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DELHI CENTER (3) - 2016
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DELHI CENTER (3) - 2016
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Last modified
5/18/2017 12:47:20 PM
Creation date
9/13/2016 12:34:05 PM
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Contracts
Company Name
DELHI CENTER
Contract #
A-2016-176
Agency
PARKS, RECREATION, & COMMUNITY SERVICES
Council Approval Date
7/5/2016
Expiration Date
9/6/2040
Insurance Exp Date
11/1/2017
Destruction Year
2045
Notes
A-2000-154
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Improvements taken by eminent domain results in a net loss of 25 percent or more of the area of the Premises <br />that can, after considering any replacement rentable space that can be lawfully constructed on the remaining <br />portion of the Premises, be devoted to rentable space as compared with the area devoted to that rentable space <br />immediately before the taking, Tenant may terminate this lease in the manner prescribed by Section 9.04 of <br />this lease. <br />Section 9.04. Termination for Partial Takine <br />Tenant may terminate this lease for the reasons stated in either Section 9.02 or Section 9.03 of this <br />lease, or both, by serving written notice of termination on Landlord within 90 days after Tenant has received <br />from Landlord or from the condemning authority written notice of an intended taking that sets forth the extent <br />and scope of the intended taking. If Tenant elects to terminate this lease, the effective date of termination shall <br />be the earlier of (1) the date of termination specified in Tenant's notice to Landlord or (2) the date the <br />condemning authority takes physical possession of the portion of the Premises taken by eminent domain. On <br />termination of this lease under this Section, all subleases and subtenancies in or on the Premises or any portion <br />or portions of the Premises created by Tenant under this lease shall also terminate and the Premises shall be <br />delivered to Landlord free and clear of all such subleases and subtenancies; provided, however, that Landlord <br />may, at Landlord's option, by mailing written notice to any subtenant, allow the subtenant to attorn to <br />Landlord and continue its occupancy on the Premises as a tenant of Landlord. <br />Section 9.05. <br />ARTICLE 10 <br />ASSIGNMENT AND SUBLEASING <br />Section 10.01, No Assignment Without Landlord's Consent <br />Tenant may assign this lease or any interest in this lease, subject to the prior written consent of <br />Landlord. Landlord shall grant consent if the proposed assignee is financially qualified and has sufficient <br />experience in the operation and management of a community center. to perform all the agreements, <br />undertakings, and covenants of this lease and all other agreements entered into by Tenant which relate to the <br />management, operation, maintenance, construction, and restoration of the Improvements and the Premises. To <br />assist Landlord in determining whether or not the proposed assignee is so qualified, Tenant shall furnish to <br />Landlord at no expense to Landlord, before that assignment, detailed and complete financial statements of the <br />proposed assignee, audited by a certified public accountant reasonably satisfactory to Landlord (if the <br />proposed transferee causes its statements to be so audited in its normal course of business), together with <br />detailed and complete information about the business of the proposed assignee, including its experience in <br />operating community centers, the use to be made of the Premises and Improvements by the proposed assignee, <br />projections by the proposed assignee of the sources of funds to be used to repay any indebtedness of Tenant <br />that the proposed assignee will assume or take subject to, or agree to pay to Tenant, and other claims on and <br />requirements for those finds, together with any other information as Landlord may reasonably require to assist <br />Landlord in determining whether or not the proposed assignee is so qualified, Landlord shall have 30 days <br />after receipt of the information described above to notify Tenant of whether it consents or does not consent to <br />the proposed assignment. A consent by Landlord to one assignment shall not be deemed to be a consent to any <br />subsequent assignment. Any assignment made contrary to the terms of this Section shall be null and void <br />unless otherwise permitted by this Article. <br />Section 10.02. Leasehold Encumbrances and Subsequent Transfers <br />
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