Res 1998-026 - Laserfiche WebLink

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9.2 In the event of the transfer and assignment by Lessor of its interest in this Lease and in the building on the Leased Premises to a person, firm or corporation, assuming Lessor's obligations, Lessee agrees to look solely to the responsibility of such successor in interest of the Lessor. Any security given by Lessee to secure performance of its obligations may be assigned and transferred by Lessor to such successor in interest of Lessor and Lessor shall be discharged of any further obligation. ARTICLE X Events of Default and Remedies 10.1 The following events shall be deemed to be events of default by Lessee under this Lease: A. Lessee fails to pay when due any rental or any other sums or charges due under this Lease. B. Lessee fails to comply with any other term, provision, or covenant of this Lease, and does not cure the failure within 10 days after written notice thereof to Lessee. C. Lessee becomes insolvent, or makes a transfer in fraud of creditors, or makes an assignment for the benefit of creditors. D. Lessee commences proceedings in bankruptcy, or for reorganization, or for the readjustment or arrangement of Lessee's debts, whether under the Bankruptcy Act of the United States of America or under any other law, whether state or federal, now or hereafter existing for the relief of debtors, or there shall be commenced any analogous statutory or nonstatutory proceeding involving Lessee. The acceptance by Lessor of Lessee's monthly payment as provided subsequent to the occurrence of this event of default, or that set forth in subparagraph (5) below, shall be as compensation for use and occupancy of the leased premises, and shall in no way constitute a waiver by Lessor of its right to exercise any of the provided remedies upon the occurrence of any event of default. E. A receiver or trustee is appointed for all or substantially all of the assets of Lessee. F. Lessee deserts or vacates any substantial portion of the Leased Premise. Upon the occurrence of any of the events of default, Lessor shall have the option to pursue anyone or more of the following remedies without any notice or demand whatsoever: (1) Terminate the Lease, in which event Lessee shall immediately surrender the Leased Premises to Lessor, and if Lessee fails to do so, Lessor may, without prejudice to any other remedy which it may have for possession or arrearages in rent, enter upon and take possession of the Leased Premises and expel or remove Lessee and any other person who may be occupying the premises or any part thereof, by force if necessary, without being liable for prosecution or any claim of damages; and Lessee agrees to pay to Lessor on demand the amount of all loss and damage which Lessor may suffer by reason of termination, whether through inability to relet the Leased Premises on satisfactory terms or otherwise. (2) Relet the Leased Premises and receive the rent; and Lessee agrees to pay to Lessor on demand any deficiency that may arise by reason of reletting. 7