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,c <br />2.3 AD VALAQRE TAXES <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 />2.4 INMIAL IMPROVEMENTS <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 />2.5 RENT ADVANCE <br />Tenant, contemporaneously with the execution of this lease, has deposited with Landlord <br />the sum of Six Thousand Twenty -Seven and 00 /100 Dollars ($6,027.00) which represents an <br />advance payment of the first month's rent, due July 1, 1991. <br />ARTICLE III <br />SECURITY DEPOSIT <br />3.1 TERMS OF DEPOSIT <br />Deleted entirely. <br />3.2 TRANSFER OF DEPOSIT <br />Deleted entirely. <br />4 <br />