DELIVER
A STATUTORY FORM OF MEMORANDUM OF THIS LEASE FOR THE PURPOSE OF RECORDING, BUT
SAID MEMORANDUM OF THIS LEASE SHALL NOT IN ANY CIRCUMSTANCES BE DEEMED TO MODIFY
OR TO CHANGE ANY OF THE PROVISIONS OF THIS LEASE.
IN NO EVENT SHALL TENANT
RECORD THIS LEASE.
ARTICLE 41
SECURITY
41.01
TENANT HAS DEPOSITED WITH LANDLORD THE SUM OF 70,000.00 AS
SECURITY FOR THE FAITHFUL PERFORMANCE AND OBSERVANCE BY TENANT OF THE TERMS,
PROVISIONS, COVENANTS AND CONDITIONS OF THIS LEASE; IT IS AGREED THAT IN THE
EVENT TENANT DEFAULTS IN RESPECT OF ANY OF THE TERMS, PROVISIONS, COVENANTS AND
CONDITIONS OF THIS LEASE BEYOND APPLICABLE NOTICE AND CURE PERIODS, INCLUDING,
BUT NOT LIMITED TO, THE PAYMENT OF FIXED ANNUAL RENT AND ADDITIONAL RENT,
44
LANDLORD MAY USE, APPLY OR RETAIN THE WHOLE OR ANY PART OF THE SECURITY SO
DEPOSITED TO THE EXTENT REQUIRED FOR THE PAYMENT OF ANY FIXED ANNUAL RENT AND
ADDITIONAL RENT OR ANY OTHER SUM AS TO WHICH TENANT IS IN DEFAULT OR FOR ANY SUM
WHICH LANDLORD MAY EXPEND OR MAY BE REQUIRED TO EXPEND BY REASON OF TENANT'S
DEFAULT IN RESPECT OF ANY OF THE TERMS, PROVISIONS, COVENANTS AND CONDITIONS OF
THIS LEASE, INCLUDING BUT NOT LIMITED TO, ANY DAMAGES OR DEFICIENCY ACCRUED
BEFORE OR AFTER SUMMARY PROCEEDINGS OR OTHER RE-ENTRY BY LANDLORD.
THE SECURITY
(OR ANY REMAINING BALANCE THEREOF AFTER APPLICATION BY LANDLORD AS PERMITTED
ABOVE) SHALL BE RETURNED TO TENANT WITHIN SIXTY (60) DAYS AFTER THE DATE FIXED
AS THE END OF THE LEASE AND AFTER DELIVERY OF ENTIRE POSSESSION OF THE DEMISED
PREMISES TO LANDLORD.
IN THE EVENT OF A SALE OF THE LAND AND BUILDING OR
LEASING OF THE BUILDING, OF WHICH THE DEMISED PREMISES FORM A PART, LANDLORD
SHALL TRANSFER THE SECURITY TO THE VENDEE OR LESSEE AND LANDLORD SHALL THEREUPON
BE RELEASED BY TENANT FROM ALL LIABILITY FOR THE RETURN OF SUCH SECURITY; AND
TENANT AGREES TO LOOK SOLELY TO THE NEW LANDLORD FOR THE RETURN OF SAID
SECURITY; AND IT IS AGREED THAT THE PROVISIONS HEREOF SHALL APPLY TO EVERY
TRANSFER OR ASSIGNMENT MADE OF THE SECURITY TO A NEW LANDLORD.
TENANT FURTHER
COVENANTS THAT IT WILL NOT ASSIGN OR ENCUMBER OR ATTEMPT TO ASSIGN OR ENCUMBER
THE MONIES DEPOSITED HEREIN AS SECURITY AND THAT NEITHER LANDLORD NOR ITS
SUCCESSORS OR ASSIGNS SHALL BE BOUND BY ANY SUCH ASSIGNMENT, ENCUMBRANCE,
ATTEMPTED ASSIGNMENT OR ATTEMPTED ENCUMBRANCE.
IN THE EVENT LANDLORD APPLIES OR
RETAINS ANY PORTION OR ALL OF THE SECURITY DEPOSITED, TENANT SHALL FORTHWITH
RESTORE THE AMOUNT SO APPLIED OR RETAINED. SAID SHALL "BURN-DOWN" SO THAT ON THE
TWENTY FIFTH (25TH) MONTH ANNIVERSARY OF THE COMMENCEMENT DATE, THE REQUIRED
SECURITY SHALL BE REDUCED TO $50,000.00 AND MAINTAINED AT THAT LEVEL UNTIL THE
EXPIRATION OF THIS LEASE, AND WITHIN THIRTY (30) DAYS OF SUCH 25TH MONTH
ANNIVERSARY, LANDLORD SHALL RETURN $20,000 TO TENANT.
ARTICLE 42
MISCELLANEOUS
42.01
IRRESPECTIVE OF THE PLACE OF EXECUTION OR PERFORMANCE, THIS
LEASE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS