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183 > Image 183 of Minutes of the University of Kentucky Board of Trustees, 2012-02-21

Part of Minutes of the University of Kentucky Board of Trustees

Tenant Default: 0 If Tenant defaults, the University has a number of remedies, including: pursuing legal action for damages, specific performance, terminate lease (upon payment to EdR of the appraised value of the facilities, less damages), require EdR to market and sell the lease to a third paity 0 Tenant defaults include: failure to pay rent, failure to observe and perform terms, bankruptcy, abandonment, failure to discharge liens, assignment of lease in violation of terms Change of Control and Universitys Right of First Refusal: 0 Established requirements for Qualified Assignee and tenns of a Permitted Assignment 0 University has right of first refusal at a price: During the original term, price contained in Bona Fide offer During the renewal tenn, the price shall be the lesser of: Bona Fide offer or Appraised value During the second term, the price shall be the greater of: Depreciated value or $10.00 0 Under ceitain circumstances, EdRs public company parent may undergo a change of control without triggering Universitys right of first refusal