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EVENTS OF DEFAULT. The following events shall be events of default by Tenant under this Lease:
(a) Monetary Default. If Tenant shall fail to pay rental or other sums when due (including late fee specified in Section 3) prior to the expiration of five (5) days after such due date and after written notice by Landlord to Tenant thereof, except that Landlord shall not be required to provide written notice of a monetary default more than once in any calendar year.
(b) Non-Monetary Default. If Tenant shall fail to comply with any other provision of this Lease after the expiration of thirty (30) days after receipt of written notice from Landlord thereof, or such extended period as may be reasonably necessary for Tenant to cure such default, so long as Tenant is diligently pursuing such cure and so long as Tenant commenced such cure within the 30-day period.
(c) Tenant or any guarantor of Tenants obligations hereunder shall make an assignment for the benefit of creditors, a petition is filed by or against Tenant or any guarantor of Tenants obligations hereunder under any section or chapter of the National Bankruptcy act; Tenant or any guarantor hereunder shall be adjudged bankrupt or insolvent, or a receiver or trustee shall be appointed for all or substantially all of the assets of Tenant or any guarantor.
(d) Tenant shall cause or permit any Hazardous Substance (as defined by Federal, State or City regulations) to be used, stored or disposed of, in or around the Premises or the Buildings.
(e) Tenant shall fail to sign an estoppel certificate or a subordination and non disturbance agreement as required by the Lease.
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REMEDIES. Upon the occurrence of any Event of Default, Landlord shall have the option to pursue any one or more of the following remedies without any notice of demand whatsoever:
(a) Terminate this Lease, in which event Tenant shall immediately surrender the Premises to Landlord, and if Tenant fails to do so, Landlord may, without prejudice to any other remedy which it may have for possession or arrearages in rent, enter upon and take possession of the Premises and expel or remove Tenant and any other person who may be occupying said Premises or any part thereof, by force if necessary, without being liable for prosecution or any claim for damages therefore; and Tenant agrees to pay to Landlord on demand the amount of all loss and damage which Landlord may suffer by reason of such termination, whether through inability to relet the Premises on satisfactory terms or otherwise, including the loss of rental for the remainder of the Lease Term.
(b) Enter upon and take possession of the Premises and expel or remove tenant and any other person who may be occupying the Premises or any part thereof, by force if necessary, without being liable for prosecution or any claim for damages therefore, and if Landlord so elects, relet the Premises on such terms as Landlord shall deem advisable and receive the rent therefore; and Tenant agrees to pay to Landlord on demand any deficiency that may arise by reason of such reletting for the remainder of the Lease Term.
(c) Exclude Tenant and any other person(s) occupying the Premises from the Premises by changing all door locks located thereon. Landlord shall, however, have absolutely no obligation to furnish a new key unless and until Tenant cures all existing defaults. Landlord and Tenant intend that this sub-paragraph (c) expressly supersedes any conflicting provisions contained in the Texas Property Code, or any successor statute.
(d) Enter upon the Premises, by force if necessary, without being liable for prosecution or any claim for damages therefore, and do whatever Tenant is obligated to do under the terms of this Lease; and Tenant agrees to reimburse Landlord on demand for any expenses which Landlord may incur in thus effecting compliance with Tenants obligations under this Lease, and Tenant further agrees that Landlord shall not be liable for any damages resulting to the Tenant from such action.
No re-entry or taking possession of the Premises by Landlord shall be construed as an election on its part to terminate this Lease, unless a written notice of such intention be given to Tenant. Pursuit of any of the foregoing remedies shall not preclude pursuit of any of the other remedies herein provided by law, nor shall pursuit of any remedy herein provided constitute a forfeiture or waiver of any rent due to Landlord hereunder or of any damages accruing to landlord by reason of the violation of any of the terms, provisions and covenants herein contained. Landlords acceptance of rent following an event of default hereunder shall not be construed as Landlords waiver of such event of default. No waiver by Landlord of any violation or breach of any of the terms, provisions and covenants herein contained shall be deemed or construed to constitute a waiver of any other violation or default. The loss or damage that Landlord may suffer by reason of termination of this Lease or the deficiency from any reletting as provided for above shall include the expense of repossession and any repairs or remodeling undertaken by Landlord following possession. Should Landlord at any time terminate this Lease for any default, in addition to any other remedy Landlord may have, Landlord may recover from Tenant all actual damages (including reasonable attorneys fees) Landlord may incur by reason of such default, including the cost of recovering the Premises and the loss of rental for the remainder of the Lease Term, except that under no circumstance may Landlord collect incidental, consequential, or punitive damages from Tenant.
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CONDEMNATION. If the Premises, or any part thereof, or if the Buildings or any portion of the Buildings leaving the remainder of the Buildings unsuitable for use as a Buildings comparable to its use on the Commencement Date of this Lease, shall be taken or condemned in whole or in part for public purposes, or sold in lieu of condemnation, then the Lease Term shall, at the sole option of Landlord, forthwith cease and terminate; all compensation awarded for any taking (or sale proceeds in lieu thereof) shall be the property of Landlord, and Tenant shall have no claim thereto, the same being hereby expressly waived by Tenant.
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FIRE OR OTHER CASUALTY. In the event that the Buildings should be totally destroyed by fire, tornado or other casualty or in the event the Premises or the Buildings should be so damaged that the Buildings or repairs cannot be completed within one hundred eighty (180) days after the date of such damage, Landlord or Tenant, may at its option terminate this Lease, in which event the rent shall be abated during the unexpired portion of this Lease effective with the date of such damage. In the event the Buildings or the Premises should be damaged by fire, tornado, or other casualty covered by Landlords Insurance, but only to such extent that the repairs can be completed within one hundred and eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elect to terminate this Lease, in either such event Landlord shall within thirty (30) days after the date of such damage commence to rebuild or repair the Buildings and/or the Premises and shall proceed with reasonable diligence to restore the Buildings and/or Premises to substantially the same condition in which it was immediately prior to the happening of the casualty, except that Landlord shall not be required to rebuild, repair, or replace any part of the furniture, equipment, fixtures, and other improvements which may have been placed by Tenant or other Tenants within the Buildings or the Premises. Landlord shall allow Tenant a fair diminution of rent during the time the Premises are unfit for occupancy. In the event any mortgagee under a deed of trust, security agreement or mortgage on the Buildings should require that the Insurance proceeds be used to retire the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. Except as hereinafter provided, any insurance which may be carried by Landlord or Tenant against loss or damage to the Buildings or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole control.
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HOLDING OVER. Should Tenant, or any of its successors in interest, hold over the Premises, or any part thereof, after the expiration of the Lease Term, unless otherwise agreed in writing by Landlord, such holding over shall constitute and be construed as a tenancy at will only, at a daily rental equal to one-and-a-half times the daily rent payable for the last month of the Lease.
|17. || |
ASSIGNMENTS AND SUBLETTING. Tenant shall not assign or in any manner transfer this Lease or any estate or interest therein, or sublet the Leased Premises or any part thereof, or grant any license, concession or other right of occupancy of any portion of the leased Premises, or permit the use of the leased Premises by any parties other than Tenant, its agents and employees, or sell Tenants entity or its stock as a substitute for an assignment or sublease; and any such acts without Landlords prior written consent (which consent shall not be unreasonably withheld, conditioned, or delayed) shall be void and of no effect, and will be considered an event of default. In the event that Tenant requests consent from Landlord to sublease or assign the Premises, or a portion of the Premises, Tenant shall request such in writing to Landlord and pay a review fee equal to $1,500. Landlord shall provide written consent therefor, or provide written notice of disapproval with the reason therefor, within fifteen (15) days.
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|Landlords Initials || ||Tenants Initials || || |Gaurantors Initials CW-NNN-F (Rev 17/04) | ||Page 3|