WS - D - Land Lease - City of Tiffin - Iowa Interstate Railroad

by written notification to CITY, and these means of termination shall be binding upon the parties hereto in lieu of any notice that may be required by applicable law. In the case of a default of this Lease, as it relates to the payment of Rent, CITY will be responsible for all fees (including, but not limited to, reasonable attorney fees) for the recovery of all outstanding payments and CITY will incur an annual interest rate of 7% for all outstanding or unpaid funds from the date any and all outstanding payments become due to the time final payment is made, the interest rate applies to the period before any settlement, mediation, judicial judgment, or any other resolution or finding which results from this Lease Agreement. 9.01 Termination-Rights of RAILROAD. Upon the termination of this Lease Agreement in any circumstance, all rights of CITY hereunder shall absolutely cease, other than those that expressly survive termination of this Lease; and upon or prior to such termination, CITY shall surrender said Premises to the possession of RAILROAD. No termination of this Lease Agreement shall affect the liabilities or obligations of either party (including indemnity) which may have arisen pursuant to the provisions of this Lease Agreement and prior to the termination of this Lease, and any such liabilities or obligations shall survive the termination of this Lease Agreement, whether known or unknown at the time of the termination. Acceptance of Rent in advance by RAILROAD shall not operate as a waiver of its right to terminate this Lease Agreement as herein provided, whether such acceptance is made before or after notice of termination has been given as herein provided. Any damages to the Premises shall be repaired by CITY, with the Premises returned to a substantially similar condition as existed on the Effective Date, normal wear and tear excepted, such obligation to survive the termination of this Lease. 9.02 Insolvency. In the event CITY shall seek the protection of a trustee or receiver, or file a petition for an arrangement with its creditors in bankruptcy court, or transfer its assets to a trustee, or otherwise seek to liquidate its assets, such action shall constitute an event of default of this Lease Agreement. In the event of such termination, RAILROAD shall have, and be allowed, a provable claim in any such bankruptcy or creditors or receivership proceeding. Article X Renewal of Lease of Premises 10.0 Option to Renew Lease Agreement to Lease Premises. N/A Article XI Miscellaneous Provisions 11.0 Easements. RAILROAD reserves the right to grant any easements and to cause such improvements to be placed upon the Premises as RAILROAD may deem necessary or desirable provided however, that RAILROAD will not grant those easements which will unreasonably interfere with CITY’s use and enjoyment of the Premises. RAILROAD shall not be 8