Common use of Termination by Board Clause in Contracts

Termination by Board. a. Upon or after the occurrence of any particular Event of Default (and any time periods for notice have run), and the failure to cure such Events of Default as provided herein, Board may terminate all of the Operator's rights under this Agreement and such termination shall have the effect of terminating the Operator's interest in the Leased Premises as well as the Operator's rights to operate the Fixed Base Operation on the Leased Premises. In such event Board shall be entitled to recover from Operator all damages incurred by Board by reason of Operator's default including, but not limited to, the cost of recovering possession of the Premises; expenses of re-letting, including necessary renovation and alteration of the Premises; reasonable attorneys' fees; that portion of any leasing commission paid by Board and applicable to the unexpired term of this Agreement; and the worth at the time of award of the unpaid rent and other charges and adjustments which had been earned at the time of termination and the worth at the time of award of the amount by which the unpaid rent and other charges and adjustments which would have been earned after termination until the time of award to the extent it exceeds the amount of such rental loss that the Operator proves could have been reasonably avoided. The "worth at the time of award" shall be determined by discounting such amount at 1% more than the discount rate of the Federal Reserve Bank in Denver in effect at the time of the award. Except as permitted by this Section 5.02, Board shall have no rights to terminate this Agreement.