Res 2011-054 - Laserfiche WebLink

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City of San Marcos Airport rental shall be abated for the length of time necessary for the reconstruction or repairs in proportion to the amount of floor area of the LEASED PREMISES rendered unusable, but there shall be no abatement of any other amounts payable by the LESSEE under the terms of this LEASE. 9.04. LESSEE shall maintain insurance coverage to cover all improvements on the LEASED PREMISES against perils of fire, explosion, wind, and storms. The amount of coverage provided under such policy shall be reviewed and modified annually, so that the amount of such coverage is at all times 100% of replacement cost (without deduction for depreciation). At all times during the lease term, LESSEE shall cause evidence of such coverage to be deposited with CITY or Airport Manager which shall include a certificate of insurance stating that the policy will not cancelled without prior notice to CITY and Airport Manager. ARTICLE 10. ASSIGNMENT AND SUBLETTING 10.01. The LESSEE shall not assign or sublet all or part of its interest in this LEASE without the advance written consent of the LESSOR. Consent by the LESSOR to One (1) or more assignments or sublettings shall not operate as a waiver of the LESSOR's rights as to any subsequent assignments or sublettings. Notwithstanding subletting, the LESSEE shall remain fully responsible and liable for the payment of the rent and for compliance with all of its other obligations under this LEASE. 10.02. In the event of an assignment by the LESSOR of all of its interest in this LEASE to a person, firm or corporation that assumes all of the LESSOR's obligations, the LESSEE agrees to look solely to the responsibility of the successor in interest of the LESSOR. Any security given by the LESSEE to secure performance of its obligations may be assigned and transferred by the LESSOR to its successor in interest, and the LESSOR shall be released of any further obligations under this LEASE. ARTICLE 11. EVENTS OF DEFAULT AND REMEDIES 11.01. The following events shall be events of default by the LESSEE under this LEASE: A. The LESSEE fails to pay when due any rental or any other sums or charges due under this LEASE, and such failure continues for seven (7) days following written notice thereof (provided, however, that LESSOR shall be obligated to give only two such notices in any calendar year, and after such two notices, LESSOR will no longer be obligated to give any other notice under this Section 11.01A within such calendar year). Commercial Land Lease Page 9 of 18