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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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notice or the lapse of time would become an Event of Default,Tenant shall neither be entitled to <br /> notice 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 /> (a) Termination of Lease. Terminate this Lease by giving Tenant written <br /> notice, in which event Tenant shall pay to Landlord the sum of(i) all rent accrued under this <br /> Lease through the date of termination, (ii) all other amounts due hereunder, plus interest at the <br /> Default Rate, and (iii) an amount equal to the total rent that Tenant would have been required <br /> to pay for the remainder of the Term discounted to present value based on the then U.S. <br /> Treasury yield rate for ten-year notes; or <br /> (b) Termination of Possession. Terminate Tenant's right to possess the <br /> Leased Premises without terminating this Lease by giving written notice thereof to Tenant, in <br /> which event Tenant shall pay to Landlord (i) all rent and other amounts accrued under this <br /> Lease to the date of termination of possession, (ii) all amounts due from time to time, and <br /> (iii) all rent and other net sums required under this Lease to be paid by Tenant during the <br /> remainder of the Term, diminished by any net sums thereafter received by Landlord through <br /> reletting the Leased Premises during such period, after deducting all reasonable costs incurred <br /> by Landlord in reletting the Leased Premises. If Landlord elects to proceed under this <br /> subsection, Landlord may remove all of Tenant's property from the Leased Premises and store <br /> the same in a public warehouse at a reasonable cost to, and for the account of, Tenant, without <br /> becoming guilty of trespass, or liable for any reasonable loss or damage that may be occasioned <br /> thereby. Landlord shall use commercially reasonable efforts to relet the Leased Premises on <br /> such terms as Landlord in its sole discretion may determine (including a lease term different <br /> from the Term, rental concessions, use of brokers and alterations to, and improvement of, the <br /> Leased Premises); however, Landlord is not obligated to relet the Leased Premises before <br /> leasing other portions of the Building or property and Landlord is not obligated to accept any <br /> prospective tenant proposed by Tenant unless such proposed tenant meets all of Landlord's <br /> reasonable, then existing leasing criteria. Landlord shall not be liable for, nor shall Tenant's <br /> obligations under this Lease be diminished because of, Landlord's failure to relet the Leased <br /> Premises or to collect rent due for such reletting. Tenant is not entitled to the excess of any <br /> consideration obtained by reletting over the rent due under this Lease. Reentry by Landlord in <br /> the Leased Premises shall not affect Tenant's obligations under this Lease for the unexpired <br /> Term; rather, Landlord may, from time to time, bring an action against Tenant to collect <br /> amounts due by Tenant, without the necessity of Landlord's waiting until the expiration of the <br /> Term. Unless Landlord delivers written notice to Tenant expressly stating that it has elected to <br /> terminate this Lease, all reasonable actions taken by Landlord to dispossess or exclude Tenant <br /> from the Leased Premises shall be deemed to be taken under this subsection 20(b). If Landlord <br /> elects to proceed under this subsection 20(b), it may at any time elect to terminate this Lease. <br /> Tenant hereby waives all claims for damages that may be caused by Landlord's re-entering and <br /> 13 <br />
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