Airport T-Hangar Lease 2022 (2) - Laserfiche WebLink

Home Browse Search

LESSEE__________ 13 LESSOR__________ terminate under the provisions of Section 9.2 at the time specified in the notice, which shall not be less than thirty (30) days after the date of such notice. 11. Default. 11.1 Lessee's Default. The occurrence of any of the following events shall constitute a default by Lessee under this Lease unless cured within thirty (30) days following written notice of such violation from Lessor: (i) Lessee fails to timely pay any installment of rent or any additional rent; (ii) Lessee violates any requirement under this Lease, including, but not limited to, abandonment of the Premises; (iii) Lessee assigns or encumbers any right in this Lease, delegates any performance hereunder, or subleases or rents any part of the Premises, except as expressly permitted in this Lease; (iv) Lessee files a petition in bankruptcy or has a petition filed against Lessee in bankruptcy, insolvency, or for reorganization or appointment of a receiver or trustee which is not dismissed within sixty (60) days; (v) or Lessee petitions for or enters into an arrangement for the benefit of creditors, or suffers this Lease to become subject to a writ of execution and such writ is not released within thirty (30) days. If the nature of Lessee's obligation is such that more than thirty (30) days are reasonably required for performance or cure or a different time for performance is specified, Lessee shall not be in default if Lessee commences performance within such thirty (30) day or specified period and thereafter diligently prosecutes the same to completion. 11.2 Remedies. Upon any default by Lessee under this Lease and subject to Section 10, Lessor may at any time pursue any or all remedies available to Lessor, including, but not limited to, the following: (i) perform in Lessee's stead any obligation that Lessee has failed to perform, and Lessee shall promptly pay to Lessor all costs incurred by Lessor for such performance, together with interest and service fees for any past due amounts (as provided in Section 3.2) and an administrative charge equal to twelve percent (12%) of the cost incurred by Lessor which the parties agree is a reasonable estimate of and liquidated damages for Lessor’s overhead expenses associated with such performance; (ii) terminate Lessee's rights under this Lease upon delivering a written notice of termination; and (iii) re-enter and take possession of the Premises by any lawful means with or without terminating this Lease. Lessee shall pay all costs and damages arising out of Lessee’s default, including, but not limited to, the cost of recovering possession of the Premises, the cost of improving and reletting the Premises, including, but not limited to, any real estate broker fees or marketing costs, and attorneys’ fees and costs regardless of whether formal action is commenced or concluded. No action by Lessor or Lessor’s Associates shall be construed as an election by Lessor to terminate this Lease or accept any surrender of the Premises unless Lessor provides Lessee with a written notice expressly stating that Lessor has terminated this Lease or accepted a surrender of the Premises. Following a default by Lessee under this Lease, Lessor shall exercise commercially reasonable, good faith efforts to mitigate its damages as required by applicable law. 11.3 Default by Lessor. Lessor shall not be in default under this Lease unless Lessor fails to perform an obligation required of Lessor under this Lease within thirty (30) days after written notice by Lessee to Lessor. If the nature of Lessor's obligation is such that