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Ordinance 1818-91
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Ordinance 1818-91
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Ordinances
Ordinance Number
1818-91
Date
10/2/1991
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payable by the City under this Lease. Upon payment in full of all <br /> Lease Payments to Lessor (whether by payment from City or credits <br /> from payments from tenants other than the City, or otherwise) this <br /> Lease shall terminate. <br /> ARTICLE XVIII: DEFAULT BY CITY <br /> 18 . 1 Defaults. Time is of the essence hereof, and in the <br /> event that (i) City shall default in the payment of Lease <br /> Payments, or (ii) City shall default in the performance or <br /> observance of any of the other terms, covenants, conditions or <br /> agreements of this Lease which default is not cured within thirty <br /> (30) days after written notice and demand, or if such default shall <br /> be of such a nature that the same cannot practicably be cured <br /> within said thirty (30) day period and City shall not within said <br /> thirty (30) day period commence with due diligence and dispatch the <br /> curing and performance of such defaulted term, covenant, condition <br /> or agreement, or if City shall within said thirty (30) day period <br /> commence with due diligence and dispatch to cure and perform such <br /> defaulted term, covenant, condition or agreement and shall there- <br /> after fail or neglect to prosecute and complete with due diligence <br /> and dispatch the curing and performance of such defaulted term, <br /> covenant, condition or agreement; or (iii) there shall be filed by <br /> or against City in any court or other tribunal pursuant to any <br /> statute or other rule of law, either of the United States or of any <br /> state or of any other authority now or hereafter exercising juris- <br /> diction, a petition in bankruptcy or insolvency proceedings or for <br /> reorganization or for the appointment of a receiver of trustee of <br /> all or substantially all of City's property, or for any other form <br /> of debtor relief, unless such petition be filed against City and <br /> if in good faith City shall promptly thereafter commence and <br /> diligently prosecute any and all proceedings appropriate to secure <br /> the dismissal of such petition and shall secure such dismissal <br /> within sixty (601 days after the date of filing or the commencement <br /> of such proceeding; or (iv) if City makes an assignment for the <br /> benefit of creditors, then and in any such case, at Lessor's option <br /> and in addition to all other rights or remedies Lessor may, <br /> following the expiration of the cure period, if any, provided <br /> herein for such default, immediately declare City's rights under <br /> this Lease terminated, and re-enter the Leased Premises, using such <br /> force as may be necessary, and repossesses itself thereof, as of <br /> its former estate, and remove all persons and property from the <br /> Leased Premises. Notwithstanding any such re-entry, the liability <br /> of City for the Lease Payments at such times and in such amounts <br /> provided for herein by Exhibit B-1 and B-2 shall not be extin- <br /> guished for the balance of the term of this Lease and City shall <br /> make good to Lessor any deficiency arising from receipt by Lessor <br /> of a lesser rental than that hereinbefore agreed upon. All rental <br /> income received by Lessor Lcssee—for the Improvements pursuant to <br /> section 17. 2 hereof in such event shall be credited against the <br /> -18- D0T439 91/09/24 <br />
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