tenant shall do or permit to be done any act which results in a lien being filed against the Premises or the Building and/or project of which the Premises are a part. In the event that an order for relief is entered in any case under Title 11, U.S.C. (the "Bankruptcy Code") in which Tenant is the debtor and: (A) Tenant as debtor-in-possession, or (iv) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall trustee who may be appointed in any actionthe case (the "Trustee") seeks to assume the lease, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed within thirty (30) days after such appointmentthen Tenant, or Trustee if applicable, in addition to providing adequate assurance described in applicable provisions of the Bankruptcy Code, shall provide adequate assurance to Landlord of Tenant's future performance under the Lease by depositing with Landlord a sum equal to the lesser of twenty-five percent (v25%) of the rental and other charges due for the balance of the Lease term or six (6) months' rent ("Security"), to be held (without any allowance for interest thereon) to secure Tenant's obligation under the Lease, and (B) Tenant, or Trustee if applicable, seeks to assign the leasehold estate hereby created Lease after assumption of the same, then Tenant, in addition to providing adequate assurance described in applicable provisions of the Bankruptcy Code, shall provide adequate assurance to Landlord of the proposed assignee's future performance under the Lease by depositing with Landlord a sum equal to the Security to be held (without any allowance or interest thereon) to secure performance under the Lease. Nothing contained herein expresses or implies, or shall be taken by execution construed to express or by other process imply, that Landlord is consenting to assumption and/or assignment of law, or (vi) if Tenant shall fail to operate and conduct business as required in Section 8 hereinabove, then, in any such event, Landlord, at Landlord's option and without limiting Landlord in the exercise of any other right or remedy Landlord may have on account of any default Lease by Tenant, may either:and Landlord expressly reserves all of its rights to object to any assumption and/or assignment of the Lease. Neither Tenant nor any Trustee shall conduct or permit the conduct of any "fire", "bankruptcy", "going out of business" or auction sale in or from the Premises.

Appears in 1 contract

Samples: Vital Health Technologies Inc

Default by Tenant. The following shall be deemed to be events of default (a"Default") This Lease is made upon the condition that the by Tenant under this Lease: (1) Tenant shall punctually and faithfully perform all of the covenants and agreements by it fail to be performed as herein set forth. If any of the following events shall occur, to-wit: (i) if pay when due any installment of Fixed Base Rent, Percentage Rent, rent or any other sums payment required pursuant to be paid by this Lease; (2) Tenant hereundershall abandon any substantial portion of the Premises; (3) Tenant shall fail to comply with any term, provision or any part thereofcovenant of this Lease, shall at any time be in arrears other than the payment of rent, and unpaid for the failure is not cured within ten (10) days after the date due, or (ii) if there be any default on the part of the Tenant in the observance or performance of any of the other covenants, agreements or conditions of said Lease on the part of Tenant to be kept and performed and said default shall continue for a period of fifteen (15) days after written notice thereof from Landlord to Tenant (unless such default cannot reasonably be cured within fifteen (154) days and in such case, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of same) or (iii) if Tenant shall file a petition in or if an involuntary petition is filed against Tenant, or becomes insolvent, under any applicable federal or state bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, insolvency law or regulation, admit that it cannot meet its financial obligations as they become due; or a receiver or trustee shall be appointed for all or substantially all of the assets of Tenant; or Tenant shall make a transfer in fraud of creditors or shall make an assignment for the benefit of creditors; or (5) Tenant shall do or permit to be done any act which results in a lien being filed against the Premises or the Building and/or project if which the Premises are a part. In the event that an order for relief is entered in any case under Title 11, U.S.C. (the "Bankruptcy Code") in which Tenant is the debtor and: (A) Tenant as debtor-in-possession, or (iv) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall trustee who may be appointed in any actionthe case (the "Trustee") seeks to assume the Lease, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed within thirty (30) days after such appointmentthen Tenant, or Trustee if applicable, in addition to providing adequate assurance described in applicable provisions of the Bankruptcy Code, shall provide adequate assurance to Landlord of Tenant's future performance under the Lease by depositing with Landlord a sum equal to the lesser of twenty-five percent (v25%) of the rental and other charges due for the balance of the Lease term of six (6) months rent ("Security"), to be held (without any allowance for interest thereon) to secure Tenant's obligations under the Lease, and (B) Tenant, or Trustee if applicable, seeks to assign the leasehold estate hereby created Lease after assumption of the same, then Tenant, in addition to providing adequate assurance described in applicable provisions of the Bankruptcy Code, shall provide adequate assurance to Landlord of the proposed assignee's future performance under the Lease by deposing with Landlord a sum equal to the Security to be held (without any allowance or interest thereon) to secure performance under the Lease. Nothing contained herein expresses or implies, or shall be taken by execution construed to express or by other process imply, that Landlord is consenting to assumption and/or assignment of law, or (vi) if Tenant shall fail to operate and conduct business as required in Section 8 hereinabove, then, in any such event, Landlord, at Landlord's option and without limiting Landlord in the exercise of any other right or remedy Landlord may have on account of any default Lease by Tenant, may either:and Landlord expressly reserves all of its rights to object to any assumption and/or assignment of the Lease. Neither Tenant nor any Trustee shall conduct or permit the conduct of any "fire", "bankruptcy", "going out of business" or auction sale in or from the Premises.

Appears in 1 contract

Samples: Lease Agreement (Thermoview Industries Inc)

Default by Tenant. (a) This Lease is made upon the condition that the Tenant shall punctually and faithfully perform all of the covenants and agreements by it to be performed as herein set forth. If any of the A. The following events shall occur, to-witbe deemed to be events of default by Tenant under this Lease: (i1) if Tenant shall fail to pay any installment of Fixed Base Rent, Percentage Rent, Minimum Rent or any other sums required to be paid by Tenant hereunder, or any part thereof, shall at any time be in arrears and unpaid for ten (10) days after additional rent on the date due, or (ii) if there be any default on the part of the Tenant in the observance or performance of any of the other covenants, agreements or conditions of said Lease on the part of Tenant to be kept that same is due and performed and said default such failure shall continue for a period of fifteen five (155) days after Landlord delivers written notice thereof from Landlord to Tenant. (2) Tenant shall fail to comply with any term, condition or covenant of this Lease, other than the payment of rent, and shall not cure such failure within ten (unless such default 10) days of delivery of written notice provided however that if the Default cannot reasonably with due diligence be cured prior to the expiration of said ten (10) day period and if Tenant commences within fifteen ten (1510) days from the date of delivery of said notice to eliminate the cause of such Default and in proceeds diligently and with reasonable dispatch to take all steps and do all work required to cure such caseDefault, then Tenant shall have commenced to cure said default within said fifteen not be in Default. (153) days and thereafter continues diligently to pursue to completion the curing of same) or (iii) if Tenant shall file a petition in bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or make an assignment for the benefit of creditors, or (iv) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall be appointed in adjudged a bankrupt. (4) If an event of Default occurs by Tenant under the Land Lease, it shall also be deemed an event of Default by Tenant under the Building Lease. if an event of Default occurs by Tenant under this Lease. B. Upon the occurrence of a Default, Landlord shall have the option to pursue any actionone or more of the following remedies without any notice or demand whatsoever: (1) Landlord shall have the immediate right of re-entry and may remove all persons and property from the Leased Premises, suit or proceeding by or against Tenant and such proceeding property may be removed and stored in a public warehouse or action shall not have been dismissed within thirty (30) days after such appointmentelsewhere at the cost of, and for the account of Tenant, with or (v) if the leasehold estate hereby created shall be taken by execution or by other without process of law, without being deemed guilty of trespass, or becoming liable to any party for any loss or damage which may be occasioned thereby; (vi2) Landlord may from time to time without terminating this Lease, and without releasing Tenant in whole or in part from Tenant's obligation to pay rent and perform any of the covenants, conditions and agreements to be performed by Tenant as provided in this Lease, make such alterations and repairs to the Leased Premises as may be necessary in order to relet the Leased Premises. Landlord may relet the Leased Premises or any part thereof for such term or terms (which may be for a term extending beyond the term of this Lease) and at such rental or rentals and upon such other terms and conditions as Landlord in its discretion may deem advisable. Upon each such reletting if all rentals received by the Landlord from such reletting during any month shall be less than that to be paid during that month by Tenant hereunder, Tenant shall fail to operate and conduct business as required in Section 8 hereinabove, then, in pay any such eventdeficiency to Landlord. Such deficiency shall be calculated and paid monthly. Notwithstanding any such reletting without termination, LandlordLandlord may at any time thereafter elect to terminate this Lease for such previous breach. Tenant shall also be liable to Landlord for all costs of reletting, at Landlord's option including, but not limited to, alterations and without limiting repairs of the Leased Premises for a new tenant, brokerage commissions, attorneys fees, advertising and any other expenses incurred by Landlord in connection therewith and said costs shall be due upon demand (collectively, the exercise "Reletting Costs"); (3) Landlord may terminate this Lease, and with or without process of law may remove all persons, fixtures and property from the Leased Premises, and Landlord shall be entitled to receive as damages all Fixed Minimum Rent, all additional rent and all other sums payable by Tenant as of the date of termination, plus all Reletting Costs plus (1) a sum of money equal to the sums reserved for the balance of the Term for all Fixed Minimum Rent, all additional rent and other sums provided in this Lease to be paid by Tenant to Landlord for the remainder of the Lease Term, less the fair rental value of the Leased Premises for the period, (2) the cost of performing any other right or remedy Landlord may have on account of any default covenant to be performed by Tenant, and (3) all costs and reasonable attorneys' fees incurred by Landlord in connection with any action taken against Tenant; and (4) Enter upon the Leased Premises by force if necessary without being liable for prosecution of any claim for damages therefore, and do whatever Tenant is obligated to do under the terms of this Lease, and Tenant agrees to reimburse Landlord on demand for expenses, which Landlord may either:incur in thus effecting compliance with Tenant's obligations under this Lease, and Tenant further agrees that Landlord shall not be liable for any damages resulting to the Tenant from such action whether caused by the negligence of Landlord or otherwise. C. Pursuit of any of the foregoing remedies shall not preclude pursuit of any of the other remedies herein provided or any other remedies provided by Law, nor shall pursuit of any remedy herein provided constitute a forfeiture or waiver of any rent due to Landlord hereunder or of any damages accruing to Landlord by reason of the violation of any of the terms, conditions, and covenants herein contained. 21.

Appears in 1 contract

Samples: Warehouse Lease Land Lease Agreement

Default by Tenant. The following shall be deemed to be events of default (a"Default") This Lease is made upon the condition that the by Tenant under this Lease: (1) Tenant shall punctually fail to pay when due any installment of rent or any other payment required pursuant to this Lease and faithfully perform the failure is not cured within five (5) days after written notice to Tenant; (2) Tenant shall abandon any substantial portion of the Premises; (3) Tenant 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 Tenant; (4) Tenant shall file a petition or if an involuntary petition is filed against Tenant, and not dismissed within sixty (60) days or becomes insolvent, under any applicable federal or state bankruptcy or insolvency law or admit that it cannot meet its financial obligations as they become due; or a receiver or trustee shall be appointed for all or substantially all of the covenants and agreements by it assets of Tenant; or Tenant shall make a transfer in fraud of creditors or shall make an assignment for the benefit of creditors; or (5) Tenant shall do or permit to be performed as herein set forth. If done any act which results in a lien being filed against the Premises or the Building and/or project of which the following events shall occurPremises are a part, to-wit: (i) if any installment of Fixed Base Rent, Percentage Rent, or any other sums required to be paid by Tenant hereunder, or any part thereof, shall at any time be in arrears and unpaid for ten (10) days after the date due, or (ii) if there be any default on the part of the Tenant in the observance or performance of any of the other covenants, agreements or conditions of said Lease on the part of Tenant to be kept and performed and said default shall continue for a period of which lien is not removed within fifteen (15) days after written notice thereof from Landlord to Tenant. In the event that an order for relief is entered in any case under Title 11, U.S.C. (the "Bankruptcy Code") in which Tenant is the debtor and: (unless such default cannot reasonably be cured within fifteen (15A) days and in such case, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of same) or (iii) if Tenant shall file a petition in bankruptcy or be adjudicated a bankruptas debtor-in-possession, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or make an assignment for the benefit of creditors, or (iv) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall trustee who may be appointed in any actionthe case (the "Trustee") seeks to assume the Lease, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed within thirty (30) days after such appointmentthen Tenant, or Trustee if applicable, in addition to providing adequate assurance described in applicable provisions of the Bankruptcy Code shall provide adequate assurance to Landlord of Tenant's future performance under the Lease by depositing with Landlord a sum equal to the lesser of twenty-five percent (v25%) of the rental and other charges due for the balance of the Lease term of six (6) months' rent ("Security"), to be held (without any allowance for interest thereon) to secure Tenant's obligations under the Lease, and (B) Tenant, or Trustee if applicable, seeks to assign the leasehold estate hereby created Lease after assumption of the same, then Tenant, in addition to providing adequate assurance described in applicable provisions of the Bankruptcy Code, shall provide adequate assurance to Landlord of the proposed assignee's future performance under the Lease by depositing with Landlord a sum equal to the Security to be paid (without any allowance or interest thereon) to secure performance under the Lease. Nothing contained herein expresses or implies, or shall be taken by execution construed to express or by other process imply, that Landlord is consenting to assumption and/or assignment of law, or (vi) if Tenant shall fail to operate and conduct business as required in Section 8 hereinabove, then, in any such event, Landlord, at Landlord's option and without limiting Landlord in the exercise of any other right or remedy Landlord may have on account of any default Lease by Tenant, may either:and Landlord expressly reserves all of its rights to object to any assumption and/or assignment of the Lease. Neither Tenant nor any Trustee shall conduct or permit the conduct of any "fire," bankruptcy," "going out of business" or auction sale in or from the Premises.

Appears in 1 contract

Samples: Lease Agreement (Gt Interactive Software Corp)

Default by Tenant. The following shall be deemed to be events of default (a"Default") This Lease is made upon the condition that the by Tenant under this Lease: (1) Tenant shall punctually and faithfully perform all of the covenants and agreements by it fail to be performed as herein set forth. If any of the following events shall occur, to-wit: (i) if pay when due any installment of Fixed Base Rent, Percentage Rent, rent or any other sums payment required pursuant to be paid by Tenant hereunder, or any part thereof, shall at any time be in arrears this Lease and unpaid for ten (10) days after the date due, or (ii) if there be any default on the part of the Tenant in the observance or performance of any of the other covenants, agreements or conditions of said Lease on the part of Tenant to be kept and performed and said default such failure shall continue for a period of fifteen five (155) days after written notice thereof from Landlord to Tenant; (2) Tenant shall abandon any substantial portion of the Premises; (unless such default can3) Tenant shall fail to comply with any term, provision or covenant of this Lease, other than the payment of rent, and the failure is not reasonably be cured within fifteen thirty (1530) days and in such case, Tenant shall have commenced after written notice to cure said default within said fifteen Tenant; (154) days and thereafter continues diligently to pursue to completion the curing of same) or (iii) if Tenant shall file a petition in or if an involuntary petition is filed against Tenant, or becomes insolvent, under any applicable federal or state bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, insolvency law or regulation, admit that it cannot meet its financial obligations as they become due; or a receiver or trustee shall be appointed for all or substantially all of the assets of Tenant; or Tenant shall make a transfer in fraud of creditors or shall make an assignment for the benefit of creditors, ; or (iv5) if Tenant shall do or permit to be done any trustee, receiver act which results in a lien being filed against the Premises or liquidator the Building and/or project of which the Premises are a part; and Tenant or of all or any substantial part of its properties shall be appointed in any action, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed cause such lien to be released or bonded off within thirty (30) days after such appointmentwritten notice to Tenant. In the event that an order for relief is entered in any case under Title 11, U.S.C. (the "Bankruptcy Code") in which Tenant is the debtor and: (A) Tenant as debtor-in-possession, or any trustee who may be appointed in the case (vthe "Trustee") seeks to assume the lease, then Tenant, or Trustee if applicable, in addition to providing adequate assurance described in applicable provisions of the leasehold estate hereby created Bankruptcy Code, shall provide adequate assurance to Landlord of Tenant's future performance under the Lease by depositing with Landlord a sum equal to the lesser of twenty-five percent (25%) of the rental and other charges due for the balance of the Lease term or six (6) months rent ("Security"), to be held (without any allowance for interest thereon) to secure Tenant's obligation under the Lease, and (B) Tenant, or Trustee if applicable, seeks to assign the Lease after assumption of the same, then Tenant, in addition to providing adequate assurance described in applicable provisions of the Bankruptcy Code, shall provide adequate assurance to Landlord of the proposed assignee's future performance under the Lease by depositing with Landlord a sum equal to the Security to be held (without any allowance or interest thereon) to secure performance under the Lease. Nothing contained herein expresses or implies, or shall be taken by execution construed to express or by other process imply, that Landlord is consenting to assumption and/or assignment of law, or (vi) if Tenant shall fail to operate and conduct business as required in Section 8 hereinabove, then, in any such event, Landlord, at Landlord's option and without limiting Landlord in the exercise of any other right or remedy Landlord may have on account of any default Lease by Tenant, may either:and Landlord expressly reserves all of its rights to object to any assumption and/or assignment of the Lease. Neither Tenant nor any Trustee shall conduct or permit the conduct of any "fire", "bankruptcy", "going out of business" or auction sale in or from the Premises.

Appears in 1 contract

Samples: Lease Terms (Fair Isaac & Company Inc)

Default by Tenant. A. If (a) This Lease is made upon the condition that the Tenant shall punctually and faithfully perform all defaults in fulfilling any of the covenants and agreements by it to be performed as herein set forth. If any of this Lease, other than the following events shall occur, to-wit: (i) if any installment covenants for the payment of Fixed Base Rent, Percentage Rent, Rent or any other sums required to be paid by Tenant hereunder, or any part thereof, shall at any time be in arrears and unpaid for ten (10) days after the date due, or (ii) if there be any default on the part of the Tenant in the observance or performance of any of the other covenants, agreements or conditions of said Lease on the part of Tenant to be kept and performed and said default shall continue for a period of fifteen (15) days after written notice thereof from Landlord to Tenant (unless such default cannot reasonably be cured within fifteen (15) days and in such case, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of same) or (iii) if Tenant shall file a petition in bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or make an assignment for the benefit of creditors, or (iv) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall be appointed in any action, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed within thirty (30) days after such appointment, or (v) if the leasehold estate hereby created shall be taken by execution or by other process of law, or (vi) if Tenant shall fail to operate and conduct business as required in Section 8 hereinaboveadditional rent, then, in any one or more of such eventevents, Landlordupon Landlord serving a written thirty (30) days’ notice upon Tenant specifying the nature of said default, at Landlord's option and without limiting Landlord upon the expiration of said thirty (30) days, if Tenant shall have failed to comply with or remedy such default, or if the said default or omission complained of shall be of such a nature that the same cannot be completely cured or remedied within said thirty (30) day period, and if Tenant shall not have diligently commenced curing such default within such thirty (30) day period, and shall not thereafter with reasonable diligence and in good faith proceed to remedy or cure such default or (b) Tenant shall default in the exercise performance of any term or condition of this Lease (other right than the payment of Fixed Rent or remedy additional rent) more than three (3) times in any period of twelve (12) months after receipt of notice from Landlord of such default, or, with respect to the payment of any item of Fixed Rent or additional rent, more than two (2) times in any period of twelve (12) months after receipt of notice from Landlord of such default, and notwithstanding that such defaults shall have each been cured within the applicable period, as above provided, if any further similar default shall occur within the immediately following twelve (12) month period or (c) Tenant shall default in the payment of Fixed Rent or any item of additional rent hereunder for more than seven (7) business days after notice from Landlord of such default, then (in the event of clauses (a), (b), or (c) above) Landlord may have on account serve a written three (3) business day notice of any default by cancellation of this Lease upon Tenant, may either:and upon the expiration of said three (3) business days, this Lease and the term hereunder shall terminate as fully and completely as if the date of expiration of such three (3) business day period were the day herein definitely fixed for the end and expiration of this Lease and the term thereof and Tenant shall then quit and surrender the Demised Premises to Landlord but Tenant shall remain liable as hereinafter provided.

Appears in 1 contract

Samples: Indenture of Lease (Take Two Interactive Software Inc)

Default by Tenant. The following shall be deemed to be events of default by Tenant under this Lease; (a1) This Lease is made upon the condition that the Tenant shall punctually and faithfully perform all of the covenants and agreements by it fail to be performed as herein set forth. If any of the following events shall occur, to-wit: (i) if pay when due any installment of Fixed Base Rent, Percentage Rent, rent or any other sums payment required pursuant to be paid by Tenant hereunder, or any part thereof, shall at any time be in arrears and unpaid for ten this Lease within three (10) days after the date due, or (ii) if there be any default on the part of the Tenant in the observance or performance of any of the other covenants, agreements or conditions of said Lease on the part of Tenant to be kept and performed and said default shall continue for a period of fifteen (153) days after written notice thereof from Landlord to Tenant; (2) Tenant shall fail to commence business within thirty (unless such default cannot reasonably be cured within fifteen (1530) days and in such case, of the Rent Commencement Date or shall abandon any substantial portion of the Leased Premises; (3) Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing or any guarantor of same) or (iii) if Tenant Tenant's obligations hereunder shall file a petition in or be adjudged bankrupt or insolvent under any applicable federal or state bankruptcy or be adjudicated a bankruptinsolvency law or admit that it cannot meet its financial obligations as they become due, or file a receiver or trustee shall be appointed for all or substantially all of the assets of Tenant or any petition guarantor of Tenant's obligations hereunder; (4) Tenant or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution guarantor of Tenant's obligations hereunder shall make a transfer in fraud of creditors or similar relief for itself under any present or future federal, state or other statute, law or regulation, or shall make an assignment for the benefit of creditors; (5) Tenant shall do or permit to be done any act which results in a lien being filed against the Leased Premises or the Property; (6) the liquidation, termination, dissolution or (ivif the Tenant is a natural person) if any trustee, receiver or liquidator the death of Tenant or any guarantor of all Tenant's obligations hereunder; or any substantial part of its properties (7) Tenant shall be appointed in default of any actionother term, suit provision or proceeding by or against Tenant covenant of this Lease, other than those specified in subparts (1) through (6), above, and such proceeding or action shall default is not have been dismissed cured within thirty (30ten(10) days after written notice thereof to Tenant, provided however, if such appointment, or default is of the type which can not be cured within ten (v10) if the leasehold estate hereby created shall be taken by execution or by other process of law, or (vi) if days. Tenant shall fail not be in default if it commences to operate cure within such ten (10) day period and conduct business as required in Section 8 hereinabove, then, in any diligently prosecutes such event, Landlord, at Landlord's option and without limiting Landlord in the exercise of any other right or remedy Landlord may have on account of any default by Tenant, may either:cure to completion.

Appears in 1 contract

Samples: Improvements Agreement (Developed Technology Resource Inc)

Default by Tenant. The following shall be deemed to be events of default (a"Default") This Lease is made upon the condition that the by Tenant under this Lease: (1) Tenant shall punctually and faithfully perform all of the covenants and agreements by it fail to be performed as herein set forth. If any of the following events shall occur, to-wit: (i) if pay when due any installment of Fixed Base Rent, Percentage Rent, rent or any other sums payment required pursuant to be paid by this Lease; (2) Tenant hereundershall abandon any substantial portion of the Premises; (3) Tenant shall fail to comply with any term, provision or any part thereofcovenant of this Lease, shall at any time be in arrears other than the payment of rent, and unpaid for the failure is not cured within ten (10) days after the date due, or (ii) if there be any default on the part of the Tenant in the observance or performance of any of the other covenants, agreements or conditions of said Lease on the part of Tenant to be kept and performed and said default shall continue for a period of fifteen (15) days after written notice thereof from Landlord to Tenant Tenant; (unless such default cannot reasonably be cured within fifteen (154) days and in such case, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of same) or (iii) if Tenant shall file a petition in or an involuntary petition is filed against Tenant under any applicable federal or state bankruptcy or insolvency taw or Tenant admits that it cannot meet its financial obligations as they become due; or if a receiver or trustee shall be adjudicated appointed for all or substantially all of the assets of Tenant; or Tenant shall make a bankrupt, transfer in fraud of creditors or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or shall make an assignment for the benefit of creditors; or (5) Tenant shall do or permit to be done any act which results in a lien being filed against the Premises or the Building and/or project of which the Premises are a part, except that Tenant shall have the right to seek satisfaction of said lien after posting a bond of one hundred twenty-five percent (125%) of the lien amount. In the event that an order for relief is entered in any case under Title 11, U.S.C. (the "Bankruptcy Code") in which Tenant is the debtor and: (A) Tenant as debtor-in-possession, or (iv) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall trustee who may be appointed in any actionthe case (the "Trustee") seeks to assume the Lease, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed within thirty (30) days after such appointmentthen Tenant, or Trustee if applicable, in addition to providing adequate assurance described in applicable provisions of the Bankruptcy Code, shall provide adequate assurance to Landlord of Tenant's future performance under the Lease by depositing with Landlord a sum equal to the lesser of twenty-five percent (v25%) of the rental and other charges due for the balance of the Lease term or six (6) months' rent ("Security"), to be held (without any allowance for interest thereon) to secure Tenant's obligation under the Lease, and (B) Tenant, or Trustee if applicable, seeks to assign the leasehold estate hereby created Lease after assumption of the same, then Tenant, in addition to providing adequate assurance described in applicable provisions of the Bankruptcy Code, shall provide adequate assurance to Landlord of the proposed assignee's future performance under the Lease by depositing with Landlord a sum equal to the Security to be held (without any allowance or interest thereon) to secure performance under the Lease. Nothing contained herein expresses or implies, or shall be taken by execution construed to express or by other process imply, that Landlord is consenting to assumption and/or assignment of law, or (vi) if Tenant shall fail to operate and conduct business as required in Section 8 hereinabove, then, in any such event, Landlord, at Landlord's option and without limiting Landlord in the exercise of any other right or remedy Landlord may have on account of any default Lease by Tenant, may either:and Landlord expressly reserves all of its rights to object to any assumption and/or assignment of the Lease. Neither Tenant nor any Trustee shall conduct or permit the conduct of any "fire", "bankruptcy", "going out of business" or auction sate in or from the Premises.

Appears in 1 contract

Samples: Digital River Inc /De

Default by Tenant. The following shall be deemed to be events of default (a"Default") This Lease is made upon the condition that the by Tenant under this Lease: (1) Tenant shall punctually and faithfully perform all of the covenants and agreements by it fail to be performed as herein set forth. If any of the following events shall occur, to-wit: (i) if pay when due any installment of Fixed Base Rent, Percentage Rent, rent or any other sums payment required pursuant to be paid by this Lease; (2) Tenant hereundershall abandon any substantial portion of the Premises; (3) Tenant shall fail to comply with any term, provision or any part thereofcovenant of this Lease, shall at any time be in arrears other than the payment of rent, and unpaid for the failure is not cured within ten (10) days after the date due, or (ii) if there be any default on the part of the Tenant in the observance or performance of any of the other covenants, agreements or conditions of said Lease on the part of Tenant to be kept and performed and said default shall continue for a period of fifteen (15) days after written notice thereof from Landlord to Tenant Tenant; (unless such default cannot reasonably be cured within fifteen (154) days and in such case, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of same) or (iii) if Tenant shall file a petition in or if an involuntary petition is filed against Tenant, or becomes insolvent, under any applicable federal or state bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, insolvency law or regulation, admit that it cannot meet its financial obligations as they become due; or a receiver or trustee shall be appointed for all or substantially all of the assets of Tenant; or Tenant shall make a transfer in fraud of creditors or shall make an assignment for the benefit of creditors; or (5) Tenant shall do or permit to be done any act which results in a lien being filed against the Premises or the Building and/or project of which the Premises are a part. In the event that an order for relief is entered in any case under Title 11, U.S.C. (the "Bankruptcy Code") in which Tenant is the debtor and: (A) Tenant as debtor-in-possession, or (iv) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall trustee who may be appointed in any actionthe case (the "Trustee") seeks to assume the Lease, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed within thirty (30) days after such appointmentthen Tenant, or Trustee if applicable, in addition to providing adequate assurance described in applicable provisions of the Bankruptcy Code, shall provide adequate assurance to Landlord of Tenant's future performance under the Lease by depositing with Landlord a sum equal to the lesser of twenty-five percent (v25%) of the rental and other charges due for the balance of the Lease term of six (6) months' rent ("Security"), to be held (without any allowance for interest thereon) to secure Tenant's obligations under the Lease, and (B) Tenant, or Trustee if applicable, seeks to assign the leasehold estate hereby created Lease after assumption of the same, then Tenant, in addition to providing adequate assurance described in applicable provisions of the Bankruptcy Code, shall provide adequate assurance to Landlord of the proposed assignee's future performance under the Lease by depositing with Landlord a sum equal to the Security to be held (without any allowance or interest thereon) to secure performance under the Lease. Nothing contained herein expresses or implies, or shall be taken construed to express or imply, that Landlord is consenting to assumption and/or assignment of the Lease by execution Xxxxxx, and Landlord expressly reserves all of its rights to object to any assumption and/or assignment of the Lease. Neither Tenant nor any Trustee shall conduct or by other process of law, or (vi) if Tenant shall fail to operate and permit the conduct business as required in Section 8 hereinabove, then, in any such event, Landlord, at Landlord's option and without limiting Landlord in the exercise of any other right "fire", "bankruptcy", "going out of business" or remedy Landlord may have on account of any default by Tenant, may either:auction sale in or from the Premises.

Appears in 1 contract

Samples: Lease Agreement (Xata Corp /Mn/)

Default by Tenant. The Tenant shall pay to the Landlord the annual rent and any additional rent (aboth said annual rent and said additional rent hereinafter sometimes called or referred to as the "rent") This Lease is made upon at such times and in the condition that manner set forth herein without any previous demand being required by the Landlord. If the Tenant does not pay the rent as set forth herein within ten days after it becomes due, or if the demised premises shall be deserted or vacated, or if the Tenant violates any of the conditions, covenants, terms or agreements set forth in this Lease, or any of the rules and regulations now or hereafter established by the Landlord, and such violation continues for more than ten days after the Landlord gives notice thereof to the Tenant, then the Tenant shall punctually and faithfully perform all be deemed to be in default of the covenants terms of this Lease and agreements by it to be performed as herein set forthat the option of the Landlord, the Landlord may declare this Lease null and void. If any the Landlord so declares this Lease null and void, then all rights of the following events Tenant to repossess and occupy the demised premises under this Lease shall occurbe forfeited. The Landlord or its agents shall thereafter have the right to and may enter the demised premises as the agent of the Tenant, to-wit: (i) if either by force or otherwise, without being liable for any installment prosecution or damages therefore. In addition the Landlord or its agent may relet the demised premises as the agent of Fixed Base Rentthe Tenant upon such terms as the Landlord deems satisfactory, Percentage Rentand receive any rent therefore. No actions hereunder by the Landlord, or including such reentry of the demised premises, shall operate to release the Tenant from any other sums rent required to be paid by Tenant hereunder, hereunder or any part thereofcovenants to be performed hereunder. In furtherance of the Landlord's reletting the demised premises, shall at the Landlord is hereby authorized to make such repairs or alterations in or to the demised premises as the Landlord deems necessary to place the same in good order and condition. The Tenant agrees to be liable to the Landlord for any time be in arrears and unpaid for ten (10) days after all costs of such repairs or alterations, and all expenses relating to the date due, or (ii) if there be Landlord's reletting the demised premises. If the Landlord relets the demised premises and any default on rent received by the part Landlord as a result of said reletting is not sufficient to satisfy the rent which is the responsibility of the Tenant in under this Lease, then the observance or performance of any of landlord, at the other covenantsLandlords option, agreements or conditions of said Lease on may demand the part of Tenant to be kept and performed and said default shall continue pay such deficiency either month by month or in advance for a period the entire remaining term of fifteen (15) days after written notice thereof from Landlord to Tenant (unless such default cannot reasonably be cured within fifteen (15) days and in such case, this Lease. The Tenant shall have commenced not be entitled to cure said default within said fifteen (15) days and thereafter continues diligently any surplus which may accrue to pursue to completion the curing Landlord as a result of same) or (iii) if Tenant shall file a petition in bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or make an assignment for the benefit of creditors, or (iv) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall be appointed in any action, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed within thirty (30) days after such appointment, or (v) if the leasehold estate hereby created shall be taken by execution or by other process of law, or (vi) if Tenant shall fail to operate and conduct business as required in Section 8 hereinabove, then, in any such event, Landlord, at Landlord's option and without limiting Landlord in the exercise of any other right or remedy Landlord may have on account of any default by Tenant, may either:reletting.

Appears in 1 contract

Samples: Lease Agreement (Houston Operating Co)

Default by Tenant. The following shall be deemed to be events of default (a"Default") This Lease is made upon the condition that the by Tenant under this Lease: (1) Tenant shall punctually and faithfully perform all of the covenants and agreements by it fail to be performed as herein set forth. If any of the following events shall occur, to-wit: (i) if pay when due any installment of Fixed Base Rent, Percentage Rent, rent or any other sums payment required pursuant to be paid by Tenant hereunder, or any part thereof, shall at any time be in arrears this Lease and unpaid for ten (10) days after the date due, or (ii) if there be any default on the part of the Tenant in the observance or performance of any of the other covenants, agreements or conditions of said Lease on the part of Tenant to be kept and performed and said default where such failure shall continue for a period of fifteen ten (151 0) days after written notice; (2) Tenant shall abandon any substantial portion of the Premises; (3) Tenant 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 thereof from Landlord to Tenant (unless or such default cannot additional time period as is reasonably be cured within fifteen (15) days and in such case, Tenant shall have commenced necessary to cure said default within said fifteen such default, provided Tenant commences such cure and proceeds with due diligence to cure such default; (154) days and thereafter continues diligently to pursue to completion the curing of same) or (iii) if Tenant shall file a petition in or if an involuntary petition is filed against Tenant, or becomes insolvent, under any applicable federal or state bankruptcy or be adjudicated a bankruptinsolvency law or admits that it cannot meet its financial obligation as they become due, or file any petition a receiver or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution trustee shall be appointed for all or similar relief for itself under any present substantially all of the assets of Tenant; or future federal, state Tenant shall make a transfer in fraud of creditors or other statute, law or regulation, or shall make an assignment for the benefit of creditors, ; or (iv5) if Tenant shall do or permit to be done any trustee, receiver act which results in a lien being filed against the Premises or liquidator the Building and/or project of Tenant which the premises are a part (and where such lien has not been discharged or of all or any substantial part of its properties shall be appointed in any action, suit or proceeding by or bonded against Tenant and such proceeding or action shall not have been dismissed within thirty (30) days after such appointmentdays). In the event that an order for relief is entered in any case under Title 11, U.S.C. (the "Bankruptcy Code") in which Tenant is the debtor and: (A) Tenant as debtor-in-possession, or any trustee who may be appointed in the case (vthe "Trustee") seeks to assume the Lease, then Tenant, or Trustee if applicable, in addition to providing adequate assurance described in applicable provisions of the leasehold estate hereby created Bankruptcy Code, shall provide adequate assurance to Landlord of Tenant's future performance under this Lease by depositing with Landlord a sum equal to the lesser of twenty-five percent (25%) of the rental or other charges due for the balance of this Lease term or six (6) months' rent ("Security"), to be held (without any allowance or interest thereon) to secure Tenant's obligation under the Lease, and (B) Tenant, or Trustee if applicable, seeks to assign the Lease after assumption of the same, then Tenant, in addition to providing adequate assurance described in applicable provisions of the Bankruptcy Code, shall provide adequate assurance to Landlord of the proposed assignee's future performance under the Lease by depositing with Landlord, a sum equal to the Security to be held (without any allowance or interest thereon) to secure performance under the Lease. Nothing contained herein expresses or implies, or shall be taken by execution construed to express or by other process imply, that Landlord is consenting to assumption and/or assignment of law, or (vi) if Tenant shall fail to operate and conduct business as required in Section 8 hereinabove, then, in any such event, Landlord, at Landlord's option and without limiting Landlord in the exercise of any other right or remedy Landlord may have on account of any default Lease by Tenant, may either:and Landlord expressly reserves all of its rights to object to any assumption and/or assignment of the Lease. Neither Tenant nor any Trustee shall conduct or permit the conduct of any "fire", "bankruptcy", "going out of business" or auction sale in or from the Premises.

Appears in 1 contract

Samples: DJO Finance LLC

Default by Tenant. (a) This Lease is made The Tenant agrees with the Landlord that upon the condition that the Tenant shall punctually and faithfully perform all nonpayment of the covenants and agreements by it to be performed as herein set forth. If whole or any part of the following events shall occur, to-wit: (i) if any installment of Fixed Base Rent, Percentage Rent, Rent or any other sums required Adjusted Base Rent at the time when the same is hereby promised to be paid by Tenant hereunderthe Tenant, the Landlord may, at the Landlord's election, either distrain for said rent due or any part thereofdeclare this Lease at an end and recover possession of said Premises as though the same were held by forcible detainer; and further, shall at any time be that in arrears and unpaid for ten (10) days after the date due, or (ii) if there be any default on the part event of the Tenant in the observance or performance breach of any of the other covenantsterms, covenants or agreements or conditions of said Lease on herein contained and by the part of Tenant to be kept and performed performed, the Landlord may declare this Lease at an end and become entitled to the immediate possession of said default shall continue for a Premises and recover such damages as the Landlord may have sustained, or the Landlord may treat this Lease as continuing and take, have and recover any damage it may have sustained by reason of such breach; provided, however, that Landlord will not declare this Lease terminated without first giving Tenant the full period often (10) business days from and after the giving of fifteen (15) days after written such notice within which to remedy the same or in good faith commence the remedying thereof from Landlord to Tenant (unless such default cannot reasonably be cured within fifteen (15) days and in such case, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue proceed therewith, to completion the curing of same) or (iii) if Tenant shall file a petition in bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or make an assignment for the benefit of creditors, or (iv) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall be appointed in any action, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed within thirty (30) business days of commencement of remedial effort; except that as to the August 10, 2006 Landlord JCO Tenant GC payment of rent, Landlord shall only be obligated to give Tenant ten (10) business days notice, the ten (10) business days notice to commence upon Tenant's receipt of such notice. The failure of the Landlord to avail itself of any of its rights hereunder upon default by the Tenant or the acceptance of any delinquent payments after such appointmentdefault shall not constitute a waiver or be construed to be an acquiescence therein or prejudice any rights of the Landlord to insist upon strict future performance of the terms of this Lease; nor shall any notice of the intention of the Landlord to insist upon strict future performance be required. In the event of Tenant's failure to pay rent or any other breach by Tenant hereunder, or (v) if the leasehold estate hereby created Landlord may relet the Premises after taking possession, and the Tenant shall be taken by execution or by other process of lawresponsible to the Landlord for any deficiency. The rights and remedies given to the Landlord hereunder shall be cumulative and shall be in addition to, or (vi) if Tenant shall fail to operate and conduct business as required not in Section 8 hereinabovelieu of, then, in any such event, Landlord, at Landlord's option and without limiting Landlord in the exercise of any other right or remedy as provided by law. In the event that Landlord may have on account or Tenant commences a lawsuit to enforce payment hereunder or to enforce or recover under any of the terms and conditions of this Lease, and in the further event that either party prevails in such lawsuit, or in the event that either party engages an attorney because of any default or violation of the Tenant o Landlord hereunder, then the losing party agrees to pay for all attorney's fees and costs incurred by Tenant, may either:the prevailing party in connection with such default or violation of the losing party.

Appears in 1 contract

Samples: Office Lease (Imarx Therapeutics Inc)

Default by Tenant. The following shall be deemed to be events of default by Tenant under this Lease: (a) This Lease is made upon the condition that the Tenant shall punctually and faithfully perform all of the covenants and agreements by it fail to be performed as herein set forth. If any of the following events shall occur, to-wit: (i) if pay when due any installment of Fixed Base Rent, Percentage Rent, rent or any other sums payment required pursuant to be paid by Tenant hereunder, or any part thereof, shall at any time be in arrears this Lease and unpaid for ten (10) days fails to cure after the date due, or (ii) if there be any default on the part of the Tenant in the observance or performance of any of the other covenants, agreements or conditions of said Lease on the part of Tenant to be kept and performed and said default shall continue for a period of fifteen (15) business days after written notice thereof from Landlord to Tenant notice; (unless such default cannot reasonably be cured within fifteen (15b) days and in such case, Tenant shall have commenced to cure said default within said fifteen abandon any substantial portion of the Leased Premises for more than thirty (1530) days and thereafter continues diligently to pursue to completion the curing business days; (c) Tenant or any guarantor of same) or (iii) if Tenant Tenant's obligations hereunder shall file a petition in or be adjudged bankrupt or insolvent under any applicable federal or state bankruptcy or be adjudicated a bankruptinsolvency law or admit that it cannot meet its financial obligations as they become due, or file a receiver or trustee shall be appointed for all or substantially all of the assets of Tenant or any petition guarantor of Tenant's obligations hereunder; (d) Tenant or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution guarantor of Tenant's obligations hereunder shall make a transfer in fraud of creditors or similar relief for itself under any present or future federal, state or other statute, law or regulation, or shall make an assignment for the benefit of creditors; (e) Tenant shall do or permit to be done any act which results in a lien being filed against the Leased Premises or the property and the lien is not satisfied within fifteen (15) days of filing; (f) the liquidation, termination, dissolution or (ivif the Tenant is a natural person) if any trustee, receiver or liquidator the death of Tenant or any guarantor of all Tenant's obligations hereunder; or any substantial part of its properties (g) Tenant shall be appointed in default of any actionother term, suit provision or proceeding by or against Tenant and covenant of this Lease, and, other than specified in clause (a) above, such proceeding or action shall default is not have been dismissed cured within thirty (30) days after such appointment, or written notice thereof to Tenant. Said cure period shall however be extended so long as the Tenant is diligently pursuing cure of the default and the default is of nature that it cannot be cured within the thirty (v30) if the leasehold estate hereby created shall be taken by execution or by other process of law, or (vi) if Tenant shall fail to operate and conduct business as required in Section 8 hereinabove, then, in any such event, Landlord, at Landlord's option and without limiting Landlord in the exercise of any other right or remedy Landlord may have on account of any default by Tenant, may either:day time period.

Appears in 1 contract

Samples: Admiralty Bancorp Inc

Default by Tenant. (a) This Lease is made upon the condition that the Tenant shall punctually and faithfully perform all of the covenants and agreements by it to be performed as herein set forth. If any of the following events rent shall occur, to-wit: (i) if any installment of Fixed Base Rent, Percentage Rent, or any other sums required to be paid by Tenant hereunder, or any part thereof, shall at any time be in arrears and unpaid for five (5) days, or if Tenant shall be in default under any other provisions of this lease and remain so for ten (10) days after the date dueLandlord has notified Tenant in writing of such default, or (ii) if there be any default on Tenant abandons or vacates the part of the Tenant in the observance premises, or performance of any of the other covenants, agreements or conditions of said Lease on the part of Tenant to be kept and performed and said default shall continue for a period of fifteen (15) days after written notice thereof from Landlord to Tenant (unless such default cannot reasonably be cured within fifteen (15) days and in such case, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of same) or (iii) if Tenant shall file a petition in bankruptcy or be adjudicated a bankruptfor relief under the Bankruptcy Act, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or shall make an assignment for the benefit of creditors, or (iv) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall be appointed in any action, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed within thirty (30) days after such appointment, or (v) if the leasehold estate hereby created shall be taken by execution or by other process of law, or (vi) if Tenant shall fail to operate be adjudged bankrupt, or if Tenant's interest shall be levied under execution, or seized by virtue of any decree of a court of competent jurisdiction by appointment of a receiver or otherwise, and conduct business as required in Section 8 hereinabove, then, in any such event, Landlord may, at its option, immediately and without notice to Tenant or any other person, enter and take possession of the premises ad terminate this lease without prejudice to any other remedies or rights of Landlord, at Landlord's option and every obligation of Landlord shall terminate. In the event of such repossession, Landlord may nevertheless recover from Tenant all rent and other sums due, until a new tenant occupies space, hereunder up to the time of such entry and such further sums, if any, as Landlord may be entitled to under the Bankruptcy Act or other applicable laws then existing. Landlord shall have the obligation to make a reasonable attempt, to relent the premises for the account of Tenant without limiting Landlord such reflecting constituting a termination of this lease, and Tenant shall be liable in the exercise event of any other right such reflecting for such reasonable expenses, repairs, changes, alterations or remedy additions in or to the premises as may be necessary in the opinion of the Landlord may have on account for such reflecting. All fixtures, walls, flooring and Landlord supplied equipment shall remain property of any default by Tenant, may either:Landlord.

Appears in 1 contract

Samples: Commercial Lease (Signature Leisure Inc)

Default by Tenant. If (a) This Lease is made upon Tenant defaults in the condition that payment of rent or in the Tenant payment of any sum due under this Lease, and such default shall punctually and faithfully perform all of the covenants and agreements continue for five (5) days after notice thereof in writing by it Landlord to be performed as herein set forth. If any of the following events shall occurTenant, to-wit: or (ib) if Tenant defaults in the prompt and full performance of any installment covenant, condition, agreement or provision of Fixed Base Rentthis Lease (including, Percentage Rentwithout limitation, or Tenant's compliance obligations under Section 3.1(c) hereof and Tenant's payment obligations under Section 5.2(b) hereof to the extent Landlord has exercised its right to require Tenant to pay any other sums required Fee Mortgage Obligations then due and payable directly to the Fee Mortgagee) and such default shall continue for thirty (30) days after notice thereof in writing by Landlord to Tenant, provided, however, that in the case of a default which cannot with reasonable diligence be paid by Tenant hereunder, or any part thereof, shall at any time be in arrears and unpaid for ten cured within said period of thirty (1030) days after the date duenotice, Tenant shall have such additional time to cure the same as may reasonably be necessary (provided Tenant is proceeding with reasonable diligence to cure the same), or (iic) if there be Tenant shall abandon the Premises for any default on period of thirty (30) consecutive days during the part Term of this Lease, or (d) if Tenant shall cease to operate the Tenant in Premises for the observance or performance of any of the other covenants, agreements or conditions of said Lease on the part of Tenant to be kept and performed and said default shall continue Permitted Use for a period of fifteen thirty (1530) consecutive days after written notice thereof from Landlord to Tenant (unless such default cannot reasonably be cured within fifteen (15) days and in such caseother than as a result of a casualty or taking), Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of same) or (iiie) if Tenant shall file a voluntary petition in bankruptcy or shall be adjudicated a bankrupt, bankrupt in any bankruptcy or file any insolvency proceedings and such petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution adjudication shall not be vacated or similar relief for itself under any present or future federal, state or other statute, law or regulation, or make an assignment for the benefit of creditorsstayed within sixty (60) days, or (ivf) if any trusteecourt shall enter an order, judgment or decree appointing a receiver or liquidator of trustee for Tenant or any of all Tenant's property in a bankruptcy or any substantial part of its properties shall be appointed in any actionother proceeding, suit or proceeding by or against Tenant and such proceeding order, judgment or action decree shall not have been dismissed within thirty remain in force, undischarged or unstayed, for sixty (3060) days after such appointmentit is entered, or (vg) if any representation, warranty or statement contained herein proves to be untrue in any material respect as of the leasehold estate hereby created shall be taken by execution date when made or by other process of lawat any time if such representation or warranty is a continuing representation or warranty, or (vih) if either the state license to operate the Facility as a nursing home or the certification of the Westlake I (but not the Westlake II) Facility to participate in the Medicare and Medicaid programs is revoked or terminated, or (i) if Tenant shall fail to operate and conduct business as required is in Section 8 hereinaboveDefault under any of the Other Leases, then, then in any such eventevent of default (hereinafter a "Default") as herein described, LandlordLandlord may, at Landlord's its option and without limiting Landlord in at any time during the exercise continuation of any other right or remedy Landlord may have on account of any default by Tenant, may eithersuch Default:

Appears in 1 contract

Samples: Lease (Harborside Healthcare Corp)

Default by Tenant. (a) This Lease is made upon the condition that the Tenant shall punctually and faithfully perform all of the covenants and agreements by it to be performed as herein set forth. If any of the A. The following events shall occur, to-witbe deemed to be events of default by Tenant under this Lease: (i1) if Tenant shall fail to pay any installment of Fixed Base Rent, Percentage Rent, Minimum Rent or any other sums required to be paid by Tenant hereunder, or any part thereof, shall at any time be in arrears and unpaid for ten (10) days after additional rent on the date due, or (ii) if there be any default on the part of the Tenant in the observance or performance of any of the other covenants, agreements or conditions of said Lease on the part of Tenant to be kept that same is due and performed and said default such failure shall continue for a period of fifteen five (155) days after Landlord delivers written notice thereof from Landlord to Tenant. (2) Tenant shall fail to comply with any term, condition or covenant of this Lease, other than the payment of rent, and shall not cure such failure within ten (unless such default 10) days of delivery of written notice provided however that if the Default cannot reasonably with due diligence be cured prior to the expiration of said ten (10) day period and if Tenant commences within fifteen ten (1510) days from the date of delivery of said notice to eliminate the cause of such Default and in proceeds diligently and with reasonable dispatch to take all steps and do all work required to cure such caseDefault, then Tenant shall have commenced to cure said default within said fifteen not be in Default. (153) days and thereafter continues diligently to pursue to completion If an event of Default occurs by Tenant under the curing Building Lease, it shall also be deemed an event of sameDefault by Tenant under the Land Lease. if an event of Default occurs by Tenant under this Lease. (4) or (iii) if Tenant shall file a petition in bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or make an assignment for the benefit of creditors, or (iv) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall be appointed in ajudged a bankrupt. B. Upon the occurrence of a Default, Landlord shall have the option to pursue any actionone or more of the following remedies without any notice or demand whatsoever: (1) Landlord shall have the immediate right of re entry and may remove all persons and property from the Leased Premises, suit or proceeding by or against Tenant and such proceeding property may be removed and stored in a public warehouse or action shall not have been dismissed within thirty (30) days after such appointmentelsewhere at the cost of, and for the account of Tenant, with or (v) if the leasehold estate hereby created shall be taken by execution or by other without process of law, without being deemed guilty of trespass, or becoming liable to any party for any loss or damage which may be occasioned thereby; (vi2) Landlord may from time to time without terminating this Lease, and without releasing Tenant in whole or in part from Tenant's obligation to pay rent and perform any of the covenants, conditions and agreements to be performed by Tenant as provided in this Lease, make such alterations and repairs to the Leased Premises as may be necessary in order to relet the Leased Premises. Landlord may relet the Leased Premises or any part thereof for such term or terms (which may be for a term extending beyond the term of this Lease) and at such rental or rentals and upon such other terms and conditions as Landlord in its discretion may deem advisable. Upon each such reletting if all rentals received by the Landlord from such reletting during any month shall be less than that to be paid during that month by Tenant hereunder, Tenant shall fail to operate and conduct business as required in Section 8 hereinabove, then, in pay any such eventdeficiency to Landlord. Such deficiency shall be calculated and paid monthly. Notwithstanding any such reletting without termination, LandlordLandlord may at any time thereafter elect to terminate this Lease for such previous breach. Tenant shall also be liable to Landlord for all costs of reletting, at Landlord's option including, but not limited to, alterations and without limiting repairs of the Leased Premises for a new tenant, brokerage commissions, attorneys fees, advertising and any other expenses incurred by Landlord in connection therewith and said costs shall be due upon demand (collectively, the exercise "Reletting Costs"); (3) Landlord may terminate this Lease, and with or without process of law may remove all persons, fixtures and property from the Leased Premises, and Landlord shall be entitled to receive as damages all Fixed Minimum Rent, all additional rent and all other sums payable by Tenant as of the date of termination, plus all Reletting Costs plus (1) a sum of money equal to the sums reserved for the balance of the Term for all Fixed Minimum Rent, all additional rent and other sums provided in this Lease to be paid by Tenant to Landlord for the remainder of the Lease Term, less the fair rental value of the Leased Premises for the period, (2) the cost of performing any other right or remedy Landlord may have on account of any default covenant to be performed by Tenant, and (3) all costs and attorneys' fees incurred by Landlord in connection with any action taken against Tenant; and (4) Enter upon the Leased Premises by force if necessary without being liable for prosecution of any claim for damages therefore, and do whatever Tenant is obligated to do under the terms of this Lease, and Tenant agrees to reimburse Landlord on demand for expenses, which Landlord may either:incur in thus effecting compliance with Tenant's obligations under this Lease, and Tenant further agrees that Landlord shall not be liable for any damages resulting to the Tenant from such action whether caused by the negligence of Landlord or otherwise. C. Pursuit of any of the foregoing remedies shall not preclude pursuit of any of the other remedies herein provided or any other remedies provided by Law, nor shall pursuit of any remedy herein provided constitute a forfeiture or waiver of any rent due to Landlord hereunder or of any damages accruing to Landlord by reason of the violation of any of the terms, conditions, and covenants herein contained. 16. TERMINATION In the event this Lease or the Building Lease terminates for any reason, the other lease shall terminate simultaneously. In no event shall this Lease be in effect without the Building Lease in effect, and in no event shall the Building Lease be in effect without this Lease being in effect. 17. ATTORNEY'S FEES: Tenant shall pay all reasonable attorneys' fees and all costs incurred by Landlord in enforcing any of the covenants and obligations of Tenant under this Lease. 18.

Appears in 1 contract

Samples: Land Lease Agreement (Ace Hardware Corp)

Default by Tenant. (a) This Lease is made upon the condition that the If Tenant shall punctually and faithfully perform all of the covenants and agreements by it to be performed as herein set forth. If any of the following events shall occur, to-wit: (i) if any installment shall default in the payment of Fixed Base Rent, Percentage Rent, Rent or any other sums required to be paid by Tenant hereunder, or any part thereof, Additional Rent and such default shall at any time be in arrears and unpaid continue for ten (10) 15 days after the date duenotice thereof from Landlord, or (ii) if there be any shall default on the part of the Tenant in the observance or performance of any of the its other covenants, agreements or conditions of said obligations under this Lease on the part of Tenant to be kept and performed and said if such default shall continue for a period of fifteen (15) 30 days after written notice thereof from Landlord to specifying in what manner Tenant has defaulted (unless except that if such default cannot reasonably be cured within fifteen (15) days and in such casesaid 30 day period, this period shall be extended for a reasonable additional time, provided that Tenant shall have commenced commences to cure said such default within said fifteen (15) days the 30 day period and proceeds diligently thereafter continues diligently to pursue to completion the curing of sameeffect such cure) or (iii) if Tenant shall file files a petition commencing a voluntary case, or has filed against it a petition commencing an involuntary case, under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law, or files or has filed against it a petition or answer in bankruptcy or be adjudicated a bankrupt, for reorganization or file for an arrangement pursuant to any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, bankruptcy law or regulationany similar state law, and, in the case of any such involuntary action, such action shall not be dismissed, discharged or make an assignment for denied within sixty (60) days after the benefit of creditorsfiling thereof then Landlord may (1) cure such default and any costs and expenses incurred by Landlord therefor shall be deemed Additional Rent, or (iv2) if any trustee, receiver or liquidator lawfully enter the Premises and repossess the same as the former estate of Tenant or of all or any substantial part of its properties shall be appointed in any action, suit or proceeding by or against Landlord and expel Tenant and such proceeding or action shall not have been dismissed within thirty (30) days after such appointment, or (v) if the leasehold estate hereby created shall be taken by execution or by other process those claiming under Tenant without being deemed guilty of law, or (vi) if Tenant shall fail to operate and conduct business as required in Section 8 hereinabove, then, in any such event, Landlord, at Landlord's option manner of trespass and without limiting Landlord in the exercise of prejudice to any other right or remedy remedies which Landlord may have on account for arrears of any default Base Rent or Additional Rent or preceding breach of covenant, and upon entry as aforesaid, this Lease shall terminate and Tenant covenants that in case of such termination, it will indemnify Landlord against all loss of Base Rent, Additional Rent and other reasonable costs and expenses actually paid by Tenant, may either:Landlord which Landlord incurs by reason of such termination during the residue of the term of this Lease.

Appears in 1 contract

Samples: Lease Agreement (West Pharmaceutical Services Inc)

Default by Tenant. (a) This Lease is made upon In the condition that the Tenant shall punctually and faithfully perform all of the covenants and agreements by it to be performed as herein set forth. If any of the following events shall occur, to-wit: event (i) if of the non-payment of said rent, ----------------- or any installment thereof by the Tenant, at the times and in the manner provided herein, and if the same shall remain in default for a period of Fixed Base Rent, Percentage Rent, or any other sums required to be paid by Tenant hereunder, or any part thereof, shall at any time be in arrears and unpaid for ten thirty (1030) days after the date dueTenant has received written notice from Landlord of such default, or (ii) if there be any default on the part of the Tenant in the observance or performance of shall breach any of its other material obligations hereunder, and the other covenants, agreements or conditions of said Lease on the part of Tenant to be kept and performed and said default same shall continue remain in breach for a period of fifteen sixty (1560) days after Tenant has received written notice thereof from Landlord to Tenant of such breach (unless such default or, in the case of a breach which cannot reasonably be cured within fifteen such sixty (1560) days and in such casedays, Tenant shall not have commenced to the cure said default within said fifteen such sixty (1560) days day period, and thereafter continues diligently continued to pursue prosecute the cure to completion completion), the curing of same) or (iii) if Tenant shall file a petition in bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or make an assignment for the benefit of creditors, or (iv) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall be appointed in any action, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed within thirty (30) days after such appointment, or (v) if the leasehold estate hereby created shall be taken by execution or by other process of law, or (vi) if Tenant shall fail to operate and conduct business as required in Section 8 hereinabove, then, in any such event, Landlord, at Landlord's option its option, shall have the right to declare this Lease Agreement in default and without limiting Landlord in may re-enter the exercise Leased Premises as the agent of any other right or remedy Landlord may have on account of any default by the Tenant, without being liable for any prosecution or damages therefore, and may either:relet the Leased Premises as the agent of the Tenant, and receive the rent therefore, upon such terms as shall be reasonably satisfactory to the Landlord, and all rights of the Tenant to repossess the Leased Premises under this Lease Agreement shall be forfeited. Such re-entry by the Landlord under and pursuant to the terms of this Section 25 shall not operate to release the Tenant from any rent to be paid or covenants to be performed hereunder during the full term of this Lease Agreement. For the purpose of reletting, the Landlord shall be authorized to make such repairs as may be necessary to place the same in substantially the order and condition that such was in as of the date of this Lease Agreement, ordinary wear and tear and structural damage excepted. The Tenant shall be liable to the Landlord for the reasonable cost of such repairs or alterations, except for such cost for repairs and alterations which Tenant is not, or Landlord is required to make pursuant to the terms of this Lease Agreement, or which are made to prepare the Leased Premises for uses different from those of Tenant hereunder. if the sum realized or to be realized from the reletting is insufficient to satisfy the monthly or term rent provided in this Lease Agreement, the Landlord, at its option, may require the Tenant to pay such deficiency month by month, or may hold the Tenant in advance for the entire deficiency to be realized during the term of the reletting. Landlord shall exercise diligent efforts to mitigate any such costs or damages.

Appears in 1 contract

Samples: Lease Agreement (Environmental Group International LTD)

Default by Tenant. (a) This Lease is made upon the condition that the If Tenant shall punctually and faithfully perform all default in the payment of the covenants and agreements by it to be performed as herein set forth. If any of the following events shall occur, to-wit: (i) if any installment of Fixed Base Rent, Percentage Rent, Rent or any other sums required sum to be paid by Tenant hereunderunder this Lease when due; provided, or any part thereofhowever, that Tenant shall at any time be allowed one (1) late payment of Rent in arrears and unpaid for ten each calendar year of the Term, which late payment shall not be deemed a default hereunder so long as such Rent is paid within five (105) days after the date due, or (ii) if there be any default on the part of the due date; or Tenant shall default in the observance or performance of any of the other covenants, agreements covenants or conditions of said which Tenant is required to observe and to perform under this Lease on the part of Tenant to be kept and performed and said such default shall continue for thirty (30) days after written notice to Tenant; or the interest of Tenant under this Lease shall be levied on under execution or other legal process; or any petition shall be filed by or against Tenant to declare Tenant a bankrupt or to delay, reduce or modify Tenant's debts or obligations; or any petition shall be filed or other action taken to reorganize or modify Tenant's debts or obligations; or any petition shall be filed or other action taken to reorganize or modify Tenant's capital structure; or Tenant is declared insolvent according to law; or any assignment of Tenant's property shall be made for the benefit of creditors; or if a receiver or trustee is appointed for Tenant or its property; or Tenant shall vacate or abandon the Leased Premises or any part thereof at any time during the Term for a period of fifteen (15) days after written notice thereof from Landlord to or more continuous days; or Tenant (unless such default cannot reasonably be cured within fifteen (15) days is a corporation and in such case, Tenant shall have commenced cease to cure said default within said fifteen exist as a corporation in good standing in the state of its incorporation; or Tenant is a partnership or other entity and Tenant shall be dissolved or otherwise liquidated; then Landlord may treat the occurrence of any one or more of the foregoing events as a breach of this Lease (15) days and thereafter continues diligently to pursue to completion the curing provided, no such levy, execution, legal process or petition filed against Tenant shall constitute a breach of same) or (iii) this Lease if Tenant shall file a petition in bankruptcy vigorously contest the same by appropriate proceedings and shall remove or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or make an assignment for vacate the benefit of creditors, or (iv) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall be appointed in any action, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed same within thirty (30) days after such appointmentfrom the date of its creation, service or (v) if the leasehold estate hereby created shall be taken by execution or by other process of law, or (vi) if Tenant shall fail to operate and conduct business as required in Section 8 hereinabove, then, in any such event, Landlordfiling). Thereupon, at Landlord's option and without limiting in addition to all other rights and remedies provided at law or in equity, Landlord may terminate this Lease and repossess the Leased Premises and be entitled to recover as damages a sum of money equal to the total of (a) the cost of recovering the Leased Premises (including actual attorneys' fees and costs of suit), (b) the unpaid Rent earned at the time of termination, (c) the present value (discounted at the rate of eight percent (8%) per annum) of the balance of the rent for the remainder of the Term less the present value (discounted at the same rate) of the fair market rental value of the Leased Premises for said period, (d) the amount of any unamortized leasing commissions, any allowances, and concessions previously made by Landlord to Tenant, (e) any other sum of money, and damages owed by Tenant to Landlord and (f) interest on (a) (b) (c) (d) and (e) above at the rate of the lesser of eighteen percent (18%) per annum or the highest rate allowed by applicable law. Notwithstanding the foregoing, if events of material default by Tenant occur more than three (3) times in the exercise aggregate during the Term, even if the events of default are cured to the satisfaction of Landlord and the Lease is not terminated, then any other right or remedy Landlord option(s) which Tenant may have on account for the modification of any default by Tenant, may either:the Term or of the Leased Premises or otherwise pursuant to this Lease shall terminate and shall be of no further force or effect.

Appears in 1 contract

Samples: Lease Agreement (Pozen Inc /Nc)

Default by Tenant. A. If (a) This Lease is made upon the condition that the Tenant shall punctually and faithfully perform all defaults in fulfilling any of the covenants and agreements by it to be performed as herein set forth. If any of this Lease, other than the following events shall occur, to-wit: (i) if any installment covenants for the payment of Fixed Base Rent, Percentage Rent, Rent or any other sums required to be paid by Tenant hereunder, or any part thereof, shall at any time be in arrears and unpaid for ten (10) days after the date due, or (ii) if there be any default on the part of the Tenant in the observance or performance of any of the other covenants, agreements or conditions of said Lease on the part of Tenant to be kept and performed and said default shall continue for a period of fifteen (15) days after written notice thereof from Landlord to Tenant (unless such default cannot reasonably be cured within fifteen (15) days and in such case, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of same) or (iii) if Tenant shall file a petition in bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or make an assignment for the benefit of creditors, or (iv) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall be appointed in any action, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed within thirty (30) days after such appointment, or (v) if the leasehold estate hereby created shall be taken by execution or by other process of law, or (vi) if Tenant shall fail to operate and conduct business as required in Section 8 hereinaboveadditional rent, then, in any one or more of such eventevents, upon Landlord serving a five (5) Business Days' Notice upon Tenant specifying the nature of said default, and upon the expiration of said five (5) Business Days, if Tenant shall have failed to comply with or remedy such default, or if the said default or omission complained of shall be of such a nature that the same cannot be completely cured or remedied within said five (5) Business Day period, and if Tenant shall not have diligently commenced curing such default within such five (5) Business Day period, and shall not thereafter with reasonable diligence and in good faith proceed to remedy or cure such default or (b) Tenant shall default in the performance of any term or condition of this Lease (other than the payment of Fixed Rent or additional rent) more than three (3) times in any period of nine (9) months, or, with respect to the payment of any item of Fixed Rent or additional rent, more than two (2) times in any period of six (6) months, and notwithstanding that such defaults shall have each been cured within the applicable period, as above provided, if any further similar default shall occur or (c) Tenant shall default in the payment of Fixed Rent or any item of additional rent hereunder for more than five (5) Business Days after Notice from Landlord of such default, then (in the event of (a), (b) or (c) above) Landlord may serve a three (3) days' Notice of cancellation of this Lease upon Tenant, and upon the expiration of said three (3) days, this Lease and the Term shall end and expire as fully and completely as if the date of expiration of such three (3) day period were the Expiration Date set forth herein and Tenant shall then quit and surrender the Premises to Landlord, at Landlord's option and without limiting Landlord in the exercise of any other right or remedy Landlord may have on account of any default by Tenant, may either:but Tenant shall remain liable as hereinafter provided.

Appears in 1 contract

Samples: Progenics Pharmaceuticals Inc

Default by Tenant. (a) This Lease is made upon the condition Landlord and Tenant hereby agree that the Tenant shall punctually and faithfully perform all occurrence of the covenants and agreements by it to be performed as herein set forth. If any one or more of the following events is a material default by Tenant under this Lease and that said default shall occur, to-witgive Landlord the rights described in Article 21: (ia) if Tenant shall neglect or fail to perform or observe any installment of Fixed Base Rentthe Tenant's covenants or agreements herein, Percentage Rentincluding (without limitation) the covenants or agreements with regard to the payment when due of rent, additional charges, reimbursement for increase in Landlord's costs, or any other sums required to be paid charge payable by Tenant hereunderto Landlord (all of which shall be considered as part of Yearly Rent for the purposes of invoking Landlord's statutory or other rights and remedies in respect of payment defaults) and Tenant shall fail to remedy such neglect or failure within thirty (30) days (except for failure to make payment of rent or other charges, or any part thereoffor which the period shall be five (5) days) after written notice by Landlord to Tenant, specifying wherein Tenant has failed to perform such obligation; provided, however, that if the nature of Tenant's obligation is such that more than thirty (30) days are required for its cure, then Tenant shall at any time not be in arrears default if Tenant commences performance within such thirty (30) day period and unpaid for ten thereafter diligently pursues the same to completion. .. (10b) days after The abandonment of the date due, or Premises by Tenant in which event Landlord shall not be obligated to give any notice of default to Tenant. (c)(i) intentionally omitted (ii) if there be Tenant or any default on the part of the Tenant guarantor becoming a "debtor" as defined in 11 U.S.C. 101 or any successor statute thereto (unless, in the observance case of a petition filed against Tenant or performance guarantor, the same is dismissed within thirty (30) days); (iii) the institution of proceedings seeking the appointment of a trustee, sequesterer, receiver or similar officer to take possession of substantially all of Tenant's assets located at the Premises or of Tenant's interest in this Lease, where either such appointment shall not be vacated within thirty (30) days or such possession is not restored to Tenant within thirty (30) days or the institution of a foreclosure proceeding against Tenant's real or personal property; (iv) an attachment on mesnes process, on execution or otherwise, or other legal process shall issue against Tenant or its property involving more than Ten Thousand Dollars ($10,000) and a sale of any of its assets shall be held thereunder; (v) any judgment, final beyond appeal or any lien, attachment or the other covenantslike involving more than Ten Thousand Dollars ($10,000) shall be entered, agreements recorded or conditions of said Lease on the part of filed against Tenant to be kept in any court, registry, etc. and performed and said default shall continue for a period of fifteen (15) days after written notice thereof from Landlord to Tenant (unless such default cannot reasonably be cured within fifteen (15) days and in such case, Tenant shall have commenced fail to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of same) or (iii) if Tenant shall file a petition in bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or make an assignment for the benefit of creditors, or (iv) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall be appointed in any action, suit or proceeding by or against Tenant and pay such proceeding or action shall not have been dismissed judgment within thirty (30) days after the judgment shall have become final beyond appeal or to discharge or secure by surety bond such appointmentlien, attachment, etc. within thirty (30) days of such entry, recording or (v) if filing, as the leasehold estate hereby created shall be taken by execution or by other process of lawcase may be, or (vi) if Tenant shall fail the attachment, execution or other judicial seizure of substantially all of Tenant's assets located at the Premises or of Tenant's interest in this Lease, where such seizure is not discharged within thirty (30) days. (d) The discovery by Landlord that any financial statement, representation or warranty given to operate and conduct business as required in Section 8 hereinabove, then, in any such event, Landlord, at Landlord's option and without limiting Landlord in the exercise of any other right or remedy Landlord may have on account of any default by Tenant, or by any guarantor of Tenant's obligations hereunder, is or was materially false. (e) If Tenant is a corporation or a partnership, the dissolution or liquidation of Tenant or if any event shall occur or any contingency shall arise whereby this Lease, or the term and estate thereby created, would (by operation of law or otherwise) devolve upon or pass to any person, firm or corporation other than Tenant, except as expressly permitted under Article 21 hereof. Landlord or Landlord's authorized agent shall have the right (without obligation except as may either:be required by law) to serve any notice of default, notice to pay rent or quit or similar notice. Wherever "Tenant" is used in this Article 21.1, it shall be deemed to include any one of (i) any corporation of which Tenant is a controlled subsidiary and (ii) any guarantor of any of Tenant's obligations under this Lease.

Appears in 1 contract

Samples: Lease by And (Cambex Corp)

Default by Tenant. (a) This Lease is made upon the condition that the Tenant shall punctually and faithfully perform all of the covenants and agreements by it to be performed as herein set forth. If any of the A. The following events shall occur, to-witbe deemed to be events of default by Tenant under this Lease: (i1) if Tenant shall fail to pay any installment of Fixed Base Rent, Percentage Rent, Minimum Rent or any other sums required to be paid by Tenant hereunder, or any part thereof, shall at any time be in arrears and unpaid for ten (10) days after additional rent on the date due, or (ii) if there be any default on the part of the Tenant in the observance or performance of any of the other covenants, agreements or conditions of said Lease on the part of Tenant to be kept that same is due and performed and said default such failure shall continue for a period of fifteen five (155) days after Landlord delivers written notice thereof from Landlord to Tenant. (2) Tenant shall fail to comply with any term, condition or covenant of this Lease, other than the payment of rent, and shall not cure such failure within ten (unless such default 10) days of delivery of written notice provided however that if the Default cannot reasonably with due diligence be cured prior to the expiration of said ten (10) day period and if Tenant commences within fifteen ten (1510) days from the date of delivery of said notice to eliminate the cause of such Default and in proceeds diligently and with reasonable dispatch to take all steps and do all work required to cure such caseDefault, then Tenant shall have commenced to cure said default within said fifteen not be in Default. (153) days and thereafter continues diligently to pursue to completion If an event of Default occurs by Tenant under the curing Building Lease, it shall also be deemed an event of sameDefault by Tenant under the Land Lease. if an event of Default occurs by Tenant under this Lease. (4) or (iii) if Tenant shall file a petition in bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or make an assignment for the benefit of creditors, or (iv) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall be appointed in ajudged a bankrupt. B. Upon the occurrence of a Default, Landlord shall have the option to pursue any actionone or more of the following remedies without any notice or demand whatsoever: (1) Landlord shall have the immediate right of reentry and may remove all persons and property from the Leased Premises, suit or proceeding by or against Tenant and such proceeding property may be removed and stored in a public warehouse or action shall not have been dismissed within thirty (30) days after such appointmentelsewhere at the cost of, and for the account of Tenant, with or (v) if the leasehold estate hereby created shall be taken by execution or by other without process of law, without being deemed guilty of trespass, or becoming liable to any party for any loss or damage which may be occasioned thereby; (vi2) Landlord may from time to time without terminating this Lease, and without releasing Tenant in whole or in part from Tenant's obligation to pay rent and perform any of the covenants, conditions and agreements to be performed by Tenant as provided in this Lease, make such alterations and repairs to the Leased Premises as may be necessary in order to relet the Leased Premises. Landlord may relet the Leased Premises or any part thereof for such term or terms (which may be for a term extending beyond the term of this Lease) and at such rental or rentals and upon such other terms and conditions as Landlord in its discretion may deem advisable. Upon each such reletting if all rentals received by the Landlord from such reletting during any month shall be less than that to be paid during that month by Tenant hereunder, Tenant shall fail to operate and conduct business as required in Section 8 hereinabove, then, in pay any such eventdeficiency to Landlord. Such deficiency shall be calculated and paid monthly. Notwithstanding any such reletting without termination, LandlordLandlord may at any time thereafter elect to terminate this Lease for such previous breach. Tenant shall also be liable to Landlord for all costs of reletting, at Landlord's option including, but not limited to, alterations and without limiting repairs of the Leased Premises for a new tenant, brokerage commissions, attorneys fees, advertising and any other expenses incurred by Landlord in connection therewith and said costs shall be due upon demand (collectively, the exercise "Reletting Costs"); (3) Landlord may terminate this Lease, and with or without process of law may remove all persons, fixtures and property from the Leased Premises, and Landlord shall be entitled to receive as damages all Fixed Minimum Rent, all additional rent and all other sums payable by Tenant as of the date of termination, plus all Reletting Costs plus (1) a sum of money equal to the sums reserved for the balance of the Term for all Fixed Minimum Rent, all additional rent and other sums provided in this Lease to be paid by Tenant to Landlord for the remainder of the Lease Term, less the fair rental value of the Leased Premises for the period, (2) the cost of performing any other right or remedy Landlord may have on account of any default covenant to be performed by Tenant, and (3) all costs and attorneys' fees incurred by Landlord in connection with any action taken against Tenant; and (4) Enter upon the Leased Premises by force if necessary without being liable for prosecution of any claim for damages therefore, and do whatever Tenant is obligated to do under the terms of this Lease, and Tenant agrees to reimburse Landlord on demand for expenses, which Landlord may either:incur in thus effecting compliance with Tenant's obligations under this Lease, and Tenant further agrees that Landlord shall not be liable for any damages resulting to the Tenant from such action whether caused by the negligence of Landlord or otherwise. C. Pursuit of any of the foregoing remedies shall not preclude pursuit of any of the other remedies herein provided or any other remedies provided by Law, nor shall pursuit of any remedy herein provided constitute a forfeiture or waiver of any rent due to Landlord hereunder or of any damages accruing to Landlord by reason of the violation of any of the terms, conditions, and covenants herein contained. 16. TERMINATION In the event this Lease or the Building Lease terminates for any reason, the other lease shall terminate simultaneously. In no event shall this Lease be in effect without the Building Lease in effect, and in no event shall the Building Lease be in effect without this Lease being in effect. 17. ATTORNEY'S FEES: Tenant shall pay all reasonable attorneys' fees and all costs incurred by Landlord in enforcing any of the covenants and obligations of Tenant under this Lease. 18.

Appears in 1 contract

Samples: Warehouse Lease Land Lease Agreement

Default by Tenant. The following shall be deemed to be events of default by Tenant under this Lease: (a1) This Lease is made upon the condition that the Tenant shall punctually and faithfully perform all of the covenants and agreements by it fail to be performed as herein set forth. If any of the following events shall occur, to-wit: (i) if any pay when due my installment of Fixed Base Rent, Percentage Rent, rent or any other sums payment required pursuant to be paid by Tenant hereunder, or any part thereof, shall at any time be in arrears and unpaid for ten this Lease within five (105) days after the date due, or (ii) if there be any default on the part of the Tenant in the observance or performance of any of the other covenants, agreements or conditions of said Lease on the part of Tenant to be kept and performed and said default shall continue for a period of fifteen (15) days after written notice thereof from Landlord has been given to Tenant that payment is delinquent (unless however Landlord shall not be obligated to send notice of such default cannot reasonably be cured failure to pay more than, two (2) times within fifteen a consecutive twelve (1512) days and in such case, month period); (2) Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing or any guarantor of same) or (iii) if Tenant Tenant’s obligations hereunder shall file a petition in or be adjudged bankrupt or insolvent under any applicable federal or state bankruptcy or be adjudicated a bankruptinsolvency law or admit that it cannot meet its financial obligations as they become due, or file a receiver or trustee shall be appointed for all or substantially all of the assets of Tenant or any petition guarantor of Tenant’s obligations hereunder; (3) Tenant or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution guarantor of Tenant’s obligations hereunder shall make a transfer in favor of creditors or similar relief for itself under any present or future federal, state or other statute, law or regulation, or shall make an assignment for the benefit of creditors; (4) Tenant shall do or permit to be done any act which results in a lien being filed against the Premises or the Property; (5) the liquidation, termination, dissolution or (ivif the Tenant is a natural person) if the death of any trustee, receiver or liquidator of Tenant or any guarantor of all Tenant’s obligations hereunder; or any substantial part of its properties (6) Tenant shall be appointed in default of any actionother term, suit provision or proceeding by or against Tenant covenant of this Lease, other than those specified in subparts (1) through (5), above, and such proceeding or action shall default is not have been dismissed cured within thirty (30) days after such appointmentwritten notice thereof to Tenant (provided that, or (v) if the leasehold estate hereby created shall be taken by execution or by other process of law, or (vi) if Tenant has exercised reasonable diligence to cure such default and such default cannot be cured within such thirty (30) day period despite reasonable diligence, Tenant shall fail not be in default under this provision unless Tenant fails thereafter diligently and continuously to operate and conduct business as required in Section 8 hereinaboveprosecute the cure to completion, then, in any such event, Landlord, at Landlord's option and without limiting Landlord in the exercise of any other right or remedy Landlord may have on account of any default by Tenant, may either:not to exceed thirty (30) additional days).

Appears in 1 contract

Samples: Lease (Targacept Inc)

Default by Tenant. (a) This Lease is made upon the condition that the Tenant shall punctually and faithfully perform all The occurrence of the covenants and agreements by it to be performed as herein set forth. If any one or more of the following events shall occur, to-witconstitute a material default and breach of this Lease by Tenant: (i) if the abandonment of the Premises by Tenant or the vacating of the Premises for more than thirty (30) consecutive days; (ii) the failure by Tenant to make any installment payment of Fixed Base Rent, Percentage Rent, Rent or any other sums payment required to be paid made by Tenant hereunder, or any part thereof, shall at any time be in arrears and unpaid for ten within five (105) days after the of date due, ; (iii) the failure by Tenant to observe or (ii) if there be any default on the part of the Tenant in the observance or performance of perform any of the other covenants, agreements conditions or conditions provisions of said Lease on the part of Tenant to be kept and performed and said default Lease, where such failure shall continue for a period of fifteen twenty (1520) days; provided, however, if more than twenty (20) days after written notice thereof from Landlord to Tenant (unless such default cannot are reasonably be cured within fifteen (15) days and in such case, required for its cure then Tenant shall have commenced not be deemed to be in default if Tenant commences such cure said default within said fifteen (15) days 20-day period and thereafter continues diligently prosecutes such cure to pursue to completion completion; (iv) the curing making by Tenant of same) any general assignment or (iii) if Tenant shall file a petition in bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or make an assignment general arrangement for the benefit of creditors, or ; (ivv) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall be appointed in any action, suit or proceeding the filing by or against Tenant and such proceeding of a petition to have Tenant adjudged bankrupt or action shall a petition for reorganization or arrangement under any law relating to bankruptcy (unless, in the case of a petition filed against Tenant, the same is dismissed within sixty (60) days); (vi) the appointment of a trustee or receiver to take possession of substantially all of Tenant's assets located at the Premises or of Tenant's interest in the Lease, where possession is not have been dismissed restored to Tenant within thirty (30) days after such appointmentdays; (vii) the attachment, or (v) if the leasehold estate hereby created shall be taken by execution or by other process judicial seizure of lawsubstantially all of Tenant's assets located at the Premises or of Tenant's interest in this Lease, or where such seizure is not discharged within thirty (vi30) if Tenant shall fail to operate and conduct business as required in Section 8 hereinabovedays. The above notice periods may, then, in any such event, at the election of Landlord, at Landlord's option and without limiting Landlord in the exercise of run concurrently with any other right or remedy Landlord may have on account of any default by Tenant, may either:statutorily required notice periods.

Appears in 1 contract

Samples: Office Lease Agreement (Bsquare Corp /Wa)

Default by Tenant. (a) This Lease is made upon the condition that the Tenant shall punctually and faithfully perform all of the covenants and agreements by it to be performed as herein set forth. If , and if any of the following events of default shall occur, to-wit: (ia) if any installment of Fixed Base Rent, Percentage Rent, Additional Rent or any other sums required to be paid by the Tenant hereunder, or any part thereof, shall at any time be in arrears and unpaid for ten five (105) business days after the date duewritten demand therefor, or (iib) if Tenant fails to strictly comply with the provisions of Item 8(a), 8(b), 8(d), 8(e) or 8(f) hereof and such failure continues after five (5) business days written notice thereof and/or such failure, whether or not previously timely cured, re-occurs more than three (3) times within any lease year; or (c) at the election of Landlord there be a default by Tenant beyond any applicable cure period under any other lease between Landlord and Tenant or an affiliate, subsidiary, parent or other related entity of Tenant; or (d) there be any default on the part of the Tenant in the observance or performance of any of the other covenants, agreements agreements, or conditions of said this Lease on the part of the Tenant to be kept and performed performed, and said default shall continue for a period of fifteen (15) days after written notice thereof from Landlord to Tenant (unless such default cannot reasonably be cured within fifteen (15) days and in such case, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of the same) ), or (iiie) if the Tenant shall file a petition in bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federalFederal, state State or other statute, law or regulation, or make an assignment for the benefit of creditors, or (ivf) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties or of the Premises shall be appointed in any action, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed within thirty (30) days after such appointment, or (vg) if the leasehold estate hereby created shall be taken by on execution or by other process of law, or (vih) if Tenant shall fail vacate or abandon the Premises, then and in any of said cases, the Landlord at its option may terminate this Lease and re-enter upon the Premises and take possession thereof with full right to operate xxx for and conduct business as required collect all sums or amounts with respect to which Tenant may then be in Section 8 hereinabovedefault and accrued up to the time of such entry, thenincluding damages to the Landlord by reason of any breach or default on the part of the Tenant, or the Landlord may, if he elects so to do, bring suit for collection of such rents and damages without entering into possession of the Premises or avoiding this Lease. In addition to, but not in limitation of, any of the remedies set forth in this Lease or given to the Landlord by law or in equity, the Landlord shall also have the right and option, in any such event, Landlord, at Landlord's option and without limiting Landlord in the exercise of any other right or remedy Landlord may have on account event of any default by the Tenant under this Lease and the continuance of such default after the period of notice above provided, to retake possession of the Premises from the Tenant by summary proceedings or otherwise, and it is agreed that the commencement and prosecution of any action by the Landlord in forcible entry and detainer, ejectment or otherwise, or any execution of any judgment or decree obtained in any action to recover possession of the Premises, shall not be construed as an election to terminate this Lease unless the Landlord expressly exercises its option hereinbefore provided to declare the term hereof ended, whether or not such entry or re-entry be had or taken under summary proceedings or otherwise, and shall not be deemed to have absolved or discharged the Tenant from any of its obligations and liabilities for the remainder of the term of this Lease, and the Tenant shall, notwithstanding such entry or re-entry, continue to be liable for the payment of the rents and the performance of the other covenants and conditions hereof and shall pay to the Landlord all monthly deficits after any such re- entry in monthly installments as the amounts of such deficits from time to time are ascertained and, if in the event of any such ouster, the Landlord rents or leases the Premises to some other person, firm or corporation (whether for a term greater, less than or equal to the unexpired portion of the term created hereunder) for an aggregate rent during the portion of such new lease co-extensive with the term created hereunder which is less than the rent and other charges which the Tenant would pay hereunder for such period, Landlord may immediately upon the making of such new lease or the creation of such new tenancy xxx for and recover the difference between the aggregate rental provided for in said new lease for the portion of the term co- extensive with the term created hereunder and the rent which Tenant would pay hereunder for such period, together with any expense to which the Landlord may be put for brokerage commission, placing the Premises in tenantable condition or otherwise. In determining the rent payable by Tenant hereunder a sum equal to the average amount of annual Percentage Rent (if any) paid by Tenant to the Landlord pursuant to the provisions of Section 3(b) hereof for the period since the Commencement Date of this Lease which preceded any such default, prorated, shall be added to the Fixed Rent as provided in Section 3(a) hereof. If such new lease or tenancy is made for a shorter term than the balance of the term of this Lease, any such action brought by the Landlord to collect the deficit for that period shall not bar the Landlord from thereafter suing for any loss accruing during the balance of the unexpired term of this Lease. If Tenant at any time shall fail to pay any taxes, assessments, or liens, to make any payment or perform any act required by this Lease to be made or performed by it, Landlord, without waiving or releasing Tenant from any obligation or default under this Lease, may (but shall be under no obligation to) at any time thereafter make such payment or perform such act for the account and at the expense of Tenant. All sums so paid by Landlord and all costs and expenses so incurred, together with interest thereon at the rate of twelve percent (12%) per annum from the date of payment or incurring thereof, shall constitute additional rent payable by Tenant under this Lease and shall be paid by Tenant to Landlord on demand. All rights and remedies of Landlord herein enumerated shall be cumulative, and none shall exclude any other remedies allowed at law or in equity. Further, in addition to, but not in limitation of any of the remedies otherwise available to Landlord, in the event (a) Tenant should fail to take possession of the Premises within ten (10) days of the date possession is tendered by Landlord to Tenant (such failure herein referred to as the "Failure to Take Possession") or (b) Tenant should fail to perform its buildout work, fully fixture, stock and staff the Premises and open the Premises for business to the public on or before thirty (30) days after the Commencement Date (such failure herein referred to as the "Failure to Operate"), or (c) Tenant should fail to deliver any required Security Deposit within the time specified in the Lease or, if such Security Deposit is made by check and such check is not honored by the bank on which the check is drawn for any reason (such failure herein referred to as the "Failure to Deposit"),or (d) Tenant should fail to comply with the provisions of Section 10(b) (such failure referred to as "Contractor Failure") then Landlord shall have the right at its option to treat such Failure to Take Possession, Failure to Operate, Failure to Deposit and/or Contractor Failure as a default within the meaning of this Lease the remedy for which default is that at the option of Landlord the Lease may be forfeited by Tenant and thereby become null and void, which option shall be exercised by Landlord in writing to Tenant, and upon delivery of such notice of exercise of option this Lease shall be forfeited and this Lease shall be void ab initio, and possession of Premises shall be in Landlord and not in Tenant and Tenant shall immediately vacate the Premises and upon failure to so vacate may either:be ousted by Landlord.

Appears in 1 contract

Samples: Lease Agreement (Dm Management Co /De/)

Default by Tenant. (a) This Lease is made upon Landlord may treat the condition that the Tenant shall punctually and faithfully perform all occurrence of the covenants and agreements by it to be performed as herein set forth. If any one or more of the following events shall occuras a breach of this Lease (each, to-wit: an “Event of Default”): (ia) if any installment of Fixed Tenant fails to pay Base Rent, Percentage RentTenant’s Share of Operating Cost or Tenant’s Share of Taxes, or any other sums, charges, expenses and costs of any kind or nature identified in this Lease as additional rent, in full on the date such sums required are due, and such failure to be paid by Tenant hereunder, or any part thereof, shall at any time be in arrears and unpaid pay rent continues for a period of ten (10) calendar days after the date due, or written notice addressed to Tenant has been delivered by Landlord to Tenant; (iib) if there default shall be any default on the part of the Tenant made in the observance or performance of any of the other covenantsother, agreements non-monetary covenants or conditions of said Lease on the part of which Tenant is required to be kept observe and performed to perform, and said such default shall continue for a period of fifteen (15) days after written notice thereof from Landlord to Tenant (unless such default cannot reasonably be cured within fifteen (15) days and in such case, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of same) or (iii) if Tenant shall file a petition in bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or make an assignment for the benefit of creditors, or (iv) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall be appointed in any action, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed within thirty (30) days after notice thereof (or such appointmentadditional time as is reasonably necessary, provided Tenant commenced to cure such default within such thirty (30) day period and is diligently prosecuting such cure to completion, which additional time, however, shall in no event exceed one hundred twenty (120) days after Landlord’s default notice); (c) if a petition is filed by or against Tenant (the term “Tenant” shall include, for the purpose of this paragraph of Section 25, any guarantor of Tenant’s obligations hereunder): (i) in any bankruptcy or other insolvency proceeding; (ii) seeking any relief under any state or federal debtor relief law; (iii) for the appointment of a liquidator or receiver for all or substantially all of Tenant’s property or for Tenant’s interest in this Lease; or (iv) for the reorganization or modification of Tenant’s capital structure; however, if such a petition is filed against Tenant, then such filing shall not be a default unless Tenant fails to have the proceedings initiated by such petition dismissed within ninety (90) calendar days after the filing thereof, or (v) if the leasehold estate hereby created shall be taken by execution or by other process of law, or (vi) if Tenant shall fail be liquidated or dissolved; (d) Tenant fails to operate make the deliveries required pursuant to Section 17 of this Lease within the ten (10) Business Day period required for such deliveries, and conduct business such failure continues for five (5) days following Landlord’s notice to Tenant thereof; (e) Tenant fails to maintain the insurance coverage required by Section 29 hereof and such failure continues for more than ten (10) Business Days following the date on which Tenant’s insurance coverage lapsed; (f) Tenant shall permanently vacate the Premises for a period in excess of three hundred sixty five (365) days (for reasons other than casualty, condemnation or remodeling as required permitted in Section 8 hereinabove, then, in this Lease) during the Term or any renewals or extensions thereof with the intent not to return; or (g) there shall occur any breach of this Lease that expressly provides such event, Landlord, at Landlord's option and without limiting Landlord in the exercise breach constitutes an “Event of any other right or remedy Landlord may have on account of any default by Tenant, may either:Default”.

Appears in 1 contract

Samples: Reston Station (ICF International, Inc.)

Default by Tenant. (a) This Lease is made upon Default on the condition that the part of Tenant shall punctually and faithfully perform all of the covenants and agreements by it to be performed as herein set forth. If any of the following events shall occur, to-wit: (i) if in paying rent or any installment of Fixed Base Rentthereof, Percentage Rentas provided herein, or default in compliance with any other sums required to be paid by Tenant hereunderobligation agreed or assumed herein shall authorize Landlord, or any part thereofat its option, shall at any time be in arrears and unpaid after such default has continued for a period of ten (10) days after and without prior notice, to: (a) accelerate the date duerent for the whole of the unexpired Term of this Lease, which rent shall become immediately due and exigible; or (iib) if there immediately cancel this lease; or (c) proceed for past due installments only, reserving its right to later proceed for the remaining installments; or (d) re-enter the Premises and let them for such price and on such terms as may be any default on immediately obtainable and apply the part net amount realized to the payment of the Tenant in rent. If Landlord has elected to accelerate the observance or performance of any of the other covenants, agreements or conditions of said Lease on the part of Tenant to be kept and performed and said default shall continue for a period of fifteen (15) days after written notice thereof from Landlord to Tenant (unless such default cannot reasonably be cured within fifteen (15) days and in such case, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of same) or (iii) if Tenant shall file a petition in bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or make an assignment rent for the benefit unexpired Term of creditors, or (iv) if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall be appointed in any action, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed within thirty (30) days after such appointment, or (v) if the leasehold estate hereby created shall be taken by execution or by other process of law, or (vi) if Tenant shall fail to operate and conduct business as required in Section 8 hereinabovethis Lease, then, in any such event, Landlord, at Landlord's option, Landlord shall have the further option to re-enter the premises and to attempt to lease them for such rent and on such terms as Landlord may be able to obtain, in reduction of the amount due Landlord, or, if Landlord is unable to lease them, to let them on a month-to-month basis, and credit the net amount realized on the payment of rent due for the full expired Term of this Lease, reserving the right to xxx thereafter for any balance remaining due after credit for the rent actually received or estimated to be received. Any balance thus due shall be considered rent due under this Lease and shall be secured by the lessor's privilege and right of detention. Exercise of this right of re-entry and privilege to re-let shall not in any way prejudice Landlord's right to hold Tenant liable for any amount due under this Lease in excess of the amount for which the property is re-let. In addition, if Tenant fails or refuses to permit Landlord to re-enter the premises, Landlord shall have the right to eject Tenant in accordance with the provisions of Louisiana Code of Civil Procedure, Articles 4701-4735, without limiting forfeiting any of Landlord's right under this paragraph or under the other terms of this Lease, and Landlord in may at the exercise same time or subsequently xxx for any money due or to enforce any other rights which Landlord may have. In the event of any other right default, Tenant shall remain responsible for all damages or remedy Landlord may have on account losses suffered by Landlord. Tenant waives any requirement of "putting-in-default" for any default such breach, except as expressly required by Tenant, may either:this Lease.

Appears in 1 contract

Samples: Office Lease Agreement (Md Healthshares Corp)

Default by Tenant. (a) This Lease is made upon the condition that the Tenant shall punctually and faithfully perform all of the covenants and agreements by it to be performed as herein set forth. If any of the following events shall occur, to-witin default under this Lease if Tenant: (i) if fails to pay when due any installment of Fixed Base Rent, Percentage Rent, Additional Rent or any other sums required payment which Tenant is obligated to be paid by Tenant hereunderpay, as provided in this Lease; (ii) except as otherwise specifically provided herein, breaches any other agreement, covenant or any part thereof, shall at any time be obligation in arrears this Lease and unpaid for ten such breach is not remedied within thirty (1030) days after Landlord gives Tenant notice specifying the date duebreach, or if such breach cannot, with due diligence, be cured within thirty (ii30) days, if there Tenant does not commence to cure such default within said thirty (30) day period and thereafter prosecute the cure of such default as quickly as reasonable practicable (provided that no such notice to Tenant and opportunity to cure shall be necessary more than once during any default on the part of the twelve (12) month period); (iii) files any petition or action for relief under any creditor's law (including bankruptcy, reorganization, or similar action), either in state or federal court, or has such a petition or action filed against Tenant in the observance which is not stayed or performance of any of the other covenants, agreements or conditions of said Lease on the part of Tenant to be kept and performed and said default shall continue for a period of fifteen vacated within sixty (1560) days after written notice thereof from Landlord to Tenant filing; (unless such default caniv) makes any transfer in fraud of creditors as defined in Section 548 of the United States Bankruptcy Code (11 U.S.C. 548, xx xxxxxxx xx xxxxxxxx), xxx x receiver appointed for its assets (and the appointment is not reasonably be cured stayed or vacated within fifteen thirty (1530) days and in such case, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of same) or (iii) if Tenant shall file a petition in bankruptcy or be adjudicated a bankruptdays), or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or make makes an assignment for the benefit of creditors; (v) vacates the Leased Premises or advertises in any manner that would indicate or lead the public to believe that Tenant was going out of business or intending to vacate the Leased Premises; or (vi) assigns this Lease or sublets the Leased Premises or any part thereof in violation of the provisions of this Lease. Tenant shall also be deemed to be in default of this Lease if (i) any guarantor breaches the terms of a Guaranty attached to this Lease as an addendum hereto; (ii) any guarantor of this Lease files any petition or action for relief under any creditor's law (including bankruptcy, reorganization, or similar action), either in state or federal court, or has such a petition or action filed against such guarantor which is not stayed or vacated within sixty (60) days after filing; (iii) any guarantor of this Lease makes any transfer in fraud of creditors as defined in Section 548 of the United States Bankruptcy Code (11 U.S.C. 548, xx xxxxxxx xx xxxxxxxx), xxx x receiver appointed for its assets (and the appointment is not stayed or vacated within thirty (30) days, or makes an assignment for the benefit of creditors; or (iv) if any trusteeguarantor of this Lease dies or becomes incapacitated. In the event of default by Tenant, receiver Landlord may at its option do one or liquidator more of Tenant the following: (i) terminate this Lease and recover all damages caused by Tenant's breach, including but not limited to, indirect and consequential damages and damages for lost Rent; (ii) repossess and relet the Leased Premises at such rent as Landlord desires; (iii) declare the entire remaining Rent immediately due and payable, such amount to be discounted to its present value at a discount rate equal to the U.S. Treasury Bill or Note rate with the closest maturity to the remaining Terx xx the Lease as selected by Landlord; (iv) bring action for recovery of all amounts due from Tenant, including, but not limited to, all costs and expenses incurred by Landlord in connection with, arising out of or related to any substantial part default or in enforcing its rights and remedies and for placing the Leased Premises in a condition to re-rent and all fees and expenses of its properties shall be appointed attorneys, consultants and experts in any action, suit all tribunals and whether or proceeding not legal proceedings are commenced by or against Tenant and such proceeding Landlord or action shall not have been dismissed within thirty (30) days after such appointment, or Tenant; (v) if seize and hold any personal property of Tenant located in the leasehold estate hereby created shall be taken by execution or by other process of law, Leased Premises and assert against the same a lien for monies due Landlord; or (vi) if Tenant shall fail to operate pursue any other remedy available at law or equity. All rights and conduct business as required in Section 8 hereinaboveremedies of Landlord are cumulative, then, in any such event, Landlord, at Landlord's option and without limiting Landlord in the exercise of any one shall not be an election excluding Landlord at any other time from exercising of a different or inconsistent remedy. No exercise by Landlord of any right or remedy granted herein shall constitute or effect a termination of this Lease unless Landlord may have shall so elect by notice delivered to Tenant. The failure of Landlord to exercise its rights in connection with this Lease or any breach or violation of any term, or any subsequent breach of the same or any other term, covenant or condition herein contained shall not be a waiver of such term, covenant or condition or any subsequent breach of the same or any other covenant or condition herein contained. No acceptance by Landlord of a lesser sum than the Rent, Additional Rent and any other payments then due shall be deemed to be other than on account of the earliest installment of such payment due, nor shall any default endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction, and Landlord may accept such check or payment without prejudice to Landlord's right to recover the balance of such installment or pursue any other remedy provided in this Lease. No payment of money by Tenant to Landlord after the expiration or termination of this Lease shall reinstate or extend the Term, or make ineffective any notice of termination given to Tenant prior to the payment of such money. After the service of notice or the commencement of a suit, or after final judgment granting Landlord possession of the Leased Premises, Landlord may receive and collect any sums due under this Lease, and the payment thereof shall not make ineffective any notice or in any manner affect the pending suit or any judgment previously obtained. Tenant agrees that in addition to all other rights and remedies Landlord may obtain an order for unlawful detainer from any court of competent jurisdiction without prejudice to Landlord's rights to otherwise collect Rent or damages from Tenant, may either:.

Appears in 1 contract

Samples: Deed of Lease Agreement (First Montauk Financial Corp)

Default by Tenant. (a) This Lease is made upon A. In the condition that the Tenant shall punctually and faithfully perform all of the covenants and agreements by it to be performed as herein set forth. If any of the following events shall occur, to-witevent of: (i) if any installment failure of Fixed Base Rent, Percentage Rent, Tenant to pay any rental or any other sums required to be paid by Tenant hereunder, or any part thereof, shall at any time be in arrears and unpaid charges due hereunder for more than ten (10) days after the date same shall be due, ; or (ii) if there be any default on the part of the Tenant in the observance or performance of any of the other covenants, agreements or conditions of said Lease on the part failure of Tenant to perform any other of the terms, conditions or covenants of this Lease to be kept and observed or performed and said default shall continue by Tenant for a period of fifteen more than thirty (1530) days after written notice thereof from Landlord to Tenant (unless of such default cannot reasonably be cured within fifteen (15) days and in such case, Tenant shall have commenced been given to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of same) Tenant; or (iii) if Tenant or any guarantor of this Lease shall become bankrupt or insolvent, or file any debtor proceedings, or take or have taken against Tenant or any guarantor of this Lease in any Court pursuant to any statute, either of the United States or of any state, a petition in bankruptcy or be adjudicated insolvency or for reorganization or for appointment of a bankrupt, receiver or file a trustee of all or a portion of Tenant's or any petition such guarantor's property; or answer seeking (iv) if Tenant or any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or make such guarantor makes an assignment for the benefit of creditors, or (iv) if petitions for or enters into any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties shall be appointed in any action, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed within thirty (30) days after such appointment, agreement; or (v) if Tenant shall abandon the leasehold estate hereby created Leased Premises or suffer this Lease to be taken under any writ of execution; then Landlord, in addition to the other rights or remedies it may have, shall have the immediate right of re-entry and remove all persons and property from the Leased Premises; and such property may be removed and stored in a public warehouse or elsewhere at the cost of, and for the account of Tenant, and without being deemed guilty of trespass, or becoming liable for any loss or damage which may be occasioned thereby. It is expressly agreed by Tenant that Minimum Rent and CAM charges and any other monthly payments due under this Lease are due on the days specified herein; and utility reimbursement shall be taken by execution paid within ten (10) days after receipt of the invoice or by other process of lawnotice thereof. Any charge for Minimum Rent, CAM charges or utility reimbursement not paid when due shall bear interest at eighteen percent (vi18%) if Tenant shall fail to operate and conduct business as required in Section 8 hereinabove, then, in any such event, Landlord, at Landlord's option and without limiting Landlord in the exercise of any other right or remedy Landlord may have on account of any default by Tenant, may either:per annum.

Appears in 1 contract

Samples: Commercial Lease (Integrated Management Information, Inc.)

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