Laserfiche WebLink
I t. Damagc, Destruction, and Condemnation <br />ll.l Damage or Destruction of Premises. lf any portion of the Prcmises or the <br />Lnprovemcnts is darnaged in any manner, Lessee shall promptly rcmove from the Airport <br />all darnagcs and tJebris and timely causc repairs to hc madc to rcstorc thc Premises and <br />Improvernents to an orderly and safe conditiorr; provided the Lessee shall not be required <br />to rcstorc the Improvements. In the event nerv Improvements are undefiaken by Lcssee, all <br />rvork shall be perfonned in accordance r,vith thc tcnns of tlris Leasc, and Lcsscc shallnot <br />receive any abatement of Lessee's I'ent obligations. <br />ll,2 Condemnation. In the everrt of arry corrdcrnuatiort proceeding in which all or any <br />part of the Prernises or Improvsments is taken, Lessee may pursue a clairn against the <br />condemner for thc valuc of the hnprovements and Lcssee's leasehold interest condemned, <br />and any sub-Lessees may pursue a claim against the condemner for thc value of their sub <br />tenancy interests. ln the event of a partial taking, Lessor shall reduce the ground rent <br />payable by Lessee on a pro rata basis fbr portions of the Premises so taken. If Lessor <br />dctemrines in its sole discretion that all or a material portion of the Premises will be, or has <br />been rendcrcd, not reasonably subject to lease as a result of such taking, Lessor may <br />terminate this Lease by giving Lessee a written notice of termination, and this Lcasc shall <br />terminate under the provisions of Section 12.2 al the time specified in the notice, which <br />shall not be less than thirty (30) days atter the date ofsuch notice. <br />12. Delault. <br />l2.l Lessee's Default. The occurrence of any of the following events shall constitutc a <br />default by Lessee under this Lcase unless cured within thirty (30) days lollowing written <br />notice of such violation from Lessor': (i) Lessee fails to timely pay any installment of rent <br />or any additional rent; (ii) Lessee violates any requiretnent under this Lease, including, but <br />not limited to, abandonment of the Premises; (iii) Lessee assigns or encumbers any right in <br />this Lease, delegates any performance hereunder, or subleases or rents any part of the <br />Premises, except as expressly permitted in this Lease; (iv) Lessee files a petition in <br />bankruptcy or has a petition filed against Lessee in bankn:ptcy, insolvency, or for <br />reorganization or appointment of a receiver or trustee which is not dismissed within sixty <br />(60) days; (v) or Lessce petitions for or enters into an arrangen-rent for the benefit of <br />creditors, or suffbrs this Lease to become subject to a writ of execution and such writ is not <br />released within rhirty (30) days. If the nature of Lessee's obligation is such that more than <br />thirry (30) days arc rcasonably required for pcrfomtance or cure or a diffbrent time for <br />perfornrance is specified, Lcssec shall not be in default if Lessee cottltltences performance <br />within such thirty (30) day or specified period and thereafter diligently prosecutcs the same <br />to completion, <br />lZ.2 Remcdies. Upon any default by Lessee undcr this Lease and subject to Section | 2, <br />Lessor may at any time pllrsue any or all remedies available to Lessor, including, but not <br />limited to, thc following: (i) perform in Lessee's stead any obligation that Lessee has failed <br />to perform, and Lessee shall promptly pay to Lessor all costs incurred by Lessor for such <br />LESSEE g f\l7 LESSOR A /\,/