Common use of Casualty to Aircraft Preceding Delivery Clause in Contracts

Casualty to Aircraft Preceding Delivery. (i) In the event that any Event of Loss occurs with respect to the Aircraft prior to the Effective Date hereof, this Lease shall terminate and neither the LESSOR nor LESSEE shall have any liability or obligation to the other hereunder. (ii) In the event that on the proposed Effective Date the Aircraft fails to conform to the conditions set forth in Exhibit "G", LESSOR shall, within thirty (30) days from the date of the proposed Effective Date, take such reasonable action as shall be necessary to repair the Aircraft so that it conforms to the conditions set forth in Exhibit "G". If at the end of such thirty (30) day period of time the Aircraft fails to conform to the conditions set forth in Exhibit "G", notwithstanding LESSOR's reasonable actions pursuant to the foregoing sentence, either LESSOR or LESSEE shall have the right to terminate this Lease without any liability or obligation to the other hereunder.

Appears in 4 contracts

Samples: Aircraft Lease Agreement (American Income Fund I-C), Aircraft Lease Agreement (American Income Fund I-D), Aircraft Lease Agreement (Afg Investment Trust B)

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