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<br />Article 9. Damage by Casualty <br /> <br />9.01. The Lessee shall give immediate verbal notice and prompt written notice to the City of any <br />damage caused to the Leased Premises by fire or other casualty. <br /> <br />9.02. I n the event that any improvements on the Leased Premises are damaged or destroyed by fire <br />or other casualty covered under insurance, and the Lessee does not elect to terminate the Lease, <br />the Lessee shall proceed at its sole cost and expense to promptly and diligently rebuild and repair <br />the improvements. If the Hangar is damaged or destroyed by fire or other casualty that renders <br />more than 50% of the floor area of the Hangar unusable, then the Lessee may elect either to <br />terminate this Lease or to proceed to rebuild and repair the improvements. The Lessee shall give <br />written notice to the City of this election within 60 days after the occurrence of the casualty. If the <br />Lessee elects to rebuild and repair, it shall proceed to do so with diligence and at its sole cost and <br />expense. <br /> <br />9.03. During any period of reconstruction or repair of improvements on the Leased Premises, this <br />Lease shall continue in full force and effect, except that the rental shall be abated for the length of <br />time necessary for the reconstruction or repairs in proportion to the amount of floor area of the <br />Leased Premises rendered unusable, but there shall be no abatement of any other amounts payable <br />by the Lessee under the tenns of this Lease. <br /> <br />9.04. Any insurance against casualty loss which may be carried by either the City or the Lessee <br />shall be under the sole control of the party carrying the insurance, and the other party shall have no <br />interest in any proceeds of this insurance. City and Lessee expressly waive any cause of action or <br />right of recovery which either of them may have against the other for any loss or damage to the <br />Leased Premises or to the contents caused by fire, explosion, or other risk covered by the casualty <br />insurance. <br /> <br />Article 10. Assignment and Subletting <br /> <br />10.01. The Lessee shall not assign or sublet any of its interest in this Lease without the advance <br />written consent of the City. Consent by the City to one or more assignments or sublettings shall not <br />operate as a waiver of the City's rights as to any subsequent assignments or sublettings. <br />Notwithstanding any assignment or subletting, the Lessee shall remain fully responsible and liable <br />for the payment of the rent and for compliance with all of their other obligations under this Lease. <br /> <br />10.02. In the event of an assignment by the City of all of its interest in this Lease to a person, firm or <br />corporation that assumes all of the City's obligations, the Lessee agree to look solely to the <br />responsibility of the successor in interest of the City. Any security given by the Lessee to secure <br />performance of its obligations may be assigned and transferred by the City to its successor in <br />interest, and the City shall be released of any further obligations under this Lease. <br /> <br />Article 11. Events of Default and Remedies <br /> <br />11.01. The following events shall be events of default by the Lessee under this Lease: <br /> <br />A. The Lessee fails to pay when due any rental or any other sums or charges due under this <br /> <br />COSM Form 1/99 <br /> <br />6 <br />