Res 2007-159 - Laserfiche WebLink

Home Browse Search

ARTICLE XX. Section 20.1. Surrender of Demised Premises. At the expiration or termination of this Lease, whether by lapse of time or otherwise, Tenant shall surrender the Demised Premises to Landlord in good condition (excepting reasonable wear and tear and losses required to be restored by Landlord pursuant to Section 7.1, Article XIV, and Article XV of this Lease) except for alterations which Tenant has the right or may be required to remove under the provisions of Section 8.1. Tenant also shall surrender all keys for the Demised Premises to Landlord at the expiration ofthis Lease (but no such surrender shall be deemed to be an acceptance by Landlord of surrender of the Demised Premises) and shall inform Landlord of all combinations on locks, safes and vaults, if any, in the Demised Premises. Landlord can elect to retain or dispose of, in any manner, any alterations or other property that Tenant does not remove from the Demised Premises on expiration or termination ofthe term of this Lease by giving five (5) days notice to Tenant. Title to any such alterations or other property that Landlord elects to retain or dispose of on expiration of such five-day period shall vest in Landlord. Tenant waives all claims against Landlord for any damages resulting from Landlord's retention or disposition of any such alterations or other property. Tenant shall be liable to Landlord for Landlord's costs for storing, removing and disposing of any such alterations or other property including but not limited to Tenant's signage. Section 20.2. Holding Over. In the event Tenant remains in possession of the Demised Premises after the expiration of this Lease and without the execution of a new lease or renewal of lease, it shall be deemed to be occupying said premises as a Tenant from month to month at a rental equal to the rental herein provided plus fifty percent (50%) of such amount and otherwise subject to all the conditions, provisions and obligations of this Lease insofar as the same are applicable to a month to month tenancy. ARTICLE XXI. Section 21.1. Subordination. This Lease is subject and subordinate to any mortgage or deed oftrust which may now or hereafter encumber the Building, and to all renewals, modifications, consolidations, replacements, and extensions thereof. This clause shall be self-operative and no further instrument of subordination need be required by any mortgagee. In confirmation of such subordination, however, Tenant shall, at Landlord's request, or upon the request of Landlord's mortgagee, execute promptly any certificate or instrument evidencing such subordination that Landlord, or Landlord's mortgagee, may request. Tenant hereby constitutes and appoints Landlord the attorney-in-fact for Tenant to execute any such certificate or instrument for and on behalf of Tenant. In the event of the enforcement by the trustee or the beneficiary under any such mortgage or deed oftrust of the remedies provided for by law or by such mortgage or deed of trust, Tenant will, upon request of any person or party succeeding to the interest of Landlord as a result of such enforcement, automatically become the Tenant of such successor in interest without change in the terms or other provisions of this Lease, and Tenant shall execute such instruments as said successor-in-interest may reasonably require to evidence same. Notwithstanding anything in this paragraph or elsewhere in this Lease to the contrary, Tenant agrees that if any person succeeds to the interest of the Landlord hereunder directly or indirectly as a result of any proceedings brought for the foreclosure of, or exercise of power for sale under, any mortgage or deed of trust as referred to above or as a transferee by deed in lieu of foreclosure or in lieu of such exercise of the power of sale, Tenant will attorn to such person only at the written request of such person (regardless of whether or not the Landlord shall have made such a request) and that, in any event, upon any such attornment pursuant to this Section 21.1, the successor Landlord shall not (a) be liable for any previous act or omission or negligence of Landlord under this Lease; or (b) be subject to any counterclaim, defense or offset, not expressly provided for in this Lease and asserted with reasonable promptness, which theretofore shall have accrued to Tenant against Landlord. lNITIAL~