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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 />Article 11. Events of Default and Remedies <br />11.01. The following events shall be events of default by the Lessee under this Lease: <br />A. The Lessee fails to pay when due any rental or any other sums or charges due under <br />this Lease. <br />B. The Lessee fails to comply with any other term, provision, or covenant of this Lease, and <br />does not cure the failure within 30 days after written notice to the Lessee. For any subsequent <br />default by the Lessee for the same or any other reason, the City may terminate the Lease if that <br />subsequent default continues for more than three days after notice of the subsequent default. <br />C. The Lessee become insolvent, makes a transfer in fraud of creditors, or make an <br />assignment forthe benefit of creditors <br />D. The Lessee commences, or another party commences against the Lessee, proceedings <br />in bankruptcy, for reorganization, or for the readjustment or arrangement of its debts under the <br />bankruptcy laws of the United States or under any other law. The acceptance by the City of the <br />Lessee's monthly payments subsequent to the occurrence of this event of default, or that set forth in <br />subparagraph E below, shall be as compensation for use and occupancy of the Leased Premises, <br />and shall in no way constitute a waiver by the City of its right to exercise any remedy provided for <br />any event of default. <br />E. A receiver or trustee is appointed for all or substantially all of the assets of the Lessee. <br />F. The Lessee abandons or vacate all or any substantial portion of the Leased Premises. <br />11.02. Upon the occurrence of any of the events of default, the City shall havethe option to pursue <br />any one or more of the following remedies without any notice or demand whatsoever: <br />A. Terminate this Lease. In this event the Lessee shall immediately surrender the Leased <br />Premises to the City, and if the Lessee failsto do so, the City may enterand take possession of the <br />Leased Premises and removetheLessee and any otherperson occupying the premises, byforce if <br />necessary, without prejudiceto any other remedy it may have for possession orarrearages in rent, <br />and without being liable for any resulting damages. The Lessee agrees to pay to the City the <br />amount of all resulting costs, losses and damages incurred by the City within 30 days of the City's <br />issuance of a statement to the Lessee. <br />B. Relet the Leased Premises and receive the rent. The Lessee agrees to pay to the City <br />any resulting costs, and any deficiency that may arise by reason of reletting, within 30 days of the <br />City's issuance of a statement to the Lessee. <br />C. Enter the Leased Premises, by force if necessary, without being liable for prosecution or <br />any claim for damages, and do whatever the Lessee is obligated to do under the terms of this <br />COSM Form 1/99 7