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2020/12/30 Council Agenda Packet
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2020/12/30 Council Agenda Packet
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Council Agenda Packet
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12/30/2020
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(a) Payment Default Tenant's failure to pay rent or any other amount due <br />u nder this Lease within five (5) days after Landlord has delivered written notice to Tenant that <br />such amount is due; however, an Event of Default shall occur without any obligation of Landlord <br />to give any written notice if Tenant fails to pay rent when due and, during the twelve (12) month <br />interval preceding such failure, Landlord has given Tenant written notice of failure to pay rent on <br />o ne (1) or more occasions; <br />(b) Abandonment. Tenant abandons or vacates the Leased Premises or any <br />substantial portion of the Leased Premises combined with the non-payment of rent; <br />(c) Other Defaults. Except as otherwise provided in this Section 19 or <br />e lsewhere in this Lease, Tenant's failure to perform, comply with, or observe any other <br />agreement or obligation of Tenant under this Lease and the continuance of such failure for a <br />period of more than thirty (30) days after Landlord has delivered to Tenant written notice thereof <br />or such shorter or longer period expressly provided elsewhere in this Lease (provided, if the <br />n ature of Tenant's failure is such that more time is reasonably required in order to cure, an Event <br />of Default shall not be deemed to have occurred and such failure may be cured if Tenant <br />commences to cure such failure within such period and thereafter reasonably and diligently <br />pursues the cure to completion, such period in no event to exceed ninety (90) days from the date <br />of Landlord's original default notice); <br />(d) Insolvency. The filing of a petition by or against Tenant (the term "Tenant" <br />shall include, for the purpose of this Section, any guarantor of Tenant's obligations hereunder) <br />(i) in any bankruptcy or other insolvency proceeding• (ii) seeking any relief under any state or <br />federal debtor relief law; (iii) for the appointment of a liquidator or receiver for all or substantially <br />all of Tenant's property or for Tenant's interest in this Lease; (iv) for the reorganization or <br />modification of Tenant's capital structure; or (v) in any assignment for the benefit of creditors <br />proceeding; however, if such a petition is filed against Tenant, then such filing shall not be an <br />Event of Default unless Tenant fails to have the proceedings initiated by such petition dismissed <br />within ninety (90) days after its filing. <br />(e) Failure to Surrender. Tenant fails to surrender possession of the Leased <br />Premises at the expiration or earlier termination of his Lease in the condition required by this <br />Lease. <br />(f) Multiple Events of Default. Notwithstanding any cure periods specified in <br />this Section 19 after the occurrence during the Term of any two events which after the giving of <br />n otice or the lapse of time would become an Event of Default, Tenant shall neither be entitled to <br />n otice nor an opportunity to cure and Landlord, at its option, may immediately declare an Event <br />of Default. <br />20. REMEDIES. Upon any Event of Default, Landlord may, in addition to all other rights <br />and remedies afforded Landlord under this Lease or by law or equity, take any one or more of <br />the following actions: <br />12 <br />
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