R2022-48 Resolution Authorizing Lake Decatur Lease Agreement between the Decatur Park District, G & H Marine, Inc., and the City of Decatur

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improvements prior to the expiration of this Agreement and return the Premises to its original condition. 23. WAIVER OF SUBROGATION. As part of the consideration for this Agreement, each of the parties hereby releases the other party from all liability for damage due to any act or neglect of the other party occasioned to property owned by said parties which is or might be incident to or the result of a fire or other casualty against loss for which either of the parties is now carrying or hereafter may carry insurance;provided,however,that the releases herein contained shall not apply to any loss or damage occasioned by intentional acts of either of the parties,and the parties further covenant that any insurance they obtain on their respective properties shall contain an appropriate provision whereby the insurance company,or companies, consent to the mutual release of liability contained in this paragraph. 24. DEFAULT AND REMEDIES. If: (a) G&H fails to comply with any term, provision, condition or covenant of this Agreement; (b) G&H abandons the Premises; (c) any petition is filed by or against G&H under any section or chapter of the Federal Bankruptcy Act, as amended, or under any similar law or statute of the United States or any state thereof; (d) G& H becomes insolvent or makes a transfer in fraud of creditors; (e) G &H makes an assignment for benefit of creditors; or(f) a receiver is appointed for G&H or any of the assets of G &H, then in any of such events, G &H shall be in default and City or DPD shall provide thirty(30) days' written notice of default to G&H. If G &H fails to correct the default within thirty(30) days, City and/or DPD may declare this Agreement terminated and retake possession of the Premises immediately without further notice or process of court. City and/or DPD shall have the right and remedy to seek redress in the courts at any time to correct or remedy any default of G &H by injunction or otherwise, without such resulting or being deemed a termination of this Agreement. Further, City and DPD,regardless of whether this Agreement has been terminated, shall have the absolute right by court action or otherwise to collect any and all sums due from G &H to City or DPD under this Agreement which were or are unpaid at the date of termination. 25. WAIVER. The rights and remedies of City and DPD under this Agreement, as well as those provided by law, shall be cumulative, and none shall be exclusive of any other rights or remedies.A waiver by City or DPD of any breach or default of G &H shall not be deemed or construed to be a continuing waiver of such breach or default nor as a waiver of or permission, expressed or implied, for any subsequent breach or default. It is agreed that the acceptance by City or DPD of any required payments subsequent to the date the same should have been paid shall not alter the covenant and obligation of G&H to make subsequent payments promptly upon the due date. Receipt by City or DPD of partial payment after G&H's default shall not be construed to be or constitute a cure of any such default. No receipt of money by City or DPD before or after the termination of this Agreement shall in any way reinstate, continue or extend the term above demised, or constitute waiver of any default. 26. TOXIC OR HAZARDOUS MATERIALS. G& H shall not store,use or dispose of any toxic or hazardous materials in, on or about the Premises without the prior written 7 3/11/2022