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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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(c) Adequate Protection. Upon the filing of a petition by or against Tenant under the Code, Tenant, as <br />Debtor and as Debtor in Possession, and any Trustee who may be appointed hereby agree to adequately protect <br />Landlord as follows: <br />i. To immediately perform each and every obligation of Tenant under this Lease until such time as <br />this Lease is either rejected or assumed by order of the bankruptcy court; <br />ii. To pay all monetary obligations required under this Lease, including, without limitation, the <br />payment of Base Rent and such Additional Rent charges payable hereunder which is considered reasonable <br />compensation for the use and occupancy of the Premises; <br />iii. Provide Landlord a minimum thirty (30) days' prior written notice, unless a shorter period is <br />agreed to in writing by Landlord, of any proceeding relating to any assumption of this Lease or any intent to <br />abandon the Premises, which abandonment shall be deemed a rejection of this Lease; and <br />iv. To perform to and for the benefit of Landlord as otherwise required under the Code. <br />The failure of Tenant to comply with the above shall result in an automatic rejection of this Lease and the <br />automatic stay under Section 362 of the Code shall automatically be terminated as to Landlord and the Premises. <br />(d) Accumulative Rights. The rights, remedies and liabilities of Landlord and Tenant set forth in this <br />Section 11.7 shall be in addition to those which may now or hereafter be accorded, or imposed upon, Landlord and <br />Tenant by the Code. <br />(e) Changes in Code. If the Code is changed or amended such that any references in this Section 11.7 <br />to particular provisions or terms of art lose the meaning that they have as of the Effective Date, such provisions or <br />terms of art of this Lease shall be deemed to be amended to reflect such changes in the Code. <br />0 ARTICLE XIL <br />ESTOPPEL CERTIFICATES ATTORNMENT AND SUBORDINATION <br />12.1. Estoppel Certificates. Tenant and Landlord agree to execute and deliver, within ten (10) days after <br />request therefor by the other party, a statement, in writing, certifying to Landlord and/or any party designated by <br />Landlord, or Tenant and/or any party designated by Tenant, as the case may be, that: (a) this Lease is in full force <br />and effect; (b) the Commencement Date; (c) that Rent is paid currently without any off -set or defense thereto, (d) the <br />amount of Rent, if any, paid in advance; (e) that there are no known uncured defaults by Landlord or Tenant, or <br />stating those known and claimed, provided that, in fact, such facts are accurate and ascertainable, and (f) any other <br />information reasonably requested. <br />12.2. Attornment. In the event any proceedings are brought for the foreclosure of, or in the event of <br />conveyance by deed -in -lieu of foreclosure of, or in the event of exercise of the power of sale under any mortgage <br />made by Landlord covering the Premises, Tenant hereby attorns to the successor -in- interest of Landlord and <br />covenants and agrees to execute an instrument in writing reasonably satisfactory to same whereby Tenant attorns to <br />such successor -in- interest and recognizes such successor -in- interest as Landlord hereunder. <br />12.3. Subordination. <br />(a) Landlord shall have the right at any time and from time -to -time to create security interests in the <br />form of a mortgage, deed of trust or other similar lien or encumbrance (a "Mortgage ") upon or affecting Landlords <br />fee estate in the Premises, or any part thereof, and the rights of Tenant under this Lease shall be subject and <br />subordinate to any such Mortgage; provided, however, that in the event of any foreclosure or sale under any such <br />Mortgage or the delivery by Landlord of any deed -in -lieu of foreclosure to the holder of any such Mortgage, then <br />the holder of any such Mortgage agrees not to disturb Tenant's possession so long as Tenant is not in default under <br />is the terms of this Lease beyond any notice and/or cure periods provided for under this Lease and attoms to such <br />_17_ <br />F.• IDATAISHARETegal1WpdataiSEPlEconomic DevelopmentlBillie`slState CafelState Cafe Lease (version 5 )sloe <br />
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