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<br />VOL 300PkGE525 <br /> <br />Article 10. Assignment and Subletting <br /> <br />10.01. Consent by Lessor to one or more assignments or sublettings shall not operate as <br />waiver of Lessor's rights as to any subsequent assignments and sublettings. <br />Notwithstanding any assignment or subletting, Lessee shall at all times remain fully <br />responsible and liable for the payment of the rent specified and for compliance with all of <br />its other obligations under this Lease. <br /> <br />10.02. In the event of the transfer and assignment by Lessor of its interest in this Lease <br />and in the building on the Leased Premises to a person, firm or corporation, assuming <br />Lessor's obligations, Lessee agrees to look solely to the responsibility of such successor <br />in interest of the Lessor. Any security given by Lessee to secure performance of its <br />obligations may be assigned and transferred by Lessor to such successor in interest of <br />Lessor and Lessor shall be discharged of any further obligation. <br /> <br />10.03 Only City-approved leasing contracts will be used to lease the T-hangars to <br />individual customers. <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 <br />under this Lease. <br /> <br />B. The Lessee fails to comply with any other term, provision, or covenant of this <br />Lease, and does not cure the failure within 30 days after written notice to the Lessee. For <br />any subsequent default by the Lessee for the same or any other reason, the Lessor may <br />terminate the Lease if that subsequent default continues for more than three days after <br />notice of the subsequent default. <br /> <br />C. The Lessee becomes insolvent, makes a transfer in fraud of creditors, or makes <br />an assignment for the benefit of creditors <br /> <br />D. The Lessee commences, or another party commences against the Lessee, <br />proceedings in bankruptcy, for reorganization, or for the readjustment or arrangement of <br />its debts under the bankruptcy laws of the United States or under any other law. The <br />acceptance by the Lessor of the Lessee's monthly payments subsequent to the occurrence <br />of this event of default, or that set forth in subparagraph E below, shall be as compensation <br />for use and occupancy of the Leased Premises, and shall in no way constitute a waiver by <br />the Lessor of its right to exercise any remedy provided for any event of default. <br /> <br />E. A receiver or trustee is appointed for all or substantially all of the assets of the <br />8 <br />