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O-2007-2970-A amendment to lease
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O-2007-2970-A amendment to lease
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Last modified
11/2/2016 3:39:21 PM
Creation date
2/27/2008 9:42:43 AM
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Legislative Records
Legislative Type
Ordinance
Date
2/11/2008
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<br />may reenter said premises. Landlord shall have, in addition to the remedy above provided, any other <br />right or remedy available to Landlord on account of any Tenant default, either in law or equity. Landlord <br />shall use reasonable efforts to mitigate its damages. <br /> <br />16. Quiet Possession. <br /> <br />Landlord covenants and warrants that upon performance by Tenant of its obligations hereunder, Landlord <br />will keep and maintain Tenant in exclusive, quiet, peaceable and undisturbed and uninterrupted <br />possession of the Leased Premises during the term of this Lease. <br /> <br />17. Condemnation. <br /> <br />If any legally, constituted authority condemns the premises or such part thereof which shall make the <br />Leased Premises unsuitable for leasing, this Lease shall cease when the public authority takes <br />possession, and Landlord and Tenant shall account for rental as of that date. Such termination shall be <br />without prejudice to the rights of either party to recover compensation from the condemning authority for <br />any loss or damage caused by the condemnation. Neither party shall have any rights in or to any award <br />made to the other by the condemning authority. <br /> <br />18. Subordination. <br /> <br />Tenant accepts this Lease subject and subordinate to any mortgage, deed of trust or other lien or <br />hereafter arising upon the Leased Premises, or upon the premises and to any renewals, refinancing and <br />extensions thereof, but Tenant agrees that any such mortgagee shall have the right at any time to <br />subordinate such mortgage, deed of trust or other lien to this Lease on such terms and subject to such <br />conditions as such mortgagee may deem appropriate in its discretion. Landlord is hereby irrevocably <br />vested with full power and authority to subordinate this Lease to any mortgage, deed of trust or other lien <br />now exiting or hereafter placed upon the Leased Premises of the Building, and Tenant agrees upon <br />demand to execute such further instruments subordinating this Lease or atoning to the holder of any such <br />liens as Landlord may request. In the event that Tenant should fail to execute any instrument of <br />subordination herein required to be executed by Tenant promptly as requested. Tenant hereby <br />irrevocably constitutes Landlord as its attorney-in-fact to execute such instrument in Tenant's name, place <br />and stead, it being agreed that such power is one coupled with an interest. Tenant agrees that it will from <br />time to time upon request by Landlord execute and deliver to such persons as Landlord shall request a <br />statement in recordable form certifying that this Lease is unmodified and in full force and effect (or if there <br />have been modifications, that the same is in full force and effect as so modified), stating the dates to <br />which rent and other charges payable under this Lease have been paid, stating that Landlord is not in <br />default hereunder (or if Tenant alleges a default stating the nature of such alleged default) and further <br />stating such other matters as Landlord shall reasonably require. <br /> <br />19. Record Keepina and Reconciliation. <br /> <br />A. Both Landlord and Tenant agree that each shall keep accurate records for the purposes of <br />accountability to each other in their perspective roles as they relate to Sections 6 and 7 of this <br />Lease Agreement. The Landlord shall track the monthly utility costs for the operation of the <br />Leased Premises and the Tenant shall track the costs of all improvements made to the building <br />situated on the Leased Premises. Each shall meet at least twice a year to review, confirm, and <br />mutually accept their respective credits. At the time of reconciliation both parties may also agree <br />to a cash payment in lieu of additional credits, if the amount of the accumulated credits exceeds <br />$10,000 at the time of any reconciliation. <br /> <br />B. Not withstanding the above, the Landlord also agrees to reimburse the Tenant for actual out of <br />pocket expenses incurred by Tenant in support of the agreed to services which are delivered in <br />accordance with this Agreement. <br /> <br />5 <br />
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