Inst 2003490374 - Laserfiche WebLink

Home

case, an additional period of thirty (30) days after the expiration thereof or after City has served such notice of default upon Beneficiary, whichever is later. Provided that all monetary obligations of Waste Management under this Lease shall be duly performed, these grace periods shall be extended as set forth in the respective circumstances below: (i) In those instances which reasonably require the Beneficiary to be in possession of the Premises to cure any default by Waste Management, the time herein allowed Beneficiary to cure any default by Waste Management shall be deemed extended to include the period of time required by said Beneficiary to obtain such possession with due diligence; and (ii) In the instances in which Beneficiary is prohibited by any process or injunction issued by any court or by reason of any action by any court having jurisdiction of any bankruptcy or insolvency proceeding involving Waste Management from commencing or prosecuting foreclosure or other appropriate proceedings in the nature thereof, the time herein allowed Beneficiary to prosecute such foreclosure or other proceeding shall be extended for the period of such prohibition. 8.1.4. Beneficiary's Rights in Lieu of Waste Management's Duties and/or Responsibilities Pursuant to Lease. Beneficiary shall, without prejudice to its rights against Waste Management, without payment of any penalty to City and within the period and as otherwise provided herein, have the right, but not the obligation: (i) to pay all of the rents due hereunder; (ii) to effect any insurance; (iii) to pay any taxes and assessments; (iv) to make any repairs and improvements; (v) to do any other act or thing required of Waste Management hereunder or which may be necessary and proper to be done in the performance and observance of the agreements, covenants and conditions hereof; (vi) to remedy any default of Waste Management or cause the same to be remedied; (vii) to acquire Waste Management's leasehold estate; or (viii) to commence foreclosure or other appropriate proceedings. For such purposes City and Waste Management hereby authorize Beneficiary to enter upon the Premises and to exercise any of Waste Management's rights and powers under this Lease, and, subject to the provisions of this Lease, under the Leasehold Deed of Trust. City will accept performance by the Beneficiary of any covenant, condition or agreement on Waste Management's part to be performed by Waste Management. Notwithstanding anything in Section 8.1.3 to the contrary, provided that all monetary obligations of Waste Management shall be duly performed, no default by Waste Management shall be deemed to exist and this Lease shall not be terminated by City so long as the Beneficiary shall, in good faith, have commenced to rectify any claimed default or to exercise its rights to acquire the leasehold interest of Waste Management, or commence foreclosure or other appropriate proceedings, and to prosecute the same to completion with diligence and continuity; provided, however, that the Beneficiary shall not be required to continue such foreclosure proceedings if such default is cured. 8.1,5 Beneficiary's Rights After Notice. From and after receiving the Beneficiary's Notice, neither City nor Waste Management shall cancel, terminate, surrender, modify or amend this Lease in any respect without the prior written consent of the Beneficiary. No Beneficiary shall become 622009-1 10