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City of San Marcos Airport <br />the LESSOR. Any security given by the LESSEE to secure performance of its <br />obligations may be assigned and transferred by the LESSOR to its successor -in- <br />interest, and the LESSOR shall be released of any further obligations under this <br />LEASE. <br />ARTICLE 11. EVENTS OF DEFAULT AND REMEDIES <br />11.01. The following events shall be events of default by the LESSEE under this <br />LEASE: <br />A. The LESSEE fails to pay when due any rental or any other sums or <br />charges due under this LEASE, and such failure continues for seven (7) <br />days following written notice thereof (provided, however, that LESSOR <br />shall be obligated to give only two such notices in any calendar year, and <br />after such two notices, LESSOR will no longer be obligated to give any <br />other notice under this Section 11.01 A within such calendar year). <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 />Initials: Lessor Lessee;?(---- <br />