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5G Consent
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3/21/2024 5:56:02 PM
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12/26/2023 3:00:13 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 />28 <br />such notice an effective date for termination which is not less than thirty (30) days after the date <br />of such notice, in which event this Ground Lease and Lessee's interests created hereby and all <br />interest of Lessee and all parties claiming by, through or under Lessee shall automatically <br />terminate upon the effective date for termination as set forth in such notice, with the same force <br />and effect and to the same extent as if the effective date of such notice had been the date <br />originally fixed in Article 2 hereof for the expiration of the Term. In such event, Lessor, its <br />agents or representatives, shall have the right, without further demand or notice, to re-enter and <br />take possession of the Leased Premises (including all buildings and other Improvements <br />comprising any part thereof) at any time from and after the effective termination date without <br />being deemed guilty of any manner of trespass and without prejudice to any remedies for arrears <br />of Rent or existing breaches of covenants; provided that Lessor shall not be entitled to disturb <br />possession of any Residents or others in possession pursuant to Resident Subleases with Lessee <br />so long as such Resident or others are not in default thereunder and attorn to Lessor as their <br />lessor. <br />(b) Upon the exercise of Lessor's remedies pursuant to this Section 14.2, <br />Lessee shall execute such releases, deeds and other instruments in recordable form as Lessor <br />shall reasonably request in order to accurately set forth of record the then current status of <br />Lessee's rights hereunder. <br />(c) If Lessee shall have failed to cure a default by Lessee after expiration of <br />the applicable time for cure of a particular default, Lessor, at its election, but without obligation <br />therefor (i) may seek specific performance of any obligation of Lessee, after which Lessor shall <br />retain, and may exercise and enforce, any and all rights that Lessor may have against Lessee as a <br />result of such default, (ii) from time to time without releasing Lessee in whole or in part from the <br />obligations to be performed by Lessee hereunder, may cure the default at Lessee's cost, (iii) may <br />terminate this Ground Lease, and/or (iv) may exercise any other remedy given hereunder or now <br />or hereafter existing at law or in equity. Any reasonable cost incurred by Lessor in order to cure <br />such a default by Lessee shall be due immediately from Lessee, together with interest, and may <br />be offset against any amounts due from Lessor to Lessee. <br />(d) Remedies Cumulative. No remedy provided in this Section shall be <br />considered exclusive of any other remedy, but the same shall be cumulative and shall be in <br />addition to every other remedy given hereunder or now or hereafter existing at law or in equity <br />or by statute, and every power and remedy given by this Ground Lease may be exercised from <br />time to time and as often as occasion may arise or as may be deemed expedient, subject to any <br />limitations referred to hereinabove. <br />(e) No Election of Remedies. The rights given in this Section to receive, <br />collect or sue for any rent or rents, moneys or payments, or to enforce the terms, provisions and <br />conditions of this Ground Lease, or to prevent the breach or nonobservance thereof, or the <br />exercise of any such right or of any other right or remedy hereunder or otherwise granted or <br />arising, shall not in any way affect or impair or toll the right or power of Lessor upon the <br />conditions and subject to the provisions in this Ground Lease to terminate Lessee's right of <br />possession because of any default in or breach of any of the covenants, provisions or conditions <br />of this Ground Lease beyond the applicable cure period. DRAFT
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