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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 Lessee ' s property for
<br /> the benefit of creditors, or if Lessee shall fail to observe and
<br /> perform any of the covenants, terms, and conditions contained in
<br /> this lease and on its part to be observed and performed, and this
<br /> failure shall continue for a period of more than sixty (60) 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 at its last known address and to
<br /> each holder of record having a security interest in the premises,
<br /> the Lessor may, at once re-enter the premises, or any part, and
<br /> upon or without the entry, at its option, terminate this lease
<br /> without prejudice to any other remedy or right of action for
<br /> arrears of rent or for any preceding or other breach of contract;
<br /> and in the event of termination, at the option of the Lessor, all
<br /> buildings and improvements shall remain and become the property
<br /> of the Lessor or shall be removed by Lessee; furthermore, Lessor
<br /> shall retain all rent paid in advance to be applied to any
<br /> damages .
<br /> 22 . Right of holder of record of a security interest.
<br /> In the event the Lessor seeks to forfeit the privilege, interest,
<br /> or estate created by this lease, each recorded holder of a
<br /> security interest may, at its option, cure or remedy the default
<br /> or breach of rent payment within thirty (30) days or any other
<br /> default or breach within sixty (60) days, from the date of
<br /> receipt of the Lessor' s notice, or within an additional period
<br /> allowed by Lessor for good cause, and add the cost to the
<br /> mortgage debt and the lien of the mortgage . Upon failure of the
<br /> holder to exercise its 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 /> foreclosure and preservation of its security interest, less
<br /> appropriate credits, including income received from the
<br /> privilege, interest, or estate subsequent to the foreclosure; or
<br /> (b) if the property cannot be reasonably reassigned without loss
<br /> to the County, then terminate the outstanding privilege,
<br /> interest, or estate without prejudice to any other right or
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