15 - Grand Theater Management Agreement

Home Browse Search

8/15/18 election, may vacate the theater, and from and after such date PROJECT and CITY shall not have any other obligations under this LEASE with respect to the Leased Premises, except for those obligations which expressly survive the termination hereof. Such election to vacate must be exercised no later than ninety (90) days after the date of such Taking. (c) If PROJECT does not vacate the theater upon any partial Taking, then the Leased Premises shall be reduced by the portion thereof taken in the Condemnation Proceedings, and PROJECT shall commence and proceed to repair or reconstruct the remaining Improvements on the theater, if any; provided, however, PROJECT's obligation to so repair or reconstruct the remaining Improvements shall be limited to the proceeds of the condemnation award actually awarded to and received by PROJECT. 10.5. Condemnation Award. Any condemnation award shall be divided between CITY and PROJECT in accordance with the relative amounts expended by each Party for capital costs pertaining to the Leased Premises. CITY shall deliver to PROJECT that portion of any condemnation award that CITY may receive to which PROJECT is entitled as provided in this Section. 10.6. Settlement of,.ProceedinL,. CITY shall not make any settlement with the condemning authority in any Condemnation Proceedings nor convey or agree to convey the whole or any portion of the Leased Premises to such authority in lieu of condemnation without first obtaining the written consent of PROJECT. ARTICLE 11. Representations, Warranties and Special Covenants 11.1. CITY's ,Rel),resentations Warranties &Si:-2ecal Covenants. CITY hereby represents, warrants, and covenants as follows: (a) Existence. CITY is a home rule municipal corporation of the State of Texas duly incorporated and currently existing pursuant to the constitution and laws of the State of Texas, including the Texas Local Government Code and Texas Government Code. b Authority. CITY has all requisite power and authority to own the Grand Theater, to execute, deliver and perform its obligations under this LEASE and to consummate the transactions herein contemplated and, by proper action in accordance with all applicable law, has duly authorized the execution and delivery of this LEASE, the performance of its obligations under this LEASE, and the consummation of the transactions herein contemplated. (c) Binding Obligation. This LEASE is a valid and binding obligation of CITY and is enforceable against CITY in accordance with its terms. (d) Consents. No permission, approval or consent by third parties or any other governmental authorities is required in order for CITY to enter into this LEASE, make the agreements herein contained or perform the obligations of CITY hereunder other than those which have been obtained. 11