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ARTICLE XII <br />ASSIGNMENT AND SUBLEASING BY CITY <br />This Lease may not be assigned by the City for any reason other than to a successor by <br />operation of law. However, the Leased Property may be subleased to any other person or entity, <br />as a whole or in part, by the City, but without the necessity of obtaining the consent of Alpine <br />Bank, subject, however, to each of the following conditions: <br />(a) this Lease, and the obligations of the City hereunder, shall, at all times <br />during the Lease Term remain obligations of the City subject to Section 6.01 of this <br />Lease, and the City shall maintain its obligations to Alpine Bank, notwithstanding any <br />sublease; <br />(b) the City shall furnish or cause to be furnished to Alpine Bank a copy of <br />any sublease agreement; <br />(c) no sublease by the City shall violate the Constitution or laws of the State; <br />and <br />(d) no sublease by the City shall violate the terms of the CEC Agreements. <br />ARTICLE XIII <br />EVENTS OF DEFAULT AND REMEDIES <br />Section 13.01. Events of Default Defined. Any one of the following shall be an <br />"Event of Default" under this Lease: <br />(a) failure by the City to pay any Base Rentals or Additional Rentals during <br />the Lease Term within five Business Days after the same become due; <br />(b) failure by the City to vacate or surrender possession of the Leased <br />Property by the tenth Business Day of the Fiscal Year in respect of which an Event of <br />Nonappropriation has occurred; <br />(c) failure by the City to observe and perform any covenant, condition or <br />agreement on its part to be observed or performed hereunder or under any certificates <br />executed and delivered by the City in connection with the execution and delivery of this <br />Lease, other than as referred to in (a) or (b), for a period of 30 days after written notice, <br />specifying such failure and requesting that it be remedied shall be given to the City by <br />Alpine Bank, unless Alpine Bank shall agree in writing to an extension of such time prior <br />to its expiration; provided, however, that if the failure stated in the notice cannot be <br />corrected within the applicable period, Alpine Bank shall not withhold its consent to an <br />extension of such time if corrective action is instituted by the City within the applicable <br />period and diligently pursued until the default is corrected. Such consent by Alpine Bank <br />shall not be unreasonably withheld; or <br />22 <br />4812- 2161 -1294 9 <br />