51-96 Lakewood Hosp Lease - Laserfiche WebLink

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discharged in accordance with the Indentures, shall be paid as provided in Section 5.14 of the Senior Indenture for transfers of amounts remaining in the Special Funds as defined in the Senior Indenture. Before any of the foregoing remedies may be exercised by the Senior Trustee or the City in connection with an Event of Default under subpa, ragraph (b) of Section 13.1, the Council shall give written notice to the Lessee, with the prior written consent of the Senior Trustee, that the Council believes that an Event of Default under that subparagraph may have occurred, specifying the charges or circumstances constituting the alleged Event of Default in sufficient detail that the Lessee will be advised fully of the nature of the charges made against it and will be able to prepare an adequate response thereto. The notice shall fix a date, time and place for a hearing, which shall be at the expense of the Lessee, before a hearing officer who shall be a member of the American Arbitration Association or any organization which is nationally recognized as performing the functions now performed by the Association who is knowledgeable concerning health care facilities reasonably comparable in size and type to the Leased Premises, who shall be mutually acceptable to the Lessee and the Council. The hearing shall be on the issue of whether an Event of Default has occurred. That date shall not be sooner than fifteen (15) days following the giving of that notice. At the date, time and place specified in the notice, unless the Council shall have withdrawn the notice, the Lessee shall be heard on the charges specified in the notice, shall be confronted with the evidence of the alleged Event of Default, shall have the tight to examine and to cross-examine witnesses and may introduce any other evidence and testimony with respect to the alleged Event of Default which the Lessee desires. After the hearing is concluded, the hearing officer shall consider whether an Event of Default has occurred and shall report his findings or determinations to the Council and the Lessee. If the hearing officer determines that an Event of Default has occurred, the Council may give notice of that determination to the Lessee and the Trustee and of its intention to terminate this Lease as of a date not earlier than the fifteenth day following the giving of the notice. If on the date specified for termination, the determination shall not have been enjoined, annulled or otherwise suspended by any judicial authority or suspended or waived by the Council, this Lease shall be terminated. The provisions of Section 13.2(a) are subject to the further limitation that a rescission by the Trustees of any declaration of acceleration of maturity of Bonds pursuant to the Indentures will constitute a rescission and annulment of any corresponding declaration of acceleration made pursuant to Section 13.2(a) and a waiver of the consequences of that declaration and of the Event of Default with respect to which that declaration has been made; provided that no waiver, rescission or annulment shall extend to or affect any subsequent Event of Default or impair any right consequent thereon. Section 13.3. No Remedy Exclusive. Unless provided otherwise herein explicitly, no right, power or remedy conferred upon or reserved to the City or the Trustees in this Lease is intended to be exclusive of any other available right, power or remedy, but each right, power and remedy shall be cumulative and shall be in addition to every other right, power and remedy available under this Lease or the Indentures or existing now or hereafter at law, in equity, by statute or otherwise, but only to the extent necessary for the protection and benefit of the City, the Trustees and holders of the Bonds. The exercise, the beginning of the exercise, or the partial exercise by the City or the Trustees of any one or more tights, powers or remedies shall not preclude the simultaneous or later exercise by the City or the Trustees of any or all other rights, powers or remedies. No delay or omission in the exercise of any right, power or remedy accruing upon any Event of Default shall impair any other tight, power or remedy or shall be construed to be a waiver of the Event of Default, but any right, power or remedy may be exercised from time to time and as often as may be deemed expedient. In order to entitle the - 46 -