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16 <br /> ASSIGNING,MORTGAGING AND SUBLETTING <br /> 19. Tenant agrees not to assign, mortgage,pledge or encumber this Lease Agreement in whole or in part, or <br /> sublet the whole or any part of the Demised Premises without first obtaining the written consent of <br /> Landlord. Tenant agrees that in the event of any such assignment or subletting made with the written <br /> consent of Landlord as aforesaid, Tenant will nevertheless remain primarily liable for the performance <br /> of all the terms, conditions and covenants of this Lease Agreement. <br /> Upon written consent, the assignment of the subletting of the Demised Premises of this Lease <br /> Agreement,it will be upon condition that: <br /> (a) Any such assignee or sublessee shall agree with Landlord in writing, prior to any such assignment <br /> or subletting, to be bound by and to perform all covenants, conditions and agreements of this Lease <br /> Agreement applicable to Tenant. <br /> (b) Tenant shall remain primarily liable for the observance and performance of all of the covenants, <br /> conditions and agreements of this Lease Agreement. <br /> (c) Landlord may exercise against any subtenant or assignee all the rights and remedies herein <br /> provided upon default, but Tenant shall remain liable, jointly and severally, with any assignee or <br /> subtenant for the performance of all of the covenants, conditions and agreements of this Lease <br /> Agreement, including, but not being limited to, the payment to Landlord of all payments due or to <br /> become due to Landlord under this Lease Agreement. <br /> SUBORDINATION <br /> 20. (a) Tenant agrees to subordinate this Lease Agreement to any and all mortgages or deeds of trust now <br /> or hereafter placed on the property of which the Demised Premises are a part, provided in each such <br /> case the holder of any such mortgage or deed of trust shall agree in writing that this Lease Agreement <br /> shall not be divested or in any way affected by foreclosure or other default proceedings under said <br /> mortgage, deed of trust, or obligation secured thereby, so long as Tenant shall not be in default under <br /> the terms of this Lease Agreement; and Tenant further agrees that this Lease Agreement shall remain in <br /> full force and effect notwithstanding any such default proceedings under said mortgage, deed of trust or <br /> obligation secured thereby. <br /> (b) If Tenant is notified of Landlord's assignment of this Lease as security for a mortgage loan and of <br /> the name and address of the older of such mortgage or deed of trust, Tenant shall not terminate or <br /> cancel this Lease for any default on the part of Landlord without first: <br /> (1) Giving notice of its intention to do so to the holder of such mortgage or deed of trust,the notice <br /> to describe in reasonable detail the nature and extent of the default; and, <br /> (2) Affording the holder of such mortgage or deed of trust a reasonable opportunity to perform on <br /> behalf of Landlord its obligation under this Lease. <br /> (c) Recognizing that both parties may find it necessary to establish to third parties, such as <br /> accountants, banks, mortgagees or the like, the then current status of performance hereunder, either <br /> party, on the written request of one to the other made from time to time, will promptly furnish a <br /> written statement on the status of any matter pertaining to this Lease, including a copy of Tenant's <br /> latest financial statement. <br /> (d) Without limiting the generality of the foregoing, Tenant specifically agrees, promptly upon the <br /> commencement of the term hereof, to notify the Landlord in writing of the date of the <br /> commencement of the terms and to acknowledge satisfaction of the requirements with respect to all <br /> matters by Landlord, save and except for such matters as Tenant may wish to set forth specifically <br /> in said statement. At any time within ten (10) days after such request is made, Tenant shall <br /> execute, acknowledge and deliver to Landlord a certificate evidencing: <br /> (1) Whether this Lease is in full force and effect; <br /> (2) Whether this Lease has been amended in any way; <br /> (3) Whether there are any existing defaults, defenses or off-sets hereunder to the knowledge of <br /> Tenant and specifying the nature of such details, if any; and, <br /> Initials <br /> 13 <br /> (308 W.Franklin St.) Landlord Tenant <br />