Default and Remedies - Events of Default. The occurrence of any of the following events shall constitute an event of default (hereinafter "Event of Default") under this Agreement:
- (a) Failure by the Lessee to make any payment of rent or any other sum due hereunder within five (5) days after the due date thereof;
- (b) Failure by the Lessee to observe or perform any other covenant, agreement, or obligation hereunder for a period of ten (10) days after written notice specifying such failure and requesting that it be remedied is given to the Lessee by the Lessor;
- (c) The filing by or against the Lessee of a petition in bankruptcy or for reorganization or for an arrangement pursuant to any present or future federal or state bankruptcy law or under any similar federal or state law;
- (d) The adjudication of the Lessee as bankrupt or insolvent, or the entry of an order for relief by any court of competent jurisdiction with respect to the Lessee under the Federal Bankruptcy Code, as amended from time to time;
- (e) The making by the Lessee of a general assignment for the benefit of creditors;
- (f) The appointment of a receiver, trustee, or similar official for the Lessee or for any of the Lessee's property;
- (g) The Lessee's failure to maintain insurance coverage for the COAMs as required under Section 9 of this Agreement;
- (h) Any attempt by the Lessee to remove, sell, transfer, encumber, part with possession, or sublet the COAMs or any part thereof;
- (i) The Lessee's violation of the exclusivity clause set forth in Section 4 of this Agreement;
- (j) The Lessee's failure to keep the COAMs operational during the Term of this Agreement, except as otherwise permitted in writing by the Lessor;
- (k) Any breach by the Lessee of the non-competition or non-solicitation provisions set forth in Section 8 of this Agreement.
- Remedies for Default. Upon the occurrence of any Event of Default, the Lessor may, at its option, exercise any one or more of the following remedies, which shall be cumulative and not alternative:
- (a) Declare the entire balance of rent for the remainder of the Term immediately due and payable, which amount shall bear interest at the maximum rate permitted by applicable law from the date of the Lessor's demand until paid;
- (b) Terminate this Agreement and the Lessee's right to possession of the COAMs, whereupon the Lessee shall immediately surrender the COAMs to the Lessor;
- (c) Enter upon the Location and take immediate possession of the COAMs, including any and all proceeds therefrom;
- (d) Sell, dispose of, hold, use, or lease the COAMs as the Lessor in its sole discretion may decide, without any duty to account to the Lessee for such action or for any proceeds thereof;
- (e) Pursue any other remedy now or hereafter available to the Lessor under the laws or judicial decisions of the state wherein the Location is situated;
- (f) Recover from the Lessee all costs and expenses incurred by the Lessor in exercising any of its rights or remedies hereunder, including reasonable attorneys' fees and court costs;
- (g) Impose and collect from the Lessee a fee of Ten Thousand Dollars ($10,000) per month for any period during which the COAMs are not operational, unless such non-operation has been expressly authorized in writing by the Lessor;
- (h) Enforce the lien granted to the Lessor under Section 6 of this Agreement on all of the Lessee's assets, including but not limited to equipment, inventory, merchandise, and accounts receivable;
- (i) Seek specific performance of the Lessee's obligations hereunder;
- (j) Pursue any and all remedies available under the Uniform Commercial Code as enacted in the state of Georgia;
- (k) Withhold any payments due to the Lessee under the revenue sharing arrangement set forth in Section 5 of this Agreement;
- (l) Require the Lessee to pay for any damages to the COAMs resulting from the Lessee's default or failure to comply with the terms of this Agreement;
- (m) Enforce the indemnification provisions set forth in Section 10 of this Agreement;
- (n) Require the Lessee to immediately return all Confidential Information provided by the Lessor pursuant to Section 7 of this Agreement;
- (o) Seek injunctive relief to prevent any further breach of this Agreement by the Lessee.
The Lessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of the Lessee being evicted or dispossessed for any cause, or in the event of the Lessor obtaining possession of the COAMs by reason of the violation by the Lessee of any of the covenants and conditions of this Agreement or otherwise. Furthermore, the Lessee hereby expressly waives any and all rights to claim or assert that any action taken by the Lessor pursuant to this Section 11.2 constitutes a breach of the peace.
No right or remedy herein conferred upon or reserved to the Lessor is intended to be exclusive of any other right or remedy, and every right and remedy shall be cumulative and in addition to any other right or remedy given hereunder or now or hereafter existing at law or in equity or by statute. The failure of the Lessor to insist upon strict performance of any of the covenants and agreements of this Agreement or to exercise any option herein conferred in any one or more instances shall not be construed as a waiver or relinquishment for the future of any such covenants, agreements, or options, but the same shall remain in full force and effect.