OBLIGATIONS OF
TENANT UNDER THIS LEASE SHALL BE JOINTLY AND SEVERALLY LIABLE FOR SUCH
OBLIGATIONS.
(F)
TENANT SHALL NOT RECORD THIS LEASE OR ANY MEMORANDUM WITHOUT
LANDLORD'S PRIOR CONSENT.
26.
NOTICES.
ANY NOTICE, CONSENT OR OTHER COMMUNICATION UNDER THIS
LEASE SHALL BE IN WRITING AND ADDRESSED TO LANDLORD OR TENANT AT THEIR
RESPECTIVE ADDRESSES SPECIFIED IN SECTION 1 ABOVE
15
(OR TO SUCH OTHER ADDRESS AS EITHER MAY DESIGNATE BY NOTICE TO THE OTHER) WITH A
COPY TO ANY MORTGAGEE OR OTHER PARTY DESIGNATED BY LANDLORD.
EACH NOTICE OR
OTHER COMMUNICATION SHALL BE DEEMED GIVEN IF SENT BY PREPAID OVERNIGHT DELIVERY
SERVICE OR BY CERTIFIED MAIL, RETURN RECEIPT REQUESTED, POSTAGE PREPAID OR IN
ANY OTHER MANNER, WITH DELIVERY IN ANY CASE EVIDENCED BY A RECEIPT, AND SHALL BE
DEEMED TO HAVE BEEN GIVEN ON THE DAY OF ACTUAL DELIVERY TO THE INTENDED
RECIPIENT OR ON THE BUSINESS DAY DELIVERY IS REFUSED.
THE GIVING OF NOTICE BY
LANDLORD'S ATTORNEYS, REPRESENTATIVES AND AGENTS UNDER THIS SECTION SHALL BE
DEEMED TO BE THE ACTS OF LANDLORD.
27.
SECURITY DEPOSIT/LETTER OF CREDIT.
UPON EXECUTION OF THIS LEASE,
TENANT SHALL DEPOSIT WITH LANDLORD AND SHALL MAINTAIN AT ALL TIMES ON DEPOSIT
WITH LANDLORD AND KEEP WHOLE AND UNENCUMBERED AN IRREVOCABLE, ASSIGNABLE,
NON-DOCUMENTARY STANDBY LETTER OF CREDIT IN FORM, AND ISSUED BY, A FINANCIAL
INSTITUTION ACCEPTABLE TO LANDLORD IN THE AMOUNT OF THIRTY-THREE THOUSAND
DOLLARS ($33,000.00), AS SECURITY FOR THE FAITHFUL PERFORMANCE BY TENANT OF
EVERY TERM AND CONDITION OF THIS LEASE, IT BEING EXPRESSLY UNDERSTOOD AND AGREED
THAT TENANT MAY NOT DIRECT LANDLORD TO APPLY SAID SECURITY IN PAYMENT OF RENT
FOR ANY MONTH DURING THE LEASE TERM.
IF THERE SHALL BE A BREACH OR DEFAULT BY
TENANT IN RESPECT OF ANY TERM OR CONDITION OF THIS LEASE, AND SUCH BREACH OR
DEFAULT IS NOT CURED WITHIN THE APPLICABLE CURE PERIOD, IF ANY, LANDLORD MAY
DRAW UPON ALL OR ANY PART OF THE LETTER OF CREDIT TO PERFORM THE SAME FOR THE
ACCOUNT OF TENANT, OR FOR ANY DAMAGES, WHETHER SUCH DAMAGES OR DEFAULT ACCRUE
BEFORE OR AFTER SUMMARY PROCEEDINGS OR RE-ENTRY BY LANDLORD.
LANDLORD SHALL NOT
BE REQUIRED SO TO USE, APPLY OR RETAIN THE WHOLE OR ANY PART OF SAID SECURITY
NOR SHALL THE PROVISIONS HEREIN CONTAINED LIMIT THE RIGHTS AND REMEDIES OF
LANDLORD UNDER THIS LEASE.
IF TENANT SHALL FULLY AND FAITHFULLY COMPLY WITH ALL
OF THE PROVISIONS OF THIS LEASE, THEN, UPON THE TERMINATION OR EXPIRATION OF
THIS LEASE BY LAPSE OF TIME OR OTHERWISE AND TENANT'S SURRENDER OF THE PREMISES
IN THE CONDITION REQUIRED UNDER THIS LEASE, SAID SECURITY OR ANY BALANCE THEREOF
REMAINING, SHALL BE RETURNED TO TENANT WITHIN 30 DAYS AFTER SUCH TERMINATION OR
EXPIRATION AND SURRENDER, AS APPLICABLE.
IN THE EVENT OF ANY SALE, TRANSFER OR
ASSIGNMENT OF LANDLORD'S INTEREST UNDER THIS LEASE, LANDLORD MAY TRANSFER OR
ASSIGN SAID SECURITY TO THE TRANSFEREE, AND LANDLORD THEREUPON SHALL BE RELEASED
FROM ALL LIABILITY WITH RESPECT TO SAID SECURITY PROVIDED THAT THE TRANSFEREE
ACCEPTS RESPONSIBILITY FOR SAID SECURITY.