APPLICABLE
DEFAULT.
IN SUCH EVENT, THE RESPECTIVE AMOUNTS DESCRIBED IN THIS
SECTION 14.1(B) SHALL IMMEDIATELY CEASE TO ACCRUE, WITH RESPECT TO ALL SUCH
DEFAULTS, AS OF THE DATE LANDLORD MAKES AN ELECTION TO PURSUE ANY OTHER REMEDY,
IT BEING UNDERSTOOD THAT, AS TO AMOUNTS ACCRUED PRIOR TO SUCH ELECTION, (A) SUCH
AMOUNTS SHALL CONTINUE TO BE OWING AND (B) LANDLORD SHALL HAVE ALL RIGHTS AND
REMEDIES UNDER THIS LEASE IN RESPECT TO TENANT'S FAILURE TO PAY SUCH ACCRUED
SUMS.
IT IS FURTHER ACKNOWLEDGED AND AGREED THAT LANDLORD MAY, AT A LATER DATE,
AGAIN FOREGO THE REMEDIES SET FORTH IN SECTIONS 14.1(A) AND 14.3(A) HEREOF, AND
AGAIN SEEK PAYMENT FROM TENANT PURSUANT TO AND IN ACCORDANCE WITH THIS
SECTION 14.1(B) UPON DELIVERY TO TENANT OF ANOTHER FIRST DEFAULT NOTICE
(THEREUPON REINITIATING THE RELEVANT CURE PERIODS).
SECTION 14.2
EVENTS OF DEFAULT.
AN "EVENT OF
DEFAULT" SHALL HAVE OCCURRED (IN EACH CASE, UPON THE OCCURRENCE OF THE
FOLLOWING:
(X) TENANT RECEIVING NOTICE (IT BEING AGREED THAT (1) IN THE EVENT
LANDLORD IS BARRED (BY AN AUTOMATIC STAY OR COURT ORDER) FROM GIVING ANY NOTICE
REFERRED TO IN THIS SECTION 14.2 BY REASON OF OR IN CONNECTION WITH THE
BANKRUPTCY OR INSOLVENCY OF TENANT OR PROCEEDINGS IN RESPECT THEREOF, SUCH
NOTICE SHALL BE DEEMED AUTOMATICALLY WAIVED BY TENANT FOR ALL PURPOSES OF THIS
LEASE AND (2) LANDLORD SHALL DELIVER SUCH NOTICE IN CONNECTION WITH A DEFAULT
RELATING TO THE COMMON ELEMENTS TO TENANT AND TO ALL OF THE TENANTS UNDER THE
SEVERANCE SUBLEASES SUBSTANTIALLY SIMULTANEOUSLY) FROM LANDLORD (A "FIRST
DEFAULT NOTICE") SUBSTANTIALLY IN THE FORM OF EXHIBIT M ATTACHED HERETO STATING
THAT (1) TENANT IS IN DEFAULT HEREUNDER AND STATING THE PERIOD, IF ANY, SET
FORTH IN THE FOLLOWING SUBSECTIONS OF THIS SECTION 14.2, DURING WHICH TENANT
MUST CURE SUCH DEFAULT AND (Y) TENANT RECEIVING, AT ANY TIME AFTER THE CURE
PERIOD DESCRIBED IN THE RELEVANT FIRST DEFAULT NOTICE SHALL HAVE ELAPSED WITHOUT
TENANT HAVING CURED THE DELINEATED DEFAULT, A NOTICE FROM LANDLORD,
SUBSTANTIALLY IN THE FORM OF EXHIBIT N ATTACHED HERETO, INDICATING THAT IF,
WITHIN FIVE (5) BUSINESS DAYS AFTER RECEIPT OF SUCH SECOND NOTICE, THE DEFAULT
IN QUESTION HAS NOT BEEN CURED TO LANDLORD'S SATISFACTION, AN EVENT OF DEFAULT
SHALL HAVE OCCURRED; ANY TIME AFTER SUCH FIVE (5) BUSINESS DAY PERIOD, LANDLORD
MAY, BUT IS NOT OBLIGATED TO, SEND A NOTICE TO TENANT (THE "TERMINATION
NOTICE"), SPECIFYING A DAY THAT THE TERM OF THIS LEASE SHALL END), AFTER ANY OF
THE FOLLOWING HAVE OCCURRED (LANDLORD'S RIGHT TO INVOKE ITS REMEDIES HEREUNDER
IN RESPECT OF ANY SUCH EVENT OF DEFAULT BEING SUBJECT TO SUSPENSION PURSUANT TO
SECTION 14.1(B) HEREOF):
(A)
WHENEVER TENANT SHALL DEFAULT IN THE PAYMENT OF ANY INSTALLMENT OF
CHARGES ON ANY DAY UPON WHICH THE SAME IS REQUIRED TO BE PAID, AND ANY SUCH
DEFAULT SHALL CONTINUE FOR FIVE (5) BUSINESS DAYS AFTER LANDLORD SHALL HAVE
DELIVERED TO TENANT A FIRST DEFAULT NOTICE; OR
(B)
WHENEVER TENANT SHALL FAIL TO COMPLY WITH TENANT'S OBLIGATIONS TO
MAINTAIN ADEQUATE INSURANCE IN RESPECT