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