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2014-001 SAFA
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2014-001 SAFA
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Last modified
6/11/2014 11:47:57 AM
Creation date
6/11/2014 11:19:15 AM
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City Clerk
Doc Type
Resolution
Doc #
2014-001
Date
6/3/2014
Destruction Year
P
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provided. Upon the occurrence and during the continuance of any Event of Default, the <br />Authority may exercise any one or more of the following remedies: <br />(a) Enforcement of Payments Without Termination. If the Authority does not elect to <br />terminate this Lease Agreement in the manner hereinafter provided for in subparagraph (b) <br />hereof, the City agrees to and shall remain liable for the payment of all Lease Payments and the <br />performance of all conditions herein contained and shall reimburse the Authority for any <br />deficiency arising out of the re- leasing of the Property, or, if the Authority is unable to re -lease <br />the Property, then for the full amount of all Lease Payments to the end of the Term of this Lease <br />Agreement, but said Lease Payments and /or deficiency shall be payable only at the same time <br />and in the same manner as hereinabove provided for the payment of Lease Payments <br />hereunder, notwithstanding such entry or re -entry by the Authority or any suit in unlawful <br />detainer, or otherwise, brought by the Authority for the purpose of effecting such re -entry or <br />obtaining possession of the Property or the exercise of any other remedy by the Authority. The <br />City hereby irrevocably appoints the Authority as the agent and attorney -in -fact of the City to <br />enter upon and re -lease the Property upon the occurrence and continuation of an Event of <br />Default and to remove all personal property whatsoever situated upon the Property, to place <br />such property in storage or other suitable place in Orange County for the account of and at the <br />expense of the City, and the City hereby exempts and agrees to save harmless the Authority <br />from any costs, loss or damage whatsoever arising or occasioned by any such entry upon and <br />re- leasing of the Property and the removal and storage of such property by the Authority or its <br />duly authorized agents in accordance with the provisions herein contained. The City agrees that <br />the terms of this Lease Agreement constitute full and sufficient notice of the right of the <br />Authority to re -lease the Property in the event of such re -entry without effecting a surrender of <br />this Lease Agreement, and further agrees that no acts of the Authority in effecting such re- <br />leasing shall constitute a surrender or termination of this Lease Agreement irrespective of the <br />term for which such re- leasing is made or the terms and conditions of such re- leasing, or <br />otherwise, but that, on the contrary, in the event of such default by the City the right to <br />terminate this Lease Agreement shall vest in the Authority to be effected in the sole and <br />exclusive manner hereinafter provided for in subparagraph (b) hereof. The City agrees to <br />surrender and quit possession of the Property upon demand of the Authority for the purpose of <br />enabling the Property to be re -let under this paragraph. Any rental obtained by the Authority in <br />excess of the sum of Lease Payments plus costs and expenses incurred by the Authority for its <br />services in re- leasing the Property shall be paid to the City. <br />(b) Termination of Lease. If an Event of Default occurs and is continuing hereunder, the <br />Authority at its option may terminate this Lease Agreement and re -lease all or any portion of <br />the Property, subject to the Site and Facility Lease. If the Authority terminates this Lease <br />Agreement at its option and in the manner hereinafter provided due to a default by the City <br />(and notwithstanding any re -entry upon the Property by the Authority in any manner <br />whatsoever or the re- leasing of the Property), the City nevertheless agrees to pay to the <br />Authority all costs, loss or damages howsoever arising or occurring payable at the same time <br />and in the same manner as is herein provided in the case of payment of Lease Payments and <br />Additional Payments. Any surplus received by the Authority from such re- leasing shall be <br />applied by the Authority to Lease Payments due under this Lease Agreement. Neither notice to <br />pay rent or to deliver up possession of the premises given under law nor any proceeding in <br />unlawful detainer taken by the Authority shall of itself operate to terminate this Lease <br />Agreement, and no termination of this Lease Agreement on account of default by the City shall <br />be or become effective by operation of law, or otherwise, unless and until the Authority shall <br />have given written notice to the City of the election on the part of the Authority to terminate <br />this Lease Agreement. The City covenants and agrees that no surrender of the Property, or of <br />the remainder of the Term hereof or any termination of this Lease Agreement shall be valid in <br />any manner or for any purpose whatsoever unless stated or accepted by the Authority by such <br />written notice. <br />-28- <br />
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