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No. 2387 approving a proposed Lease between the Redevelopment Authority, as Lessor, and the Recevelopment Commission, as Lessee, for certain land and public improvements, approving preliminary plans, specificatiosn and cost estimates, setting a public he
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No. 2387 approving a proposed Lease between the Redevelopment Authority, as Lessor, and the Recevelopment Commission, as Lessee, for certain land and public improvements, approving preliminary plans, specificatiosn and cost estimates, setting a public he
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. If the Lessee has not exercised its option to purchase the Project at the expiration <br />of the term of the Lease and upon the full discharge and performance by the Lessee of its <br />obligations under this Lease, the Authority shall execute a deed of the Project to the Lessee <br />conveying good and merchantable title thereto, subject only to Permitted Encumbrances. <br />Section 15. Defaults. If the Lessee shall (a) default in the payment of any rentals <br />or other sums payable to the Authority hereunder, or in the payment of any other sum herein <br />required to be paid for the Authority, (b) fail to comply with the terms set forth in the Lease <br />Resolution, or (c) default in the observance of any other covenant, agreement or condition <br />hereof, and such default under (c) shall continue for ninety (90) days after written notice to <br />correct the same, then, in any of such events, the Authority may proceed to protect and enforce <br />its rights, either at law or in equity, by suit, action, mandamus or other proceedings, whether for <br />specific performance of any covenant or agreement contained herein or for the enforcement of <br />any other appropriate legal or equitable remedy. <br />Section 16. Notices. Whenever either party shall be required to give notice to the <br />other under this Lease, it shall be sufficient service of such notice to deposit the same in the <br />United States mail, in an envelope duly stamped, registered and addressed to the other party at its <br />last known place of business. A copy of any notice shall be mailed by first-class mail to the <br />Trustee at its last known place of business. <br />Section 17. Construction of Covenants. All provisions contained herein shall be <br />construed in accordance with the provisions of the Act and to the extent of inconsistencies, if <br />• any, between the covenants and agreements in this Lease and the provisions of the Act, the <br />provisions of said Act shall be deemed to be controlling and binding upon the parties. <br />Section 18. Successors or Assi;;ns. All covenants of this Lease, whether by the <br />Authority or the Lessee, shall be binding upon the successors and assigns of the respective <br />parties hereto. <br />***** <br /> <br />BDDBOI 4905105v1 ' 7 <br />
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