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R90-71 AUTHORIZING BUS LEASING AGREEMENT
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R90-71 AUTHORIZING BUS LEASING AGREEMENT
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8/4/2016 11:31:59 AM
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8/4/2016 11:31:59 AM
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Resolution/Ordinance
Res Ord Num
R90-71
Res Ord Title
AUTHORIZING BUS LEASING AGREEMENT BETWEEN THE CITY OF DECATUR, ILLINOIS AND MACON RESOURCES, INC.
Approved Date
6/4/1990
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, , Page 7 I <br /> Y � • <br /> LESSOR hereunder within 15 days of the due date: (b) <br /> non-performance under any provision hereof within 10 <br /> days after LESSOR has made written demand therefor: (c) <br /> LESSEE' s bankruptcy, receivership, insolvency, assign- <br /> ment for the benefit of creditor' s or similar action or <br /> condition relating to LESSEE or LESSEE' s property which <br /> causes LESSOR in good faith to deem itself insecure <br /> with respect to the collection of the total rent for <br /> the unexpired term of this lease. <br /> 8 . REMEDIES OF DEFAULT: Whenever an Event of Default has <br /> occurred or is continuing, LESSOR shall have the right, <br /> but not the obligation, to exercise one or more of the <br /> following remedies: <br /> (a) to terminate LESSEE's rights under this lease; <br /> (b) to take possession of any or all of the buses, <br /> wherever located, without demand or notice and <br /> without any court order or other process or law; <br /> (c) to recover immediately, all rents and other <br /> amounts then due or thereafter accruing under this <br /> lease: <br /> (d) to sell any and all of the buses at public or <br /> private sale: <br /> (e) to recover all costs of taking possession, stor- <br /> ing, repairing and, where applicable, selling the <br /> buses; <br /> (f) to pursue any other remedy now or hereafter <br /> existing at law or in equity. <br />
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