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days, then on or after the 151h day of that month the Landlord may at its option notify Tenant by letter of
<br /> Tenant' s continuing default and that unless the overdue payment is received or the Tenant ceases to
<br /> hold over, that Landlord will begin eviction proceedings . The Landlord may also, at its option, declare
<br /> the lease terminated and demand that the Tenant vacate the Demised Premises . Thereafter, on or after
<br /> the thirtieth (30') day of that month, the Landlord may, at its option, sue Tenant for summary ejectment
<br /> and for all past due rent and other sums due .
<br /> (b) If Tenant shall default in the performance of any other of the terms, conditions or covenants
<br /> contained in this Lease to be observed or performed by it and does not remedy such default within
<br /> thirty (30) days after written notice thereof or does not within such thirty (30) days commence such act
<br /> or acts as shall be necessary to remedy the default and shall not complete such act or acts promptly, or
<br /> if Tenant shall become bankrupt or insolvent, or file any debtor proceedings, or file in any Court
<br /> pursuant to any statute, either of the United States or of any State, a petition in bankruptcy or
<br /> insolvency or for reorganization, or file or have filed against it a Petition for the appointment of
<br /> receiver or trustee for all or substantially all of the assets of Tenant or such appointment shall not be
<br /> vacated or set aside within thirty (30) days from such appointment, or if Tenant makes an assignment
<br /> for the benefit of creditors, or petitions for or agrees to an arrangement, or suffers the lease to be taken
<br /> under any writ of execution and such writ is not discharged or set aside within thirty (30) days, then in
<br /> any such event Landlord shall have the right at its option to terminate and cancel this Lease Agreement
<br /> or to peaceably re-enter.
<br /> If Landlord should elect to re -enter as herein provided, or should it take possession pursuant to legal
<br /> proceedings, it may either terminate this Agreement make such alterations and repairs as are necessary
<br /> in order to relet the Demised Premises, and relet the Demised Premises for such term and at such rents
<br /> and upon such other terms and conditions as Landlord may deem advisable . In the event of such
<br /> reletting, all rentals received by Landlord shall be applied, first, to the payment of any indebtedness
<br /> other than rental due hereunder from Tenant to Landlord; second, to the payment of any costs and
<br /> expenses of such reletting, including the expense of alterations and repairs ; third, to the payment of
<br /> rental due and unpaid hereunder, and the residue, if any, shall be held by Landlord and applied in the
<br /> payment of future rental due and unpaid hereunder. If such reletting shall yield rentals insufficient for
<br /> any month to pay the rental due by the Tenant hereunder for that month, Tenant shall be liable to
<br /> Landlord for the deficiency and same shall be paid monthly.
<br /> No such re-entry or taking possession of the Demised Premises by Landlord shall be construed as an
<br /> election to terminate this lease unless the written notice of such intention be given by Landlord to
<br /> Tenant at the time of such re -entry; but notwithstanding any such re-entry and reletting without
<br /> termination, Landlord may at any time thereafter elect to terminate this lease for such previous breach.
<br /> In the event of any termination of this Lease by Landlord, whether before or after re -entry, Landlord
<br /> may recover from Tenant damages incurred by reason of such breach, including the cost of recovering
<br /> the Demised Premises and the difference in value between the rental which would be payable by Tenant
<br /> hereunder for the remainder of the term and such reasonable rental value of the Demised Premises for
<br /> the remainder of the term.
<br /> (c) If Tenant shall vacate, fail to operate in or abandon the Demised Premises or any substantial part
<br /> thereof, and if such unauthorized absence, failure to operate or abandonment shall continue for a
<br /> period of twenty-one (21 ) days, then in addition to the remedies set forth in (b) above, Landlord
<br /> shall have a lien on all furniture, household furnishings, trade fixtures , equipment and other
<br /> personal property to which the Tenant has legal title and which remains on the Demised Premises ,
<br /> which lien may be enforced pursuant to N. C. G. S . § 44A-2(e) by public sale, and which lien shall be
<br /> for the amount of any rents which were due the Landlord at the time Tenant vacated the Demised
<br /> Premises and for the time, up to sixty (60) days, from vacating the Demised Premises to the date of
<br /> sale, and for any sums necessary to repair damages to the Demised Premises caused by Tenant,
<br /> normal wear and tear excepted, and for reasonable costs and expenses of sale .
<br /> IDENTITY OF INTEREST
<br /> 30 . The execution of this Lease or the performance of any act pursuant to the provisions thereof shall not
<br /> be deemed or construed to have the effect of creating between Landlord and Tenant the relationship of
<br /> principal or agent, or of a partnership or joint venture .
<br /> INVALIDITY OF PARTICULAR PROVISIONS
<br /> 31 . If any term or provision of this Lease, or the application thereof to any person or circumstance shall, to
<br /> any extent be invalid or unenforceable, the remainder of this Lease, or the application of such term or
<br /> provision to persons or circumstances, other than those as to which it is held invalid or unenforceable,
<br /> shall not be affected thereby, and each term and provision of this Lease shall be valid and be enforced
<br /> to the fullest extent permitted by law.
<br /> BROKER
<br /> 32 . There is no broker involved in the negotiation or transaction of this Lease .
<br /> CAPTIONS
<br /> Initials
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<br /> (308 W. Franklin St.) t rd Tenant
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