SHALL BE VOLUNTARY OR INVOLUNTARY, OR COME ABOUT OR BE EFFECTED
BY OPERATION OF LAW, OR BE PURSUANT TO OR IN COMPLIANCE WITH ANY JUDGMENT,
DECREE OR ORDER OF ANY ADMINISTRATIVE OR GOVERNMENTAL BODY):
(A)
LESSEE SHALL FAIL TO MAKE ANY PAYMENT OF
ANY AIRCRAFT LEASE FEES WITHIN FORTY FIVE (45) DAYS AFTER THE SAME SHALL BECOME
DUE AND SUCH FAILURE SHALL CONTINUE FOR THIRTY (30) DAYS AFTER LESSEE'S RECEIPT
OF WRITTEN NOTICE THEREOF GIVEN BY LESSOR;
(B)
LESSEE SHALL BREACH ANY COVENANT, CONDITION
OR AGREEMENT SET FORTH IN THIS LEASE;
(C)
LESSEE SHALL OR SHALL ATTEMPT TO REMOVE,
SELL, TRANSFER, ENCUMBER, PART WITH POSSESSION OF, OR ASSIGN THE AIRCRAFT OR ANY
PART THEREOF, EXCEPT AS PERMITTED BY SECTION 17 HEREOF;
(D)
LESSEE SHALL USE OR PERMIT THE AIRCRAFT TO
BE USED FOR ANY CRIMINAL OR UNLAWFUL PURPOSE, OR THE AIRCRAFT SHALL BE SUBJECT
TO SEIZURE OR CONFISCATION FOR ALLEGED CRIMINAL OR UNLAWFUL PURPOSES;
(E)
LESSEE SHALL BE INSOLVENT, BE GENERALLY NOT
PAYING ITS DEBTS AS THEY BECOME DUE, MAKE AN ASSIGNMENT FOR THE BENEFIT OF
CREDITORS OR CONSENT TO THE APPOINTMENT OF ANY CUSTODIAN, RECEIVER, TRUSTEE OR
OTHER OFFICER WITH SIMILAR POWERS, OR ANY PROCEEDING SHALL BE COMMENCED BY OR
AGAINST LESSEE UNDER ANY BANKRUPTCY, REORGANIZATION, INSOLVENCY, RECEIVERSHIP,
LIQUIDATION OR DISSOLUTION LAW OF ANY JURISDICTION; OR
(F)
ANY REPRESENTATION OR WARRANTY MADE BY
LESSEE IN THIS LEASE IS OR SHALL BECOME INCORRECT IN ANY MATERIAL RESPECT.
13.
REMEDIES.
(A)
UPON THE OCCURRENCE AND CONTINUANCE OF ANY
EVENT OF DEFAULT, LESSOR MAY EXERCISE ANY OR ALL OF THE FOLLOWING REMEDIES AS
LESSOR IN ITS SOLE DISCRETION SHALL ELECT:
(I)
BY NOTICE IN WRITING (EXCEPT THAT
WRITTEN NOTICE SHALL NOT BE REQUIRED FOR EVENTS OF INSOLVENCY OR BANKRUPTCY)
TERMINATE THIS LEASE, WHEREUPON ALL RIGHTS OF LESSEE TO THE USE OF THE AIRCRAFT
SHALL CEASE AND TERMINATE; AND/OR
(II)
PROCEED BY APPROPRIATE COURT ACTION,
EITHER AT LAW OR IN EQUITY, TO ENFORCE PERFORMANCE BY LESSEE OF THE APPLICABLE
COVENANTS, CONDITIONS AND AGREEMENTS SET FORTH IN THIS LEASE OR TO RECOVER
DAMAGES FOR THE BREACH THEREOF; AND/OR
(III)
COLLECT FROM LESSEE ALL REASONABLE COSTS,
CHARGES AND EXPENSES, INCLUDING REASONABLE LEGAL FEES AND DISBURSEMENTS,
INCURRED BY LESSOR BY REASON OF AN OCCURRENCE OF AN EVENT OF DEFAULT, AS
ADDITIONAL AIRCRAFT LEASE FEES.
(B)
THE REMEDIES SET FORTH IN SUBPARAGRAPH (A)
ABOVE ARE CUMULATIVE, AND ANY OR ALL THEREOF MAY BE EXERCISED IN LIEU OF OR IN
ADDITION TO EACH OTHER OR ANY REMEDIES AT LAW, IN EQUITY OR UNDER STATUTE.
LESSOR ALSO MAY EXERCISE ANY AVAILABLE REMEDIES AT LAW, IN EQUITY OR UNDER
STATUTE IN LIEU OF THE REMEDIES SET FORTH IN SUBPARAGRAPH (A).
(C)
THE WAIVER OF ANY EVENT OF DEFAULT SHALL
NOT OPERATE OR BE CONSTRUED AS A WAIVER OF ANY OTHER OR SUBSEQUENT EVENT OF
DEFAULT.
14.
RETURN OF THE AIRCRAFT.
UPON TERMINATION OF
THE LEASE, AIRCRAFT SHALL BE RETURNED TO A LOCATION IN MINNESOTA OR AS OTHERWISE
DESIGNATED BY LESSOR IN THE 48 CONTINENTAL STATES.
15.
INDEMNIFICATION.
LESSEE AGREES