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No. 2202 approving a form of lease for 117/119 E. Wayne Street and authorizing the execution/delivery thereof and other related matters
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No. 2202 approving a form of lease for 117/119 E. Wayne Street and authorizing the execution/delivery thereof and other related matters
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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 1I 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 defined 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 11.7, 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 df 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, and/or 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 allowance for interest thereon) to secure Tenant's future <br />performance under the Lease. <br />(b) Assignment of Lease. If the Trustee or Tenant has assumed the Lease pursuant to the provisions <br />of this Section 11.7 for the purpose of assigning Tenant'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 />such terms, covenants and conditions are commercially reasonable in the context of a bankruptcy proceeding of <br />Tenant. Any person or entity to which this Lease is assigned pursuant to the provisions of the Code shall be deemed <br />without further act or deed to have assumed all of the obligations arising under this Lease on and after the date of <br />such assignment. Any such assignee shall upon request execute and deliver to Landlord an instrument confirming <br />such assignment and assumption in form acceptable to Landlord. <br />0 <br />F.- DATAlSHARE1LegallWpdatalSEPlEconomic DevelopmenflBillie'50ate CafeOate Cafe Lease (version S).doc <br />
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