A
SUCCESSOR OR ADDITIONAL AUTHORIZED COMPANY REPRESENTATIVE OR AUTHORIZED ISSUER
REPRESENTATIVE SHALL BE APPOINTED IN THE MANNER PRESCRIBED IN SECTION 1.1
HEREOF.
SECTION 4.9.
ENFORCEMENT OF REMEDIES AGAINST CONTRACTORS,
SUBCONTRACTORS, SUPPLIERS, FABRICATORS AND THEIR SURETIES.
THE ISSUER AGREES
THAT THE COMPANY MAY, FROM TIME TO TIME, IN ITS OWN NAME, OR IN THE NAME OF THE
ISSUER, TAKE SUCH ACTION AS MAY BE NECESSARY OR ADVISABLE, AS DETERMINED BY THE
COMPANY, AGAINST SUCH CONTRACTORS, SUBCONTRACTORS, SUPPLIERS, FABRICATORS AND
THEIR SURETIES, TO INSURE THE PROPER CONSTRUCTION OF THE LEASED IMPROVEMENTS.
THE COMPANY AGREES THAT ANY SUCH ACTION TAKEN BY IT PURSUANT TO THIS SECTION
SHALL BE AT ITS OWN EXPENSE, AND WITHOUT COST TO THE ISSUER.
[End of Article IV]
15
ARTICLE V
EFFECTIVE DATE OF THIS LEASE; DURATION OF LEASE TERM;
RENTAL PROVISIONS; NATURE OF OBLIGATIONS OF COMPANY
SECTION 5.1.
EFFECTIVE DATE OF THIS LEASE; DURATION OF LEASE TERM.
THIS LEASE, AS AMENDED AND RESTATED, SHALL BECOME EFFECTIVE UPON ITS DELIVERY
AND SHALL EXPIRE AT 12:01 A.M., CITY OF MOULTRIE, GEORGIA, TIME, ON OCTOBER 1,
2009, UNLESS THIS LEASE IS EARLIER TERMINATED AS HEREIN PROVIDED.
SECTION 5.2.
DELIVERY AND ACCEPTANCE OF POSSESSION; QUIET
ENJOYMENT.
THE COMPANY SHALL, COMMENCING WITH THE DATE OF DELIVERY OF THIS
LEASE, HAVE POSSESSION, CUSTODY AND CONTROL OF THE PROJECT AS IT EXISTS ON SUCH
DATE AND THE COMPANY HEREBY ACCEPTS SUCH POSSESSION, CUSTODY AND CONTROL.
THE
ISSUER AGREES THAT, SUBJECT TO PERMITTED ENCUMBRANCES, SO LONG AS THE COMPANY
SHALL FULLY AND PUNCTUALLY PAY ALL OF THE RENTS AND OTHER AMOUNTS PROVIDED TO BE
PAID HEREUNDER BY THE COMPANY AND SHALL FULLY AND PUNCTUALLY PERFORM ALL OF ITS
OTHER COVENANTS AND AGREEMENTS HEREUNDER, THE COMPANY SHALL PEACEABLY AND
QUIETLY HAVE, HOLD, AND ENJOY THE PROJECT DURING THE TERM, AND THE ISSUER
WARRANTS AND COVENANTS, SUBJECT TO PERMITTED ENCUMBRANCES, THAT IT WILL DEFEND
THE COMPANY IN SUCH PEACEABLE AND QUIET POSSESSION OF THE PROJECT. THE ISSUER
COVENANTS AND AGREES THAT, SUBJECT TO PERMITTED ENCUMBRANCES, IT SHALL NOT TAKE
ANY ACTION, OTHER THAN PURSUANT TO ARTICLE X OF THIS LEASE, OR THE OTHER EXPRESS
PROVISIONS OF THIS LEASE, TO PREVENT THE COMPANY FROM HAVING QUIET AND PEACEABLE
POSSESSION AND ENJOYMENT OF THE PROJECT DURING THE TERM.
SECTION 5.3.
RENTS AND OTHER AMOUNTS PAYABLE.
(A)
BASIC RENT: BASIC RENT OF $175,000 SHALL BE PAID ON APRIL 1, 2006.
BASIC RENT OF $729,045 SHALL BE PAID ON APRIL 1, 2007, 2008 AND 2009, AND BASIC
RENT OF
$729,045 SHALL BE PAID ON OCTOBER 1, 2006, 2007 AND 2008.
(B)
ADDITIONAL RENT:
(I)
PAYABLE TO ISSUER.
THE COMPANY AGREES THAT, DURING THE TERM,
IT SHALL PAY DIRECTLY TO THE ISSUER, AS ADDITIONAL RENT, (I) AN AMOUNT
SUFFICIENT TO REIMBURSE THE ISSUER FOR ALL EXPENSES, ADVANCES OR LIABILITIES
INCURRED BY THE ISSUER AS A RESULT OF THE FAILURE OF THE COMPANY TO COMPLY WITH
THE TERMS OF THIS LEASE, INCLUDING, BUT NOT LIMITED TO, THE REASONABLE FEES AND
EXPENSES OF COUNSEL FOR THE ISSUER AND (II) ANY AMOUNTS THAT ARE SUBJECT