PERIOD AND HAS
DILIGENTLY PURSUED SUCH CURE BUT IT HAS NOT YET COMPLETED SUCH CURE WITHIN SUCH
NINETY (90) DAY PERIOD, THEN THE LESSEE MAY REQUEST AN EXTENSION OF SUCH NINETY
(90) DAY PERIOD, WHICH EXTENSION SHALL NOT BE UNREASONABLY WITHHELD.
32
Subject to applicable law, in the event that Lessee is adjudicated to be a
bankrupt, this Lease shall automatically terminate and be of no further force or
effect.
SECTION 11.02.
REMEDIES.
UPON THE OCCURRENCE AND DURING THE CONTINUANCE
OF AN EVENT OF DEFAULT, THE COMMISSION MAY, SUBJECT TO APPLICABLE LAW:
(A)
WITHOUT TERMINATING THIS LEASE, RE-ENTER THE LEASED PREMISES, WITH
OR WITHOUT PROCESS OF LAW, USING SUCH MEANS AS MAY BE NECESSARY, REMOVE ALL
PERSONS AND PROPERTY THEREFROM, AND RE-LET THE LEASED PREMISES (OR ANY PART
THEREOF) FOR SUCH TERM OR TERMS (WHICH MAY EXTEND BEYOND THE DEMISED TERM) AND
AT SUCH RENTAL AND UPON SUCH OTHER TERMS AS THE COMMISSION DEEMS ADVISABLE.
THE
COMMISSION SHALL NOT BE LIABLE TO LESSEE FOR DAMAGES OR OTHERWISE BY REASON OF
SUCH RE-ENTRY.
UPON REGAINING POSSESSION OF THE LEASED PREMISES, THE COMMISSION
MAY RELET THE LEASED PREMISES AT SUCH RENTAL AND UPON SUCH TERMS AS THE
COMMISSION MAY DEEM REASONABLE UNDER THE CIRCUMSTANCES.
THE COMMISSION IS
AUTHORIZED TO MAKE ALL NECESSARY REPAIRS AND ALTERATIONS IN OR TO THE LEASED
PREMISES FOR THE NEW LESSEE AND TO CHARGE THE COST THEREOF TO LESSEE.
ANY
RE-ENTRY, REPOSSESSION AND REMOVAL BY THE COMMISSION SHALL NOT BE A WAIVER,
RELEASE OR DISCHARGE OF ANY OBLIGATION OR LIABILITY OF LESSEE HEREUNDER.
NOTWITHSTANDING ANY RE-ENTRY WITHOUT TERMINATION, THE COMMISSION MAY AT ANY TIME
THEREAFTER ELECT TO TERMINATE THIS LEASE FOR LESSEE'S DEFAULT, AND BE ENTITLED
TO THE DAMAGES SET FORTH IN (C) BELOW.
(B)
WITHOUT TERMINATING THIS LEASE, PURSUE AN ACTION FOR RECOVERY OF
BASIC RENT, MINIMUM GUARANTEED WHARFAGE, IMPOSITIONS, PORT TARIFF CHARGES, AND
ALL OTHER CHARGES PAYABLE OVER THE REMAINDER OF THE DEMISED TERM OF THIS LEASE
AS THE SAME BECOME DUE AN PAYABLE, LESS THE NET PROCEEDS OF ANY RELETTING OF THE
LEASED PREMISES PURSUANT TO
(A) ABOVE.
(C)
TERMINATE THIS LEASE AND ALL RIGHTS OF LESSEE HEREUNDER, WITHOUT
TERMINATING LESSEE'S OBLIGATIONS HEREUNDER, REENTER THE LEASED PREMISES, WITH OR
WITHOUT PROCESS OF LAW, USING SUCH LAWFUL MEANS AS MAY BE NECESSARY, AND REMOVE
ALL PERSONS AND PROPERTY THERE FROM, AND THE COMMISSION SHALL NOT BE LIABLE FOR
DAMAGES OR OTHERWISE BY REASON OF SUCH REENTRY.
THE COMMISSION SHALL ALSO BE
ENTITLED TO RECOVER IMMEDIATELY, AS AND FOR LIQUIDATED AND AGREED FINAL DAMAGES
FOR LESSEE'S DEFAULT, IN LIEU OF THE DAMAGES IN (B) ABOVE AND ANY OTHER
COMPARABLE DAMAGES UNDER APPLICABLE LAW, AN AMOUNT EQUAL TO (I) THE POSITIVE
DIFFERENCE BETWEEN (X) THE RENT AND ALL ADDITIONAL RENT RESERVED HEREUNDER, IF
ANY, FOR THE PERIOD TO THE DATE UPON WHICH THE DEMISED TERM WOULD HAVE ENDED BUT
FOR THE DEFAULT OF LESSEE AND (Y) THE THEN FAIR AND REASONABLE RENTAL VALUE OF
THE LEASED PREMISES FOR THE SAME PERIOD, EACH DISCOUNTED TO THE PRESENT VALUE