|
15
<br /> 13. ASSIGNMENT OR SUBLEASE.
<br /> (a) Assignment. Tenant may not mortgage, encumber, pledge, or assign this Lease without
<br /> Landlord's prior written consent, such consent not to be unreasonably withheld, conditioned or delayed.
<br /> Notwithstanding the foregoing, Tenant may, without Landlord's consent, assign this Lease to (i) an entity
<br /> controlling, controlled by or under common control with Tenant, (ii) a successor to Tenant by merger or
<br /> acquisition, or(iii)the purchaser of all (or substantially all)of Tenant's assets at the Premises, provided that
<br /> Tenant shall remain liable under this Lease.
<br /> (b) Subletting. Tenant may not sublet the Leased Premises or any part thereof without Landlord's
<br /> prior written consent, such consent not to be unreasonably withheld, conditioned or delayed.
<br /> (c) Requirements. In the event of a proposed assignment of this Lease or subletting of all or a
<br /> substantial part of the Leased Premises, Tenant shall submit to Landlord, in writing, (i) the name of the
<br /> proposed assignee or subtenant, (ii)current financial statements available to Tenant disclosing the financial
<br /> condition of the proposed assignee or subtenant(any assignment or subletting being subject to confirmation
<br /> the assignee or subtenant has the same or similar financial position as Tenant,the absence of which by the
<br /> proposed assignee or subtenant shall constitute absolute grounds for Landlord's denial of the requested
<br /> assignment or subletting), (iii) the nature of the business of the proposed assignee or subtenant, and its
<br /> proposed use of the Leased Premises (any assignment or subletting being subject to restrictions on use
<br /> contained in this Lease, the violation of which by the proposed assignee or subtenant shall constitute
<br /> absolute grounds for Landlord's denial of the requested assignment or subletting), and (iv) the proposed
<br /> commencement date of the assignment or subletting, together with a copy of the proposed assignment or
<br /> sublease. If approved by Landlord, Tenant shall promptly deliver a copy of the fully executed assignment of
<br /> sublease to Landlord upon its receipt of same. In no event shall this Lease be assignable by operation of
<br /> any law except as provided herein, and Tenant's rights hereunder may not become, and shall not be listed by
<br /> Tenant as an asset under any bankruptcy, insolvency, or reorganization proceedings. Tenant is not, ay not
<br /> become, and shall never represent itself to be an agent of Landlord, and Tenant acknowledges that
<br /> Landlord's title is paramount, and that it can do nothing to affect or impair Landlord's title. Tenant shall
<br /> remain primarily liable for the performance of all terms of this Lease in the event of any assignment or
<br /> subletting. Tenant shall pay all reasonable costs incurred by Landlord in connection with such assignment or
<br /> sublease, including without limitation, attorneys'fees, up to a maximum of$2,000 per request. Tenant shall
<br /> pay to Landlord fifty percent (50%) of any rental and fees received by Tenant in excess of(y) any amount
<br /> payable to Landlord hereunder plus (z) any amounts expended by Tenant (including brokerage
<br /> commissions) in procuring such subtenant.
<br /> 14. DEFAULT BY TENANT AND LANDLORD'S REMEDIES.
<br /> (a) Events of Default. In addition to the other occurrences listed elsewhere in this Lease, the
<br /> occurrence of any one or more of the following shall constitute a default hereunder:
<br /> (i) If Tenant fails to pay any rent or other monetary payments as and when provided in this
<br /> Lease, and such failure continues for more than ten (10)days following Tenant's receipt of written notice of
<br /> such failure;
<br /> (ii) If Tenant breaches any other obligation set forth in this Lease and fails to cure such
<br /> breach within thirty (30)days after notice thereof; or if cure of the breach would require more than thirty(30)
<br /> days to effect, if Tenant fails to initiate action necessary to cure such breach within the thirty(30)day period
<br /> and to pursue such action diligently thereafter until the breach is cured;
<br /> (iii) If there is a levy, execution, attachment or taking of property, assets or the leasehold
<br /> interest of Tenant by process of law or otherwise or in satisfaction of any judgment, debt or claim or if Tenant
<br /> files, or has filed against it, any petition or action for relief under any debtor's relief law(including bankruptcy,
<br /> reorganization or similar actions or proceedings) either in state or federal court.
<br /> (b) Landlord's Rights and Remedies. In the event of any default, Landlord may at any time
<br /> thereafter, with or without notice or demand and without limiting Landlord in the exercise of any right or
<br /> remedy which Landlord may have by reason of default:
<br /> (i) Terminate this Lease.
<br /> (ii) Without terminating this Lease, terminate Tenant's right to possession of the Leased
<br /> Premises, enter upon and take possession of the Leased Premises and rent the Leased Premises for a
<br /> reasonable rental for the account of Tenant, and after paying from rents collected the reasonable costs of
<br /> Landlord Tenant
<br /> Initials Initials
<br />
|