Lease Default Events and Remedies Sample Clauses

Lease Default Events and Remedies. (a) It shall constitute a Lease Default Event if (i) the City shall fail (A) to pay any Rental Payment payable hereunder when the same becomes due and payable, time being expressly declared to be of the essence in this Lease Agreement, or (B) to keep, observe or perform any other term, covenant or condition contained herein to be kept or performed by the City, if such failure shall have continued for a period of 30 days after written notice thereof, specifying such failure and requiring the same to be remedied, shall have been given to the City by the Trustee or the Insurer, the Authority, or the Owners of not less than 5% of the aggregate principal amount of the Bonds at the time Outstanding; provided, however, that if the failure stated in the notice can be corrected, but not within such 30 day period, such failure shall not constitute a Lease Default Event hereunder if corrective action is instituted by the City within such 30 day period, the Insurer consents in writing to an extended period of time, and the City shall thereafter diligently and in good faith cure such failure in a reasonable period of time, provided, further, that, unless consented to by the Trustee and the Insurer, such period of time shall not exceed 180 days, (ii) except as otherwise provided in Article VIII hereof, the City’s interest in this Lease Agreement or any part thereof be assigned or transferred, either voluntarily or by operation of law or otherwise, (iii) the City or the Authority shall commence a voluntary case under Title 11 of the United States Code or any substitute or successor statute, or
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Lease Default Events and Remedies. 20 Section 9.1. Lease Default Events Defined 20 Section 9.2. Remedies 20 Section 9.3. No Remedy Exclusive. 21 Section 9.4. Agreement to Pay Attorneys’ Fees and Expenses 21 Section 9.5. No Additional Waiver Implied by One Waiver 21 Section 9.6. Trustee and Bond Owners to Exercise Rights 21 ARTICLE X PREPAYMENT OF BASE RENTAL PAYMENTS 22 Section 10.1. Security Deposit 22 Section 10.2. Prepayment Option 22 Section 10.3. Mandatory Prepayment From Net Proceeds of Insurance, Title Insurance or Eminent Domain 22 Section 10.4. Redemption and Defeasance of Bonds 23 ARTICLE XI MISCELLANEOUS 23 Section 11.1. Permitted Encumbrances 23 Section 11.2. Notices 23 Section 11.3. Binding Effect 23 Section 11.4. Severability 23 Section 11.5. Net-net-net Lease 23 Section 11.6. Further Assurances and Corrective Instruments 23 Section 11.7. Execution in Counterparts 23 Section 11.8. Applicable Law 23 Section 11.9. Authority and City Representatives 23 Section 11.10. Captions 24 EXHIBIT A DESCRIPTION OF SITE ............................................................................. A-1 EXHIBIT B DESCRIPTION OF FACILITY ................................................................... B-1 EXHIBIT C PERMITTED ENCUMBRANCES .............................................................. C-1 EXHIBIT D SCHEDULE OF BASE RENTAL PAYMENTS AND BASE RENTAL PAYMENT DATES..................................................................... D-1 THIS LEASE AGREEMENT, dated as of [Dated Date], by and between the ANAHEIM HOUSING AND PUBLIC IMPROVEMENTS AUTHORITY, a public entity duly organized and existing under and by virtue of the laws of the State of California (the “Authority”), lessor, and the CITY OF ANAHEIM, a municipal corporation and a chartered city duly organized and existing under and by virtue of the laws of the State of California and its Charter (the “City”), lessee,
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Lease Default Events and Remedies. 21 Section 7.01. Events of Defaults and Remedies 21 Section 7.02. Waiver 24 ARTICLE VIII AMENDMENTS; ASSIGNMENT AND SUBLEASING; SUBSTITUTION OR RELEASE 25 Section 8.01. Amendments 25 Section 8.02. Assignment and Subleasing 26 Section 8.03. Substitution or Release of the Property 26 ARTICLE IX MISCELLANEOUS 28 Section 9.01. Assignment to Trustee 28 Section 9.02. Rights of Insurer 28 Section 9.03. Third-Party Beneficiary 28 Section 9.04. Validity and Severability 28 Section 9.05. Notices 29 Section 9.06. Section Headings 30 Section 9.07. Governing Laws 30 Section 9.08. Electronic Signature 30 Section 9.09. Execution in Counterparts 30 EXHIBIT A DESCRIPTION OF THE PROPERTY................................................................A-1 THIS LEASE AGREEMENT (this “Lease Agreement”), dated as of 1, 2021, is by and between the CITY OF ANAHEIM, a municipal corporation and chartered city organized and existing under and by virtue of its charter and the laws of the State of California (the “City”), as lessee, and the ANAHEIM PUBLIC FINANCING AUTHORITY, , a joint exercise of powers authority organized and existing under and by virtue of the laws of the State of California (the “Authority”), as lessor.
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Lease Default Events and Remedies. 24 Section 7.01. Lease Default Events and Remedies 24 Section 7.02. Waiver 25
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Lease Default Events and Remedies 
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Related to Lease Default Events and Remedies

  • Events of Default and Remedies (a) Any one or more of the following events which shall have occurred and be continuing shall constitute an event of default (“Event of Default”): (i) The Company or any subsidiary (A) shall institute any proceeding or voluntary case seeking to adjudicate it bankrupt or insolvent, or seeking dissolution, liquidation, winding up, reorganization, arrangement, adjustment, protection, relief or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of any order for relief or the appointment of a receiver, trustee, custodian or other similar official for such the Company or any subsidiary or for any substantial part of its property, or shall consent to the commencement against it of such a proceeding or case, or shall file an answer in any such case or proceeding commenced against it consenting to or acquiescing in the commencement of such case or proceeding, or shall consent to or acquiesce in the appointment of such a receiver, trustee, custodian or similar official; (B) shall be unable to pay its debts as such debts become due, or shall admit in writing its inability to apply its debts generally; (C) shall make a general assignment for the benefit of creditors; or (D) shall take any action to authorize or effect any of the actions set forth above in this subsection 4(a)(i); (ii) Any proceeding shall be instituted against the Company seeking to adjudicate it a bankrupt or insolvent, or seeking dissolution, liquidation, winding up, reorganization, arrangement, adjustment, protection, relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, custodian or other similar official for the Company or for any substantial part of its property, and either such proceeding shall not have been dismissed or shall not have been stayed for a period of sixty (60) days or any of the actions sought in such proceeding (including, without limitation, the entry of any order for relief against it or the appointment of a receiver, trustee, custodian or other similar official for it or for any substantial part of its property) shall occur; or (iii) The Company shall fail to pay the any part of the Principal when due hereunder; (b) If an Event of Default described above has occurred, then the Holder may, without further notice to the Company, declare the principal amount of this Note at the time outstanding, and all other amounts payable under this Note to be forthwith due and payable, whereupon such principal and all such amounts shall become and be forthwith due and payable. (c) The Company covenants that in case the Principal of the Note becomes due and payable by declaration or otherwise, then the Company will pay in cash to the Holder of this Note, the whole amount that then shall have become due and payable on this Note for Principal. In case the Company shall fail forthwith to pay such amount, the Holder may commence an action or proceeding at law or in equity for the collection of the sums so due and unpaid, and may prosecute any such action or proceeding to judgment or final decree against Company or other obligor upon this Note, wherever situated, the monies adjudicated or decreed to be payable.

  • Performance Default and Remedies Subsection B. DEFAULT AND REMEDIES, second paragraph of the Contract is modified as follows (underlined language is added and stricken language is deleted): “Written notice of default and a reasonable 30-day opportunity to cure must be issued by the party claiming default.”

  • Default and Remedies Either of the following constitutes cause to declare this Contract, or any Participating Entity order under this Contract, in default: 1. Nonperformance of contractual requirements, or 2. A material breach of any term or condition of this Contract. The party claiming default must provide written notice of the default, with 30 calendar days to cure the default. Time allowed for cure will not diminish or eliminate any liability for liquidated or other damages. If the default remains after the opportunity for cure, the non-defaulting party may: • Exercise any remedy provided by law or equity, or • Terminate the Contract or any portion thereof, including any orders issued against the Contract.

  • Defaults and Remedies SECTION 6.01.

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