2007 - 08-13-07 Regular Meeting - Laserfiche WebLink

Home Browse Search

0 0 BOOK 21 PAOF 774 of the Premises taken by eminent domain bears to the floor area of the entire Premise. 17. TERMINATION. Since the Tenant is a corporation, upon the happening of any of the following events, this Lease may be terminated by Landlord on thirty (30) day's prior written notice to Tenant of Landlord's intent to terminate the Lease: a) The merger or consolidation of such corporation into or with another, b) The sale, exchange, or other disposition of the majority of the outstanding stock of such corporation resulting in a loss of control thereof by such party who is a majority stockholder upon the date of the execution hereof. 18. ABBREVIATED TERM. Notwithstanding the Lease term and payments provided for in paragraphs 2 and 3 above, should Tenant be rendered unable to continue the business of providing emergency and non-emergency medical services within Lee County, North Carolina, during the term of this Lease for any reason, this Lease shall expire of its own accord on the day of the second full month following Landlord's receipt of such notice or upon vacation of the Premises, whichever occurs later. Future payments following such expiration, which would otherwise be required under paragraph 3 shall be waived by the Landlord. Such abbreviated Lease term shall be subject to each and every other term and condition herein, including the right of Landlord to require restoration of the Premises to their original condition at the Tenant's expense, as provided under paragraph 11 and the Landlord's right to charge the Tenant for such cost of restoration. 19. BANKRUPTCY. If a general assignment is made by Tenant for the benefit of creditors, or any action is taken by Tenant under any insolvency or bankruptcy act, or if a receiver is appointed to take possession of all or substantially all of the assets of Tenant (and Tenant fails to terminate such receivership within 60 (sixty) days after such appointment), or if Tenant is adjudicated a bankrupt, then this Lease shall terminate upon the occurrence of any such contingency and shall expire as fully and completely as if the day of the occurrence of such contingency were the date specified in this Lease for the expiration thereof. Tenant will then quit and surrender the Premises to Landlord. 20. DEFAULT. If Tenant fails to pay any rent or other sum due hereunder at the time set forth in this Lease, and if Tenant continues to fail to pay same within five (5) days after written notice from the Landlord, or in the event Tenant fails to perform or observe any other covenant to be performed by Tenant under this Lease and continues to fail to perform or observe same for a period of fifteen (15) days after receipt of written notice from the Landlord pertaining thereto (or a reasonable period of time, if using due diligence, if such default cannot be cured within said fifteen (15) day period), then Tenant shall be deemed to have breached this Lease and Landlord, at its option, may have any one or more of the following remedies, in addition to other rights or remedies it may have at law or in equity: a) Continue this Lease in effect by not terminating Tenant's right of possession of the Premises, and thereby be entitled to enforce all Landlord's rights and remedies under this Lease including the right to recover the rent specified in this Lease as it becomes due under this Lease, or