Cleveland Clinic Health System Obligated Group - FMSbonds.com

Before any of the foregoing remedies are exercised by the Commission or its designee in respect of anEvent of Default under subparagraph (b) above, the Commission shall give written notice to the Cleveland Clinicthat it believes an Event of Default thereunder has occurred, specifying the charges or circumstances constituting theEvent of Default in sufficient detail that the Cleveland Clinic will be fully advised of the nature of the charges madeagainst it and able to adequately prepare a response thereto. Such notice shall fix a date, time and place for ahearing before a hearing officer who shall be a member of the American Arbitration Association or any organizationthat is nationally recognized as performing the functions performed by that Association on the effective date of theLease and who is knowledgeable concerning health care facilities reasonably comparable in size and type to theProject and who shall be mutually acceptable to the Cleveland Clinic and the Commission. The hearing shall beheld to determine whether an Event of Default under Section 13.1(b) as summarized above under this caption hasoccurred. That date shall not be sooner than 30 days following the giving of that notice.Subject to the Bond Indenture, notwithstanding any termination of the Lease, or the exercise of any otherright, remedy or power with respect to an Event of Default, prior to the entry of a judgment in a court of law orequity for enforcement after an opportunity for the Cleveland Clinic to be heard, the Cleveland Clinic may (a) at anytime pay, or provide by deposit with the Commission and the Bond Trustee in a form and amount satisfactory to theBond Trustee for, (i) all accrued and unpaid Basic Rent, Additional Payments and other amounts payable under anyGroup Document (except Basic Rent accelerated pursuant to Event of Default), which Basic Rent will include allinterest required to be paid in accordance with the Bond Indenture on overdue principal of and, to the extent lawful,on any overdue interest on, any Series 2008A Bonds and on the principal of any Series 2008A Bonds required to beredeemed in accordance with the Bond Indenture, but not redeemed by reason of any Event of Default by theCleveland Clinic in the payment of Basic Rent, and (ii) all costs and expenses of the Commission or any assigneeoccasioned by the Event of Default, and (b) cure to the satisfaction of the Master Trustee and the Bond Trustee (andof the Commission as to an Event of Default under Section 13.1(b) of the Lease as summarized above under thiscaption) all other Events of Default then capable of being cured.Upon that payment, deposit and cure, (1) the Lease shall be reinstated fully, as if it had never beenterminated; (2) the Cleveland Clinic will be restored to the use, occupancy and possession of the Leased Premises;and (3) that payment, deposit and cure will cause a waiver of the Event of Default and its consequences and anautomatic rescission and annulment of any declaration of acceleration; provided that, no waiver or rescission willextend to or affect any subsequent Event of Default or impair any right, remedy or power consequent thereon.ASSIGNMENT TO THE MASTER TRUSTEEPursuant to the Assignment to the Master Trustee, the State, acting by and through the Commission, hasassigned all of its rights under the Base Lease and the Lease to the Master Trustee, except for the Unassigned Rightsand those rights that have been assigned to the Bond Trustee pursuant to the Bond Indenture and the Assignment tothe Bond Trustee.ASSIGNMENT TO THE BOND TRUSTEEPursuant to the Assignment to the Bond Trustee, the State, acting by and through the Commission, hasassigned to the Bond Trustee certain of its rights to the Hospital Receipts, including Basic Rent, payable under andpursuant to the Lease, to the proceeds derived from the sale of the Series 2008A Bonds, and any and all other real orpersonal property pledged, assigned or transferred as and for additional security under the Bond Indenture.C-50