Orange County NC Website
DocuSign Envelope ID: 5C622784- 3DD9- 4F2B- 8D53- D3D3E1D35BD4 <br />1111111111111111[1 IIIIIIIIIIIIIIIIIIII�IIII <br />RB6513 126 36!58 <br />LIEU OF OPTION. Any sale or transfer contrary to this section, when applicable, will be null and <br />void. <br />ARTICLE 11: Assignment and Sublease <br />11.1. Except as otherwise provided in Article 8 (including Exhibit G) and Article 10, <br />Lessee may not sublease, sell, or otherwise convey any of Lessee's rights under this Lease <br />without the prior written consent of the Lessor which the Lessor may withhold in its own <br />discretion. <br />ARTICLE 12: Default <br />12.1 DEFAULT BY LESSEE: It will be an event of default if Lessee fails to abide <br />by any material term or condition in this Lease, or if Lessee fails to pay the Ground Lease Fee or <br />other charges required by the terms of this Lease, a permitted mortgage, or any relevant owner's <br />association declaration and the failure is not cured by Lessee or a Permitted Mortgagee within <br />thirty (30) days after notice of the failure is given by Lessor to Lessee and Permitted Mortgagee. <br />Lessee will be assessed a late fee for any payment, including ground lease fees, that <br />Lessor does not receive within thirty days of its due date. The late fee will be 10% of any past <br />due payment. For each additional 30 days that the payment remains delinquent, Lessor will <br />charge an additional late fee which will be 10% of the original past due amount. <br />12.2 TERMINATION, FORFEITURE AND MODIFICATION OF LEASE: There will <br />be no termination, forfeiture, or modification of the Lease without the prior written consent of <br />any Permitted Mortgagee or until Permitted Mortgagee has failed to object to the intended action <br />for more than thirty days after Lessor has sent Permitted Mortgagee written notice of its intended <br />action. In the case of any of the events of default described above and with the written consent <br />of any Permitted Mortgagee, and following the giving of any required notice of default and the <br />failure of Lessee to cure the default within the applicable cure period, Lessor may give notice of <br />the termination of this Lease to Lessee and initiate summary ejectment proceedings allowing <br />Lessor to enter and retake possession of the entire Leased Premises. If this Lease is terminated <br />by Lessor, or if Lessor reenters the Leased Premises after an Event of Default, the Lessee agrees <br />to pay and be liable for any unpaid Ground Lease Fee, damages which may be due or sustained <br />prior to or in connection with the termination or reentry, and all reasonable costs, fees and <br />expenses (including, without limitation, reasonable attorneys' fees) incurred by Lessor in pursuit <br />of its remedies under this Lease. <br />If Lessor elects to terminate the Lease and a Permitted Mortgage remains outstanding, a <br />new Lease will automatically be created between the Lessor and the Permitted Mortgagee, which <br />Lease will be for the remainder of the term of the Lease, with the same priority thereto <br />12.3 DEFAULT BY LESSOR: Lessor will in no event be in default in the performance <br />of any of its obligations under the Lease unless and until Lessor has failed to perform the <br />