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HomeMy WebLinkAbout2083 consists in the non-payment of rent or taxes, or payments on Lessee created mortgages on Lessee's interest in the Demised Premises, until such non-payment shall in violation of the terms of this Lease have continued for fifteen (15) days after written notice of such default shall have been given by t}~e Lessor to fihe Lessee;and where the alleged default consists of some violation other than the foregoing, the Lessor may not declare this Lease in default until such violation shall have continued for thirty (30) days after the Lessor shall have given tlie Lessee written Notice of such violation, and the Lessee shall not have undertaken, during said thirty day period, to cure said violation by vigorous and affi~native action; provided, however, that nothing herein contained shall be construed as precluding the Lessor from having such remedy as may become necessary in order to preserve the Lessor's rights and the interest of the Lessor in the premises and in this Lease, even before the expiration of the grace or notice periods provided for in this paragraph if, under particular circumstances then existing, the allowance of such grace period or the giving of such notice would prejudice or endanger the rights and estate of the Lessor in this Lease and in the Demised Premises. d. All default and grace periods shall be deemed to run con- currently and not consecutively. e. It is further covenanted and agreed by and between tl~e parties hereto that the right of the Lessor to collect the rent that may be due under the tp*~s of this Lease by any proceedings under the same, or 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 right given the Lessor to enforce any of the terms and pro- visions of this Lease, shall not in any way affect the rights of the Lessor to declare this Lease void and the teMn hereby ended, as herein provided,-when default is made by the Lessee in any of,the terms ~ and provisiohs hereof. i f. It is further covenanted and agreed by and between the parties ~ l~ereto that in the event of the tennination of this Lease at any ; time before the expiration of the term of years hereby created, for s the breach by the Lessee of any of the covenants herein contained, ' 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 thereto then situated on the said Demised Premises, to- F gether with all the rents, issues and profits of said premises and ~ the improvements thereon, whether then accrued or to accrue, and ~ all insurance policies and all insurance monies paid or payable ~ thereunder, and the then entire undisbursed balance of any ~ building escrow fund, and the entire undisbursed balance of any then existing joint bank account which have been created under ' the teMns hereof, and all of them, shall at one pass to and become Y ~ the property of the Lessor without any compensation therefor unto ; ~ the I.essee, not as a penalty for forfeiture, but as liquidated ; ~ damages to Lessor because of such default by Lessee and the conse- - ~ quent cancellation of the Lease, eac}i of the parties acknowledging ~ it to be the fact that for breach and consequent cancellation of - - a long-term lease of this character the Lessor will sustain sub- ; stantial damage of such character as to make it most burdensome s ~ and tedious, if not actually impossible, to ascertain the amount ~ _ thereof with mathematical precision. Each of the parties, therefor, i have agreed upon this provision for liquidated damages in the : interests of obviating what would otherwise be burdensome and } ;`~i difficult litigation to maintain or to defend, as the case may be; and this provision for liquidated damages has been taken into - account by both parties in fixing the terms of and the considera- : = tion for the making of this Lease. _ g. The Lessee pledges with and assi~s unto the Lessor all of = the rents, issues and profits which might otherwise accrue to the - ;';.~y ~r: : `s r =z t ~ 17 - BOOK2~~ PAGE2081 - : i ~i A7' ' . . ~ ,~..y .y , s x-~ .A_ . . . ~T .--"'~.v-' . . .W.. ~ , ' ' _ '