Common use of Authority’s Remedies Clause in Contracts

Authority’s Remedies. In the event of any of the foregoing Events of Default enumerated in this Article, and following thirty (30) days’ notice by the Authority and the Airline’s failure to cure, the Authority, at its election, may exercise any one or more of the following options or remedies, the exercise of any of which will not be deemed to preclude the exercise of any other remedy herein listed or otherwise provided by statute or general law: A. Terminate the Airline’s rights under this Agreement and, in accordance with Applicable Laws, take possession of the Airline’s Airline Premises. The Authority will not be deemed to have thereby accepted a surrender of its Airline Premises, and the Airline will remain liable for all payments and other sums due under this Agreement and for all damages suffered by the Authority because of the Airline’s breach of any of the covenants of Agreement; or B. Treat this Agreement as remaining in existence, curing the Airline’s default by performing or paying the obligation that the Airline has breached. In such event all sums paid or expenses incurred by the Authority directly or indirectly in curing the Airline’s default, plus an Administrative Charge thereon, will become immediately due and payable, as well as interest thereon, from the date such fees or charges became due to the date of payment, at the rate of one and one-half percent (1.5%) per month, to the maximum extent permitted by Applicable Laws; or C. Declare this Agreement to be terminated, ended, null and void, and reclaim possession of the Airline’s Airline Premises, whereupon all rights and interest of the Airline in its Airline Premises and common use areas will end. No waiver by the Authority at any time of any of the terms, conditions, covenants, or agreements of this Agreement, or non-compliance therewith, will be deemed or taken as a waiver at any time thereafter of the same or any other term, condition, covenant, or agreement herein contained, nor of the strict and prompt performance thereof by the Airline. No delay, failure, or omission of the Authority to re-enter the Airline’s Airline Premises or to exercise any right, power, privilege, or option arising from any default nor subsequent acceptance of fees or charges then or thereafter accrued will impair any such right, power, privilege, or option, or be construed to be a waiver of any such default or relinquishment, or acquiescence of the Airline Premises. No notice by the Authority will be required to restore or revive time is of the essence hereof after waiver by the Authority or default in one or more instances. No option, right, power, remedy, or privilege of the Authority will be construed as being exhausted or discharged by the exercise thereof in one or more instances. It is agreed that each and all of the rights, powers, options, privileges, or remedies given to the Authority by this Agreement are cumulative and that the exercise of one right, power, option, privilege or remedy by the Authority will not impair its rights to any other right, power, option, privilege or remedy available under this Agreement or provided by Applicable Laws.

Authority’s Remedies. In the event of any of the foregoing Events of Default enumerated in this Article, and following thirty (30) days’ notice by the Authority and the Airline’s failure to cure, the Authority, at its election, may exercise any one or more of the following options or remedies, the exercise of any of which will not be deemed to preclude the exercise of any other remedy herein listed or otherwise provided by statute or general law: A. Terminate the Airline’s rights under this Agreement and, in accordance with Applicable Laws, take possession of the Airline’s Airline Premises. The Authority will not be deemed to have thereby accepted a surrender of its Airline Premises, and the Airline will remain liable for all payments and other sums due under this Agreement and for all damages suffered by the Authority because of the Airline’s breach of any of the covenants of Agreement; or B. Treat this Agreement as remaining in existence, curing the Airline’s default by performing or paying the obligation that the Airline has breached. In such event all sums paid or expenses incurred by the Authority directly or indirectly in curing the Airline’s default, plus an Administrative Charge thereon, will become immediately due and payable, as well as interest thereon, from the date such fees or charges became due to the date of payment, at the rate of one and one-half percent (1.5%) per month, to the maximum extent permitted by Applicable Laws; or C. Declare this Agreement to be terminated, ended, null and void, and reclaim possession of the Airline’s Airline Premises, whereupon all rights and interest of the Airline in its Airline Premises and common use areas will end. No waiver by the Authority at any time of any of the terms, conditions, covenants, or agreements of this Agreement, or non-compliance therewith, will be deemed or taken as a waiver at any time thereafter of the same or any other term, condition, covenant, or agreement herein contained, nor of the strict and prompt performance thereof by the Airline. No delay, failure, or omission of the Authority to re-enter the Airline’s Airline Premises or to exercise any right, power, privilege, or option arising from any default nor subsequent acceptance of fees or charges then or thereafter accrued will impair any such right, power, privilege, or option, or be construed to be a waiver of any such default or relinquishment, or acquiescence of the Airline Premises. No notice by the Authority will be required to restore or revive time is of the essence hereof after waiver by the Authority or default in one or more instances. No option, right, power, remedy, or privilege of the Authority will be construed as being exhausted or discharged by the exercise thereof in one or more instances. It is agreed that each and all of the rights, powers, options, privileges, or remedies given to the Authority by this Agreement are cumulative and that the exercise of one right, power, option, privilege or remedy by the Authority will not impair its rights to any other right, power, option, privilege or remedy available under this Agreement or provided by Applicable Laws.. SAMPLE