Mortgagee's cure rights and power under this Lease; provided, however, that all such entries and exercises of Leasehold Mortgagee's cure rights and powers under this Lease shall be done in a commercially reasonable manner to minimize interference with the operations of the Airport.

Article 13 – Title to Improvements

13.01 Title to Improvements. Tenant shall be deemed to be the owner of all improvements and alterations constructed by Tenant upon the Premises during the Term. Upon expiration of the Term or the earlier termination of this Lease as provided herein, all improvements and alterations constructed or placed upon the Premises by Tenant, title to which has not previously vested in Authority hereunder, shall become the absolute property of Authority, and Authority shall have every right, title, and interest therein, free and clear of any liens, mortgages, and other encumbrances. Upon the request of Authority, Tenant shall provide Authority with a bill of sale or other evidence of the transfer of ownership of the improvements and alterations together with evidence satisfactory to Authority that the improvements and alterations are free from liens, mortgages, and other encumbrances.

13.02 Removal of Improvements. Notwithstanding any provision of this Lease to the contrary, Tenant shall not be required to remove any improvements made by Tenant during the Term of this Lease upon the expiration or earlier termination of this Lease.

13.03 Survival. The provisions of this Article 16 shall survive expiration or earlier termination of this Lease.

Article 14 - Default, Remedies and Termination

14.01 Default. The occurrence of any one or more of the following events shall constitute a material default and breach of this Lease by Tenant or Authority:

  • The abandonment (as that term is defined under applicable law) of the Premises by Tenant.
  • The failure by Tenant to make payment of rent or any other payment required to be made by Tenant hereunder as and when due, where such failure shall continue for a period of ten (10) days after written notice from Authority that such payment is due.
  • The failure by Tenant to maintain in full force and effect, the insurance limits, coverages, and endorsements required by this Lease.
  • The failure by Tenant to observe or perform any other covenants, conditions or provisions of this Lease to be observed or performed by Tenant, where such failure continues for a period of thirty (30) days after written notice thereof from Authority; provided, that if the nature of Tenant's default is such that more than thirty (30) days are reasonably required for its cure, then Tenant shall not be deemed to be in default if Tenant commenced such cure within such thirty (30) day period and thereafter diligently pursues such cure to completion.

Rev. 083021

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