Res19 15814 - Laserfiche WebLink

Browse Search

(a) Events of Default. Landlord shall be in default of this Lease if it fails to perform any provision of this Lease that it is obligated to perform or if any of Landlord's representations or warranties is untrue or becomes untrue in any material respect, and if the failure to perform or the failure of such representation or warranty is not cured within Thirty (30) days after notice of the default has been given to Landlord. If the default cannot reasonably be cured within thirty (30) days, Landlord shall not be in default of this Lease if Landlord commences to cure the default within such Thirty (30) -day period and diligently and in good faith continues to cure the default until completion, but in no event longer than One Hundred Twenty (120) days from the date of notice of default. (b) Right to Cure; Tenant's Remedies. If Landlord fails to cure a default by Landlord after expiration of the applicable time for cure of a particular default, Tenant, at its election, but without obligation therefor (i) may seek specific performance of any obligation of Landlord, after which Tenant shall retain, and may exercise and enforce, any and all rights that Tenant may have against Landlord as a result of such default; (ii) from time to time without releasing Landlord in whole or in part from the obligations to be performed by Landlord hereunder, may cure the default at Landlord's cost; (iii) may terminate this Lease, and/or (iv) may exercise any other remedy given hereunder or now or hereafter existing at law or in equity. Any reasonable costs incurred by Tenant in order to cure such a default by Landlord shall be due immediately from Landlord, together with interest, and may be offset against any amounts due from Tenant to Landlord. Upon the occurrence of any Landlord Default and the expiration without cure of any applicable notice and cure periods, Tenant may, at its option and in addition to all of Tenant's other rights and remedies at law or in equity, do any of the following: (a) terminate this Lease upon notice to Landlord; (b) incur, and deduct from succeeding Rent or any other sum or monetary obligations owed to Landlord, as prescribed by this Lease, the amount of any judgment obtained from a federal or state court resulting from Landlord's failure to perform any obligation that Landlord has failed to perform; and (c) exercise any other remedy explicitly provided in this Lease for the breach of a specific term or condition. Tenant agrees that no officer, employee, director, manager, member, owner, agent, counsel or trustee of Landlord shall be liable for Landlord's duties and obligations under this Lease and that any recovery of damages or any other sums due Tenant from Landlord may only be recovered from Landlord's interest in the YMCA Site. 25. Default by Tenant; Remedies of Landlord. (a) Each of the following occurrences shall be deemed an event of default hereunder by Tenant (each such occurrence, after the expiration of any applicable notice and cure period, being hereinafter referred to as a "Tenant Default"): (1) Default in the payment of Rent or any other sum owing to Landlord or third parties continuing for a period of Ten (10) days from when such amount was due. (2) Default in the performance of any other covenant or condition of Tenant pursuant to this Lease or material inaccuracy in any representation or warranty made by Tenant hereunder for a period of Thirty (30) days after notice from Landlord of the default or YMCA Ground Lease -17- 82483.00016\32493585.6