6097 (EXHIBIT A - E) - Laserfiche WebLink

Home Browse Search

(g) deposit $500,000.00 from the proceeds of the Series 1994 Bonds in the 1994 Bond Proceeds Sub-Account of the Parking Account; and (h) deposit $459,000.00 in the Retail Space Account of the Construction Fund, from funds which the City agrees to contribute simultaneously with the delivery of this Ground Lease. Section 5. Assignments and Subleases. The Trustee may assign this Ground Lease and its rights hereunder or lease the Leased Property without the written consent of the City (i) if the Lease is terminated for any reason, or (ii) if an Event of Default has occurred. Section 6. Termination. (a) This Ground Lease will terminate upon the completion of the term set forth in Section 3 hereof. However, if the City pays the Option Price or pays all of the Base Rentals and Supplemental Rent provided for in Article HI of the Lease and exercises its option to purchase the Trustee's interest in the Leased Property pursuant to Article XII of the Lease, then this Ground Lease will be considered assigned to the City and terminated through merger of the leasehold interest hereunder with the fee interest of the City if the City is the owner of the fee interest. (b) If an Event of Default (which includes any grace period contained therein) under the Lease occurs or if the City terminates the Lease pursuant to Section 3.09 of the Lease, the Trustee will have the right to possession of the Leased Property for the remainder of the term of this Ground Lease and will have the right to sublease the Leased Property or sell its interest in the Leased Property and this Ground Lease upon whatever terms and conditions it deems prudent; provided, however, that for the remainder of the term of this Ground Lease the Trustee (or, if the Trustee has assigned its rights hereunder, its then current assignee instead of the Trustee) will provide the City with public liability insurance covering the premises for the remainder of the term of this Ground Lease and will furnish the City with evidence thereof. Upon any termination of the Lease, the City will have no further responsibility or liability to the Trustee under the Lease with respect to the Leased Property except as provided in the Lease and this Ground Lease. Section 7. Default. Notwithstanding any default by the Trustee hereunder, the City may not exclude the Trustee from the Leased Property or take possession of the Leased Property (other than pursuant to the Lease) or terminate this Ground Lease prior to the expiration of its term as set forth in Section 3 hereof. However, if, upon the exercise of the option to purchase the Trustee's interest in the Leased Property granted to the City in Article XII of the Lease and after the payment of the purchase price specified therein and other sums payable under the Lease, the Trustee fails to convey its interest in the Leased Property to the City pursuant to said option, then the City will have the right to terminate this Ground Lease, such termination to be effective 30 days after delivery of written notice of such termination to the Trustee. In the event of any default by the Trustee hereunder, the City may maintain an action for damages or, if permitted in equity, for specific performance. In no event will the Trustee be liable for consequential or punitive damages. Section 8. Quiet Enjoyment. At all times during the term of this Ground Lease, the Trustee will peaceably and quietly have, hold and enjoy all of the Leased Property, subject to the rights of the City under the Lease. -3-