51-96 Lakewood Hosp Lease - Laserfiche WebLink

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Until the Termination Date, the Lessee (a) will not suspend, reduce or discontinue payment of any Basic Rent, Additional Payments or any other amounts payable under this Lease; (b) will observe and perform all of its covenants, agreements and obligations under this Lease; (c) will make all payments of principal of and premium, if any, and interest on all of its obligations; and (d) except upon exercise of the Lessee's termination options as provided herein, will not terminate this Lease for any cause including without limitation, (i) any acts or circumstances which may constitute failure of consideration, (ii) destruction of or damage to the Leased Premises or other properties owned or operated by the Lessee, (iii) commercial frustration of purpose, (iv) any change in tax or other laws or administrative ruling, s of, or administrative actions by or under authority of, the United States of America or the State, (v) the inaccuracy of any representation or warranty made by the City herein, or (vi) any failure of the City or either Trustee to observe or perform any covenant, agreement or other obligation, whether expressed or implied, or any duty, liability or obligation arising out of or connected with this Lease, the Indentures, or the Bonds. At the Lessee's own cost and expense, in its own name and on its own behalf or, to the extent lawful, in the name and on behalf of the City, the Lessee may prosecute or defend any action or proceeding or take any other action involving third persons which the Lessee deems to be reasonably necessary to secure or protect its rights of possession, occupancy and use hereunder. In that event, the City covenants and agrees (i) to cooperate fully with the Lessee, but at the Lessee's expense, and (ii) if the Lessee shall so request, to take all action necessary to effect the substitution of the Lessee for the City in that actmn or proceeding. Section 3.5. Rent Abatement. If at any time, (a) the Indentures shall have been defeased pursuant to their provisions under circumstances not resulting in termination of this Lease, (b) provision satisfactory to the City and the Trustees shall have been made for paying all Additional Payments, and all other amounts, payable under the Lease, due or to become due through the date on which the last of the Bonds is then scheduled to be retired or redeemed, and (c) there is no Event of Default hereunder, the Lessee shall be entitled to use and occupy the Leased Premises from that time to the Termination Date so long as the Lessee makes payment of the Additional Payment during that interval required to be paid by Section 3.2(a) hereof but without payment of any Basic Rent, but otherwise on the terms and conditions hereof. No other circumstance pursuant to any provision of this Lease shall abate the payment of Basic Rent in any way. Section 3.6. Security Interest in Lessee's Gross Revenues,. The Gross Revenues may be used by the Lessee for any lawful purpose of the Lessee, except the Lessee covenants, agrees and acknowledges that it will not grant a security interest in all present and future Gross Revenues, which security interest is a first priority security interest unless it shall concurrently grant to the Senior Trustee a security interest which is on a parity with the security interest proposed to be granted. - 18-