15 - Grand Theater Management Agreement

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8/15/18 7.2. Subletting. PROJECT shall have the right at any time, to sublease or otherwise assign the rights of use to concessions, retail areas, restaurants and other portions, but not all, of the Leased Premises incident to the full use and operation thereof as and on such terms PROJECT shall desire, provided that nothing in any such sublease shall discharge PROJECT from any of the terms and condition of this Lease Agreement. No Sub -lessee shall have any right to sublease or otherwise assign or encumber its interest in the Leased Premises. 7.3. General Provisions. PROJECT shall, in connection with any assignment or sublease, provide notice to CITY of the name and address of any assignee or Sub -lessee, together with a complete copy of the assignment agreement or sublease. ARTICLE 8. Default of PROJECT 8.1. Default and reedies. PROJECT shall be in default if any of the following events shall occur: (a) any breach by PROJECT of any covenant of PROJECT under this Management LEASE and such breach has not been cured within thirty (30) days from and after the date notice of such breach is given by CITY to PROJECT; provided, however, no Event of Default shall exist if PROJECT shall have commenced to remove or to cure such breach and shall be proceeding with reasonable diligence to completely remove or cure such breach (provided such breach must be cured within 120 days after such notice); (b) the making of any general assignment for the benefit of creditors by PROJECT; (c) the filing of a voluntary petition in bankruptcy or a voluntary petition for an arrangement or reorganization under the United States Federal Bankruptcy Act (or similar statute or law of any foreign jurisdiction) by PROJECT; (d) the appointment of a receiver or trustee for all or substantially all of PROJECT's interest in the theater Premises or its leasehold estate hereunder if not removed with 120 days; (e) the entry of a final judgment, order or decree of a court of competent jurisdiction adjudicating PROJECT to be bankrupt, and the expiration without appeal of the period, if any, allowed by applicable law in which to appeal therefrom; or (f) the loss of forfeiture by PROJECT of its 501(c)(3) non-profit corporation status. 8.2. Remedies,,, available. Upon the occurrence and during the continuance of an Event of Default, CITY shall have all remedies available at law or in equity, including, without limitation, termination, injunction and specific performance. 8.3. Waiver. All remedies of CITY under this LEASE shall be cumulative, and the failure to assert any remedy or the granting of any waiver by City of any event of default by PROJECT of the terms, covenants, conditions, or provisions of the LEASE shall not be deemed to be a waiver of any other breach of the same or other term, covenant, condition, or provision of this LEASE terminated for any of the reasons set out above and shall not bar the right of City to subsequently terminate this Management LEASE for any of the reasons set out above. 8.4. Defeasance. Should PROJECT cease to exist, the theater facility, including all improvements made by PROJECT, shall revert back to control of CITY. ARTICLE 9. Default of CITY 9