1990-05-15 Resolution 22 - Laserfiche WebLink

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If the Lessee has not exercised its option to purchase the Project at the expiration of the term of the Lease and upon the full • discharge and performance by the Lessee of its obligations under this Lease, the Authority shall execute a deed of the Project to the Lessee conveying all of its interest thereto, subject only to Permitted Encumbrances. Section 15. Defaults. If the Lessee as able (to theca Authority payment of any rentals or other sums p y hereunder, or in the payment of any other sum herein required to be paid for the Authority, (b) fail to comply with the terms :set forth in the Lease Resolution, or (c) default in the observance of any other covenant, agreement or condition hereof, and such default under (c) shall continue for ninety (90) days after written notice to correct the same, then, in any of such events, the Authority may proceed to protect and enforce its rights, either at wh th r for equity, by suit, action, mandamus or other proceedings, specific performance of any covenant o P 9o riate legal l o d equitable for the enforcement of any other a p p remedy. Section 16. Notices. When ever either party shall be required to give notice to the other under this Lease, it shall be sufficient service of .such notice to deposit the same in the United States mail, in an envelope duly stamped, registered and addressedofoanhe notice party at its last known place of business. A copy Y shall be mailed by first-class mail to the Trustee at its last known • place of business. All provisions Section 17. Construction of Covenants. rovisions contained herein shall be construed in accordance with th between the of the Act and to the extent of inconsistencies•rovision~s of the Act, covenants and agreements in this Lease and the p the provisions of said Act shall be deemed to be controlling and binding upon the parties. Section 18. Successors or Ass~h Lesseell shallebenbinding pon Lease, whether by the Authority or the successors and assigns of the respective parties hereto. • -8-