INSOLVENCY, RECEIVERSHIP OR SIMILAR LAW SHALL NOT
CONSTITUTE AN EVENT OF DEFAULT UNTIL SUCH PROCEEDING HAS CONTINUED UNSTAYED FOR
MORE THAN 60 CONSECUTIVE DAYS.
(B)
IF AN EVENT OF DEFAULT OCCURS, LANDLORD SHALL HAVE THE FOLLOWING
RIGHTS AND REMEDIES:
(I)
LANDLORD, WITHOUT ANY OBLIGATION TO DO SO, MAY ELECT TO CURE THE
DEFAULT ON BEHALF OF TENANT, IN WHICH EVENT TENANT SHALL REIMBURSE LANDLORD UPON
DEMAND FOR ANY SUMS PAID OR COSTS INCURRED BY LANDLORD (TOGETHER WITH AN
ADMINISTRATIVE FEE OF 15% THEREOF) IN CURING THE DEFAULT, PLUS INTEREST AT THE
INTEREST RATE FROM THE RESPECTIVE DATES OF LANDLORD'S INCURRING SUCH COSTS,
WHICH SUMS AND COSTS TOGETHER WITH INTEREST AT THE INTEREST RATE SHALL BE DEEMED
ADDITIONAL RENT;
(II)
TO ENTER AND REPOSSESS THE PREMISES, BY BREAKING OPEN LOCKED
DOORS IF NECESSARY, AND REMOVE ALL PERSONS AND ALL OR ANY PROPERTY, BY ACTION AT
LAW OR OTHERWISE, WITHOUT BEING LIABLE FOR PROSECUTION OR DAMAGES.
LANDLORD
MAY, AT LANDLORD'S OPTION, MAKE ALTERATIONS AND REPAIRS IN ORDER TO RELET THE
PREMISES AND RELET ALL OR ANY PART(S) OF THE PREMISES FOR TENANT'S ACCOUNT.
TENANT AGREES TO PAY TO LANDLORD ON DEMAND ANY DEFICIENCY (TAKING INTO ACCOUNT
ALL COSTS INCURRED BY LANDLORD) THAT MAY ARISE BY REASON OF SUCH RELETTING.
IN
THE EVENT OF RELETTING WITHOUT TERMINATION OF THIS LEASE, LANDLORD MAY AT ANY
TIME THEREAFTER ELECT TO TERMINATE THIS LEASE FOR SUCH PREVIOUS BREACH;
(III)
TO ACCELERATE THE WHOLE OR ANY PART OF THE RENT FOR THE BALANCE
OF THE TERM, AND DECLARE THE SAME TO BE IMMEDIATELY DUE AND PAYABLE, LESS ANY
RENT THAT LANDLORD MAY REASONABLY BE EXPECTED TO COLLECT FROM ANY REPLACEMENT
TENANT OR OCCUPANT AT PREVAILING MARKET RATES; AND
(IV)
TO TERMINATE THIS LEASE AND THE TERM WITHOUT ANY RIGHT ON THE PART
OF TENANT TO SAVE THE FORFEITURE BY PAYMENT OF ANY SUM DUE OR BY OTHER
PERFORMANCE OF ANY CONDITION, TERM OR COVENANT BROKEN.
(C)
ANY PROVISION TO THE CONTRARY IN THIS SECTION 22 NOTWITHSTANDING,
(I) LANDLORD SHALL NOT BE REQUIRED TO GIVE TENANT THE NOTICE AND OPPORTUNITY TO
CURE PROVIDED IN SECTION 22(A) ABOVE MORE THAN TWICE IN ANY CONSECUTIVE 12-MONTH
PERIOD, AND THEREAFTER LANDLORD MAY DECLARE AN EVENT OF DEFAULT WITHOUT
AFFORDING TENANT ANY OF THE NOTICE AND CURE RIGHTS PROVIDED UNDER
13
THIS LEASE, AND (II) LANDLORD SHALL NOT BE REQUIRED TO GIVE SUCH NOTICE PRIOR TO
EXERCISING ITS RIGHTS UNDER SECTION 22(B) IF TENANT FAILS TO COMPLY WITH THE
PROVISIONS OF SECTIONS 13, 20 OR 27 OR IN AN EMERGENCY.
(D)
NO WAIVER BY LANDLORD OF ANY BREACH BY TENANT SHALL BE A WAIVER OF
ANY SUBSEQUENT BREACH, NOR SHALL ANY FORBEARANCE BY LANDLORD TO SEEK A REMEDY
FOR ANY BREACH BY TENANT BE A WAIVER BY LANDLORD OF ANY RIGHTS AND REMEDIES WITH
RESPECT TO SUCH OR ANY SUBSEQUENT BREACH.
EFFORTS BY LANDLORD TO MITIGATE THE
DAMAGES CAUSED BY TENANT'S DEFAULT SHALL NOT CONSTITUTE A WAIVER OF LANDLORD'S
RIGHT TO RECOVER DAMAGES HEREUNDER.
NO RIGHT OR REMEDY HEREIN CONFERRED UPON