Agenda - Council - 08/13/2002 - Laserfiche WebLink

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SECTION TWENTY-SIX NOTICE OF DEFAULT A. Except as to the provisions of Sections Ten and Twenty-Five of this lease agreement, LESSEE shall not be deemed to be in default under this lease agreement in the payment of rent or the payment of any other moneys as required or in the furnishing of any bond or insurance policy when required in this lease agreement unless LESSOR shall first give to LESSEE 30 days' written notice of the default and LESSEE falls to cure the default within 10 days thereafter. B. Except as to the provisions or events referred to in the preceding paragraph of this section, LESSEE shall not be deemed to be in default under this lease agreement unless LESSOR shall first give to LESSEE 30 days' written notice of the default, and LESSEE fails to cure the default within the 30 day period, or, if the default is of such a nature that it cannot be cured within 30 days, LESSEE fails to commence to cure the default within the period of 30 days or fails thereafter to proceed to the curing of the default with all possible diligence. SECTION TWENTY-SEVEN DEFAULT In the event of any breach of this lease agreement by LESSEE, LESSOR, in addition to the other rights or remedies it may have, shall have the immediate right of re-entry and may remove all persons and property fi'om the demised premises. The property may be removed andrstored in a public warehouse or elsewhere at the cost and for the account of LESSEE. Should LESSOR elect to re-enter, as provided in this lease agreement, or should it take possession pursuant to legal proceedings or pursuant to any notice provided for by law, LESSOR may either terminate this lease agreement or it may from time to time, without terminating this lease agreement, re-let the demised premises or any part of the demised premises for such term or terms (which may be for a term extending beyond the term of this lease agreement) and at such rental or rentals and on such other terms and conditions as LESSOR in the sole discretion of LESSOR may deem advisable with the right to make alterations and repairs to the demised premises. On each re-letting: (a) LESSEE shall be immediately liable to pay to LESSOR, in addition to any indebtedness other than rent due under this lease agreement, the expenses.of re-letting and of making.such alterations and repairs, incurred by LESSOR, and the amount, if any, by which the rent reserved in this lease agreement for the period of re-letting (up to but not beyond the term of this lease) exceeds the amount agreed to be paid as rent for the demised premises for the period on re-letting; or (b) at the option of LESSOR, rents received by the LESSOR from re-letting shall be applied, first, to the payment of any indebtedness, other than rent due under this lease agreement from LESSEE to LESSOR; second, to the payment of any expenses of re-letting and of making alterations and repairs; third, to the payment of rent due and unpaid under this lease agreement, and the residue, if any, shall be held by LESSOR and applied in payment of future rent as it may become due and payable under this lease agreement. If LESSEE has been credited with any rent to be received by re-letting under option (a), above, and the rent was not promptly paid to LESSOR by the new tenant, or if the rentals received fi'om the re-letting under option (b), above, during any month is less than that to be paid during that month by LESSEE under this lease agreement, LESSEE shall pay any deficiency to LESSOR. The deficiency shall be calculated and paid monthly. No re-entry or taking possession of the demised premises by LESSOR shall be construed as an election on the part of LESSOR to terminate this lease agreement unless a written notice of such intention is given to LESSEE or 12 -233-