Res 1997-185 - Laserfiche WebLink

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rentals and other charges provided in this lease; but Tenant shall have no right to such excess other than the above described credit. (ii) When landlord desires, landlord may demand a final settlement. Upon demand for a final settlement, landlord shall have a right to, and Tenant hereby agrees to pay, the difference between the total of all monthly rentals and other charges provided in this lease for the remainder of the term less the reasonable rental value of the Demised Premises for such period, such difference to be discounted to present value at a rate equal to the rate of Interest which is allowed by law, In the state designated by Section 24.10 of this lease, when the parties to a contract have not agreed on any particular rate of interest (or, in the absence of such law, at the rate of six percent per annum). If the landlord elects to exercise the remedy prescribed In Subsection A above, this election shall in no way prejudice landlord's right at any time thereafter to cancel said election In favor of the remedy prescribed in Subsection B above, provided that at the time of such cancellation Tenant Is stili In default. Similarly, If landlord elects to compute damages In the manner prescribed by Subsection B(i) above, this election shall in no way prejudice landlord's right at any time thereafter to demand a final settlement in accordance with Subsection B(ii) above. Pursuit of any of the above remedies shall not preclude pursuit of any other remedies prescribed in other sections of this lease and any other remedies provided by law. Forbearance by landlord to enforce one or more of the remedies herein provided upon an event of default shall not be deemed or construed to constitute a waiver of such default. 18.2 Without any further notice or demand whatsoever, Tenant shall be obligated to reimburse landlord for the damages suffered by landlord as a result of the event of default, and landlord may pursue a monetary recovery from Tenant. In this regard, and without limiting the generality of the immediately preceding sentence, it is agreed that if Tenant fails to install a sign on the front of the Demised Premises on or promptly after the Commencement Date of this lease, or if Tenant fails to open for business as required in this lease or, having opened for business, subsequently deserts or vacates the Demised Premises or o~herwise ceases to conduct business In the Demised Premises as required in this lease, then landlord at its option may seek monetary recovery for the loss of Tenant's anticipated contribution to commerce within the project; moreover, landlord and Tenant further agree that Inasmuch as the exact amount of damages would be difficult to determine, liquidated damages will be due monthly (i) in an amount equal to fifteen percent (15%) of the minimum guaranteed rental payable for that month (I.e., Tenant will pay minimum guaranteed rental equal to 115% of the amount specified in Section 1.1 (j) and elsewhere in this lease), if Tenant opens for business but f<1i1s to install a sign and (Ii) in an amount equal to one hundred twenty-five pe, "nt (125%) 'of the monthly guaranteed rental payable for the month if Tenant fails to open for business as required in this lease or, having opened for business, subsequently deserts or vacates the Demised Premises or otherwise ceases to conduct business in the Demised Premises as required in this lease. . .. .. charges provided in this lease," as that term is used throughout Subsecti and B of Section 18.1 above, there shall be added to the minimum guar ed rental (as specified in Section 1.1 (j) of this lease) a sum equal to the c es for maintenance of the Common Area (as specified in Section 6.4 of tho ase), the charges for taxes and insurance (as specified in Article XVII of ease) plus one twenty-fourth of the total of all percentage rentals re . ed to be paid by Tenant (pursuant to Sections 4.3 and 4.4 of this Ie because of gross sales during the two full calendar years immediate eceding the date landlord Initiated action pursuant to said subsections, If two full calendar years have not then elapsed, to the correspond' raction of all percentage rentals required to be paid because of gros es during the period commencing with the Commencement Date of this . . . . 18.4 It is further agreed that, in addition to payments required pursuant to Subsections A and B of Section 18.1 above, Tenant shall compensate landlord for all expenses incurred by landlord in repossession (including among other expenses, any increase in insurance premiums caused by the vacancy of the Demised Premises), all expenses incurred by landlord in reletting (including among INITIAL Insignia Retail Group, Inc. fA. 15 fé> .f\v""