• 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 University’s 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, EdR’s public company parent may undergo a change of
control without triggering University’s right of first refusal