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12 <br />A. Option to Purchase <br />A. Option to Purchase, Renewal <br />1. Beginning in year ten (10) of this Agreement and /or upon expiration of the initial term of this Agreement, the <br />Licensor shall, pursuant to and consistent with the terms of this Agreement with the mutual agreement of <br />both the Licensor and, have the option to purchase Licensee's Facilities at Fair Market Value (the <br />"FMV "). <br />2. Fair Market Value shall be determined by an appraiser or CPA. The cost of determining the FMV shall be that <br />of the Licensor. In the event of a dispute regarding the appraisal, Licensee shall have appraisal completed and <br />the average of the two appraisals shall serve as the FMV. Licensor may exercise this option at any time after <br />the expiration of the initial term. <br />3. Beginning in year ten (10) of this Agreement and /or upon expiration of the initial term of this Agreement, the <br />Licensor shall, pursuant to and consistent with the terms of this Agreement, and with the mutual agreement of <br />both the Licensor and Licensee, have the option to renew the existing Agreement for an additional six (6) year <br />REno _ <br />B. Termination <br />In the event of default as described in Section VII. E. below, Licensor may, at its option, terminate this <br />License upon written notice to Licensee. Except where a different time is set forth elsewhere herein, said <br />notice shall be thirty (30) days. <br />C. Holding Over <br />Should Licensee hold possession of the Premises or any portion thereof after the date upon which the Premises <br />are to be surrendered, Licensee will become a Licensee on a month -to -month basis upon all the terms, covenants, <br />and conditions of this License except those pertaining to the License term. Licensee will continue occupancy <br />from month -to -month until terminated by Licensor or Licensee by the giving of thirty (30) days' written notice to <br />the other. Nothing contained herein shall grant Licensee the right to holdover after the term of this License has <br />expired. <br />D. Non- Waiver <br />Failure of Licensor to insist on strict performance of any of the conditions or provisions of this License or to <br />exercise any of the rights hereunder shall not waive such rights. <br />E. EVENT OF DEFAULT <br />It shall be an Event of Default if any one or more of the following events shall occur: <br />1. Licensee shall default in the payment when due of any Rent or other sum of money specified hereunder to be <br />paid by Licensee, and Licensee does not remedy such default within ten (10) days after written notice thereof <br />from the Licensor (provided, however, that the Licensor shall not be required to provide such notice with <br />respect to more than two payments required during any calendar year during the term hereof); or <br />2. Licensee shall default in the performance of any other of the terms, conditions or covenants contained in this <br />License to be performed or observed by Licensee, other than that specified in (1) above, and Licensee does <br />not remedy such default within thirty (30) days after written notice thereof or, if such default cannot be <br />7 <br />