Res 2007-183 - Laserfiche WebLink

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ARTICLE S Default of Lessee 8.1 Default. Lessee shall be in default if any of the following events (each an ``Event of Default") shall occur: (a) the failure on the part of Lessee to pay, when due, Base Rent or any other payment required pursuant to this Lease (a "Monetary Default") and the continuation of such failure for ten (10) days after Lessor has provided to Lessee a written notice of such failure; (b) the sale, conveyance, assignment or subletting of this Lease or all or any portion of the leasehold estate created hereby other than as permitted under Section 7.1 of this Lease (an "Assi};luTlent Default"); (c} the transfer of the Hotel to a Tax Exempt Entity (a "Hotel Transfer Default"); (d) the failure of Lessee to comply with its obligations under Article 6 of this Lease {an "Insurance Default"); {e) the failure on the part of Lessee to comply with any term, provision or covenant of this Lease (other than a Monetary Default, an Insurance Default, or an Assignment Default), and the continuation of such failure for a period of thirty (30) days from and after the date notice of such failure is given by Lessor to Lessee; provided, however, no Event of Default shall exist if Lessee shall have commenced to cure such failure and shall be proceeding with reasonable diligence to completely cure such failure (provided such failure must be cured within ninety (90) days after such notice); (f) the occurrence of an Event of Default (as defined in the Master Agreement) under the Master Agreement; (g) the making of any general assignment for the benefit of creditors by hessee or any guarantor of Lessee's obligations under this Lease; (h) the filing of a voluntary petition in bankruptcy or a voluntary petition for an arrangement or reorganization under the United States Federal Bankruptcy Act (or similar statute or law of any foreign jurisdiction) by Lessee or any guarantor of Lessee's obligations hereunder; (i) the appointment of a receiver or trustee for all or substantially ali of Lessee's interest in the Leased Premises or its leasehold estate hereunder if not removed within ninety (40} days; (j) the entry of a final judgment, order or decree of a court of competent jurisdiction adjudicating Lessee or any guarantor of Lessee's obligations hereunder to be bankrupt, and the expiration without appeal of the period, if any, allowed by applicable law in which to appeal therefrom; or (k) any guaranty of Lessee's obligations hereunder is found by a court of competent jurisdiction to be unenforceable, invalid, void or otherwise impaired so as not to be enforceable in strict accordance with its terms as written. 8.2 Remedies. Upon the occurrence of any Event of Default set forth in this Lease, Lessor is entitled to pursue any one or more of the remedies set forth herein without any notice or demand: (a) Without declaring this Lease terminated, Lessor may enter upon and take possession of the Leased Premises, without judicial process, and, in compliance with applicable law, lock out, expel or remove Lessee and any other Person who may be occupying all or any part of the Leased Premises without being liable for any claim for damages, in which event Lessor shall be entitled to receive (i) all Base Rent and other amounts accrued hereunder as of the date of termination of possession, (ii) reimbursement of any reasonable expendihues made by Lessor in order to relet the Leased Premises, including, but not limited to, leasing commissions, lease incentives, remodeling and repair costs and (iii) all Base Rent and other net sums required hereunder to be paid by Lessee during the remainder of the Term, diminished by any net sums thereafter received by Lessor through reletting the Leased Premises during such period, after 15 2025904.1