THE PREMISES FOR ANY REASON OTHER THAN
FORCE MAJEURE OR TENANT DELAY, THEN, FROM THE DATE OF LANDLORD'S OWNERSHIP
FORWARD LANDLORD SHALL WAIVE THE HOLDOVER PENALTY FOR OCCUPYING THE 5 GREENTREE
PREMISES BEYOND THE EXPIRATION OF THE LEASE TERM.
IN THE EVENT LANDLORD DOES
NOT ACQUIRE THE 5 GREENTREE PREMISES AND THE COMMENCEMENT DATE HAS NOT OCCURRED
BY APRIL 30, 2004 FOR ANY REASON OTHER THAN FORCE MAJEURE OR TENANT DELAY, THEN
LANDLORD SHALL PAY THE HOLDOVER PORTION OF TENANT'S RENT (BUT NOT THE BASE OR
ADDITIONAL RENT DUE THEREUNDER) AT THE 5 GREENTREE PREMISES COMMENCING MAY 1,
2004.
5.
FIXED RENT
(A)
TENANT SHALL PAY TO LANDLORD WITHOUT NOTICE OR DEMAND, AND WITHOUT
SET-OFF, THE ANNUAL FIXED RENT PAYABLE IN THE MONTHLY INSTALLMENTS OF FIXED RENT
AS SET FORTH IN ARTICLE 1(E), IN ADVANCE ON THE FIRST DAY OF EACH CALENDAR MONTH
DURING THE TERM BY (I) CHECK TO LANDLORD AT P0 BOX 8538-363, PHILADELPHIA, PA
19171 OR (II) WIRE TRANSFER OF IMMEDIATELY AVAILABLE FUNDS TO THE ACCOUNT AT
FIRST UNION NATIONAL BANK, SALEM NJ ACCOUNT NO. 2030000359075 ABA #031201467;
SUCH TRANSFER TO BE CONFIRMED TO LANDLORD'S ACCOUNTING DEPARTMENT (610-325-5622
- FAX) BY WRITTEN FACSIMILE UPON WRITTEN REQUEST BY TENANT.
NOTWITHSTANDING THE
IMMEDIATELY PRECEDING SENTENCE, THE FIRST FULL MONTH'S INSTALLMENT SHALL BE PAID
UPON THE EXECUTION OF THIS LEASE BY TENANT.
(B)
IN THE EVENT ANY FIXED RENT OR ADDITIONAL RENT, CHARGE, FEE OR
OTHER AMOUNT DUE FROM TENANT UNDER THE TERMS OF THIS LEASE ARE NOT PAID TO
LANDLORD WHEN DUE, TENANT SHALL ALSO PAY AS ADDITIONAL RENT A SERVICE AND
HANDLING CHARGE EQUAL TO FIVE (5%) PERCENT OF THE TOTAL PAYMENT THEN DUE.
THE
AFORESAID LATE FEE SHALL BEGIN TO ACCRUE ON THE FIRST DAY FOLLOWING A PAYMENT
DUE DATE, IRRESPECTIVE OF ANY CURE PERIOD GRANTED HEREUNDER.
THIS PROVISION
SHALL NOT PREVENT LANDLORD FROM EXERCISING ANY OTHER REMEDY HEREIN PROVIDED OR
4
OTHERWISE AVAILABLE AT LAW OR IN EQUITY IN THE EVENT OF ANY DEFAULT BY TENANT.
NOTWITHSTANDING THE FOREGOING, LANDLORD AGREES THAT TWICE EACH YEAR, PRIOR TO
IMPOSING THE LATE FEE, LANDLORD SHALL SEND WRITTEN NOTICE TO TENANT AND TENANT
SHALL HAVE TEN (10) DAYS FROM RECEIPT OF SUCH NOTICE TO CURE THE DELINQUENCY.
(C)
TENANT SHALL BE REQUIRED TO PAY A SECURITY DEPOSIT OF $0 UNDER
THIS LEASE (THE "COLLATERAL"), AS SECURITY FOR THE PROMPT, FULL AND FAITHFUL
PERFORMANCE BY TENANT OF EACH AND EVERY PROVISION OF THIS LEASE AND OF ALL
OBLIGATIONS OF TENANT HEREUNDER.
(D)
IF TENANT DEFAULTS (IRRESPECTIVE OF THE FACT THAT TENANT CURED
SUCH DEFAULT) MORE THAN TWICE IN ITS PERFORMANCE OF A MONETARY OBLIGATION AND
SUCH MONETARY DEFAULTS AGGREGATE IN EXCESS OF $100,000 UNDER THIS LEASE,
LANDLORD MAY REQUIRE TENANT TO POST COLLATERAL IN AN AMOUNT EQUAL TO THE GREATER
OF THE TWICE THE CURRENT SECURITY DEPOSIT OR TWICE THE FIXED RENT THEN PAID
MONTHLY.
(E)
NO INTEREST SHALL BE PAID TO TENANT ON THE COLLATERAL, AND
LANDLORD SHALL HAVE THE RIGHT TO COMMINGLE THE COLLATERAL WITH OTHER SECURITY