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ARTICLE 7. Assignment and Subletting 7.1. As sgilm„ent. During the Term, PROJECT shall continuously operate the Theater and shall not sell, convey or assign any of the leasehold estate created hereby without the express written consent of CITY; provided, however, PROJECT may, with the consent of CITY, assign or transfer this LEASE, or any interest herein to a financially qualified third party subject to the reasonable approval of City. Upon any such assignment, the assignee shall execute and deliver to CITY a Written Assumption in a form and substance reasonably satisfactory to CITY of all of the obligations of PROJECT pertaining to the Grand Theater and accruing under this LEASE after such assignment. Upon the CITY's acceptance of such assignment, the PROJECT shall be released from all terms and conditions of this LEASE. Notwithstanding the foregoing, CITY is prohibited by law from leasing real property to any group, organization, person, or business entity with ties to the governments of China, Russia, Iran, and/or North Korea and will not pen -nit an assignment or sublease to any group, organization, person, or business entity with ties to those countries. 7.2. Subletting. Subject to the limitation set forth in Section 7. 1, 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 S. Default of PROJECT 8.1. Default and remedies. 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 which 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 one hundred twenty (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 one hundred twenty (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. 9