Ordinance 1818-91 - Laserfiche WebLink

requirements and to the same condition, character and at least equal value and utility to that existing prior to such taking. (c) Awards. In any proceeding whereby all or part of the Leased Premises are taken by eminent domain, all of the condemnation award shall be paid to the City. Lessee shall have no claim therein or thereto. The City shall apply such portion of the condemnation award as may be necessary to make Lease Payments as and to the extent they become due and may apply any balance of such award to repair, rebuild or restore all or any portion of the Improvements that may have been taken as nearly as practicable in full compliance with all legal requirements and to the same condition, character and at least equal value and utility to that existing prior to such condemnation or for other City purposes. ARTICLE XII: DEFAULT OF LESSEE 12 . 1 Defaults. Time is of the essence hereof, and in the event that Lessee shall default in the payment of rent or addi- tional rent, and if such default shall continue or shall not be remedied within ten (10) days or (ii) if the Lessee shall assign, mortgage or encumber this Ground Lease, or sublet the whole or any part of the Leased Premises, other than as expressly permit- ted hereunder, or if this Ground Lease or the estate of the Lessee hereunder shall be transferred to any person, firm or corporation other than the Lessee herein named, except in the manner permitted hereunder; or (iii) Lessee shall default in the performance or observance of any of the other terms, covenants, conditions or agreements of this Ground Lease or that certain Construction Contract (including all amendments thereto) by and between City and Lessee of even date herewith which default is not cured within thirty (30) days following written notice and demand, or if such default shall be of such a nature that the same cannot practicably be cured within said thirty (30) day period and Lessee shall not within said thirty (30) day period commence with due diligence and dispatch the curing and perfor- mance of such defaulted term, covenant, condition or agreement, or if Lessee shall within said thirty (30) day period commence with due diligence and dispatch to cure and perform such defaulted term, covenant, condition or agreement and shall there- after fail or neglect to prosecute and complete with due diligence and dispatch the curing and performance of such defaul- ted term, covenant, condition or agreement; or (iv) there shall be filed by or against Lessee in any court or other tribunal pur- suant to any statute or other rule of law, either of the United States or of any State or other rule of law, either of the United States or of any State or of any other authority now or hereafter exercising jurisdiction, a petition in bankruptcy or insolvency proceedings or for reorganization or for the appointment of a receiver or trustee of all or substantially all of Lessee's pro- -8- ro- -8- D0T440 91/09/24