Beautiful Contender 37

Cancellation by the CHARTERER. In the event of notice of cancellation of this Agreement on or at any time prior to the commencement of the charter period by the CHARTERER, or, should the CHARTERER fail, after being given written notice to pay any amount due under this Agreement, the OWNER shall be entitled to treat this Agreement as having been repudiated by the CHARTERER and to retain all payments due. Notwithstanding the OWNER’s right to receive or retain all payments referred to above, the OWNER shall be under a duty to mitigate his loss and in the event that the OWNER is able to re-charter the Yacht for all or part of the charter period under this Agreement, the OWNER will give credit for the net amount of charter hire arising from the re- chartering after deduction of all commissions and all other consequential expenses arising from such re-chartering. The intention is that the OWNER shall receive the same in net proceeds from any re-chartering as would have been received under this Agreement. The OWNER shall endeavor to re-charter the Yacht and shall not unreasonably withhold his agreement to re-charter, although charters which may be reasonably considered detrimental to the Yacht, its reputation or its schedule, may be refused.