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ARTICLE XI: EVENTS OF DEFAULT AND REMEDIES. <br /> Section 11.01 Events of Default Defined. The following shall constitute an "event of <br /> default" hereunder: <br /> A. Failure by Lessee to pay any Rent Payment or other payment required to be paid <br /> hereunder at the time specified herein; or <br /> B. Failure by Lessee to observe and perform any other covenant, condition or <br /> agreement on its part for a period of thirty (30) days after written notice to Lessee, <br /> specifying such failure and requesting that it be remedied, unless Lessor shall agree in <br /> writing to an extension of such time prior to its expiration; or <br /> C. Breach of any material representation or warranty by Lessee under this <br /> Agreement; or <br /> D. The termination of existence or business failure of, or the making of an <br /> assignment for the benefit of creditors by, Lessee; or <br /> E. The institution of bankruptcy, reorganization, liquidation or receivership <br /> proceedings by or against Lessee and, if instituted against Lessee, its consent thereto or <br /> the pendency of such proceedings for thirty(30)days. <br /> Section 11.02 Remedies on Default. Upon the occurrence of an event of default, Lessor <br /> shall have the right, at its sole option without any further demand or notice, to exercise any one <br /> or more of the following remedies: <br /> A. With or without terminating this Agreement, retake possession of the Property <br /> and sell, lease or sublease the Property with the proceeds thereof to be applied to Lessee's <br /> obligations hereunder, holding Lessee liable for the Purchase Price applicable on the rent <br /> payment due date immediately preceding the date of default, plus the Rent Payment due <br /> on such date, plus any other amounts payable by Lessee hereunder, including, but not <br /> limited to,attorneys'fees,expenses and costs of repossession; <br /> B. Require Lessee at Lessee's risk and expense to promptly return the Property in the <br /> manner and in the condition set forth in Sections 4.05 and 6.01 hereof; <br /> C. If Lessor is unable to repossess the Property for any reason, the Property shall be <br /> deemed a total loss and Lessee shall pay to Lessor the amount due pursuant to Article VII <br /> hereof, and <br /> D. Take whatever other action at law or in equity may appear necessary or desirable <br /> to enforce its rights as the owner of the Property. <br /> Section 11.03 No Remedy Exclusive. No remedy herein conferred upon or reserved to <br /> Lessor is intended to be exclusive and every such remedy shall be cumulative and shall be in <br /> 9 <br />