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Resolution 9338
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Resolution 9338
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12/1/2020 3:02:40 PM
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MV City Council
City Council Document Type
Resolutions
Date
11/23/2020
Resolution/Ordinance Number
9338
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days, then the Event of Default shall be suspended for a period not in excess of <br />thirty (30) additional days so long as Tenant commences cure within fifteen (15) <br />days and thereafter diligently and continuously prosecutes the curing of the <br />default, and so long as continuation of the default does not create material risk to <br />the Building or to persons using the Building; <br />(iii) Tenant shall file or have filed against it or any guarantor of this <br />Lease any bankruptcy or other creditor's action or make an assignment for the <br />benefit of its creditors. <br />If an Event of Default shall have occurred and be continuing, Landlord may at its sole <br />option by written notice to Tenant terminate this Lease. Neither the passage of time after the <br />occurrence of the Event of Default nor exercise by Landlord of any other remedy with regard to <br />such Event of Default shall limit Landlord's rights. <br />If an Event of Default shall have occurred and be continuing, whether or not Landlord <br />elects to terminate this Lease, Landlord may enter upon and repossess the Premises (said <br />repossession being hereinafter referred to as "Repossession") by force, summary proceedings, <br />ejectment or otherwise, and may remove Tenant and all other persons and property therefrom. <br />From time to time after Repossession of the Premises, whether or not this Lease has been <br />terminated, Landlord may, but shall not be obligated to, attempt to relet the Premises for the <br />account of Tenant in the name of Landlord or otherwise, for such term or terms (which may be <br />greater or less than the period which would otherwise have constituted the balance of the Term) <br />and for such terms (which may include concessions or free rent) and for such uses as Landlord, <br />in its uncontrolled discretion, may determine, and may collect and receive the rent therefore. <br />Any rent received shall be applied against Tenant's obligations hereunder, but Landlord shall not <br />be responsible or liable for any failure to collect any rent due upon any such reletting. <br />No termination of this Lease and no Repossession of the Premises pursuant to this <br />Section or otherwise shall relieve Tenant of its liabilities and obligations under this Lease, all of <br />which shall survive any such termination or Repossession. In the event of any such termination <br />or Repossession, whether or not the Premises shall have been relet, Tenant shall pay to Landlord <br />the Rent and other sums and charges to be paid by Tenant up to the time of such termination or <br />Repossession, and thereafter Tenant, until the end of what would have been the Term in the <br />absence of such termination or Repossession, shall pay to Landlord, as and for liquidated and <br />agreed current damages for Tenant's default, the equivalent of the amount of the Rent and such <br />other sums and charges which would be payable under this Lease by Tenant if this Lease were <br />still in effect, less the net proceeds, if any, of any reletting effected pursuant to the provisions of <br />this Section after deducting all of Landlord's expenses in connection with such reletting, <br />including, without limitation, all repossession costs, brokerage and management commissions, <br />operating expenses, legal expenses, attorneys' fees, alteration costs, and expenses of preparation <br />for such reletting. Tenant shall pay such current damages to Landlord monthly on the days on <br />which the Rent would have been payable under this Lease if this Lease were still in effect, and <br />Landlord shall be entitled to recover the same from Tenant on each such day. At any time after <br />such termination or Repossession, whether or not Landlord shall have collected any current <br />damages as aforesaid, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to <br />Landlord on demand, as and for liquidated and agreed final damages for Tenant's default, an <br />9 <br />MU210-35-681286.v2 <br />
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