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BOWERS MUSEUM - 2005 GROUND LEASE
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BOWERS MUSEUM - 2005 GROUND LEASE
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Last modified
9/11/2024 4:23:45 PM
Creation date
12/30/2005 4:59:12 PM
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Contracts
Company Name
Bowers, Charles W. Museum Corporation
Contract #
A-2005-258
Council Approval Date
9/6/2005
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<br />9.1.2 Failure by Lessee to perform or observe any other terms, covenants, conditions, <br />agreements and provisions of this Lease if such failure shall continue for a period <br />of thirty (30) days after written notice thereof has been delivered to Lessee; <br />provided, if any such failure cannot reasonably be cured within such thirty (30) <br />day period and Lessee has promptly commenced to cure such failure, then Lessor <br />shall not have the right to terminate this Lease or Lessee's right to possession <br />pursuant to Section 10.2.1 and/or 10.2.2 for so long as Lessee pursues in good <br />faith and with due diligence the cure of such failure as soon as reasonably <br />possible, but in no event later than one hundred and twenty (120) days after the <br />date of Lessor's notice; or <br /> <br />9.1.3 If Lessee assigns all or any portion of this Lease or sublets the Leased Premises or <br />any portion thereof in violation of any of the requirements or provisions of this <br />Lease; or <br /> <br />9.1.4 If Lessee creates or permits a lien or claim of lien to be filed or recorded against <br />the Leased Premises. <br /> <br />9.1.5 If Lessee fails to maintain any insurance required to be maintained hereunder, and <br />such failure continues for longer than the "Insurance Cure Period" (as hereinafter <br />defined). As used herein, the "Insurance Cure Period" shall mean the later of (i) <br />thirty (30) days after written notice from Lessor, or (ii) sixty (60) days after <br />written notice from Lessor if, at the time of such notice or within twenty (20) days <br />thereafter, Lessee shall have presented evidence reasonably acceptable to Lessor <br />that Lessee's overall financial health is at least as favorable as upon the <br />Commencement Date, all factors considered. Such evidence shall be in the form <br />of either Lessee's audited financial statements or Lessee's IRS Form 990 (or the <br />substantial equivalent or successor to such form), in either case for a period ended <br />not later than twelve (12) months prior to the date of such written notice from <br />Lessor. <br /> <br />9.1.6 If Lessee becomes insolvent or the subject of any bankruptcy or other voluntary <br />or involuntary proceeding, in or out of court, for the adjustment of debtor-creditor <br />relationships, provided that, in the case of any such involuntary proceeding, such <br />involuntary proceeding is not fully dismissed by the earlier of (i) entry of any <br />order or decree granting any relief sought, or (ii) sixty (60) days after the filing of <br />such involuntary petition. <br /> <br />9.2 Lessor Remedies for Lessee Default. If any event of default occurs hereunder, Lessor <br />may, at any time thereafter prior to the curing thereof and without waiving any other <br />rights hereunder, do one or more of the following: <br /> <br />9.2.1 Terminate this Lease by written notice thereof, in which event this Lease and the <br />leasehold estate created hereby and all interest of Lessee and all parties claiming <br />by, through or under Lessee shall automatically terminate upon the effective date <br />of such notice, and Lessor, its agents or representatives, shall have the right, <br /> <br />12 <br />
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