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Agenda - 04-21-20; 8-g - Approval of a Lease for a Section of the Roof and Wall of the Sportsplex to Cellco Partnership (Verizon Wireless) for Installation of a Mini Cell Phone Tower
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Agenda - 04-21-20; 8-g - Approval of a Lease for a Section of the Roof and Wall of the Sportsplex to Cellco Partnership (Verizon Wireless) for Installation of a Mini Cell Phone Tower
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Agenda 04-21-20 Virtual Business Meeting
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32 <br /> Deed of Trust and Security Agreement dated June 14, 2017, and recorded in Book <br /> R136319, Page 169 (the "Mortgage"), in the Register of Deed's Office for Orange <br /> County,North Carolina(the "Register's Office"); <br /> AGREEMENT: <br /> NOW, THEREFORE, in consideration of the premises and for other good and valuable <br /> consideration, the receipt and sufficiency of which are hereby acknowledged, the parties, <br /> intending to be legally bound, agree as follows: <br /> 1. So long as the Lessee is not in default in the performance of any of the terms of <br /> the Lease beyond applicable notice and cure periods, the parties agree that if Lender, or any other <br /> party, succeeds to the interest of Lessor under the Lease ("Lessor's Successor") by foreclosure, <br /> or by acquisition of title to the Property in lieu of foreclosure, or otherwise, pursuant to any <br /> rights granted to Lender, in any case pending pursuant to 11 U.S.C. §101 et seq., or any action <br /> taken under the Mortgage by Lender, or if Lender exercises the rights granted to it by any <br /> assignment (any such occurrence being referred to herein as an "Attornment Event"), the <br /> Lessee shall be bound to Lessor's Successor under all of the terms of the Lease for the balance of <br /> the term thereof remaining, and any extension or renewal terms thereof, with the same force and <br /> effect as if Lessor's Successor was the lessor under the Lease, and the Lessee shall attorn to <br /> Lessor's Successor as its lessor, such attornment to be effective and self-operative, without the <br /> execution of any further instruments on the part of any of the parties hereto, immediately upon <br /> the Lessor's Successor succeeding to the interest of the Lessor under the Lease. Notwithstanding <br /> anything herein to the contrary, the Lessee shall be under no obligation to pay rent or other costs, <br /> if any, which may be due Lessor pursuant to the terms of the Lease to the Lessor's Successor <br /> until the Lessee receives written notice from the Lessor's Successor that it has succeeded to the <br /> interest of the Lessor under the Lease. The respective rights and obligations of the Lessee and <br /> Lessor's Successor upon such attornment shall, to the extent of the then remaining balance of the <br /> term of the Lease and any extension or renewal thereof, be the same as now set forth therein, it <br /> being the intention of the parties hereto for this purpose to incorporate the Lease in this <br /> Agreement by reference with the same force and effect as if set forth at length herein. <br /> 2. Subject to Lessee's attornment to Lessor's Successor pursuant to Section 1 above, <br /> upon the occurrence of an Attornment Event, so long as Lessee is not in default in the <br /> performance of any of the terms of the Lease beyond applicable notice and cure periods, Lessor's <br /> Successor shall not affect or disturb Lessee's right to possession, use and enjoyment of the <br /> Premises, shall be bound to the Lessee under all of the terms of the Lease for the balance of the <br /> term thereof remaining and any extension or renewal terms thereof with the same force and <br /> effect as if Lessor's Successor was the lessor under the Lease, and shall perform each and every <br /> one of the obligations of Lessor thereunder. In no event shall the Lessor's Successor be liable <br /> for any act or omission of any prior lessor, be subject to any offsets or defenses which the Lessee <br /> might have against any prior lessor, or be bound by any rent or additional rent which may be due <br /> Lessor pursuant to the terms and provisions of the Lease which the Lessee might have paid to <br /> any prior lessor for more than the current month. <br /> 3. Lender understands, acknowledges and agrees that notwithstanding anything to <br /> the contrary contained in the Mortgage and/or any related financing documents, including, <br /> 2 <br /> 4841-9003-4267 v1 <br /> 3000001-101524 02/01/2018 <br />
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