|
the times and in the manner provided in this lease and this
<br /> failure shall continue for a period of more than thirty (30) days
<br /> after delivery by the Lessor of a written notice of breach or
<br /> default and demand for cure, by personal service, registered mail
<br /> or certified mail to the Lessee and to each holder of record
<br /> having a security interest in the premises, or if the Lessee
<br /> shall become bankrupt, or shall abandon the premises, or if this
<br /> lease and premises shall be attached or taken by operation of
<br /> law, or if any assignment is made of the 1'`,see ' s property for
<br /> the benefit of creditors, or if Lessee JA NI to observe and
<br /> perform any of the covenants, terms, . coons contained in
<br /> - >
<br /> this lease and on its part to be obs ed ift.d performed, and this
<br /> failure shall continue for a perio• ,of':pore Nan sixty (60) days
<br /> after delivery by the Lessor of .444,,*-Iteknoti4 of breach or
<br /> default and demand for cure, b -rso -4l servic g , registered mail
<br /> or certified mail to the Less' at its last knownl4ddress and to
<br /> each holder of record having a ' urity interest in s- premises,
<br /> the Lessor may, at once re-enter Se •,; ises, or ace. part, and
<br /> upon or without the ent , at its o®,= •n , terminate his lease
<br /> without prejudice to - vo, er remedy`nor right of action for
<br /> arrears of rent or fo any • ceding oither breach of contract;
<br /> and in the event of termiratio ..K, at the 'option of the Lessor, all
<br /> buildings and im• ovements all --main an' •ecome the property
<br /> of the Lessor .,*0;44'4::111 be re v- •y sse ; furthermore, Lessor
<br /> shall retain rent aid in' vance '�°•e applied to any
<br /> damages. '7,
<br /> lb T.'
<br /> Rig , . ®er o -cord of a security interest .
<br /> In th- - t ent " Le w.r seeks orfeit the privilege, interest,
<br /> or e e create by < '
<br /> - ,s lease each recorded holder of a
<br /> securit ,;interest may, 6.tits option, cure or remedy the default
<br /> or breach/ f rent p ent -,, ,„within thirty (30) days or any other
<br /> default or (im.,each wi " in xty (60) days, from the date of
<br /> receipt of the Lesso s notice, or within an additional period
<br /> allowed by Less` fo food cause, and add the cost to the
<br /> mortgage debt and :t ;° lien of the mortgage. Upon failure of the
<br /> holder to exercis - ts option, the Lessor may: (a) pay to the
<br /> holder from any moneys at its disposal, including the special
<br /> land and development fund, the amount of the mortgage debt,
<br /> together with interest and penalties, and secure an assignment of
<br /> the debt and mortgage from the holder or if ownership of the
<br /> privilege, interest, or estate shall have vested in the holder by
<br /> way of foreclosure, or action in lieu thereof, the Lessor shall
<br /> be entitled to the conveyance of the privilege, interest, or
<br /> estate upon payment to the holder of the amount of the mortgage
<br /> debt, including interest and penalties, and all reasonable
<br /> expenses incurred by the holder in connection with the
<br /> 8
<br />
|