Common use of Intent of Parties Clause in Contracts

Intent of Parties. 35. Except as otherwise provided herein, the Tenant covenants and agrees that if it shall at any time fail to pay any cost or expense required to be paid by Tenant hereunder, or fail to take out, pay for, maintain or deliver any of the insurance policies above required, or fail to make any other payment or perform any other act on its part to be made or performed as in this Lease provided, then the Landlord may, but shall not be obligated so to do, and without notice to or demand upon the Tenant and without waiving or releasing the Tenant from any obligations of the Tenant in this Lease contained, pay any such cost or expense, effect any such insurance coverage and pay premiums therefor, and may make any other payment or perform any other act on the part of the Tenant to be made and performed as in this Lease provided, in such manner and to such extent as the Landlord may deem desirable, and in exercising any such right, to also pay all necessary and incidental costs and expenses, employ counsel and incur and pay reasonable attorneys’ fees. All sums so paid by Landlord and all necessary and incidental costs and expenses in connection with the performance of any such act by the Landlord, together with interest thereon at the rate of ten percent (10%) per annum from the date of making of such expenditure, by Landlord, shall be deemed additional rent hereunder, and shall be payable to Landlord on demand. Tenant covenants to pay any such sum or sums with interest as aforesaid and the Landlord shall have the same rights and remedies in the event of the nonpayment thereof by Tenant as in the case of default by Tenant in the payment of the Base Rent payable under this Lease.

Appears in 2 contracts

Samples: Lease (Wireless Ronin Technologies Inc), Lease (Wireless Ronin Technologies Inc)

AutoNDA by SimpleDocs

Intent of Parties. 3534. Except as otherwise provided herein, the Tenant covenants and agrees that if it shall at any time fail to pay any cost costs or expense required expenses which this Lease requires Tenant to be paid by Tenant hereunderpay, or fail to take out, pay for, maintain or deliver any of the insurance policies above required, or fail to make any other payment or perform any other act on its part to be made or performed as in this Lease provided, then the Landlord may, but shall not be obligated so to doto, and without notice to or demand upon Tenant (other than the Tenant notice provided for under this Lease) and without waiving or releasing the Tenant from any obligations of the Tenant in this Lease contained, pay any such cost or expense, effect any such insurance coverage and pay premiums therefor, and may make any other payment or perform any other act on the part of the Tenant to be made and performed as in this Lease provided, in such manner and to such extent as the Landlord may deem desirable, ; and in exercising any such right, to Landlord may also pay all necessary and incidental costs and expenses, employ counsel and incur and pay reasonable attorneys’ attorney's fees. All sums so paid by Landlord and all necessary and incidental costs and expenses in connection with the performance of any such act by the Landlord, together with interest thereon at the rate of ten one and one-half percent (101.5%) per annum month from the date of making of such expenditure, expenditures by Landlord, shall be deemed additional rent hereunder, hereunder and shall be payable to Landlord on demand. Tenant covenants to pay any such sum or sums with interest as aforesaid aforesaid, and the Landlord shall have the same rights and remedies in the event of the nonpayment thereof by Tenant as in the case of default by Tenant in the payment of the Base Rent payable under this Lease.

Appears in 2 contracts

Samples: Possis Medical Inc, Possis Medical Inc

Intent of Parties. 35. Except as otherwise provided herein, the Tenant covenants and agrees that if (i) it shall at any time fail to pay any cost costs or expense required to be paid by Tenant hereunderexpenses, or fail to take out, pay for, maintain or deliver any of the insurance policies above requiredpolicies, or fail to make any other payment or perform any other act on its part to be made or performed as required in this Lease providedLease, and (ii) the applicable cure period under Article 17 has expired, then the Landlord may, but shall not be obligated so to doto, and without notice to or demand upon the Tenant and without waiving or releasing the Tenant from any obligations of the Tenant contained in this Lease containedLease, pay any such cost or expense, effect any such insurance coverage and pay premiums therefortherefore, and may make any other payment or perform any other act on the part of the Tenant to be made and performed as provided in this Lease providedLease, in such manner and to such extent as the Landlord may reasonably deem desirable, and in exercising any such right, to also pay all necessary and incidental costs and expenses, employ counsel and incur and pay reasonable attorneys’ fees. All sums so paid by Landlord and all necessary and incidental costs and expenses in connection with the performance of any such act by the Landlord, together with interest thereon at the rate of ten six percent (106.00%) per annum annually from the date of making of such expenditure, expenditure by Landlord, shall be deemed additional rent Additional Rent hereunder, and shall be payable to Landlord on within thirty (30) days of written demand. Tenant covenants to pay any such sum or sums with interest as aforesaid and the Landlord shall have the same rights and remedies in the event of the nonpayment non-payment thereof by Tenant as in the case of default an Event of Default by Tenant in the payment of the Base Rent payable or Additional rent due under this Lease.

Appears in 2 contracts

Samples: Commercial Lease (Entellus Medical Inc), Commercial Lease (Entellus Medical Inc)

Intent of Parties. 35. Except as otherwise provided herein, the Tenant covenants It is expressly stipulated and agrees that if it shall at any time fail to pay any cost or expense required agreed to be paid by Tenant hereunder, the intent of Makers and Lender at all times to comply with the applicable law governing the maximum rate or fail amount of interest payable on or in connection with this Note. If the applicable law is ever judicially interpreted so as to take out, pay for, maintain render usurious any amount called for under this Note or deliver under any of the insurance policies above requiredother Loan Documents, or fail contracted for, charged, taken, reserved or received with respect to make this Note, or if acceleration of the maturity of this Note, any prepayment by Makers, or any other payment or perform circumstance whatsoever, results in Lender having been paid any other act on its part to be made or performed as interest in this Lease providedexcess of that permitted by applicable law, then it is the Landlord mayexpress intent of Makers and Lender that all excess amounts theretofore collected by Lender be credited on the principal balance of this Note (or, if this Note has been or would thereby be paid in full, refunded to Makers), and the provisions of this Note and the other applicable Loan Documents immediately be deemed reformed and the amounts thereafter collectible hereunder and thereunder reduced, without the necessity of the execution of any new document, so as to comply with the applicable law, but shall not be obligated so as to do, and without notice to or demand upon permit the Tenant and without waiving or releasing the Tenant from any obligations recovery of the Tenant in fullest amount otherwise called for hereunder and thereunder. The right to accelerate the maturity of this Lease contained, pay Note does not include the right to accelerate any such cost or expense, effect any such insurance coverage and pay premiums therefor, and may make any other payment or perform any other act interest which has not otherwise accrued on the part of the Tenant to be made and performed as in this Lease provided, in such manner and to such extent as the Landlord may deem desirable, and in exercising any such right, to also pay all necessary and incidental costs and expenses, employ counsel and incur and pay reasonable attorneys’ fees. All sums so paid by Landlord and all necessary and incidental costs and expenses in connection with the performance of any such act by the Landlord, together with interest thereon at the rate of ten percent (10%) per annum from the date of making of such expenditure, by Landlord, shall be deemed additional rent hereunderacceleration, and shall be payable Lender does not intend to Landlord on demand. Tenant covenants to pay collect any such sum or sums with unearned interest as aforesaid and the Landlord shall have the same rights and remedies in the event of acceleration. All sums paid or agreed to be paid to Lender for the nonpayment thereof by Tenant as in the case of default by Tenant in the payment use, forbearance or detention of the Base Rent payable indebtedness evidenced hereby or by any other Loan Document shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the rate or amount of interest on account of such indebtedness does not exceed the Maximum Lawful Rate. The term "applicable law" as used herein shall mean the laws of the state which governs the Credit Agreement, or DIDMCA or any other applicable United States federal law to the extent that it permits Lender to contract for, charge, take, reserve or receive a greater amount of interest than under the laws of the state which governs the Credit Agreement. The provisions of this Leaseparagraph shall control all agreements between Makers and Lender.

Appears in 2 contracts

Samples: Credit Agreement (Amresco Inc), Credit Agreement (Amresco Inc)

Intent of Parties. 35. Except as otherwise provided herein, the Tenant covenants and agrees that if it shall at any time fail to pay any cost costs or expense required to be paid by Tenant hereunderexpenses, or fail to take out, pay for, maintain or deliver any of the insurance policies above requiredpolicies, or fail to make any other payment or perform any other act on its part to be made or performed as required in this Lease providedLease, then the Landlord may, but shall not be obligated so to doto, and without notice to or demand upon the Tenant and without waiving or releasing the Tenant from any obligations of the Tenant contained in this Lease containedLease, pay any such cost or expense, effect any such insurance coverage and pay premiums therefortherefore, and may make any other payment or perform any other act on the part of the Tenant to be made and performed as provided in this Lease providedLease, in such manner and to such extent as the Landlord may deem desirable, and in exercising any such right, to also pay all necessary and incidental costs and expenses, employ counsel and incur and pay reasonable attorneys' fees. All sums so paid by Landlord and all necessary and incidental costs and expenses in connection with the performance of any such act by the Landlord, together with interest thereon at the rate of ten twelve percent (1012%) per annum from the date of making of such expenditure, expenditure by Landlord, shall be deemed additional rent Additional Rent hereunder, and shall be payable to Landlord on demand. Tenant covenants to pay any such sum or sums with interest as aforesaid and the Landlord shall have the same rights and remedies in the event of the nonpayment non-payment thereof by Tenant as in the case of default by Tenant in the payment of the Base Rent payable or Additional Rent due under this Lease.

Appears in 1 contract

Samples: Commercial Lease (Celcuity Inc.)

Intent of Parties. 35. Except as otherwise provided herein, the Tenant covenants It is expressly stipulated and agrees that if it shall at any time fail to pay any cost or expense required agreed to be paid by Tenant hereunder, the intent of Makers and Lender at all times to comply with the applicable law governing the maximum rate or fail amount of interest payable on or in connection with this Note. If the applicable law is ever judicially interpreted so as to take out, pay for, maintain render usurious any amount called for under this Note or deliver under any of the insurance policies above requiredother Loan Documents, or fail contracted for, charged, taken, reserved or received with respect to make this Note, or if acceleration of the maturity of this Note, any prepayment by Makers, or any other payment or perform circumstance whatsoever, results in Lender having been paid any other act on its part to be made or performed as interest in this Lease providedexcess of that permitted by applicable law, then it is the Landlord mayexpress intent of Makers and Lender that all excess amounts theretofore collected by Lender be credited on the principal balance of this Note (or, if this Note has been or would thereby be paid in full, refunded to Makers), and the provisions of this Note and the other applicable Loan Documents immediately be deemed reformed and the amounts thereafter collectible hereunder and thereunder reduced, without the necessity of the execution of any new document, so as to comply with the applicable law, but shall not be obligated so as to do, and without notice to or demand upon permit the Tenant and without waiving or releasing the Tenant from any obligations recovery of the Tenant in fullest amount otherwise called for hereunder and thereunder. The right to accelerate the maturity of this Lease contained, pay Note does not include the right to accelerate any such cost or expense, effect any such insurance coverage and pay premiums therefor, and may make any other payment or perform any other act interest which has not otherwise accrued on the part of the Tenant to be made and performed as in this Lease provided, in such manner and to such extent as the Landlord may deem desirable, and in exercising any such right, to also pay all necessary and incidental costs and expenses, employ counsel and incur and pay reasonable attorneys’ fees. All sums so paid by Landlord and all necessary and incidental costs and expenses in connection with the performance of any such act by the Landlord, together with interest thereon at the rate of ten percent (10%) per annum from the date of making of such expenditure, by Landlord, shall be deemed additional rent hereunderacceleration, and shall be payable Lender does not intend to Landlord on demand. Tenant covenants to pay collect any such sum or sums with unearned interest as aforesaid and the Landlord shall have the same rights and remedies in the event of acceleration. All sums paid or agreed to be paid to Lender for the nonpayment thereof by Tenant as in the case of default by Tenant in the payment use, forbearance or detention of the Base Rent payable indebtedness evidenced hereby or by any other Loan Document shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full so that the rate or amount of interest on account of such indebtedness does not exceed the Maximum Lawful Rate. The term "applicable law" as used herein shall mean the laws of the state which governs the Credit Agreement, or DIDMCA or any other applicable United States federal law to the extent that it permits Lender to contract for, charge, take, reserve or receive a greater amount of interest than under the laws of the state which governs the Credit Agreement. The provisions of this Leaseparagraph shall control all agreements between Makers and Lender. 5.

Appears in 1 contract

Samples: Credit Agreement (Amresco Inc)

Intent of Parties. 35. Except as otherwise provided herein, the Tenant covenants and agrees that if it shall at any time fail to pay any cost or expense required to be paid by Tenant hereunderit, or fail to take out, pay for, maintain or deliver any of the insurance policies above required, or fail fails to make any other payment or perform any other act on its part to be made or performed as in this Lease provided, then the Landlord may, but shall not be obligated so to do, and without notice to or demand upon the Tenant and without waiving or releasing the Tenant from any obligations of the Tenant in this Lease contained, pay any such cost or expense, effect any such insurance coverage and pay premiums therefor, and may make any other payment or perform any other act on the part of the Tenant to be made and performed as in this Lease provided, in such manner and to such extent as the Landlord may deem desirable, and in exercising any such right, to also pay all necessary and incidental costs and expenses, employ counsel and incur and pay reasonable attorneys’ attorney's fees. All sums so paid by Landlord and all necessary and incidental costs and expenses in connection with the performance of any such act by the Landlord, together with interest thereon at the rate of ten fourteen percent (1014%) per annum from the date of making of such expenditureexpenditures, by Landlord, shall be deemed additional rent Additional Rent hereunder, and shall be payable to Landlord on demand. Tenant covenants to pay any such sum or sums with interest as aforesaid and the Landlord shall have the same rights and remedies in the event of the nonpayment non-payment thereof by Tenant as in the case of default by Tenant in the payment of the Base Rent payable under this Lease.

Appears in 1 contract

Samples: Commercial Lease (BioDrain Medical, Inc.)

Intent of Parties. 35. Except as otherwise provided herein, the Tenant covenants and agrees that if it shall at any time fail fails to pay any cost or expense required to be paid by Tenant hereunderit, or fail to take out, pay for, maintain or deliver any of the insurance policies above required, or fail fails to make any other payment or perform any other act on its part to be made or performed as in this Lease provided, then the Landlord may, but shall will not be obligated so to do, and without notice to or demand upon the Tenant and without waiving or releasing the Tenant from any obligations of the Tenant in this Lease contained, pay any such cost or expense, effect any such insurance coverage and pay premiums therefortherefore, and may make any other payment or perform any other act on the part of the Tenant to be made and performed as in this Lease provided, in such manner and to such extent as the Landlord may deem desirable, and in exercising any such right, to also pay all necessary and incidental costs and expenses, employ counsel and incur and pay reasonable attorneys’ attorney's fees. All sums so paid by Landlord and all necessary and incidental costs and expenses in connection with the performance of any such act by the Landlord, together with interest thereon at the rate of ten fourteen percent (1014%) per annum from the date Landlord give written and documented notice of making of such expenditureexpenditures, by Landlord, shall will be deemed additional rent Additional Rent hereunder, and shall will be payable to Landlord on demand. Tenant covenants to pay any such sum or sums with interest as aforesaid and the Landlord shall will have the same rights and remedies in the event of the nonpayment non-payment thereof by Tenant as in the case of default by Tenant in the payment of the Base Rent payable under this Lease.

Appears in 1 contract

Samples: Commercial Lease (Aetrium Inc)

Intent of Parties. 35. Except as otherwise provided herein, the Tenant covenants and agrees that if it shall at any time fail fails to pay any cost or expense required to be paid by Tenant hereunderit, or fail to take out, pay for, maintain or deliver any of the insurance policies above required, or fail fails to make any other payment or perform any other act on its part to be made or performed as in this Lease provided, then the Landlord may, but shall will not be obligated so to do, and without notice to or demand upon the Tenant and without waiving or releasing the Tenant from any obligations of the Tenant in this Lease contained, pay any such cost or expense, effect any such insurance coverage and pay premiums therefortherefore, and may make any other payment or perform any other act on the part of the Tenant to be made and performed as in this Lease provided, in such manner and to such extent as the Landlord may deem desirable, and in exercising any such right, to also pay all necessary and incidental costs and expenses, employ counsel and incur and pay reasonable attorneys’ attorney’s fees. All sums so paid by Landlord and all necessary and incidental costs and expenses in connection with the performance of any such act by the Landlord, together with interest thereon at the rate of ten fourteen percent (1014%) per annum from the date of making of such expenditureexpenditures, by Landlord, shall will be deemed additional rent hereunder, and shall will be payable to Landlord on demand. Tenant covenants to pay any such sum or sums with interest as aforesaid and the Landlord shall will have the same rights and remedies in the event of the nonpayment non-payment thereof by Tenant as in the case of default by Tenant in the payment of the Base Rent payable under this Lease.

Appears in 1 contract

Samples: Commercial Lease (Aetrium Inc)

Intent of Parties. 35. Except as otherwise provided herein, the Tenant covenants and agrees that if it shall at any time fail to pay any cost or expense required to be paid by Tenant hereunderit, or fail to take out, pay for, maintain or deliver any of the insurance policies above required, or fail fails to make any other payment or perform any other act on its part to be made or performed as in this Lease provided, then the Landlord mayLandlord, may after giving Tenant written notice and reasonable opportunity to cure, but shall not be obligated so to do, and without notice to or demand upon the Tenant and without waiving or releasing the Tenant from any obligations of the Tenant in this Lease contained, pay any such cost or expense, effect any such insurance coverage and pay premiums therefor, and may make any other payment or perform any other act on the part of the Tenant to be made and performed as in this Lease provided, in such manner and to such extent as the Landlord may deem desirable, and in exercising any such right, to also pay all necessary and incidental reasonable costs and expenses, employ counsel and incur and pay reasonable attorneys’ fees. All sums so paid by Landlord and all necessary and incidental costs and expenses in connection with the performance of any such act by the Landlord, together with interest thereon at the rate of ten percent (10%) per annum from the date of making of such expenditureexpenditures, by Landlord, shall be deemed additional rent Additional Rent hereunder, and shall be payable to Landlord on demand. Tenant covenants to pay any such sum or sums with interest as aforesaid and the Landlord shall have the same rights and remedies in the event of the nonpayment non-payment thereof by Tenant as in the case of default by Tenant in the payment of the Base Rent payable under this Lease.

Appears in 1 contract

Samples: Commercial Lease (EnteroMedics Inc)

Intent of Parties. 35. Except as otherwise provided herein, the Tenant covenants and agrees that if it shall at any time fail to pay any cost or expense required to be paid by Tenant hereunderit, or fail to take out, pay for, maintain or deliver any of the insurance policies above required, or fail fails to make any other payment or perform any other act on its part to be made or performed as in this Lease provided, then the Landlord may, but shall not be obligated so to do, and without notice to or demand upon the Tenant and without waiving or releasing the Tenant from any obligations of the Tenant in this Lease contained, pay any such cost or expense, effect any such insurance coverage and pay premiums therefor, and may make any other payment or perform any other act on the part of the Tenant to be made and performed as in this Lease provided, in such manner and to such extent as the Landlord may deem desirable, and in exercising any such right, to also pay all necessary and incidental costs and expenses, employ counsel and incur and pay reasonable attorneys’ attorney’s fees. All sums so paid by Landlord and all necessary and incidental costs and expenses in connection with the performance of any such act by the Landlord, together with interest thereon at the rate of ten fourteen percent (1014%) per annum from the date of making of such expenditureexpenditures, by Landlord, shall be deemed additional rent hereunder, and shall be payable to Landlord on demand. Tenant covenants to pay any such sum or sums with interest as aforesaid and the Landlord shall have the same rights and remedies in the event of the nonpayment non-payment thereof by Tenant as in the case of default by Tenant in the payment of the Base Rent payable under this Lease.

Appears in 1 contract

Samples: Commercial Lease (Restore Medical, Inc.)

AutoNDA by SimpleDocs

Intent of Parties. 35. Except as otherwise provided herein, the Tenant covenants and agrees that if it shall at any time fail to pay any cost or expense required to be paid by Tenant hereunder, or fail to take out, pay for, maintain or deliver any of the insurance policies above required, or fail to make any other payment or perform any other act on its part to be made or performed as in this Lease provided, then then, after notice required under Section 17, the Landlord may, but shall not be obligated so to do, and without additional notice to or demand upon the Tenant and without waiving or releasing the Tenant from any obligations of the Tenant in this Lease contained, pay any such cost or expense, effect any such insurance coverage and pay premiums therefor, and may make any other payment or perform any other act on the part of the Tenant to be made and performed as in this Lease provided, in such manner and to such extent as the Landlord may deem desirable, and in exercising any such right, to also pay all necessary and incidental costs and expenses, employ counsel and incur and pay reasonable attorneys' fees. All sums so paid by Landlord and all necessary and incidental costs and expenses in connection with the performance of any such act by the Landlord, together with interest thereon at the rate of ten percent (10%) per annum Default Rate from the date of making of such expenditure, by Landlord, shall be deemed additional rent hereunder, and shall be payable to Landlord on demand. Tenant covenants to pay any such sum or sums with interest as aforesaid and the Landlord shall have the same rights and remedies in the event of the nonpayment thereof by Tenant as in the case of default by Tenant in the payment of the Base Rent payable under this Lease.

Appears in 1 contract

Samples: Lease (Mgi Pharma Inc)

Intent of Parties. 35. Except as otherwise provided herein, the Tenant Lessee covenants and agrees that if it shall at any time fail to pay any such cost or expense required to be paid by Tenant hereunderexpenses, or fail to take out, pay for, maintain or deliver any of the insurance policies above required, or fail to make any other payment or perform any other act on its part to be made or performed as in this Lease provided, then the Landlord Lessor may, but shall not be obligated so to do, and without notice to or demand upon the Tenant Lessee and without waiving or releasing the Tenant Lessee from any obligations of the Tenant Lessee in this Lease contained, pay any such cost or expense, effect any such insurance coverage and pay premiums therefor, and may make any other payment or perform any other act on the part of the Tenant Lessee to be made and performed as in this Lease provided, in such manner and to such extent as the Landlord Lessor may deem desirable, and in exercising any such right, to also pay all necessary and incidental costs and expenses, employ counsel and incur and pay reasonable attorneys' fees. All sums so paid by Landlord Lessor and all necessary and incidental costs and expenses in connection with the performance of any such act by the LandlordLessor, together with interest thereon at the rate of ten percent (10%) per annum from the date of making of such expenditure, by LandlordLessor, shall be deemed additional rent hereunder, and shall be payable to Landlord Lessor on demand. Tenant Lessee covenants to pay any such sum or sums with interest as aforesaid and the Landlord Lessor shall have the same rights and remedies in the event of the nonpayment non-payment thereof by Tenant Lessee as in the case of default by Tenant Lessee in the payment of the Base Rent payable under this Lease.

Appears in 1 contract

Samples: Office (Intranet Solutions Inc)

Intent of Parties. 35. Except as otherwise provided herein, the Tenant covenants and agrees that if it shall at any time fail to pay any such cost or expense required to be paid by Tenant hereunderexpenses, or fail to take out, pay for, maintain or deliver any of the insurance policies above required, or fail to make any other payment or perform any other act on its part to be made or performed as in this Lease providedprovided within a reasonable time after receipt of written notice from Tenant, then the Landlord may, but shall not be obligated so to do, and without notice to or demand upon the Tenant and without waiving or releasing the Tenant from any obligations of the Tenant in this Lease contained, pay any such cost or expense, effect any such insurance coverage and pay premiums therefor, and may make any other payment or perform any other act on the part of the Tenant to be made and performed as in this Lease provided, in such manner and to such extent as the Landlord may deem desirable, and in exercising any such right, to also pay all necessary and incidental costs and expenses, employ counsel and incur and pay reasonable attorneys’ fees. All sums so paid by Landlord and all necessary and incidental costs and expenses in connection with the performance of any such act by the Landlord, together with interest thereon at the rate of ten twelve percent (1012%) per annum from the date of making of such expenditure, by Landlord, shall be deemed additional rent hereunder, and shall be payable to Landlord on demand. Tenant covenants to pay any such sum or sums with interest as aforesaid and the Landlord shall have the same rights and remedies in the event of the nonpayment non-payment thereof by Tenant as in the case of default by Tenant in the payment of the Base Rent payable under this Lease.

Appears in 1 contract

Samples: Commercial Lease (Ciprico Inc)

Intent of Parties. 35. Except as otherwise provided herein, the Tenant covenants parties ----------------- covenant and agrees agree that if it a party, within any grace period allowed herein, shall at any time fail to pay any cost or expense required to be paid by Tenant hereunderexpense, or fail to take out, pay for, maintain or deliver any of the insurance policies above required, or fail to make any other payment or perform any other act on its part to be made or performed as in this Lease provided, then the Landlord other party may, after ten (10) days prior written notice, unless such delay may result in injury to person or property, and then upon such notice as is practicable, but shall not be obligated so to doto, and without notice to or demand upon the Tenant and without waiving or releasing the Tenant other party from any obligations of the Tenant in on its part to be performed under this Lease containedLease, pay any such cost or expense, effect any such insurance coverage and pay premiums therefor, therefore and may make any other such payment or perform any other such act on the part of the Tenant to be made and performed as in this Lease provided, in such manner and to such extent as the Landlord curing party may deem desirable, and in exercising any such right, to also pay all necessary and incidental costs and expenses, employ counsel and incur and pay reasonable attorneys’ attorney's fees. All sums so paid by Landlord the curing party and all necessary and incidental costs and expenses in connection with the performance of any such act by the Landlordcuring party, together with interest thereon computed at an annual rate equal to the reference rate or prime rate quoted by the Wall Street Journal, adjusted weekly as of ten the first business day of each week with respect to which interest is being computed until paid plus one and one-half percent (101 1/2%) per annum from the date of making of such expenditure, by Landlord, shall be deemed additional rent Additional Rent hereunder, and shall be payable to Landlord the curing party on demand. Tenant The defaulting party covenants to pay any such sum or sums with interest as aforesaid and and, in the event of a cure by Landlord, the Landlord shall have the same rights and remedies in the event of the nonpayment non- payment thereof by Tenant as in the case of default by Tenant in the payment of the Base Rent payable under this Lease.

Appears in 1 contract

Samples: Lease (Spectrum Control Inc)

Intent of Parties. 3542. Except as otherwise provided herein, the Tenant Lessee covenants and agrees that if it shall at any time fail to pay any cost or expense required to be paid by Tenant hereunderLessee pursuant to this Lease, or fail to take out, pay for, maintain or deliver any of the insurance policies above required, or fail to make any other payment or perform any other act on its part to be made or performed as in this Lease provided, then the Landlord Lessor may, but shall not be obligated so to do, and without notice to or demand upon the Tenant Lessee and without waiving or releasing the Tenant Lessee from any obligations of the Tenant Lessee in this Lease contained, pay any such cost or expense, effect any such insurance coverage and pay premiums therefor, and may make any other payment or perform any other act on the part of the Tenant Lessee to be made and performed as in this Lease provided, in such manner and to such extent as the Landlord Lessor may deem desirable, and in exercising any such right, to also pay all necessary and incidental costs and expenses, employ counsel and incur and pay reasonable attorneys' fees. All sums so paid by Landlord Lessor and all necessary and incidental costs and expenses in connection with the performance of any such act by the Landlord, together with Lessor shall accrue interest thereon at the lesser of the rate of ten twelve percent (1012%) per annum from annum, or the date of making of such expenditure, highest rate then permitted by Landlordlaw. Such expenditures by Lessor, shall be deemed additional rent Additional Rent hereunder, and shall be payable to Landlord for Lessor on demand. Tenant Lessee covenants to pay any such sum or sums with interest as aforesaid and the Landlord Lessor shall have the same rights and remedies in the event of the nonpayment non-payment thereof by Tenant Lessee as in the case of default by Tenant Lessee in the payment of the Base Rent payable under this Lease.

Appears in 1 contract

Samples: Lease Agreement (Spectrascience Inc)

Intent of Parties. 35. Except as otherwise provided herein, the Tenant covenants and agrees that if it shall at any time fail to pay any such cost or expense required to be paid by Tenant hereunderexpense, or fail to take out, pay for, maintain or deliver any of the insurance policies above required, or fail to make any other payment or perform any other act on its part to be made or performed as in this Lease provided, then the Landlord may, but shall not be obligated so to do, and without notice to or demand upon the Tenant and without waiving or releasing the Tenant from any obligations of the Tenant in this Lease contained, pay any such cost or expense, effect any such insurance coverage and pay premiums therefor, and may make any other payment or perform any other act on the part of the Tenant to be made and performed as in this Lease provided, in such manner and to such extent as the Landlord may deem desirable, and in exercising any such right, to also pay all necessary and incidental costs and expenses, employ counsel and incur and pay reasonable attorneys' fees. All sums so paid by Landlord and all necessary and incidental costs and expenses in connection with the performance of any such act by the Landlord, together with interest thereon at the rate of ten TWELVE percent (1012%) per annum from the date of making of such expenditure, by Landlord, shall be deemed additional rent hereunder, Additional Rent hereunder and shall be payable to Landlord on demand. Tenant covenants to pay any such sum or sums with interest as aforesaid and the Landlord shall have the same rights and remedies in the event of the nonpayment thereof by Tenant as in the case of default by Tenant in the payment of the Base Rent payable under this Lease.

Appears in 1 contract

Samples: Lectec Corp /Mn/

Time is Money Join Law Insider Premium to draft better contracts faster.