(a) If the lessee wrongfully rejects or revokes acceptance of goods or fails to make a payment when due or repudiates with respect to a part or the whole, the lessee is in default under the lease contract with respect to any goods involved, and with respect to all of the goods if under an installment lease contract the value of the whole lease contract is substantially impaired, and the lessor may do one or more of the following:
(1) Withhold delivery of the goods and take possession of goods previously delivered;
(2) Stop delivery of the goods by any carrier or bailee under subsection (b) of section 42a-2A-719;
(3) Proceed under section 42a-2A-718 with respect to goods still unidentified to the lease contract or unfinished;
(4) Obtain specific performance under section 42a-2A-708 or recover the rent under section 42a-2A-722;
(5) Dispose of the goods and recover damages under section 42a-2A-720 or retain the goods and recover damages under section 42a-2A-721;
(6) Recover incidental and consequential damages under sections 42a-2A-706 and 42a-2A-707;
(7) Cancel the lease contract under section 42a-2A-709;
(8) Recover liquidated damages under section 42a-2A-710;
(9) Enforce limited remedies under section 42a-2A-711;
(10) Recover damages under section 42a-2A-705; or
(11) Exercise any other rights or pursue any other remedies provided in the lease agreement.
(b) If the lessor does not fully exercise a right or obtain a remedy to which the lessor is entitled under subsection (a) of this section, the lessor may recover the loss resulting in the ordinary course of events from the lessee's default as determined in any reasonable manner, together with incidental damages, less expenses avoided as a result of the lessee's default.
(c) If the lessee is otherwise in default under a lease contract, the lessor may exercise the rights and pursue the remedies provided in the lease agreement, which may include a right to cancel the lease. In addition, except as otherwise provided in the lease agreement:
(1) If the default substantially impairs the value of the lease contract to the lessor, the lessor may exercise the rights and pursue the remedies under subsection (a) or (b) of this section; or
(2) If the default does not substantially impair the value of the lease contract to the lessor, the lessor may recover under subsection (b) of this section.
(P.A. 02-131, S. 69.)
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