Laserfiche WebLink
days after such an allowance or appointment. Any act described in this paragraph shall be deemed a material <br /> breach of Tenant's obligations hereunder and this Lease shall thereon automatically terminate. Landlord does, <br /> • in addition, reserve any and all other remedies provided in this Lease or at law or in equity. <br /> B. Bankruptcy. Upon the filing of a petition by or against Tenant under the Code, Tenant, as debtor <br /> and as debtor in possession,and any trustee who may be appointed,agree as follows; (1) to perform each and <br /> every obligation of Tenant under this Lease including, but not limited to, the use and manner of operations <br /> as provided in Article 5 of this Lease until such time as this Lease is either rejected or assumed by order of <br /> the United States Bankruptcy Court; and (2) to pay monthly in advance on the first day of each month as <br /> reasonable compensation for use and occupancy of the Premises an amount equal to all monthly installments <br /> of Rent and other charges otherwise due pursuant to this Lease;and(3)to reject or assume this Lease within <br /> sixty (60)days of the filing of such petition under Chapter 7 of the Code or within one hundred twenty(120) <br /> days (or such shorter term as Landlord, in its sole discretion,may deem reasonable so long as notice of such <br /> period is given) of the filing of a petition under any other Chapter of the Code,and (4) to give Landlord at <br /> least forty-five (45)days prior written notice of any proceeding relating to any assumption of this Lease; and <br /> (5) to give at least thirty (30) days prior written notice of any abandonment of the Premises; any such <br /> abandonment to be deemed a rejection of this Lease; and (6) to do all other things of benefit to Landlord <br /> otherwise required under the Code; and (7) to be deemed to have rejected this Lease in the event of the <br /> failure to comply with any of the above; and (8) to have consented to the entry of an order by an appropriate <br /> United States Bankruptcy Court providing all of the above,waiving notice and hearing of the entry of same. <br /> C. Non-Waiver. No default under this Lease by Tenant, either prior to or subsequent to the filing of <br /> such a petition, shall be deemed to have been waived unless expressly done so in writing by Landlord. <br /> D. Bankruptcy Code. It is understood and agreed that this is a lease of real property in a shopping center <br /> as such a lease is described in Section 365 (b) (3) of the Code. <br /> • E. Assignments or Assumptions. Included within and in addition to any other conditions or obligations <br /> imposed upon Tenant or its successor in the event of a bankruptcy related assumption and/or assignment are <br /> the following: (1)the cure of any monetary defaults and the reimbursement of pecuniary loss within not more <br /> than thirty(30)days of assumption and/or assignment;and (2)the deposit of an additional sum equal to three <br /> (3) months'Rent to be held as security,and (3) the Use of the Premises,as set forth in Section 8 of the Data <br /> Sheet and Article 5 hereof, with the quality, quantity and/or lines of merchandise of any goods or services <br /> required to be offered for sale are unchanged; and (4) the reorganized debtor or assignee of such debtor in <br /> possession or Tenant's trustee demonstrates in writing that it has retailing experience in shopping centers of <br /> comparable size and financial ability to operate a retail establishment in the Premises in the manner <br /> contemplated in this Lease and meets all other reasonable criteria of Landlord as did Tenant upon execution <br /> of this Lease; and (5) the prior written consent of any mortgagee to which this Lease has been assigned as <br /> collateral security; and (6) the Premises, at all times, remains a single store and no physical changes of any <br /> kind may be made to the Premises unless in compliance with the applicable provisions of this Lease. <br /> ARTICLE 20: DEFAULT <br /> A. Events of Default. In the event Tenant shall: <br /> (1) fail to pay Rent when due and such failure shall continue for a period of ten (10) <br /> days after Landlord shall have given written notice to Tenant of such failure, or <br /> (2) fail to pay Rent when due under this Lease,provided that within the twelve months <br /> immediately preceding such due date Landlord has given Tenant at least two written <br /> notices of failure to pay Rent under subparagraph (1) above, or <br /> (3) fail to keep or perform any of the terms,conditions or covenants of this Lease to be <br /> • kept or performed by Tenant (other than the payment of Rent) for more than thirty <br /> (30) days after written notice of such failure shall have been given by Landlord to <br /> Tenant, provided that if such default is of such a character as to reasonably require <br /> more than thirty (30) days to cure,Tenant shall be allowed a reasonable additional <br /> period of time to cure such default, provided Tenant promptly and diligently <br /> prosecutes such cure, but in no event shall such additional cure period exceed an <br /> additional sixty (60) days, or <br /> (4) vacate or abandon (not operating for business in the Premises for thirty (30) <br /> consecutive days) the Premises, <br /> then Landlord, besides other rights or remedies it may have, shall have the right to either (a) terminate this <br /> Lease upon the expiration of three (3) days after written notice of such intent is given to Tenant, in which <br /> event the Term hereof shall expire and terminate with the same force and effect as though the date set forth <br /> in said notice were the date originally set forth herein and fixed for the expiration of the Term,or(b)re-enter <br /> 326559.8 Redlined V8 to V7 9-27.96 22 <br />