Orange County NC Website
008 <br /> County the rent and additional rent required to be paid by the Tenant up to the time of such <br /> expiration, and thereafter the Tenant, until the end of what would have been the term of this <br /> lease in the absence of such expiration, shall be liable to the County for, and shall pay to the <br /> County, as and for liquidated and agreed current damages for the Tenant's default: <br /> i) The equivalent of the amount of the rent and additional rent which would <br /> be payable under this lease by the Tenant if this lease were still in effect, <br /> less <br /> ii) The lesser of: <br /> 1. The fair rental value of the Leased Premises for the remaining term of <br /> the lease, after deducting all the County's reasonable expenses in <br /> connection with such reletting, including, without limitation, all <br /> repossession costs, brokerage Commissions, legal expenses, <br /> reasonable attorney's fees, alteration costs, and expenses of <br /> preparation for such reletting. <br /> 2. The net proceeds of any reletting effected pursuant to the provisions <br /> of paragraph d. of this article, after deducting all the County's <br /> reasonable expenses in connection with such reletting, including, <br /> without limitation, all repossession costs, brokerage commissions, <br /> legal expenses, reasonable attorney's fees, alteration costs, and <br /> expenses of preparation for such reletting. <br /> (e) The Tenant shall pay such current damages (herein called "deficiency") to the <br /> County monthly on the days on which the rent and additional rent would have been payable <br /> under this lease if this lease were still in effect, and the County shall be entitled to recover from <br /> the Tenant each monthly deficiency as such deficiency shall arise. At any time after any such <br /> expiration, whether or not the County shall have collected any monthly deficiency, the County <br /> shall be entitled to recover from the Tenant, and the Tenant shall pay to the County, on <br /> demand, as and for liquidated and agreed final damages for the Tenant's default, an amount <br /> equal to the difference between the rent and additional rent reserved hereunder for the expired <br /> portion of the lease of the Leased Premises for the same period. In the computation of such <br /> damages the difference between any installment of rent becoming due hereunder after the date <br /> of termination and the fair and reasonable rental value of the Leased Premises for the period <br /> for which such installment was payable shall be discontinued to the date of termination at the <br /> rate of four percent per annum. <br /> (0 The terms "enter", "reenter", "entry", or "reentry" as used in this lease are not <br /> restricted to their technical meaning. <br /> 18. Lien on Tenant's Improvements and Personal Property. The County shall have <br /> first lien paramount to all others on every right and interest of the Tenant in and to this lease, <br /> and on any building or improvement on or hereafter placed on the Leased Premises, and on <br /> any FFE, or other personal property of any kind belonging to the Tenant, or the equity of the <br /> Tenant therein, on the Leased Premises. Such lien is granted for the purpose of covenanted to <br /> be paid by the Tenant, and for the purpose of securing the performance of all of the Tenant's <br /> obligations under this lease. Such liens shall be in- addition to all rights of the County given <br /> under statutes of this state, which are now or shall hereinafter be in effect. The provisions of <br /> this paragraph shall not be applicable to liens existing at the commencement of this lease. <br /> Provided, that County may, at his option, agree to subordinate this lien to liens arising in <br /> connection with purchased of equipment or leasehold improvement financing by Tenant, which <br /> agreement County covenants not to unreasonably withhold. <br /> 7 <br />