7.3 SR 03-01-2021 - Laserfiche WebLink

Home Browse Search

22.22 Governing Law. This Lease shall be governed by and construed in accordance with the internal laws of the State of Minnesota. ARTICLE 23 INTENTIONALLY DELETED ARTICLE 24 LANDLORD DEFAULT AND BANKRUPTCY 24.1 Default by Landlord. If the Landlord fails to perform any of its obligations under the provisions of the Lease, it shall be deemed to be a "Landlord Default". On the occurrence of such Landlord Default, the Tenant shall not be entitled to exercise any right or remedy on account thereof as hereinafter provided or which it may have under applicable law unless and until the Tenant has given written notice thereof to the Landlord and the Landlord has failed within thirty (30) days thereafter to cure such default; provided, however, that if such default is not reasonably capable of being cured within such thirty (30) day period, it shall not be a Landlord Default under the Lease if, within such thirty (30) day period, the Landlord commences cure of such default and proceeds diligently thereafter to prosecute such cure, notwithstanding that the completion thereof may require in excess of thirty (30) days. Anything contained in the provisions of this Lease notwithstanding, no notice shall be required to be given, and the Landlord shall not be entitled to any grace period in the case of any Landlord Default consisting of the failure to pay any monetary obligation of the Landlord hereunder or under the Lease. On the occurrence of any Landlord Default, the Tenant may, subject to the limitations in Sections 2.4 and 2.5 above, do the following: (a) cure the Landlord Default and present to Landlord for reimbursement invoices and other evidence of costs incurred by Tenant in connection with such cure (which reimbursement shall be made by Landlord within ten (10) days of said transmittal by Tenant), and (b) seek the judicial remedy of specific performance. Notwithstanding the foregoing provisions of this Section 24.1, Tenant shall have no right to offset or abate the Rent payable thereunder as a result of or relating to any such Landlord Default. In no event will Landlord be liable to Tenant for any special or consequential damages, nor for punitive damages, and Tenant waives and releases all claims to recover any such damages. 24.2 Landlord acknowledges and irrevocably agrees that upon the filing by or against Landlord of a petition under the Bankruptcy Code naming Landlord as debtor, Tenant shall be entitled to all rights afforded a lessee under the Bankruptcy Code, including but not limited to those rights set forth in Section 365(h) therein, and that in the event of such a bankruptcy filing, this Lease shall constitute an "unexpired lease of real property", and all rights under this Lease of any nature whatsoever shall be deemed to be and are, without limitation, "in or appurtenant to the real property" as both such terms are used in Section 365(h) of the Bankruptcy Code. ARTICLE 25 OPTIONS TO EXTEND 25.1 Extension Periods. Subject to the provisions hereinafter set forth in this Article 25 and provided no Event of Default exists, Landlord hereby grants Tenant the options to extend