Laserfiche WebLink
<br />Article 11. Events of Default and Remedies <br /> <br />11.01. The following events shall be events of default by the Lessee under this Lease: <br /> <br />A. The Lessee fails to pay when due any rental or any other sums or charges due under this <br /> <br />Lease. <br /> <br />B. The Lessee fails to comply with any other term, provision, or covenant of this Lease, and <br />does not cure the failure within 30 days after written notice to the Lessee. For any subsequent default <br />by the Lessee for the same or any other reason, the Lessor may terminate the Lease if that subsequent <br />default continues for more than three days after notice of the subsequent default. <br /> <br />C. The Lessee becomes insolvent, makes a transfer in fraud of creditors, or makes an <br />assignment for the benefit of creditors <br /> <br />D. The Lessee commences, or another party commences against the Lessee, proceedings in <br />bankruptcy, for reorganization, or for the readjustment or arrangement of its debts under the <br />bankruptcy laws of the United States or under any other law. The acceptance by the Lessor of the <br />Lessee's monthly payments subsequent to the occurrence of this event of default, or that set forth in <br />subparagraph E below, shall be as compensation for use and occupancy of the Leased Premises, and <br />shall in no way constitute a waiver by the Lessor of its right to exercise any remedy provided for any <br />event of default. <br /> <br />E. A receiver or trustee is appointed for all or substantially all of the assets of the Lessee. <br /> <br />F. The Lessee abandons or vacates all or any substantial portion of the Leased Premises. <br /> <br />11.02. Upon the occurrence of any of the events of default, the Lessor shall have the option to <br />pursue anyone or more of the following remedies without any notice or demand whatsoever: <br /> <br />A. Terminate this Lease. In this event the Lessee shall immediately. surrender the Leased <br />Premises to the Lessor, and if the Lessee fails to do so, the Lessor may enter and take possession of <br />the Leased Premises and remove the Lessee and any other person occupying the premises, by force <br />if necessary, without prejudice to any other remedy it may have for possession or arrearages in rent, <br />and without being liable for any resulting damages. The Lessee agrees to pay to the Lessor the <br />amount of all resulting costs, losses and damages incurred by the Lessor within 30 days of the <br />Lessor's issuance of a statement to the Lessee. <br /> <br />B. Relet the Leased Premises and receive the rent. The Lessee agrees to pay to the Lessor <br />any resulting costs, and any deficiency that may arise by reason of reletting, within 30 days of the <br />Lessor's issuance of a statement to the Lessee. <br /> <br />COSM form 1/99 <br /> <br />8 <br />