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Approving Revenue Bonds Ridgedale Nursing Home
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Approving Revenue Bonds Ridgedale Nursing Home
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Last modified
11/22/2013 3:23:45 PM
Creation date
11/20/2013 9:25:57 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
12/17/1973
Ord-Res Number
5623-73
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ARTICLE IX <br />1?MrWnTFQ <br />SECTION 1. DEFAULT. Lessor may terminate this Lease upon the happening of <br />any one of the following events: (a) failure of Lessee to pay an installment <br />of rent when due within fifteen (15) days after notice; (b) failure of Lessee <br />to perform any other covenant of this Lease within thirty (30) days after notice; <br />(c) failure of Lessee to comply with the terms of the Indenture of Trust or <br />any mortgage on the Leased Premises and, in the event of default, to reinstate <br />the mortgage within thirty (30) days after notice from the Trustee. <br />SECTION 2. RE- ENTRY. Upon the termination of this Lease by reason of Lessee's. <br />default, Lessee shall remain liable for the lease rentals and other charges to <br />be paid by Lessee under this Lease and shall be required to pay such sums as <br />are necessary to redeem the Bonds and the accrued interest thereon in full <br />together with said other charges, and said Lessee shall hold the Lessor harm- <br />less in respect thereto. <br />SECTION 3. ADVANCES. In the event of any breach hereof by Lessee, which <br />Lessee fails to cure within thirty (30) days after notice, Lessor may cure <br />such breach for the account and at the expense of Lessee. Any sum or sums <br />so paid by Lessor, with interest thereon at the rate of ten percent (10 %) <br />per annum from date of payment, shall be deemed to be additional rent here- <br />under and shall be due from Lessee to Lessor immediately upon payment of <br />Lessor. <br />SECTION 4. RIGHTS AND REMEDIES CUMULATIVE. The various rights and remedies <br />accorded to or reserved by either party are not exclusive of any other right <br />or remedy. Failure to insist upon strict performance on one occasion may not <br />be deemed a waiver of the right to require strict performance on another. <br />ARTICLE X <br />OPTION TO TERMINATE <br />This Lease may cancelled and terminated by Lessee upon payment by Lessee <br />- 11 - <br />_ P <br />
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