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Reso 2005-787
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Reso 2005-787
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Last modified
2/10/2016 3:13:42 PM
Creation date
1/25/2006 1:57:53 PM
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CityClerk-Resolutions
Resolution Type
Resolution
Resolution Number
2005-787
Date (mm/dd/yyyy)
04/14/2005
Description
Lease Agmt w/Vanguard Car Rental USA, Inc (1st Addendum)
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<br />Any award made 10 Tenant by reason of any such temporary Taking shall belong entirely to Tenant <br />and Landlord shall not be enritJed [0 share therein. <br /> <br />D. Upon a total Taking as provided in Paragraph 18(A), the Landlord and <br />Tenant shall each seek its own award in conformity herewith, at its own expense. Tenant may, upon <br />wrinen notice to Landlord, at Tenant's option and at Tenant's sole cost and expense, protest, appeal <br />or institute such other proceedings as Tenant may deem appropriate to contest any Taking or the <br />amount of any separate award granted to Tenant and Landlord, at Tenant's expense, shall cooperate <br />with Tenant in any such protest, appeal or other proceeding. The foregoing notwithstanding, <br />however, Tenant may not undertake any action which would operate to reduce the cumulative award <br />payable to Landlord and Tenant or increase the portion of the Premises subject to any such Taking <br />in the absence of Tenant's protest or appeal, and Landlord's written consent (which consent shall not <br />be unreasonably withheld) shall be required for any settlement with respect [0 any Taking which in <br />any way affects the condemnation of Landlord's Premises. <br /> <br />19. Default The following events shall be deemed to be events of default by Tenant <br />under this Lease: <br /> <br />A. Tenant shall fail to make any payment of Rent or any other payment required <br />to be made by Tenant hereunder, as and when due, and such failure shall continue for a period of <br />fifteen (15) days after receiving written notice of said failure; or <br /> <br />B Tenant shall fail to comply with any term, provislOn or covenant of this <br />Lease other than a default pursuant to Subparagraph (A) of this Paragraph, and shall not cure such <br />failure within thirty (30) days of receiving written notice of such failure (or forthwith, if the default <br />involves a haurdous condition), provided, however, that if the default cannot reasonably be cured <br />within such 30-day period, including by reason of having to regain possession of the Premises from <br />a subtenant, Tenant shall not be in default of this Lease if Tenant shall commence to cure the default, <br />including corrunencing an action to regain possession of the Premises, within said 3D-day period and <br />diligently continues to .prosecute the cure; or <br /> <br />C The leasehold interest of Tenant shall be levied upon under execution or be <br />attached by process of law or Tenant shaJl fail to contest dIligently the validity of any lien or claimed <br />lien and give sufficient security to Landlord 10 insure payment thereof or shall fail to satisfy any <br />judgment rendered thereon and have the same released, and such default shall contioue for thirty (30) <br />days after written notice thereof to Tenant; or <br /> <br />D. Tenant shall suffer, cause or permit any Insolvency Event. As used in this <br />Lease, "Insolvency Event" shall mean, with respect to the Tenant, the occurrence of any of the <br />following events: (i) the Tenant shall (1) apply for or consent to the appointment of. or the taking <br />of possession by, a receiver, custodian, trustee or liquidator of it, or of all or a substantial part of its <br />assets, (2) admit in writing its inability, or be generally unable, to pay its debts as the debts become <br />due, (3) make a general assignment for the benefit of its creditors, (4) commence a voluntary case <br /> <br />MlA9S 10I171248.! <br /> <br />19 <br /> <br />S' g S. <br />~ ~ . . <br />
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