Common use of City’s Response Clause in Contracts

City’s Response. City shall make its election to approve or disapprove such assignment within thirty (30) days after City's receipt of the Notice of Proposed Assignment (the "Response Period"). If City approves the proposed assignment in writing, then Licensee shall be entitled for a period of one-hundred (100) days following such date to enter into the proposed Assignment. However, the value of any Rent or other consideration realized by Licensee under any such Assignment in excess of the Rent and additional charges payable hereunder (or the amount thereof proportionate to the portion of the Premises subject to such assignment) shall be paid to City. Notwithstanding anything to the contrary in this Section, if any monetary or other material event of default by Licensee is outstanding hereunder at the time of Licensee's Notice of Proposed Assignment (or if any event shall have occurred which with the giving of notice or the passage of time or both would constitute such a default), then City may elect by notice to Licensee to refuse to consent to Licensee's proposed Transfer and pursue any of its right or remedies hereunder or at law or in equity.