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City of San Marcos <br />Airport <br />B. The LESSEE fails to comply with any other term, provision, or covenant <br />of this LEASE, and does not cure the failure within Thirty (30) days after <br />written notice to the LESSEE. However, if LESSEE's failure to comply <br />cannot reasonably be cured within thirty (30) days, LESSEE shall be <br />allowed additional time (not to exceed sixty (60) days) as is reasonably <br />necessary to cure the failure so long as LESSEE commences to cure the <br />failure within fifteen (15) days and LESSEE diligently pursues a course of <br />action that will cure the failure. For any subsequent default by the <br />LESSEE for the same or any other reason, the LESSOR may terminate the <br />LEASE if that subsequent default continues for more than Three (3) days <br />after notice of the subsequent default. <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 <br />LESSEE, proceedings in bankruptcy, for reorganization, or for the <br />readjustment or arrangement of its debts under the bankruptcy laws of the <br />United States or 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 or quarterly <br />payments subsequent to the occurrence of any event of default shall be considered <br />to be compensation for LESSEE's use and occupancy of the LEASED <br />PREMISES, and shall in no way constitute a waiver by the LESSOR of its right to <br />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 <br />notice or 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 <br />fails 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 />Commercial Land Lease Page 10 of 18 <br />