R2011-136 AUTHORIZING THE CITY MANAGER TO ENTER INTO AN AGREEMENT

Home Browse Search

reassignment of such certificates of participation, and provide such information to the original Lessor if requested. Section 10.02 No Sale, Assignment or Subleasing by Lessee. This Agreement and the interest of Lessee in the Property may not be sold, assigned or encumbered by Lessee without the prior written consent of Lessor. Section 10.03 Indemnification Covenants. Lessee shall protect, hold harmless and indemnify Lessor from and against any and all liability, obligations, losses, claims and damages whatsoever, regardless of cause thereof, and expenses in connection therewith, arising out of or as the result of the entering into of this Agreement, the ownership of any item of Property, the ordering, acquisition, use, operation, condition, purchase, delivery, rejection, storage or return of any item of the Property resulting in damage to property or injury to or death of any person. The indemnification arising under this paragraph shall continue in full force and effect notwithstanding the full payment of all obligations under this Agreement or the termination of the Lease Term for any reason. ARTICLE XI: EVENTS OF DEFAULT AND REMEDIES. Section 11.01 Events of Default Defined. The following shall constitute an "event of default" hereunder: A. Failure by Lessee to pay any Rent Payment or other payment required to be paid hereunder at the time specified herein; or B. Failure by Lessee to observe and perform any other covenant, condition or agreement on its part other than for a period of thirty (30) days after written notice to Lessee, specifying such failure and requesting that it be remedied, unless Lessor shall agree in writing to an extension of such time prior to its expiration; or C. Breach of any material representation or warranty by Lessee under this Agreement. Section 11.02 Remedies on Default. Upon the occurrence of an event of default, Lessor shall have the right, at its sole option without any further demand or notice, to exercise any one or more of the following remedies: A. With or without terminating this Agreement, retake possession of the Property and sell, lease or sublease the Property with the proceeds thereof to be applied to Lessee's obligations hereunder, holding Lessee liable for the Purchase Price applicable on the rent payment due date immediately preceding the date of default, plus the Rent Payment due on such date, plus any other amounts payable by Lessee hereunder, including, but not limited to, attorneys' fees, expenses and costs of repossession; 8