Lapse of Building/Development Approval. Approval given to the Lessee by the Lessor for development or building of an aircraft Hangar on the land lapses or otherwise becomes of no force or effect, whether by the effluxion of time or for any other reason whatsoever. The Lessor may in addition to its other powers either re-enter the Premises and eject the Lessee and all other persons and repossess the Premises or cancel this lease immediately by written notice to the Lessee, or both and thereupon this lease will terminate but without prejudice to any action or other remedy which the Lessor has or might otherwise have for arrears of rent or breach of covenant or for damages as a result of any such event subject to compliance with the requirements of any applicable statute.
Appears in 2 contracts
Sources: Lease Agreement, Lease Agreement