1993-01-11 Regular Meeting - Laserfiche WebLink

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Lessee and its assets pursuant to proceedings brought under the provisions of any Federal Re -Organization Act; or if a Receiver for the Lessee's assets is appointed; or if the Lessee shall be divested of its rights, powers and privileges under this Agreement and Lease by other operation of law. B. If the Lessee shall default in or fail to make any payments at the times and in the amount required of it under this Agreement and Lease. C. If the Lessee shall abandon and discontinue the conduct of a fixed base operation. D. If the Lessee shall fail to perform, keep and observe all the covenants and conditions contained in this Agreement and Lease to be performed, kept and observed by it. E. If the Lessee shall fail to abide by all applicable laws, ordinances, rules and regulations of the United States, State of Texas, or the City of La Porte. Provided that upon happening of any of the contingencies recited in subparagraphs B, C, D and E above the Lessor shall give written notice to the Lessee to correct or cure such default, failure to perform, or breach, and if, within thirty (30) days from the date of such notice, the default, failure to perform or breach complained of, shall not have been corrected in a manner satisfactory to the Lessor, then, and in such event, the Lessor shall have the right at once and without further notice to the Lessee to declare this Agreement and Lease terminated and to enter upon and take full possession of the Leased Premises and Leased Facilities and, provided further that upon the happening of any one of the contingencies enumerated in subsection A hereof, this Agreement and Lease shall be deemed to be breached by the Lessee and thereupon ipso facto and without entry or any other action by the Lessor, the Agreement and Lease shall terminate, subject to be reinstated only if such involuntary bankruptcy or insolvency proceedings, petitions for reorganization, trusteeship, receiver ship, or other legal act divesting the Lessee of its rights under this Agreement and Lease shall be denied, set aside, vacated or terminated in the Lessee's favor within forty-five (45) days from the happening of the contingency. Upon the happening of said latter event, this Agreement and Lease shall be reinstated as if there had been no breach occasioned by the happening of said contingencies provided that the Lessee shall within ten (10) days discharge any and all sums of money which may have become due under this Agreement and Lease in the interim and shall then remain unpaid and shall likewise fully perform and discharge all other obligations which may have accrued and become payable in the interim. The acceptance of rentals and fees by the Lessor for any period or periods after a default of any of the terms, covenants, 11