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HomeMy WebLinkAbout0074 f. It is further covena~ted and agreed by and be- tvreen the parties hereto that the right to the Lesso~ to collect the rent that may be due ~~nder the terms of this Lease by any Froceedi~gs under the same, •~r the right to collect any additional rent, money, or payments due under the terms of this Lease by any proceedings under the same, or the riyht given the Lessor to enforce any of the terms and provisiQns of this Leasz, shall not in any way affect the rigr?ts of the Lessor ta declare this Lease void ar~d ~he term hereby ended, as herein provided, when default is made by the Lessee in any of the t-,~ms and provisions hereof. g. It is further covenanted and agreed by and ~etween th~ parties hereto that in the event of the termination of this Lease at any time before the expiration of the term of years hereby createci, for the breach by the Lessee of any of the covenants herein centained, then all of the right,estate - and interest of_the Lessee in and under this Indenture and in the Demised Premises, and all additions and accessions ~hereto then situated on the said Demised Fremises, together with all the rents, issues and Frofits of said premises ar.d the improvements thereon, whether then accrued or to accrue, and all insurance policies and all insurance monies paid or pay- able thereunder, and the then entire undisbur~ed balance c~f any buil,ding escrow fu~d, and the entire undisbursed baZ- ance of any then existing joint bank account which have been created under the tern:s hereof, and all of them, shall at one pass to and become the property o~ the Lessor without any compensation therefor unto the Lessee, not as a penalty for forfeiture, but as liquidated damages to Lessor because of such default by Lessee and the consequent cancellation of the Lease, each of the oarties acknowledg~ng it to b~ the fact that for breach and consequent cancellation of a long-term lease of this character tne Lessor will sustair~ substantial damage of such character as to make it most burdensome ane~ tedious, if n~t actually im~ossi~le, to ascertain the amount j thereof with mathematical precision. Each of ~l~ parties, f therefor, h~ve agreed upon this provision for liquidated? f damages in the interests of obviating what would otherv,~ise be ' burdensome and d~ff~cu~t lit~gsticn to ~uaintain or'to ~ defend, as the cuse nay be; and this provis?on for liquidated damages has been tak~i~ into acccunt by bot1~ parties in fixing the tezms of and t~e consideratior~ for Lhe making of this Lease. , h. The Lessee pledges with and assigns unt~ the Lessor all af the rents, issues and profits which might otherwise ~ accrue to the Lessee for the use, enjoymert and operation of the Demised Premises, and in connection wi±h ~~.:ch pledgir.g of such rents, the Lessee covenants and agrees ~vith the Lessor ~ that if the Lessar, upon default of the Lessez, elects to file suit ta enforce or cancel the Lease and perfect the Lessor's rights hereunder, then the Lessor may, as ancillary ±o such suit, apply to any court having jurisdiction thereof for the appointment of a RPceiver of all and sing~lar the Demised Premises, and all additions and accessions thereto, and there- upan, it is expressly co~renanted and agreed that the Court shall ~orthwith app~int a Receiver with the usual powers and ~ duties oi Receivers in like cases, and such appointment shall be mzde by such Court as a matter of strict right to th~ ~ Lessor, and without reference to the adequacy or inadequacy of the val~~e of the property which is subject to the Landlord' s lien, or to th.~ solvency or insolvency of the Lessee, a~d ~vithout reference to the commi.ssion ~f waste. ~ - ~ ~ ~ y~ ~ ~ +~E . ~ ~ -17- ~ - - ~ - - ' : . . , - - . . .