Res 1975-044 - Laserfiche WebLink

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I ,/1.5. I J 16. I . ..,' . and such partial taking shall render that portion of the demised premises not so taken unsuitable for the business of Lessee, then this lease and the term herein shall cease and terminate as aforesaid. If such partial taking is not exten- sive enough to render the premises unsuitable for the business of Lessee, then this lease shall continue in effect except that the minimum rental shall be reduced and adjusted in an appropriate manner. c. If this lease is terminated as provided in this p,aragraph, rent shall be paid up to the date that possession is so taken by public authority, and Lessor shall make an equitable refund of any rent paid by Lessee in advance. D. Award: Lessee shall not be entitled to and expressly waives all claim to any condemnation award for any taking, whether whole or partial, and whether for diminution in value of the leasehold or to the fee although, Lessee shall have the right, to the extent that the same shall not reduce Lessor's award, to claim from the condemnor, but not from Lessor, such compen- sation as may be recoverable by Lessee in its own right for damage to Lessee's business and fixtures. Default. If Lessee fails to pay any rental or other payment due hereunder or upon its failure to perform any other of the terms of this lease to be observed.or performed by Lessee on its part to be observed or performed, or if Lessee shall become a bankrupt, or insolvent, or file any debt or proceedings, or take or have taken against Lessee in any court pursuant to any statute either of the United States or of the State of Texas a petition in bankruptcy or insol- vency or for reorganization or for the appointment or a receiver or trustee of all or a portion of Lessee's property, or if Lessee makes an assignment for the benefit of creditors, or petitions for or enters into an arrangement, or suffers this lease to be taken under any writ of execution or attachment, or if this lease shall pass to or dissolve upon by law or otherwise, one other than Lessee except as herein provided, then, in anyone or more such events, upon Lessor serving written thirty (30) day notice of cancellation upon Lessee specifying the nature of said default, and if, at the expiration of said thirty (30) days, Lessee shall have failed to comply with or remedy such default, then this lease and the term thereunder, shall, at the option of Lessor, terminate and come to an end on the date specified in such notice of cancellation, and Lessee shall quit and surrender the demised premises to Lessor as if the term hereunder ended by the expiration of the time fixed herein, and Lessee shall remain liable for any unpaid rent and all other charges up to the date of termination. If the Lessor shall be in default in performing any of the terms or provisions of this lease required on its part to be performed, and Lessee shall give Lessor notice in writing of such default, and if the Lessor shall fail to cure such default within thrity (30) days after service of such notice, then and in such event, this lease shall be terminated and cancelled. Operation of the Airport. Lessor reserves the right to operate the airport in accordance with the obligation to the Federal or State Government under any of the agreements for which aid for development was granted; PROVIDED, HOWEVER, if such operation restricts the operation of Lessee on the demised premises, appropriate rental reductions shall be negotiated. In the event that appropriate rental reductions cannot be negotiated between the parties hereto, then in such event, this lease shall terminate and the parties hereto shall have no further obligations hereunder. -6-