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19 <br />terminate this Agreement, the monthly rent due hereunder shall be <br />reduced proportionally to the value taken for public use. This <br />reduction shall occur from and after the date possession is taken <br />for public use. The right to participate in any award for such <br />public taking where this Agreement has been terminated or the rents <br />reduced shall be Lessor's exclusively; provided, however, that <br />Lessee shall be permitted to apply for a condemnation award based <br />on the value of those trade fixtures which are the property of <br />Lessee and which are taken for public purposes and for any <br />relocation assistance that may be available. <br />4.06 suBoRDINATION. This Agreement and Lessee's rights <br />hereunder are and shall be automatically subordinate to the liens <br />of any future construction or permanent lender. <br />['P <br />DEFAULT. TSRMLNATLQN OTHER BE)4EDY ES_ _AND ABANDO <br />5.01 DEFAULT. Lessee's failure to abide by any term or <br />condition of this Agreement, or Lessee's failure to perform fully <br />and faithfully any covenant under this Agreement, shall constitute <br />an event of default. The following acts, omissions or <br />circumstances shall also constitute events of default: (1) <br />Lessee's insolvency as defined in the Uniform Commercial Code of <br />North carolina, (z) Lessee's bankruptcy, (3) Lessee's Subjection to <br />a receivership, (4) Lessee's assignment for the benefit of <br />creditors, (5) Lessee's court - ordered dissolution. <br />5.02 TEMaNATION AND OTHER REMEDIES. Upon the occurrence of <br />any event of default as defined in paragraph 5.01, Lessor shall <br />-17- <br />