Res 1998-172 - Laserfiche WebLink

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nnO~J'^"' ,"à .VOL ~,j PAGE 'I (t) than 50% of the floor area of the Hangar unusable, then the Lessee may elect either to terminate this Lease or to proceed to rebuild and repair the improvements. The Lessee shall give written notice to the LessQr of this election within 60 days after the occurrence of the casualty. If the Lessee elects to rebuild and repair, it shall proceed to do so with diligence and at its sole cost and expense. 9.03. During any period of reconstruction or repair of improvements on the Leased Premises, this Lease shall continue in full force and effect, except that the 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. Any insurance against casualty loss which may be carried by either the Lessor or the Lessee shall be under the sole control of the party carrying the insurance, and the other party shall have no interest in any proceeds of this insurance. Lessor and Lessee expressly waive any cause of action or right of recovery which either of them may have against the other for any loss or damage to the Leased Premises or to the contents caused by fire, explosion, or other risk covered by the casualty Insurance. 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 or more assignments or sublettings shall not operate as a waiver of the Lessor's rights as to any subsequent assignments or sublettings. Notwithstanding any assignment or subletting, the Lessee shall remain fully responsibl~ 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. B. The Lessee fails to comply with any other term, provision, or covenant of this Lease, and does not cure the failure within 30 days after written notice to the Lessee. For any subsequent default by the Lessee for the same or any other reason, the Lessor may terminate the Lease if that subsequent default continues for more than three days after notice of the subsequent default. C. The Lessee becomes insolvent, makes a transfer in fraud of creditors, or makes an assignment for the benefit of creditors D. The Lessee commences, or another party commences against the Lessee, proceedings 6