SR 05:097 - Laserfiche WebLink

TENNIS's employees or independent contractors, or because of LIFETIME TENNIS's failure to provide safe working conditions for LIFETIME TENNIS's employees. 9.05 Indemnification for Fines. LIFETIME TENNIS shall fully defend, indemnify and hold CITY and its elective and appointive boards, commissions, officers, agents, and employees, harmless from and against any fines imposed by administrative or regulatory bodies for actions caused by LIFETIME TENNIS or its officers, employees or agents. 10.0 DEFAULT. 10.01 LIFETIME TENNIS'S Default. The breach of any provision of this Agreement, the failure to keep, observe or perform any material covenant including, without limitation, the occurrence of any one or more of the following events shall constitute a default and breach of this Agreement by LIFETIME TENNIS: a) LIFETIME TENNIS's abandonment or vacation of the Facilities; b) Tennis Revenues less than $175,000 for an Operating Year (which excludes Pro Shop Revenues); c) The levy of a writ of attachment or execution on this Agreement or on any of the property of LIFETIME TENNIS located in or on the Facilities and such levy or execution is not stayed prior to the enforcement of such writ of attachment or execution; or d) An event of bankruptcy or insolvency including but not limited to: (i) LIFETIME TENNIS applies for or consents to the appointment of a receiver, trustee or liquidator of LIFETIME TENNIS or of all or a substantial part of its assets; (ii) LIFETIME TENNIS files a voluntary petition in bankruptcy or commences a proceeding seeking reorganization, liquidation, or an arrangement with creditors; (iii) LIFETIME TENNIS files an answer admitting the material allegations of a bankruptcy petition, reorganization proceeding, or insolvency proceeding filed against LIFETIME TENNIS; (iv) LIFETIME TENNIS admits in writing its inability to pay its debts as they come due; (v) LIFETIME TENNIS makes a general assignment for the benefit of creditors; or (vi) an order, judgment or decree is entered by a court of competent jurisdiction, on the application of a creditor, adjudicating LIFETIME TENNIS as bankrupt or insolvent or approving a petition seeking reorganization of LIFETIME TENNIS or appointing a receiver, trustee or liquidator of LIFETIME TENNIS or of all or a substantial part of its assets, and such order, judgment or decree continues unstayed and in effect for any period of thirty (30) consecutive days. 10.02 Curing Default. Except as otherwise expressly stated in this Agreement, LIFETIME TENNIS shall have ten (10) days after receipt of written notice from CITY to cure any default under this Agreement. Notwithstanding the foregoing, LIFETIME TENNIS shall be in default under this Agreement, with or without written notice from CITY, in the event LIFETIME TENNIS abandons or vacates the Facilities for any period exceeding twenty-four (24) hours. 19