Repository: UIHistories Project: Board of Trustees Minutes - 1936 [PAGE 850]

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i936l

UNIVERSITY OF ILLINOIS

847

o'clock noon on J a n u a r y 1, 1956; provided, however, that in the event that the Lessee shall give written notice to the Lessor on or before July 1 during any yearly term of its intention not to renew this lease for any succeeding year, this lease shall expire at the end of said yearly term and the Lessee's option to renew this lease for any year thereafter shall cease and determine. In the event that the Lessee shall fail to give written notice to the Lessor on or before July I, 1937 of its intention not to renew this lease for the aforesaid yearly term ending January 1, 1939, then (without any action whatsoever on the part of the Lessor or the Lessee) this lease shall be deemed renewed for the aforesaid yearly term ending January 1, 1939. In the event that during any year when this lease shall be in force the Lessee shall fail to give written notice to the Lessor on or before July 1 of its intention not to renew this lease for the succeeding year, then (without any action whatsoever on the part of the Lessor or the Lessee) this lease shall be deemed renewed for a yearly term as aforesaid commencing on the January I next succeeding said July 1. If one or more of the following events (herein called "events of default") shall happen, that is to say, in case: (1) Default shall be made in the payment of any installment of Rent (including any additional Rent herein provided for) when payable; or (2) Default shall be made in the payment of any sum payable by the Lessee under Article Third hereof and such default shall continue for thirty days (30) after written notice from the Lessor to the Lessee to pay such s u m ; or (3) Default shall be made by the Lessee in the prompt observance or performance of any other covenant, condition or agreement hereof on the part of the Lessee to be kept and performed and such default shall continue for thirty (30) days after written notice of such default to the Lessee from the L e s s o r ; then, and in any such event, the Lessor shall have, and it hereby reserves to itself, its successors and assigns (including the Trustee, as hereinafter provided), in addition to all other rights and remedies herein expressed or which are, or hereafter may be, conferred upon it by law, ( a ) T h e right to terminate this lease and any unexpired term hereof and all right, title and interest of the Lessee hereunder by service (in the manner hereinafter provided) upon the Lessee of a written notice of not less than thirty days of its intention to terminate this lease on a date to be specified in said notice, unless the said Rent or other sum or sums shall, in the meantime, be paid and such defaults cured. In the event of the service of such notice, as herein provided, this lease, and the unexpired term hereof, and all other rights of the Lessee hereunder, shall cease and come to an end on the date specified in said notice, unless, in the meantime, the Rent or other sum or sums so in default (with interest from the date when, by the terms of this lease, the same shall have become due and payable or other default made good) shall have been fully paid to the Lessor, and all other defaults hereunder shall have been cured. T h e Lessee in the event of such termination of the lease shall then immediately quit and surrender to the Lessor the demised premises (including all buildings, structures, improvements and fixtures erected thereon) and the Lessor may enter upon the demised premises and each and every part thereof, by itself, its agents or attorneys, or through any person or persons it shall designate for such purpose (and the Lessee does hereby expressly authorize such person or persons so to enter upon the demised premises) and the Lessor may have, hold and enjoy the demised premises as of its first and former estate and interest therein, the Lessee hereby waiving any and all right to recover or gain possession of the demised premises or to reinstate or redeem this lease notwithstanding any laws or decisions now or hereafter in force and effect. ( b ) T h e right to enter upon the demised premises, and each and every part thereof, by itself, its agents or attorneys, or through any person or persons it shall designate for such purpose (and the Lessee does hereby expressly authorize such person or persons so to enter upon the demised