Agenda - Council - 03/02/2010 - Special

Home

b. LANDLORD'S Rights. Should LANDLORD elect to re-enter the Leased Space, as herein provided, or should it take possession of the Leased Space pursuant to legal proceedings or pursuant to any notice provided for by law, it may either terminate this Lease or it may from time to time, without terminating this Lease, make such alterations and repairs as may be necessary in order to relet the Leased Space, and relet the Leased Space or any part thereof upon such term or terms (which may be for a term extending beyond the term of this Lease) and at such rental or rentals and upon such other terms and conditions as LANDLORD in its sole discretion may deem advisable. Upon each such subletting all rentals received by LANDLORD from such reletting shall be applied first to the payment of any indebtedness other than rent due hereunder from TENANT to LANDLORD; second, to the payment of any costs and expenses of such reletting, including brokerage fees and attorney's fees and costs of such alterations and repairs; third, to the payment of the rent due and unpaid payment of future rent as the same may become due and payable hereunder. If such rentals received from such reletting during any month be less than that to be paid during that month by TENANT hereunder, possession of the Leased Space by LANDLORD shall be construed as an election on its part to terminate this Lease unless a written notice of such intention be given to TENANT or unless the termination thereof be decreed by a court of competent jurisdiction. Notwithstanding any such reletting without termination, LANDLORD may at any time after such re-entry and reletting elect to terminate this Lease for any such breach, in addition to any other remedies it may have, it may recover from TENANT all damages it may incur by reason of such breach, including the cost of recovering the Leased Space, reasonable attorney's fees, and including the worth at the time of such termination of the excess, if any, of the amount of rent and charges equivalent to rent reserved in this Lease for the remainder of the stated term, minus the amount of rental loss which TENANT proves could have been reasonably avoided, all of which amounts shall be immediately due and payable from TENANT to LANDLORD. LANDLORD shall also be entitled to any other amounts necessary to compensate LANDLORD for all detriment proximately caused by TENANT'S failure to comply with the requirements of this Lease. c. LANDLORD May Cure Default. LANDLORD may, at its option, instead of exercising any other rights or remedies available to it in this Lease or otherwise by law, statute or equity spend such money as is reasonably necessary to cure any default of TENANT herein and the amount so spent, and costs incurred, including attorney's fees incurring such default, shall be paid by TENANT, and additional rent, upon demand. d. TENANT Payment. In the event suit shall be brought for recovery of possession of the Leased Space, for the recovery of rent of any other amount due under the provisions of this Lease, or because of the breach of any other covenant herein contained on the part of TENANT to be kept or performed, and a breach shall be established, TENANT shall pay to LANDLORD all expenses incurred therefore, including a reasonable attorney's fee, together with interest on all such expenses at a reasonable the rate of interest from the date of such breach of the covenants of this Lease. e. Waiver of Rights of Redemption. TENANT hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of TENANT being evicted or dispossessed for any cause, or in the event of LANDLORD obtaining possession of the Leased Space, by reason of the violation by TENANT of any of the covenants or conditions of this Lease, or otherwise. TENANT also waives any demand for possession of the Leased Space, and any demand for payment of rent and any notice of intent to re-enter the 10