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79005190
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Last modified
1/13/2010 3:45:29 AM
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1/13/2010 3:45:03 AM
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DEEDS
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79005190
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~g..w [D~i~.~~3 <br />;~F?'T'I~'LE: XIi <br />DEFAULT <br />Section 72.1 This Sublease is made on condition that <br />if: <br />{a} There is a failure to make the payments required by <br />Article II hereof as and when due; or <br />(b) There are not sufficient funds in the Bond Fund to pay <br />principal and interest on the Bonds at least five days <br />prior to any date for payment of same; or <br />(c) Sublessee defaults in the keeping or performance of any <br />other covenant or obligation herein, and Sublessee fails <br />to remedy the same within thirty (30) days after the <br />Sublessor, the Authority or the Trustee has given Sub- <br />lessee written notice specifying such default {or within <br />such additional period, if any, as may be reasonably <br />required to cur? such default if it is of such nature <br />that it cannot be cured within said thirty (30) day <br />period}; or <br />Ed) Sublessee {or either of its constituents) shall file a <br />voluntary petition under the Bankruptcy Act, as amended, <br />or an involuntary petition under the Bankruptcy Act, as <br />amended, is filed against Sublessee (or either of its <br />constituents) or Sublessee (or either of its constituents) <br />after full hearing, is adjudged to be bankrupt, insolvent <br />or unable to pay its debts as they mature; or Sublessee <br />(or either of its constituents) makes an assignment for <br />the benefit of its creditors or a trustee or receiver, <br />after full hearing is appointed or retained to take <br />charge of and manage any substantial part of the assets <br />of Sublessee (or either of its constituents); or any <br />execution or attachment shall issue against Sublessee <br />(or either of its constituents) whereupon the Project or <br />any part thereof, or any interest therein of Sublessee <br />under the Sublease shall be taken or attempted to be <br />taken and the same is not released prior to judicial <br />sale thereunder (each of the events described in this <br />subparagraph being deemed a default under the provisions <br />of thi.. Sublease) ; or <br />{e) Sublessee (or either of its constituents) or any other <br />person shall institute a proceeding for the dissolution <br />of Sublessee (or either of its constituents); <br />then Sublessor may at Sublessor's election (but only with the <br />written consent of the Authority and the Trustee so long as any <br />Bonds remain outstanding} then or at any time thereafter, and <br />while such default shall continue, given Sublessee written notice <br />of intention to terminate this Sublease on a date specified there- <br />in, which date shall no*_ be earlier than ten (10) days after such <br />notice is given, and, if all defaults have not been cured, on <br />the date so specified, Sublessee's rights to possession of the <br />Project shall cease snd this Sublease shall thereupon be terminated, <br />and Sublessor may re-enter and take possession of the Project <br />26 <br />
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