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75A - AGMT FOR 99 YEAR LEASE AT 1901 W WALNUT
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75A - AGMT FOR 99 YEAR LEASE AT 1901 W WALNUT
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Last modified
2/27/2020 1:32:46 PM
Creation date
2/27/2020 1:17:59 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Item #
75A
Date
3/3/2020
Destruction Year
2025
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(a) The making by Tenant of any assignment of its leasehold estate under <br />this Lease without Lessor's consent, as set forth in Article X; <br />(b) A case is commenced by or against Tenant under Chapters 7, 11 or 13 <br />of the Bankruptcy Code, Title 11 of the United States Code as now in force or hereafter amended <br />and if so commenced against Tenant, the same is not dismissed within ninety (90) days of such <br />commencement; <br />(c) the appointment of a trustee or receiver to take possession of <br />substantially all of Tenant's assets located at the Premises or of Tenant's interest in this Lease, <br />where such seizure is not discharged within sixty (60) days; or <br />(d) Tenant's convening of a meeting of its creditors or any class thereof for <br />the purpose of effecting a moratorium upon or composition of its debts. In the event of any such <br />default, neither this Lease nor any interests of Tenant in and to the Premises shall become an asset <br />in any of such proceedings. <br />11.1.5. Termination of and Failure to Reinstate Insurance Coverage. <br />Termination of Tenant's insurance coverage and lack of reinstatement within ten (10) business <br />days after notice from Lessor of such termination. <br />11.1.6. Failure to Provide Evidence of Insurance. Tenant's failure to provide <br />Lessor with a valid and adequate certificate of insurance and endorsements, or binder, at any time <br />during the Term of the Lease, within the time period required under Article VHL <br />11.1.7. Lessor's Consent and Approval of Transfer. Occupancy of the Premises <br />by a prospective transferee, sublessee, or assignee which requires Lessor's consent or approval, <br />before Lessor's written consent and approval of a Transfer is obtained as required in Section 10.1. <br />11.2 Lessor's Remedies. If an Event of Default occurs, Lessor shall have the following <br />remedies in addition to all rights and remedies provided by law or equity to which Lessor may <br />resort cumulatively or in the alternative: <br />11.2.1. Termination of Lease. Lessor shall have the right to terminate this Lease <br />and all rights of Tenant hereunder including Tenant's right to possession of the Premises. In the <br />event that Lessor shall elect to so terminate this Lease then Lessor may recover from Tenant: <br />(a) The worth at the time of award of the unpaid Rent and other charges, <br />which had been earned as of the date of the termination hereof; plus <br />(b) Any other amount necessary to compensate Lessor for all the detriment <br />proximately caused by Tenant's failure to perform its obligations under this Lease or which in the <br />ordinary course of things would be likely to result therefrom, including, but not limited to, the cost <br />of recovering possession of the Premises, expenses of reletting, including necessary repair, <br />renovation and alteration of the Premises, reasonable attorneys' fees, expert witness costs; plus <br />Page 129 <br />75A-76 <br />
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