Laserfiche WebLink
<br /> <br /> <br /> <br /> 44. That LESSEE will not use, or permit the use of, said leased premises, or any part <br /> thereof, for any purpose which is determined dangerous or hazardous to the Airport operation by <br /> <br /> LESSOR. <br /> 45. In addition to the other grounds for default and termination as provided herein, the <br /> <br /> following events shall be deemed to be events of default by LESSEE under this Lease: <br /> A. Failure of LESSEE to pay any lease payment or any other sum payable to LESSOR <br /> <br /> hereunder on the date that same is due and such failure shall continue for a period of <br /> thirty (30) days. <br /> <br /> B. Failure of LESSEE to comply with any term, condition, or covenant of this Lease, <br /> other than the lease payment or other sum of money, and such failure shall not be <br /> <br /> cured within thirty (30) days after written notice thereof to LESSEE. <br /> C. Insolvency, the making of a transfer in fraud of creditors, or the making of an <br /> <br /> assignment for the benefit of creditors by LESSEE or any guarantor of LESSEE's <br /> obligations. <br /> <br /> D. Filing of a petition under any section or chapter of the National Bankruptcy Act, as <br /> amended, or under any similar law or statute of the United States or any State <br /> <br /> thereof by LESSEE or any guarantor of LESSEE's obligations, or adjudication as a <br /> bankrupt or insolvent in proceedings filed against LESSEE or such guarantor. <br /> <br /> E. Appointment of a receiver or trustee for all or substantially all of the assets of <br /> LESSEE or any guarantor of LESSEE's obligations. <br /> <br /> F. Abandonment by LESSEE of any substantial portion of the leased premises or <br /> cessation of use of the leased premises for the purposes leased. <br /> <br /> G. The filing of any lien against the leased premises resulting from any act or omission <br /> of LESSEE which is not discharged or contested in good faith as determined by <br /> <br /> LESSOR by proper legal proceedings within fifteen (15) days of receipt of actual <br /> notice by LESSEE, unless LESSEE posts a bond within this time period equal to <br /> <br /> the amount of the lien. <br /> 46. In the event of any default by LESSEE that is not cured within thirty (30) days of <br /> <br /> receiving notice from LESSOR, LESSOR may, in addition to any other remedies available to it, <br /> terminate this Lease. If the default concerns a failure to make payments to LESSOR, however, no <br /> <br /> written or other notice of default shall be required. If payments to LESSOR are in arrears for a <br /> <br /> Hangar Lease Agreement - page 17 <br /> <br /> <br /> <br /> 2 0'5 <br />