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Agenda - 09-19-2017 - 8-c - Seal the Seasons, Inc. Lease – 501 W. Franklin Street - Suites 105 and 106
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Agenda - 09-19-2017 - 8-c - Seal the Seasons, Inc. Lease – 501 W. Franklin Street - Suites 105 and 106
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9/14/2017 4:35:50 PM
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BOCC
Date
9/19/2017
Meeting Type
Regular Meeting
Document Type
Agenda
Agenda Item
8c
Document Relationships
2017-622 AMS - Seal the Seasons, Inc. - Initial Lease Revenue
(Message)
Path:
\Board of County Commissioners\Contracts and Agreements\General Contracts and Agreements\2010's\2017
Minutes 09-19-2017
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Path:
\Board of County Commissioners\Minutes - Approved\2010's\2017
RES-2017-057 Resolution to approve leasing property at 501 West Franklin St., Chapel Hill, NC, for up to ten years
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\Board of County Commissioners\Resolutions\2010-2019\2017
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11 <br /> for liquidated and agreed final damages for the Tenant's default, an amount equal to the <br /> difference between the rent and additional rent reserved hereunder for the expired portion of the <br /> Lease of the Leased Premises for the same period. In the computation of such damages the <br /> difference between any installment of rent becoming due hereunder after the date of termination <br /> and the fair and reasonable rental value of the Leased Premises for the period for which such <br /> installment was payable shall be discontinued to the date of termination at the rate of four <br /> percent per annum. <br /> (f) The terms "enter", "reenter", "entry", or "reentry" as used in this Lease are not <br /> restricted to their technical meaning. <br /> 18. Lien on Tenant's Improvements and Personal Property. The County shall <br /> have first lien paramount to all others on every right and interest of the Tenant in and to this <br /> Lease, and on any building or improvement on or hereafter placed on the Leased Premises, and <br /> on any furnishings, equipment, fixtures, or other personal property of any kind belonging to the <br /> Tenant, or the equity of the Tenant therein, on the Leased Premises. Such lien is granted for <br /> the purpose of covenanted to be paid by the Tenant, and for the purpose of securing the <br /> performance of all the Tenant's obligations under this Lease. Such liens shall be in addition to <br /> all rights of the County given under statutes of this state, which are now or shall hereinafter be <br /> in effect. The provisions of this paragraph shall not be applicable to liens existing at the <br /> commencement of this Lease. <br /> Provided, that County may, at his option, agree to subordinate this lien to liens <br /> arising about purchased of equipment or leasehold improvement financing by Tenant, which <br /> agreement County covenants not to unreasonably withhold. <br /> 19. County's Right to Receiver upon Tenant's Default. In addition to any other <br /> security for the performance of this Lease, the Tenant hereby assigns to the County all the rents <br /> and profits which might otherwise accrue to the Tenant from the use, enjoyment, and operation <br /> of the Leased Premises, such assignment to become effective, however, only after default by <br /> the Tenant in the performance of its obligations under this Lease. If the County, upon default of <br /> the Tenant, elects to file a suit in equity to enforce the Lease and protect the County's right <br /> hereunder, the County may upon notice to the Tenant, as ancillary to such suit, apply to any <br /> court having jurisdiction for the appointment of a receiver of the Leased Premises, the <br /> improvements and buildings located thereon, the personal property located therein, and <br /> thereupon the court may forthwith appoint a receiver with the usual powers and duties of <br /> receivers in like cases. Such appointment shall be made by such court as a matter of strict <br /> right to the County and without consideration of the adequacy of the value of the Tenant's <br /> interest in the Lease, or of the value of the property, or the commission of waste thereon, or the <br /> deterioration thereof. Nothing herein shall prevent the enforcement of the County's lien for rent <br /> in any court or by proceeding authorized to the laws of this state, or the institution by the County <br /> of a separate proceeding in equity for the appointment of a receiver as an ancillary remedy to <br /> protect the rights and interest of the County. Any and all remedies or proceedings are <br /> considered cumulative and not exclusive. <br /> 20. Waiver of County's Rights Only by Written Instrument. No failure by the <br /> County to insist upon the strict performance of any item or condition of this Lease or to exercise <br /> any right or remedy available on a breach thereof, and no acceptance of full or partial rent <br /> during the continuance of any such breach shall constitute a waiver of any claim, breach, or of <br /> any such term or condition. No term or condition of this Lease required to be performed by the <br /> Tenant, and no breach thereof, shall be waived, altered or modified, except by a written <br /> instrument executed by the County. No waiver of any breach shall affect or alter any term or <br /> Page 7 of 12 <br />
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