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too530 ?AN. 129 <br /> 13. Leases. Lessor agrees that on July 1, 1985 <br /> all presently existing leases shall be the property of <br /> Lessee. Lessor agrees to assign said leases to Lessee and to <br /> execute any and all instruments necessary to accomplish the <br /> - transfer of ownership of any such leases. Rent due the <br /> • Lessor on July 1, 1985 for any such lease shall be prorated <br /> • to July 1, 1985 and either adjusted or paid to the <br /> • appropriate party at that time. Any security deposits being <br /> 10 held by Lessor shall be paid over to Lessee on July 1, 1985. <br /> 5 <br /> Lessee shall account to any tenant as provided by law for the <br /> security following the assignment of the lease of any such <br /> tenant. <br /> 0 14. Default. In the event of default this <br /> lease/purchase contract shall terminate and Lessee shall <br /> immediately surrender the premises to Lessor. As used in <br /> this lease/purchase contract, the term "event of default" <br /> means the occurrence of any one or more of the following <br /> events: <br /> (a) Lessee fails to make any lease payment as it <br /> becomes due in accordance with the terms of this lease, and <br /> any such failure continues for thirty (30) days after the due <br /> date thereof. <br /> (b) Lessee fails to perform or observe any other <br /> covenant, condition, or agreement to be performed or observed <br /> by it hereunder and such failure is not cured within thirty <br /> (30) days after written notice thereof by Lessor. <br /> 8 <br />