SALE.
THIS SECTION 18.1 SHALL BE SELF-OPERATIVE AND
NO FURTHER INSTRUMENT OF SUBORDINATION SHALL BE REQUIRED IN ORDER TO EFFECT IT.
ARTICLE 19
DEFAULTS; REMEDIES
19.1
EVENTS OF DEFAULT.
THE OCCURRENCE OF ANY OF THE FOLLOWING SHALL
CONSTITUTE A DEFAULT OF THIS LEASE BY TENANT:
19.1.1
ANY FAILURE BY TENANT TO PAY ANY RENT OR ANY OTHER CHARGE
REQUIRED TO BE PAID UNDER THIS LEASE, OR ANY PART THEREOF, WHEN DUE UNLESS SUCH
FAILURE IS CURED WITHIN FIVE (5) BUSINESS DAYS AFTER TENANT'S RECEIPT OF NOTICE
THAT SAID AMOUNTS ARE PAST DUE; OR
19.1.2
EXCEPT WHERE A SPECIFIC TIME PERIOD IS OTHERWISE SET FORTH FOR
TENANT'S PERFORMANCE IN THIS LEASE, IN WHICH EVENT THE FAILURE TO PERFORM BY
TENANT WITHIN SUCH TIME PERIOD SHALL BE A DEFAULT BY TENANT UNDER THIS
SECTION 19.1.2, ANY FAILURE BY TENANT TO OBSERVE OR PERFORM ANY OTHER PROVISION,
COVENANT OR CONDITION OF THIS LEASE TO BE OBSERVED OR PERFORMED BY TENANT WHERE
SUCH FAILURE CONTINUES FOR TEN (10) BUSINESS DAYS AFTER WRITTEN NOTICE THEREOF
FROM LANDLORD TO TENANT; PROVIDED THAT IF THE NATURE OF SUCH DEFAULT IS SUCH
THAT THE SAME CANNOT REASONABLY BE CURED WITHIN A TEN (10) BUSINESS DAY PERIOD,
TENANT SHALL NOT BE DEEMED TO BE IN DEFAULT IF IT DILIGENTLY COMMENCES SUCH CURE
WITHIN SUCH PERIOD AND THEREAFTER DILIGENTLY PROCEEDS TO RECTIFY AND CURE SUCH
DEFAULT, BUT IN NO EVENT EXCEEDING A PERIOD OF TIME IN EXCESS OF THIRTY (30)
DAYS AFTER WRITTEN NOTICE THEREOF FROM LANDLORD TO TENANT; OR
19.1.3
TO THE EXTENT PERMITTED BY LAW, A GENERAL ASSIGNMENT BY TENANT
OR ANY GUARANTOR OF THIS LEASE FOR THE BENEFIT OF CREDITORS, OR THE TAKING OF
ANY CORPORATE ACTION IN FURTHERANCE OF BANKRUPTCY OR DISSOLUTION WHETHER OR NOT
THERE EXISTS ANY PROCEEDING UNDER AN INSOLVENCY OR BANKRUPTCY LAW, OR THE FILING
BY OR AGAINST TENANT OR ANY GUARANTOR OF ANY PROCEEDING UNDER AN INSOLVENCY OR
BANKRUPTCY LAW, UNLESS IN THE CASE OF A PROCEEDING FILED AGAINST TENANT OR ANY
GUARANTOR THE SAME IS DISMISSED WITHIN SIXTY (60) DAYS, OR THE APPOINTMENT OF A
TRUSTEE OR RECEIVER TO TAKE POSSESSION OF ALL OR SUBSTANTIALLY ALL OF THE ASSETS
OF TENANT OR ANY GUARANTOR, UNLESS POSSESSION IS RESTORED TO TENANT OR SUCH
GUARANTOR WITHIN THIRTY (30) DAYS, OR ANY EXECUTION OR OTHER JUDICIALLY
AUTHORIZED SEIZURE OF ALL OR SUBSTANTIALLY ALL OF TENANT'S ASSETS LOCATED UPON
THE PREMISES OR OF TENANT'S INTEREST IN THIS LEASE, UNLESS SUCH SEIZURE IS
DISCHARGED WITHIN THIRTY (30) DAYS; OR
36
19.1.4
THE FAILURE BY TENANT TO OBSERVE OR PERFORM ACCORDING TO THE
PROVISIONS OF ARTICLES 5, 14, 17 OR 18 OF THIS LEASE OR THE WORK LETTER WHERE
SUCH FAILURE CONTINUES FOR MORE THAN TWO (2) BUSINESS DAYS AFTER NOTICE FROM
LANDLORD; OR
The notice periods provided herein are in lieu of, and not in addition to, any
notice periods provided by law.
19.2
REMEDIES UPON DEFAULT.
UPON THE OCCURRENCE OF ANY EVENT OF DEFAULT
BY TENANT, LANDLORD SHALL HAVE, IN ADDITION TO ANY OTHER