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Agenda 8-g - ISLA, Inc. Lease - 501 W. Franklin Street, Suite 200
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Agenda 8-g - ISLA, Inc. Lease - 501 W. Franklin Street, Suite 200
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BOCC
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6/5/2018
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Regular Meeting
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Agenda
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8-g
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Agenda - 06-05-2018 Regular Board Meeting
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Page 7 of 12 <br /> <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 /> <br /> (f) The terms "enter", "reenter", "entry", or "reentry" as used in this Lease are not <br />restricted to their technical meaning. <br /> <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 /> <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 /> <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 />condition in this Lease, and each such term or condition shall continue in full force and effect <br />with respect to any other then existing or subsequent breach thereof. <br /> <br />11
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