Circuit City 2005 Annual Report Download - page 85

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separate claim, against the condemnor, to the extent permitted by law, for the value of Tenant’s moveable trade
fixtures, machinery and moving expenses, provided that the making of such claim shall not and does not adversely
affect or diminish Landlord’s award.
22. Tenant’s Default .
(a) The occurrence of any one or more of the following events shall constitute an “Event of Default” of
Tenant under this Lease:
(i) if Tenant fails to pay Base Rent or any Additional Rent hereunder as and when such rent becomes
due and such failure shall continue for (i) more than five (5) days after Landlord gives written notice to Tenant of such
failure for Base Rent or (ii) more than ten (10) days after Landlord gives written notice to Tenant of such failure for
Additional Rent, (provided, however, that if payment of any Base Rent or Additional Rent required hereunder is by
check, and following deposit thereof such check is rejected or returned due to insufficient funds, then such event shall
constitute an immediate Event of Default and no such five (5) day notice and cure period shall be required);
(ii) if Tenant fails to pay Base Rent or any Additional Rent on time more than three (3) times in any
period of twelve (12) months, notwithstanding that such payments have been made within the applicable cure period;
(iii) if the Demised Premises become deserted or abandoned for more than ten (10) consecutive days or
if Tenant fails to take possession of the Demised Premises on the Lease Commencement Date or within a reasonable
time thereafter and stops paying Rent for the Demised Premises;
(iv) if Tenant permits to be done anything which creates a lien upon the Demised Premises and fails to
discharge or bond such lien, or post security with Landlord acceptable to Landlord within thirty (30) days after receipt
by Tenant of written notice thereof;
(v) if Tenant fails to maintain in force all policies of insurance required by this Lease and such failure
shall continue for more than ten (10) days after Landlord gives Tenant written notice of such failure;
(vi) if any petition is filed by or against Tenant or any guarantor of this Lease under any present or
future section or chapter of the Bankruptcy Code, or under any similar law or statute of the United States or any state
thereof (which, in the case of an involuntary proceeding, is not permanently discharged, dismissed, stayed, or vacated,
as the case may be, within sixty (60) days of commencement), or if any order for relief shall be entered against Tenant
or any guarantor of this Lease in any such proceedings;
(vii) if Tenant or any guarantor of this Lease becomes insolvent or makes a transfer in fraud of creditors
or makes an assignment for the benefit of creditors;
(viii) if a receiver, custodian, or trustee is appointed for the Demised Premises or for all or substantially
all of the assets of Tenant or of any guarantor of this Lease, which appointment is not vacated within sixty (60) days
following the date of such appointment; or
(ix) if Tenant fails to perform or observe any other term of this Lease and such failure shall continue for
more than thirty (30) days after Landlord gives Tenant written notice of such failure, or, if such failure cannot be
corrected within such thirty (30) day period, if Tenant does not commence to correct such default within said thirty (30)
day period and thereafter diligently prosecute the correction of same to completion within a reasonable time.
(b) Upon the occurrence of any one or more Events of Default, Landlord may, at Landlord’
s option, without
any demand or notice whatsoever (except as expressly required in this Section 22):
(i) Terminate this Lease by giving Tenant notice of termination, in which event this Lease shall expire
and terminate on the date specified in such notice of termination and all rights of Tenant under this Lease and in and to
the Demised Premises shall terminate. Tenant shall remain liable for all obligations under this Lease arising up to the
date of such termination, and Tenant shall surrender the Demised Premises to Landlord on the date specified in such