Res 2011-049 - Laserfiche WebLink

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Default by Lessee. Lessor shall have any or all of the rights and remedies set forth below in the event of default by Lessee. All notices regarding lease violations shall be in accordance with Paragraph 16 unless otherwise specified below. (a) The occurrence of any of the following shall constitute a default by Lessee: (1) failure to comply with any provision of this Lease if failure to comply is not cured within ten (10) days after delivery of written notice by Lessor to Lessee. Lessee shall not be in default if Lessee promptly commences to cure such non - compliance and diligently proceeds in good faith to cure same after receiving a second written notice of such default. (2) Voluntary Insolvency: If ITT becomes insolvent or ceases to pay its debts as they mature or voluntarily files a petition seeking reorganization of, or the appointment of any receiver, trustee, or liquidation for it or a substantial portion of its assets, or effects a plan or other arrangement with creditors, or is adjudicated bankrupt, or makes a voluntary assignment for the benefit of its creditors. (3) Involuntary Insolvency. If an involuntary petition is filed against ITT under any bankruptcy, insolvency, or similar law or seeks the reorganization of or the appointment of any receiver, trustee, or liquidator for ITT, or of a substantial part of the property of ITT, and such petition is not dismissed, or such writ or warrant of attachment or similar process is released or bonded within ninety (90) days after filing or levy. (4) The making of an assignment for the benefit of creditors; (5) Appointment of a receiver or trustee for all or substantially all of the assets of ITT. (6) An act or omission of ITT that causes or contributes to any lapse, cancelation, denial of coverage, or any other prejudice to the applicability of any insurance required under this Agreement; (7) The operation and maintenance of or failure to operate and maintain leased premises and equipment installed thereon in a manner that creates or results in a serious and immediate threat to the health welfare of the public; (8) An act or omission by ITT its officers, employees, or agents which results in a conviction of a felony under applicable law or which was committed in the performance of or relates to the obligation of responsibilities of ITT under this Agreement. (b) In the event of an uncured default, the City shall have the right, upon written notice to ITT outlining the specific circumstances of the event of Termination Default to immediately enter upon the leased premises and suspend or terminate this Agreement; (c) The remedies specified in this Article shall be in addition to and not in limitation or in lieu of all other remedies available to the City available at law or in equity.