PREMISES,
LANDLORD, IN COMPLIANCE WITH LAW, MAY ENTER UPON AND TAKE POSSESSION OF THE
PREMISES AND REMOVE TENANT, TENANT'S PROPERTY AND ANY PARTY OCCUPYING THE
PREMISES. TENANT SHALL PAY LANDLORD, ON DEMAND, ALL PAST DUE RENT AND OTHER
LOSSES AND DAMAGES LANDLORD SUFFERS AS A RESULT OF AN EVENT OF DEFAULT,
INCLUDING, WITHOUT LIMITATION, ALL COSTS OF RELETTING (DEFINED BELOW) AND ANY
DEFICIENCY THAT MAY ARISE FROM RELETTING OR THE FAILURE TO RELET THE PREMISES.
"COSTS OF RELETTING" SHALL INCLUDE ALL REASONABLE COSTS AND EXPENSES INCURRED BY
LANDLORD IN RELETTING OR ATTEMPTING TO RELET THE PREMISES, INCLUDING, WITHOUT
LIMITATION, LEGAL FEES, BROKERAGE COMMISSIONS, THE COST OF COMMERCIALLY
REASONABLE ALTERATIONS AND THE VALUE OF OTHER COMMERCIALLY REASONABLE
CONCESSIONS OR ALLOWANCES GRANTED TO A NEW TENANT.
26
(B)
TERMINATE TENANT'S RIGHT TO POSSESSION OF THE PREMISES AND, IN
COMPLIANCE WITH LAW, REMOVE TENANT, TENANT'S PROPERTY AND ANY PARTIES OCCUPYING
THE PREMISES.
AFTER (I) AN EVENT OF DEFAULT, (II) TERMINATION OF THIS LEASE BY
LANDLORD, AND (III) TENANT VACATING THE PREMISES, LANDLORD SHALL USE DILIGENT
EFFORTS TO RELET ALL OR ANY PART OF THE PREMISES, WITHOUT NOTICE TO TENANT, FOR
SUCH PERIOD OF TIME AND ON SUCH TERMS AND CONDITIONS (WHICH MAY INCLUDE
CONCESSIONS, FREE RENT AND WORK ALLOWANCES) AS LANDLORD IN ITS ABSOLUTE
DISCRETION SHALL DETERMINE.
LANDLORD MAY COLLECT AND RECEIVE ALL RENTS AND
OTHER INCOME FROM THE RELETTING BUT ANY AMOUNTS RECEIVED, AFTER DEDUCTING
LANDLORD'S COSTS, SHALL MITIGATE ANY DAMAGES TO WHICH LANDLORD WOULD OTHERWISE
BE ENTITLED UNDER THIS SECTION 20.
TENANT SHALL PAY LANDLORD ON DEMAND ALL PAST
DUE RENT, ALL COSTS OF RELETTING AND ANY DEFICIENCY ARISING FROM THE RELETTING
OR FAILURE TO RELET THE PREMISES. THE RE-ENTRY OR TAKING OF POSSESSION OF THE
PREMISES SHALL NOT BE CONSTRUED AS AN ELECTION BY LANDLORD TO TERMINATE THIS
LEASE.
20.02
IN LIEU OF CALCULATING DAMAGES UNDER SECTION 20.01,
LANDLORD MAY ELECT TO RECEIVE AS DAMAGES THE SUM OF (A) ALL RENT ACCRUED THROUGH
THE DATE OF TERMINATION OF THIS LEASE OR TENANT'S RIGHT TO POSSESSION, AND
(B) AN AMOUNT EQUAL TO THE TOTAL RENT THAT TENANT WOULD HAVE BEEN REQUIRED TO
PAY FOR THE REMAINDER OF THE TERM DISCOUNTED TO PRESENT VALUE AT THE PRIME RATE
(DEFINED BELOW) THEN IN EFFECT, MINUS THE THEN PRESENT FAIR RENTAL VALUE OF THE
PREMISES FOR THE REMAINDER OF THE TERM, SIMILARLY DISCOUNTED, AFTER DEDUCTING
ALL ANTICIPATED COSTS OF RELETTING.
"PRIME RATE" SHALL BE THE PER ANNUM
INTEREST RATE PUBLICLY ANNOUNCED AS ITS PRIME OR BASE RATE BY A FEDERALLY
INSURED BANK SELECTED BY LANDLORD IN THE STATE IN WHICH THE BUILDING IS LOCATED.
20.03
IF TENANT SHALL DEFAULT IN THE PERFORMANCE OF ANY
COVENANT ON TENANT'S PART TO BE PERFORMED UNDER THIS LEASE, AFTER ANY SPECIFIED
NOTICE AND CURE PERIODS, LANDLORD MAY PERFORM THE SAME FOR THE ACCOUNT OF
TENANT, AND IN THE CASE OF EMERGENCY SITUATIONS, LANDLORD SHALL NOT BE REQUIRED
TO PROVIDE NOTICE AND AN OPPORTUNITY TO CURE.
IF LANDLORD AT ANY TIME IS
COMPELLED TO PAY OR ELECTS TO