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2025/09/24 Council Agenda Packet
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2025/09/24 Council Agenda Packet
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Council Agenda Packet
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9/24/2025
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12 <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 />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 immediat ely 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 Lease <br />through the date of termination, (ii) all other amounts due hereunder, plus interest at the Default <br />Rate, and (iii) an amount equal to the total rent that Tenant would have been required to pay for <br />the remainder of the Term discounted to present value based on the then U.S. Treasury yield <br />rate for ten-year notes; or <br />(b) Termination of Possession. Terminate Tenant’s right to possess the Leased <br />Premises without terminating this Lease by giving written notice thereof to Tenant, in which <br />event Tenant shall pay to Landlord (i) all rent and other amounts accrued under this Lease to the <br />date of termination of possession, (ii) all amounts due from time to time, and (iii) all rent and <br />other net sums required under this Lease to be paid by Tenant during the remainder of the Term, <br />diminished by any net sums thereafter received by La ndlord through reletting the Leased <br />Premises during such period, after deducting all reasonable costs incurred by Landlord in <br />reletting the Leased Premises. If Landlord elects to proceed under this subsection, Landlord may <br />remove all of Tenant’s property from the Leased Premises and store the same in a public <br />warehouse at a reasonable cost to, and for the account of, Tenant, without becoming guilty of <br />trespass, or liable for any reasonable loss or damage that may be occasioned thereby. Landlord <br />shall use commercially reasonable efforts to relet the Leased Premises on such terms as Landlord <br />in its sole discretion may determine (including a lease term different from the Term, rental <br />concessions, use of brokers and alterations to, and improvement of, the Leased Premises); <br />however, Landlord is not obligated to relet the Leased Premises before leasing other portions of <br />the Building or property and Landlord is not obligated to accept any prospective tenant proposed
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