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City of San Marcos <br />Airport <br />C. The LESSEE becomes insolvent, makes a transfer in fraud of creditors, or <br />makes an assignment for the benefit of creditors. <br />D. The LESSEE commences, or another party commences against the LESSEE, <br />proceedings in bankruptcy, for reorganization, or for the readjustment or <br />arrangement of its debts under the bankruptcy laws of the United States or <br />under any other law. <br />E. A receiver or trustee is appointed for all or substantially all of the assets of <br />the LESSEE. <br />F. The LESSEE abandons or vacates all or any substantial portion of the <br />LEASED PREMISES for 120 consecutive days. <br />G. The LESSEE fails to construct to completion the FACILITIES as provided <br />under Article 5. <br />11.02. The acceptance by the LESSOR of the LESSEE's monthly payments subsequent to <br />the occurrence of any event of default shall be as compensation for use and <br />occupancy of the LEASED PREMISES, and shall in no way constitute a waiver by the <br />LESSOR of its right to exercise any remedy provided for any event of default. <br />11.03. Upon the occurrence of any of the events of default, the LESSOR shall have the <br />option to pursue any One (1) or more of the following remedies without any notice or <br />demand whatsoever: <br />A. Terminate this LEASE. In this event the LESSEE shall immediately <br />surrender the LEASED PREMISES to the LESSOR, and if the LESSEE fails <br />to do so, the LESSOR may enter and take possession of the LEASED <br />PREMISES and remove the LESSEE and any other person occupying the <br />premises, by force if necessary, without prejudice to any other remedy it <br />may have for possession or arrearages in rent, and without being liable for <br />any resulting damages. The LESSEE agrees to pay to the LESSOR the <br />amount of all resulting costs, losses and damages incurred by the LESSOR <br />within Thirty (30) days of the LESSOR's issuance of a statement to the <br />LESSEE. If LESSOR terminates this LEASE, LESSEE shall be deemed to <br />have relinquished all right, title and interest in and to all real property <br />improvements and the FACILITIES on the LEASED PREMISES and such <br />shall become the property of the LESSOR. <br />B. Relet the LEASED PREMISES and receive the rent. The LESSEE agrees to <br />pay to the LESSOR any resulting costs, and any deficiency that may arise by <br />reason of reletting, within Thirty (30) days of the LESSOR's issuance of a <br />statement to the LESSEE. <br />Commercial Land Lease Page 13 of 22 <br />