Major City Default Sample Clauses

Major City Default. If there shall occur an Event of Major City Default, the Lessee shall have and may exercise all rights and remedies available to the Lessee at law or in equity or under any statute or ordinance. Without limiting the generality of the preceding, whenever any such event shall have occurred and is continuing, the Lessee 79 \DC - 038094 000003- 3386784 v12 may, following the applicable cure period and subject to final resolution of the dispute resolution process under Section 16. 19 of this Operating Lease, (i) terminate this Operating Lease upon written notice after expiration of any applicable cure period, and/or (ii) take whatever action at law or in equity as may appear necessary or desirable to enforce performance or observance of any obligations, agreements, or covenants of the City under this Operating Lease, including setting off against its payment obligations hereunder as set forth in Section 14.9; provided, however, that prior to the exercise by the Lessee of any right of termination of this Operating Lease under this Section 13.5.3(i), the City may, at any time, pay all accrued payments hereunder (with interest and reasonable attorneys’ fees) and fully cure all defaults relating to failure to pay, and in such event, the City shall be fully reinstated to its position hereunder as if such event of default had never occurred.