Nautilus 2009 Annual Report Download - page 252

18.5 Independent Obligations . Tenant acknowledges and agrees that Tenant’
s insurance obligations under this Lease are independent
of Tenant’s indemnity obligations, liabilities and duties under this Lease.
ARTICLE 19
DEFAULT
19.1 Tenant’s Default . A “Default” shall mean the occurrence of any one or more of the following events:
19.1.1 Tenant’s failure to pay any Rent when due, where such failure shall continue for a period of five (5) days after written
notice thereof from Landlord to Tenant. In the event that Landlord serves Tenant with a Notice to Pay Rent or Quit pursuant to applicable
Unlawful Detainer statutes, such Notice to Pay Rent or Quit shall also constitute the notice required by this subsection.
19.1.2 Tenant fails to cure a material breach of its non-monetary obligations under this Lease within thirty (30) days after
notice of default from Landlord; provided, however, that if the nature of the subject breach is such that it is curable but cannot be
reasonably cured within said 30- day period, such 30-day period shall be extended for a reasonable additional period of time so long as
Tenant commences to cure the subject breach within said 30-
day period of time and thereafter diligently prosecutes the cure to completion;
19.1.3 Tenant fails to deliver any estoppel certificates or subordination agreements within the periods set forth in this Lease.
19.1.4 The levy of a writ of attachment or execution on this Lease or on any of Tenant’s property.
19.1.5 Tenant’s general assignment for the benefit of creditors or arrangement, composition, extension, or adjustment with its
creditors.
19.1.6 Tenant becomes insolvent or bankrupt or admits in writing its inability to pay its debts as they mature.
19.1.7 Proceedings for the appointment of a trustee, custodian or receiver of Tenant or for all or a part of Tenant’s property are
filed by or against Tenant, and, if filed against Tenant involuntarily, are not dismissed within sixty (60) days of filing.
19.1.8 Proceedings in bankruptcy, or other proceedings for relief under any law for the relief of debtors, are instituted by or
against Tenant, and, if instituted against Tenant involuntarily, are not dismissed within sixty (60) days of filing.
19.1.9 Tenant makes an anticipatory breach of this Lease. “Anticipatory breach” shall mean either (a) Tenant’s repudiation of
this Lease in writing; or (b) the combination of (i) Tenant’s desertion or vacation of the Premises or removal of all or a substantial amount
of Tenant’s inventory, equipment, furniture and fixtures from the Premises; and (ii) Tenant’
s failure to pay any Rent under this Lease when
due.
19.1.10 Tenant shall repeatedly fail to pay Rent when due or any other charges required to be paid, or shall repeatedly default
in keeping, observing or performing any other covenant, agreement, condition or provision of this Lease, whether or not Tenant shall
timely cure any such payment or other default. For the purposes of this subsection, the occurrence of similar defaults two (2) times during
any twelve (12) month period shall constitute a repeated default.
Any notice periods provided for under this Section shall run concurrently with any statutory notice periods and any notice given hereunder may
be given simultaneously with or incorporated into any such statutory notice.
19.2 Landlord’s Default . If Landlord fails to perform any covenant, condition, or agreement contained in this Lease within
thirty (30) days after receipt of notice from Tenant, or if such default cannot reasonably be cured within thirty (30) days, and if Landlord fails to
commence to cure within such thirty (30) day period or to diligently prosecute the same to completion, then, subject to the other limitations set
forth elsewhere in this Lease, Landlord shall be liable to Tenant for any damages sustained by Tenant as a result of Landlord’s breach; provided,
however, that in no event shall (a) Landlord be liable for indirect, consequential or punitive damages, including, without limitation, any damages
based
-
18
-