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AG 2004 09 20
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AG 2004 09 20
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Last modified
11/20/2006 9:57:06 AM
Creation date
11/27/2017 11:39:06 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
9/20/2004
Board
Board of Commissioners
Meeting Type
Regular
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<br />encountering of such caqse is given to the other party within 10 business days after <br />such occurrence or encounter and notice of the duration of such cause is given within <br />10 business days after the cessation of such cause. <br /> <br />20. Subordination/Non.;.Disturbance. Subtenant agrees that this Sublease is subject <br />and subordinate to the terms and conditions of the lease by and between Prime Lessor <br />and Kannapolis Land, Inc., including without limitation, all terms and conditions <br />pertaining to all mortgages which may now or hereafter affect or encumber all or any <br />portion of the Land. Upon request of Sublessor, Subtenant shall execute and deliver <br />any agreement subordinating this Sublease and Subtenant's interest in the Premises to <br />any mortgage upon the Land, provided that the holder of the mortgage shall agree in <br />writing not to disturb Subtenant's tenancy if there is no Subtenant default hereunder. <br />Subtenant shall, from time to time, upon ten (10) days prior written request from <br />Sublessor, cause to be executed, acknowledged and delivered a certificate stating this <br />Sublease is in full force and effect, the amount of Rent, the dates to which Rent has <br />been paid and stating th~t, to the knowledge of the signer of such certificate, eitlikr that <br />no default exists under this Sublease or specifying each such default of which the signer <br />has knowledge. Generally, so long as Subtenant is not in default hereunder, any Land <br />mortgagee or any purchaser at a foreclosure of the mortgage shall not disturb \ <br />Subtenant's possession of the Premises so long as Subtenant attorns to such mortgagee <br />or purchaser at foreclosure. <br /> <br />21. Sublessor Default. Except as set forth herein, Sublessor's failure to perform or <br />observe any of its mater~l obligations under this Sublease within 30 days after receipt <br />of written-notice from Subtenant of such default (or within such other reasonable length <br />of time if Sublessor has þegun earnest efforts to cure such default within the thirty day <br />period) shall be deemed to be a Sublessor Default hereunder. The written notice from <br />Subtenant shall give reaSonable detail regarding the nature and extent of the failure and <br />identify the Sublease provision containing the obligations. In the event Of Sublessor <br />Default, Subtenant shall be entitled to terminate this Sublease upon thirty days prior <br />written notice. <br /> <br />22. Subtenant Default. ,If Subtenant: (1) fails to pay any Rent, Additional Rent or any <br />other sums of money due hereunder within 3 business days after the Due Date; or (2) <br />fails to comply with any other provision of this Sublease after receipt of written notice <br />from Sublessor; or (iii) there is a filing of any process of law in any action against <br />Subtenant which impacts the Land; or (iv) becomes insolvent or unable to pay its debts <br />as they become due or notifies Sublessor in writing that it anticipates either condition; <br />or (v) files a petition under any section or chapter of the United States Bankruptcy <br />Code as amended, or under any similar law or statute of the United States or any State <br />thereof; or a petition sha¡JI be filed against. Subtenant under any such statute, which is <br />not dismissed within 30 days after the filing thereof; or (vi) has a receiver or trustee <br />appointed for the assets of Subtenant and such is not discharged within 30 days after the <br />appointment; then Subtenant shall be deemed to be in default hereunder. <br /> <br />~,,'I <br />
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