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Section 11. Default. <br /> <br /> (a) In the exercise of any right or remedy by the <br />Corporation pursuant to this Section or otherwise pursuant to <br />any provision of law, the Corporation shall exercise no right <br />or remedy which would deprive the City of the use of the <br />Capital Project I, if to do so would cause the City to be in <br />default under the Water Revenue Bond Resolution, so long as <br />such resolution shall not have been discharged. Except as <br />hereinabove provided, if the City shall fail to pay any rental <br />payable hereunder when the same becomes due and payable, time <br />being expressly declared to be of the essence of this Lease, <br />or the City shall fail to keep, observe or perform any other <br />term, covenant or condition contained herein to be kept or <br />performed by the City for a period of sixty (60) days after <br />notice of the same has been given to the City by the <br />Corporation or the Trustee or for such additional time as is <br />reasonably required, in the sole discretion of the Trustee, to <br />correct the same, or upon the happening of any of the events <br />specified in subsection (b) of this Section (any such case <br />above being an "Event of Default"), the City shall be deemed <br />to be in default hereunder and it shall be lawful for the <br />Corporation to exercise any and all remedies available <br />pursuant to law or granted pursuant to this Lease. Upon any <br />such default, the Corporation, in addition to all other rights <br />and remedies it may have at law, shall have the option to do <br />any of the following: <br /> <br /> (1) To terminate this Lease in the manner <br /> hereinafter provided on account of default by the City, <br /> notwithstanding any re-entry or re-letting of the Demised <br /> Premises and Capital Projects I and II as hereinafter <br /> provided for in subparagraph (2) hereof, and to re-enter <br /> the Demised Premises and Capital Projects I and II and <br /> remove all persons in possession thereof and all personal <br /> property wheresoever situated upon the Demised Premises <br /> or Capital Projects I and II and place such personal <br /> property in storage in any warehouse or other suitable <br /> place in the County of Alameda, State of California. In <br /> the event of such termination, the City agrees to <br /> surrender immediately possession of the Demised Premises <br /> and Capital Projects I and II, without let or hindrance, <br /> and to pay the Corporation all damages recoverable at law <br /> that the Corporation may incur by reason of default by <br /> the City, including, without limitation, any costs, loss <br /> or damage whatsoever arising out of, in connection with, <br /> or incident to any such re-entry upon the Demised <br /> Premises and Capital Projects I and II and removal or <br /> storage of such property by the Corporation or its duly <br /> authorized agents in accordance with the provisions <br /> herein contained. Neither notice to pay rent or to <br /> <br /> F-20 <br />1456S <br /> <br /> <br />