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G <br />Landlord shall pay Tenant's proportional share of the ad valorem taxes assessed against <br />the project, with such share being determined in the ratio that the square footage of Tenant's <br />leased premises bears to the total square footage available for lease in the project. Tenant shall <br />pay as same shall become due any and all ad valorem taxes assessed against Tenant's personal <br />property located on the premises. <br />1 *1411 ,cam RIT11:9-TIMME151m <br />The parties agree that the respective obligations to construct the Demised Premises shall <br />proceed and be completed in accordance with Exhibit C. Tenant agrees, upon receiving <br />possession of the Demised Premises from Landlord in the manner provided for the delivery of <br />possession in Exhibit C, that it will with due diligence proceed to undertake such construction <br />work as is required of it, install such fixtures and equipment and to perform such other work <br />as shall be necessary or appropriate in order to prepare the Demised Premises for the opening <br />of business. <br />ARTICLE III <br />SECURITY DEPOSIT <br />3.1 TERMS OF DEPOSIT <br />Tenant, contemporaneously with the execution of this lease, has deposited with the <br />Landlord the sum of Twelve Thousand Fifty Four and 00/100 ($12,054.00) Dollars, of which <br />sum $6, 027.00 represents the first month's rent, and the balance of $6,027.00 represents security <br />deposit pursuant to this Paragraph, receipt of which is hereby acknowledged by the Landlord as <br />security for the full and faithful performance by the Tenant of all the terms, covenants and <br />conditions of this lease upon the Tenant's part to be performed, which said security deposit shall <br />be returned to the Tenant after the time fixed as the expiration of the term hereof, provided the <br />Tenant has fully and faithfully carried out all of said terms, covenants and conditions on <br />Tenant's part to be performed. Landlord shall have the right, but not the obligation, to apply <br />any part of said deposit to cure any default of the Tenant, and if the Landlord does so, Tenant <br />shall upon demand, deposit with Landlord the amount so applied so that the Landlord shall have <br />the full deposit on hand at all times during the term of this lease. Tenant's failure to pay to <br />Owner a sufficient amount to restore said security to the original sum deposited within ten (10) <br />days after receipt of demand therefore, shall constitute a breach of the lease. No interest shall <br />be paid by the Landlord to the Tenant on such security deposit. Should Tenant comply with all <br />of said terms, covenants and conditions and promptly pay all of the rental herein provided for <br />as it falls due and all other sums payable by the Tenant to Landlord hereunder, the said deposit <br />ti <br />