51-96 Lakewood Hosp Lease - Laserfiche WebLink

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ARTICLE XIII EVENTS OF DEFAULT AND REMEDIES Section 13.1. Events of Default. The following shall be "Events of Default" under this Lease: (a) (1) Failure by the Lessee to pay any Basic Rent required to be paid hereunder on or prior to the applicable Rental Payment Date, and continuance of that failure for five days. (2) Failure by the Lessee to pay any Additional Payment on its due date required to be paid under Section 3.2(a) hereof, and continuance of that failure for five daYs. (b) Except as noted in subparagraph (c) below explicitly with reference to this subparagraph, failure by the Lessee to administer, maintain and operate the Leased Premises and provide the Required Services within the City without regard to race, creed, color or national origin. (c) Except upon an event of Force Majeure (as provided below) or as provided below in this subparagraph, failure by the Lessee to observe or perform any covenant, agreement or obligation on its part to be observed or performed under the Lease, other than as referred to in subparagraphs (a), (b), (d), (e), (f), (g), (h), or (i) of this Section, for a period of sixty (60) days after written notice, by registered or certified mail, to the Lessee by the City or the Senior Trustee of that failure requesting that it be remedied, unless the Senior Trustee agrees in writing to an extension of that sixty (60) day period prior to its expiration; provided, however, that if the Lessee shall proceed to take curative action which, if begun and prosecuted with due diligence, cannot be reasonably completed within a period of sixty (60) days, that period shall be increased to any extent which' shall be necessary to enable the Lessee to complete the curative action diligently unless there shall have become effective an ordinance of the City passed by a majority vote of the Council denying such extension provided that the extension shall expire only upon ten (10) days notice to Lessee of such denial; and provided further that if the observance and performance of any covenant, agreement or obligation to which reference is made in subparagraph (b) or in this subparagraph shall be prevented by the application of Governmental Restrictions, federal or State wage, price or economic stabilization controls, cost containment requirements, restrictions on rates, charges or revenues of the Lessee, federal or State environmental laws or regulations or regulations or policies imposed by third party payment agencies (if governmental in the case of subparagraph (b) and whether governmental or private in the case of this subparagraph (c)), and the Lessee shall have complied in full with its covenants, agreements and obligations set forth in Section 3.7 hereof, the inability to observe or perform that covenant, agreement or obligation shall not constitute an Event of Default. (d) Abandonment by the Lessee of the Leased Premises, or of any substantial part thereof, or of the operations thereon contemplated herein, and continuance of that abandonment for a period of thirty (30) days after written notice to the Lessee by the City or the Trustee of the abandonment. (e) . Dissolution or liquidation of the Lessee or failure by the Lessee to lift promptly any execution, garnishment or attachment of such consequence that it will impair the Lessee's ability to carry out its covenants, agreements and - 42 -