This provision gives the landlord authority to terminate your lease upon giving you five days' notice in writing if one of several possible events occurs. You should consult with your lawyer to determine the full meaning of this lease provision in the context of all of the terms of your lease.
Dear Commercial New York Tenant:
This is known as a "default" provision. It is the portion of the lease where the landlord states a series or a set of events that if the landlord claims any occur during the term of the lease allow the landlord to declare the lease term ended (accelerates the end date of the lease ) five days after the landlord serves the notice of default. It is a conditional limitation on the tenancy. In the event that the tenant does not cure the alleged default within the period provided for in the notice, or gain a TRO in the Supreme Court, to stop the running of the five day period, the lease will come to an end. The tenant will not have the chance to argue in the subsequent eviction case that it needs more time to cure if the lease default is established. The combination of proof of the lease default, proper service of the notice of default and proof then of a proper notice terminating the lease ends further chance to correct or furnish a cure.
Should a tenant receive the default notice that acts to end the lease and does not toll the running of the period of the notice or move out, the landlord will start a summary holdover proceeding in the New York City Civil Court (Commercial Landlord and Tenant case [non -housing]). The tenant's defenses to the landlord's petition is the claimed act of default did not occur, the landlord did not serve the notice properly, the tenant moved out before the landlord started the summary proceeding, and more along those lines. This form of default does not provide for the tenant a later chance to cure the lease default.
If you were served with this notice that acts on its own to end your lease to stop the time running out on the notice you must obtain what is known as a Yellowstone Injunction in New York County Supreme Court.
The answer provided to you is in the nature of general information. The general proposition being that you should try to avoid a bad outcome if you can.