Common use of Taking of Possession; Acceleration of Ground Rent Clause in Contracts

Taking of Possession; Acceleration of Ground Rent. Upon any expiration or termination of this Ground Lease or any termination by summary proceedings or otherwise, (a) the Tenant shall quit and peacefully surrender the Project Site to the District, without any payment therefor by the District, and the District, upon or at any time after any such expiration or termination, may, without further notice, enter upon and re-enter the Project Site, by summary proceedings, ejectment, or otherwise, and may dispossess the Tenant and remove the Tenant and all other persons and property from the Project Site and may have, hold, and enjoy the Project Site and the right to receive all rental income of and from the same; and (b) except as set forth below, if Tenant is in default of the Ground Lease, the District shall be entitled to collect forthwith upon such termination as penalty or liquidated damages the amount, if any, equal to FIVE MILLION AND NO/100THS DOLLARS ($5,000,000.00) ; and (c) all obligations of the Tenant hereunder for additional rent, or Impositions, or any portion thereof arising or accruing with respect to any period prior to such termination and any obligations of the Tenant under the indemnification provisions hereof arising or accruing with respect to any period prior to such termination hereof, in each case without regard to whether such matter is first noticed to the District prior to or subsequent to such termination, shall survive the termination hereof. Notwithstanding the above and foregoing, upon the commencement of operations of the resort and casino, the amount of liquidated damages referenced in Section 17.4 (b) shall no longer be the sum of FIVE MILLION AND NO/100THS DOLLARS ($5,000,000.00) but instead shall be calculated as follows:

Taking of Possession; Acceleration of Ground Rent. Upon any expiration or termination of this Ground Lease or any termination by summary proceedings or otherwise, (a) the Tenant shall quit and peacefully surrender the Project Site to the District, without any payment therefor by the District, and the District, upon or at any time after any such expiration or termination, may, without further notice, enter upon and re-enter the Project Site, by summary proceedings, ejectment, or otherwise, and may dispossess the Tenant and remove the Tenant and all other persons and property from the Project Site and may have, hold, and enjoy the Project Site and the right to receive all rental income of and from the same; and (b) except as set forth below, if Tenant is in default of the Ground Lease, the District shall be entitled to collect forthwith upon such termination as penalty or liquidated damages the amount, if any, equal to FIVE TEN MILLION AND NO/100THS DOLLARS NO/100 ($5,000,000.0010,000,000.00) DOLLARS less the cost of the Improvements constructed and completed by Tenant, but in no event in excess of the remaining aggregate rent; and (c) all obligations of the Tenant hereunder for additional rent, or Impositions, or any portion thereof arising or accruing with respect to any period prior to such termination and any obligations of the Tenant under the indemnification provisions hereof arising or accruing with respect to any period prior to such termination hereof, in each case without regard to whether such matter is first noticed to the District prior to or subsequent to such termination, shall survive the termination hereof. Notwithstanding However, if the above and foregoing, upon District obtains a successor tenant during what would have been the commencement of operations remainder of the resort and casinoterm of this Ground Lease, Tenant shall receive a credit for rentals collected from said successor tenant for the remaining term of this Ground Lease, but in no event shall the credit exceed the amount which Tenant would have been obligated to have paid if there had been no default. The District shall not be under any duty to obtain a successor tenant. At the option of the District, Tenant shall, at Tenant’s expense, demolish and remove any partially complete building on the Project Site. The Tenant shall be entitled to a credit against the penalty for liquidated damages referenced as provided in this Section 17.4 (b) shall no longer be of this Ground Lease for the sum cost of FIVE MILLION AND NO/100THS DOLLARS ($5,000,000.00) but instead shall be calculated as follows:such demolition.

Taking of Possession; Acceleration of Ground Rent. Upon any expiration or termination of this Ground Lease or any termination by summary proceedings or otherwise, (a) the Tenant shall quit and peacefully surrender the Project Site to the District, without any payment therefor by the District, and the District, upon or at any time after any such expiration or termination, may, may without further notice, enter upon and re-re- enter the Project Site, by summary proceedings, ejectment, or otherwise, and may dispossess the Tenant and remove the Tenant and all other persons and property from the Project Site and may have, hold, and enjoy the Project Site and the right to receive all rental income of and from the same; and (b) except as set forth below, if Tenant is in default of the Ground Lease, the District shall be entitled to collect forthwith upon such termination as penalty or liquidated damages the amountdamages, if any, an amount equal to FIVE MILLION AND NO/100THS DOLLARS ($5,000,000.00) the remaining aggregate rent; and (c) all obligations of the Tenant hereunder for additional rent, or Impositions, or any portion thereof arising or accruing with respect to any period prior to such termination and any obligations of the Tenant under the indemnification provisions hereof arising or accruing with respect to any period prior to such termination hereof, in each case without regard to whether such matter is first noticed to the District prior to or subsequent to such termination, shall survive the termination hereof. Notwithstanding the above and foregoing, upon the commencement of operations of the resort and casino, the amount of liquidated damages referenced in Section 17.4 (b) shall no longer be the sum of FIVE MILLION AND NO/100THS DOLLARS ($5,000,000.00) but instead shall be calculated as follows:.

Taking of Possession; Acceleration of Ground Rent. Upon any expiration or termination of this Ground Lease or any termination by summary proceedings or otherwise, (a) the Tenant shall quit and peacefully surrender the Project Site to the District, without any payment therefor by the District, and the District, upon or at any time after any such expiration or termination, may, may without further notice, enter upon and re-enter the Project Site, by summary proceedings, ejectment, or otherwise, and may dispossess the Tenant and remove the Tenant and all other persons and property from the Project Site and may have, hold, and enjoy the Project Site and the right to receive all rental income of and from the same; and (b) except as set forth below, if Tenant is in default of the Ground Lease, the District shall be entitled to collect forthwith upon such termination as penalty or liquidated damages the amount, if any, equal to FIVE TEN MILLION AND NO/100THS DOLLARS NO/100 ($5,000,000.0010,000,000.00) DOLLARS less the cost of the Improvements constructed and completed by Tenant, but in no event in excess of the remaining aggregate rent; and (c) all obligations of the Tenant hereunder for additional rent, or Impositions, or any portion thereof arising or accruing with respect to any period prior to such termination and any obligations of the Tenant under the indemnification provisions hereof arising or accruing with respect to any period prior to such termination hereof, in each case without regard to whether such matter is first noticed to the District prior to or subsequent to such termination, shall survive the termination hereof. Notwithstanding However, if the above and foregoing, upon District obtains a successor tenant during what would have been the commencement of operations remainder of the resort and casinoterm of this Ground Lease, Tenant shall receive a credit for rentals collected from said successor tenant for the remaining term of this Ground Lease, but in no event shall the credit exceed the amount of liquidated damages referenced in Section 17.4 (b) which Tenant would have been obligated to have paid if there had been no default. The District shall no longer not be the sum of FIVE MILLION AND NO/100THS DOLLARS ($5,000,000.00) but instead shall be calculated as follows:under any duty to obtain a successor tenant.