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6C(4) Lease for 131 S. Michigan St
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6C(4) Lease for 131 S. Michigan St
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8/18/2010 9:23:54 AM
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ii. Landlord shall receive affidavits, made by both Tenant and its assignee through an officer or <br />principal of each such entity, stating the full consideration to be received by Tenant as assignor as a result of said <br />assignment, including, if any, payments for Tenants improvements, proposed rent (which includes, without <br />limitation, all monthly charges allocated to common area maintenance, insurance, real property taxes, and utility <br />charges) and any other payments; <br />iii. Each assignee shall have submitted to Landlord a cur•ent financial statement, audited by a <br />certified public accountant, showing a net worth and working capital in amounts determined by Landlord to be <br />sufficient to assure the future performance by such assignee of Tenant's obligations hereunder; <br />iv. Each assignee shall have submitted to Landlord, in writing, evidence satisfactory to Landlord of <br />substantial experience in operating a business similar to that offered by Tenant and permitted under Section 1.1(c) of <br />this Lease or a business otherwise requested by the Landlord and in operating said business in a space or volume <br />comparable to that contemplated under this Lease; <br />v. The business reputation of each assignee shall meet or exceed generally acceptable commercial <br />standards; <br />vi. The use of the Premises by each assignee shall not violate, or create any potential violation of, <br />applicable Laws, codes or ordinances, nor violate any other agreements affecting the Premises, Landlord or other <br />occupants in the Building; and <br />vii. Tenant shall pay Landlord the sum of One Thousand Five Hundred Dollars ($1,500.00) as <br />reimbursement to Landlord for administrative and legal expenses incurred by Landlord in connection with any such <br />assignment. <br />(c) hi the event that Tenant desires to assi~,n this Lease. Tenant shall give notice to Landlord setting <br />forth the ternls of the proposed assignment. Tenant shall advise Landlord of the name of the proposed assignee, <br />shall furnish Landlord with the information required by Landlord with respect to the proposed assignee, and <br />Landlord shall advise Tenant_ within sixty (60) business days after receipt of such notice and all required <br />information from Tenant, that Landlord either consents or refuses to crn7sent to an assignment to the proposed <br />assignee. <br />13 ?. Assiemnent by Landlord. Landlord. at any time and from time to time. may assign its interest in <br />this Lease. and. if: (a) Landlord assigns its interest in this Lease: and (b) the assignee assumes al] of the obligations <br />of Landlord under the terms and conditions of this Lease: then Landlord and its successors and assigns (other than <br />the assignee of this Lease) shall be released from any and all liability hereunder. <br />.ARTICLE lI~'. <br />MISCELLANEOUS <br />14.1. Security Deposit. Contemporaneously with the execution of this Lease, Tenant shall deposit the <br />Security Deposit. as detined in Section 1.1(i ), with Landlord. Landlord: (a) shall hold the Security Deposit without <br />liability to Tenant for interest: and (b) may couimin~~le the Security Deposit with its other funds. The Security <br />Deposit. or any portion thereof. may be applied by Landlord to cure any default by Tenant under this Lease, without <br />prejudice to an_v other remedy or remedies that Landlord may have on account of such application. Upon any such <br />application by Landlord. Tenant shall pay to Landlord on demand the amount applied by Landlord to cure such <br />default so that the Security Deposit is restored to its original amount If Landlord conveys the Premises during the <br />Term: (A) Landlord may turn the Security Deposit over to Landlords grantee or successor: and (B) Tenant shall <br />release Landlord from any and all liability with respect to the Security Deposit. If Tenant faithfully perforn~s its <br />obligations under the terms and conditions of this Lease, then Landlord shall return to Tenant the amount of the <br />Security Deposit not applied by Landlord to cure defaults by Tenant. without interest, within thirty (30) days after <br />the latter of: (y) the Tern~ination Date: or (z) the date that Tenant has surrendered possession to Landlord in <br />accordance with the terms and conditions of this Lease. <br />
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