|
Information which Lessor may reasonably require of Lessee under the terms of this Lease, where any such failure continues fora period of 10 days following written
<br />notice to Lessee.
<br />(e) A Default by Lessee as to the terms, covenants, conditions or provisions of this tease, or of the rules adopted under Paragraph 40 hereof, other than
<br />those described in subparagraphs 13.1(a), (b), (c) or (d), above, where such Default continues for a period of 30 days after written notice; provided, however, that if
<br />the nature of Lessee's Default is such that more than 30 days are reasonably required for Its cure, then it shall not be deemed to be a Breach if Lessee commences
<br />such cure within said 30 day period and thereafter diligently prosecutes such cure to completion.
<br />(f) The occurrence of any of the following events: (1) the making of any general arrangement or assignment for the benefit of creditors; (it) becoming a
<br />"debtor" as defined in 11 U.S.C.S 101 or any successor statute thereto (unless, In the case of petition filed against Lessee, the same is dismissed within 60days); (lip
<br />the appointment of a trustee or receiver to take possession of substantially all of Lessee's assets touted at the Premises or of Lessee's interest in this Lease, where
<br />possession is not restored to Lessee within 30 days; or (iv) the attachment, execution or other judicial seizure of substantially all of Lessee's assets touted at the
<br />Premises or of Lessee's interest in this Lease, where such seizure Is not discharged within 30 days; provided, however, in the event that any provision of this
<br />subparaguph is contrary to any applicable law, such provision shall be of no force or effect, and not affect the validity of the remaining provisions.
<br />(g) The discovery that anyfinancial statement of Lessee or of anyGuarantorgiven to Lessor was materially false.
<br />(h) If the performance of lessee's obligations under this Lease is guaranteed:11) the death of a Guarantor, (it) the termination of a Guarantors liability
<br />with respect to this Lease other than in accordance with the terms of such guaranty, (III) a Guarantor's becoming insolvent or the subject of a bankruptcy filing, (iv) a
<br />Guarantor's refusal to honor the guaranty, or (v) a Guarantor's breach of Its guaranty obligation on an anticipatory basis, and Lessee's failure, within 60 days following
<br />written notice of any such event, to provide written alternative assurance or security, which, when coupled with the then existing resources of Lessee, equals or
<br />exceeds the combined financial resources of Lessee and the Guarantors that existed at the time of execution of this Lease.
<br />13.2 Remedies. If Lessee fails to perform any of its affirmative duties or obligations, within 10 days after written notice (or In use of an emergency, without
<br />notice), Lessor may, at Its option, perform such duty or obligation on Lessee's behalf, including but not limited to the obtaining of reasonably required bonds,
<br />Insurance policies, or governmental licenses, permits or approvals. Lessee shall pay to Lessor an amount equal to 115%of the costs and expenses Incurred by Lessor
<br />In such performance upon receipt of an invoice therefor. In the event of a Breach, Lessor may, with or without further notice or demand, and without limiting Lessor
<br />In the exercise of any right or remedy which Lessor may have by reason of such Breach:
<br />(a) Terminate Lessee's right to possession of the Premises by any lawful means, in which use this Lease shall terminate and Lessee shall immediately
<br />surrender possession to Lessor. In such event lessor shall be entitled to recover from Lessee: (i) the unpaid Rent which had been earned at the time of termination;
<br />(II) the worth at the time of award of the amount by which the unpaid rent which would have been earned after termination until the time of award exceeds the
<br />amount of such rental loss that the Lessee proves could have been reasonably avoided; (lit) the worth at the time of award of the amount by which the unpaid rent for
<br />the balance of the term after the time of award exceeds the amount of such rental loss that the Lessee proves could be reasonably avoided; and (iv) any other amount
<br />necessary to compensate Lessor for all the detriment proximately caused by the Lessee's failure to perform its obligations under this Lease or which in the ordinary
<br />course of things would be likely to result therefrom, including but not limited to the cost of recovering possession of the Premises, expenses of reletting, including
<br />necessary renovation and alteration of the Premises, reasonable attorneys' fees, and that portion of any leasing commission paid by Lessor in connection with this
<br />Lease applicable to the unexpired term of this Lease. The worth at the time of award of the amount referred to in provision (lip of the Immediately preceding
<br />sentence shall be computed by discounting such amount at the discount rate of the Federal Reserve Bank of the District within which the Premises are located at the
<br />time of award plus one percent. Efforts by Lessor to mitigate damages caused by Lessee's Breach of this Lease shall not waive Lessor's right to recover any damages to
<br />which Lessor is otherwise entitled. If termination of this Lease is obtained through the provisional remedy of unlawful detainer, lessor shall have the right to recover
<br />In such proceeding any unpaid Rent and damages as are recoverable therein, or Lessor may reserve the rightto recover all or any part thereof in a separate wit. We
<br />notice and grace period required under Paragraph 13.1 was not previously given, a notice to pay rent or quit, or to perform orquit given to Lessee under the unlawful
<br />detainer statute shall also constitute the notice required by Paragraph 13.1. In such case, the applicable grace period required by Paragraph 13.1 and the unlawful
<br />detainer statute shall run concurrently, and the failure of Lessee to cure the Default within the greater of the two such grace periods shall constitute both an unlawful
<br />detainer and a Breach of this Lease entitling Lessor to the remedies provided for in this Lease and/or by said statute.
<br />(b) Continuethe Lease and Lessee's right to possession and recover the Rent as it becomes due, in which event Lessee may sublet or assign, subject only
<br />to reasonable limitations. Acts of maintenance, efforts to relet, and/or the appointment of a receiver to protect the Lessor's Interests, shall not constitute a
<br />termination of the Lessee's right to possession.
<br />(c) Pursue any other remedy now or hereafter available under the laws or judicial decisions of the state wherein the Premises are located. The expiration
<br />or termination of this Lease and/or the termination of Lessee's right to possession shallnot relieve Lessee from liability under any indemnity provisions of this Lease
<br />as to matters occurring or accruing during the term hereof or by reason of Lessee's occupancy of the Premises.
<br />13.3 inducement Recapture. Any agreement or free or abated rent or other charges, the cost of tenant Improvements for Lessee paid for or performed by
<br />Lessor, or for the giving or paying by lessor to or for Lessee of any cash or other bonus, Inducement or consideration for Lessee's entering into this Lease, all of which
<br />concessions are hereinafter referred to as "Inducement Provisions," shall be deemed conditioned upon Lessee's full and faithful performance of all of the terms,
<br />covenants and conditions of this Lease. Upon Breach of this Lease by Lessee, any such Inducement Provision shall automatically be deemed deletedfrcm this Lease
<br />and of no further force or effect, and any rent, other charge, bonus, Inducement or consideration theretofore abated, given or paid by Lessor under such an
<br />Inducement Provision shall be immediately due and payable by Lessee to Lessor, notwithstanding any subsequent cure of sald Breach by Lessee. The acceptance by
<br />Lessor of rent or the cure of the Breach which Initiated the operation of this paragraph shall not be deemed a waiver by Lessor of the previsions of this paragraph
<br />unless specifically so stated in writing by Lessor at the time of such acceptance.
<br />13A Late Charges. Lessee hereby acknowledges that late payment by Lessee of Rent will cause Lessor to incur costs not contemplated by this Lease, the exact
<br />amount of which will be extremely difficult to ascertain. Such costs include, but are not limited to, processing and accounting charges, and late charges which maybe
<br />Imposed upon Lessor by any Lender. Accordingly, if any Rent shall not be received by Lessor within S days after such amount shall be due, then, without any
<br />requirement for notice to Lessee, Lessee shall immediately pay to Lessor a one tlrrm late charge equal to 10%of each such overdue amount or $100, whichever Is
<br />greater. The Parties hereby agree that such late charge represents a fair and reasonable estimate of the costs lessor will incur by reawn of such late payment.
<br />Acceptance of such late charge by lessor shall in no event constitute a waver of Lessee's Default or Breach with respect to such overdue amount, nor prevent the
<br />exercise of anyof the other rights and remedies granted hereunder. in the event that a late charge is payable hereunder, whether or not collected, for consecutive
<br />installments of Base Rent, then notwithstanding any provision of this Lease to the contrary, Base Rent shall, at Lessor's option, become due and payable quarterly in
<br />advance.
<br />13.5 Interest. Any monetary payment due Lessor hereunder, other than late charges, not received by Lessor, when due shall bear Interest from the 31st day
<br />after it was due. The interest ("Interest") charged shall be computed at the rate of IDS per annum but shall not exceed the maximum rate allowed by law. Interest is
<br />payable in addition to the potential late charge provided for in Paragraph 13.4.
<br />13.6 Breach by Lessor.
<br />(a) Notice ol'Bumach. Lessorshail not be deemed in breach of this Lease unless Lessor fails within a reasonable time to perform an obligation required to
<br />Page 10 of 16 __ TIA
<br />I ITIALS Last Edited: 3/14/2024 3:33 PM IMLS
<br />0 2017AIR CRE. All Rights Reserved. STG-27.20, Revised 11-01-2017
<br />
|