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6C(4) Lease for 131 S. Michigan St
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08-20-10 Packet
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6C(4) Lease for 131 S. Michigan St
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8/18/2010 9:23:54 AM
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either as a waiver of the Event of Default or of any other right or remedy of Landlord with respect to such Event of <br />Default or as a waiver of any term or condition of this Lease. Notwithstanding the provisions of this Section 11.2(a) <br />and regardless of whether an Event of Default shall have occurred, Landlord may exercise the remedy described in <br />this Section 112(a) without any notice to Tenant if Landlord, in its good faith judgment, believes that it or the <br />Premises would be materially injured by failure to take rapid action or if the unperformed obligation of Tenant <br />constitutes an emergency. <br />(b) Termination of Lease. Landlord may terminate this Lease, by written notice to Tenant, without <br />any right by Tenant to reinstate its right by payment of Rent due or other performance of the terms and conditions <br />hereof. Upon such ternlination, Tenant shall immediately surrender possession of the Premises to Landlord, and <br />Landlord shall, in addition to all other rights and remedies that Landlord may have, immediately become entitled to <br />receive from Tenant: (i) an amount equal to the aggregate of all Basic Rent and Additional Rent which then remains <br />due to Landlord but unpaid by Tenant; (ii) reasonable costs and expenses incurred by Landlord in connection with a <br />re-entry or taking of possession of the Premises; (iii) reasonable costs and expenses incurred by Landlord in <br />comiection with making alterations and repairs for the purpose of reletting the Premises; (iv) reasonable attorneys" <br />fees; (v) the unamortized value of the Construction Allowance, if any. <br />(c) Terniination of Possessory Rights. Landlord may terminate Tenant's rights to possession of the <br />Premises without terminating this Lease or Tenant's obligations hereunder and Tenant shall continue to be obligated <br />to pay all Basic Rent and Additional Rent which then remains due to Landlord but unpaid by Tenant and Tenant <br />shall continue to be obligated for future Basic Rent and Additional Rent as the same comes due under this Lease. <br />(d) Acceleration of Rent. Landlord may, whether it terminates the Lease or Tenant's possessory <br />rights to the Premises, accelerate and declare immediately due all of the Basic Rent and Additional Rent (as <br />reasonably estimated by Landlord) that otherwise would have been due from the date of the Event of Default <br />tlu-ough the stated expiration date of the Initial Term or any Extended Tenn, the option for which has been <br />exercised. <br />(e) Rent Minus Fair Market Value. Landlord may declare immediately due and payable from Tenant, <br />in addition to any damages or other amounts becoming due from Tenant under any other provision of this Lease, an <br />amount equal to the difference between the Basic Rent and Additional Rent reserved in this Lease from the date of <br />the Event of Default through the stated expiration date of the Initial Tern or any Extended Term, the option for <br />which has been exercised, and the then-fair market value of the Premises for the same period. <br />(fl Other Remedies. Pursue any legal or equitable remedy allowed by applicable laws of the State. <br />11.3. Failure to Surrender. If Tenant fails to surrender the Premises upon expiration of the Terns or <br />earlier termination of the Lease pursuant to Section 11.2(b). or termination of Tenant's possession rights, the <br />provisions of Section 3.3 shall apply. and Landlord may. without further notice and with or without process of law, <br />enter upon and re-enter the Premises and possess and repossess itself thereof, by force, summary proceedings, <br />ejectment or otherwise. and may dispossess Tenant and remove Tenant and all other persons and property from the <br />Premises and may have, hold and enjoy the Premises and the right to receive all rental and other income of and from <br />the same. <br />1 1.4. Reimbursement of Landlords Costs in Exercising Remedies. Landlord may recover from Tenant, <br />and Tenant shall pay to Landlord upon demand. such reasonable and actual costs and expenses as Landlord may <br />incur in recovering possession of the Premises. placing the same in good order and condition and repairing and <br />altering the same for reletting. and all other reasonable and actual costs and expenses, commissions and charges <br />incurred by Landlord in reletting and otherwise exercising any remedy provided herein or as a result of any Event of <br />Default by Tenant hereunder (includin~~. «~ithout limitation, reasonable attorneys' fees). <br />1 1.5. Remedies .Sre Cunmlatiae. No right or remedy herein conferred upon or reserved to Landlord is <br />intended to be exclusive of any other right or remedy herein or by law provided, but each shall be cumulative and in <br />addition to every other right or remedy given herein or no~~~ or hereafter existing at law or in equity or by statute. <br />
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