Res 1978-036 - Laserfiche WebLink

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........ 117b, III. Should Chamber's mortgagee desire to cure default for the Chamber the City hereby agrees to accept performance by the mortgagee of any term of the lease or its amendment required to I be performed by Chamber, with the same force and effect as though performed by Chamber. The mortgagee shall have ten HO) days after receipt of notice of default to cure for the Chamber any default in the payment of rent or additional rent to be paid, under the lease and a reasonable time to cure any other default. IV. In the event of a foreclosure of the lien secured by the leasehold estate, and the subsequent acquisition of Chamber's interest in this lease by foreclosure, Chamber's mortgagee shall have first option to assume the Chamber's lease obligations to City and the lease shall continue on the same terms as if the Chamber were still the t~nant. Chamber's mortgagee shall have this right to assume the lease for the remainder of the period I of Chamber's financial obligation to its mortgagee. During such period, the use of the premises shall not be limited to uses allowed in the applicable provisions of the Urban Renewal Plan, or approved modifications, therefore, for the TEX A-6 Neighborhood Development Program, and further shall not be limited to the sole ~ purpose of operating a Chamber of Commerce, but rather such use shall be limited only to any reasonable office use. Other transfers or assignments of the lease and/or alterations in use of the demised premises shall continue to be governed by the basic lease provisions requiring express written approval by City. V. This Amendment shall not be filed of record, but a duly executed and acknowledged Memorandum of Lease Amendment shall be ~I filed with the County Clerk of Hays County, Texas. day of ~ul EXECUTED this 3Rcl , 1978. CITY OF SAN MARCOS r-~ f1 By \,,~ V~.-J ;~~O;J~;E~~~~ O:tMMER' B~__ A: LtL]~ I !h