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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 />in the case of clauses (i) and (ii) of this subparagraph, a discount rate equal to the <br />yield on 3D-year U.S. Treasury bonds at such time (but subject to a floor of 6% <br />per annum and a cap of 10% per annum), and (B) in the case of clause (iii) of this <br />subparagraph, a discount rate equal to the discount rate of the Federal Reserve <br />Bank of San Francisco at the time of award plus I percent. <br /> <br />9.3 No Release of Indemnification. Nothing in Section 9.2 shall affect the right of Lessor to <br />indemnification for liability arising prior to the termination of this Lease for personal <br />injury or property damage as provided elsewhere in this Lease. <br /> <br />9.4 Liquidated Damages for Uncured Breach of Insurance Provisions. Solely in the case <br />of an event of default described in Section 9.1.5 hereof (an "Insurance-Related Event of <br />Default"), (i) Lessor shall have the right, but not the obligation, to cure the applicable <br />default by acquiring any insurance coverage that Lessee was required to, but shall have <br />failed, to obtain, in which case Lessee shall be responsible for reimbursing the full <br />amount of the applicable premium(s) of such policy or policies upon presentation of <br />appropriate invoices from Lessor (with any failure of Lessee to make such reimbursement <br />being deemed a failure to pay a monetary sum when due as described in Section 9.1.1 <br />hereof. <br /> <br />9.5 Lessor's Default. Lessor shall be in material default of this Lease if Lessor fails to perform <br />or observe any term, covenant, condition, agreement or provision of this Lease if such <br />failure shall continue for a period of thirty (30) days after written notice thereof has been <br />delivered to Lessor; provided, if any such failure cannot reasonably be cured within such <br />thirty (30) day period and Lessor has promptly commenced to cure such failure, then Lessor <br />shall not be deemed to be in default of this Lease for so long as Lessor pursues in good faith <br />and with due diligence the cure of such failure as soon as reasonably possible. <br /> <br />9.6 Cumulative Remedies; No Waiver of Default. No remedy herein or otherwise conferred <br />upon or reserved to either party shall be considered exclusive of any other remedy, but the <br />same shall be cumulative and shall be in addition to every other remedy given hereunder or <br />now or hereafter existing at law or in equity or by statute; and every power and remedy <br />given by this Lease to either party may be exercised from time to time and as often as <br />occasion may arise which may be deemed expedient by such party. No delay or omission by <br />Lessor or Lessee to exercise any right or power arising from any default under this Lease <br />shall impair any such right or power. No waiver of any breach of any covenant or provision <br />of this Lease shall be construed to be a waiver of any other or subsequent breach of the same <br />or of any other covenant or provision. <br /> <br />14 <br />
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