My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
6C(4) Lease for 131 S. Michigan St
sbend
>
Public
>
Redevelopment Commission
>
Agendas & Packets
>
2010
>
08-20-10 Packet
>
6C(4) Lease for 131 S. Michigan St
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
8/18/2010 9:23:54 AM
Creation date
8/18/2010 9:09:02 AM
Metadata
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
35
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
Show annotations
View images
View plain text
1 1.6. Counterclaim. If Landlord commences any proceedings for non payment of Rent, Tenant will not <br />interpose any counterclaim of any nature or description in such proceedings. This shall not, however, be construed <br />as a waiver of Tenant's right to assert such claims in a separate action brought by Tenant. The covenants to pay <br />Rent and other amounts due hereunder are independent covenants and Tenant shall have no right to hold back, offset <br />or fail to pay any such amounts for any reason whatsoever, except as may be specifically provided for herein to the <br />contrary, it being understood and acknowledged by Tenant that Tenant's only recourse is to seek an independent <br />action against Landlord. <br />11.7. Bankruptcy. <br />(a) Assumption of Lease. In the event that Tenant shall become a Debtor under Chapter 7 of the <br />United States Bankruptcy Code (the "Code") or a petition for reorganization or adjustment of debts is filed <br />concerning Tenant under Chapters 11 or 13 of the Code, or a proceeding is filed under Chapter 7 and is transferred <br />to Chapters 11 or 13, the Trustee or Tenant, as Debtor and as Debtor In-Possession, may not elect to assume this <br />Lease unless, at the time of such assumption, the Trustee or Tenant has: <br />Cured or provided Landlord "Adequate Assurance," as detlned below, that: <br />A. Within ten (10) days from the date of such assumption the Trustee or Tenant will cure all <br />monetary defaults under this Lease and compensate Landlord for any actual pecuniary loss <br />resulting from any existing default including, without limitation, Landlord's reasonable costs, <br />expenses, accrued interest as set forth in Section 11.2 of the Lease, and attorneys' fees incurred as <br />a result of the default and/or to enforce the terms hereof; <br />B. Within thirty (30) days from the date of such assumption the Trustee or Tenant will cure <br />all non-monetary defaults under this Lease; and <br />C. The assumption will be subject in all respects to all of the provisions of this Lease <br />ii. For purposes of this Section 1 1.7, Landlord and Tenant hereby acknowledge that.. in the context of <br />a bankruptcy proceeding of Tenant that this Lease is a lease of real property within a Building and, at a minimum <br />"Adequate .Assurance' shall mean: <br />A The Trustee or Tenant has and will continue to have sufficient unencumbered assets after <br />the payment of all secured and priority obligations and administrative expenses to assure Landlord <br />that the Trustee or Tenant will have sufficient funds to fulfill the obligations of Tenant under this <br />Lease. and to keep the Leased Premises stocked with merchandise and properly staffed with <br />sufficient employees to conduct a fully Operational. actively promoted business in the Leased <br />Premises; <br />B. The bankruptcy court shall have entered an order segregating sufficient cash payable to <br />Landlord, andior the Trustee or Tenant shall have granted a valid and perfected first lien and <br />security interest and.~or mortgage in property of Trustee or Tenant acceptable as to value and kind <br />to Landlord. to secure to Landlord the obligation of the Trustee or Tenant to cure the monetary <br />and-or non-monetary defaults under this Lease within the time periods set forth above; and <br />C. The Trustee or Tenant at the very least shall deposit a sum equal to one (1) month's Rent <br />to be held by Landlord (without any allo~~~ance for interest thereon) to secure Tenant's future <br />performance under the Lease. <br />(b) Assi~~nment of Lease. If the Trustee or Tenant has assumed the Lease pursuant to the provisions <br />of this Section 1 1.7 for the purpose of assi~~ning Tenanf s interest hereunder to any other person or entity, such <br />interest may be assigned only after the Trustee. Tenant or the proposed assignee have complied with all of the terms, <br />covenants and conditions of Section 13.1 herein.. including, without limitation, those with respect to Additional Rent <br />and the use of the Premises only as permitted in Article VII herein; Landlord and Tenant hereby acknowledging that <br />
The URL can be used to link to this page
Your browser does not support the video tag.