HomeMy WebLinkAbout1986 40. EAF2LY TER~:INATI4~'. If this lease shall terminate .
at any time prior to the expiration of tr,a term provided, that is
December 31, 2020, by reason of the brzach of any of the Lessee's
covenants, then and in such case, all right, estate and interest
of the Lessee in and under this lease and in and to the demised
pre~ises and all insurance policies ar.d all insurance monies paid
or payable thereur~der and al~ uti~i ~y c~posits a.zd all prepaid
expenses as to the derti.sed pre::.i.ses s:~al~, without any compensatior.
r.tade therefor unto the Lessee at once `3a5S to and become the property
of the Lessor. ~
Q1.. SOL~i~CY O~ TySS°~. If, during the terrr, of this ~
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lease, the Lessee shall make an assign,;.znt for the benefit of cr~~:i- ~
tors; or a voluntary or i~voluntary ~etitio:~ be filed by or against
~:ne I,essee under any law naving for its p•arpose the adjucicatior. of t'r.e
Lessee as a bankrupt or the extension of the time of payment, co.~:pos~-
tion, adjustraent, modification, settle:r.ent or satisfaction of :iie ~~a-
bilities of the Lessee or the reorganization of tiie Lessee; or a per:aa-
r.en~ receiver be appointed ~ for ~he pro: erty of the Lessee r_;~r any
governmental authority take possession of t~e lands described in ~he
~eclaration of Condominium, t'r.is lease, a~ tne ontion of the Lessor ~
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~ shall be terminated and shal.'. expire as fully and comz~letely as ;
~ of the day of happening of such coat~:.ge:.cy coincided witi~ thE daLe
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~ speci,-".ically fixed as the 2x~iration of the term hereof, t.'~e provisions
relative to notice and grace notwit.s~anciing, and ;he Lessee shall then_
quit a.~d surrender the de~iseu pre.:.ises ~o the Lessor hut the Lessee
~ shall rem,ain liable as hereir.a~~er prov~ued. If the I,essee shall con-
test any proceeding of an invoZuntary r.ature which would be grour.ds
or cause for the termination u;,c~r t;~~s ~ection, by suitable process
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' according to law and shall :,rosecu~e said defense with due diligence,
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~ provided all other covenants of the Lesaee herein made are otherwise ~
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kept and performed, the right of terr.ir.ation in the Lessor undzr t.~:is
section shall be suspended until the ultimate determination of said
matters by a court of competent jurisdiction or until the Lessee shall
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