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MUNICIPAL LEASING ASSOCIATES, INC.
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MUNICIPAL LEASING ASSOCIATES, INC.
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Last modified
5/19/2025 2:36:44 PM
Creation date
9/18/2024 2:38:34 PM
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Contracts
Company Name
MUNICIPAL LEASING ASSOCIATES, INC.
Contract #
A-1991-054
Agency
Finance & Management Services
Destruction Year
2000
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CORPORATION against and hold CORPORATION harmless from any and all claims, <br />actions, suits, proceedings, costs, expenses, damages, and liabilities, <br />including attorneys' fees, arising out of, connected with or resulting <br />from the Property, including without limitation, the selection, <br />possession, use, operation, or return of the Property. <br />19. DEFAULT. Should CITY fail to pay any part of the rent herein reserved <br />or any other sum required by CORPORATION to be paid by CITY within fifteen <br />(15 ) days of the due date thereof or fails in the performance of other <br />terms and conditions hereof, CITY shall be declared in default of this <br />Lease, and all CITY'S rights will terminate and CORPORATION will become <br />entitled to possession of the Property, to retain all rentals previously <br />paid and to recover all past due payments together with interest thereon. <br />in the event of a default by the CITY of a payment due hereunder, the <br />CORPORATION shall give ten (10) days written notice of intention to <br />terminate this Lease. CITY shall be relieved of the default if CITY <br />complies with all terms of this Lease within said ten (10) day period <br />including the remittance to CORPORATION of all past due payments together <br />with interest thereon at the legal rate of twelve percent (12%) per annum <br />or the maximum legal rate, whichever is less. <br />20. CONCURRENT REMEDIES. No right or remedy herein conferred upon or <br />reserved to -CORPORATION is exclusive of any other right or remedy herein, <br />but -each shall be cumulative of every other rig-ht or remedy given <br />hereunder or now or hereafter existing at law or in equity or by statute. <br />or otherwise, and may be enforced concurrently therewith or from time to <br />time; provided, however, that notwithstanding any provisions to the <br />contrary herein, the CORPORATION shall not under any circumstances have <br />the right to accelerate the rental payments that fall due in future rental <br />periods or otherwise declare any rental payments not then in default to be <br />immediately due and payable. <br />21. ASSIGNMENT. Without the prior written consent of CORPORATION, CITY <br />shall not (a) assign, transfer, pledge, or hypothecate this Lease, the <br />Property, or any part thereof, or any interest therein, or (b) sublet or <br />lend the Property or any part thereof, or permit the Property or any part <br />thereof to be used by anyone other than CITY or CITY'S employees. Consent <br />to any of the foregoing prohibited acts applies only in the given instance <br />and is not a consent to any subsequent like act' by CITY or any other <br />person. CORPORATION shall not assign its obligations under this Lease <br />with the exception of its obligation to issue default notices and to <br />convey the Property title to the CITY upon full satisfaction of the CITY's <br />obligations hereunder. CORPORATION may assign its right, title and <br />interest in this Lease, the rentals and other amounts due hereunder and <br />the Property in whole or in .part to one or more assignees or subassignees <br />at any time, without the consent of CITY. CORPORATION or its assignee may <br />also assign all of its rights, title and interest "in and to this Lease, <br />the rental payments and other amounts due hereunder to an agent on behalf <br />of owners of certificates of participation which may be issued by such <br />agent in this Lease. CITY shall cooperate with CORPORATION or its <br />assignee either now or hereafter by acknowledging any agreement relating <br />thereto which in no way will alter or affect the terms and conditions of <br />this Lease and the assignment of the Lease by CORPORATION. No such <br />assignment shall be effective as against CITY unless and until the <br />5 <br />
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