Common use of CANCELLATION BY LESSOR Clause in Contracts

CANCELLATION BY LESSOR. This Lease shall be subject to cancellation by Lessor in the event that Lessee shall: 1. Fail to pay Lessor the whole or any part of the amounts due hereunder for a period of ten (10) days after the date such payments become due; or 2. File a voluntary petition in bankruptcy; or 3. Make a general assignment for the benefit of creditors; or 4. Have a Receiver appointed for it by a court of competent jurisdiction; or 5. Abandon or vacate the Premises; or 6. Discontinue Commercial Aviation Activities as set forth in Article III, Paragraph B for a period of more than thirty (30) days (in the aggregate) in any period of twelve (12) consecutive months; or 7. Fail to perform any of the other covenants and/or conditions required herein (except rental payments) to be kept and performed by Lessee, and the lack of cure thereof for a period of thirty (30) days after receipt of written notice from Lessor of said failure. In any of aforesaid events, Lessor may take immediate possession of the demised premises and remove Lessee’s effects, without being deemed guilty of trespass. Upon written notice of termination provided by Lessor in accordance herewith or upon vacation by Lessee and re-entry by Lessor, this Lease shall terminate. Any rental due hereunder shall be payable to said date of termination or to said date of vacation of the Premises and re-entry by Lessor, whichever event occurs later in time. Failure of Lessor to declare this lease terminated upon the breach by Lessee for any of the reasons set out shall not operate as a waiver of Lessor’s right to declare this lease terminated by reason of such breach or any subsequent violation of the terms of this lease.

CANCELLATION BY LESSOR. This Lease lease shall be by subject to cancellation by Lessor lessor in the event that Lessee lessee shall: (1. Fail to pay Lessor ) Be in arrears in the payment of the whole or any part of the amounts due agreed upon hereunder date for a period of ten (10) days after the date such three payments become due; or; (2. ) File a voluntary petition in bankruptcy; or; (3. ) Make a general assignment for the benefit of creditors; or; (4. Have a Receiver appointed for it by a court of competent jurisdiction; or) Abandon the demised premises; (5. Abandon or vacate the Premises; or 6. ) Discontinue Commercial Aviation Activities commercial aviation operations as set forth in Article article III, Paragraph B for a period of more than thirty paragraph E; (306) days (Be in default in the aggregate) in performance of any period of twelve (12) consecutive months; or 7. Fail to perform any of the other covenants and/or conditions required herein (except rental payments) to be kept and performed by Lessee▇▇▇▇▇▇, and the lack of cure thereof such default continues for a period notice from lessor of thirty (30) days after receipt of written notice from Lessor ▇▇▇▇▇▇ of said failuredefault. (7) It is mutually understood and agreed that in the event lessor may require relocation of hangar and attachments in accordance with the approved airport master plan and layout plan or relocation to another hangar facility or space that both parties may be released from the Article VI (30) day cancellation requirement without penalty provided agreement has been reached for new lease provisions. It is mutually understood and agreed that desire to relocate said hangar and office space by lessor will be at its discretion and without contest by ▇▇▇▇▇▇. Lessor will provide at least (9) months notice of intent to relocate hangar and office; lessor is under no obligation to provide the same square footage of work space and may require lessee to construct its own facilities. It is mutually understood and agreed that lessor shall make every effort to provide accommodating hangar and office space according to availability of like facilities which may be considered acceptable to lessee. In any of aforesaid events, Lessor lessor may take immediate possession of the demised premises and remove Lessee’s ▇▇▇▇▇▇'s effects, forcibly if necessary, without being deemed guilty of trespasstrespassing. Upon written notice of termination provided by Lessor in accordance herewith or upon vacation by Lessee and re-said entry by Lessor, this Lease lease shall terminate. Any rental due hereunder shall be payable to said date of termination or to said date of vacation of the Premises and re-entry by Lessor, whichever event occurs later in timetermination. Failure of Lessor lessor to declare this lease terminated upon the breach by Lessee default of lessee for any of the reasons set out shall not operate as a waiver to bar or destroy the right of Lessor’s right lessor to declare this lease terminated null and void by reason of such breach or any subsequent violation of the terms of this lease.