PREMISES.
IN SUCH EVENT LESSOR SHALL BE
ENTITLED TO ENFORCE ALL OF LESSOR'S RIGHTS AND REMEDIES UNDER THIS LEASE,
INCLUDING THE RIGHT TO RECOVER THE RENT AS IT BECOMES DUE HEREUNDER.
(C)
PURSUE ANY OTHER REMEDY NOW OR HEREAFTER AVAILABLE TO LESSOR UNDER
THE LAWS OR JUDICIAL DECISIONS OF THE STATE OF CALIFORNIA.
UNPAID AMOUNTS OF
RENT AND OTHER UNPAID MONETARY OBLIGATIONS OF LESSEE UNDER THE TERMS OF THIS
LEASE SHALL BEAR INTEREST FROM THE DATE DUE AT THE AGREED RATE.
SECTION 12.03.
DEFAULT BY LESSOR.
LESSOR SHALL NOT BE IN DEFAULT UNDER
THIS LEASE UNLESS LESSOR FAILS TO PERFORM OBLIGATIONS REQUIRED OF LESSOR WITHIN
A REASONABLE TIME, BUT IN NO EVENT LATER THAN THIRTY (30) DAYS AFTER WRITTEN
NOTICE BY LESSEE TO LESSOR AND TO THE HOLDER OF ANY FIRST MORTGAGE OR DEED OF
TRUST COVERING THE PREMISES WHOSE NAME AND ADDRESS SHALL HAVE THERETOFORE BEEN
FURNISHED TO LESSEE IN WRITING, SPECIFYING THAT LESSOR HAS FAILED TO PERFORM
SUCH OBLIGATION; PROVIDED, HOWEVER, THAT IF THE NATURE OF LESSOR'S OBLIGATION IS
SUCH THAT MORE THAN THIRTY (30) DAYS ARE REQUIRED FOR PERFORMANCE THEN LESSOR
SHALL NOT BE IN DEFAULT IF LESSOR COMMENCES PERFORMANCE WITHIN SUCH THIRTY DAY
PERIOD AND THEREAFTER DILIGENTLY PROSECUTES THE SAME TO COMPLETION.
IN THE
EVENT LESSOR DOES NOT COMMENCE PERFORMANCE WITHIN THE THIRTY (30) DAY PERIOD
PROVIDED HEREIN, LESSEE MAY PERFORM SUCH OBLIGATION AND WILL BE REIMBURSED FOR
ITS EXPENSES BY LESSOR TOGETHER WITH INTEREST THEREON AT THE AGREED RATE.
LESSEE WAIVES ANY RIGHT TO TERMINATE THIS LEASE OR TO VACATE THE PREMISES ON
LESSOR'S DEFAULT UNDER THIS LEASE.
LESSEE'S SOLE REMEDY ON LESSOR'S DEFAULT IS
AN ACTION FOR DAMAGES OR INJUNCTIVE OR DECLARATORY RELIEF.
NOTWITHSTANDING THE
FOREGOING, NOTHING HEREIN SHALL BE DEEMED APPLICABLE IN THE EVENT OF LESSOR'S
DELAY IN DELIVERY OF THE PREMISES.
IN THAT SITUATION, ALL RIGHTS AND REMEDIES
SHALL BE DETERMINED UNDER SECTION 3.01 ABOVE.
SECTION 12.04.
LATE CHARGES.
LESSEE HEREBY ACKNOWLEDGES THAT LATE
PAYMENT BY LESSEE TO LESSOR OF RENT AND OTHER SUMS DUE HEREUNDER WILL CAUSE
LESSOR TO INCUR COSTS NOT CONTEMPLATED BY THIS LEASE, THE EXACT AMOUNT OF WHICH
WILL BE EXTREMELY DIFFICULT TO ASCERTAIN.
SUCH COSTS INCLUDE, BUT ARE NOT
LIMITED TO, PROCESSING AND ACCOUNTING CHARGES, AND LATE CHARGES WHICH MAY BE
IMPOSED ON LESSOR BY THE TERMS OF ANY MORTGAGE OR TRUST DEED COVERING THE
PREMISES.
ACCORDINGLY, IF ANY INSTALLMENT OF RENT OR ANY OTHER SUM DUE FROM
LESSEE SHALL NOT BE RECEIVED BY LESSOR OR LESSOR'S DESIGNATED AGENT WITHIN FIVE
(5) DAYS AFTER SUCH AMOUNT IS DUE AND OWING, LESSEE SHALL PAY TO LESSOR A LATE
CHARGE EQUAL TO TEN PERCENT (10%) OF SUCH OVERDUE AMOUNT.
THE PARTIES HEREBY
AGREE THAT SUCH LATE CHARGE REPRESENTS A FAIR AND REASONABLE ESTIMATE OF THE
COSTS
28
Lessor will incur by reason of late payment by Lessee.
Acceptance of such late
charge by Lessor shall in no event constitute a waiver of Lessee's default with
respect to such overdue amount, nor prevent Lessor from exercising any of the