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~ • <br />~.,.~ 974 r~~EgTS <br />1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />2s <br />27 <br />28 <br />29 <br />30 <br />31 <br />32 <br />LESSOR agrees that it will nod; terminate this Lease because of a <br />default or breach on the part of LESSEE if the Beneficiary under <br />any deed of trust to which LESSOR has given its consent, within <br />sixty (60) days after service of written notice on said Beneficiary <br />by LESSOR of its intention to terminate this Lease for such de- <br />fault or breach, shall: <br />L. Cure such default or breach if the same can be~cured <br />by the payment or expenditure of money required to be paid <br />under the terms of this Lease, or if such default or breach <br />is not so curable, cause the Trustee under• said deed of <br />trust to commence and thereafter to diligently pursue to <br />completion the steps and proceedings required to exercise <br />the power of sale under ar~d pursuant to the deed of trust <br />as provided by law; and , <br />T~f. Keep and perform all the terms, covenants, and condi- <br />tions of this Lease requiring the payment or expenditure of <br />money by LESSEE until such time as the Leasehold shall be <br />sold under said power of sale or shall be released or <br />reconveyed thereunder; provided, however, that if the <br />Beneficiary of the deed of trust shall fail or refuse to <br />comply with any or all of the conditions of this paragraph, <br />then and thereupon LESSOR shall be released from the <br />covenant of forbearance. <br />23. EARLY TERb2INATION BY LESSEE (5.19N) <br />The Leased Land is and shall continue to be an integral part of <br />the system of flood control and water conservation facilities <br />operated by LESSOR and shall be subject to flood and other flows <br />of varying intensities at any time and from time to time. As <br />a consequence, LESSEE is assuming substantial risk of flood <br />damage to and destruction of improvements to be constructed <br />within the Leased Land and may conclude, after experiencing the <br />kind and extent of such damage or destruction, that it is econo- <br />mically.impractical to continue to maintain and operate golfing <br />facilities upon the Leased Land. Should LESST;E so conclude, <br />LESSEE shall have the right to terminate this Lease subject to the <br />provisions which follow. <br />Because the Leased Land is an integral part of LESSOR'S system of <br />flood control and water conservation facilities, LESSOR reserves <br />the right to undertake channel improvement work within the Leased <br />Land. Should LESSOR choose to exercise this right, LESSEE may <br />conclude that the Leased Land is no longer desirable for the <br />uses permitted LESSEE by this Lease. Should LESSEE so conclude, <br />LESSEE shall have the right to terrr3 pate this Lease at any time <br />between the date upon which LESSOR is scheduled to begin said work <br />and the date ene hundred eighty (180) days after completion <br />thereof subject to the provisions which follow. <br />At an;~ time during the Construction Period described in Clause 2 <br />(LEASE TERT~I) and referred to at other places herein, LESSEE shall <br />have the right to terminate this Lease subject to the provisions <br />vrhich follow. <br />Should LESSEE elect to terminate this Lease as provided above, <br />LESSEE shall give LESSOR written notice thirty (30) days prior <br />to the effective date of termination. Upon said effective date, <br />LESSEE shall be absolved of obligations under this Lease which <br />have not then accrued, except as hereinafter provided. <br />Faeo-» ~~ -20- <br />