|
18
<br /> against the other for breach of any provision herein contained, and prevail in such action, the losing party
<br /> shall in addition be liable for the costs and expenses of the prevailing party including its reasonable
<br /> attorneys' fees. This Lease is binding upon the respective parties hereto, and upon their heirs, executors,
<br /> successors, and assigns. This Lease supersedes and cancels all prior negotiations between the parties, and
<br /> no changes, amendments or modifications hereto shall be effective unless in writing signed by the party
<br /> affected by such change, amendment or modification. Landlord reserves the right to promulgate (and
<br /> change from time to time)reasonable regulations it deems appropriate for the common use and benefit of
<br /> all tenants, with which regulations Tenant shall comply. Landlord may assign this Lease without the
<br /> consent of Tenant or may sell the Property or the Building without affecting the obligations of Tenant
<br /> hereunder, and upon such assignment or sale, Landlord shall be relieved of all obligations under this
<br /> Lease and the term "Landlord" as used in this Lease shall refer to and mean such successor landlord. If
<br /> any security deposit or prepaid Rent has been paid by Tenant, Landlord shall transfer the security deposit
<br /> or prepaid Rent to Landlord's successor or return to Tenant. Tenant agrees to attorn to any successor to
<br /> Landlord. This Lease may not be recorded without Landlord's prior written consent, but Tenant and
<br /> Landlord agree on request of the other to execute a memorandum hereof and record the same. The
<br /> singular shall include the plural, and the masculine, feminine or neuter includes the other. Each of
<br /> Landlord and Tenant represents to the other that each has lawful authority to enter into this Lease and by
<br /> signing it in their name as set forth below, to be legally bound in accordance with the terms and
<br /> conditions hereof. This Lease, and the rights and obligations of each of Landlord and Tenant hereunder,
<br /> shall be governed by and construed in accordance with the laws of the state of North Carolina.
<br /> (a) Landlord's Work. Landlord, at its cost and expense, shall perform the "Landlord's Work"
<br /> described on Exhibit F. Tenant shall contribute two thousand dollars ($2,000.00) toward the cost of
<br /> Landlord's work. The payment will be due on the Rent Commencement Date and shall be payable to
<br /> Landlord as additional rent. Except for the two thousand dollar contribution,Landlord will be responsible
<br /> for all other costs and expenses related to Landlord's work.
<br /> The Premises will be deemed ready for occupancy when the Landlord has substantially
<br /> completed the Landlord's Work so as to permit use and occupancy of the Premises by Tenant; provided,
<br /> however, the failure of Landlord to complete punch list items with regard to the Landlord's Work which
<br /> do not materially interfere with Tenant's intended use of the Premises shall not delay or affect the date the
<br /> Premises are ready for occupancy.
<br /> 27. Special Conditions or Addenda. The following special conditions, if any, shall apply, and
<br /> where in conflict with earlier provisions in this Lease, shall control. If any addenda are noted below, such
<br /> addenda are incorporated herein and made a part of this Lease. If there are no special conditions or
<br /> addenda,the word NONE is written in the blank below.
<br /> (a) ATTACHMENTS: Exhibits A, A-1, B, C, D, E, F, G, H, and I are attached and made a
<br /> part hereof.
<br /> (b) CONDITION PRECEDENT: It is a condition precedent to the parties' obligations under
<br /> this Lease that the Tenant secure ten executed artist rental agreements as it affects the ability of the
<br /> Tenant to perform its obligations under this Lease. Tenant shall exercise good faith efforts to affect a
<br /> satisfaction of this condition precedent. If Landlord does not receive notice from Tenant that the
<br /> foregoing condition precedent has been satisfied by or before March 15, 2020, then upon (10) days prior
<br /> written notice to Tenant, and as Landlord's sole remedy, Landlord may terminate this Lease, and Tenant
<br /> shall have no further obligations pursuant to this Lease. The foregoing notwithstanding, if, subsequent to
<br /> Tenant's receipt of such termination notice from Landlord and prior to the expiration of such ten(10) day
<br /> period, Tenant notifies Landlord that such condition precedent has been satisfied, then Landlord's
<br /> termination notice shall be of no force or effect, and this Lease shall remain in full force and effect.
<br /> OCAC Lease Page 16
<br />
|