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<br />10.02. In the event of an assignment by the City of all of its interest in this Lease to a I <br />person, firm or corporation that assumes all of the City's obligations, the Lessee agrees to <br />look solely to the responsibility of the successor in interest of the City. Any security given <br />by the Lessee to secure performance of its obligations may be assigned and transferred by <br />the City to its successor in interest, and the City shall be released of any further obligations <br />under this Lease. <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 City 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 />I <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 its <br />debts under the bankruptcy laws of the United States or under any other law. <br /> <br />E. A receiver or trustee is appointed for all or substantially all of the assets of the <br />Lessee. <br /> <br />F. The Lessee abandons or vacates all or any substantial portion of the Leased <br />Premises. <br /> <br />11.02. The acceptance by the City of the Lessee's monthly payments subsequent to the <br />occurrence of any event of default shall be as compensation for use and occupancy of the <br />Leased Premises, and shall in no way constitute a waiver by the City of its right to exercise <br />any remedy provided for any event of default. <br /> <br />11.03. Upon the occurrence of any of the events of default, the City shall have the option <br />to pursue anyone or more of the following remedies without any notice or demand <br />whatsoever: <br /> <br />A. Terminate this Lease. In this event the Lessee shall immediately surrender the I <br />Leased Premises to the City, and if the Lessee fails to do so, the City may enter and take <br /> <br />COSM form 1/99 <br />