Closure of the Los Angeles Memorial Sports Arena Sample Clauses

Closure of the Los Angeles Memorial Sports Arena. In the event that USC proposes to close the Sports Arena in accordance with Section 12.2 of the USC Lease, prior to closing the Sports Arena, USC shall comply with the following conditions:
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Closure of the Los Angeles Memorial Sports Arena. In the event that USC proposes to close the Los Angeles Memorial Sports Arena (“Sports Arena”) in accordance with Section 12.2 of the USC Lease and Commission does not exercise its right to terminate the USC Lease of the Sports Arena in accordance with Section 12.2(c) of the USC Lease, prior to closing the Sports Arena USC shall offer the Center the opportunity to assume USC’s obligations under the USC Lease with respect to the Sports Arena Property, as defined in the USC Lease, by providing the Center with written notice and providing the Center with one hundred eighty (180) days to respond. If the Center assumes USC’s obligations under the USC Lease related to the Sports Arena Property and the Commission consents to such assignment, USC shall be relieved of all obligations therein related to the Sports Arena Property upon the execution of an Assignment and Assumption Agreement between USC and Center. In the event that the Commission does not consent to an assignment to the Center of the USC Lease for the Sports Arena Property, USC shall have the right to close the Sports Arena in accordance with Section 12.2 of the USC Lease and shall have no further obligation to offer the Sports Arena Property to the Center. In no event shall the refusal of the Commission to consent to an assignment of the Sports Arena Property to the Center be construed as a breach or default of this Agreement or the USC Lease, as amended pursuant to this Agreement, by any party thereto. The Center may, at its election, pursue amendments to the Commission Lease that will eliminate the requirement for the Commission to approve any assignment to the Center of the USC Lease for the Sports Arena Property and any such amendments shall not require USC's consent pursuant to Section 2.4 above.
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Related to Closure of the Los Angeles Memorial Sports Arena

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