Ordinance 2015-1695 - Laserfiche WebLink

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(d) the City (i) files a petition or application seeking reorganization, arrangement under federal bankruptcy law, or other debtor relief under the laws of the State or (ii) is the subject of such a petition or application which is not contested by the City, or otherwise dismissed or discharged, within 30 days. The foregoing provisions of this Section 13.01 are subject to the following limitations: (a) the City shall be obligated to pay the Base Rentals and Additional Rentals only during the Original Term or current Renewal Term, except as otherwise expressly provided in this Lease; and (b) if, by reason of Force Majeure, the City shall be unable in whole or in part to carry out any agreement on its part herein contained, other than the obligations on the part of the City contained in Article VI of this Lease, the City shall not be deemed in default during the continuance of such inability. The City agrees, however, to remedy, as promptly as legally and reasonably possible, the cause or causes preventing the City from carrying out its agreement; provided that the settlement of strikes, lockouts and other industrial disturbances shall be entirely within the discretion of the City. Section 13.02. Remedies on Default. Whenever any Event of Default referred to in Section 13.01 of this Lease shall have happened and be continuing, Alpine Bank shall notify the City as required by this Lease and, without any further demand or notice, take one or any combination of the following remedial steps: (a) Alpine Bank may terminate the Lease Term and give notice to the City to vacate and surrender possession of the Leased Property within ten Business Days of such notice. (b) Alpine Bank may proceed to foreclose through the courts on or otherwise sell, trade -in, repossess or liquidate the City's leasehold interest in the Leased Property, or any part thereof in any lawful manner; provided, however, that Alpine Bank may not recover from the City any deficiency which may exist following the liquidation of the City's leasehold interest in the Leased Property in excess of Base Rentals and Additional Rentals for the then current Fiscal Year and in excess of amounts payable under subparagraph (d) of this Section 13.02. (c) Alpine Bank may lease or sublease the Leased Property or any portion thereof or sell any interest Alpine Bank has in the Leased Property. (d) Alpine Bank may recover from the City: (i) the portion of Base Rentals and Additional Rentals which would otherwise have been payable hereunder, during any period in which the City continues to occupy, use or possess the Leased Property; and (ii) Base Rentals and Additional Rentals which would otherwise have been payable by the City hereunder during the remainder, after the City vacates and surrenders possession of the Leased Property, of the Fiscal Year in which such Event of Default occurs. 23 4812 - 2161 -1294 9