COMMENCEMENT OF ANY CASE OR PROCEEDING BY LESSEE UNDER ANY PROVISION OR CHAPTER
OF THE FEDERAL BANKRUPTCY ACT, THE FEDERAL BANKRUPTCY CODE, OR ANY OTHER FEDERAL
OR STATE LAW RELATING TO INSOLVENCY, BANKRUPTCY, OR REORGANIZATION OR THE
ADJUDICATION THAT LESSEE IS INSOLVENT OR BANKRUPT OR THE ENTRY OF AN ORDER FOR
RELIEF UNDER THE FEDERAL BANKRUPTCY CODE WITH RESPECT TO LESSEE.
(3)
THE FILING OF ANY PETITION OR THE
COMMENCEMENT OF ANY CASE OR PROCEEDING DESCRIBED IN SUBPARAGRAPH (2) ABOVE
AGAINST LESSEE, UNLESS SUCH PETITION AND ALL PROCEEDINGS INITIATED THEREBY ARE
DISMISSED WITHIN SIXTY (60) DAYS FROM THE DATE OF SUCH FILING; THE FILING OF AN
ANSWER BY LESSEE ADMITTING THE ALLEGATIONS OF ANY SUCH PETITION; THE APPOINTMENT
OF OR TAKING POSSESSION BY A CUSTODIAN, TRUSTEE OR RECEIVER FOR ALL OR ANY
ASSETS OF LESSEE, UNLESS SUCH APPOINTMENT IS VACATED OR DISMISSED WITHIN SIXTY
(60) DAYS FROM THE DATE OF SUCH APPOINTMENT.
(4)
LESSEE SHALL FAIL TO PERFORM ANY OF THE
OTHER AGREEMENTS TERMS, COVENANTS, OR CONDITIONS HEREOF ON LESSEE'S PART TO BE
PERFORMED AND SUCH NON-PERFORMANCE SHALL CONTINUE FOR A PERIOD OF THIRTY (30)
DAYS AFTER WRITTEN NOTICE THEREOF BY LESSOR TO LESSEE OR, IF SUCH PERFORMANCE
CANNOT BE REASONABLY HAD WITHIN SUCH THIRTY (30) DAY PERIOD, LESSEE SHALL NOT IN
GOOD FAITH HAVE COMMENCED SUCH PERFORMANCE WITHIN SUCH THIRTY (30) DAY PERIOD
AND SHALL NOT DILIGENTLY PROCEED THEREWITH TO COMPLETION.
B.
REMEDIES OF LESSOR.
IF ANY ONE OR MORE
EVENTS OF DEFAULT SHALL HAPPEN, THEN LESSOR SHALL HAVE THE RIGHT AT LESSOR'S
ELECTION, THEN OR AT ANY TIME THEREAFTER, EITHER TO;
(1)
MAKE ANY PAYMENT OR TAKE ANY ACTION TO CURE
ANY SUCH DEFAULT BY LESSEE IN SUCH MANNER AND TO SUCH EXTENT AS LESSOR MAY IN
GOOD FAITH DEEM NECESSARY OR DESIRABLE.
(2)
GIVE LESSEE WRITTEN NOTICE IN ACCORDANCE
WITH THE COLORADO FORCIBLE ENTRY AND DETAINER LAWS, TERMINATE THIS LEASE AS OF
THE DATE OF LESSEE'S DEFAULT OR AS OF ANY LATER DATE SPECIFIED IN THE NOTICE,
AND DEMAND AND RECOVER POSSESSION OF THE ASSETS FROM LESSEE.
(3)
RE-ENTER AND TAKE POSSESSION OF ALL OR ANY
PART OF THE ASSETS AND EXPEL LESSEE THEREFROM.
AFTER RECOVERING POSSESSION OF
THE ASSETS, LESSOR SHALL USE REASONABLE EFFORTS TO RE-LET THE ASSETS.
C.
REMEDIES CUMULATIVE.
EACH OF THE
REMEDIES DESCRIBED ABOVE, AND ALL OF THE REMEDIES AVAILABLE TO LESSOR AT LAW OR
IN EQUITY UPON A DEFAULT BY LESSEE, INCLUDING THE RIGHT TO SUE FOR DAMAGES,
SHALL BE CUMULATIVE WITH AND IN ADDITION TO ONE ANOTHER, AND MAY BE EXERCISED
SIMULTANEOUSLY OR SUCCESSIVELY, AS LESSOR MAY DEEM APPROPRIATE, WITHOUT ANY
EXERCISE OF ONE REMEDY BEING DEEMED AN ELECTION OF REMEDIES OR A WAIVER TO THE
EXCLUSION OF ANY OTHER REMEDY.
16.
DEFAULT BY LESSOR.
A.
DEFINITION OF DEFAULT.
LESSOR SHALL BE IN
DEFAULT UNDER THIS LEASE IF LESSOR:
(1)
PERMITS OR CAUSES THE ASSETS TO BE OR
BECAME ENCUMBERED BY ADDITIONAL AND/OR GREATER LIENS THAN THOSE IDENTIFIED AS
PERMITTED EXCEPTIONS IN SECTION 9 AND ON EXHIBIT 10 HEREOF.
(2)