4.5 SR 05-16-2022 - Laserfiche WebLink

Home Browse Search

Tenant or any guarantor of this Sub -Lease in any court pursuant to any statute either of the United States or of any state a petition in bankruptcy or insolvency or for reorganization or for the appointment of a receiver or trustee of all or a portion of Tenant's or any such guarantor's property; or if Tenant or any such guarantor makes an assignment for the benefit of creditors, or petitions for or enters into an arrangement; or if Tenant shall abandon the Demised Premises for a period of more than ninety-six (96) consecutive hours or suffer this Sub -Lease to be taken under any writ of execution; then, in any such event, Tenant shall be in default hereunder (a "Default"), and Landlord, in addition to other rights and remedies it may have, may declare all rents reserved under this Sub -Lease for the then unexpired balance of the term to be immediately due and payable, and shall have the immediate right of re-entry and may remove all persons and property from the Demised Premises, and such property may be removed and stored in a public warehouse or elsewhere at the cost and for the account of Tenant, all without service of further notice or resort to legal process and without Landlord's being guilty of trespass or becoming liable for any loss or damage which may be occasioned thereby. B. Should Landlord elect to re-enter the Demised Premises after Tenant's Default as herein provided, or should it take possession of the Demised Premises after Tenant's Default pursuant to legal proceedings or pursuant to any notice provided for by law, Landlord may either terminate this Sub -Lease or may from time to time, without terminating this Sub -Lease, make such alterations and repairs as may be necessary in order to relet the Demised Premises, and may relet the Demised Premises or any part thereof for such term or terms (which may be for a term extending beyond the term of this Sub -Lease) and at such rental or rentals and upon such other terms and conditions as Landlord in its sole discretion may deem advisable. Upon each such reletting, all rentals received by Landlord from such reletting shall be applied first to the payment of any indebtedness other than rent due hereunder from Tenant to Landlord; second, to the payment of Landlord's costs and expenses of such reletting, including reasonable brokerage fees, attorney's fees, and costs of alterations and repairs necessary to prepare the space for a new tenant; third, to the payment of rent due and unpaid hereunder; and the residue, if any, shall be held by Landlord and applied in payment of future rent as the same may become due and payable hereunder. If such rentals received from such reletting during any month be less than the rentals to be paid during that month by Tenant hereunder, then Tenant shall pay any such deficiency to Landlord on demand. No such re-entry or taking possession of the Demised Premises by Landlord, nor any other act or omission to act by Landlord, shall be construed as an election on Landlord's part to terminate this Sub -Lease unless a written notice of Landlord's intention to terminate be given to Tenant, or unless the termination hereof be decreed by a court of competent jurisdiction. Notwithstanding any such reletting without termination, Landlord may at any time after such re-entry and reletting elect to terminate this Sub -Lease for Tenant's said previous Default. Should Landlord at any time terminate this Sub -Lease by reason of any Default by Tenant, then in addition to any other remedies it may have, Landlord may recover from Tenant all damages it may incur by reason of such Default, including the cost of recovering possession of the Demised Premises, reasonable attorney's fees, and the net present value at the time of such termination (utilizing a discount rate of 7.5%) of the excess, if any, of (i) the amount of Base Rent and Additional Rent reserved in this Sub -Lease for the remainder of its stated term, over (ii) the then reasonable rental value of the Demised Premises for the remainder of the stated Sub -Lease Term, all of which amounts shall be immediately due and payable from Tenant to Landlord. -8-