Common use of Events of Lease Default Defined Clause in Contracts

Events of Lease Default Defined. Any one of the following shall be Events of Lease Default under this Lease: (a) failure by the City to pay any Base Rentals or Additional Rentals, which have been specifically appropriated by the City for such purpose, during the Initial Term or any Renewal Term, within five (5) Business Days of the date on which they are due; or (b) subject to the provisions of Section 6.5 hereof, failure by the City to vacate or surrender possession of the Leased Property by March 1 of any Renewal Term in respect of which an Event of Nonappropriation has occurred; or (c) failure by the City to observe and perform any covenant, condition or agreement on its part to be observed or performed hereunder, other than as referred to in (a) or (b), for a period of 30 days after written notice, specifying such failure and requesting that it be remedied shall be received by the City from the Trustee, unless the Trustee shall agree in writing to an extension of such time prior to its expiration; provided that if the failure stated in the notice cannot be corrected within the applicable period, the Trustee shall not withhold its consent to an extension of such time if, corrective action can be instituted by the City within the applicable period and diligently pursued until the default is corrected; or (d) failure by the City to comply with the terms of the Site Lease. (i) the City shall be obligated to pay the Base Rentals and Additional Rentals, which have been specifically appropriated by the City for such purpose, only during the then current Lease Term, except as otherwise expressly provided in this Lease; and (ii) if, by reason of Force Majeure, the City or the Trustee shall be unable in whole or in part to carry out any agreement on their respective parts herein contained other than the City’s agreement to pay the Base Rentals and Additional Rentals due hereunder, the City or the Trustee shall not be deemed in default during the continuance of such inability. The City and the Trustee each agree, however, to remedy, as promptly as legally and reasonably possible, the cause or causes preventing the City or the Trustee from carrying out their respective agreements; provided that the settlement of strikes, lockouts and other industrial disturbances shall be entirely within the discretion of the City.

Events of Lease Default Defined. Any one of the following shall be Events of Lease Default under this Lease: (a) failure by the City Town to pay any Base Rentals or Additional Rentals, which have been specifically appropriated by the City Town for such purpose, during the Initial Term or any Renewal Term, within five (5) Business Days of the date on which they are due; or (b) subject to the provisions of Section 6.5 hereof, failure by the City Town to vacate or surrender possession of the Leased Property by March 1 of any Renewal Term in respect of which an Event of Nonappropriation has occurred; or (c) failure by the City Town to observe and perform any covenant, condition or agreement on its part to be observed or performed hereunder, other than as referred to in in (a) or (b), for a period of 30 days after written notice, specifying such failure and requesting that it be remedied shall be received by the City Town from the Trustee, unless the Trustee shall agree in writing to an extension of such time prior to its expiration; provided that if the failure stated in the notice cannot be corrected within the applicable period, the Trustee shall not withhold its consent to an extension of such time if, if corrective action can be instituted by the City Town within the applicable period and diligently pursued until the default is corrected; or (d) failure by the City Town to comply with the terms of the Site Lease.. The foregoing provisions of this Section 13.1 are subject to the following limitations: (i) the City Town shall be obligated to pay the Base Rentals and Additional Rentals, which have been specifically appropriated by the City Town for such purpose, only during the then current Lease Term, except as otherwise expressly provided in this Lease; and (ii) if, by reason of Force Majeure, the City Town or the Trustee shall be unable in whole or in part to carry out any agreement on their respective parts herein contained other than the CityTown’s agreement to pay the Base Rentals and Additional Rentals due hereunder, the City Town or the Trustee shall not be deemed in default during the continuance of such inability. The City Town and the Trustee each agree, however, to remedy, as promptly as legally and reasonably possible, the cause or causes preventing the City Town or the Trustee from carrying out their respective agreements; provided that the settlement of strikes, lockouts and other industrial disturbances shall be entirely within the discretion of the CityTown.

Events of Lease Default Defined. Any one of the following shall be Events an Event of Lease Default under this Lease: (a) failure by the City to pay any Series 2020A Base Rentals, Series 2020B Base Rentals or Additional Rentals, which have been specifically appropriated by the City for such purpose, during the Initial Term or any Renewal Term, within five ten (510) Business Days of after the date on which they are due; or (b) subject to the provisions of Section 6.5 7.5 hereof, failure by the City to vacate or surrender possession of the Leased Property by March 1 of any Renewal Term in respect of which an Event of Nonappropriation Non-appropriation has occurred; or (c) failure by the City to observe and perform any covenant, condition or agreement on its part to be observed or performed hereunder, other than as referred to in in (a) or (b), for a period of 30 days after receipt of written notice, notice specifying such failure and requesting that it be remedied shall be received by the City from the Trustee, unless the Trustee shall agree in writing to an extension of such time prior to its expiration; provided that if the failure stated in the notice cannot be corrected within the applicable period, the Trustee shall not withhold its consent to an extension of such time if, if corrective action can be instituted by the City within the applicable period and diligently pursued until the default is corrected; or (d) failure by the City to comply with the terms of the Site Lease.. The foregoing provisions of this Section 15.1 are subject to the following limitations: (i) the City shall be obligated to pay the Series 2020A Base Rentals, Series 2020B Base Rentals and Additional Rentals, which have been specifically appropriated by the City for such purpose, only during the then current Lease Term, except as otherwise expressly provided in this Lease; and (ii) if, by reason of Force Majeure, the City or the Trustee shall be unable in whole or in part to carry out any agreement on their respective parts herein contained other than the City’s agreement to pay the Base Rentals and Additional Rentals due hereunder, the City or the Trustee shall not be deemed in default during the continuance of such inability. The City and the Trustee each agree, however, to remedy, as promptly as legally and reasonably possible, the cause or causes preventing the City or the Trustee from carrying out their respective agreements; provided that the settlement of strikes, lockouts and other industrial disturbances shall be entirely within the discretion of the City.

Events of Lease Default Defined. Any one of the following shall be Events of Lease Default under this Lease: (a) failure by the City District to pay any Base Rentals or Additional Rentals, which have been specifically appropriated by the City District for such purpose, during the Initial Term or any Renewal Term, within five (5) Business Days of the date on which they are due; or (b) subject to the provisions of Section 6.5 hereof, failure by the City District to vacate or surrender possession of the Leased Property by March September 1 of any Renewal Term in respect of which an Event of Nonappropriation has occurred; or (c) failure by the City District to observe and perform any covenant, condition or agreement on its part to be observed or performed hereunder, other than as referred to in (a) or (b), for a period of 30 days after written notice, specifying such failure and requesting that it be remedied shall be received by the City District from the Trustee, unless the Trustee shall agree in writing to an extension of such time prior to its expiration; provided that if the failure stated in the notice cannot be corrected within the applicable period, the Trustee shall not withhold its consent to an extension of such time if, if corrective action can be instituted by the City District within the applicable period and diligently pursued until the default is corrected; or (d) failure by the City District to comply with the terms of the Site Lease.. The foregoing provisions of this Section 14.1 are subject to the following limitations: (i) the City District shall be obligated to pay the Base Rentals and Additional Rentals, which have been specifically appropriated by the City District for such purpose, only during the then current Lease Term, except as otherwise expressly provided in this Lease; and (ii) if, by reason of Force Majeure, the City District or the Trustee shall be unable in whole or in part to carry out any agreement on their respective parts herein contained other than the CityDistrict’s agreement to pay the Base Rentals and Additional Rentals due hereunder, the City District or the Trustee shall not be deemed in default during the continuance of such inability. The City District and the Trustee each agree, however, to remedy, as promptly as legally and reasonably possible, the cause or causes preventing the City District or the Trustee from carrying out their respective agreements; provided that the settlement of strikes, lockouts and other industrial disturbances shall be entirely within the discretion of the CityDistrict.