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3/21/2024 5:56:02 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Staff Report
Document Date (6)
10/16/2023
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<br />27 <br />(f) A Transfer occurs, either voluntarily or involuntarily, in violation of this <br />Ground Lease; <br />(g) The subjection of any right or interest of Lessee in this Ground Lease to <br />attachment, execution, or other levy, or to seizure under legal process, if not released within sixty <br />(60) days; <br />(h) Lessee shall have voluntarily or involuntarily suspended its business for a <br />period in excess of thirty (30) days for reasons other than Force Majeure, or Lessee shall have <br />been dissolved or terminated; <br />(i) The appointment of a receiver, to take possession of Lessee's estate or of <br />Lessee's operations on the Leased Premises for any reason, if such receivership is not terminated, <br />dismissed or vacated within ninety (90) days after the appointment of the receiver; <br />(j) Pursuant to or within the meaning of the United States Bankruptcy Code <br />or any other federal or state law relating to insolvency or relief of debtors ("Bankruptcy Law"), <br />Lessee or any general partner thereof (i) commences a voluntary case or proceeding; (ii) consents <br />to the entry of an order for relief against Lessee or any general partner thereof in an involuntary <br />case; (iii) consents to the appointment of a trustee, receiver, assignee, liquidator or similar <br />official for Lessee or any general partner thereof or for the Leased Premises; (iv) makes an <br />assignment for the benefit of its creditors; or (v) admits in writing its inability to pay its debts as <br />they become due; <br />(k) The filing against Lessee of any involuntary proceedings under such <br />Bankruptcy Code or similar law, if such proceedings have not been vacated or stayed within <br />ninety (90) days of filing; <br />(l) The appointment of a trustee or receiver for Lessee or for all or the major <br />part of the Leased Premises, in any involuntary proceeding, or the taking of jurisdiction by any <br />court over all or the major part of the Leased Premises in any involuntary proceeding for the <br />reorganization, dissolution, liquidation or winding up of Lessee, if such trustee or receiver shall <br />not be discharged or such jurisdiction relinquished or vacated or stayed on appeal or otherwise <br />stayed within ninety (90) days; <br />(m) Any of Lessee's representations or warranties contained in this Ground <br />Lease or in any financial statement, certificate or report submitted to Lessor in connection with <br />this Ground Lease proves to have been incorrect in any material and adverse respect when made <br />and continues to be materially adverse to Lessor if the failure of such representation or warranty <br />is not cured within thirty (30) days after written notice of the default has been given to the <br />Lessee. <br />Section 14.2 Rights and Remedies. <br />(a) At any time after the occurrence of an Event of Default hereunder, subject <br />in all respects to the provisions of this Ground Lease with respect to Lessor's rights to cure <br />defaults by Lessee, Lessor may, in addition to any other rights and remedies available at law or <br />in equity, terminate this Ground Lease by giving Lessee written notice thereof, setting forth in DRAFT
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