HomeMy WebLinkAbout0762 XIV i
DEFAULT
1. Should Lessee at any time violate any of the
conditions of this lease, or fail to pay the rent, mortgage
payments, utilities, taxes, insurance premiums, or -other
expenses assumed by Lessee under this lease, punctually
at maturity, as stipulated; or upon adjudication of the
Lessee in bankruptcy, the appointment of a Receiver for Lessee,
or the filing of a bankruptcy or receivership petition by
Lessee; or upon Lessee's suspension of business, failure
or insolvency; and should any such violation continue for
a period of thirty (30) days after written notice has been
given to Lessee of such violation, then the rent for the
whole unexpired term or renewal term of this lease shall,
without putting Lessee in default, at once become due and
payable; and in such event, Lessor shall have the option either
at once to demand the entire rent for the whole term, or
renewal term, or to immediately cancel this lease, without
putting Lessee in default, Lessee to remain responsible
for all damages or losses suffered by Lessor, Lessee hereby
assenting thereto and expressly waiving the legal notices
to vacate the premises.
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~ 2. Failure to strictly and promptly enforce
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these conditions shall not operate as a waiver of Lessor's
rights, Lessor expressly reserving the right to always enforce
i prompt payment of rent, or to cancel her lease, regardless
of any indulgences or extensions previously granted. The
.receiving by Lessor or Lessor's representatives of any rent
in arrears, or after notice of institution of any suit for
possession, or for cancellation of this lease, will not be
considered as a waiver of such notice or suit or any of the
rights of Lessor.
XV
ASSIGNMENT AND SUB-LEASES
1. Lessee may, after thirty (3U) days written
notice to Lessor, assign to a subsidiary, parent or affiliated
corporation the balance of this lease; provided, however, such
assignment will not relieve Lessee of any responsibility
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