Common use of REMEDIES OF LESSOR Clause in Contracts

REMEDIES OF LESSOR. If default be made by Lessee in the payment of the rentals and royalties herein and such default shall continue for a period of fifteen (15) days after written notification thereof has been posted to Lessee, then in each such event, Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and take possession of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims of, by, or through Lessee, and pursue any and all other remedies available under the laws of the State of Illinois for violation of any covenant or condition hereof, and all such remedies shall be deemed cumulative and not exclusive. If default be made by Lessee in the performance of any of the other terms or conditions hereof required to be kept or performed by Lessee and such default shall continue for a period of thirty (30) days after written notification thereof has been posted to Lessee, and in the event that Lessee is not reasonably engaged in curing the said default, then in such event, Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and take possession of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims of, by or through Lessee, and pursue any and all other remedies available under the laws of the State of Illinois for violations of any covenant or condition hereof, and all such remedies shall be deemed cumulative and not exclusive. Lessee shall notify Lessor of its proposed cure actions and continue to keep Lessor informed on a regular basis of the actions taken and results thereof. No action by Lessor pursuant to this Section 7 shall impair the right to rental and royalties (including without limitation Tonnage Royalties and Quarterly Deficiency Payments) due or accrued up to the time of termination and re-entry hereunder, but none shall be charged for any period thereafter. Provided, however, if Lessor, at any time, has provided notice of a Financing Cessation (as defined in the Purchase Agreement) then the cure periods set forth above shall be two hundred seventy (270) days from the date of such notice. In the event such Financing Cessation concludes prior to the end of such 270-day cure period as a result of Lessor paying the applicable portion of the Purchase Price at an Applicable Closing which was delayed as a result of such Financing Cessation, then Lessee shall have the cure periods set forth in the first two paragraphs of this Section 7 to cure and correct any defaults that have occurred during the just concluded period of Financing Cessation. Lessee further agrees that if the interest of Lessee in the Leased Premises shall be sold on execution or judicial sale, or if bankruptcy proceedings be begun by Lessee, or if Lessee be adjudged a bankrupt, or it makes an assignment for the benefit of creditors, or a receiver be appointed for it or for the Leased Premises, or if an assignment occurs by operation of law, then, and in any such event, this Lease shall forthwith terminate and be forfeited and the Leased Premises and all improvements thereon shall forthwith become the property of Lessor, without compensation to Lessee, and without refund of any royalties or deficiency payments paid hereunder.

Appears in 4 contracts

Samples: Mining Lease and Sublease Agreement, Mining Lease and Sublease Agreement (Foresight Energy LP), Mining Lease and Sublease Agreement (Foresight Energy Partners LP)

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REMEDIES OF LESSOR. If default be made by Lessee in At any time after the payment occurrence of any Event of Default, Lessor may exercise one or more of the rentals following remedies: (a) Lessor may terminate any or all of the Leases with respect to any or all items of Equipment subject thereto; (b) Lessor may recover from Lessee all Rent and royalties herein other amounts then due and such default shall continue for a period to become due under any or all of fifteen the Leases; (15c) days after written notification thereof has been posted to Lessee, then in each such event, Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and may take possession of the Leased Premises and hold and possess any or all items of Equipment, wherever the same as its absolute property free may be located, without demand or notice, without any court order or other process of law and clear without liability to Lessee for any damages occasioned by such taking of possession, and any such taking of possession shall not constitute a termination of any claims ofLease; (d) Lessor may demand that Lessee return any or all items of Equipment to Lessor in accordance with Paragraph 16; and (e) Lessor may pursue any other remedy available at law or in equity, byincluding, without limitation, seeking damages, specific performance or an injunction. Upon repossession or return of any item of the Equipment, Lessor shall sell, lease or otherwise dispose of such item in a commercially reasonable manner, with or without notice and on public or private bid, and apply the net proceeds thereof (after deducting the estimated fair market value of such item at the expiration of the term of the applicable Lease, in the case of a sale, or through Lesseethe rents due for any period beyond the scheduled expiration of such Lease, and pursue any and all other remedies available under in the laws of the State of Illinois for violation case of any covenant or condition hereofsubsequent lease of such item, and all expenses, including, without limitation, reasonable attorneys' fees, incurred in connection therewith) towards the Rent and other amounts due under such Lease, with any excess net proceeds to be retained by Lessor. Each of the remedies under this Lease shall be deemed cumulative cumulative, and not exclusive. If default be made by Lessee in the performance of any of the other terms or conditions hereof required to be kept or performed by Lessee and such default shall continue for a period of thirty (30) days after written notification thereof has been posted to Lessee, and in the event that Lessee is not reasonably engaged addition to any other remedy referred to herein or otherwise available to Lessor in curing the said default, then law or in such event, equity. Any repossession or subsequent sale or lease by Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and take possession of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims of, by or through Lesseeitem of Equipment shall not bar an action for a deficiency as herein provided, and pursue any and all other remedies available under the laws bringing of an action or the State entry of Illinois for violations of any covenant or condition hereof, and all such remedies shall be deemed cumulative and not exclusive. judgment against Lessee shall notify Lessor of its proposed cure actions and continue to keep Lessor informed on a regular basis of the actions taken and results thereof. No action by Lessor pursuant to this Section 7 shall impair the not bar Lessor's right to rental and royalties (including without limitation Tonnage Royalties and Quarterly Deficiency Payments) due repossess any or accrued up to the time all items of termination and re-entry hereunder, but none shall be charged for any period thereafterEquipment. Provided, however, if Lessor, at any time, has provided notice of a Financing Cessation (as defined in the Purchase Agreement) then the cure periods set forth above shall be two hundred seventy (270) days from the date of such notice. In the event such Financing Cessation concludes prior to the end of such 270-day cure period as a result of Lessor paying the applicable portion of the Purchase Price at an Applicable Closing which was delayed as a result of such Financing Cessation, then Lessee shall have the cure periods set forth in the first two paragraphs of this Section 7 to cure and correct any defaults that have occurred during the just concluded period of Financing Cessation. Lessee further agrees that if the interest of Lessee in the Leased Premises shall be sold on execution or judicial sale, or if bankruptcy proceedings be begun by Lessee, or if Lessee be adjudged a bankrupt, or it makes an assignment for the benefit of creditors, or a receiver be appointed for it or for the Leased Premises, or if an assignment occurs by operation of law, then, and in any such event, this Lease shall forthwith terminate and be forfeited and the Leased Premises and all improvements thereon shall forthwith become the property of Lessor, without compensation to Lessee, and without refund of any royalties or deficiency payments paid hereunder19.

Appears in 4 contracts

Samples: Master Lease Agreement (Flashnet Communications Inc), Master Lease Agreement (Flashnet Communications Inc), Master Lease Agreement (Pointe Communications Corp)

REMEDIES OF LESSOR. If default be made by Lessee in Upon the payment occurrence of the rentals any Event of Default and royalties herein and such default shall continue for a period of fifteen (15) days after written notification thereof has been posted to Lessee, then in each such eventat any time thereafter, Lessor may, at in its optionsole discretion and without notice, terminate this Lease exercise one or more of the following remedies without any further notice presentment, demand or protest: (a) terminate the Agreement and re-all of Lessee's rights as to any or all items of Property; (b) proceed by appropriate court action to personally, or by its agents, take possession from Lessee of any or all items of Property wherever found and for this purpose enter upon Xxxxxx's premises where any item of Property is located and take possession remove such item of Property free from all claims of any nature whatsoever by Xxxxxx and Lessor may thereafter dispose of the Leased Premises Property; provided, however, that any proceeds from the disposition of the Property in excess of the sum required to (i) pay to Lessor an amount equal to the total unpaid principal component of Lease Payments and hold and possess the same as its absolute property free and clear of any claims of, by, or through Lesseeother amounts then due under this Agreement, and (iii) pay Lessor's costs and expenses associated with the disposition of the Property and the Event of Default (including attorney’s fees), shall be paid to Lessee or such other creditor of Lessee as may be entitled thereto, and further provided that no deficiency shall be allowed against Lessee; (c) proceed by appropriate court action(s) to enforce performance by Lessee of its obligations or to recover damages for the breach or pursue any other remedy available to Lessor at law or in equity or otherwise; (d) declare all unpaid Lease Payments and other sums payable during the current fiscal year of the Lease Term to be immediately due and payable and / or take any and all other remedies available actions to which Lessor shall be entitled under the laws of the State of Illinois for violation applicable law. No right or remedy herein conferred upon or reserved to Lessor is exclusive of any covenant right or condition hereofremedy, and all such remedies but each shall be deemed cumulative and not exclusiveof every other right or remedy given at law or in equity or by statute or otherwise. If default be made by Lessee Xxxxxx agrees to pay or reimburse Lessor for, in the performance of any of the other terms or conditions hereof required addition to be kept or performed by Lessee and such default shall continue for a period of thirty (30) days after written notification thereof has been posted to Lessee, and in the event that Lessee is not reasonably engaged in curing the said default, then in such event, Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and take possession of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims of, by or through Lessee, and pursue any and all other remedies available under the laws of the State of Illinois for violations of any covenant or condition hereofamounts due, and all such remedies shall be deemed cumulative and not exclusive. Lessee shall notify Lessor of its proposed cure actions and continue to keep Lessor informed on a regular basis of the actions taken and results thereof. No action by Lessor pursuant to this Section 7 shall impair the right to rental and royalties (including without limitation Tonnage Royalties and Quarterly Deficiency Payments) due or accrued up to the time of termination and re-entry hereunder, but none shall be charged for any period thereafter. Provided, however, if Lessor, at any time, has provided notice of a Financing Cessation (as defined in the Purchase Agreement) then the cure periods set forth above shall be two hundred seventy (270) days from the date of such notice. In the event such Financing Cessation concludes prior to the end of such 270-day cure period as a result of Lessor paying the applicable portion of the Purchase Price at an Applicable Closing which was delayed as a result of such Financing Cessation, then Lessee shall have the cure periods set forth in the first two paragraphs of this Section 7 to cure and correct any defaults that have occurred during the just concluded period of Financing Cessation. Lessee further agrees that if the interest of Lessee in the Leased Premises shall be sold on execution or judicial sale, or if bankruptcy proceedings be begun by Lessee, or if Lessee be adjudged a bankrupt, or it makes an assignment for the benefit of creditors, or a receiver be appointed for it or for the Leased Premises, or if an assignment occurs by operation of law, then, and in any such event, this Lease shall forthwith terminate and be forfeited and the Leased Premises and all improvements thereon shall forthwith become the property of Lessor's costs of collection, without compensation to Lesseeincluding reasonable attorney fees, and without refund of any royalties whether or deficiency payments paid hereundernot suit or action is filed. UNLESS PROHIBITED BY LAW, XXXXXX AND LESSOR HEREBY IRREVOCABLY WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT.

Appears in 2 contracts

Samples: Escrow Agreement, Escrow Agreement

REMEDIES OF LESSOR. If a default be made by Lessee in occurs and is not cured within any applicable time permitted under paragraph No. 17 above, the payment Lessor shall have all of the rentals rights and royalties herein and such default shall continue for a period of fifteen (15) days after written notification thereof has been posted remedies allowed by law, including the right, without notice, to Lessee, then in each such event, Lessor may, at its option, terminate this Lease without any further notice lease, to enter the Lessee’s premises or other real property and re-enter upon dispossess Lessee and take their legal representatives or other persons in possession of the Leased Premises leased property by summary proceedings or otherwise and hold remove their effects and possess the same property as its absolute property free and clear if this lease had not been made; the Lessee hereby waives the service of any claims of, by, or through Lessee, and pursue any and all other remedies available under the laws of the State of Illinois for violation of any covenant or condition hereof, and all such remedies shall be deemed cumulative and not exclusive. If default be made by Lessee in the performance of any of the other terms or conditions hereof required to be kept or performed by Lessee and such default shall continue for a period of thirty (30) days after written notification thereof has been posted to Lessee, and in the event that Lessee is not reasonably engaged in curing the said default, then in such event, Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and take possession of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims of, by or through Lessee, and pursue any and all other remedies available under the laws of the State of Illinois for violations of any covenant or condition hereof, and all such remedies shall be deemed cumulative and not exclusive. Lessee shall notify Lessor of its proposed cure actions and continue to keep Lessor informed on a regular basis of the actions taken and results thereof. No action by Lessor pursuant to this Section 7 shall impair the right to rental and royalties (including without limitation Tonnage Royalties and Quarterly Deficiency Payments) due or accrued up to the time of termination and re-entry hereunder, but none shall be charged for any period thereafter. Provided, however, if Lessor, at any time, has provided notice of a Financing Cessation (as defined in the Purchase Agreement) then the cure periods set forth above shall be two hundred seventy (270) days from the date of such noticeintention to enter or repossess or to institute legal proceedings to that end. In the event such Financing Cessation concludes prior to the end of such 270-day cure period as a result of Lessor paying the applicable portion of the Purchase Price at an Applicable Closing which was delayed as a result of such Financing Cessation, then Lessee shall have the cure periods set forth in the first two paragraphs of this Section 7 to cure and correct any defaults that have occurred during the just concluded period of Financing Cessation. The Lessee further agrees that if in case of any termination, the interest Lessee will indemnify the Lessor against all loss of Lessee rents and other damage which the Lessor may incur by reason of such termination, including, but not limited to, cost of restoring and repairing the property and putting same into rentable condition, cost of renting the property to another Lessee, loss or diminution of rents and other damage which the Lessor may incur by reason of such termination, and, to the extent permitted under the then applicable law, all reasonable attorney’s fees and expenses incurred in enforcing any of the Leased Premises terms of this lease or any other rights or remedies of the Lessor. Neither acceptance of rent by the Lessor, with or without knowledge of breach, nor failure of the Lessor to take action on account of any breach hereof or to enforce its rights hereunder shall be sold on execution deemed a waiver of any breach. Absent written notice or judicial saleconsent, said breach shall be a continuing one. The words “re-enter” and “re-entry” as used in this lease is not restricted to their technical legal meaning. The Lessee hereby expressly waives any and all rights to recover or regain possession of the premises or to reinstate or to redeem this lease as permitted or provided by or under any statute, law, or if bankruptcy proceedings be begun by Lessee, decision now or if Lessee be adjudged a bankrupt, or it makes an assignment for the benefit of creditors, or a receiver be appointed for it or for the Leased Premises, or if an assignment occurs by operation of law, then, hereafter in force and in any such event, this Lease shall forthwith terminate and be forfeited and the Leased Premises and all improvements thereon shall forthwith become the property of Lessor, without compensation to Lessee, and without refund of any royalties or deficiency payments paid hereundereffect.

Appears in 2 contracts

Samples: Sample Lease Purchase Agreement, Sample Lease Purchase Agreement

REMEDIES OF LESSOR. All payments hereunder required to be made by Lessee to Lessor shall be deemed and considered as rent reserved upon contract, and all remedies now or hereafter given by the laws of the State of West Virginia for the collection of rent are reserved to Lessor in respect of the sums so payable, and a lien is hereby reserved and imposed upon all the personal property of Lessee at any time acquired for use in connection with Lessee’s operations on the Leased Premises and remaining thereon at the time of any default hereunder, as well as also upon this Lease and the leasehold estate hereby created, to secure the payment of any and all sums. If default be made by Lessee in (i) the payment of the rentals rentals, royalties, taxes, wheelage fees, and royalties herein any other payments or charges required to be paid under this Lease; or (b) in the performance of any of the other terms or conditions hereof required to be kept or performed by Lessee, including, without limitation, the requirement to conduct its operations in accordance with Section 6 of this Lease, to provide mine plans for approval in accordance with Section 6, to maintain insurance and indemnify Lessor as set forth in Section 5, to maintain lateral and subjacent support of the Leased Premises in accordance with Section 6, to avoid the loss of or bypassing coal in accordance with Section 6, to pay, perform and be responsible for any and all black lung benefits, to conduct its operations in compliance with applicable law, and perform any and all other covenants and obligations to be performed by Lessee hereunder; and in each or any such case, such default shall continue for a period of fifteen (15) days after written notification thereof has been posted to Lessee, then in each such eventevent and as often as the same occurs, Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and take possession of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims of, by, or through Lessee, and pursue any and all other remedies available under the laws of the State of Illinois West Virginia for violation of any covenant or condition hereof, and all such remedies shall be deemed cumulative and not exclusive. If default be made by Lessee in the performance of any of the other terms or conditions hereof required to be kept or performed by Lessee and such default shall continue for a period of thirty (30) days after written notification thereof has been posted to Lessee, and in the event that Lessee is not reasonably engaged in curing the said default, then in such event, Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and take possession of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims of, by or through Lessee, and pursue any and all other remedies available under the laws of the State of Illinois for violations of any covenant or condition hereof, and all such remedies shall be deemed cumulative and not exclusive. Lessee shall notify Lessor of its proposed cure actions and continue to keep Lessor informed on a regular basis of the actions taken and results thereof. No action by Lessor pursuant to this Section 7 shall impair the right to rental and royalties (including without limitation Tonnage Royalties and Quarterly Deficiency Payments) due or accrued up to the time of termination and re-entry hereunder, but none shall be charged for any period thereafter. Provided, however, if Lessor, at any time, has provided notice of a Financing Cessation (as defined in the Purchase Agreement) then the cure periods set forth above shall be two hundred seventy (270) days from the date of such notice. In the event such Financing Cessation concludes prior to the end of such 270-day cure period as a result of Lessor paying the applicable portion of the Purchase Price at an Applicable Closing which was delayed as a result of such Financing Cessation, then Lessee shall have the cure periods set forth in the first two paragraphs of this Section 7 to cure and correct any defaults that have occurred during the just concluded period of Financing Cessation. Lessee further agrees that if the interest of Lessee in the Leased Premises shall be sold on execution or judicial sale, or if bankruptcy proceedings be begun by Lessee, or if Lessee be adjudged a bankrupt, or it makes an assignment for the benefit of creditors, or a receiver be appointed for it or for the Leased Premises, or if an assignment occurs by operation of law, then, and in any such event, this Lease shall forthwith terminate and be forfeited and the Leased Premises and all improvements thereon shall forthwith become the property of Lessor, without compensation to Lessee, and without refund of any royalties or deficiency payments paid hereunder.

Appears in 2 contracts

Samples: Lease (Ramaco Resources, Inc.), Lease (Ramaco Resources, Inc.)

REMEDIES OF LESSOR. (a) If default be made by any Lessee in Default occurs, Lessor shall have the payment right after the expiration of the rentals and royalties herein and such default shall continue for a period applicable Cure Period, at the option of Lessor, to terminate this Lease upon providing fifteen (15) days after written notification thereof notice if the default has not been posted cured by the expiration of such fifteen (15) day period. An Event of Default shall be deemed to Lesseehave occurred at the expiration of the Cure Period if the default has not been cured by the expiration of such fifteen (15) day period. Additionally, then in each such eventif any Event of Default occurs, Lessor may, at its option, terminate from time to time, without terminating this Lease without any further notice Lease, re-enter and re-enter let the Property, or any part thereof, as the agent and for the account of Lessee upon such terms and take possession conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Leased Premises and hold and possess the same as its absolute property free and clear of Property, reasonable attorneys fees, any claims of, by, or through Lesseereal estate commissions paid, and pursue thereafter toward payment of all sums due or to become due to Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, at Lessor's option, Lessee shall pay Lessor any and all other remedies available under the laws deficiency immediately upon demand therefore, notwithstanding that Lessor may have received periodic rental in excess of the State of Illinois for violation of any covenant periodic rental stipulated in this Lease in previous or condition hereofsubsequent rental periods, and all Lessor may bring an action therefore as such remedies deficiency shall arise. Nothing herein, however, shall be deemed cumulative and not exclusive. If default be made by Lessee in the performance of any of the other terms or conditions hereof required construed to be kept or performed by Lessee and such default shall continue for a period of thirty (30) days after written notification thereof has been posted require Lessor to Lessee, and in the event that Lessee is not reasonably engaged in curing the said default, then in such event, Lessor may, at its option, terminate this Lease without any further notice re-enter and re-enter upon and take possession let the Property in any event. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Property in excess of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims of, by or through Lessee, and pursue any and all other remedies available under the laws of the State of Illinois for violations of any covenant or condition hereof, and all such remedies shall be deemed cumulative and not exclusive. Lessee shall notify Lessor of its proposed cure actions and continue to keep Lessor informed on a regular basis of the actions taken and results thereof. No action by Lessor pursuant to Rent provided in this Section 7 shall impair the right to rental and royalties (including without limitation Tonnage Royalties and Quarterly Deficiency Payments) due or accrued up to the time of termination and re-entry hereunder, but none shall be charged for any period thereafter. Provided, however, if Lessor, at any time, has provided notice of a Financing Cessation (as defined in the Purchase Agreement) then the cure periods set forth above shall be two hundred seventy (270) days from the date of such notice. In the event such Financing Cessation concludes prior to the end of such 270-day cure period as a result of Lessor paying the applicable portion of the Purchase Price at an Applicable Closing which was delayed as a result of such Financing Cessation, then Lessee shall have the cure periods set forth in the first two paragraphs of this Section 7 to cure and correct any defaults that have occurred during the just concluded period of Financing Cessation. Lessee further agrees that if the interest of Lessee in the Leased Premises shall be sold on execution or judicial sale, or if bankruptcy proceedings be begun by Lessee, or if Lessee be adjudged a bankrupt, or it makes an assignment for the benefit of creditors, or a receiver be appointed for it or for the Leased Premises, or if an assignment occurs by operation of law, then, and in any such event, this Lease shall forthwith terminate and be forfeited and the Leased Premises and all improvements thereon shall forthwith become the property of Lessor, without compensation to Lessee, and without refund of any royalties or deficiency payments paid hereunderLease.

Appears in 2 contracts

Samples: Lease Agreement, Lease Agreement

REMEDIES OF LESSOR. If default be made by Lessee in At any time after the payment occurrence of any Event of Default, Lessor may exercise one or more of the rentals following remedies: (a) Lessor may terminate any or all of the Leases with respect to any or all items of Equipment subject thereto; (b) Lessor may recover from Lessee all Rent and royalties herein other amounts then due and such default shall continue for a period to become due under any or all of fifteen the Leases; (15c) days after written notification thereof has been posted to Lessee, then in each such event, Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and may take possession of the Leased Premises and hold and possess any or all items of Equipment, wherever the same as its absolute property free may be located, without demand or notice, without any court order or other process of law and clear without liability to Lessee for any damages occasioned by such taking of possession, and any such taking of possession shall not constitute a termination of any claims ofLease; (d) Lessor may demand that Lessee return any or all items of Equipment to Lessor in accordance with Paragraph 16; and (e) Lessor may pursue any other remedy available at law or in equity, byincluding, without limitation, seeking damages, specific performance or an injunction. Upon repossession or return of any item of the Equipment, Lessor shall sell, lease or otherwise dispose of such item in a commercially reasonable manner, with or without notice and on public or private bid, and apply the net proceeds thereof (after deducting the estimated fair market value of such item at the expiration of the term of the applicable Lease, in the case of a sale, or through Lesseethe rents due for any period beyond the scheduled expiration of such Lease, and pursue any and all other remedies available under in the laws of the State of Illinois for violation case of any covenant or condition hereofsubsequent lease of such item, and all expenses, including, without limitation, reasonable attorneys' fees, incurred in connection therewith) towards the Rent and other amounts due under such Lease, with any excess net proceeds to be retained by Lessor. Each of the remedies under this Lease shall be deemed cumulative cumulative, and not exclusive. If default be made by Lessee in the performance of any of the other terms or conditions hereof required to be kept or performed by Lessee and such default shall continue for a period of thirty (30) days after written notification thereof has been posted to Lessee, and in the event that Lessee is not reasonably engaged addition to any other remedy referred to herein or otherwise available to Lessor in curing the said default, then law or in such event, equity. Any repossession or subsequent sale or lease by Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and take possession of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims of, by or through Lesseeitem of Equipment shall not bar an action for a deficiency as herein provided, and pursue any and all other remedies available under the laws bringing of an action or the State entry of Illinois for violations of any covenant or condition hereof, and all such remedies shall be deemed cumulative and not exclusive. judgment against Lessee shall notify Lessor of its proposed cure actions and continue to keep Lessor informed on a regular basis of the actions taken and results thereof. No action by Lessor pursuant to this Section 7 shall impair the not bar Lessor's right to rental and royalties (including without limitation Tonnage Royalties and Quarterly Deficiency Payments) due repossess any or accrued up to the time all items of termination and re-entry hereunder, but none shall be charged for any period thereafter. Provided, however, if Lessor, at any time, has provided notice of a Financing Cessation (as defined in the Purchase Agreement) then the cure periods set forth above shall be two hundred seventy (270) days from the date of such notice. In the event such Financing Cessation concludes prior to the end of such 270-day cure period as a result of Lessor paying the applicable portion of the Purchase Price at an Applicable Closing which was delayed as a result of such Financing Cessation, then Lessee shall have the cure periods set forth in the first two paragraphs of this Section 7 to cure and correct any defaults that have occurred during the just concluded period of Financing Cessation. Lessee further agrees that if the interest of Lessee in the Leased Premises shall be sold on execution or judicial sale, or if bankruptcy proceedings be begun by Lessee, or if Lessee be adjudged a bankrupt, or it makes an assignment for the benefit of creditors, or a receiver be appointed for it or for the Leased Premises, or if an assignment occurs by operation of law, then, and in any such event, this Lease shall forthwith terminate and be forfeited and the Leased Premises and all improvements thereon shall forthwith become the property of Lessor, without compensation to Lessee, and without refund of any royalties or deficiency payments paid hereunderEquipment.

Appears in 2 contracts

Samples: Master Lease Agreement (Onsite Access Inc), Master Lease Agreement (Verio Inc)

REMEDIES OF LESSOR. If default be made by Lessee in the payment of the rentals and royalties herein and such default shall continue for a period of fifteen (15) 15 days after written notification thereof has been posted to Lessee, then in each such event, Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and take possession of the Leased Premises and hold and possess the same as its absolute property free and clear dear of any claims of, by, or through Lessee, and pursue any and all other remedies available under the laws of the State of Illinois for violation of any covenant or condition hereof, and all such remedies the shall be deemed cumulative and not exclusive. If default be made by Lessee in the performance of any of the other terms or conditions hereof required to be kept or of performed by Lessee and such default shall continue for a period of thirty (30) 30 days after written notification thereof has been posted to Lessee, and in the event that Lessee is not reasonably engaged in curing the said default, then in such event, Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and take possession of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims of, by or through Lessee, and pursue any and all other remedies available under the laws of the State of Illinois for violations of any covenant or condition hereof, and all such remedies shall be deemed cumulative and not exclusive. Lessee shall notify Lessor of its proposed cure actions and continue to keep Lessor informed on a regular basis of the actions taken and results thereof. No action by Lessor pursuant to this Section 7 shall impair the right to rental and royalties (including without limitation Tonnage Royalties and Quarterly Deficiency Payments) due or accrued up to the time of termination and re-entry reentry hereunder, but none shall be charged for any period thereafter. Provided, however, if Lessor, at any time, has provided notice of a Financing Cessation (as defined in the Purchase Agreement) then the cure periods set forth above shall be two hundred seventy (270) days from the date of such notice. In the event such Financing Cessation concludes prior to the end of such 270-day cure period as a result of Lessor paying the applicable portion of the Purchase Price at an Applicable Closing which was delayed as a result of such Financing Cessation, then Lessee shall have the cure periods set forth in the first two paragraphs of this Section 7 to cure and correct any defaults that have occurred during the just concluded period of Financing Cessation. Lessee further agrees that if the interest of Lessee in the Leased Premises shall be sold on execution or judicial sale, or if bankruptcy proceedings be begun by Lessee, or if Lessee be adjudged a bankrupt, or it makes an assignment for the benefit of creditors, or a receiver be appointed for it or for the Leased Premises, or if an assignment occurs by operation of law, then, and in any such event, this Lease shall forthwith terminate and be forfeited and the Leased Premises and all improvements thereon shall forthwith become the property of Lessor, without compensation to Lessee, and without refund of any royalties or deficiency payments paid hereunder.

Appears in 2 contracts

Samples: Mining Lease Agreement (Foresight Energy LP), Mining Lease Agreement (Foresight Energy Partners LP)

REMEDIES OF LESSOR. If any Lessee Default occurs, Lessor shall have the right after the expiration of the applicable cure period, and at the sole discretion of Lessor, to terminate this Lease upon providing five (5) days written notice. An Event of Default shall be deemed to have occurred at the expiration of such five (5) day period if the default be made has not been cured by the expiration of such five (5) day period. Lessor may terminate the Lease irrespective of any suit or action brought by Lessee in and the payment time period required for termination of this Lease shall not be tolled by the rentals and royalties herein and such default shall continue for filing of a period suit or action. Additionally, if any Event of fifteen (15) days after written notification thereof has been posted to Lessee, then in each such eventDefault occurs, Lessor may, at its option, terminate from time to time, without terminating this Lease without any further notice Lease, re-enter and re-enter let the Premises, or any part thereof, as the agent and for the account of Lessee upon such terms and take possession conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Leased Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due to Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefore, notwithstanding that Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefore as such deficiency shall arise. Nothing herein, however, shall be construed to require Lessor to re-enter and re-let the Premises and hold and possess the same as its absolute property free and clear in any event. Lessor shall not, in any event, be required to pay Lessee any surplus of any claims ofsums received by Lessor on a re-letting of said Premises in excess of the rent provided in this Lease. If any Event of Default occurs, byLessor shall have the right to obtain injunctive and declaratory relief, temporary and/or permanent, against Lessee for any acts, conduct or through omissions of Lessee, and pursue any and all other remedies available under the laws of the State of Illinois for violation to further obtain specific performance of any term, covenant or condition hereofof this Lease, and all such remedies shall be deemed cumulative and including but not exclusivelimited to the appointment of a receiver to operate Lessee’s business at the Premises. If default be made by Lessee in the performance any Event of any of the other terms or conditions hereof required to be kept or performed by Lessee and such default shall continue for a period of thirty (30) days after written notification thereof has been posted to Lessee, and in the event that Lessee is not reasonably engaged in curing the said default, then in such eventDefault occurs, Lessor mayshall have the right, at its option, to declare all Rent (or any portion thereof) for the entire remaining Lease Term, and other indebtedness owing by Lessee to Lessor, if any, immediately due and payable without regard to whether possession of the Premises shall have been surrendered to or taken by Lessor, and may commence action immediately thereupon and recover judgment therefore. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the right to remove all or any part of Lessee’s personal property from the Premises and any personal property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee, and Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part to terminate this Lease without unless a written notice of such intention is given to Lessee. Notwithstanding any further notice and such re-enter upon and take possession of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims ofletting without termination, by or through Lessee, and pursue any and Lessor may at all other remedies available under the laws of the State of Illinois times thereafter elect to terminate this Lease for violations of any covenant or condition hereof, and all such remedies shall be deemed cumulative and not exclusiveprevious default. Lessee shall notify Lessor of its proposed cure actions and continue to keep Lessor informed on a regular basis of the actions taken and results thereof. No action by Lessor pursuant to this Section 7 shall impair the right to rental and royalties (including without limitation Tonnage Royalties and Quarterly Deficiency Payments) due or accrued up to the time of termination and Any such re-entry hereunder, but none shall be charged allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any period thereaftersuch re- entry, or guilty of trespass or forcible entry. ProvidedIt is expressly agreed that the forbearance on the part of Lessor in the institution of any suit or entry of judgment for any part of the Rent herein reserved to Lessor, howevershall not serve as a defense against nor prejudice a subsequent action for such Rent. Lessee hereby expressly waives Lessee’s right to claim a merger or waiver of such subsequent action in any previous suit or in the judgment entered therein. Furthermore, it is expressly agreed that claims for liquidated Base Rent and/or Percentage Rent may be regarded by Lessor, if Lessorit so elects, at any timeas separate and independent claims capable of being separately assigned. Any and all rights, has provided notice of a Financing Cessation (as defined remedies and options given in the Purchase Agreement) then the cure periods set forth above this Lease to Lessor shall be two hundred seventy (270) days from the date of such notice. In the event such Financing Cessation concludes prior cumulative and in addition to the end of such 270-day cure period as a result of Lessor paying the applicable portion of the Purchase Price at an Applicable Closing which was delayed as a result of such Financing Cessation, then Lessee shall have the cure periods set forth in the first two paragraphs of this Section 7 to cure and correct any defaults that have occurred during the just concluded period of Financing Cessation. Lessee further agrees that if the interest of Lessee in the Leased Premises shall be sold on execution or judicial salewithout waiver of, or if bankruptcy proceedings be begun by Lesseein derogation of, any right or if Lessee be adjudged a bankrupt, remedy given to it under any laws now or it makes an assignment for the benefit of creditors, or a receiver be appointed for it or for the Leased Premises, or if an assignment occurs by operation of law, then, and hereafter in any such event, this Lease shall forthwith terminate and be forfeited and the Leased Premises and all improvements thereon shall forthwith become the property of Lessor, without compensation to Lessee, and without refund of any royalties or deficiency payments paid hereundereffect.

Appears in 2 contracts

Samples: Lease Agreement, Lease Agreement

REMEDIES OF LESSOR. If default be made by Lessee in the payment of the rentals and royalties herein and such default shall continue for a period of fifteen (15) days after written notification thereof has been posted to Lessee, then in each such event, Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and take possession of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims of, by, or through Lessee, and pursue any and all other remedies available under the laws of the State of Illinois for violation of any covenant or condition hereof, and all such remedies shall be deemed cumulative and not exclusive. If default be made by Lessee in the performance of any of the other terms or conditions hereof required to be kept or of performed by Lessee and such default shall continue for a period of thirty (30) days after written notification thereof has been posted to Lessee, and in the event that Lessee is not reasonably engaged in curing the said default, then in such event, Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and take possession of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims of, by or through Lessee, and pursue any and all other remedies available under the laws of the State of Illinois for violations of any covenant or condition hereof, and all such remedies shall be deemed cumulative and not exclusive. Lessee shall notify Lessor of its proposed cure actions and continue to keep Lessor informed on a regular basis of the actions taken and results thereof. No action by Lessor pursuant to this Section 7 shall impair the right to rental and royalties (including without limitation Tonnage Royalties and Quarterly Deficiency Payments) due or accrued up to the time of termination and re-entry hereunder, but none shall be charged for any period thereafter. Provided, however, if Lessor, at any time, has provided notice of a Financing Cessation (as defined in the Purchase Agreement) then the cure periods set forth above shall be two hundred seventy (270) days from the date of such notice. In the event such Financing Cessation concludes prior to the end of such 270-day cure period as a result of Lessor paying the applicable portion of the Purchase Price at an Applicable Closing which was delayed as a result of such Financing Cessation, then Lessee shall have the cure periods set forth in the first two paragraphs of this Section 7 to cure and correct any defaults that have occurred during the just concluded period of Financing Cessation. Lessee further agrees that if the interest of Lessee in the Leased Premises shall be sold on execution or judicial sale, or if bankruptcy proceedings be begun by Lessee, or if Lessee be adjudged a bankrupt, or it makes an assignment for the benefit of creditors, or a receiver be appointed for it or for the Leased Premises, or if an assignment occurs by operation of law, then, and in any such event, this Lease shall forthwith terminate and be forfeited and the Leased Premises and all improvements thereon shall forthwith become the property of Lessor, without compensation to Lessee, and without refund of any royalties or deficiency payments paid hereunder.

Appears in 2 contracts

Samples: Mining Lease Agreement (Foresight Energy LP), Mining Lease Agreement (Foresight Energy Partners LP)

REMEDIES OF LESSOR. If default be made by Lessee in the payment At any time after occurrence of any Event of Default, Lessor may exercise one or more of the rentals following remedies: (a) Lessor may terminate any or all of the Leases with respect to any or all items of Equipment subject thereto: (b) Lessor may recover from Lessee all Rent and royalties herein other amounts then due and such default shall continue for a period to become due under any or all of fifteen the Leases; (15c) days after written notification thereof has been posted to Lessee, then in each such event, Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and may take possession of the Leased Premises and hold and possess any or all items of Equipment, wherever the same as its absolute property free may be located, without demand or notice, without any court order or other-process of law and clear without liability to Lessee for any damages occasioned by such taking of possession, and any such taking of possession shall not constitute a termination of any claims ofLease; (d) Lessor may demand that Lessee return any or all items of Equipment to Lessor in accordance with Paragraph 16; and (e) Lessor may pursue any other remedy available at law or in equity, byincluding, without limitation, seeking damages, specific performance or an injunction. Upon repossession or return of any item of the Equipment, Lessor shall sell, lease or otherwise dispose of such item in a commercially reasonable manner, with or without notice and on public or private bid, and apply the net proceeds thereof (after deducting the estimated fair market value of such item at the expiration of the term of the applicable Lease, in the case of sale, or through Lesseethe rents due for any period beyond the scheduled expiration of such Lease, and pursue any and all other remedies available under in the laws of the State of Illinois for violation case of any covenant or condition hereofsubsequent lease of such item, and all expenses, including without limitation, reasonable attorneys' fees, incurred in connection therewith) towards the Rent and other amounts due under such Lease, with any excess net proceeds to be retained by Lessor. Each of the remedies under this Lease shall be deemed cumulative cumulative, and not exclusive. If default be made by Lessee in the performance of any of the other terms or conditions hereof required to be kept or performed by Lessee and such default shall continue for a period of thirty (30) days after written notification thereof has been posted to Lessee, and in the event that Lessee is not reasonably engaged addition to any other remedy referred to herein or otherwise available to Lessor in curing the said default, then law or in such event, equity. Any repossession or subsequent sale or lease by Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and take possession of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims of, by or through Lesseeitem of Equipment shall not bar an action for a deficiency as herein provided, and pursue any and all other remedies available under the laws bringing of an action or the State entry of Illinois for violations of any covenant or condition hereof, and all such remedies shall be deemed cumulative and not exclusive. judgement against Lessee shall notify Lessor of its proposed cure actions and continue to keep Lessor informed on a regular basis of the actions taken and results thereof. No action by Lessor pursuant to this Section 7 shall impair the not bar Lessor's right to rental and royalties (including without limitation Tonnage Royalties and Quarterly Deficiency Payments) due repossess any or accrued up to the time all items of termination and re-entry hereunder, but none shall be charged for any period thereafter. Provided, however, if Lessor, at any time, has provided notice of a Financing Cessation (as defined in the Purchase Agreement) then the cure periods set forth above shall be two hundred seventy (270) days from the date of such notice. In the event such Financing Cessation concludes prior to the end of such 270-day cure period as a result of Lessor paying the applicable portion of the Purchase Price at an Applicable Closing which was delayed as a result of such Financing Cessation, then Lessee shall have the cure periods set forth in the first two paragraphs of this Section 7 to cure and correct any defaults that have occurred during the just concluded period of Financing Cessation. Lessee further agrees that if the interest of Lessee in the Leased Premises shall be sold on execution or judicial sale, or if bankruptcy proceedings be begun by Lessee, or if Lessee be adjudged a bankrupt, or it makes an assignment for the benefit of creditors, or a receiver be appointed for it or for the Leased Premises, or if an assignment occurs by operation of law, then, and in any such event, this Lease shall forthwith terminate and be forfeited and the Leased Premises and all improvements thereon shall forthwith become the property of Lessor, without compensation to Lessee, and without refund of any royalties or deficiency payments paid hereunderEquipment.

Appears in 2 contracts

Samples: Master Lease Agreement (Psinet Inc), Master Lease Agreement (Psinet Inc)

REMEDIES OF LESSOR. If default be made by Lessee in Upon the payment occurrence of the rentals any Event of Default and royalties herein and such default shall continue for a period of fifteen (15) days after written notification thereof has been posted to Lessee, then in each such eventany time thereafter, Lessor may, at without notice, exercise one or more of the following remedies, as Lessor, in its option, sole discretion shall elect: (1) declare all unpaid lease payments under the Lease to be immediately due and payable; (2) terminate this the Lease without as to any further notice and re-enter upon and or all items of the Equipment; (3) take possession of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims of, by, or through LesseeEquipment wherever found, and pursue for this purpose enter upon any premises of Lessee and remove the Equipment, without any liability for suit, action or other proceedings by Lessee; (4) direct Lessee at its expense to promptly prepare the Equipment for pickup by Lessor; (5) use, hold, sell, lease or otherwise dispose of the Equipment or any item thereof on the site specified on the applicable Agreement or any other location without affecting the obligations of Lessee as provided in the Lease; (6) proceed by appropriate action either in law or in equity to enforce performance by Lessee of the terms of the Lease or to recover damages for the breach hereof; (7) apply the Security Deposit to payment of Lessor’s costs, expenses and attorney fees in enforcing the terms of the Lease and to indemnify Lessor against any damages sustained by Lessor (provided, however, nothing herein shall be construed to mean that the recovery of damages by Lessor shall be limited to the amount of the Security Deposit); (8) exercise any and all other remedies available rights accruing to Lessor under any applicable law upon an Event of Default. In addition, Lessor shall be entitled to recover immediately as damages, and not as a penalty, a sum equal to the laws aggregate of the State following: (i) all unpaid payments as are due and payable for any items of Illinois for violation of any covenant or condition hereof, and all such remedies shall be deemed cumulative and not exclusive. If default be made by Lessee in the performance of any of the other terms or conditions hereof required to be kept or performed by Lessee and such default shall continue for a period of thirty (30) days after written notification thereof has been posted to Lessee, and in the event that Lessee is not reasonably engaged in curing the said default, then in such event, Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and take possession of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims of, by or through Lessee, and pursue any and all other remedies available under the laws of the State of Illinois for violations of any covenant or condition hereof, and all such remedies shall be deemed cumulative and not exclusive. Lessee shall notify Lessor of its proposed cure actions and continue to keep Lessor informed on a regular basis of the actions taken and results thereof. No action by Lessor pursuant to this Section 7 shall impair the right to rental and royalties (including without limitation Tonnage Royalties and Quarterly Deficiency Payments) due or accrued Equipment up to the time date of termination repossession by Lessor; (ii) any expenses paid or incurred by Lessor in connection with the repossession, holding, repair and re-entry hereundersubsequent sale, but none shall be charged lease or other disposition of the Equipment, including attorney’s fees and other reasonable costs and expenses; (iii) an amount equal to the excess of (a) all unpaid payments for any period thereafter. Provided, however, if Lessor, at any time, has provided notice item of a Financing Cessation (as defined in the Purchase Agreement) then the cure periods set forth above shall be two hundred seventy (270) days Equipment repossessed by Lessor from the date of such notice. In the event such Financing Cessation concludes prior thereof to the end of such 270-day cure period as a result of Lessor paying the applicable portion term of the Purchase Price at an Applicable Closing which was delayed as a result of such Financing Cessation, then Lessee shall have the cure periods set forth in the first two paragraphs of this Section 7 to cure and correct any defaults that have occurred during the just concluded period of Financing Cessation. Lessee further agrees that if the interest of Lessee in the Leased Premises shall be sold on execution or judicial sale, or if bankruptcy proceedings be begun by Lessee, or if Lessee be adjudged a bankrupt, or it makes an assignment for the benefit of creditors, or a receiver be appointed for it or for the Leased Premises, or if an assignment occurs by operation of law, then, and in any such event, this Lease shall forthwith terminate and be forfeited and the Leased Premises and all improvements thereon shall forthwith become the property of Lessor, without compensation to Lessee, and without refund of any royalties or deficiency payments paid hereunder.over

Appears in 2 contracts

Samples: Lease Agreement, Lease Agreement

REMEDIES OF LESSOR. If default be made by Lessee in Any time after the payment occurrence of any Event of Default, Lessor may exercise one or more of the rentals following remedies: (a) Lessor may terminate any or all of the Leases with respect to any or all items of Equipment subject thereto; (b) Lessor may recover from Lessee all Rent and royalties herein other amounts then due and such default shall continue for a period to become due under any or all of fifteen the Leases; (15c) days after written notification thereof has been posted to Lessee, then in each such event, Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and may take possession of the Leased Premises and hold and possess any or all items of Equipment, wherever the same as its absolute property free may be located, without demand or notice, without any court order or other process of law and clear without liability to Lessee for any damages occasioned by such taking of possession, and any such taking of possession shall not constitute a termination of any claims ofLease; (d) Lessor may demand that Lessee return any or all items of Equipment to Lessor in accordance with Paragraph 16; and (e) Lessor may pursue any other remedy available at law or in equity, byincluding, without limitation, seeking damages, specific performance or an injunction. Upon repossession or return of any item of the Equipment, Lessor shall sell, lease or otherwise dispose of such item in a commercially reasonable manner, with or without notice and on public or private bid, and apply the net proceeds thereof (after deducting the estimated fair market value of such item at the expiration of the term of the applicable Lease, in the case of a sale, or through Lesseethe rents due for any period beyond the scheduled expiration of such Lease, and pursue any and all other remedies available under in the laws of the State of Illinois for violation case of any covenant or condition hereofsubsequent lease of such item, and all expenses, including, without limitation, reasonable attorney's fees, incurred in connection therewith) towards the Rent and other amounts due under such Lease, with any excess net proceeds to be retained by the Lessor. Each of the remedies under this Lease shall be deemed cumulative cumulative, and not exclusive. If default be made by Lessee in the performance of any of the other terms or conditions hereof required to be kept or performed by Lessee and such default shall continue for a period of thirty (30) days after written notification thereof has been posted to Lessee, and in the event that Lessee is not reasonably engaged addition to any other remedy referred to herein or otherwise available to Lessor in curing the said default, then law or in such event, equity. Any repossession or subsequent sale or lease by Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and take possession of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims of, by or through Lesseeitem of Equipment shall not bar an action for a deficiency as herein provided, and pursue any and all other remedies available under the laws bringing of an action or the State entry of Illinois for violations of any covenant or condition hereof, and all such remedies shall be deemed cumulative and not exclusive. judgment against Lessee shall notify Lessor of its proposed cure actions and continue to keep Lessor informed on a regular basis of the actions taken and results thereof. No action by Lessor pursuant to this Section 7 shall impair the not bar Lessor's right to rental and royalties (including without limitation Tonnage Royalties and Quarterly Deficiency Payments) due repossess any or accrued up to the time all items of termination and re-entry hereunder, but none shall be charged for any period thereafter. Provided, however, if Lessor, at any time, has provided notice of a Financing Cessation (as defined in the Purchase Agreement) then the cure periods set forth above shall be two hundred seventy (270) days from the date of such notice. In the event such Financing Cessation concludes prior to the end of such 270-day cure period as a result of Lessor paying the applicable portion of the Purchase Price at an Applicable Closing which was delayed as a result of such Financing Cessation, then Lessee shall have the cure periods set forth in the first two paragraphs of this Section 7 to cure and correct any defaults that have occurred during the just concluded period of Financing Cessation. Lessee further agrees that if the interest of Lessee in the Leased Premises shall be sold on execution or judicial sale, or if bankruptcy proceedings be begun by Lessee, or if Lessee be adjudged a bankrupt, or it makes an assignment for the benefit of creditors, or a receiver be appointed for it or for the Leased Premises, or if an assignment occurs by operation of law, then, and in any such event, this Lease shall forthwith terminate and be forfeited and the Leased Premises and all improvements thereon shall forthwith become the property of Lessor, without compensation to Lessee, and without refund of any royalties or deficiency payments paid hereunderEquipment.

Appears in 2 contracts

Samples: Master Lease Agreement (Bluestar Communications Group Inc), Master Lease Agreement (Bluestar Communications Group Inc)

REMEDIES OF LESSOR. If any Lessee Default occurs, Lessor shall have the right after the expiration of the applicable cure period, and at the sole discretion of Lessor, to terminate this Lease upon providing five (5) days written notice. An Event of Default shall be deemed to have occurred at the expiration of such five (5) day period if the default be made has not been cured by the expiration of such five (5) day period. Lessor may terminate the Lease irrespective of any suit or action brought by Lessee in and the payment time period required for termination of this Lease shall not be tolled by the rentals and royalties herein and such default shall continue for filing of a period suit or action. Additionally, if any Event of fifteen (15) days after written notification thereof has been posted to Lessee, then in each such eventDefault occurs, Lessor may, at its option, terminate from time to time, without terminating this Lease without any further notice Lease, re-enter and re-enter let the Premises, or any part thereof, as the agent and for the account of Lessee upon such terms and take possession conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Leased Premises, reasonable attorney’s fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due to Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, at Lessor’s option, Lessee shall pay Lessor any deficiency immediately upon demand therefore, notwithstanding that Lessor may have received periodic rental in excess of the periodic rental stipulated in this Lease in previous or subsequent rental periods, and Lessor may bring an action therefore as such deficiency shall arise. Nothing herein, however, shall be construed to require Lessor to re-enter and re-let the Premises and hold and possess the same as its absolute property free and clear in any event. Lessor shall not, in any event, be required to pay Lessee any surplus of any claims ofsums received by Lessor on a re-letting of said Premises in excess of the rent provided in this Lease. If any Event of Default occurs, byLessor shall have the right to obtain injunctive and declaratory relief, temporary and/or permanent, against Lessee for any acts, conduct or through omissions of Lessee, and pursue any and all other remedies available under the laws of the State of Illinois for violation to further obtain specific performance of any term, covenant or condition hereofof this Lease, and all such remedies shall be deemed cumulative and including but not exclusivelimited to the appointment of a receiver to operate Lessee’s business at the Premises. If default be made by Lessee in the performance any Event of any of the other terms or conditions hereof required to be kept or performed by Lessee and such default shall continue for a period of thirty (30) days after written notification thereof has been posted to Lessee, and in the event that Lessee is not reasonably engaged in curing the said default, then in such eventDefault occurs, Lessor mayshall have the right, at its option, to declare all Rent (or any portion thereof) for the entire remaining Lease Term, and other indebtedness owing by Lessee to Lessor, if any, immediately due and payable without regard to whether possession of the Premises shall have been surrendered to or taken by Lessor, and may commence action immediately thereupon and recover judgment therefore. If any Event of Default occurs, Lessor, in addition to other rights and remedies it may have, shall have the right to remove all or any part of Lessee’s personal property from the Premises and any personal property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of Lessee, and Lessor shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and Lessee hereby waives any and all claim against Lessor for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. No such re-entry or taking possession of the Premises by Lessor shall be construed as an election on Lessor’s part to terminate this Lease without unless a written notice of such intention is given to Lessee. Notwithstanding any further notice and such re-enter upon and take possession of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims ofletting without termination, by or through Lessee, and pursue any and Lessor may at all other remedies available under the laws of the State of Illinois times thereafter elect to terminate this Lease for violations of any covenant or condition hereof, and all such remedies shall be deemed cumulative and not exclusiveprevious default. Lessee shall notify Lessor of its proposed cure actions and continue to keep Lessor informed on a regular basis of the actions taken and results thereof. No action by Lessor pursuant to this Section 7 shall impair the right to rental and royalties (including without limitation Tonnage Royalties and Quarterly Deficiency Payments) due or accrued up to the time of termination and Any such re-entry hereunder, but none shall be charged allowed by Lessee without hindrance, and Lessor shall not be liable in damages for any period thereaftersuch re- entry, or guilty of trespass or forcible entry. ProvidedIt is expressly agreed that the forbearance on the part of Lessor in the institution of any suit or entry of judgment for any part of the Rent herein reserved to Lessor, howevershall not serve as a defense against nor prejudice a subsequent action for such Rent. Lessee hereby expressly waives Lessee’s right to claim a merger or waiver of such subsequent action in any previous suit or in the judgment entered therein. Furthermore, it is expressly agreed that claims for liquidated Base Rent and/or Ticket Surcharge may be regarded by Lessor, if Lessorit so elects, at any timeas separate and independent claims capable of being separately assigned. Any and all rights, has provided notice of a Financing Cessation (as defined remedies and options given in the Purchase Agreement) then the cure periods set forth above this Lease to Lessor shall be two hundred seventy (270) days from the date of such notice. In the event such Financing Cessation concludes prior cumulative and in addition to the end of such 270-day cure period as a result of Lessor paying the applicable portion of the Purchase Price at an Applicable Closing which was delayed as a result of such Financing Cessation, then Lessee shall have the cure periods set forth in the first two paragraphs of this Section 7 to cure and correct any defaults that have occurred during the just concluded period of Financing Cessation. Lessee further agrees that if the interest of Lessee in the Leased Premises shall be sold on execution or judicial salewithout waiver of, or if bankruptcy proceedings be begun by Lesseein derogation of, any right or if Lessee be adjudged a bankrupt, remedy given to it under any laws now or it makes an assignment for the benefit of creditors, or a receiver be appointed for it or for the Leased Premises, or if an assignment occurs by operation of law, then, and hereafter in any such event, this Lease shall forthwith terminate and be forfeited and the Leased Premises and all improvements thereon shall forthwith become the property of Lessor, without compensation to Lessee, and without refund of any royalties or deficiency payments paid hereundereffect.

Appears in 1 contract

Samples: Lease Agreement

REMEDIES OF LESSOR. If default be made by Lessee in At any time after the payment occurrence of any Event of Default, Lessor may exercise one or more of the rentals following remedies: (a) Lessor may terminate any or all of the Leases with respect to any or all items of Equipment subject thereto; (b) Lessor may recover form Lessee all Rent and royalties herein other amounts then due and such default shall continue for a period to become due under any or all of fifteen the Leases; (15c) days after written notification thereof has been posted to Lessee, then in each such event, Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and may take possession of the Leased Premises and hold and possess any or all items of Equipment, wherever the same as its absolute property free may be located, without demand or notice, without any court order or other process of law and clear without liability to Lessee for any damages occasioned by such taking of possession, and any such taking possession shall not constitute a termination of any claims ofLease; (d) Lessor may demand that Lessee return any or all items of Equipment to Lessor in accordance with Paragraph 16; and (e) Lessor may pursue any other remedy available at law or in equity, byincluding, without limitation, seeking damages, specific performance or an injunction. Upon repossession or return of any item of the Equipment, Lessor shall sell, lease or otherwise dispose of such item in a commercially reasonable manner, with or without notice and on public or private bid, and apply the net proceeds thereof (after deducting the estimated fair market value of such item at the expiration of the term of the applicable Lease, in the case of a sale, or through Lesseethe rents due for any period beyond the scheduled expiration of such Lease, and pursue any and all other remedies available under in the laws of the State of Illinois for violation case of any covenant or condition hereofsubsequent lease of such item, and all expenses, including, without limitation, reasonable attorneys' fees, incurred in connection therewith) towards the Rent and other amounts due under such Lease, with any excess net proceeds to be retained by lessor. Each of the remedies under this Lease shall be deemed cumulative cumulative, and not exclusive. If default be made by Lessee in the performance of any of the other terms or conditions hereof required to be kept or performed by Lessee and such default shall continue for a period of thirty (30) days after written notification thereof has been posted to Lessee, and in the event that Lessee is not reasonably engaged addition to any other remedy referred to herein or otherwise available to Lessor in curing the said default, then law or in such event, equity. Any repossession or subsequent sale or lease by Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and take possession of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims of, by or through Lesseeitem of Equipment shall not bar an action for a deficiency as herein provided, and pursue any and all other remedies available under the laws bringing of an action or the State entry of Illinois for violations of any covenant or condition hereof, and all such remedies shall be deemed cumulative and not exclusive. judgment against Lessee shall notify Lessor of its proposed cure actions and continue to keep Lessor informed on a regular basis of the actions taken and results thereof. No action by Lessor pursuant to this Section 7 shall impair the not bar Lessor's right to rental and royalties (including without limitation Tonnage Royalties and Quarterly Deficiency Payments) due repossess any or accrued up to the time all items of termination and re-entry hereunder, but none shall be charged for any period thereafter. Provided, however, if Lessor, at any time, has provided notice of a Financing Cessation (as defined in the Purchase Agreement) then the cure periods set forth above shall be two hundred seventy (270) days from the date of such notice. In the event such Financing Cessation concludes prior to the end of such 270-day cure period as a result of Lessor paying the applicable portion of the Purchase Price at an Applicable Closing which was delayed as a result of such Financing Cessation, then Lessee shall have the cure periods set forth in the first two paragraphs of this Section 7 to cure and correct any defaults that have occurred during the just concluded period of Financing Cessation. Lessee further agrees that if the interest of Lessee in the Leased Premises shall be sold on execution or judicial sale, or if bankruptcy proceedings be begun by Lessee, or if Lessee be adjudged a bankrupt, or it makes an assignment for the benefit of creditors, or a receiver be appointed for it or for the Leased Premises, or if an assignment occurs by operation of law, then, and in any such event, this Lease shall forthwith terminate and be forfeited and the Leased Premises and all improvements thereon shall forthwith become the property of Lessor, without compensation to Lessee, and without refund of any royalties or deficiency payments paid hereunderEquipment.

Appears in 1 contract

Samples: Master Lease Agreement (Grace Development Inc)

REMEDIES OF LESSOR. If default be made by Lessee in At any time after the payment occurrence of any Event of Default, Lessor may exercise one or more of the rentals following remedies: (a) Lessor may terminate any or all of the Leases with respect to any or all items of Equipment subject, thereto; (b) Lessor may recover from Lessee all Rent and royalties herein other amounts then due and such default shall continue for a period to become due under any or all of fifteen the Leases; (15c) days after written notification thereof has been posted to Lessee, then in each such event, Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and may take possession of the Leased Premises and hold and possess any or all items of Equipment, wherever the same as its absolute property free may be located, without demand or notice, without any court order or other process of law and clear without liability to Lessee for any damages occassioned by such taking of possession, and any such taking of possession shall not constitute a termination of any claims ofLease; (d) Lessor may demand that Lessee return any or all items of Equipment to Lessor in accordance with Paragraph 16; and (e) Lessor may pursue any other remedy available at law or in equity, byincluding, without limitation, seeking damages, specific performance or an injunction. Upon repossession or return of any item of the Equipment, Lessor shall sell, lease or otherwise dispose of such item in a commercially reasonable manner, with or without notice and on public or private bid, and apply the net proceeds thereof (after deducting the estimated fair market value of such item at the expiration of the term of the applicable Lease, in the case of a sale, or through Lesseethe rents due for any period beyond the scheduled expiration of such Lease, and pursue any and all other remedies available under in the laws of the State of Illinois for violation case of any covenant or condition hereofsubsequent lease of such item, and all expenses, including, without limitation, reasonable attorneys' fees, incurred in connection therewith) towards the Rent and other amounts due under such Lease, with any excess net proceeds to be retained by Lessor. Each of the remedies under this Lease shall be deemed cumulative cumulative, and not exclusive. If default be made by Lessee in the performance of any of the other terms or conditions hereof required to be kept or performed by Lessee and such default shall continue for a period of thirty (30) days after written notification thereof has been posted to Lessee, and in the event that Lessee is not reasonably engaged addition to any other remedy referred to herein or otherwise available to Lessor in curing the said default, then law or in such event, equity. Any repossession or subsequent sale or lease by Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and take possession of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims of, by or through Lesseeitem of Equipment shall not bar an action for a deficiency as herein provided, and pursue any and all other remedies available under the laws bringing of an action or the State entry of Illinois for violations of any covenant or condition hereof, and all such remedies shall be deemed cumulative and not exclusive. judgment against Lessee shall notify Lessor of its proposed cure actions and continue to keep Lessor informed on a regular basis of the actions taken and results thereof. No action by Lessor pursuant to this Section 7 shall impair the not bar Lessor's right to rental and royalties (including without limitation Tonnage Royalties and Quarterly Deficiency Payments) due repossess any or accrued up to the time all items of termination and re-entry hereunder, but none shall be charged for any period thereafter. Provided, however, if Lessor, at any time, has provided notice of a Financing Cessation (as defined in the Purchase Agreement) then the cure periods set forth above shall be two hundred seventy (270) days from the date of such notice. In the event such Financing Cessation concludes prior to the end of such 270-day cure period as a result of Lessor paying the applicable portion of the Purchase Price at an Applicable Closing which was delayed as a result of such Financing Cessation, then Lessee shall have the cure periods set forth in the first two paragraphs of this Section 7 to cure and correct any defaults that have occurred during the just concluded period of Financing Cessation. Lessee further agrees that if the interest of Lessee in the Leased Premises shall be sold on execution or judicial sale, or if bankruptcy proceedings be begun by Lessee, or if Lessee be adjudged a bankrupt, or it makes an assignment for the benefit of creditors, or a receiver be appointed for it or for the Leased Premises, or if an assignment occurs by operation of law, then, and in any such event, this Lease shall forthwith terminate and be forfeited and the Leased Premises and all improvements thereon shall forthwith become the property of Lessor, without compensation to Lessee, and without refund of any royalties or deficiency payments paid hereunderEquipment.

Appears in 1 contract

Samples: Master Lease Agreement (Integrated Communication Networks Inc)

REMEDIES OF LESSOR. If default be made by Lessee in At any time after the payment occurrence of any Event of Default, Lessor may exercise one or more of the rentals following remedies: (a) Lessor may terminate any or all of the Leases with respect to any or all items of Equipment subject thereto; (b) Lessor may recover from Lessee all Rent and royalties herein other amounts then due and such default shall continue for a period to become due under any or all of fifteen the Leases; (15c) days after written notification thereof has been posted to Lessee, then in each such event, Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and may take possession of the Leased Premises and hold and possess any or all items of Equipment, wherever the same as its absolute property free may be located, without demand or notice, without any court order or other process of law and clear without liability to Lessee for any damages occasioned by such taking of possession, and any such taking of possession shall not constitute a termination of any claims ofLease; (d) Lessor may demand that Lessee return any or all items of Equipment to Lessor in accordance with Paragraph 16; and (e) Lessor may pursue any other remedy available at law or in equity, byincluding, without limitation, seeking damages, specific performance or an injunction. Upon repossession or return of any item of the Equipment, Lessor shall sell, lease or otherwise dispose of such item in a commercially reasonable manner, with or without notice and on public or private bid, and apply the net proceeds thereof (after deducting the estimated fair market value of such item at the expiration of the term of the applicable Lease, in the case of a sale, or through Lesseethe rents due for any period beyond the scheduled expiration of such Lease, and pursue any and all other remedies available under in the laws of the State of Illinois for violation case of any covenant or condition hereofsubsequent lease of such item, and all expenses including, without limitation, reasonable attorneys' fees, incurred in connection therewith towards the Rent and other amounts due under such Lease, with any excess net proceeds to be retained by Lessor. Each of the remedies under this Lease shall be deemed cumulative cumulative, and not exclusive. If default be made by Lessee in the performance of any of the other terms or conditions hereof required to be kept or performed by Lessee and such default shall continue for a period of thirty (30) days after written notification thereof has been posted to Lessee, and in the event that Lessee is not reasonably engaged addition to any other remedy referred to herein or otherwise available to Lessor in curing the said default, then law or in such event, equity. Any repossession or subsequent sale or lease by Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and take possession of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims of, by or through Lesseeitem of Equipment shall not bar an action for a deficiency as herein provided, and pursue any and all other remedies available under the laws bringing of an action the State entry of Illinois for violations of any covenant or condition hereof, and all such remedies shall be deemed cumulative and not exclusive. judgment against Lessee shall notify Lessor of its proposed cure actions and continue to keep Lessor informed on a regular basis of the actions taken and results thereof. No action by Lessor pursuant to this Section 7 shall impair the not bar lessor's right to rental and royalties (including without limitation Tonnage Royalties and Quarterly Deficiency Payments) due repossess any or accrued up to the time all items of termination and re-entry hereunder, but none shall be charged for any period thereafter. Provided, however, if Lessor, at any time, has provided notice of a Financing Cessation (as defined in the Purchase Agreement) then the cure periods set forth above shall be two hundred seventy (270) days from the date of such notice. In the event such Financing Cessation concludes prior to the end of such 270-day cure period as a result of Lessor paying the applicable portion of the Purchase Price at an Applicable Closing which was delayed as a result of such Financing Cessation, then Lessee shall have the cure periods set forth in the first two paragraphs of this Section 7 to cure and correct any defaults that have occurred during the just concluded period of Financing Cessation. Lessee further agrees that if the interest of Lessee in the Leased Premises shall be sold on execution or judicial sale, or if bankruptcy proceedings be begun by Lessee, or if Lessee be adjudged a bankrupt, or it makes an assignment for the benefit of creditors, or a receiver be appointed for it or for the Leased Premises, or if an assignment occurs by operation of law, then, and in any such event, this Lease shall forthwith terminate and be forfeited and the Leased Premises and all improvements thereon shall forthwith become the property of Lessor, without compensation to Lessee, and without refund of any royalties or deficiency payments paid hereunderEquipment.

Appears in 1 contract

Samples: Master Lease Agreement (Startec Global Communications Corp)

REMEDIES OF LESSOR. If Upon the occurrence of any event of default be made by Lessee in the payment of the rentals and royalties herein and such default shall continue for a period of fifteen (15) days after written notification thereof has been posted to Lessee, then in each such event, at any time thereafter as Lessor may, at its option, terminate this Lease without do any further notice and re-enter upon and take possession one or more of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims of, by, or through Lessee, and pursue any and all other remedies available under the laws of the State of Illinois for violation of any covenant or condition hereof, and all such remedies shall be deemed cumulative and not exclusive. If following: (1) declare this Agreement in default be made by Lessee in the performance of any of the other terms or conditions hereof required to be kept or performed by Lessee and such default shall continue for a period of thirty (30) days after written notification thereof has been posted upon notice to Lessee, and in whereupon, the event that Lessee is not reasonably engaged in curing entire amount of rent remaining to be paid over the said default, then in such event, Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and take possession balance of the Leased Premises and hold and possess the same as its absolute property free and clear lease term of any claims of, by or through Lessee, and pursue any and all other remedies available under the laws of the State of Illinois for violations of any covenant or condition hereof, and all such remedies shall be deemed cumulative and not exclusive. Lessee shall notify Lessor of its proposed cure actions and continue to keep Lessor informed on a regular basis of the actions taken and results thereof. No action by Lessor pursuant to this Section 7 shall impair the right to rental and royalties (including without limitation Tonnage Royalties and Quarterly Deficiency Payments) due or accrued up to the time of termination and re-entry hereunder, but none shall be charged for any period thereafter. Provided, however, if Lessor, at any time, has provided notice of a Financing Cessation (as defined in the Purchase Agreement) then the cure periods set forth above shall be two hundred seventy (270) days Equipment from the date of default, together with all other charges, shall become immediately due and payable; (2) exercise any right or remedy available to Lessor under the Uniform Commercial Code or any other applicable law; proceed by appropriate actions at law or in equity to enforce performance by Lessee of the covenants and terms of this Agreement and/or recover damages for the breach thereof; (3) terminate this Agreement upon notice to Lessee; and demand that Lessee return all Equipment to Lessor; (4) whether or not this Lease be so terminated, and without notice to Lessee, subject to all requirements of applicable law enter the premises where the Equipment is located without liability of any nature and repossess the Equipment wherever found, with or without legal process. Repossession by Lessor shall not constitute a termination of this Agreement. Lessee shall be liable for all reasonable legal and collection fees, costs and expenses arising from an event of default and the exercise of Lessor's remedies hereunder, including cost of repossession, storage, repairs, reconditioning, re-leasing with respect to such noticeEquipment. With respect to any Equipment returned to Lessor, or repossessed by Lessor if Lessor has not terminated this Lease, Lessor shall either sell same at a private or public, cash or credit sale, or re-lease same for such term and upon such rental as shall be solely determined by Lessor. Whether or not the Equipment is repossessed or leased or sold, Lessor may forthwith recover from Lessee as liquidated damages for breach of this Lease, and not as a penalty, an amount equal to, at Lessor's option, (i) (X) the entire amount of rent and all other charges due under this Agreement or incurred under the provisions of this paragraph which would have accrued for the balance of the lease term of such Equipment, computed from the date of Lessee's default, or (Y) the sum of (a) accrued and unpaid rent as of the date of Lessee's default plus (b) the Stipulated Loss Value applicable to such Equipment as of the date of Lessee's default, less (ii) the proceeds of any sale or re-leasing of such Equipment, if applicable. The amount described in either subclause (i) X, or resulting from a re-lease of the Equipment as described in subclause (ii) hereof, shall be discounted to their then present value at the rate of six percent (6%) per annum. In addition, there shall be added to such amounts, after such discount, interest at twelve percent (12%) from the date of Lessee's default up to the date of the payment of such amounts to Lessor. In the event that any court of competent jurisdiction determines that any provision of this Paragraph is invalid or unenforceable in whole or in part, such Financing Cessation concludes prior to the end of such 270-day cure period determination shall not prohibit Lessor from establishing its damages sustained as a result of any breach of this Agreement in any action or proceedings in which Lessor paying seeks to recover such damages. Any repossession or resale of any Equipment shall not bar an action for damages for breach of this Agreement, as hereinbefore provided, and the applicable portion bringing of an action or the Purchase Price at an Applicable Closing which was delayed as a result entry of such Financing Cessation, then judgment against Lessee shall have the cure periods set forth not bar Lessor's right to repossess any or all Equipment. The remedies herein provided in the first two paragraphs of this Section 7 to cure and correct any defaults that have occurred during the just concluded period of Financing Cessation. Lessee further agrees that if the interest of Lessee in the Leased Premises shall be sold on execution or judicial sale, or if bankruptcy proceedings be begun by Lessee, or if Lessee be adjudged a bankrupt, or it makes an assignment for the benefit of creditors, or a receiver be appointed for it or for the Leased Premises, or if an assignment occurs by operation of law, then, and in any such event, this Lease shall forthwith terminate and be forfeited and the Leased Premises and all improvements thereon shall forthwith become the property favor of Lessor, without compensation shall not be deemed to Lesseebe exclusive, but shall be cumulative and without refund of any royalties shall be in addition to all other remedies in Lessor's favor existing in law, in equity, or deficiency payments paid hereunderin bankruptcy.

Appears in 1 contract

Samples: Master Lease Agreement (HMT Technology Corp)

REMEDIES OF LESSOR. If Lessee shall default be made by Lessee in the payment of the rentals and royalties herein and such default shall continue for a period of fifteen (15) days after written notification thereof has been posted to Lesseerent reserved herein, then or in each such event, Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and take possession of the Leased Premises and hold and possess the same as its absolute property free and clear payment of any claims ofitems of additional rent or other monies, bydue hereunder, or through Lesseeany part of same, and pursue any and all other remedies available under the laws of the State of Illinois for violation of any covenant or condition hereof, and all such remedies Lessee shall be deemed cumulative and not exclusive. If default be made by Lessee in the performance observance of any of the other terms or terms, covenants and conditions hereof required to be kept or performed by Lessee and such default shall continue for a period of thirty (30) days after written notification thereof has been posted to Lessee, and in the event that Lessee is not reasonably engaged in curing the said default, then in such event, Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and take possession of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims of, by or through Lessee, and pursue any and all other remedies available under the laws of the State of Illinois for violations of any covenant or condition hereof, and all such remedies shall be deemed cumulative and not exclusive. Lessee shall notify Lessor of its proposed cure actions and continue to keep Lessor informed on a regular basis of the actions taken and results thereof. No action by Lessor pursuant to this Section 7 shall impair the right to rental and royalties (including without limitation Tonnage Royalties and Quarterly Deficiency Payments) due or accrued up to the time of termination and re-entry hereunder, but none shall be charged for any period thereafter. Provided, however, if Lessor, at any time, has provided notice of a Financing Cessation (as defined in the Purchase Agreement) then the cure periods set forth above shall be two hundred seventy (270) days from the date of such notice. In the event such Financing Cessation concludes prior to the end of such 270-day cure period as a result of Lessor paying the applicable portion of the Purchase Price at an Applicable Closing which was delayed as a result of such Financing Cessation, then Lessee shall have the cure periods set forth in the first two paragraphs of this Section 7 to cure and correct any defaults that have occurred during the just concluded period of Financing Cessation. Lessee further agrees that lease; or if the interest of Lessee in the Leased Premises shall demised premises must be sold on execution abandoned, deserted or judicial sale, or if bankruptcy proceedings be begun by Lesseevacated, or if Lessee be adjudged a bankrupt, shall sublet the demised premises or it makes assign this lease except as herein provided; or If Lessee shall make an assignment for the benefit of creditors, or file a voluntary petition in bankruptcy or be adjudicated bankrupt by any court and such adjudication shall not be vacated within thirty (30) days or Lessee takes the benefit of any insolvency act, or Lessee be dissolved voluntarily or involuntarily or have a receiver of Lessee's property appointed in any proceedings other than bankruptcy proceedings, and such appointment shall not be appointed for vacated within thirty (30) days after it has been made; then, upon the happening of any one or for more of the Leased Premisesdefaults or events specified above, this lease and the term hereof shall at the option and election of the Lessor wholly cease and terminate, and thereupon or at any time thereafter, Lessor may re-enter said premises either by force or otherwise and have possession of the same and/or may recover possession thereof by summary proceedings otherwise, but Lessee shall remain liable to Lessor. If Lessee shall default in the performance or observance of any term or condition in this lease and shall not cure such default within such thirty (30) day period and thereafter proceed with diligence to complete such cure Lessor may, but shall not be obligated to cure such default by Lessee under this lease; and whenever Lessor so elects all costs and expenses incurred by Lessor, including reasonable attorneys' fees, in curing a default shall be paid by Lessee to Lessor on demand, together with interest thereon from the date of payment by Lessor to date of payment by Lessee. In the event of any one or more of the defaults set out above, all payments of rent, additional rent during the term of this lease, or if an assignment occurs by operation of lawany extension thereof, thenshall, and in any such event, this Lease shall forthwith terminate and be forfeited and at the Leased Premises and all improvements thereon shall forthwith become the property option of Lessor, become immediately due and payable in full. Lessor may re-enter the demised premises using such force for the purpose as may be necessary without compensation being liable to Lesseeany prosecution therefore, and without refund Lessor may repair or alter the demised premises in such manner as to Lessor may seem necessary or advisable to re-let the demised premises. The Lessor has the right to re-let said premises and to collect any deficiency in re-letting in addition to any reasonable expenses incurred, however, the Lessee's obligation to pay damages must survive the termination of this lease and the election by Lessor of any royalties single remedy does not preclude the use of any other remedy whether or deficiency payments paid hereunder.not mentioned in this lease. Authentisign ID: 739D4804-2276-46C6-AFC6-178BF352B142

Appears in 1 contract

Samples: Office Lease

REMEDIES OF LESSOR. If Lessee shall default be made by Lessee in the payment of the rentals and royalties herein and such default shall continue for a period of fifteen (15) days after written notification thereof has been posted to Lesseerent reserved herein, then or in each such event, Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and take possession of the Leased Premises and hold and possess the same as its absolute property free and clear payment of any claims ofitem of additional rent or other monies, bydue hereunder, or through Lesseeany part of same, and pursue any and all other remedies available under the laws of the State of Illinois for violation of any covenant or condition hereof, and all such remedies lessee shall be deemed cumulative and not exclusive. If default be made by Lessee in the performance observance of any of the other terms or terms, covenants and conditions hereof required to be kept or performed by Lessee and such default shall continue for a period of thirty (30) days after written notification thereof has been posted to Lessee, and in the event that Lessee is not reasonably engaged in curing the said default, then in such event, Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and take possession of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims of, by or through Lessee, and pursue any and all other remedies available under the laws of the State of Illinois for violations of any covenant or condition hereof, and all such remedies shall be deemed cumulative and not exclusive. Lessee shall notify Lessor of its proposed cure actions and continue to keep Lessor informed on a regular basis of the actions taken and results thereof. No action by Lessor pursuant to this Section 7 shall impair the right to rental and royalties (including without limitation Tonnage Royalties and Quarterly Deficiency Payments) due or accrued up to the time of termination and re-entry hereunder, but none shall be charged for any period thereafter. Provided, however, if Lessor, at any time, has provided notice of a Financing Cessation (as defined in the Purchase Agreement) then the cure periods set forth above shall be two hundred seventy (270) days from the date of such notice. In the event such Financing Cessation concludes prior to the end of such 270-day cure period as a result of Lessor paying the applicable portion of the Purchase Price at an Applicable Closing which was delayed as a result of such Financing Cessation, then Lessee shall have the cure periods set forth in the first two paragraphs of this Section 7 to cure and correct any defaults that have occurred during the just concluded period of Financing Cessation. Lessee further agrees that Lease; or if the interest of Lessee in the Leased Demised Premises shall must be sold on execution abandoned, deserted or judicial sale, or if bankruptcy proceedings be begun by Lessee, vacated or if Lessee be adjudged a bankrupt, shall sublet the demised Premises or it makes assign this Lease except as herein Provided; or If Lessee shall make an assignment for the benefit of creditors, or file a voluntary petition in bankruptcy or be adjudicated a bankrupt by any court and such adjudication shall not be vacated thirty (30) days or Lessee takes the benefit of any insolvency act, or Lessee be dissolved voluntarily or involuntarily or have a receiver of Lessee's property appointed in any proceedings other than bankruptcy proceedings, and such appointment shall not be appointed for vacated within thirty (30) days after it has been made; then, upon the happening of any one or more of the defaults events specified above, this lease and the term hereof shall at the option and election of the Lessor wholly cease and terminate, and there upon or at any time thereafter, Lessor may re-enter said Premises either by force or otherwise and have possession of the same and/or may recover possession thereof by summary proceedings otherwise but Lessee shall remain liable to Lessor. If Lessee shall default in the performance or observance of any term or condition in this Lease and shall not cure such default within such 15 day period and thereafter proceed with diligence to complete such cure Lessor may, but shall not be obligated to, cure such default by Lessee under this Lease; and whenever Lessor so elects all costs and expenses incurred by Lessor, including reasonable attorney's fees, incurring a default shall be paid by Lessee to Lessor on demand, together with interest thereon from the date of payment by lessor to date of payment by lessee. In the event of any one or more of the defaults set out above, all payments of rent, additional rent remaining unpaid for the Leased Premises, or if an assignment occurs by operation balance of law, then, and in any such event, the term of this Lease shall forthwith terminate and be forfeited and or any extension thereof, shall, at the Leased Premises and all improvements thereon shall forthwith become the property option of Lessor, become immediately due and payable in full. Lessor may re-enter the Demised Premises using such force for that purpose as may be necessary without compensation being liable to Lesseeany prosecution therefore, and without refund Lessor may repair or alter the Demised Premises in such manner as Lessor may seem necessary or advisable to relet the Demised Premises. The Lessor has the right to relet said Premises and to collect any deficiency in reletting in addition to any reasonable expenses incurred, however, the Lessee's obligation to pay damages must survive the termination of this Lease and the election by Lessor of any royalties single remedy does not preclude the use of any other remedy whether or deficiency payments paid hereundernot mentioned in this Lease.

Appears in 1 contract

Samples: Center Lease (Petsvetsandyou Com Inc)

REMEDIES OF LESSOR. If default be made by Lessee in At any time after the payment occurrence of any Event of Default, Lessor may exercise one or more of the rentals following remedies: (a) Lessor may terminate any or all of the Leases with respect to any or all items of Equipment subject thereto; (b) Lessor may recover from Lessee all Rent and royalties herein other amounts then due and such default shall continue for a period to become due under any or all of fifteen the Leases; (15c) days after written notification thereof has been posted to Lessee, then in each such event, Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and may take possession of the Leased Premises and hold and possess any or all items of Equipment, wherever the same as its absolute property free may be located, without demand or notice, without any court order or other process of law and clear without liability to Lessee for any damages occasioned by such taking of possession, and any such taking of possession shall not constitute a termination of any claims ofLease; (d) Lessor may demand that Lessee return any or all items of Equipment to Lessor in accordance with Paragraph 16; and (e) Lessor may pursue any other remedy available at law or in equity, byincluding, without limitation, seeking damages, specific performance or an injunction. Upon repossession or return of any item of the Equipment, Lessor shall sell, lease or otherwise dispose of such item in a commercially reasonable manner, with or without notice and on public or private bid, and apply the net proceeds thereof (after deducting the estimated fair market value of such item at the expiration of the term of the applicable Lease, in the case of a sale, or through Lesseethe rents due for any period beyond the scheduled expiration of such Lease, and pursue any and all other remedies available under in the laws of the State of Illinois for violation case of any covenant or condition hereofsubsequent lease of such item, and all expenses, including, without limitation, reasonable attorneys' fees, incurred in connection therewith) towards the Rent and other amounts due under such Lease, with any excess net proceeds to be retained by Lessor. Each of the remedies under this Lease shall be deemed cumulative cumulative, and not exclusive. If default be made by Lessee in the performance of any of the other terms or conditions hereof required to be kept or performed by Lessee and such default shall continue for a period of thirty (30) days after written notification thereof has been posted to Lessee, and in the event that Lessee is not reasonably engaged addition to any other remedy referred to herein or otherwise available to Lessor in curing the said default, then law or in such event, equity. Any repossession or subsequent sale or lease by Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and take possession of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims of, by or through Lesseeitem of Equipment shall not bar an action for a deficiency as herein povided, and pursue any and all other remedies available under the laws bringing of an action or the State entry of Illinois for violations of any covenant or condition hereof, and all such remedies shall be deemed cumulative and not exclusive. judgment against Lessee shall notify Lessor of its proposed cure actions and continue to keep Lessor informed on a regular basis of the actions taken and results thereof. No action by Lessor pursuant to this Section 7 shall impair the not bar Lessor's right to rental and royalties (including without limitation Tonnage Royalties and Quarterly Deficiency Payments) due repossess any or accrued up to the time all items of termination and re-entry hereunder, but none shall be charged for any period thereafter. Provided, however, if Lessor, at any time, has provided notice of a Financing Cessation (as defined in the Purchase Agreement) then the cure periods set forth above shall be two hundred seventy (270) days from the date of such notice. In the event such Financing Cessation concludes prior to the end of such 270-day cure period as a result of Lessor paying the applicable portion of the Purchase Price at an Applicable Closing which was delayed as a result of such Financing Cessation, then Lessee shall have the cure periods set forth in the first two paragraphs of this Section 7 to cure and correct any defaults that have occurred during the just concluded period of Financing Cessation. Lessee further agrees that if the interest of Lessee in the Leased Premises shall be sold on execution or judicial sale, or if bankruptcy proceedings be begun by Lessee, or if Lessee be adjudged a bankrupt, or it makes an assignment for the benefit of creditors, or a receiver be appointed for it or for the Leased Premises, or if an assignment occurs by operation of law, then, and in any such event, this Lease shall forthwith terminate and be forfeited and the Leased Premises and all improvements thereon shall forthwith become the property of Lessor, without compensation to Lessee, and without refund of any royalties or deficiency payments paid hereunderEquipment.

Appears in 1 contract

Samples: Master Lease Agreement (Consumer Net Marketplace Inc)

REMEDIES OF LESSOR. If default be made by Lessee in Upon the payment occurrence of the rentals any Event of Default and royalties herein and such default shall continue for a period of fifteen (15) days after written notification thereof has been posted to Lessee, then in each such eventany time thereafter, Lessor may, at without notice, exercise one or more of the following remedies, as Lessor, in its option, sole discretion shall elect: (1) declare all unpaid lease payments under the Lease to be immediately due and payable; (1) terminate this the Lease without as to any further notice and re-enter upon and or all items of the Equipment; (2) take possession of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims of, by, or through LesseeEquipment wherever found, and pursue for this purpose enter upon any premises of Lessee and remove the Equipment, without any liability for suit, action or other proceedings by Lessee; (3) direct Lessee at its expense to promptly prepare the Equipment for pickup by Lessor; (4) use, hold, sell, lease or otherwise dispose of the Equipment or any item thereof on the site specified on the applicable Agreement or any other location without affecting the obligations of Lessee as provided in the Lease; (5) proceed by appropriate action either in law or in equity to enforce performance by Lessee of the terms of the Lease or to recover damages for the breach hereof; (6) apply the Security Deposit to payment of Lessor’s costs, expenses and attorney fees in enforcing the terms of the Lease and to indemnify Lessor against any damages sustained by Lessor (provided, however, nothing herein shall be construed to mean that the recovery of damages by Lessor shall be limited to the amount of the Security Deposit); (7) exercise any and all other remedies available rights accruing to Lessor under any applicable law upon an Event of Default. In addition, Lessor shall be entitled to recover immediately as damages, and not as a penalty, a sum equal to the laws aggregate of the State following: (i) all unpaid payments as are due and payable for any items of Illinois for violation of any covenant or condition hereof, and all such remedies shall be deemed cumulative and not exclusive. If default be made by Lessee in the performance of any of the other terms or conditions hereof required to be kept or performed by Lessee and such default shall continue for a period of thirty (30) days after written notification thereof has been posted to Lessee, and in the event that Lessee is not reasonably engaged in curing the said default, then in such event, Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and take possession of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims of, by or through Lessee, and pursue any and all other remedies available under the laws of the State of Illinois for violations of any covenant or condition hereof, and all such remedies shall be deemed cumulative and not exclusive. Lessee shall notify Lessor of its proposed cure actions and continue to keep Lessor informed on a regular basis of the actions taken and results thereof. No action by Lessor pursuant to this Section 7 shall impair the right to rental and royalties (including without limitation Tonnage Royalties and Quarterly Deficiency Payments) due or accrued Equipment up to the time date of termination repossession by Lessor; (ii) any expenses paid or incurred by Lessor in connection with the repossession, holding, repair and re-entry hereundersubsequent sale, but none shall be charged lease or other disposition of the Equipment, including attorney’s fees and other reasonable costs and expenses; (iii) an amount equal to the excess of (a) all unpaid payments for any period thereafter. Provided, however, if Lessor, at any time, has provided notice item of a Financing Cessation (as defined in the Purchase Agreement) then the cure periods set forth above shall be two hundred seventy (270) days Equipment repossessed by Lessor from the date of such notice. In the event such Financing Cessation concludes prior thereof to the end of such 270-day cure period as a result of Lessor paying the applicable portion term of the Purchase Price at an Applicable Closing which was delayed as a result Lease over (b) the fair market lease value of such Financing Cessationitem or items of Equipment for such unexpired lease period (provided however, then Lessee shall have that the cure periods set forth in the first two paragraphs of this Section 7 to cure and correct any defaults that have occurred during the just concluded period of Financing Cessation. Lessee further agrees that if the interest of Lessee in the Leased Premises fair market lease value shall be sold on execution deemed to not exceed the proceeds of any sale of the Equipment or judicial salelease thereof by Lessor for a period substantially similar to the unexpired lease period); and (iv) the replacement cost of any item of Equipment which Lessee fails to prepare for return to Lessor as provided above or converts or is destroyed, or if bankruptcy proceedings be begun by Lessee, or if Lessee be adjudged a bankrupt, or it makes an assignment for the benefit of creditors, or a receiver be appointed for it or for the Leased Premises, or if an assignment occurs by operation of law, then, and in any such event, this Lease shall forthwith terminate and be forfeited and the Leased Premises and all improvements thereon shall forthwith become the property of Lessor, without compensation which Lessor is unable to Lessee, and without refund of any royalties or deficiency payments paid hereunderrepossess.

Appears in 1 contract

Samples: Lease Agreement

REMEDIES OF LESSOR. If default be made by Upon the occurrence of any Event of Default and at any time thereafter, Lessor may without demand or notice to Lessee and without terminating or otherwise affecting Lessee's obligations hereunder exercise one or more of the following remedies, as Lessor in its sole discretion shall elect: (a) Lessor may xxx for and recover from Lessee the sum of all unpaid rents and other payments due under each Lease then accrued, all accelerated future payments due under each Lease, discounted to their present value at a discount rate equal to current rate as of the date of default, plus Lessor's estimate at the time each Lease was entered into of Lessor's residual interest in the payment Equipment, reduced to present value at a discount rate equal to current rate as of the rentals date of default, less the net proceeds of disposition, if any, of the Equipment; (b) require Lessee to assemble the Equipment and royalties herein make it available to Lessor at a place designated by Lessor as provided in Paragraph 17 above; (c) take and such default shall continue for a period of fifteen (15) days after written notification thereof has been posted to Lessee, then in each such event, Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and take hold possession of the Leased Premises Equipment and hold render the Equipment unusable, and possess for this purpose enter and remove the Equipment from any premises where the same may be located without liability to Lessee for any damage caused thereby; (d) sell or lease the Equipment or any part thereof at public or private sale (and Lessor may be a purchaser at such sale) for cash, on credit or otherwise, without representations or warranties, and upon such other terms as its absolute property shall be acceptable to Lessor, and for such purposes of sale or lease, Lessor may use Lessee's name, voice, signature, photograph or likeness, in any manner and for any purpose, including but not limited to, advertising or selling, or soliciting purchases of, any or all of the Equipment, products, merchandise, goods or services; (e) use and occupy the premises of Lessee for the purpose of taking, holding, reconditioning, displaying, selling or leasing the Equipment, without cost to Lessor or liability to Lessee; (f) proceed by appropriate action either at law or in equity to enforce either performance by Lessee of the covenants of this Lease or to recover damages for the breach of such covenants; or (g) exercise any and all rights accruing to a lessor under any applicable law upon a default by a lessee. If notice is required by law, any written notice to Lessee of any such sale or lease, given not less than five (5) days prior to the date thereof, shall constitute reasonable notice to Lessee. Any sale or lease of the Equipment by Lessor after default shall be free and clear of any claims ofrights or interests of Lessee. Without limiting any of the foregoing remedies, byLessor may immediately recover the following from Lessee. (A) all unpaid rentals, late charges and other sums due as of the date of default; (B) all unpaid rentals to become due from the date of default through the last day of the term of each Lease; (C) any and all costs or expenses paid or incurred by Lessor in connection with the repossession, holding, repair, reconditioning and subsequent sale, lease or other disposition of the Equipment, including but not limited to, attorneys' fees and costs, whether or not litigation is commenced; (D) the residual value of any item of Equipment which Lessee fails to return to Lessor as provided above or converts or destroys, or through Lesseewhich Lessor does not or is unable to repossess;(E) all other costs or expenses paid or incurred by Lessor at any time in connection with the execution, delivery, administration, amendment and enforcement or exercise of any of the Lessor's rights and remedies under each Lease, including but not limited to, attorneys' fees and costs, whether or not litigation is commenced, and pursue taxes imposed by any governmental agency; (F) any actual or anticipated loss of federal or state tax benefits to Lessor (as determined by Lessor) resulting from Lessee's default or Lessor's repossession or disposition of the Equipment; and (G) any and all other remedies available under damages proximately caused by Lessee's default. If Lessor obtains possession of any Equipment after default, the laws amount Lessor shall be entitled to recover shall be reduced by the lesser of(I ) the rent due for the portion of the State term of Illinois each Lease remaining at the point in time the Equipment is re-sold or re-leased, or (2) either (a) the proceeds received by Lessor on the re-sale of the Equipment, less the re-sold Equipment's residual value or (b) the invoice value used for violation the re-lease of the Equipment less the re-leased Equipment's residual value. Lessor shall not be obligated to sell, lease, or otherwise dispose of any covenant item of repossessed Equipment under each Lease if it would impair the sale, lease or condition hereofother disposition by Lessor of similar equipment. Lessee shall be liable for any deficiency suffered by Lessor, and unless otherwise required by law, Lessor shall not be required to account to Lessee for any surplus or profit. All rights and remedies of Lessor under each Lease are in addition to all rights and remedies contained in any other agreement, instrument or document or available to Lessor at law or in equity. All such rights and remedies shall be deemed are cumulative and not exclusiveexclusive and may be exercised successively, concurrently and repeatedly. If No default be made by Lessee or action by Lessor, including repossession, sale or re-leasing of Equipment, shall result in the performance or constitute a termination of each Lease unless Lessor so notifies Lessee in writing, and no termination hereof shall release or impair any of Lessee's obligations hereunder. No exercise of any right or remedy shall constitute an election of the other terms or conditions hereof required to be kept or performed by Lessee remedies and such default shall continue for a period of thirty (30) days after written notification thereof has been posted to Lessee, and in the event that Lessee is not reasonably engaged in curing the said default, then in such event, Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and take possession of the Leased Premises and hold and possess the same as its absolute property free and clear preclude exercise of any claims of, by other right or through Lessee, and pursue any and all other remedies available under the laws of the State of Illinois for violations of any covenant or condition hereof, and all such remedies shall be deemed cumulative and not exclusiveremedy. Lessee shall notify Lessor of its proposed cure actions and continue to keep Lessor informed on a regular basis of the actions taken and results thereof. No action by Lessor pursuant to this Section 7 shall impair the right to rental and royalties (including without limitation Tonnage Royalties and Quarterly Deficiency Payments) due or accrued up to the time of termination and re-entry hereunder, but none shall be charged for any period thereafter. Provided, however, if Lessor, at any time, has provided notice of a Financing Cessation (as defined in the Purchase Agreement) then the cure periods set forth above shall be two hundred seventy (270) days from the date of such notice. In the event such Financing Cessation concludes prior to the end of such 270-day cure period as a result of Lessor paying the applicable portion of the Purchase Price at an Applicable Closing which was delayed as a result of such Financing Cessation, then Lessee shall have the cure periods set forth in the first two paragraphs of this Section 7 to cure and correct any defaults that have occurred during the just concluded period of Financing Cessation. Lessee further agrees that if the interest of Lessee in the Leased Premises shall be sold on execution or judicial sale, or if bankruptcy proceedings be begun by Lessee, or if Lessee be adjudged a bankrupt, or it makes an assignment for the benefit of creditors, or a receiver be appointed for it or for the Leased Premises, or if an assignment occurs by operation of law, then, and in any such event, this Lease shall forthwith terminate and be forfeited and the Leased Premises and all improvements thereon shall forthwith become the property of Lessor, without compensation to Lessee, and without refund of any royalties or deficiency payments paid hereunderLESSEE WAIVES ANY AND ALL RIGHTS TO NOTICE AND TO A JUDICIAL HEARING WITH RESPECT TO THE REPOSSESSION OF THE EQUIPMENT BY LESSOR IN THE EVENT OF DEFAULT HEREUNDER BY LESSEE.

Appears in 1 contract

Samples: Master Lease Agreement (Applied Biometrics Inc)

REMEDIES OF LESSOR. If default be made by Lessee in Upon the payment occurrence of the rentals any Event of Default and royalties herein and such default shall continue for a period of fifteen at any time thereafter (15) days after written notification thereof has been posted subject to Lessee, then in each such eventany applicable grace provisions), Lessor may, at without any further notice, exercise one or more of the following remedies, as Lessor in its option, sole discretion shall elect: (a) terminate this Lease without as to any further notice and re-enter upon and or all items of Personal Property; (b) take possession of the Leased Premises Personal Property wherever found, and hold for this purpose enter upon any premises of Lessee without any liability for suit, action or other proceeding by Lessee, and possess remove the same same; (c) cause Lessee, at its expense, to promptly return the Personal Property to Lessor in the condition required herein; (d) use, hold, sell, lease or otherwise dispose of the Personal Property or any item thereof on the premises of Lessee or any other location without affecting the obligations of Lessee as its absolute property provided in this Lease; (e) sell or lease the Personal Property, or any part thereof, at public auction or by private sale or lease at such time or times and upon such terms as Lessor may determine, free and clear of any claims ofrights of Lessee and, byif notice thereof is required by law, any notice in writing of any such sale or through lease by Lessor to Lessee not less than ten (10) days prior to the date thereof shall constitute reasonable notice thereof to Lessee, and pursue any and all other remedies available under the laws ; (f) proceed by appropriate action either by law or in equity to enforce performance by Lessee of the State applicable covenants of Illinois this Lease or to recover damages for violation the breach thereof, including, without limitation, rentals for the greater of (i) the period of any covenant required notice for Lessee to return Personal Property to Lessor or condition hereof, and all such remedies shall be deemed cumulative and not exclusive. If default be made by Lessee in (ii) the performance of any of the other terms or conditions hereof required to be kept or performed by Lessee and such default shall continue for a period of thirty (30) days after written notification thereof has been posted to Lessee, and in the event that Lessee is not reasonably engaged in curing the said default, then in such event, Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and take possession of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims of, by or through Lessee, and pursue any and all other remedies available under the laws of the State of Illinois for violations of any covenant or condition hereof, and all such remedies shall be deemed cumulative and not exclusive. Lessee shall notify Lessor of its proposed cure actions and continue to keep Lessor informed on a regular basis of the actions taken and results thereof. No action by Lessor pursuant to this Section 7 shall impair the right to rental and royalties (including without limitation Tonnage Royalties and Quarterly Deficiency Payments) due or accrued up to the time of termination and re-entry hereunder, but none shall be charged for any period thereafter. Provided, however, if Lessor, at any time, has provided notice of a Financing Cessation (as defined in the Purchase Agreement) then the cure periods set forth above shall be two hundred seventy (270) days from the date of such noticedefault to the date of return of the Personal Property to Lessor; or (g) exercise any and all rights accruing to a Lessor under any applicable law upon a default by a Lessee. None of the remedies under this Lease are intended to be exclusive, but each shall be cumulative and in addition to any other remedy referred to herein or otherwise available to Lessor in law or in equity. Any repossession or subsequent sale or lease by Lessor of any item of Personal Property shall not bar an action for a deficiency as herein provided and the bringing of an action or the entry of judgment against the Lessee shall not bar the Lessor's right to repossess any or all items of Personal Property. In the event such Financing Cessation concludes prior to the end of such 270-day cure period as a result of default by Lessee hereunder and Lessor paying the applicable portion exercises any of the Purchase Price at an Applicable Closing which was delayed as a result of such Financing Cessationabove remedies, then Lessor shall use reasonable efforts to mitigate damages and any rental or other amounts received by Lessor shall offset the amounts owing from Lessee shall have the cure periods set forth in the first two paragraphs of this Section 7 to cure and correct any defaults that have occurred during the just concluded period of Financing Cessation. Lessee further agrees that if the interest of Lessee in the Leased Premises shall be sold on execution or judicial sale, or if bankruptcy proceedings be begun by Lessee, or if Lessee be adjudged a bankrupt, or it makes an assignment for the benefit of creditors, or a receiver be appointed for it or for the Leased Premises, or if an assignment occurs by operation of law, then, and in any such event, this Lease shall forthwith terminate and be forfeited and the Leased Premises and all improvements thereon shall forthwith become the property of Lessor, without compensation to Lessee, and without refund of any royalties or deficiency payments paid hereunder.

Appears in 1 contract

Samples: Lease Agreement (Holiday Rv Superstores Inc)

REMEDIES OF LESSOR. If default Upon each occurrence of an Event of Default and so long as such Event of Default shall be made by Lessee in the payment of the rentals and royalties herein and such default shall continue for a period of fifteen (15) days after written notification thereof has been posted to Lessee, then in each such eventcontinuing, Lessor may, may at any time thereafter at its option, election terminate this Lease without and Lessee's right of possession (but Lessee shall remain liable as hereinafter provided), and/or pursue any further notice other remedies at law or in equity. Upon the termination of this Lease and Lessee's right of possession, it shall be lawful for Lessor to re-enter upon the Space by summary dispossession proceedings or any other action or proceeding authorized by law and take possession to remove Lessee and all persons and property therefrom. If Lessor re-enters the Space, Lessor shall have the right to keep in place and use, or remove and store, all of the Leased Premises furniture, fixtures and hold and possess equipment at the same as its absolute property free and clear Space. Upon Lessor's termination of any claims this Lease, Lessor may recover from Lessee the sum of: all Rent, by, or through Lessee, and pursue any Additional Rent and all other remedies available under amounts accrued hereunder to the laws date of such termination; the cost of reletting the whole or any part of the State Space, including without limitation brokerage fees and/or leasing commissions incurred by Lessor, and costs of Illinois for violation of removing and storing Lessee's or any covenant other occupant's property, repairing, altering, remodeling, or otherwise putting the Space into condition hereofacceptable to a new tenant or tenants, and all such remedies shall be deemed cumulative reasonable expenses incurred by Lessor in pursuing its remedies, including reasonable attorneys' fees and not exclusivecourt costs. If default the Space is relet and a sufficient sum shall not be made realized from such reletting [after first deducting therefrom, for retention by Lessee in Lessor, the performance unpaid Rent, Additional Rent and other amounts accrued hereunder at the time of any reletting, the cost of recovering possession (including reasonable attorneys' fees and costs of suit), all of the other terms or conditions hereof required to be kept or performed by Lessee costs and such default shall continue for a period expenses of thirty (30) days after written notification thereof has been posted to Lesseerepairs, changes, alterations, and in additions, the event that Lessee is not reasonably engaged in curing the said default, then in expense of such event, Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and take possession of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims of, by or through Lessee, and pursue any and all other remedies available under the laws of the State of Illinois for violations of any covenant or condition hereof, and all such remedies shall be deemed cumulative and not exclusive. Lessee shall notify Lessor of its proposed cure actions and continue to keep Lessor informed on a regular basis of the actions taken and results thereof. No action by Lessor pursuant to this Section 7 shall impair the right to rental and royalties reletting (including without limitation Tonnage Royalties brokerage fees and Quarterly Deficiency Paymentsleasing commissions) due or accrued up to and the time cost of termination and re-entry hereunder, but none shall be charged for any period thereafter. Provided, however, if Lessor, at any time, has provided notice of a Financing Cessation (as defined in the Purchase Agreement) then the cure periods set forth above shall be two hundred seventy (270) days from the date of such notice. In the event such Financing Cessation concludes prior to the end of such 270-day cure period as a result of Lessor paying the applicable portion collection of the Purchase Price at an Applicable Closing which was delayed as a result of such Financing CessationRent and Additional Rent accruing therefrom] to satisfy the Rent provided for in this Lease to be paid, then Lessee shall have immediately satisfy and pay any such deficiency. Exercise by Lessor of any one or more remedies hereunder granted or otherwise available shall not be deemed to be an acceptance of surrender of the cure periods set forth in the first two paragraphs Space and/or a termination of this Section 7 to cure and correct any defaults that have occurred during the just concluded period of Financing Cessation. Lessee further agrees that if the interest of Lessee in the Leased Premises shall be sold on execution Lease by Lessor, whether by agreement or judicial sale, or if bankruptcy proceedings be begun by Lessee, or if Lessee be adjudged a bankrupt, or it makes an assignment for the benefit of creditors, or a receiver be appointed for it or for the Leased Premises, or if an assignment occurs by operation of law. Any law, thenusage, or custom to the contrary notwithstanding, Lessor shall have the right at all times to enforce the provisions of this Lease in strict accordance with the terms hereof; and the failure of Lessor at any time to enforce its rights under this Lease strictly in accordance with same shall not be construed as having created a custom in any way or manner contrary to the specific terms, provisions, and covenants of this Lease or as having modified the same. Lessee and Lessor further agree that forbearance or waiver by Lessor to enforce its rights pursuant to this Lease or at law or in equity, shall not be a waiver of Lessor's right to enforce one or more of its rights in connection with any such event, subsequent default. A receipt by Lessor of Rent or other payment with knowledge of the breach of any term or covenant of this Lease shall forthwith terminate not be deemed a waiver of such breach, and no waiver by Lessor of any provision of this Lease shall be forfeited deemed to have been made unless expressed in writing and signed by Lessor. To the Leased Premises and all improvements thereon shall forthwith become greatest extent permitted by law, Lessee waives the property service of notice of Lessor's intention to re-enter as provided for in any statute, without compensation or to Lesseeinstitute legal proceedings to that end, and without refund also waives all right of redemption in case Lessee shall be dispossessed by a judgment or by warrant of any royalties court or deficiency payments paid hereunderjudge. Any reletting of the Space shall be on such terms and conditions as Lessor in its sole discretion may determine (including without limitation a term different than the remaining Term, rental concessions, alterations and repair of the Space, lease of less than the entire Space to any tenant and leasing any or all other portions of the Building before reletting the Space). Lessor shall not be liable, nor shall Lessee's obligations hereunder be diminished because of, Lessor's failure to relet the Space or collect Rent due in respect of such reletting.

Appears in 1 contract

Samples: Lease Agreement (Dialysis Corp of America)

REMEDIES OF LESSOR. If default be made Upon the occurrence of any Event of Default ------------------ by Lessee as provided in the payment of the rentals and royalties herein and such default shall continue for a period of fifteen (15) days after written notification thereof has been posted to Lessee, then in each such eventSection 15.1, Lessor mayshall have the immediate right to re-enter and may remove all persons and property from the Premises. Whether or not Lessor elects to re-enter, as herein provided, or take possession pursuant to legal proceedings or pursuant to any notice provided by law, Lessor may (i) at its option, option terminate this Lease without any further by giving written notice and re-enter upon and take possession of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims of, by, or through Lesseeto Lessee specifying a date on which this Lease shall terminate, and pursue upon such date, this Lease shall terminate, and/or (ii) from time to time, without terminating this Lease, relet the 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 Lessor in the exercise of its sole discretion may deem advisable, with the right to make alterations and repairs to the Premises as necessary in order to so relet the Premises. Lessor may from time to time, without terminating this Lease, enforce all other of its rights and remedies under this Lease or available under the laws of the State of Illinois for violation of any covenant to Lessor at law or condition hereof, and all such remedies in equity. Nothing contained in this Lease shall be deemed cumulative and not exclusivea limitation upon any remedies available to lessor. If default be made by Lessee in Lessor shall use reasonable, good faith efforts to mitigate its damages upon the performance occurrence of an Event of Default. The proceeds of any of the other terms or conditions hereof required to be kept or performed by Lessee and such default shall continue for a period of thirty (30) days after written notification thereof has been posted to Lessee, and in the event that Lessee is not reasonably engaged in curing the said default, then in such event, Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and take possession of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims of, by or through Lessee, and pursue any and all other remedies available under the laws of the State of Illinois for violations of any covenant or condition hereof, and all such remedies letting shall be deemed cumulative applied first to pay Lessor all costs and not exclusive. Lessee shall notify Lessor expenses of its proposed cure actions and continue to keep Lessor informed on a regular basis of the actions taken and results thereof. No action by Lessor pursuant to this Section 7 shall impair the right to rental and royalties such re-letting (including without limitation Tonnage Royalties costs and Quarterly Deficiency Paymentsexpenses of retaking or repossessing the Premises, removing persons and property therefrom, securing new tenants, including expenses for redecoration, alterations and other costs in connection with preparing the Premises for the new tenant) and receivers' fees incurred in connection with the appointment of and performance by a receiver to protect the Premises and Lessor's interest under this Lease and any necessary or reasonable alterations; second, to the payment of any indebtedness of Lessee to Lessor other than Rent due and unpaid hereunder; third, to the payment of Rent due and unpaid hereunder; and the residue, if any, shall be held by Lessor and applied in payment of other or accrued future obligations of Lessee to Lessor as the same may become due and payable, and Lessee shall not be entitled to receive any portion of such revenue. Upon the occurrence of any Event of Default and termination, re-entry, expiration and/or dispossession by summary proceedings or otherwise, (1) all Rent up to the date of such occurrence shall become due thereupon and be paid up to the time of termination and such re-entry hereunderentry, but none dispossession and/or expiration; and/or (2) Lessee shall also pay Lessor as liquidated damages for the failure of Lessee to observe and perform Lessee's covenants herein contained, any deficiency between the Rent hereby reserved and/or covenanted to be paid and the net amount, if any, of the rents collected on account of the lease or leases of the Premises for each month of the period which would otherwise have constituted the balance of the term of this Lease. The failure of Lessor to re-let the Premises or any part or parts thereof shall not release or affect Lessee's liability for damages and in any event, Lessee shall remain liable for all Rent and other amounts which become due before or after the Event of Default, even if Lessor retakes possession of the Premises. In computing such liquidated damages there shall be charged added to such deficiency such reasonable expenses as Lessor may incur in connection with re-letting such as legal expenses, reasonable attorneys' fees, brokerage and for keeping the Premises in good order. Any suit brought to collect the amount of the deficiency for any period thereaftermonth shall not prejudice in any way the rights of Lessor to collect the deficiency for any subsequent month by a similar proceeding. ProvidedLessor shall in no event be liable in any way whatsoever for failure to re-let the Premises, howeveror in the event the Premises are re-let, if for failure to collect the rent under such re-letting. Mention in this Lease of any particular remedy shall not preclude Lessor from any other remedy, in law or in equity. Lessee hereby expressly waives any and all rights of redemption granted by or under any laws in effect as of the Commencement Date or thereafter in the event of Lessor obtaining possession of the Premises, by reason of the violation by Lessee of any of the covenants and conditions of this Lease, or otherwise. If Lessee shall fail to make any payment or perform any act required to be made or performed under this Lease, Lessor, without waiving or releasing any obligation or default, may (but shall not be obligated to) at any time, has provided and upon reasonable notice to Lessee, make the payment or perform the act for the account and at the expense of a Financing Cessation (Lessee, and may enter upon the Leased Premises for that purpose and take all actions as defined in the Purchase Agreement) then the cure periods set forth above may be necessary to correct Lessee's breach. No such entry shall be two hundred seventy deemed an eviction of Lessee. All sums so paid by Lessor and all costs and expenses (270including, but not limited to, reasonable attorney's fees and expenses) days so incurred, together with interest at the rate of 18% per annum from the date of such notice. In the event such Financing Cessation concludes prior to the end of such 270-day cure period as a result of Lessor paying the applicable portion of the Purchase Price at an Applicable Closing which was delayed as a result of such Financing Cessationpayment, then Lessee shall have the cure periods set forth in the first two paragraphs of this Section 7 to cure constitute additional rent and correct any defaults that have occurred during the just concluded period of Financing Cessation. Lessee further agrees that if the interest of Lessee in the Leased Premises shall be sold payable by Lessee to Lessor on execution or judicial sale, or if bankruptcy proceedings be begun by Lessee, or if Lessee be adjudged a bankrupt, or it makes an assignment for the benefit of creditors, or a receiver be appointed for it or for the Leased Premises, or if an assignment occurs by operation of law, then, and in any such event, this Lease shall forthwith terminate and be forfeited and the Leased Premises and all improvements thereon shall forthwith become the property of Lessor, without compensation to Lessee, and without refund of any royalties or deficiency payments paid hereunderdemand.

Appears in 1 contract

Samples: Lease Agreement (Sight Resource Corp)

REMEDIES OF LESSOR. If Upon the occurrence of a default be made by Lessee in the payment hereunder and at any time thereafter (subject to any applicable grace provisions), Lessor may exercise any one or more of the following remedies, as Lessor, in its sole discretion, shall select: (a) declare all unpaid rentals under this Lease to be immediately due and royalties herein and such default shall continue for a period of fifteen payable; the amount to be due to be computed as hereinafter set forth; (15b) days after written notification thereof has been posted to Lessee, then in each such event, Lessor may, at its option, terminate this Lease as to any or all items of Equipment but no such termination shall be deemed to occur unless written notice to that express effect is given by Lessor to Lessee; (c) whether or not this Lease is terminated, take immediate possession of any or all of the Equipment without any further notice or demand and re-without court order or process, and for such purpose, enter upon and take possession any premises without liability for so doing; (d) sell, lease or otherwise dispose of the Leased Premises Equipment or any item thereof, at a public or private sale or lease at such time or times and hold and possess the same upon such terms as its absolute property Lessor may determine, free and clear of any claims of, by, rights of Lessee; (e) proceed by appropriate action either at law or through Lessee, in equity to enforce performance by Lessee of the applicable covenants of this Lease or recover damages for the breach thereof; and pursue (f) exercise any and all other remedies available rights accruing to a lessor of personal property under any applicable law upon a default by a lessee. Upon default, the laws Lessor shall be entitled to recover immediately as liquidated damages the sum of (a) all past due amounts owing under this Lease, including late charges and interest, (b) property taxes accrued or to be accrued during the State of Illinois lease term for violation of any covenant or condition hereofthe Equipment, which may be estimated by the Lessor, (c) all future payments yet to become due discounted to present value at 5% per annum, and (d) interest on all such remedies shall amounts past due hereunder at the rate of 18% per annum. In addition to the foregoing liquidated damages, Lessee will also be deemed cumulative and not exclusive. If default be made by Lessee in the performance of any of the other terms or conditions hereof required to be kept or performed by Lessee and such default shall continue responsible for all recovery costs that Lessor incurs after a period of thirty (30) days after written notification thereof has been posted to Lessee, and in the event that Lessee is not reasonably engaged in curing the said default, then in such eventincluding, Lessor maybut not limited to, at its option, terminate this Lease without any further notice and re-enter upon and take possession of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims of, by or through Lessee, and pursue any attorneys' fees and all other remedies available under out-of-pocket costs associated with enforcing the laws Lessee's obligations or in repossessing the Equipment. If the Lessor sells or releases the Equipment, the liquidated damages for which Lessee is responsible will be credited for the present value of the State of Illinois for violations of any covenant sale or condition hereof, and all such remedies shall be deemed cumulative and not exclusive. Lessee shall notify Lessor of its proposed cure actions and continue to keep Lessor informed on a regular basis of the actions taken and results thereofrelease proceeds. No action right or remedy conferred upon or reserved to Lessor by Lessor pursuant to this Section 7 shall impair the right to rental and royalties (including without limitation Tonnage Royalties and Quarterly Deficiency Payments) due or accrued up to the time of termination and re-entry hereunder, but none shall be charged for any period thereafter. Provided, however, if Lessor, at any time, has provided notice of a Financing Cessation (as defined in the Purchase Agreement) then the cure periods set forth above shall be two hundred seventy (270) days from the date of such notice. In the event such Financing Cessation concludes prior to the end of such 270-day cure period as a result of Lessor paying the applicable portion of the Purchase Price at an Applicable Closing which was delayed as a result of such Financing Cessation, then Lessee shall have the cure periods set forth in the first two paragraphs of this Section 7 to cure and correct any defaults that have occurred during the just concluded period of Financing Cessation. Lessee further agrees that if the interest of Lessee in the Leased Premises shall be sold on execution or judicial sale, or if bankruptcy proceedings be begun by Lessee, or if Lessee be adjudged a bankrupt, or it makes an assignment for the benefit of creditors, or a receiver be appointed for it or for the Leased Premises, or if an assignment occurs by operation of law, then, and in any such event, this Lease shall forthwith terminate be exclusive of an other right or remedy herein or by law provided; all rights and remedies of Lessor conferred on Lessor by this Lease or by law shall be forfeited cumulative and the Leased Premises in addition to every other right and all improvements thereon shall forthwith become the property of remedy available to Lessor, without compensation to Lessee, and without refund of any royalties or deficiency payments paid hereunder.

Appears in 1 contract

Samples: Equipment Lease (Centennial Sepcialty Foods Corp)

REMEDIES OF LESSOR. If default In the event of any breach of this Lease by Lessee, and failure to cure during the subject notice and cure periods as provided herein, then Lessor, in addition to such other rights or remedies provided to Lessor herein, shall have the immediate right of re-entry and may remove all persons and property from the demised premises. Such property may be made removed and stored in a public warehouse or elsewhere at the cost of, and for the account of Lessee. Should Lessor elect to re-enter, as herein provided, or should he take possession pursuant to legal proceedings or pursuant to any notice provided for by law, they may EITHER TERMINATE this Lease, or may from time to time, without terminating this Lease, re-let said 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 fair market rental or rentals and upon such other reasonable terms and conditions as Lessor may deem advisable with the right to make alterations and repairs to said demised premises. Upon each such re-letting (a) Lessee shall be immediately liable to pay to Lessor, in addition to any indebtedness other than rent due hereunder, the cost and expenses of such re-letting and of such alterations and repairs incurred by Lessor, and the amount, if any, by which the rent reserved in this Lease for the period of such re-letting (up to but not beyond the remaining term of any then current Renewal Term of this Lease) exceeds the amount agreed to be paid as rent for the demised premises for such period on such re-letting, as such becomes due; or (b) at the option of Lessor, rents received by Lessor from such re-letting shall be applied as follows; first, to the payment of any indebtedness other than rent due hereunder from Lessee to Lessor; second, to the rentals payment of any costs and royalties herein expenses of such re-letting and of such alterations and repairs; third, to the payment of rent due and unpaid hereunder; and the residue, if any, shall be held by Lessor and applied in payment of future rent as the same may become due and payable hereunder. If Lessee has been credited with any rent to be received by such re-letting under option (a) and such default rent shall continue for a period not be promptly paid to Lessor by the new tenant, or if such rentals received from such re-letting under option (b) during any month be less than that to be paid during that month by Lessee hereunder, Lessee shall pay any such deficiency to Lessor. Such deficiency shall be calculated and paid monthly. No such re-entry or taking possession of fifteen (15) days after written notification thereof has been posted said premises by Lessor shall be construed as an election on Lessor's part to Lessee, then in each such event, Lessor may, at its option, terminate this Lease without unless a written notice of such intention be given to Lessee or unless the termination thereof be decreed by a court of competent jurisdiction. Notwithstanding any further notice and such re-enter upon and take possession of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims of, by, or through Lessee, and pursue any and all other remedies available under the laws of the State of Illinois for violation of any covenant or condition hereof, and all such remedies shall be deemed cumulative and not exclusive. If default be made by Lessee in the performance of any of the other terms or conditions hereof required to be kept or performed by Lessee and such default shall continue for a period of thirty (30) days after written notification thereof has been posted to Lessee, and in the event that Lessee is not reasonably engaged in curing the said default, then in such eventletting without termination, Lessor may, may at its option, any time thereafter elect to terminate this Lease without for such uncured previous breach. Should Lessor at any further notice time terminate this Lease for any uncured breach, in addition to any other remedy they may have, they may recover from Lessee all damages they may incur by reason of such breach, including the cost of recovering the demised premises, and re-enter upon and take possession including the excess, if any, of the Leased Premises amount of rent and hold and possess charges equivalent to rent reserved in this Lease for the same as its absolute property free and clear of any claims of, by or through Lessee, and pursue any and all other remedies available under the laws remainder of the State then current term, over the then reasonable rental value of Illinois the demised premises for violations the remainder of any covenant or condition hereofsuch term, and all such remedies of which amounts shall be deemed cumulative due and not exclusive. payable from Lessee shall notify to Lessor of its proposed cure actions and continue to keep Lessor informed on a regular basis of the actions taken and results thereof. No action by Lessor pursuant to this Section 7 shall impair the right to rental and royalties (including without limitation Tonnage Royalties and Quarterly Deficiency Payments) due or accrued up to the time of termination and re-entry hereunder, but none shall be charged for any period thereafter. Provided, however, if Lessor, at any time, has provided notice of a Financing Cessation (as defined in the Purchase Agreement) then the cure periods set forth above shall be two hundred seventy (270) days from the date of such notice. In the event such Financing Cessation concludes prior to the end of such 270-day cure period as a result of Lessor paying the applicable portion of the Purchase Price at an Applicable Closing which was delayed as a result of such Financing Cessation, then Lessee shall have the cure periods set forth in the first two paragraphs of this Section 7 to cure and correct any defaults that have occurred during the just concluded period of Financing Cessation. Lessee further agrees that if the interest of Lessee in the Leased Premises shall be sold on execution or judicial sale, or if bankruptcy proceedings be begun by Lessee, or if Lessee be adjudged a bankrupt, or it makes an assignment for the benefit of creditors, or a receiver be appointed for it or for the Leased Premises, or if an assignment occurs by operation of law, then, and in any such event, this Lease shall forthwith terminate and be forfeited and the Leased Premises and all improvements thereon shall forthwith become the property of Lessor, without compensation to Lessee, and without refund of any royalties or deficiency payments paid hereunderthey accrue.

Appears in 1 contract

Samples: R B Rubber Products Inc

REMEDIES OF LESSOR. If default In the event of any breach of this lease by Lessee, and failure to cure as provided for herein, then Lessor, after ten (10) days written notice to Lessee besides other rights or remedies Lessor may have, Lessor shall have the immediate right of re-entry and may remove all persons and property from the demised premises. Such property may be made removed and stored in a public warehouse or elsewhere at the cost of, and for the account of Lessee. Should Lessor elect to re-enter, as herein provided, or should he take possession pursuant to legal proceedings or pursuant to any notice provided for by law, she may either terminate this lease, or may from time to time, without terminating this lease, re-let said 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 fair market rental or rentals and upon such other reasonable terms and conditions as Lessor may deem advisable with the right to make alterations and repairs to said premises. Upon each such re-letting (a) Lessee shall be immediately liable to Lessor, in addition to indebtedness other than rent due hereunder, for the cost and expenses of such re-letting and of such alterations and repairs incurred by Lessor, and the amount if any, by which the rent reserved in this lease for the period of such re-letting (up to but not beyond the remaining term of any then current renewal term of this lease) exceeds the amount agreed to be paid as rent for the demised premises for such period on such re-letting, as such becomes due; or (b) at the option of Lessor, rents received by Lessor from such re-letting shall be applied as follows; first, to the payment of any indebtedness other than rent due hereunder from Lessee to Lessor; second, to the rentals payment of any costs and royalties herein expenses of such re-letting and of such alterations and repairs; third, to the payment of rent due and unpaid hereunder; and the residue, if any, shall be held by Lessor and applied in payment of future rent as the same may become due and payable hereunder. If Lessee has been credited with any rent to be received by such re-letting under option (a) and such default rent shall continue for a period of fifteen (15) days after written notification thereof has been posted not be promptly paid to LesseeLessor by the new tenant, then in each or if such event, Lessor may, at its option, terminate this Lease without any further notice and rentals received from such re-enter upon and take possession of the Leased Premises and hold and possess the same as its absolute property free and clear of letting under option (b) during any claims ofmonth be less than that to be paid during that month by Lessee hereunder, by, or through Lessee, and pursue any and all other remedies available under the laws of the State of Illinois for violation of any covenant or condition hereof, and all Lessee shall pay such remedies deficiency to Lessor. Such deficiency shall be deemed cumulative calculated and not exclusive. If default be made by Lessee in the performance of any of the other terms or conditions hereof required to be kept or performed by Lessee and such default shall continue for a period of thirty (30) days after written notification thereof has been posted to Lessee, and in the event that Lessee is not reasonably engaged in curing the said default, then in such event, Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and take possession of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims of, by or through Lessee, and pursue any and all other remedies available under the laws of the State of Illinois for violations of any covenant or condition hereof, and all such remedies shall be deemed cumulative and not exclusive. Lessee shall notify Lessor of its proposed cure actions and continue to keep Lessor informed on a regular basis of the actions taken and results thereofpaid monthly. No action by Lessor pursuant to this Section 7 shall impair the right to rental and royalties (including without limitation Tonnage Royalties and Quarterly Deficiency Payments) due or accrued up to the time of termination and such re-entry hereunder, but none or taking possession of said premised by Lessor shall be charged construed as an election on Lessor's part to terminate this lease unless a written notice of such intention be given to Lessee or unless the termination thereof decreed by a court of competent jurisdiction. Notwithstanding any such re-letting without termination, Lessor may at any time thereafter elect to terminate this lease for such uncured previous breach. Should Lessor at any time terminate this lease for any period thereafter. Provideduncured breach, howeverin addition to any other remedy they may have, they may recover from Lessee all damages they may incur by reason of such breach, including the cost of damages they may incur by reason of such breach, including the cost of recovering the demised premises, and including the excess, if Lessorany, at any timeof the amount of rent and charges equivalent to rent reserved in this lease for the remainder of the then current premises for the remainder of such term, has provided notice all of a Financing Cessation (as defined in the Purchase Agreement) then the cure periods set forth above which amounts shall be two hundred seventy (270) days due and payable from the date of such notice. In the event such Financing Cessation concludes prior Lessee to the end of such 270-day cure period Lessor as a result of Lessor paying the applicable portion of the Purchase Price at an Applicable Closing which was delayed as a result of such Financing Cessation, then Lessee shall have the cure periods set forth in the first two paragraphs of this Section 7 to cure and correct any defaults that have occurred during the just concluded period of Financing Cessation. Lessee further agrees that if the interest of Lessee in the Leased Premises shall be sold on execution or judicial sale, or if bankruptcy proceedings be begun by Lessee, or if Lessee be adjudged a bankrupt, or it makes an assignment for the benefit of creditors, or a receiver be appointed for it or for the Leased Premises, or if an assignment occurs by operation of law, then, and in any such event, this Lease shall forthwith terminate and be forfeited and the Leased Premises and all improvements thereon shall forthwith become the property of Lessor, without compensation to Lessee, and without refund of any royalties or deficiency payments paid hereunderthey accrue.

Appears in 1 contract

Samples: R B Rubber Products Inc

REMEDIES OF LESSOR. If Lessee shall default be made by Lessee in the payment of the rentals and royalties herein and such default shall continue for a period of fifteen (15) days after written notification thereof has been posted to Lesseerent reserved herein, then or in each such event, Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and take possession of the Leased Premises and hold and possess the same as its absolute property free and clear payment of any claims ofitem of additional rent or other monies, bydue hereunder, or through Lesseeany part of same, and pursue any and all other remedies available under the laws of the State of Illinois for violation of any covenant or condition hereof, and all such remedies Lessee shall be deemed cumulative and not exclusive. If default be made by Lessee in the performance observance of any of the other terms or terms, covenants and conditions hereof required to be kept or performed by Lessee and such default shall continue for a period of thirty (30) days after written notification thereof has been posted to Lessee, and in the event that Lessee is not reasonably engaged in curing the said default, then in such event, Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and take possession of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims of, by or through Lessee, and pursue any and all other remedies available under the laws of the State of Illinois for violations of any covenant or condition hereof, and all such remedies shall be deemed cumulative and not exclusive. Lessee shall notify Lessor of its proposed cure actions and continue to keep Lessor informed on a regular basis of the actions taken and results thereof. No action by Lessor pursuant to this Section 7 shall impair the right to rental and royalties (including without limitation Tonnage Royalties and Quarterly Deficiency Payments) due or accrued up to the time of termination and re-entry hereunder, but none shall be charged for any period thereafter. Provided, however, if Lessor, at any time, has provided notice of a Financing Cessation (as defined in the Purchase Agreement) then the cure periods set forth above shall be two hundred seventy (270) days from the date of such notice. In the event such Financing Cessation concludes prior to the end of such 270-day cure period as a result of Lessor paying the applicable portion of the Purchase Price at an Applicable Closing which was delayed as a result of such Financing Cessation, then Lessee shall have the cure periods set forth in the first two paragraphs of this Section 7 to cure and correct any defaults that have occurred during lease; or If the just concluded period of Financing Cessation. Lessee further agrees that if the interest of Lessee in the Leased Premises shall demised premises must be sold on execution abandoned, deserted or judicial salevacated, or if bankruptcy proceedings be begun by Lessee, Less shall sublet the demised premises or if assign this lease except as herein provided; or If Lessee be adjudged a bankrupt, or it makes shall make an assignment for the benefit of creditors, or file a voluntary petition in bankruptcy or be adjudicated a bankrupt by any court and such adjudication shall not be vacated thirty (30) days or Lessee takes the benefit of any insolvency act, or Lessee be dissolved voluntarily or involuntarily or have a receiver of Lessee's property appointed in any proceedings other than bankruptcy proceedings, and such appointment shall not be appointed for it or for the Leased Premises, or vacated within thirty (30) days after if an assignment occurs by operation of law, has been made; then, and in any such eventupon the happening of anyone or more of the defaults or events specified above, this Lease shall forthwith terminate and be forfeited lease and the Leased Premises term hereof shall at the option and election of the Lessor wholly cease and terminate, and there upon or at any time thereafter, Lessor may re- enter said premises either by force or otherwise and have possession of the same and/or may recover possession thereof by summary proceedings otherwise but Lessee shall remain liable to Lessor. If Lessee shall default in the performance or observance of any term or condition in this lease and shall not cure such default within such 15 day period and thereafter proceed with diligence to complete such cure Lessor may, but shall not be obligated to, cure such default by Lessee under this lease; and whenever Lessor so elects all improvements costs and expenses incurred by Lessor, including reasonable attorneys' fees, in curing a default shall be paid by Lessee to Lessor on demand, together with interest thereon shall forthwith become from the property date of payment by Lessor to date of payment by Lessee. In the event of anyone or more of the defaults set out above, all payments of rent, additional rent or of lease or any extension thereof, shall, at the option of Lessor, become immediately due and payable in full. Lessor may re-enter the demised premises using such force for that purpose as may be necessary without compensation being liable to Lesseeany prosecution therefore, and without refund Lessor may repair or alter the demised premises in such manner as to Lessor may seem necessary or advisable to re-let the demised premises. The Lessor has the right to relet said premises and to collect any deficiency in reletting in addition to any reasonable expenses incurred, however, the Lessee's obligation to pay damages must survive the termination of the lease and the election by Lessor of any royalties single remedy does not preclude the use of any other remedy whether or deficiency payments paid hereunder.not mentioned in this lease,

Appears in 1 contract

Samples: Office Lease (Columbialum Staffing Inc)

REMEDIES OF LESSOR. If Upon the occurrence of any event of default set forth in this Lease, Lessor shall have the option without any notice to Lessee (except as expressly provided below) and with or without judicial process, to pursue any one or more of the remedies set forth herein without any notice or demand: (1) Lessor may pursue all of its rights at law and in equity. (2) Lessor may enter upon and take custodial possession of the leased premises, by picking or changing locks if necessary, and lock out, expel or remove Lessee and any other person who may be occupying all or any part of the leased premises without being liable for any claim for damages, and relet the leased premises on behalf of Lessee and receive the rent directly by reason of the reletting. Lessee agrees to pay Lessor on demand any deficiency that may arise by reason of any reletting of the leased premises; further, Lessee agrees to reimburse Lessor for any reasonable expenditures made by it in order to relet the leased premises, including, but not limited to, remodeling and repair costs. (3) Lessor may enter upon the leased premises, by picking or changing locks if necessary, without being liable for any claim for damages, and do whatever Lessee is obligated to do under the terms of this Lease. Lessee agrees to reimburse Lessor on demand for any expenses which Lessor may incur in effecting compliance with Lessee's obligations under this Lease; further, Lessee agrees that Lessor shall not be liable for any damages resulting to Lessee from effecting compliance with Lessee's obligations under this Lease. (4) Lessor may terminate this Lease, in which event Lessee shall immediately surrender the payment of leased premises to Lessor, and if Lessee fails to surrender the rentals and royalties herein and such default shall continue for a period of fifteen (15) days after written notification thereof has been posted to Lessee, then in each such eventleased premises, Lessor may, at its option, terminate this Lease without prejudice to any further notice and re-other remedy which it may have for possession or arrearages in rent enter upon and take possession of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims ofleased premises, by, by picking or through Lesseechanging locks if necessary, and pursue lock out, expel or remove Lessee and any and other person who may be occupying all other remedies available under the laws or any part of the State of Illinois leased premises without being liable for violation of any covenant or condition hereof, and all such remedies shall be deemed cumulative and not exclusiveclaim for damages. If default be made With specific regard to an abandonment by Lessee in the performance of any of the other leased premises or a termination of Lessee's right to possession of the leased premises, Lessor shall use reasonable efforts to mitigate its damages by attempting to relet the leased premises; however, Lessor shall have no obligation to agree to any lease terms or conditions hereof required which it reasonably deems to be kept or performed by Lessee and such default unacceptable, nor shall continue for Lessor be obligated to (i) travel outside a period radius of thirty (30) days after written notification thereof has been posted miles from Dallas County, Texas, in order to Lesseemeet with a prospective tenant, or (ii) expend monies for finish-out requested by a prospective tenant unless Lessor in its reasonable discretion approves both the lease terms and in the event that Lessee is not reasonably engaged in curing the said default, then in such event, Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and take possession of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims of, by or through Lessee, and pursue any and all other remedies available under the laws of the State of Illinois for violations of any covenant or condition hereof, and all such remedies shall be deemed cumulative and not exclusive. Lessee shall notify Lessor of its proposed cure actions and continue to keep Lessor informed on a regular basis of the actions taken and results thereof. No action by Lessor pursuant to this Section 7 shall impair the right to rental and royalties (including without limitation Tonnage Royalties and Quarterly Deficiency Payments) due or accrued up to the time of termination and re-entry hereunder, but none shall be charged for any period thereafter. Provided, however, if Lessor, at any time, has provided notice of a Financing Cessation (as defined in the Purchase Agreement) then the cure periods set forth above shall be two hundred seventy (270) days from the date credit of such notice. In the event such Financing Cessation concludes prior to the end of such 270-day cure period as a result of Lessor paying the applicable portion of the Purchase Price at an Applicable Closing which was delayed as a result of such Financing Cessation, then Lessee shall have the cure periods set forth in the first two paragraphs of this Section 7 to cure and correct any defaults that have occurred during the just concluded period of Financing Cessation. Lessee further agrees that if the interest of Lessee in the Leased Premises shall be sold on execution or judicial sale, or if bankruptcy proceedings be begun by Lessee, or if Lessee be adjudged a bankrupt, or it makes an assignment for the benefit of creditors, or a receiver be appointed for it or for the Leased Premises, or if an assignment occurs by operation of law, then, and in any such event, this Lease shall forthwith terminate and be forfeited and the Leased Premises and all improvements thereon shall forthwith become the property of Lessor, without compensation to Lessee, and without refund of any royalties or deficiency payments paid hereunderprospective tenant.

Appears in 1 contract

Samples: Basic Lease Terms (Gulfstream Aerospace Corp)

REMEDIES OF LESSOR. If Lessee shall default be made by Lessee in the payment of the rentals and royalties herein and such default shall continue for a period of fifteen (15) days after written notification thereof has been posted to Lesseerent reserved herein, then or in each such event, Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and take possession of the Leased Premises and hold and possess the same as its absolute property free and clear payment of any claims ofitems of additional rent or other monies, bydue hereunder, or through Lesseeany part of same, and pursue any and all other remedies available under the laws of the State of Illinois for violation of any covenant or condition hereof, and all such remedies Lessee shall be deemed cumulative and not exclusive. If default be made by Lessee in the performance observance of any of the other terms or terms, covenants and conditions hereof required to be kept or performed by Lessee and such default shall continue for a period of thirty (30) days after written notification thereof has been posted to Lessee, and in the event that Lessee is not reasonably engaged in curing the said default, then in such event, Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and take possession of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims of, by or through Lessee, and pursue any and all other remedies available under the laws of the State of Illinois for violations of any covenant or condition hereof, and all such remedies shall be deemed cumulative and not exclusive. Lessee shall notify Lessor of its proposed cure actions and continue to keep Lessor informed on a regular basis of the actions taken and results thereof. No action by Lessor pursuant to this Section 7 shall impair the right to rental and royalties (including without limitation Tonnage Royalties and Quarterly Deficiency Payments) due or accrued up to the time of termination and re-entry hereunder, but none shall be charged for any period thereafter. Provided, however, if Lessor, at any time, has provided notice of a Financing Cessation (as defined in the Purchase Agreement) then the cure periods set forth above shall be two hundred seventy (270) days from the date of such notice. In the event such Financing Cessation concludes prior to the end of such 270-day cure period as a result of Lessor paying the applicable portion of the Purchase Price at an Applicable Closing which was delayed as a result of such Financing Cessation, then Lessee shall have the cure periods set forth in the first two paragraphs of this Section 7 to cure and correct any defaults that have occurred during the just concluded period of Financing Cessation. Lessee further agrees that lease; or if the interest of Lessee in the Leased Premises shall demised premises must be sold on execution abandoned, deserted or judicial sale, or if bankruptcy proceedings be begun by Lesseevacated, or if Lessee be adjudged a bankrupt, shall sublet the demised premises or it makes assign this lease except as herein provided; or If Lessee shall make an assignment for the benefit of creditors, or file a voluntary petition in bankruptcy or be adjudicated bankrupt by any court and such adjudication shall not be vacated within thirty (30) days or Lessee takes the benefit of any insolvency act, or Lessee be dissolved voluntarily or involuntarily or have a receiver of Lessee's property appointed in any proceedings other than bankruptcy proceedings, and such appointment shall not be appointed for vacated within thirty (30) days after it has been made; then, upon the happening of any one or for more of the Leased Premisesdefaults or events specified above, this lease and the term hereof shall at the option and election of the Lessor wholly cease and terminate, and thereupon or at any time thereafter, Lessor may re-enter said premises either by force or otherwise and have possession of the same and/or may recover possession thereof by summary proceedings otherwise, but Lessee shall remain liable to Lessor. If Lessee shall default in the performance or observance of any term or condition in this lease and shall not cure such default within such thirty (30) day period and thereafter proceed with diligence to complete such cure Lessor may, but shall not be obligated to cure such default by Lessee under this lease; and whenever Lessor so elects all costs and expenses incurred by Lessor, including reasonable attorneys' fees, in curing a default shall be paid by Lessee to Lessor on demand, together with interest thereon from the date of payment by Lessor to date of payment by Lessee. In the event of any one or more of the defaults set out above, all payments of rent, additional rent during the term of this lease, or if an assignment occurs by operation of lawany extension thereof, thenshall, and in any such event, this Lease shall forthwith terminate and be forfeited and at the Leased Premises and all improvements thereon shall forthwith become the property option of Lessor, become immediately due and payable in full. Lessor may re-enter the demised premises using such force for the purpose as may be necessary without compensation being liable to Lesseeany prosecution therefore, and without refund Lessor may repair or alter the demised premises in such manner as to Lessor may seem necessary or advisable to re-let the demised premises. The Lessor has the right to re-let said premises and to collect any deficiency in re-letting in addition to any reasonable expenses incurred, however, the Lessee's obligation to pay damages must survive the termination of this lease and the election by Lessor of any royalties single remedy does not preclude the use of any other remedy whether or deficiency payments paid hereunder.not mentioned in this lease. Authentisign ID: DCFD1B96-00A0-4A07-B29D-6B19ABC210CF

Appears in 1 contract

Samples: Office Lease

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REMEDIES OF LESSOR. If default be made by Lessee in Upon the payment occurrence of the rentals any Event of Default and royalties herein and such default shall continue for a period of fifteen (15) days after written notification thereof has been posted to Lessee, then in each such eventat any time thereafter, Lessor may, at its option, terminate this Lease without any further notice notice, exercise one or more of the following remedies as Lessor in its sole discretion shall elect: (a) terminate the Agreement and re-all of Lessee's rights hereunder as to any or all items of Property; (b) proceed by appropriate court action to personally, or by its agents, take possession from Lessee of any or all items of Property wherever found and for this purpose enter upon Lessee's premises where any item of Property is located and take possession remove such item of Property free from all claims of any nature whatsoever by Lessee and Lessor may thereafter dispose of the Leased Premises Property; provided, however, that any proceeds from the disposition of the Property in excess of the sum required to (i) pay to Lessor an amount equal to the total unpaid principal component of Lease Payments under the Property Schedule, including principal component not otherwise due until future fiscal years, (ii) pay any other amounts then due under the Property Schedule and hold and possess the same as its absolute property free and clear of any claims of, by, or through Lesseethis Agreement, and (iii) pay Lessor's costs and expenses associated with the disposition of the Property and the Event of Default (including attorneys fees), shall be paid to Lessee or such other creditor of Lessee as may be entitled thereto, and further provided that no deficiency shall be allowed against Lessee; (c) proceed by appropriate court action or actions to enforce performance by Lessee of its obligations hereunder or to recover damages for the breach hereof or pursue any other remedy available to Lessor at law or in equity or otherwise; (d) declare all unpaid Lease Payments and other sums payable hereunder during the current fiscal year of the Lease Term to be immediately due and payable without any presentment, demand or protest and / or take any and all other remedies available actions to which Lessor shall be entitled under the laws of the State of Illinois for violation applicable law. No right or remedy herein conferred upon or reserved to Lessor is exclusive of any covenant right or condition hereofremedy herein or at law or in equity or otherwise provided or permitted, but each shall be cumulative of every other right or remedy given hereunder or now or hereafter existing at law or in equity or by statute or otherwise, and may be enforced concurrently therewith or from time to time. Lessee agrees to pay to Lessor or reimburse Lessor for, in addition to all such remedies shall be deemed cumulative and other amounts due hereunder, all of Lessor's costs of collection, including reasonable attorney fees, whether or not exclusivesuit or action is filed thereon. If default be made by Lessee in the performance of any of the other terms or conditions hereof required to be kept or performed by Lessee and such default shall continue for a period Lessor hereby irrevocably waive all right to trial by jury in any action, proceeding or counterclaim (whether based on contract, tort or otherwise) arising out of thirty (30) days after written notification thereof has been posted to Lessee, and in the event that Lessee is not reasonably engaged in curing the said default, then in such event, Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and take possession of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims of, by or through Lessee, and pursue any and all other remedies available under the laws of the State of Illinois for violations of any covenant or condition hereof, and all such remedies shall be deemed cumulative and not exclusive. Lessee shall notify Lessor of its proposed cure actions and continue to keep Lessor informed on a regular basis of the actions taken and results thereof. No action by Lessor pursuant relating to this Section 7 shall impair the right to rental and royalties (including without limitation Tonnage Royalties and Quarterly Deficiency Payments) due or accrued up to the time of termination and re-entry hereunder, but none shall be charged for any period thereafter. Provided, however, if Lessor, at any time, has provided notice of a Financing Cessation (as defined in the Purchase Agreement) then the cure periods set forth above shall be two hundred seventy (270) days from the date of such notice. In the event such Financing Cessation concludes prior to the end of such 270-day cure period as a result of Lessor paying the applicable portion of the Purchase Price at an Applicable Closing which was delayed as a result of such Financing Cessation, then Lessee shall have the cure periods set forth in the first two paragraphs of this Section 7 to cure and correct any defaults that have occurred during the just concluded period of Financing Cessation. Lessee further agrees that if the interest of Lessee in the Leased Premises shall be sold on execution or judicial sale, or if bankruptcy proceedings be begun by Lessee, or if Lessee be adjudged a bankrupt, or it makes an assignment for the benefit of creditors, or a receiver be appointed for it or for the Leased Premises, or if an assignment occurs by operation of law, then, and in any such event, this Lease shall forthwith terminate and be forfeited and the Leased Premises and all improvements thereon shall forthwith become the property of Lessor, without compensation to Lessee, and without refund of any royalties or deficiency payments paid hereunder.

Appears in 1 contract

Samples: www.pitneybowes.com

REMEDIES OF LESSOR. If default Upon each occurrence of an Event of Default and so long as such Event of Default shall be made by Lessee in the payment of the rentals and royalties herein and such default shall continue for a period of fifteen (15) days after written notification thereof has been posted to Lessee, then in each such eventcontinuing, Lessor may, may at any time thereafter at its option, election terminate this Lease without and Lessee's right of possession (but Lessee shall remain liable as hereinafter provided), and/or pursue any further notice other remedies at law or in equity. Upon the termination of this Lease and Lessee's right of possession, it shall be lawful for Lessor to re-enter upon the Space by summary dispossession proceedings or any other action or proceeding authorized by law and take possession to remove Lessee and all persons and property therefrom. If Lessor re-enters the Space, Lessor shall have the right to keep in place and use, or remove and store, all of the Leased Premises furniture, fixtures and hold and possess equipment at the same as its absolute property free and clear Space. Upon Lessor's termination of any claims this Lease, Lessor may recover from Lessee the sum of: all Rent, by, or through Lessee, and pursue any Additional Rent and all other remedies available under amounts accrued hereunder to the laws date of such termination; the cost of reletting the whole or any part of the State Space, including without limitation brokerage fees and/or leasing commissions incurred by Lessor, and costs of Illinois for violation of removing and storing Lessee's or any covenant other occupant's property, repairing, altering, remodeling, or otherwise putting the Space into condition hereofacceptable to a new tenant or tenants, and all such remedies shall be deemed cumulative reasonable expenses incurred by Lessor in pursuing its remedies, including reasonable attorneys' fees and not exclusivecourt costs. If default the Space is relet and a sufficient sum shall not be made realized from such reletting [after first deducting therefrom, for retention by Lessee in Lessor, the performance unpaid Rent, Additional Rent and other amounts accrued hereunder at the time of any reletting, the cost of recovering possession (including reasonable attorneys' fees and costs of suit), all of the other terms or conditions hereof required to be kept or performed by Lessee costs and such default shall continue for a period expenses of thirty (30) days after written notification thereof has been posted to Lesseerepairs, changes, alterations, and in additions, the event that Lessee is not reasonably engaged in curing the said default, then in expense of such event, Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and take possession of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims of, by or through Lessee, and pursue any and all other remedies available under the laws of the State of Illinois for violations of any covenant or condition hereof, and all such remedies shall be deemed cumulative and not exclusive. Lessee shall notify Lessor of its proposed cure actions and continue to keep Lessor informed on a regular basis of the actions taken and results thereof. No action by Lessor pursuant to this Section 7 shall impair the right to rental and royalties reletting (including without limitation Tonnage Royalties brokerage fees and Quarterly Deficiency Paymentsleasing commissions) due or accrued up to and the time cost of termination and re-entry hereunder, but none shall be charged for any period thereafter. Provided, however, if Lessor, at any time, has provided notice of a Financing Cessation (as defined in the Purchase Agreement) then the cure periods set forth above shall be two hundred seventy (270) days from the date of such notice. In the event such Financing Cessation concludes prior to the end of such 270-day cure period as a result of Lessor paying the applicable portion collection of the Purchase Price at an Applicable Closing which was delayed as a result of such Financing CessationRent and Additional Rent accruing therefrom] to satisfy the Rent provided for in this Lease to be paid, then Lessee shall have immediately satisfy and pay any such deficiency. Exercise by Lessor of any one or more remedies hereunder granted or otherwise available shall not be deemed to be an acceptance of surrender of the cure periods set forth in the first two paragraphs Space and/or a termination of this Section 7 to cure and correct any defaults that have occurred during the just concluded period of Financing Cessation. Lessee further agrees that if the interest of Lessee in the Leased Premises shall be sold on execution Lease by Lessor, whether by agreement or judicial sale, or if bankruptcy proceedings be begun by Lessee, or if Lessee be adjudged a bankrupt, or it makes an assignment for the benefit of creditors, or a receiver be appointed for it or for the Leased Premises, or if an assignment occurs by operation of law. Any law, thenusage, or custom to the contrary notwithstanding, Lessor shall have the right at all times to enforce the provisions of this Lease in strict accordance with the terms hereof; and the failure of Lessor at any time to enforce its rights under this Lease strictly in accordance with same shall not be construed as having created a custom in any way or manner contrary to the specific terms, provisions, and covenants of this Lease or as having modified the same. Lessee and Lessor further agree that forbearance or waiver by Lessor to enforce its rights pursuant to this Lease or at law or in equity, shall not be a waiver of Lessor's right to enforce one or more of its rights in connection with any such event, subsequent default. A receipt by Lessor of rent or other payment with knowledge of the breach of any term or covenant of this Lease shall forthwith terminate not be deemed a waiver of such breach, an no waiver by Lessor of any provision of this Lease shall be deemed to have been made unless expressed in writing and be forfeited and signed by Lessor. To the Leased Premises and all improvements thereon shall forthwith become greatest extent permitted by law, Lessee waives the property service of notice of Lessor's intention to re-enter as provided for in any statute, without compensation or to Lesseeinstitute legal proceedings to that end, and without refund also waives all right of redemption in case Lessee shall be dispossessed by a judgment or by warrant of any royalties court or deficiency payments paid hereunderjudge. Any reletting of the Space shall be on such terms and conditions as Lessor in its sole discretion may determine (including without limitation a term different than the remaining Term, rental concessions, alterations and repair of the Space, lease of less than the entire Space to any tenant and leasing any or all other portions of the Building before reletting the Space). Lessor shall not be liable, nor shall Lessee's obligations hereunder be diminished because of, Lessor's failure to relet the Space or collect Rent due in respect of such reletting.

Appears in 1 contract

Samples: Lease Agreement (Dialysis Corp of America)

REMEDIES OF LESSOR. 1) If default be made by Lessee in any Event of Default occurs, the payment Lessor shall have the right, at the option of the rentals and royalties herein and such default shall continue for a period of fifteen Lessor, to terminate this Lease upon three (153) days after written notification thereof has been posted notice to Lessee, then in each such eventand to thereupon re-enter and take possession of the Premises with or without summary or other legal process. If any Event of Default occurs, Lessor mayshall have the right, at its option, terminate this Lease from time to time, without any further notice terminating the Lease, to re-enter and re-enter let the Premises, or any part thereof, with or without legal process, as the agent and for the account of Lessee upon such terms and take possession conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re- letting shall be applied first to the expenses of such re-letting and collection including, but not limited to, necessary renovation and alterations to the Premises, reasonable attorneys' fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due to the Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor's option, Lessee shall pay Lessor any deficiency monthly, notwithstanding Lessor may have received rental in excess of the Leased Premises rental stipulated in this Lease in previous or subsequent months, and hold and possess the same Lessor may bring an action therefor as its absolute property free and clear of any claims of, bysuch monthly deficiency shall arise, or through Lessee(ii) at Lessor's option, and pursue any and all other remedies available under the laws entire deficiency, which is subject to ascertainment for the remaining term of the State of Illinois for violation of any covenant or condition hereofthis Lease, and all such remedies shall be deemed cumulative immediately due and not exclusivepayable to Lessor. If default Nothing herein, however, shall be made by Lessee in the performance of any of the other terms or conditions hereof required construed to be kept or performed by Lessee and such default shall continue for a period of thirty (30) days after written notification thereof has been posted require Lessor to Lessee, and in the event that Lessee is not reasonably engaged in curing the said default, then in such event, Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and take possession or re-let the Premises or any portion thereof in any event. The Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims of, by or through Lessee, and pursue any and all other remedies available under the laws of the State of Illinois for violations of any covenant or condition hereof, and all such remedies shall be deemed cumulative and not exclusive. Lessee shall notify Lessor of its proposed cure actions and continue to keep Lessor informed on a regular basis of the actions taken and results thereof. No action by Lessor pursuant to rent provided in this Section 7 shall impair the right to rental and royalties (including without limitation Tonnage Royalties and Quarterly Deficiency Payments) due or accrued up to the time of termination and re-entry hereunder, but none shall be charged for any period thereafter. Provided, however, if Lessor, at any time, has provided notice of a Financing Cessation (as defined in the Purchase Agreement) then the cure periods set forth above shall be two hundred seventy (270) days from the date of such notice. In the event such Financing Cessation concludes prior to the end of such 270-day cure period as a result of Lessor paying the applicable portion of the Purchase Price at an Applicable Closing which was delayed as a result of such Financing Cessation, then Lessee shall have the cure periods set forth in the first two paragraphs of this Section 7 to cure and correct any defaults that have occurred during the just concluded period of Financing Cessation. Lessee further agrees that if the interest of Lessee in the Leased Premises shall be sold on execution or judicial sale, or if bankruptcy proceedings be begun by Lessee, or if Lessee be adjudged a bankrupt, or it makes an assignment for the benefit of creditors, or a receiver be appointed for it or for the Leased Premises, or if an assignment occurs by operation of law, then, and in any such event, this Lease shall forthwith terminate and be forfeited and the Leased Premises and all improvements thereon shall forthwith become the property of Lessor, without compensation to Lessee, and without refund of any royalties or deficiency payments paid hereunderLease.

Appears in 1 contract

Samples: Lease Agreement (Top Source Technologies Inc)

REMEDIES OF LESSOR. If default In the event that the rent or any other amount of money herein agreed to be made paid by the Lessee shall remain unpaid for a period of ten (l0) days after the same becomes due, or in the payment event the Lessee shall at any time be in default in the observance or performance of any of the rentals other covenants, agreements, terms, provisions and royalties herein and such default shall continue conditions assumed or imposed on it hereunder for a period of fifteen (15l5) days after written notification thereof has been posted notice to LesseeLessee of such default, then in each such event, the Lessor mayshall be entitled, at its optionelection, to exercise concurrently or successively, any one or more of the following rights and remedies: a. To pay any sum required to be paid by Lessee under the terms of this Lease to other than the Lessor and to perform any obligation required to be performed by the Lessee under the terms of this Lease for the account of the Lessee and the amount paid by Lessor with interest thereon at the rate of one and one-half percent (l-l/2%) per month and all expenses connected therewith shall be repaid by the Lessee to the Lessor on demand. For this purpose, any receipt of the party to whom said payment shall have been made, shall be conclusive evidence against the Lessee that the amount of such payment was made. b. To charge Lessee interest at the rate of one and one-half percent (l-l/2%) per month on rent remaining unpaid for a period in excess of ten (l0) days after it is due. c. To enjoin any breach or threatened breach by the Lessee of any covenant, agreement, term, provision and condition thereof. d. To bring suit for the collection of the rents or other amounts which may be in default, and to have a receiver appointed to receive and collect all rents and amounts due without entering into possession or terminating or avoiding this Lease. e. To re-enter the Demised Premises, by summary proceedings or otherwise, and take possession thereof without thereby terminating this Lease, and thereupon the Lessor may expel all persons and remove all property therefrom either peaceably or by force, without becoming liable to prosecution therefor, and re-let the Demised Premises, making reasonable efforts therefor, for such period and upon such terms according to the Lessor's sole discretion and receive the rent therefrom, applying the same first to the payment of the reasonable expenses of such re-entry and the cost of such re-letting and then to the payment of the rent accruing hereunder, the balance, if any, to be paid to the Lessee, who, whether or not the Demised Premises are re-let, shall remain liable for any deficiency which may be recovered by the Lessor, periodically, upon the successive days upon which the fixed rent hereunder is payable. It is agreed that the commencement and prosecution of any action by the Lessor in forcible entry and detainer, ejectment or otherwise, or the appointment of a receiver or any execution of any decree obtained in any action to recover possession of the Demised Premises or any re-entry, shall not be construed as an election to terminate this Lease without unless this Lease be expressly terminated, and any further notice such re-entry or entry by the Lessor, whether had or taken under summary proceedings or otherwise, shall not be deemed to have absolved or discharged the Lessee from any of its obligations and liabilities for the remainder of the term of this Lease. f. To terminate this Lease, re-enter upon the Demised Premises and property and take possession thereof, wholly discharged from this Lease. In the event the Lessor shall elect to terminate this Lease, as aforesaid, all rights and obligations of the Leased Premises Lessee shall cease and hold terminate except that the Lessor shall have and possess retain full right to sue for and collect all rents and other amounts for the same as its absolute property free and clear paxxxnt of any claims of, by, or through Lessee, and pursue any and all other remedies available under which the laws of the State of Illinois for violation of any covenant or condition hereof, and all such remedies Lessee shall then be deemed cumulative and not exclusive. If default be made by Lessee in the performance of any of the other terms or conditions hereof required to be kept or performed by Lessee and such default shall continue for a period of thirty (30) days after written notification thereof has been posted to Lessee, and in the event that Lessee is not reasonably engaged in curing the said default, then in including damages to the Lessor by reason of such eventbreach, Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and take possession of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims of, by or through Lessee, and pursue any and all other remedies available under the laws of the State of Illinois for violations of any covenant or condition hereof, and all such remedies which shall be deemed cumulative and not exclusive. Lessee shall notify Lessor of its proposed cure actions and continue to keep Lessor informed on a regular basis of the actions taken and results thereof. No action by Lessor pursuant to this Section 7 shall impair the right to rental and royalties (including without limitation Tonnage Royalties and Quarterly Deficiency Payments) due or have accrued up to the time of termination and Lessor's re-entry hereunder, but none and Lessee shall be charged for any period thereafter. Provided, however, if Lessor, at any time, has provided notice of a Financing Cessation (as defined in the Purchase Agreement) then the cure periods set forth above shall be two hundred seventy (270) days from the date of such notice. In the event such Financing Cessation concludes prior surrender and deliver up to the end of such 270-day cure period as a result of Lessor paying the applicable portion of Demised Premises together with all improvements and additions thereto, and upon any default by the Purchase Price at an Applicable Closing which was delayed as a result of such Financing CessationLessee in so doing, then Lessee the Lessor shall have the cure periods set forth in the first two paragraphs of this Section 7 right to cure and correct any defaults that have occurred during the just concluded period of Financing Cessation. Lessee further agrees that if the interest of Lessee in the Leased Premises shall be sold on execution recover possession by summary proceedings or judicial sale, or if bankruptcy proceedings be begun by Lessee, or if Lessee be adjudged a bankrupt, or it makes an assignment for the benefit of creditors, or a receiver be appointed for it or for the Leased Premises, or if an assignment occurs by operation of law, thenotherwise, and to obtain and receive any other ancillary relief in any such event, action and again to have and enjoy said Demised Premises fully and completely as if this Lease shall forthwith terminate and be forfeited and the Leased Premises and all improvements thereon shall forthwith become the property of Lessor, without compensation to Lessee, and without refund of any royalties or deficiency payments paid hereunderhad never been made. 2.

Appears in 1 contract

Samples: Ace Hardware Corp

REMEDIES OF LESSOR. If default be made by Lessee It is expressly agreed that in case of failure on the payment part of the rentals and royalties herein and such default shall continue for a period of Lessee to pay the rent within fifteen (15) days after written notification thereof has been posted to Lessee, then in each such event, Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and take possession of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims ofshall become due, by, or through Lessee, and pursue any and all other remedies available under charges herein provided at the laws of time when the State of Illinois for violation of same shall become due and payable (and it shall not be required that any covenant or condition hereof, and all such remedies demand shall be deemed cumulative and not exclusive. If default be made by Lessee for the same); or in the performance of case the Lessee shall neglect or fail to perform or observe any of the other terms covenants, agreements or conditions hereof required imposed upon the Lessee by the Lease and fail to be kept or performed by Lessee and such default shall continue for a period of remedy and/or remove said breach within thirty (30) days after written notification of the receipt of notice thereof has been posted from the Lessor; or, if by reason of the nature of such default it cannot be corrected within said thirty (30) days, fail to Lessee, commence to correct such default within said thirty (30) days and thereafter prosecute the correction of the same with reasonable diligence; or in the event that said Lessee is not reasonably engaged in curing the said default, then in such event, Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and take possession of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims of, by or through Lessee, and pursue any and all other remedies available under the laws of the State of Illinois for violations of any covenant or condition hereof, and all such remedies shall be deemed cumulative and not exclusive. Lessee shall notify Lessor of its proposed cure actions and continue to keep Lessor informed on a regular basis of the actions taken and results thereof. No action by Lessor pursuant to this Section 7 shall impair the right to rental and royalties (including without limitation Tonnage Royalties and Quarterly Deficiency Payments) due or accrued up to the time of termination and re-entry hereunder, but none shall be charged for any period thereafter. Provided, however, if Lessor, at any time, has provided notice of a Financing Cessation (as defined in the Purchase Agreement) then the cure periods set forth above shall be two hundred seventy (270) days from the date of such notice. In the event such Financing Cessation concludes prior to the end of such 270-day cure period as a result of Lessor paying the applicable portion of the Purchase Price at an Applicable Closing which was delayed as a result of such Financing Cessation, then Lessee shall have the cure periods set forth in the first two paragraphs of this Section 7 to cure and correct any defaults that have occurred during the just concluded period of Financing Cessation. Lessee further agrees that if the interest of Lessee in the Leased Premises shall be sold on execution or judicial sale, or if bankruptcy proceedings be begun by Lessee, or if Lessee be adjudged a bankrupt, or it makes an assignment for the benefit of creditors, or is adjudged a receiver bankrupt; or a Debtor, Reorganiza-tion, Arrangement, or similar petition or proceedings be filed by or against the Lessee under any Chapter or provision of the Federal Bankruptcy Act, so-called; or in the event a Temporary or Permanent Receiver is appointed over the assets of said Lessee; or said Lessee's leasehold interest shall be attached or levied upon, (and such petition or proceeding under the Federal Bankruptcy Act, or such Receivership Attachment, or Levy is not vacated and/or removed within thirty (30) days thereafter; or if demised Premises shall be substantially deserted or vacated for a period of thirty (30) days or more; except as a result of casualty, strike, act of God or other cause beyond the Lessee's control; than in any of the above cases it or shall be lawful for the Leased PremisesLessor thereupon, or if an assignment occurs by operation of law, thenat any time thereafter at its option, and in notwithstanding any such event, this Lease shall forthwith terminate and be forfeited and the Leased Premises and all improvements thereon shall forthwith become the property of Lessor, without compensation to Lessee, and without refund waiver of any royalties prior breach of any covenant, agreement or deficiency payments paid hereunder.condition(s) either:

Appears in 1 contract

Samples: Agreement of Lease (Regulus Corp)

REMEDIES OF LESSOR. If default be made Upon the occurrence of any Event of Default, or at any time thereafter, Lessor, at its sole option may exercise one or more of the following remedies: (i) declare all accrued and unpaid rent immediately due and payable; (ii) terminate this Lease as to any or all items of Equipment upon written notice to Lessee without prejudice to any other remedies hereunder; (iii) enter at any time any premises where the Equipment may be, with or without legal process, and take possession thereof without such action constituting a termination of this Lease, unless Lessor notifies Lessee in writing to such effect; (iv) proceed by appropriate action, either at law or in equity, to enforce performance by Lessee in the payment of the rentals applicable covenants of this Lease or to recover, as liquidated damages for the loss of the bargain and royalties herein and not as a penalty, an amount equal to the Stipulated Loss Value of the Equipment, as defined in Section 8 above, as of the date of Event of Default, plus interest at Lessor's then prevailing late payment charge from the date of default to the date of payment. After repossession of the Equipment by Lessor, Lessee shall attempt to mitigate Lessee's damages as hereinafter provided. Lessor may attempt to sell or lease (the choice being reserved to Lessor's reasonable discretion) the Equipment in a public or private transaction at which Lessor may bid and, if notice thereof is required by law, any notice in writing of any such default shall continue for a period of fifteen sale or lease by Lessor not less than ten (1510) days after written notification prior to the date thereof has been posted shall constitute reasonable notice thereof to Lessee, The proceeds of such sale or lease, if any, should be applied first (i) to all Lessor's costs, charges and expenses incurred in taking, removing, holding, repairing, and selling or leasing the Equipment; then in each such event, Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and take possession of (ii) to the Leased Premises and hold and possess the same as its absolute property free and clear of any claims of, by, or through extent not previously paid by Lessee, to pay Lessor any damages then remaining unpaid hereunder; then (iii) to reimburse Lessee any such sums previously paid by Lessee as damages hereunder; then (iv) any surplus shall be retained by Lessor. Lessee shall pay Lessor any deficiency in (i) and pursue (ii) above within ten (10) days of written request for same. Lessor's remedies provided for herein shall be in addition to any and all other remedies provided, existing, or available in its favor under any other provisions of this Lease, at law, or in equity or under statute. Lessor's, remedies may be exercised concurrently or separately, and the laws exercise of one remedy shall not be deemed to be an election of such remedy or to preclude the exercise of any other remedy. No failure or delay on the part of Lessor in exercising any right or remedy provided hereunder shall operate as a waiver thereof. Waiver of default shall not be a waiver of any other or subsequent default. Lessee waives demand of performance and notice of sale or lease. Lessee waives notice of a place of sale or lease and manner and place of any advertising. If, after default, this Lease is placed in the hands of any attorney for collection of unpaid rent or enforcement of any other right or remedy of Lessor, Lessee shall pay all costs and expenses and reasonable attorneys' fees incurred in connection therewith. Each of the State of Illinois for violation of any covenant or condition hereof, and all such remedies shall be deemed cumulative and not exclusive. If default be made by Lessee in the performance of any of the other terms or conditions hereof required to be kept or performed by Lessee and such default shall continue for a period of thirty (30) days after written notification thereof has been posted to Lessee, and in the event that Lessee is not reasonably engaged in curing the said default, then in such event, Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and take possession of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims of, by or through Lessee, and pursue any and all other remedies available under the laws of the State of Illinois for violations of any covenant or condition hereof, and all such remedies shall be deemed cumulative and not exclusive. Lessee shall notify Lessor of its proposed cure actions and continue to keep Lessor informed on a regular basis of the actions taken and results thereof. No action by Lessor pursuant to this Section 7 shall impair parties hereto waives the right to rental and royalties (including without limitation Tonnage Royalties and Quarterly Deficiency Payments) due or accrued up to the time of termination and re-entry hereunder, but none shall be charged for any period thereafter. Provided, however, if Lessor, at any time, has provided notice of a Financing Cessation (as defined in the Purchase Agreement) then the cure periods set forth above shall be two hundred seventy (270) days from the date of such notice. In the event such Financing Cessation concludes prior to the end of such 270-day cure period as a result of Lessor paying the applicable portion of the Purchase Price at an Applicable Closing which was delayed as a result of such Financing Cessation, then Lessee shall have the cure periods set forth in the first two paragraphs of this Section 7 to cure and correct any defaults that have occurred during the just concluded period of Financing Cessation. Lessee further agrees that if the interest of Lessee in the Leased Premises shall be sold on execution or judicial sale, or if bankruptcy proceedings be begun trial by Lessee, or if Lessee be adjudged a bankrupt, or it makes an assignment for the benefit of creditors, or a receiver be appointed for it or for the Leased Premises, or if an assignment occurs by operation of law, then, and jury in any such event, actjion arising under this Lease shall forthwith terminate and be forfeited and the Leased Premises and all improvements thereon shall forthwith become the property of Lessor, without compensation to Lessee, and without refund of any royalties or deficiency payments paid hereunderLease.

Appears in 1 contract

Samples: Equipment Lease (New York Regional Rail Corp)

REMEDIES OF LESSOR. 1) If default be made by Lessee in any Event of Default occurs, the payment Lessor shall have the right, at the option of the rentals and royalties herein and such default shall continue for a period of fifteen Lessor, to terminate this Lease upon three (153) days after written notification thereof has been posted notice to Lessee, then in each such eventand to thereupon re-enter and take possession of the Premises with or without summary or other legal process. If any Event of Default occurs, Lessor mayshall have the right, at its option, terminate this Lease from time to time, without any further notice terminating the Lease, to re-enter and re-enter let the Premises, or any part thereof, with or without legal process, as the agent and for the account of Lessee upon such terms and take possession conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including, but not limited to, necessary renovation and alterations to the Premises, reasonable attorneys’ fees, any real estate commissions paid, and thereafter toward payment of all sums due or to become due to the Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, (i) at Lessor’s option, Lessee shall pay Lessor any deficiency monthly, notwithstanding Lessor may have received rental in excess of the Leased Premises rental stipulated in this Lease in previous or subsequent months, and hold and possess the same Lessor may bring an action therefor as its absolute property free and clear of any claims of, bysuch monthly deficiency shall arise, or through Lessee(ii) at Lessor’s option, and pursue any and all other remedies available under the laws entire deficiency, which is subject to ascertainment for the remaining term of the State of Illinois for violation of any covenant or condition hereofthis Lease, and all such remedies shall be deemed cumulative immediately due and not exclusivepayable to Lessor. If default Nothing herein, however, shall be made by Lessee in the performance of any of the other terms or conditions hereof required construed to be kept or performed by Lessee and such default shall continue for a period of thirty (30) days after written notification thereof has been posted require Lessor to Lessee, and in the event that Lessee is not reasonably engaged in curing the said default, then in such event, Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and take possession or re-let the Premises or any portion thereof in any event. The Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re-letting of said Premises in excess of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims of, by or through Lessee, and pursue any and all other remedies available under the laws of the State of Illinois for violations of any covenant or condition hereof, and all such remedies shall be deemed cumulative and not exclusive. Lessee shall notify Lessor of its proposed cure actions and continue to keep Lessor informed on a regular basis of the actions taken and results thereof. No action by Lessor pursuant to rent provided in this Section 7 shall impair the right to rental and royalties (including without limitation Tonnage Royalties and Quarterly Deficiency Payments) due or accrued up to the time of termination and re-entry hereunder, but none shall be charged for any period thereafter. Provided, however, if Lessor, at any time, has provided notice of a Financing Cessation (as defined in the Purchase Agreement) then the cure periods set forth above shall be two hundred seventy (270) days from the date of such notice. In the event such Financing Cessation concludes prior to the end of such 270-day cure period as a result of Lessor paying the applicable portion of the Purchase Price at an Applicable Closing which was delayed as a result of such Financing Cessation, then Lessee shall have the cure periods set forth in the first two paragraphs of this Section 7 to cure and correct any defaults that have occurred during the just concluded period of Financing Cessation. Lessee further agrees that if the interest of Lessee in the Leased Premises shall be sold on execution or judicial sale, or if bankruptcy proceedings be begun by Lessee, or if Lessee be adjudged a bankrupt, or it makes an assignment for the benefit of creditors, or a receiver be appointed for it or for the Leased Premises, or if an assignment occurs by operation of law, then, and in any such event, this Lease shall forthwith terminate and be forfeited and the Leased Premises and all improvements thereon shall forthwith become the property of Lessor, without compensation to Lessee, and without refund of any royalties or deficiency payments paid hereunderLease.

Appears in 1 contract

Samples: Lease Agreement (Ameripath Inc)

REMEDIES OF LESSOR. (a) If default be made by any Lessee in Default occurs, Lessor shall have the payment right after the expiration of the rentals and royalties herein and such default shall continue for a period applicable cure period, at the option of Lessor, to terminate this Lease upon providing fifteen (15) days after written notification thereof notice if the default has not been posted cured by the expiration of such fifteen (15) day period. An Event of Default shall be deemed to Lesseehave occurred at the expiration of such fifteen (15) day period if the default has not been cured by the expiration of such fifteen (15) day period. Additionally, then in each such eventif any Event of Default occurs, Lessor may, at its option, terminate from time to time, without terminating this Lease without any further notice Lease, re-enter and re-enter let the Lease Area, or any part thereof, as the agent and for the account of Lessee upon such terms and take possession conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Leased Premises and hold and possess the same as its absolute property free and clear of Lease Area, reasonable attorneys fees, any claims of, by, or through Lesseereal estate commissions paid, and pursue thereafter toward payment of all sums due or to become due to Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, at Lessor's option, Lessee shall pay Lessor any and all other remedies available under the laws deficiency immediately upon demand therefore, notwithstanding that Lessor may have received periodic rental in excess of the State of Illinois for violation of any covenant periodic rental stipulated in this Lease in previous or condition hereofsubsequent rental periods, and all Lessor may bring an action therefore as such remedies deficiency shall arise. Nothing herein, however, shall be deemed cumulative and not exclusive. If default be made by Lessee in the performance of any of the other terms or conditions hereof required construed to be kept or performed by Lessee and such default shall continue for a period of thirty (30) days after written notification thereof has been posted require Lessor to Lessee, and in the event that Lessee is not reasonably engaged in curing the said default, then in such event, Lessor may, at its option, terminate this Lease without any further notice re-enter and re-enter upon and take possession let the Lease Area in any event. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Lessor on a re- letting of said Lease Area in excess of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims of, by or through Lessee, and pursue any and all other remedies available under the laws of the State of Illinois for violations of any covenant or condition hereof, and all such remedies shall be deemed cumulative and not exclusive. Lessee shall notify Lessor of its proposed cure actions and continue to keep Lessor informed on a regular basis of the actions taken and results thereof. No action by Lessor pursuant to rent provided in this Section 7 shall impair the right to rental and royalties (including without limitation Tonnage Royalties and Quarterly Deficiency Payments) due or accrued up to the time of termination and re-entry hereunder, but none shall be charged for any period thereafter. Provided, however, if Lessor, at any time, has provided notice of a Financing Cessation (as defined in the Purchase Agreement) then the cure periods set forth above shall be two hundred seventy (270) days from the date of such notice. In the event such Financing Cessation concludes prior to the end of such 270-day cure period as a result of Lessor paying the applicable portion of the Purchase Price at an Applicable Closing which was delayed as a result of such Financing Cessation, then Lessee shall have the cure periods set forth in the first two paragraphs of this Section 7 to cure and correct any defaults that have occurred during the just concluded period of Financing Cessation. Lessee further agrees that if the interest of Lessee in the Leased Premises shall be sold on execution or judicial sale, or if bankruptcy proceedings be begun by Lessee, or if Lessee be adjudged a bankrupt, or it makes an assignment for the benefit of creditors, or a receiver be appointed for it or for the Leased Premises, or if an assignment occurs by operation of law, then, and in any such event, this Lease shall forthwith terminate and be forfeited and the Leased Premises and all improvements thereon shall forthwith become the property of Lessor, without compensation to Lessee, and without refund of any royalties or deficiency payments paid hereunderLease.

Appears in 1 contract

Samples: Glass House Lease

REMEDIES OF LESSOR. If default be made by Lessee in Upon the payment occurrence of the rentals any Event of Default and royalties herein and such default shall continue for a period of fifteen (15) days after written notification thereof has been posted to Lessee, then in each such eventat any time thereafter, Lessor may, at its option, terminate this Lease may without any further notice exercise one or more of the following remedies, as Lessor in its sole discretion shall elect: (a) declare all unpaid rentals under this Lease to be immediately due and re-enter upon and payable: (b) cancel this Lease as to any or all items of the Equipment; (c) take possession of the Leased Premises Equipment wherever found, and for this purpose enter upon any premises of Lessee (Lessee hereby authorizes and empowers Lessor and its agents to enter upon such premises wherever the Equipment may be found) and remove the Equipment, without any liability for suit, action or other proceeding by the Lessee and remove the same; (d) cause Lessee at its expense to promptly return the Equipment to Lessor at any location in the continental United States specified by Lessor and in the condition set forth above; (e) use, hold or otherwise dispose of the Equipment or any item thereof on the premises of Lessee or any other location without affecting the obligations of Lessee as provided in this Lease; (f) sell or lease the Equipment or any part thereof, at public auction or by private sale or lease at such time or times and possess the same upon such terms as its absolute property Lessor may determine, free and clear of any claims ofrights of Lessee and, byif notice thereof is required by law, any notice in writing of any such sale or through lease by Lessor to Lessee not less than ten (10) days prior to the date thereof, shall constitute reasonable notice thereof to Lessee, and pursue ; (g) proceed by appropriate action either by law or in equity to enforce performance by Lessee of the applicable covenants of this Lease or to recover damages for the breach thereof; (h) exercise any and all other remedies available rights accruing to a lessor under any applicable law upon a default by a lessee; (i) recover from Lessee the laws amount of payments immediately due and payable, if the default shall be for nonpayment of one or more but less than all of the State payments called for herein, together with interest and any other sum owing because of Illinois for violation default, without cancellation of any covenant the Lease or condition hereofwithout waiver of the right of future payments to the Lessor under this Lease. In addition, Lessor shall be entitled to recover immediately, as liquidated damages, and all such remedies shall be deemed cumulative and not exclusive. If default be made by Lessee in as a penalty, a sum equal to the performance of any aggregate of the following: (a) all unpaid rentals or other terms or conditions hereof required to be kept or performed by Lessee sums which are due and such default shall continue payable for a period of thirty (30) days after written notification thereof has been posted to Lessee, and in the event that Lessee is not reasonably engaged in curing the said default, then in such event, Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and take possession items of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims of, by or through Lessee, and pursue any and all other remedies available under the laws of the State of Illinois for violations of any covenant or condition hereof, and all such remedies shall be deemed cumulative and not exclusive. Lessee shall notify Lessor of its proposed cure actions and continue to keep Lessor informed on a regular basis of the actions taken and results thereof. No action by Lessor pursuant to this Section 7 shall impair the right to rental and royalties (including without limitation Tonnage Royalties and Quarterly Deficiency Payments) due or accrued Equipment up to the time date of termination redelivery to or repossession by Lessor; (b) any expenses paid or incurred by Lessor in connection with the repossession, holding, repair, modification, upgrade and re-entry hereundersale, lease or other disposition of the Equipment, including fifteen percent of all amounts due as attorneys' fees (but none shall be charged not to exceed the amount of attorneys' fees that Lessor actually incurs), and legal expenses; (c) all unpaid rentals due and to become due under this Lease for any period thereafter. Provideditem of the Equipment which Lessee fails to return to Lessor as provided above or converts or destroys, however, if Lessor, at or which Lessor is unable to repossess; and (d) an amount equal to any time, has provided notice excess of a Financing Cessation (as defined in i) all unpaid rentals for any item of the Purchase Agreement) then the cure periods set forth above shall be two hundred seventy (270) days Equipment returned to or repossessed by Lessor from the date of such notice. In the event such Financing Cessation concludes prior thereof to the end of the respective rental period therefor, discounted to present value at the then prevailing "Prime Rate" (as announced by NationsBank of Georgia, N.A., Atlanta, GA) over (ii) the net proceeds actually received by Lessor, to the extent attributable to Lessee's former leasehold interest, of any sale thereof by Lessor or lease thereof by Lessor, discounted at such 270-day cure period as a result of Lessor paying the applicable portion rate. None of the Purchase Price at remedies under this Lease are intended to be exclusive, but each shall be cumulative and in addition to any other remedy referred to herein or otherwise available to Lessor in law or in equity. Any repossession or subsequent sale or lease by Lessor of any item of the Equipment shall not bar an Applicable Closing which was delayed action for a deficiency as a result herein provided, and the bringing of such Financing Cessation, then an action or the entry of judgment against the Lessee shall have not bar the cure periods set forth in Lessor's right to repossess any or all items of the first two paragraphs of this Section 7 to cure and correct any defaults that have occurred during the just concluded period of Financing Cessation. Lessee further agrees that if the interest of Lessee in the Leased Premises shall be sold on execution or judicial sale, or if bankruptcy proceedings be begun by Lessee, or if Lessee be adjudged a bankrupt, or it makes an assignment for the benefit of creditors, or a receiver be appointed for it or for the Leased Premises, or if an assignment occurs by operation of law, then, and in any such event, this Lease shall forthwith terminate and be forfeited and the Leased Premises and all improvements thereon shall forthwith become the property of Lessor, without compensation to Lessee, and without refund of any royalties or deficiency payments paid hereunderEquipment.

Appears in 1 contract

Samples: Lease Agreement (Integral Systems Inc /Md/)

REMEDIES OF LESSOR. If default be made by Lessee in At any time after the payment occurrence of any Event of Default, Lessor may exercise one or more of the rentals following remedies: (a) Lessor may terminate any or all of the Leases with respect to any or all items of Equipment subject thereto; (b) Lessor may recover from Lessee all Rent and royalties herein other amounts then due and such default shall continue for a period to become due under any or all of fifteen the Leases; (15c) days after written notification thereof has been posted to Lessee, then in each such event, Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and may take possession of the Leased Premises and hold and possess any or all items of Equipment, whenever the same as its absolute property free may be located, without demand or notice, without any court order or other process of law and clear without liability to Lessee for any damages occasioned by such taking of possession, and any such taking of possession shall not constitute a termination of any claims ofLease; (d) Lessor may demand that Lessee return any or all items of Equipment to Lessor in accordance with Paragraph 16; and (e) Lessor may pursue any other remedy available at law or in equity, byincluding, without limitation, seeking damages, specific performance or an injunction. Upon repossession or return of any item of the Equipment, Lessor shall sell, lease or otherwise dispose of such item in a commercially reasonable manner, with or without notice and on public or private bid, and apply the net proceeds thereof (after deducting the estimated fair market value of such item at the expiration of the term of the applicable Lease, in the case of a sale, or through Lesseethe rents due for any period beyond the scheduled expiration of such Lease, and pursue any and all other remedies available under in the laws of the State of Illinois for violation case of any covenant or condition hereofsubsequent lease of such item, and all expenses, including, without limitation, reasonable attorneys' fees, incurred in connection therewith) towards the Rent and other amounts due under such Lease, with any excess net proceeds to be retained by Lessor. Each of the remedies under this Lease shall be deemed cumulative cumulative, and not exclusive. If default be made by Lessee in the performance of any of the other terms or conditions hereof required to be kept or performed by Lessee and such default shall continue for a period of thirty (30) days after written notification thereof has been posted to Lessee, and in the event that Lessee is not reasonably engaged addition to any other remedy referred to herein or otherwise available to Lessor in curing the said default, then law or in such event, equity. Any repossession or subsequent sale or lease by Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and take possession of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims of, by or through Lesseeitem of Equipment shall not bar an action for a deficiency as herein provided, and pursue any and all other remedies available under the laws brining of an action or the State entry of Illinois for violations of any covenant or condition hereof, and all such remedies shall be deemed cumulative and not exclusive. judgment against Lessee shall notify Lessor of its proposed cure actions and continue to keep Lessor informed on a regular basis of the actions taken and results thereof. No action by Lessor pursuant to this Section 7 shall impair the not bar Lessor's right to rental and royalties (including without limitation Tonnage Royalties and Quarterly Deficiency Payments) due repossess any or accrued up to the time all items of termination and re-entry hereunder, but none shall be charged for any period thereafter. Provided, however, if Lessor, at any time, has provided notice of a Financing Cessation (as defined in the Purchase Agreement) then the cure periods set forth above shall be two hundred seventy (270) days from the date of such notice. In the event such Financing Cessation concludes prior to the end of such 270-day cure period as a result of Lessor paying the applicable portion of the Purchase Price at an Applicable Closing which was delayed as a result of such Financing Cessation, then Lessee shall have the cure periods set forth in the first two paragraphs of this Section 7 to cure and correct any defaults that have occurred during the just concluded period of Financing Cessation. Lessee further agrees that if the interest of Lessee in the Leased Premises shall be sold on execution or judicial sale, or if bankruptcy proceedings be begun by Lessee, or if Lessee be adjudged a bankrupt, or it makes an assignment for the benefit of creditors, or a receiver be appointed for it or for the Leased Premises, or if an assignment occurs by operation of law, then, and in any such event, this Lease shall forthwith terminate and be forfeited and the Leased Premises and all improvements thereon shall forthwith become the property of Lessor, without compensation to Lessee, and without refund of any royalties or deficiency payments paid hereunderEquipment.

Appears in 1 contract

Samples: Master Lease Agreement (Network Access Solutions Corp)

REMEDIES OF LESSOR. If In the event of any default be made by of Lessee as provided in the payment of the rentals and royalties herein and such default shall continue for a period of fifteen (15) days after written notification thereof has been posted to Lessee, then in each such eventSection 13.1, Lessor mayshall have the immediate right to re-enter and may remove all persons and property from the Premises. Lessor may dispose of such property in any manner it deems expedient at the expense of Lessee. Whether or not Lessor elects to re-enter, as herein provided, or take possession pursuant to legal proceedings or pursuant to any notice provided by law, Lessor may at its option, option terminate this Lease without by giving written notice to Lessee specifying a date on which this Lease shall terminate, and upon such date, this Lease shall terminate. In case of any further notice and such default, termination, re-enter upon entry, expiration and/or dispossession by summary proceedings or otherwise, (1) all Base Rent and take possession of the Leased Premises Additional Rent shall become due thereupon and hold and possess the same as its absolute property free and clear of any claims of, by, or through Lessee, and pursue any and all other remedies available under the laws of the State of Illinois for violation of any covenant or condition hereof, and all such remedies shall be deemed cumulative and not exclusive. If default be made by Lessee in the performance of any of the other terms or conditions hereof required to be kept or performed by Lessee and such default shall continue for a period of thirty (30) days after written notification thereof has been posted to Lessee, and in the event that Lessee is not reasonably engaged in curing the said default, then in such event, Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and take possession of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims of, by or through Lessee, and pursue any and all other remedies available under the laws of the State of Illinois for violations of any covenant or condition hereof, and all such remedies shall be deemed cumulative and not exclusive. Lessee shall notify Lessor of its proposed cure actions and continue to keep Lessor informed on a regular basis of the actions taken and results thereof. No action by Lessor pursuant to this Section 7 shall impair the right to rental and royalties (including without limitation Tonnage Royalties and Quarterly Deficiency Payments) due or accrued paid up to the time of termination and such re-entry hereunderentry, but none dispossession and/or expiration; and/or (2) Lessor may re-let the Premises or any part or parts thereof, either in the name of Lessor or otherwise, for a term or terms which may, at Lessor's option, be less than or exceed the period which would otherwise have constituted the balance of the term of this Lease and may grant concessions or free rent; and/or (3) Lessee shall also pay Lessor as liquidated damages for the failure of sublessee to observe and perform Lessee's covenants herein contained, any deficiency between the rent hereby reserved and/or covenanted to be paid and the net amount, if any, of the rents collected on account of the lease or leases of the Premises for each month of the period which would otherwise have constituted the balance of the term of this Lease. The failure or refusal of Lessor to re-let the Premises or any part or parts thereof shall not release or affect Lessee's liability for damages. In computing such liquidated damages there shall be charged added to such deficiency such expenses as Lessor may incur in connection with re-letting, such as legal expenses, reasonable attorneys' fees, brokerage and for keeping the Premises in good order or for preparing the same for re-letting, including all alterations, repairs, replacements and redecorations as Lessor may take in its sole discretion. Any suit brought to collect the amount of the deficiency for any period thereafter. Provided, however, if Lessor, at month shall not prejudice in any time, has provided notice of a Financing Cessation (as defined in way the Purchase Agreement) then the cure periods set forth above shall be two hundred seventy (270) days from the date of such notice. In the event such Financing Cessation concludes prior to the end of such 270-day cure period as a result rights of Lessor paying to collect the applicable portion of deficiency for any subsequent month by a similar proceeding. Lessor shall in no event be liable in any way whatsoever for failure to relet the Purchase Price at an Applicable Closing which was delayed as a result of such Financing Cessation, then Lessee shall have the cure periods set forth in the first two paragraphs of this Section 7 to cure and correct any defaults that have occurred during the just concluded period of Financing Cessation. Lessee further agrees that if the interest of Lessee in the Leased Premises shall be sold on execution or judicial sale, or if bankruptcy proceedings be begun by Lessee, or if Lessee be adjudged a bankrupt, or it makes an assignment for the benefit of creditors, or a receiver be appointed for it or for the Leased Premises, or if an assignment occurs by operation of lawin the event the Premises are re-let, then, and for failure to collect the rent under such re-letting. Mention in any such event, this Lease of any particular remedy shall forthwith terminate and be forfeited and the Leased Premises not preclude Lessor from any other remedy, in law or in equity. Lessee hereby expressly waives any and all improvements thereon shall forthwith become rights or redemption granted by or under any present or future laws in the property event of LessorLessor obtaining possession of the Premises, without compensation to Lessee, and without refund by reason of the violation by sublessee of any royalties of the covenants and conditions of this Lease, or deficiency payments paid hereunderotherwise.

Appears in 1 contract

Samples: Office Space Lease Agreement (Able Laboratories Inc)

REMEDIES OF LESSOR. If Upon the occurrence of a default be made by Lessee in the payment hereunder and at any time thereafter (subject to any applicable grace provisions), Lessor may exercise any one or more of the following remedies, as Lessor, in its sole discretion, shall elect: (a) declare all unpaid rentals under this Lease to be immediately due and royalties herein and such default shall continue for a period of fifteen payable; the amount to be due to be computed as hereinafter set forth; (15b) days after written notification thereof has been posted to Lessee, then in each such event, Lessor may, at its option, terminate this Lease as to any or all items of Equipment, but no such termination shall be deemed to occur unless written notice to that express effect is given by Lessor to Lessee; (c) whether or not this Lease is terminated, take immediate possession of any or all of the Equipment, without any further notice or demand and re-without court order or process, and for such purpose, enter upon and take possession any premises without liability for so doing; (d) sell, lease or otherwise dispose of the Leased Premises Equipment, or any item thereof, at a public or private sale or lease at such time or times and hold and possess the same upon such terms as its absolute property Lessor may determine, free and clear of any claims of, by, rights of Lessee; (e) proceed by appropriate action either at law or through Lessee, in equity to enforce performance by Lessee of the applicable covenants of this Lease or recover damages for the breach thereof; and pursue (f) exercise any and all other remedies available rights accruing to a Lessor or personal property under the laws any applicable law upon a default by Lessee. In furtherance of the State foregoing, Lessor shall be entitled to recover immediately as liquidated damages and not as a penalty, a sum equal to the aggregate of Illinois the following: (i) all unpaid rentals and other amounts or other sums which are due and payable for violation any item of Equipment up to the date delivered to or repossessed by Lessor; (ii) any expenses paid or incurred by Lessor in connection with the repossession, holding, repair, appraisal, transportation and subsequent sale, lease or other disposition of the Equipment, including attorneys' fees and court costs; and (iii) an amount equal to the difference between (aa) all unpaid rentals and other amounts, due and to become due under this Lease, each of which unpaid rentals and other amounts shall be discounted to present value at an annual rate of 7% (collectively, "Unpaid Rentals"), together with the amount or percentage of original cost for which Lessee would have been permitted or required to purchase the Equipment at the end of the Lease term hereof, which amount shall be discounted to present value at an annual rate of 7% ("Purchase Amount") and (bb) the then fair market value of any covenant Equipment returned to or condition hereofrepossessed by Lessor ("Return Value"); provided, and all however, that the Return Value of each such remedies item of Equipment shall be deemed cumulative and not exclusiveto be an amount equal to the proceeds, if any, of any sale or lease thereof by Lessor, less any costs or expenses incurred by Lessor from such sale or lease. If default be made by Lessee in Lessor is unable, after the performance exercise of reasonable efforts to sell or lease any such item of equipment, the other terms or conditions hereof required to be kept or performed by Lessee and Return Value of such default shall continue for a period item of thirty (30) days after written notification thereof has been posted to Lessee, and in the event that Lessee is not reasonably engaged in curing the said default, then in such event, Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and take possession of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims of, by or through Lessee, and pursue any and all other remedies available under the laws of the State of Illinois for violations of any covenant or condition hereof, and all such remedies equipment shall be deemed to be zero. If the Return Value of the Equipment exceeds the sum of the Unpaid Rentals plus the Purchase Amount, Lessor shall be entitled to the excess. No right or remedy conferred upon or reserved to Lessor by this Lease shall be exclusive of any other right or remedy herein or by law provided; all rights and remedies of Lessor conferred on Lessor by this Lease or by law shall be cumulative and not exclusivein addition to every other right and remedy available to Lessor. Lessee shall notify pay all costs and reasonable attorney's fees incurred by Lessor in collecting any sums owed under this Lease or in obtaining possession of its proposed cure actions and continue to keep Lessor informed on a regular basis leased Equipment, including attorney's fees incurred in seeking relief from stay in bankruptcy court together with interest at the rate of the actions taken and results thereof. No action lesser of 18% compounded annually, or the maximum amount permitted by Lessor pursuant to this Section 7 shall impair the right to rental and royalties (including without limitation Tonnage Royalties and Quarterly Deficiency Payments) due or accrued up to the time of termination and re-entry hereunder, but none shall be charged for any period thereafter. Provided, however, if Lessor, at any time, has provided notice of a Financing Cessation (as defined in the Purchase Agreement) then the cure periods set forth above shall be two hundred seventy (270) days from the date of such notice. In the event such Financing Cessation concludes prior to the end of such 270-day cure period as a result of Lessor paying the applicable portion law on each of the Purchase Price at an Applicable Closing which was delayed as a result of such Financing Cessation, then Lessee shall have the cure periods set forth in the first two paragraphs foregoing and on all sums not paid when due under any provision of this Section 7 to cure and correct any defaults that have occurred during the just concluded period of Financing Cessation. Lessee further agrees that if the interest of Lessee in the Leased Premises shall be sold on execution or judicial sale, or if bankruptcy proceedings be begun by Lessee, or if Lessee be adjudged a bankrupt, or it makes an assignment for the benefit of creditors, or a receiver be appointed for it or for the Leased Premises, or if an assignment occurs by operation of law, then, and in any such event, this Lease shall forthwith terminate and be forfeited and the Leased Premises and all improvements thereon shall forthwith become the property of Lessor, without compensation to Lessee, and without refund of any royalties or deficiency payments paid hereunderLease.

Appears in 1 contract

Samples: Business Lease Agreement (Interactive Telesis Inc)

REMEDIES OF LESSOR. If default be made by the Lessee (a) Does not pay in the payment of the rentals and royalties herein and such default shall continue for a period of fifteen (15) days after written notification thereof has been posted to Lessee, then in each such event, Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and take possession of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims of, by, or through Lessee, and pursue full when due any and all installments of rent and/or any other remedies available under charge or payment herein reserved, included, or agreed to be treated or collected as rent and/or any other charge, expense, or cost herein agreed to be paid by the laws of the State of Illinois for violation of Lessee, or (b) Violates or fails to perform or otherwise breaks any covenant or condition hereof, and all such remedies shall be deemed cumulative and not exclusive. If default be made by Lessee agreement herein contained; or (c) Vacates the demised premises or removes or attempts to remove or manifests an intention to remove any goods or property therefrom otherwise than in the performance ordinary and usual course of any business without having first paid and satisfied the Lessor in full for all rent and other charges then due or that may thereafter become due until the expiration of the other terms then current term, above mentioned; or conditions hereof required to be kept (d) Becomes embarrassed or performed by Lessee and such default shall continue for a period of thirty (30) days after written notification thereof has been posted to Lessee, and in the event that Lessee is not reasonably engaged in curing the said default, then in such event, Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and take possession of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims of, by or through Lessee, and pursue any and all other remedies available under the laws of the State of Illinois for violations of any covenant or condition hereof, and all such remedies shall be deemed cumulative and not exclusive. Lessee shall notify Lessor of its proposed cure actions and continue to keep Lessor informed on a regular basis of the actions taken and results thereof. No action by Lessor pursuant to this Section 7 shall impair the right to rental and royalties (including without limitation Tonnage Royalties and Quarterly Deficiency Payments) due or accrued up to the time of termination and re-entry hereunder, but none shall be charged for any period thereafter. Provided, however, if Lessor, at any time, has provided notice of a Financing Cessation (as defined in the Purchase Agreement) then the cure periods set forth above shall be two hundred seventy (270) days from the date of such notice. In the event such Financing Cessation concludes prior to the end of such 270-day cure period as a result of Lessor paying the applicable portion of the Purchase Price at an Applicable Closing which was delayed as a result of such Financing Cessation, then Lessee shall have the cure periods set forth in the first two paragraphs of this Section 7 to cure and correct any defaults that have occurred during the just concluded period of Financing Cessation. Lessee further agrees that if the interest of Lessee in the Leased Premises shall be sold on execution or judicial saleinsolvent, or if bankruptcy proceedings be begun by Lessee, or if Lessee be adjudged a bankrupt, or it makes an assignment for the benefit of creditors, or if a petition in bankruptcy is filed by or against the Lessee, or a bill xx equity or other proceeding for the appointment of a receiver be appointed for it or for the Leased PremisesLessee is filed, or if an assignment occurs proceedings for reorganization or for composition with creditors under any State or Federal law be instituted by operation or against Lessee, or if the real or personal property of lawthe Lessee shall be sold or levied upon by any Sheriff, then, Marsxxxx xx Constable; _________________ then and in any such eventor either of said events, there shall be deemed to be a breach of this Lease shall forthwith terminate lease, and thereupon ipso facto and without entry or other action by Lessor; (1) The rent for the entire unexpired balance of the term of this lease, as well as all other charges, payments, costs and expenses herein agreed to be forfeited paid by the Lessee, or at the option of Lessor any part thereof, and also all costs and officers' commissions including watchmen's wages and further in- cluding the Leased Premises five percent chargeable by Act of Assembly to the Lessor, shall, in addition to any and all improvements thereon shall forthwith become installments of rent already due and payable and in arrears and/or any other charge or payment herein reserved, included or agreed to be treated or collected as rent, and/or any other charge, expense or cost herein agreed no be paid by the property Lessee which may be due and payable and in arrears, be taken to be due and payable and in arrears as if by the terms and provisions of Lessorthis lease, the whole balance of unpaid rent and other charges, payments, taxes, costs and expenses were on that date payable in advance; and if this lease or any part thereof is assigned, or if the premises or any part thereof is sub-let, Lessee hereby irrevocably constitutes and appoints Lessor Lessee's agent to collect the rents due by such assignee or sub-lessee and apply the same to the rent due hereunder without compensation in any way affecting Lessee's obligation to Lessee, and without refund pay any unpaid balance of any royalties or deficiency payments paid rent due hereunder.;

Appears in 1 contract

Samples: Lease Agreement (Patient Infosystems Inc)

REMEDIES OF LESSOR. If default be made by Lessee in At any time after the payment occurrence of any Event of Default, Lessor may exercise one or more of the rentals following remedies: (a) Lessor may terminate any or all of the Leases with respect to any or all items of Equipment subject thereto; (b) Lessor may recover from Lessee all Rent and royalties herein other amounts then due and such default shall continue for a period to become due under any or all of fifteen the Leases; (15c) days after written notification thereof has been posted to Lessee, then in each such event, Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and may take possession of the Leased Premises and hold and possess any or all items of Equipment, wherever the same as its absolute property free may be located, without demand or notice, without any court order or other process of law and clear without liability to Lessee for any damages occasioned by such taking of possession, and any such taking of possession shall not constitute a termination of any claims ofLease; (d) Lessor may demand that Lessee return any or all items or Equipment to Lessor in accordance with Paragraph 16; and (e) Lessor may pursue any other remedy available at law or in equity, byincluding, without limitation, seeking damages, specific performance or an injunction. Upon repossession or return of any item of the Equipment, Lessor shall sell, lease or otherwise dispose of such item in a commercially reasonable manner, with or without notice and on public or private bid, and apply the net proceeds thereof (after deducting the estimated fair market value of such item at the expiration of the term of the applicable Lease, in the case of a sale, or through Lesseethe rents due for any period beyond the scheduled expiration of such Lease, and pursue any and all other remedies available under in the laws of the State of Illinois for violation case of any covenant or condition hereofsubsequent lease of such item, and all expenses, including, without limitation, reasonable attorneys' fees, incurred in connection therewith) towards the Rent and other amounts due under such Lease, with any excess net proceeds to be retained by Lessor. Each of the remedies under this Lease shall be deemed cumulative cumulative, and not exclusive. If default be made by Lessee in the performance of any of the other terms or conditions hereof required to be kept or performed by Lessee and such default shall continue for a period of thirty (30) days after written notification thereof has been posted to Lessee, and in the event that Lessee is not reasonably engaged addition to any other remedy referred to herein or otherwise available to Lessor in curing the said default, then law or in such event, equity. Any repossession or subsequent sale or lease by Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and take possession of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims of, by or through Lesseeitem of Equipment shall not bar an action for a deficiency as herein provided, and pursue any and all other remedies available under the laws bringing of an action or the State entry of Illinois for violations of any covenant or condition hereof, and all such remedies shall be deemed cumulative and not exclusive. judgment against Lessee shall notify Lessor of its proposed cure actions and continue to keep Lessor informed on a regular basis of the actions taken and results thereof. No action by Lessor pursuant to this Section 7 shall impair the not bar Lessor's right to rental and royalties (including without limitation Tonnage Royalties and Quarterly Deficiency Payments) due repossess any or accrued up to the time all items of termination and re-entry hereunder, but none shall be charged for any period thereafter. Provided, however, if Lessor, at any time, has provided notice of a Financing Cessation (as defined in the Purchase Agreement) then the cure periods set forth above shall be two hundred seventy (270) days from the date of such notice. In the event such Financing Cessation concludes prior to the end of such 270-day cure period as a result of Lessor paying the applicable portion of the Purchase Price at an Applicable Closing which was delayed as a result of such Financing Cessation, then Lessee shall have the cure periods set forth in the first two paragraphs of this Section 7 to cure and correct any defaults that have occurred during the just concluded period of Financing Cessation. Lessee further agrees that if the interest of Lessee in the Leased Premises shall be sold on execution or judicial sale, or if bankruptcy proceedings be begun by Lessee, or if Lessee be adjudged a bankrupt, or it makes an assignment for the benefit of creditors, or a receiver be appointed for it or for the Leased Premises, or if an assignment occurs by operation of law, then, and in any such event, this Lease shall forthwith terminate and be forfeited and the Leased Premises and all improvements thereon shall forthwith become the property of Lessor, without compensation to Lessee, and without refund of any royalties or deficiency payments paid hereunderEquipment.

Appears in 1 contract

Samples: Master Lease Agreement (Fastnet Corp)

REMEDIES OF LESSOR. If default be made by Lessee in At any time after the payment occurrence of any Event of Default, Lessor may exercise one or more of the rentals following remedies: (a) Lessor may terminate any or all of the Leases with respect to any or all items of Equipment subject thereto; (b) Lessor may recover from Lessee all Rent and royalties herein other amounts then due and such default shall continue for a period to become due under any or all of fifteen the Leases; (15c) days after written notification thereof has been posted to Lessee, then in each such event, Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and may take possession of the Leased Premises and hold and possess any or all items of Equipment, wherever the same as its absolute property free may be located, without demand or notice, without any court order or other process of law and clear without liability to Lessee for any damages occasioned by such taking of possession, and any such taking of possession shall not constitute a termination of any claims ofLease; (d) Lessor may demand that Lessee return any or all items of Equipment to Lessor in accordance with Paragraph 16; and (e) Lessor may pursue any other remedy available at law or in equity, byincluding, without limitation, seeking damages, specific performance or an injunction. Upon repossession or return of any item of the Equipment, Lessor shall sell, lease or otherwise dispose of such item in a commercially reasonable manner, with or without notice and on public or private bid, and apply the net proceeds thereof (after deducting the estimated fair market value of such item at the expiration of the term of the applicable Lease, in the case of sale, or through Lesseethe rents due for any period beyond the scheduled expiration of such Lease, and pursue any and all other remedies available under in the laws of the State of Illinois for violation case of any covenant or condition hereofsubsequent lease of such item, and all expenses, including, without limitation, reasonable attorneys' fees, incurred in connection therewith) towards the Rent and other amounts due under such Lease, with any excess net proceeds to be retained by Lessor. Each of the remedies under this Lease shall be deemed cumulative cumulative, and not exclusive. If default be made by Lessee in the performance of any of the other terms or conditions hereof required to be kept or performed by Lessee and such default shall continue for a period of thirty (30) days after written notification thereof has been posted to Lessee, and in the event that Lessee is not reasonably engaged addition to any other remedy referred to herein or otherwise available to Lessor in curing the said default, then law or in such event, equity. 6 Any repossession or subsequent sale or lease by Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and take possession of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims of, by or through Lesseeitem of Equipment shall not bar an action for a deficiency as herein provided, and pursue any and all other remedies available under the laws bringing of an action or the State entry of Illinois for violations of any covenant or condition hereof, and all such remedies shall be deemed cumulative and not exclusive. judgment against Lessee shall notify Lessor of its proposed cure actions and continue to keep Lessor informed on a regular basis of the actions taken and results thereof. No action by Lessor pursuant to this Section 7 shall impair the not bar Lessor's right to rental and royalties (including without limitation Tonnage Royalties and Quarterly Deficiency Payments) due repossess any or accrued up to the time all items of termination and re-entry hereunder, but none shall be charged for any period thereafter. Provided, however, if Lessor, at any time, has provided notice of a Financing Cessation (as defined in the Purchase Agreement) then the cure periods set forth above shall be two hundred seventy (270) days from the date of such notice. In the event such Financing Cessation concludes prior to the end of such 270-day cure period as a result of Lessor paying the applicable portion of the Purchase Price at an Applicable Closing which was delayed as a result of such Financing Cessation, then Lessee shall have the cure periods set forth in the first two paragraphs of this Section 7 to cure and correct any defaults that have occurred during the just concluded period of Financing Cessation. Lessee further agrees that if the interest of Lessee in the Leased Premises shall be sold on execution or judicial sale, or if bankruptcy proceedings be begun by Lessee, or if Lessee be adjudged a bankrupt, or it makes an assignment for the benefit of creditors, or a receiver be appointed for it or for the Leased Premises, or if an assignment occurs by operation of law, then, and in any such event, this Lease shall forthwith terminate and be forfeited and the Leased Premises and all improvements thereon shall forthwith become the property of Lessor, without compensation to Lessee, and without refund of any royalties or deficiency payments paid hereunderEquipment.

Appears in 1 contract

Samples: Master Lease Agreement (Dayton General Systems Inc)

REMEDIES OF LESSOR. If default Upon each occurrence of an Event of Default and so long as such Event of Default shall be made by Lessee in the payment of the rentals and royalties herein and such default shall continue for a period of fifteen (15) days after written notification thereof has been posted to Lessee, then in each such eventcontinuing, Lessor may, may at any time thereafter at its option, election terminate this Lease without or Lessee's right of possession (but Lessee shall remain liable as hereinafter provided), and/or pursue any further notice and other remedies at law or in equity. Upon the termination of this Lease or termination of Lessee's right of possession, it shall be lawful for Lessor, to re-enter the Space by summary dispossession proceedings or any other action or proceeding authorized by law and to remove Lessee and all persons and property therefrom. If Lessor re-enters the Space, Lessor shall have the right to keep in place and use, or remove and store, all of the furniture, fixtures and equipment at the Space. If Lessor terminates this Lease, Lessor may recover from Lessee the sum of: all Rent, Additional Rent and all other amounts accrued hereunder to the date of such termination; the cost of reletting the whole or any part of the Space, including without limitation brokerage fees and/or leasing commissions incurred by Lessor, and costs of removing and storing Lessee's or any other occupant's property, repairing, altering, re- modeling, or otherwise putting the Space into condition acceptable to a new tenant or tenants, and all reasonable expenses incurred by Lessor in pursuing its remedies, including reasonable attorneys' fees and court costs. If Lessor terminates Lessor's right of possession (but not this Lease), Lessor shall relet the Space for rent and upon such terms as shall be satisfactory to Lessor without thereby releasing Lessee from any liability hereunder and take without demand or notice of any kind to Lessee. For the purpose of such reletting Lessor is authorized to make any repairs, changes, alterations, or additions in or to the Space as Lessor deems reasonably necessary or desirable. If the Space is not relet, then Lessee shall pay to Lessor as damages a sum equal to the amount of rental reserved in this Lease for such period or periods, plus the cost of recovering possession of the Leased Premises Space (including reasonable attorney's fees and hold costs of suit), the unpaid Rent, Additional Rent and possess other amounts accrued hereunder at the same as its absolute property free and clear time of any claims of, by, or through Lesseerepossession, and pursue the costs incurred in any attempt by Lessor to relet the Space. If the Space is relet and a sufficient sum shall not be realized from such reletting [after first deducting therefrom, for retention by Lessor, the unpaid Rent, Additional Rent and other amounts accrued hereunder at the time of reletting, the cost of recovering possession (including reasonable attorneys' fees and costs of suit), all other remedies available under the laws of the State costs and expenses of Illinois for violation of any covenant or condition hereofrepairs, changes, alterations, and all additions, the expense of such remedies shall be deemed cumulative and not exclusive. If default be made by Lessee in the performance of any of the other terms or conditions hereof required to be kept or performed by Lessee and such default shall continue for a period of thirty (30) days after written notification thereof has been posted to Lessee, and in the event that Lessee is not reasonably engaged in curing the said default, then in such event, Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and take possession of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims of, by or through Lessee, and pursue any and all other remedies available under the laws of the State of Illinois for violations of any covenant or condition hereof, and all such remedies shall be deemed cumulative and not exclusive. Lessee shall notify Lessor of its proposed cure actions and continue to keep Lessor informed on a regular basis of the actions taken and results thereof. No action by Lessor pursuant to this Section 7 shall impair the right to rental and royalties reletting (including without limitation Tonnage Royalties brokerage fees and Quarterly Deficiency Paymentsleasing commissions) due or accrued up to and the time cost of termination and re-entry hereunder, but none shall be charged for any period thereafter. Provided, however, if Lessor, at any time, has provided notice of a Financing Cessation (as defined in the Purchase Agreement) then the cure periods set forth above shall be two hundred seventy (270) days from the date of such notice. In the event such Financing Cessation concludes prior to the end of such 270-day cure period as a result of Lessor paying the applicable portion collection of the Purchase Price at an Applicable Closing which was delayed as a result of such Financing CessationRent and Addi- tional Rent accruing therefrom] to satisfy the Rent provided for in this Lease to be paid, then Lessee shall have immediately satisfy and pay any such deficiency. Any such payments due Lessor shall be made upon demand therefor from time to time and Lessee agrees that Lessor may file suit to recover any sums falling due from time to time. Notwithstanding any such reletting without termination, Lessor may at any time thereafter elect in writing to terminate this Lease for such previous breach. Exercise by Lessor of any one or more remedies hereunder granted or otherwise available shall not be deemed to be an acceptance of surrender of the cure periods set forth in the first two paragraphs Space and/or a termination of this Section 7 to cure and correct any defaults that have occurred during the just concluded period of Financing Cessation. Lessee further agrees that if the interest of Lessee in the Leased Premises shall be sold on execution Lease by Lessor, whether by agreement or judicial sale, or if bankruptcy proceedings be begun by Lessee, or if Lessee be adjudged a bankrupt, or it makes an assignment for the benefit of creditors, or a receiver be appointed for it or for the Leased Premises, or if an assignment occurs by operation of law, thenit being understood that such surrender and/or termination can be effected only by the written agreement of Lessor and Lessee. The failure of Lessor at any time to enforce its rights under this Lease strictly in accordance with same shall not be construed as having created a custom in any way or manner contrary to the specific terms, provisions, and covenants of this Lease or as having modified the same. Lessee and Lessor further agree that forbearance or waiver by Lessor to enforce its rights pursuant to this Lease or at law or in equity, shall not be a waiver of Lessor's right to enforce one or more of its rights in connection with any such event, subsequent Event of Default. No waiver by Lessor of any provision of this Lease shall forthwith terminate be deemed to have been made unless expressed in writing and signed by Lessor. To the greatest extent permitted by law, Lessee waives all right of redemption in case Lessee shall be forfeited and the Leased Premises and all improvements thereon shall forthwith become the property of Lessor, without compensation to Lessee, and without refund dispossessed by a judgment or by warrant of any royalties court or deficiency payments paid hereunderjudge.

Appears in 1 contract

Samples: Lease Agreement (Dialysis Corp of America)

REMEDIES OF LESSOR. If default be made by Lessee in At any time after the payment occurrence of any Event of Default, Lessor may exercise one or more of the rentals following remedies: (a) Lessor may terminate any or all of the Leases with respect to any or all of the Leases with respect to any or all items of Equipment subject thereto; (b) Lessor may recover from Lessee all Rent and royalties herein other amounts then due and such default shall continue for a period to become due under any or all of fifteen the Leases; (15c) days after written notification thereof has been posted to Lessee, then in each such event, Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and may take possession of the Leased Premises and hold and possess any or all items of Equipment, wherever the same as its absolute property free may be located, without demand or notice, without any court order or other process of law and clear without liability to Lessee for any damages occasioned by such taking of possession, and any such taking of possession shall not constitute a termination of any claims ofLease; (d) Lessor may demand that Lessee return any or all items of Equipment to Lessor in accordance with Paragraph 16; and (e) Lessor may pursue any other remedy available at law or in equity, byincluding, without limitation, seeking damages, specific performance or an injunction. Upon repossession or return of any item of the Equipment, Lessor shall sell, lease or otherwise dispose of such item in a commercially reasonable manner, with or without notice and on public or private bid, and apply the net proceeds thereof (after deducting the estimated fair market value of such item at the expiration of the term of the applicable Lease, in the case of a sale, or through Lesseethe rents due for any period beyond the scheduled expiration of such Lease, and pursue any and all other remedies available under in the laws of the State of Illinois for violation case of any covenant or condition hereofsubsequent lease of such item, and all expenses, including, without limitation, reasonable attorneys' fees, incurred in connection therewith) towards the Rent and other amounts due under such Lease, with any excess net proceeds to be retained by Lessor. Each of the remedies under this Lease shall be deemed cumulative cumulative, and not exclusive. If default be made by Lessee in the performance of any of the other terms or conditions hereof required to be kept or performed by Lessee and such default shall continue for a period of thirty (30) days after written notification thereof has been posted to Lessee, and in the event that Lessee is not reasonably engaged addition to any other remedy referred to herein or otherwise available to Lessor in curing the said default, then law or in such event, equity. Any repossession or subsequent sale or lease by Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and take possession of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims of, by or through Lesseeitem of Equipment shall not bar an action for a deficiency as herein provided, and pursue any and all other remedies available under the laws bringing of an action or the State entry of Illinois for violations of any covenant or condition hereof, and all such remedies shall be deemed cumulative and not exclusive. judgment against Lessee shall notify Lessor of its proposed cure actions and continue to keep Lessor informed on a regular basis of the actions taken and results thereof. No action by Lessor pursuant to this Section 7 shall impair the not bar Lessor's right to rental and royalties (including without limitation Tonnage Royalties and Quarterly Deficiency Payments) due repossess any or accrued up to the time all items of termination and re-entry hereunder, but none shall be charged for any period thereafter. Provided, however, if Lessor, at any time, has provided notice of a Financing Cessation (as defined in the Purchase Agreement) then the cure periods set forth above shall be two hundred seventy (270) days from the date of such notice. In the event such Financing Cessation concludes prior to the end of such 270-day cure period as a result of Lessor paying the applicable portion of the Purchase Price at an Applicable Closing which was delayed as a result of such Financing Cessation, then Lessee shall have the cure periods set forth in the first two paragraphs of this Section 7 to cure and correct any defaults that have occurred during the just concluded period of Financing Cessation. Lessee further agrees that if the interest of Lessee in the Leased Premises shall be sold on execution or judicial sale, or if bankruptcy proceedings be begun by Lessee, or if Lessee be adjudged a bankrupt, or it makes an assignment for the benefit of creditors, or a receiver be appointed for it or for the Leased Premises, or if an assignment occurs by operation of law, then, and in any such event, this Lease shall forthwith terminate and be forfeited and the Leased Premises and all improvements thereon shall forthwith become the property of Lessor, without compensation to Lessee, and without refund of any royalties or deficiency payments paid hereunderEquipment.

Appears in 1 contract

Samples: Master Lease Agreement (Telecom Wireless Corp/Co)

REMEDIES OF LESSOR. If Upon the occurrence of a default be made by Lessee in the payment hereunder and at any time thereafter (subject to any applicable grace provisions), Lessor may exercise any one or more of the following remedies, as Lessor, in its sole discretion, shall elect: (a) declare all unpaid rentals under this Lease to be immediately due and royalties herein and such default shall continue for a period of fifteen payable, the amount to be due to be computed as hereinafter set forth; (15b) days after written notification thereof has been posted to Lessee, then in each such event, Lessor may, at its option, terminate this Lease as to any or all items of Equipment, but no such termination shall be deemed to occur unless written notice to that express effect is given by Lessor to Lessee; (c) whether or not this Lease is terminated, take immediate possession of any or all of the Equipment, without any further notice or demand and re-without court order or process, and for such purpose, enter upon and take possession any premiss without liability for so doing; (d) sell, lease or otherwise dispose of the Leased Premises Equipment, or any item thereof, at a public or private sale or lease at such time or times and hold and possess the same upon such terms as its absolute property Lessor may determine, free and clear of any claims of, by, rights of Lessee; (e) proceed by appropriate action either at law or through Lessee, in equity to enforce performance by Lessee of the applicable covenants of this Lease or recover damages for the breach thereof; and pursue (f) exercise any and all other remedies available rights accruing to a Lessor or personal property under the laws any applicable law upon a default by Lessee. In furtherance of the State foregoing, Lessor shall be entitled to recover immediately as liquidated damages and not as a penalty, a sum equal to the aggregate of Illinois the following: (i) all unpaid rentals and other amounts or other sums which are due and payable for violation any item of Equipment up to the date delivered to or repossessed by Lessor; (ii) any expenses paid or incurred by Lessor in connection with the repossession, holding, repair, appraisal, transportation and subsequent sale, lease or other disposition of the Equipment, including attorneys' fees and court costs; and (iii) an amount equal to the difference between (aa) all unpaid rentals and other amounts, due and to become due under this Lease, each of which have been permitted or required to purchase the Equipment at the end of the Lease term hereof, which amount shall be discounted to present value at an annual rate of 7% ("Purchase Amount") and (bb) the then fair market value of any covenant Equipment returned to or condition hereofrepossessed by Lessor ("Return Value"); provided, and all however, that the Return Value of each such remedies item of Equipment shall be deemed cumulative and not exclusiveto be an amount equal to the proceeds, if any, of any sale or lease thereof by Lessor, less any costs or expenses incurred by Lessor from such sale or lease. If default be made by Lessee in Lessor is unable, after the performance exercise of reasonable efforts to sell or lease any such item of equipment, the other terms or conditions hereof required to be kept or performed by Lessee and Return Value of such default shall continue for a period item of thirty (30) days after written notification thereof has been posted to Lessee, and in the event that Lessee is not reasonably engaged in curing the said default, then in such event, Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and take possession of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims of, by or through Lessee, and pursue any and all other remedies available under the laws of the State of Illinois for violations of any covenant or condition hereof, and all such remedies equipment shall be deemed to be zero. If the Return Value of the Equipment exceeds the sum of the Unpaid Rentals plus the Purchase Amount, Lessor shall be entitled to the excess. No right or remedy conferred upon or reserved to Lessor by this Lease shall be exclusive of any other right or remedy herein or by law provided; all rights and remedies of Lessor conferred on Lessor by this Lease or by law shall be cumulative and not exclusivein addition to every other right and remedy available to Lessor. Lessee shall notify pay all costs and reasonable attorney's fees incurred by Lessor in collecting any sums owed under this Lease or in obtaining possession of its proposed cure actions and continue to keep Lessor informed on a regular basis leased Equipment, including attorney's fees incurred in seeking relief from stay in bankruptcy court together with interest at the rate of the actions taken and results thereof. No action lesser of 18% compounded annually, or the maximum amount permitted by Lessor pursuant to this Section 7 shall impair the right to rental and royalties (including without limitation Tonnage Royalties and Quarterly Deficiency Payments) due or accrued up to the time of termination and re-entry hereunder, but none shall be charged for any period thereafter. Provided, however, if Lessor, at any time, has provided notice of a Financing Cessation (as defined in the Purchase Agreement) then the cure periods set forth above shall be two hundred seventy (270) days from the date of such notice. In the event such Financing Cessation concludes prior to the end of such 270-day cure period as a result of Lessor paying the applicable portion law on each of the Purchase Price at an Applicable Closing which was delayed as a result of such Financing Cessation, then Lessee shall have the cure periods set forth in the first two paragraphs foregoing and on all sums not paid when due under any provision of this Section 7 to cure and correct any defaults that have occurred during the just concluded period of Financing Cessation. Lessee further agrees that if the interest of Lessee in the Leased Premises shall be sold on execution or judicial sale, or if bankruptcy proceedings be begun by Lessee, or if Lessee be adjudged a bankrupt, or it makes an assignment for the benefit of creditors, or a receiver be appointed for it or for the Leased Premises, or if an assignment occurs by operation of law, then, and in any such event, this Lease shall forthwith terminate and be forfeited and the Leased Premises and all improvements thereon shall forthwith become the property of Lessor, without compensation to Lessee, and without refund of any royalties or deficiency payments paid hereunderLease.

Appears in 1 contract

Samples: Business Lease Agreement (Interactive Telesis Inc)

REMEDIES OF LESSOR. (a) If default be made by any Lessee in Default occurs, Lessor shall have the payment right after the expiration of the rentals and royalties herein and such default shall continue for a period applicable Cure Period, at the option of Lessor, to terminate this Lease upon providing fifteen (15) days after written notification thereof notice if the default has not been posted cured by the expiration of such fifteen (15) day period. An Event of Default shall be deemed to Lesseehave occurred at the expiration of the Cure Period if the default has not been cured by the expiration of such fifteen (15) day period. Additionally, then in each such eventif any Event of Default occurs, Lessor may, at its option, terminate from time to time, without terminating this Lease without any further notice Lease, re-enter and re-enter let the Property, or any part thereof, as the agent and for the account of Lessee upon such terms and take possession conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting shall be applied first to the expenses of such re-letting and collection including but not limited to, necessary renovation and alterations of the Leased Premises and hold and possess the same as its absolute property free and clear of Property, reasonable attorneys fees, any claims of, by, or through Lesseereal estate commissions paid, and pursue thereafter toward payment of all sums due or to become due to Lessor hereunder, and if a sufficient sum shall not be thus realized or secured to pay such sums and other charges, at Lessor's option, Lessee shall pay Lessor any and all other remedies available under the laws deficiency immediately upon demand therefore, notwithstanding that Lessor may have received periodic rental in excess of the State of Illinois for violation of any covenant periodic rental stipulated in this Lease in previous or condition hereofsubsequent rental periods, and all Lessor may bring an action therefore as such remedies deficiency shall arise. Nothing herein, however, shall be deemed cumulative and not exclusive. If default be made by Lessee in the performance of any of the other terms or conditions hereof required construed to be kept or performed by Lessee and such default shall continue for a period of thirty (30) days after written notification thereof has been posted require Lessor to Lessee, and in the event that Lessee is not reasonably engaged in curing the said default, then in such event, Lessor may, at its option, terminate this Lease without any further notice re-enter and re-enter upon and take possession let the Property in any event. Lessor shall not, in any event, be required to pay Lessee any surplus of any sums received by Xxxxxx on a re-letting of said Property in excess of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims of, by or through Lessee, and pursue any and all other remedies available under the laws of the State of Illinois for violations of any covenant or condition hereof, and all such remedies shall be deemed cumulative and not exclusive. Lessee shall notify Lessor of its proposed cure actions and continue to keep Lessor informed on a regular basis of the actions taken and results thereof. No action by Lessor pursuant to Rent provided in this Section 7 shall impair the right to rental and royalties (including without limitation Tonnage Royalties and Quarterly Deficiency Payments) due or accrued up to the time of termination and re-entry hereunder, but none shall be charged for any period thereafter. Provided, however, if Lessor, at any time, has provided notice of a Financing Cessation (as defined in the Purchase Agreement) then the cure periods set forth above shall be two hundred seventy (270) days from the date of such notice. In the event such Financing Cessation concludes prior to the end of such 270-day cure period as a result of Lessor paying the applicable portion of the Purchase Price at an Applicable Closing which was delayed as a result of such Financing Cessation, then Lessee shall have the cure periods set forth in the first two paragraphs of this Section 7 to cure and correct any defaults that have occurred during the just concluded period of Financing Cessation. Lessee further agrees that if the interest of Lessee in the Leased Premises shall be sold on execution or judicial sale, or if bankruptcy proceedings be begun by Lessee, or if Lessee be adjudged a bankrupt, or it makes an assignment for the benefit of creditors, or a receiver be appointed for it or for the Leased Premises, or if an assignment occurs by operation of law, then, and in any such event, this Lease shall forthwith terminate and be forfeited and the Leased Premises and all improvements thereon shall forthwith become the property of Lessor, without compensation to Lessee, and without refund of any royalties or deficiency payments paid hereunderLease.

Appears in 1 contract

Samples: Lease Agreement

REMEDIES OF LESSOR. If default be made by Lessee in Upon the payment occurrence of the rentals any Event of Default and royalties herein and such default shall continue for a period of fifteen (15) days after written notification thereof has been posted to Lessee, then in each such eventany time thereafter, Lessor may, at without notice, exercise one or more of the following remedies, as Lessor, in its option, sole discretion shall elect: (1) declare all unpaid payments under the Lease to be immediately due and payable; (2) terminate this Lease without the Agreement as to any further notice and re-enter upon and or all items of the Equipment; (3) take possession of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims of, by, or through LesseeEquipment wherever found, and pursue for this purpose enter upon any premises of Lessee and remove the Equipment, without any liability for suit, action or other proceedings by Lessee; (4) direct Lessee at its expense to promptly prepare the Equipment for pickup by Lessor; (5) use, hold, sell, lease or otherwise dispose of the Equipment or any item thereof on the site specified on the applicable Agreement or any other location without affecting the obligations of Lessee as provided in the Agreement; (6) proceed by appropriate action either in law or in equity to enforce performance by Lessee of the terms of the Agreement or to recover damages for the breach hereof; (7) apply the Security Deposit to payment of Lessor’s costs, expenses and attorney fees in enforcing the terms of the Agreement and to indemnify Lessor against any damages sustained by Lessor (provided, however, nothing herein shall be construed to mean that the recovery of damages by Lessor shall be limited to the amount of the Security Deposit); (8) exercise any and all other remedies available rights accruing to Lessor under any applicable law upon an Event of Default. In addition, Xxxxxx shall be entitled to recover immediately as damages, and not as a penalty, a sum equal to the laws aggregate of the State following: (i) all unpaid payments as are due and payable for any items of Illinois for violation of any covenant or condition hereof, and all such remedies shall be deemed cumulative and not exclusive. If default be made by Lessee in the performance of any of the other terms or conditions hereof required to be kept or performed by Lessee and such default shall continue for a period of thirty (30) days after written notification thereof has been posted to Lessee, and in the event that Lessee is not reasonably engaged in curing the said default, then in such event, Lessor may, at its option, terminate this Lease without any further notice and re-enter upon and take possession of the Leased Premises and hold and possess the same as its absolute property free and clear of any claims of, by or through Lessee, and pursue any and all other remedies available under the laws of the State of Illinois for violations of any covenant or condition hereof, and all such remedies shall be deemed cumulative and not exclusive. Lessee shall notify Lessor of its proposed cure actions and continue to keep Lessor informed on a regular basis of the actions taken and results thereof. No action by Lessor pursuant to this Section 7 shall impair the right to rental and royalties (including without limitation Tonnage Royalties and Quarterly Deficiency Payments) due or accrued Equipment up to the time of termination and re-entry hereunder, but none shall be charged for any period thereafter. Provided, however, if Lessor, at any time, has provided notice of a Financing Cessation (as defined in the Purchase Agreement) then the cure periods set forth above shall be two hundred seventy (270) days from the date of such notice. In the event such Financing Cessation concludes prior to the end of such 270-day cure period as a result of Lessor paying the applicable portion of the Purchase Price at an Applicable Closing which was delayed as a result of such Financing Cessation, then Lessee shall have the cure periods set forth in the first two paragraphs of this Section 7 to cure and correct any defaults that have occurred during the just concluded period of Financing Cessation. Lessee further agrees that if the interest of Lessee in the Leased Premises shall be sold on execution or judicial sale, or if bankruptcy proceedings be begun repossession by Lessee, or if Lessee be adjudged a bankrupt, or it makes an assignment for the benefit of creditors, or a receiver be appointed for it or for the Leased Premises, or if an assignment occurs by operation of law, then, and in any such event, this Lease shall forthwith terminate and be forfeited and the Leased Premises and all improvements thereon shall forthwith become the property of Lessor, without compensation to Lessee, and without refund of any royalties or deficiency payments paid hereunder.;

Appears in 1 contract

Samples: www.mobilemodular.com

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