Orange County NC Website
33 <br /> 0) labor disputes and/or material shortages; <br /> (ii) force majeure or acts of God, including but not limited to abnormal weather conditions; <br /> (iii) the hold over or retention of possession of any other tenant, tenants, or occupants; or <br /> (iv) any other circumstances beyond Landlord's reasonable control. <br /> Under such circumstances,the Base Rent shall be abated until the Rented Space is available for occupancy <br /> by Tenant, and no such failure to give possession on the Commencement Date shall affect the validity of this <br /> Lease or the obligation of the Tenant under this Lease. At the option of Landlord, to be exercised within thirty <br /> (30) days of the Commencement Date, the Lease may be amended so that the Term is extended by the <br /> period of time possession by Tenant is delayed. The Rented Space shall not be deemed to be unready for <br /> Tenant's occupancy or incomplete if: <br /> (i) only minor or insubstantial details of construction, decoration or mechanical adjustment <br /> remain to be done in the Rented Space or any part of the Rented Space; <br /> (ii) the delay in the availability of the Rented Space for occupancy shall be due to special work, <br /> changes, alterations or additions required or made by Tenant in the layout or finish of the <br /> Rented Space or any part thereof; <br /> (iii) the delay is caused in whole or in part by the delay of Tenant in submitting plans, supplying <br /> information, approving plans,specifications or estimates,giving authorizations or otherwise;or <br /> (iv) the delay is caused in whole or in part by delay and/or default on the part of Tenant and/or its <br /> subtenant or subtenants. <br /> In the event of any dispute as to whether the Rented Space are ready for Tenant's occupancy,the decision of <br /> the Landlord's architect shall be final and binding on the parties. <br /> 13. ASSIGNMENT OR SUBLEASE. <br /> (a) Assignment. Tenant may not assign this Lease. If Tenant is not a publicly owned corporation <br /> whose outstanding voting stock is listed on a national securities exchange,then any transfer of any interest in <br /> Tenant that results in a change of the controlling ownership of Tenant shall be deemed an assignment of this <br /> Lease and a default by Tenant hereunder; provided that nothing herein shall be deemed to prohibit(i)a public <br /> offering of the stock of Tenant pursuant to the Securities Act of 1933 and/or Securities Exchange Act of 1934, <br /> as amended;or(ii)a transfer of ownership between the current owners of Tenant and their spouses,children, <br /> or grandchildren by inter vivos or testamentary transfer. Any involuntary transfer of any interest in Tenant or <br /> Tenant's interest in this Lease shall be deemed an assignment of this Lease and a default hereunder. <br /> (b) Subletting. Tenant may not sublet the Leased Premises or any part thereof without the prior <br /> written consent of Landlord, which shall not be unreasonably withheld. In any event, Tenant shall not <br /> advertise or publicize the Leased Premises for subletting whether through a broker, agent, representative or <br /> otherwise at a rental rate less than that for which space in the Europa Center is being offered for rent by <br /> Landlord. If Tenant seeks to sublet all or any part of the Leased Premises, then the following shall apply: <br /> (1) Prior to any sublease,Tenant shall first notify Landlord in writing of its intent to sublet all or <br /> a portion of the Leased Premises, such notice to include a copy of the proposed sublease. At any time within <br /> fifteen (15) business days after service of said notice, Landlord shall notify Tenant that: <br /> (i) it consents to the sublease; or <br /> (ii) it refuses to consent to the sublease; or <br /> (iii) with respect to a proposed sublease of the entire Rented Space, that it terminates this Lease <br /> effective as of the beginning of the proposed sublease term, which Landlord shall be fully <br /> empowered to do, at Landlord's option, if Tenant seeks to sublet the entire Rented Space; or <br /> (iv)with respect to a proposed sublease of part of the Rented Space, that, effective as of the <br /> beginning of the sublease term, it amends the Lease to reduce the Rented Space by the <br /> portion of the Rented Space proposed to be sublet and further amends the Lease because of <br /> the reduction of the Rented Space so that all calculated items are reduced proportionately to <br /> the reduction in Rentable Square Feet of the Rented Space. <br /> (2) If Tenant shall sublet the leased Premises at a rental or other economic benefit in excess <br /> of the then current Base Rent, Fifty percent(50%)of such excess shall be for benefit of Landlord and shall be <br /> paid to Landlord in cash promptly when due under any such sublease as additional rent due under this Lease <br /> (3) Tenant agrees to pay to Landlord,on demand,all reasonable costs incurred by Landlord in <br /> connection with any request by Tenant for Landlord's consent to any sublease, including but not limited to <br /> reasonable attorney's fees and recording fees. <br /> (4) Any sublease shall not release Tenant of its liability under this Lease or permit any <br /> subsequent sublease. <br /> 14. DEFAULT BY TENANT AND LANDLORD'S REMEDIES. <br /> (a) Events of Default. In addition to the other occurrences listed elsewhere in this Lease, the <br /> occurrence of any one or more of the following shall constitute a default hereunder: <br /> Page 8 -THE EUROPA CENTER Lease <br /> Landlord Tenant <br /> Initials Initials <br />