Suspension of Privileges, and Right to Reenter and Re-let After Default Clause Samples

Suspension of Privileges, and Right to Reenter and Re-let After Default. A. Without terminating this Agreement and time being of the essence, AIRLINE will be in default, and all of AIRLINE’s rights and privileges, but not its responsibilities and obligations, as a Signatory Airline under this Agreement, other than use and occupancy of its Premises and Airport facilities, will be automatically suspended without further notice, upon the occurrence of any of the following events of default: 1. AIRLINE fails to pay any rent or fee or any other charge as provided for in this Agreement, including interest, within thirty (30) days after the date it is due, or 2. AIRLINE violates any provision of, or fails timely to perform any of its obligations under this Agreement, or 3. AIRLINE fails to continue to perform any obligation of this Agreement after performance is commenced. B. Without terminating this Agreement and time being of the essence, DOT&PF may immediately reenter, renovate, and re-let all or part of the Premises to others and reassign any associated Preferential Use Privilege for any Adjacent Aircraft Parking Position to others for the account of AIRLINE if AIRLINE either: 1. Fails to pay any rent or fee or any other charge provided for in this Agreement, including interest, within thirty (30) days after receipt of written notice of default, or 2. Fails to immediately cure a default in performance of any obligation under this Agreement within thirty (30) days after receipt of written notice of default. If the nature of the default is such that it cannot be cured within thirty (30) days after the written notice of default by DOT&PF to AIRLINE, AIRLINE will be deemed to have cured the default if it commences to cure the default within the thirty (30) day period and thereafter diligently continues the cure to completion, or 3. Fails to continue to perform any obligation of this Agreement after performance is commenced, or 4. If any petition, proceeding, or action by, for, or against AIRLINE is filed under any insolvency, bankruptcy, reorganization, relief of debtors, or receivership law and is not dismissed by the court within sixty (60) days of the petition, proceeding, or action. C. In the event of reentry, DOT&PF will charge AIRLINE renovation costs necessary to restore the Premises to the condition of the Premises as of AIRLINE’s first occupancy, plus a fifteen percent (15%) administrative fee for all re-let sublease rent received by DOT&PF for AIRLINE’s re-let space. AIRLINE will reimburse DOT&PF for any deficiency in rents ...
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