O-2002-2591 - Laserfiche WebLink

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e e This Assignment of Lease is especially made SUBJECT to Article X of said Lease Agreement. The City of La Porte by its consent to this Assignment of Lease for financing purposes by Assignor, expressly reserves all its rights as Lessor, contained in said Lease Agreement, and particularly Article X thereof, including, but not limited to, the right of the City of La Porte to give prior written approval to any substitute lessee. As often and whenever a default occurs in the payment of the above described Promissory Note, or in the performance of any covenant contained in the Loan Agreement between Assignor and Assignee and as long as any such default continues, Assignee is hereby authorized to take possession of the premises covered by such Lease, and may exercise by prior written consent of Lessor, all other rights of the Lessee under the terms of such Lease Agreement. Assignee shall have the right at any time that such default exists, to make and enter into agreements with Lessee's tenants, increasing or reducing rentals or otherwise changing the terms of such sub-lease contracts, and under such circumstances may enter into new sub-leases and rental contracts in the name of Assignor or otherwise, on such terms and containing any covenants and agreements as Assignee may deem advisable. Assignor further agrees to inform Assignee promptly in writing of notice received from the City of La Porte with respect to any obligation or default under said Iease(s). Assignor also agrees to perform all obligations binding on Lessee under its said Iease(s) with the City of La Porte. The City of La Porte, acting herein by its duly authorized representatives, joins in the execution hereof for the limited purpose of evidencing its consent to this Assignment of Lease for finance purposes by Assignor to Assignee. Such consent by the City of La Porte shall not be construed as a waiver of the performance of TRI-STAR AVIATION, INC., as Lessee under said Lease Agreement. The City of La Porte agrees, that in the event of default by Assignor herein in its obligations under said lease agreement with the City of La Porte, that Assignee shall have the right, with the prior express written consent of the City of La Porte, to assign the lease agreement between the City of La Porte and Assignor, to a qualified aircraft fixed base operator. In the event of such assignment, all provisions of the Lease Agreement between the City of La Porte and Assignor, applicable to the Lessee thereunder, shall be equally binding upon any party to which the activities, uses, privileges and obligations authorized in said Lease Agreement, are assigned, by Assignee hereunder. The City of La Porte will not be unnecessarily arbitrary in granting said permission, but the City of La Porte shall be the sole judge as to the reliability, capability, character, and desirability of the parties involved. The consent of the City of La Porte evidenced hereby shall not be construed as a subordination or waiver and relinquishment by the City of La Porte of its right of levy for rents and all liens, claims and demands of every kind which it may have against all building and contents on the lease premises, under the constitution and laws of the State of Texas, and under the terms and provisions of its Amended Lease Agreement with TRI-STAR AVIATION, INC., successor in interest to Bayport Aviation, Inc., whose original lease with the City of La Porte was dated January 1, 1985, and was amended effective April 1, 2002.