09-22-1993 Additions - Laserfiche WebLink

Home Browse Search

then fixed for payment of rent and shall inform the Landlord of combinations on any locks and safes on the leased premises. Section 2. In the event that Tenant remains in possession of the leased premises after the expiration of the tenancy created hereunder, and without the execution of a new lease, it shall be deemed to be occupying the leased premises as a tenant from month -to- month, at twice the minimum rent, subject to all other conditions, provisions and obligations of this lease insofar as the same are applicable to month -to -month tenancy. Section 3. Upon the expiration of the tenancy hereby created, if landlord so requires in writing, Tenant shall promptly remove any additions, fixtures and installations placed in the leased premises by Tenant and designated in such request, and repair any damage occasioned by such removals at Tenant's expense. In default thereof, Landlord may effect such removals and repairs, and Tenant shall pay Landlord the cost thereof, with interest at the rate of twelve percent (12 %) per annum from the date of payment by Landlord. ARTICLE XV SUBORDINATION, ATTORNMENT Tenant acknowledges that Landlord intends to sell the property containing the Premises and agrees to attorn to the new Landlord upon any such sale. Tenant acknowledges that if any such purchaser of the property does not obtain a bingo parlor license, this lease shall automatically terminate upon such sale in accordance with Article XXIV. Tenant agrees that this lease and all rights contained herein are subordinate to any first mortgage that may exist or hereafter be placed upon said leased premises and to any and all advances made thereunder and to the interest thereon and all renewals, replacements and extensions thereof. Tenant further agrees not to subordinate the lease or any other interest therein to any other mortgage or deed of trust which may be placed on the leased premises. In the event of foreclosure of any above described mortgage, the Mortgagor or purchaser at a foreclosure sale shall have the option, to be exercised no later than sixty (60) days after the confirmation of the foreclosure sale, to continue the lease in full force and effect or to terminate this lease and the right of Tenant in possession of the leased premises. If any such Mortgagee or purchaser at a foreclosure sale elects to continue the lease in full force and effect, Tenant will attorn to such Mortgagee or purchaser and will recognize such Mortgagee or purchaser as the Landlord under this lease. ARTICLE XVI NOTICES Whenever under this lease a provision is made for notice of any kind, such notice shall be in writing and signed by or on behalf of the party giving or making the same. It shall be deemed sufficient notice and service thereof if such notice is to Tenant and sent by registered or certified mail, postage prepaid, to the last postoffice address of Tenant furnished to Landlord for such purpose, or to the leased premises; and if to Landlord, sent by registered or certified mail, postage prepaid, to the Landlord at the address furnished for such purpose, or to the place sadofnwp\mkpleas.2 15 Page 26