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2018-293A
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2018-293A
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Last modified
1/4/2021 3:18:03 PM
Creation date
1/11/2019 9:40:19 AM
Metadata
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Template:
Official Documents
Official Document Type
Lease
Approved Date
12/18/2018
Control Number
2018-293A
Agenda Item Number
11.A.
Entity Name
Verotown, LLC
Subject
Amended and Restated Facility Lease Agreement
MLB will purchase membership interest
Recorded BK 3175, PG. 1082
Area
Historic Dodgertown
Alternate Name
Major League Baseball
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Verotown, are allowed against Verotown or are consented to by Verotown or are not <br />dismissed within 180 days after such institution, to the extent permitted by law. <br />Section 10.02. County Default. In the event of any failure by the County to observe or <br />perform any material covenant, agreement, condition, or provision of this Agreement wherein <br />Verotown's remedies on account thereof are not otherwise specifically provided for in this <br />Agreement or any of the County's representations in this Agreement are untrue as of the <br />Effective Date, and if such failure shall continue for thirty (30) days after written notice thereof <br />has been delivered by Verotown to the County, then the County will be deemed to be in Default <br />hereunder; provided, however, that the County will not be in Default with respect to matters <br />which cannot reasonably be cured within thirty (30) days so long as within such thirty (30) day <br />period, the County commences such cure and diligently proceeds to complete the same <br />thereafter. However, in no event shall a cure period for a Default continue for more than three <br />hundred sixty-five (365) days. <br />Section 10.03. Remedies. In the event of a Default by either party (other than a <br />Cessation of Use by Verotown), the party not in Default will be entitled, as a non-exclusive <br />remedy, and in addition to or in lieu of an action for damages, to seek an injunction or decree for <br />specific performance or equitable relief from a court of competent jurisdiction to enjoin or <br />remedy the Default. If a Default occurs, the non -defaulting party will have the rights and <br />remedies set forth in this Agreement, which will be distinct, separate, and, to the extent not <br />mutually exclusive, cumulative, and will not operate to exclude or deprive the non -defaulting <br />party of any other right or remedy allowed it by law or equity. <br />Section 10.04. Cessation of Use by Verotown. If, at any time during the Initial Term <br />(and any Renewal Term), Verotown ceases to permanently operate the Facility as described in <br />Section 5.01 hereof, such event will constitute a "Cessation of Use" of the Facility by Verotown. <br />Notwithstanding anything to the contrary contained in this Agreement, a Cessation of Use of the <br />Facility by Verotown will entitle the County to terminate this Agreement by giving Verotown ten <br />(10) days' written notice of termination. Verotown will have ten (10) days after receipt of the <br />aforementioned notice of termination to renounce the Cessation of Use by confirming to the <br />County its intention to continue to use the Facility during the Term in the manner described in <br />Section 5.01 hereof and in fact demonstrating that it is reasonably complying with its operational <br />covenant. A termination pursuant to the provisions of this Section 10.04 will become effective <br />upon the expiration of Verotown's ten (10) day cure period, or its repeated failure to demonstrate <br />that it is reasonably complying with its operational covenant as provided by this Section after <br />notice by the County. <br />Section 10.05. Termination. Notwithstanding any other provisions contained in this <br />Agreement, Verotown has the right to terminate this Agreement for its convenience upon three <br />hundred sixty-five (365) days' written notice to the County. Verotown shall fully perform the <br />terms and obligations of this Agreement during such three hundred sixty-five (365) day notice <br />period. A termination pursuant to this Section 10.05 shall not be an event of Default. <br />28 <br />
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