Monty’s Sunset Sample Clauses

Monty’s Sunset. LLC, Case No. 2019- 033590-CA-01. The Monty’s sublease expires on December 31, 2021, provided, however, that if the Lessee exercises its ten-year renewal option, then ▇▇▇▇▇’s would similarly be entitled to a renewal of its sublease for the same ten-year renewal period exercised by the Lessee. However, if the Lessee, at its sole discretion, does not exercise its right of renewal under the existing Lease, then the existing Lease would expire on January 1, 2022 (and the Monty’s sublease would expire on December 31, 2021, in accordance with its terms), before the New Lease takes effect, on Jan. 1, 2022, immediately upon the expiration of the Existing Lease. As noted above in the chart outlining the Development Agreement and PSA terms, the DA and PSA provide for a closing on the Sale of Residential Parcel or before March 15, 2021. Additionally, the DA and PSA provide for contingencies in the event the New Lease is successfully challenged and is terminated, voided or otherwise deemed ineffective by a court of competent jurisdiction. Specifically, in such event, the Lessee shall be deemed to have exercised its option to renew the Existing Marina Lease as of March 31, 2021, and the first ten (10) year renewal term of the Existing Marina Lease conclusively shall be deemed to have commenced as of January 1, 2022. In the event that the New Lease is successfully challenged and the Existing Marina Lease remains in effect, the Project will not be able to proceed. Accordingly, the remaining agreements would be terminated, and the Residential Parcel would be deeded back to the City. The City, in turn, would refund the installment payments paid to City (up to $15 million) via a rent credit to be amortized over a period of 10 years, provided that if the rent credit exceeds $10 million, the amortization period would be extended to 15 years, so that the rent credit would not exceed $1 million in any given year. In addition, if the Project proceeds and Developer successfully obtains the Project approvals, the Developer is required, prior to the commencement of construction, to provide the City with evidence of either termination of current subleases, releases from sublessees, or amendments to all unterminated subleases evidencing the applicable sublessees’ agreement to vacate the Development Site to permit the Project to be constructed, or shall otherwise indemnify the City for any claims in connection with the subleases.