INSOLVENCY OF LESSEE. Either (a) the appointment of a receiver to take possession of all or substantially all of the assets of Lessee, or, (b) a general assignment by Lessee for the benefit of creditors, or, (c) any action taken or suffered by Lessee under any insolvency or bankruptcy act, shall constitute a default of this Lease by Lessee, and Lessor may terminate this Lease forthwith and upon notice of such termination Lessee's right to possession of the Premises shall cease, and Lessee shall then quit and surrender the Premises to Lessor but Lessee shall remain liable as hereinafter provided in Article 14 hereof.
INSOLVENCY OF LESSEE. 11 13. LESSOR'S REMEDIES ON DEFAULT:..........................................11 14. DEFICIENCY:............................................................11 15.
INSOLVENCY OF LESSEE. In the event of any act of insolvency by the Lessee, including the application for or consent to the appointment of a receiver, trustee or liquidator for all or for a substantial part of its assets; or if the Lessee shall be unable, or admit in writing its inability to pay its debts as they mature; or make a general assignment for the benefit of creditors; or be adjudicated as bankrupt or insolvent; or file a voluntary petition in bankruptcy or a petition or answer seeking reorganization or an arrangement with creditors or to take advantage of any insolvency law; or file an answer admitting the material allegations of, or consent to, or default in answering, a petition filed against it in any bankruptcy reorganization or insolvency proceeding; or take any action under the laws of any applicable jurisdiction analogous to any of the foregoing; or if corporate action shall be taken by it for the purpose of effecting any of the foregoing, then and in that event, Lessor shall have and may exercise any one or more of the remedies set forth herein, and at the option of Lessor, this Lease may be terminated without prior notice.
INSOLVENCY OF LESSEE. Either (a) the appointment of a receiver to take possession of all or substantially all of the assets of Lessee, or (b) a general assignment by Lessee for the benefit of creditors, or (c) any action taken or suffered by Lessee under any insolvency or bankruptcy act, shall constitute a default of this Lease by Lessee, and Lessor may terminate this Lease forthwith and upon notice of such termination Lessee's right to Possession of the Demised Premises shall cease, and Lessee shall then quit and surrender the Premises to Lessor but Lessee shall remain liable as hereinafter provided in Paragraph 14 hereof. Notwithstanding anything contained herein to the contrary so long as Lessee is not in default in the payment of basic rent and additional rent and is otherwise in compliance with the other covenants and conditions herein, the insolvency of Lessee shall not constitute a default of this Lease.
INSOLVENCY OF LESSEE. If the Lessee becomes insolvent, bankrupt, or has a receiver appointed, the Board may terminate this Lease. Insolvency as used in this Lease will mean the inability of the Lessee to meet obligations as they come due.
INSOLVENCY OF LESSEE. The insolvency of Lessee, as evidenced by a receiver being appointed to take possession of all or substantially all of the property of Lessee, or the making of a general assignment for the benefit of creditors by Lessee, shall terminate this lease and entitle Lessor to reenter and regain possession of said premises.
INSOLVENCY OF LESSEE. Notwithstanding any other provision herein to the contrary, in the event the Lessee or Xxxxxx's successors or assigns shall become insolvent, bankrupt, or make an assignment for the benefit of creditors, or if Xxxxxx's interests herein shall be levied upon or sold under execution or other legal process, the Lessor may terminate this lease; provided that in the event this lease is terminated, the maximum claim of Lessor for damages or indemnity for injuries resulting from the termination of the expired lease shall in no event be an amount exceeding the rent reserved by the lease, without acceleration, for the year next succeeding the date of the surrender of the premises to the Lessor, or the date of re-entry of the Lessor, whichever first occurs, plus an amount equal to the unpaid rent accrued, without acceleration, up to such date.
INSOLVENCY OF LESSEE. Either (a) the appointment of a receiver to take possession of all or substantially all of the assets of Lessee, or (b) a general assignment by Lessee for the benefit of creditors, or (c) any action taken or suffered by Lessee under any insolvency or bankruptcy act, not dismissed within sixty (60) days, shall constitute a default of this Lease by Lessee, and Lessor may at any time thereafter either (i) deliver written notice to Lessee stating that Lessee's right to possession of the Premises shall expire and come to an end on the date fixed in such notice, which date shall be not less than ten (10) days after the date of said notice, and on the date fixed in said notice, this Lease and Lessee's right to possession of the Premises shall expire and come to an end as if such date were the date originally fixed in this Lease as the Expiration Date, and Lessee shall immediately quit and surrender the Premises to Lessor, it being the intent of the parties that this clause creates a conditional limitation, or (ii) terminate this Lease forthwith and upon notice of such termination Lessee’s right to possession of the Premises shall cease, and Lessee shall then quit and surrender the Premises to Lessor but Lessee shall remain liable as hereinafter provided in Article 14 hereof.
INSOLVENCY OF LESSEE. If the Lessee becomes insolvent, a receiver is appointed, or Lessee's interest is transferred by operation of law by reason of insolvency, the State may terminate this Agreement at its option. Insolvency as used herein will mean the inability of the Lessee to meet its monetary obligations under this Agreement as they come due.
INSOLVENCY OF LESSEE. Should the LESSEE at any time during the term of this Lease become insolvent or be placed in liquidation or suffer or permit any petition under any of the rehabilitative provisions of the bankruptcy act or any involuntary or voluntary petition of bankruptcy to be filed by it or against it, or otherwise make any assignment for the benefit of its creditors, or should a receiver or trustee by appointed for the LESSEE'S property, then and in any such event and upon the happening of any such event, the LESSOR shall have the right at its election to consider the same a material default on the part of the LESSEE of the terms and provisions hereof and to terminate this Lease, in which event no interest of any kind hereunder shall vest in the trustee in bankruptcy, receiver, or other like officer or agent. This ARTICLE is in furtherance of and not a limitation of the po era herein conferred upon the LESSOR. However, in the event of a filing of any petition in bankruptcy or under any of the rehabilitative provisions of the bankruptcy act which might seek the assistance of the bankruptcy court either in the form of reorganization or an arrangement with creditors, or otherwise, the LESSEE shall have one hundred and twenty (120) days from such filing in which to obtain an order of the Federal District Court discharging said petition before same constitutes a material default on LESSEE'S part of the terms and conditions hereof so as to entitle the LESSOR to terminate this Lease.
