Res 2009-120 - Laserfiche WebLink

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City of San Marcos Airport interest, and the LESSOR shall be released of any further obligations under this LEASE. 10.03. The LESSOR acknowledges and agrees (i) that the LESSEE intends to convert its leasehold estate into a condominium regime made up of multiple subleasehold estates, and (ii) that the LESSEE will then lease and /or convey such subleasehold estates to third parties. The LESSOR further acknowledges the LESSEE'S intent to create an association composed of the owners of such subleasehold estates for the effective management and operation of the LEASED PREMISES. Notwithstanding anything to the contrary contained in this Article 10 or elsewhere in this LEASE, the LESSEE may create the condominium regime and owner association and lease and convey the subleasehold estates without the prior approval of the LESSOR, provided the LESSEE remains fully responsible and liable for the payment of the rent and for compliance with all of its other obligations under this LEASE. In addition, the LESSOR further acknowledges and agrees that the owner of the subleasehold estates may finance their purchase of their subleasehold estate through loans secured by a deed of trust lien encumbering their sub - leasehold interest. Accordingly, and notwithstanding anything to the contrary contained in this Article 10 or elsewhere in this LEASE, LESSEE'S sublessees may encumber their sub - leasehold interest with deeds of trust liens without the prior approval of the LESSOR, provided the language of any such deed of trust expressly provides that it only encumbers the sub - leasehold interest. LESSOR further agrees, upon request, to execute a Consent to Deed of Trust Lien that complies with the requirements of Section 10.04 below. 10.04. If requested by the LESSEE, the LESSOR will execute a Consent to Deed of Trust Lien in form and substance reasonably acceptable to the LESSOR, whereby the LESSOR, the LESSEE, LESSEE'S sublessee, and such sublessee's lender (herein called "lender ") enter into certain agreements reasonably acceptable to the parties, including without limitation, the following: (A) an acknowledgment by the sublessee and lender that sublessee and lender have no right to convey any interests in the LEASED PREMISES greater than those granted specifically by the terms of the sublessee's subleasehold interest; (B) an agreement by the LESSOR that in the event that the LESSOR is required by this lease to give written notice to the LESSEE of a breach or default by the LESSEE, the LESSOR shall also provide a copy of such written notice to lender; (C) an agreement by the LESSOR that the lender may perform any of the obligations or requirements imposed on the LESSEE by this LEASE or the sublessee under its subleashold interest in order to avoid a breach or default under this LEASE, and that the LESSOR will accept the lender's performance the same as if the LESSEE (or the sublessee) had performed such obligations or requirements; (D) an agreement by the LESSOR that it will not exercise any rights it may have under this LEASE to cancel or terminate this LEASE or to force surrender of all or part of the LEASED PREMISES unless it first has provided lender with written notice of its intent to exercise any such right, and an agreement by the LESSOR that lender shall have thirty (30) calendar days from the date it receives such notice to cure any monetary default under the LEASE and Commercial Land Lease Page 11 of 22