Orange County NC Website
~1 <br />ASSIGNMENT AND SUBLETTING <br />18. Tenant shall not, without the prior written consent of Landlord, which shall not be unreasonably withheld, assign this Lease or <br />any interest hereunder, or sublet the Premises or any part thereof, or permit the use of the Premises by any party other than the Tenant. <br />Consent to any assignment or sublease shall not impair this provision and all later assignments or subleases shall be made likewise <br />only on the prior written consent of Landlord. The Assignee of Tenant, at option of Landlord, shall become directly liable to Landlord <br />for all obligations of Tenant hereunder, but no sublease or assignment by Tenant shall relieve Tenant of any liability hereunder. <br />EVENTS OF DEFAULT <br />19. The happening of any one or more of the following events (hereinafter any one of which may be referred to as an "Event of <br />Default") during the term of this Lease, or any renewal or extension thereaf, shall constitute a breach of this Lease on the part of the <br />Tenant: (a) Tenant fails to pay the rental as provided for .herein; (b) Tenant abandons or vacates the Premises; (c) Tenant fails to <br />comply with or abide by and perform any other obligation imposed upon Tenant under this Lease; (d) Tenant is adjudicated bankrupt; <br />(e) A permanent receiver is appointed far Tenant's property and such receiver is not removed within sixty (60) days after written <br />notice from Landlord to Tenant to obtain such removal; (f) Tenant, either voluntarily or involuntarily, takes advantage of any debt or <br />relief proceedings under any present or future law, whereby the rent or any part thereaf is, or is proposed to be, reduced or payment <br />thereof deferred; (g) Tenant makes an assignment for benefit of creditors; or (h) Tenant`s effects are levied upon or attached under <br />process against Tenant, which is not satisfied or dissolved within thirty {30) days after written notice from Landlord to Tenant to <br />obtain satisfaction thereaf. <br />REMEDIES UPON DEFAULT <br />20. Upon the occurrence of Event of Default, Landlord may pursue any one or more of the following remedies separately or <br />concurrently, without prejudice to any other remedy herein provided or provided by law: (a) if the Event of Default involves <br />nonpayment of rental and Tenant fails to cure such default within five (5) days after receipt of written notice thereof from Landlord, or <br />if the Event of Default involves a default in performing any of the terms or provisions of this Lease other than the payment of rental <br />and Tenant fails to cure such default within fifteen (l5) days after receipt of written notice of default from Landlord, Landlord may <br />terminate this Lease by giving written notice to Tenant and upon such termination shall be entitled to recover from Tenant damages as <br />may be permitted under applicable law; or(b) if the Event of Default involves any matter other than those set forth in item (a) of this <br />paragraph, Landlord may terminate this Lease by giving written notice to Tenant and, upon such termination, shall be entitled to <br />recover from the Tenant damages in an amount equal to all rental which is due and all rental which would otherwise have become due <br />throughout the remaining term of this Lease, or any renewal or extension thereof (as if this Lease had not been terminated); or (c) <br />upon any Event of Default, Landlord, as Tenant's agent, without terminating this Lease, may enter upon and rent the Premises, in <br />whole or in part, at the best price obtainable by reasonable effort, without advertisement and by private negotiations and for any term <br />Landlord deems proper, with Tenant being liable to Landlord far the deficiency, if any, between Tenant's rent hereunder and the price <br />obtained by Landlord on relettiag, provided however, that Landlord shall not be considered to be under any duty by reason of this <br />provision to take any action to mitigate damages by reason .of Tenant's default. In the event Landlord hires an attorney to enforce its <br />rights upon default, Tenant shall in addition be liable for reasonable attorney's fees and all costs of collection. <br />EXTERIOR SIGNS <br />21. Tenant shall place no signs upon the outside walls or roof of the Premises, except with the express written consent of the <br />Landlord. Any and all signs placed on the Premises by Tenant shall be maintained in compliance with governmental rules and <br />regulations goveraing such signs and Tenant shall be responsible to Landlord for any damage caused by installation, use or <br />maintenance of said signs, and all damage incident to removal thereof. <br />LANDLORD'S ENTRY OF PREMISES <br />22. Landlord may advertise the Premises "For Rent" or "For Sale" 180 __ days before the termination of this Lease. <br />Landlord may enter the Premises at reasonable hours to exhibit same to prospective purchasers or tenants and to make repairs required <br />of Landlord under the terms hereof or to make repairs to Landlord's adjoining property, if any. <br />EFFECT OF TERMINATION OF LEASE <br />23. No termination of this Lease prior to the normal ending thereof, by lapse of time or otherwise, shall affect Landlord's right to <br />collect rent for the period prior to termination thereof. <br />MORTGAGEE'S RIGATS <br />24. Tenant's, rights shall be subject to any bona fide mortgage, deed of trust or other security interest which is now or may hereafter <br />be placed upon the Premises by Landlord. Tenant shall, if requested by Landlord, execute a separate agreement reflecting such <br />subordination, and shall be obligated to execute such documentation as may facilitate Landlord's sale or refinancing of the Premises, <br />including, but not limited to, estoppel certificates, subordination or attornment agreements. <br />Page S of 8 <br />STANDARD FORM 590-T <br />® ~naaa <br />Tenant Initials Landlord Initials <br />This fam by l ~irT'lfflll8't'Q!'~ Fams Sotiwate 806-336.1027 <br />