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Swamp Creek & Western Railroad Association 5/25/2023
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Swamp Creek & Western Railroad Association 5/25/2023
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Last modified
6/2/2023 10:37:55 AM
Creation date
6/2/2023 10:37:13 AM
Metadata
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Contracts
Contractor's Name
Swamp Creek & Western Railroad Association
Approval Date
5/25/2023
Council Approval Date
5/17/2023
End Date
5/17/2028
Department
Real Property
Department Project Manager
Darcie Byrd
Subject / Project Title
Train Museum Lease at Everett Station
Tracking Number
0003687
Total Compensation
$31,101.72
Contract Type
Real Property
Contract Subtype
Leases
Retention Period
6 Years Then Destroy
Imported from EPIC
No
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damages for termination of its leasehold interest or interference with Tenant's business. Tenant <br /> shall have the right, however,to claim and recover from the condemning authority compensation <br /> for any loss to which Tenant may be entitled for Tenant's moving expenses or other relocation <br /> costs if they are awarded separately to Tenant in the eminent domain proceedings and do not <br /> reduce the damages or award to Landlord. <br /> 19. EVENTS OF DEFAULT. Each of the following occurrences is an "Event of Default": <br /> (a) Payment Default. Tenant's failure to pay rent or any other amount due <br /> under 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 /> one (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 /> elsewhere 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 /> nature 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 /> 12 <br />
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