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renewal agreement CE 20050145
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renewal agreement CE 20050145
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4/16/2010 11:17:50 AM
Creation date
11/26/2024 9:27:05 AM
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La Porte TX
Document Type
Easements
Date
3/8/2010
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<br />6.11 BANKRUPTCY <br /> <br />If the Grantee ever becomes the subject of a voluntary or involuntary bankruptcy or other similar type <br />proceeding under the federal bankruptcy laws, then "adequate protection" of the Grantor's interest in the <br />Premises pursuant to the provisions of Sections 361 and 363 of the U.S. Bankruptcy Code prior to <br />assumption and/or assignment of any interest under the Agreement by the Grantee shall include, but not <br />be limited to the following: <br /> <br />(a) the continued payment by the Grantee of all Consideration and all other sums due and owing <br />under this Agreement; and <br /> <br />(b) the furnishing of a security deposit by the Grantee in an amount equal to three (3) times the <br />Consideration payable during the immediately preceding year. <br /> <br />""... ... <br /> <br />"Adequate assurance of future performance" by the Grantee and/or any assignee of the Grantee <br />pursuant to the U.S. Bankruptcy Code Section 365 will include payment of a security deposit in an <br />amount equal to three (3) times the Consideration paid during the immediately preceding <br />Anniversary Year. If this Agreement is assigned to any person or entity pursuant to the provisions <br />of the U.S. Bankruptcy Code, any and all Consideration payable, or otherwise to be delivered in <br />connection with such assignment, shall be paid or delivered to the Grantor, shall be and remain the <br />exclusive property of the Grantor, and shall not constitute property of the Grantee or the estate of the <br />Grantee within the meaning of the U.S. Bankruptcy Code. Any and all Consideration constituting <br />the Grantor's property under the preceding sentence not immediately paid or delivered to the Grantor <br />shall be held in trust by the Grantee for the benefit of the Grantor. <br /> <br />~, "" 4~' '" '" <br /> <br />. ~ 6.12 UTILITIES <br /> <br />The Grantee shall, at its own cost and expense, pay all charges for connection, delivery, and use of <br />all utilities used on the Premises directly to the utility company or municipality furnishing the same <br />before the charges shall become delinquent. No interruption or malfunction of any utility service <br />shall constitute a breach by the Grantor of any of its obligations hereunder or relieve the Grantee <br />from any of its obligations hereunder. <br /> <br />6.13 PROPER AUTHORITY <br /> <br />Each party hereto represents and warrants that the person executing this Agreement on its behalf has <br />full power and authority to enter into this Agreement. <br /> <br />6.14 RELATIONSHIP OF THE PARTIES <br /> <br />Nothing contained in this Contract shall be deemed or construed to create a partnership or joint <br />venture, to create relationships of an employer-employee or principal-agent, or to otherwise create <br />for the Grantor any liability whatsoever with respect to the indebtedness, liabilities, and obligations <br />of the Grantee or any other party. <br /> <br />CE20050 145 <br />cenewp.doc <br />adabney <br /> <br />11 <br /> <br />CUSTOMER ID: C000000895 <br />
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