Agenda - 3-21-16 Reg. Meeting - Laserfiche WebLink

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13. Remedies on Default. Upon the occurrence of any Event of Default, Lessor may exercise any and all rights and remedies available to it at law or in equity, including without limitation, the cumulative rights to (i) declare Lessee to be in default as to any or all leases and other agreements between the parties; (ii) sue at law or in equity to enforce performance of the same or to recover damages for the breach thereof and for the loss of its bargain; (iii) terminate this Lease in whole or in part; (iv) declare immediately due and payable the entire amount of unpaid rent for the remaining lease term; (v) take possession of and remove the Equipment (such action not to constitute a termination of the Lease) without any court order or other process of law and without liability for entering Lessee's premises; and (vi) without notice or demand, appropriate and apply against any sums due hereunder any and all sums of money or property held by Lessor for Lessee, including, without limitation, any security deposit held by Lessor. No express or implied waiver by Lessor of any Event of Default hereunder shall in any way be, or be construed to be, a waiver of any future or subsequent Event of Default. 18. Notices. Any notices, requests, demands and other communications between the parties shall be in writing and shall be deemed to have been delivered when delivered personally or mailed by certified or registered mail, postage prepaid, return receipt requested to the address set forth below or to such other address as a party may provide in writing to the other. LESSOR: Lee County 106 Hillcrest Street Sanford, NC 27330 Attention: John Crumpton, Manager LESSEE: Frontier Spinning Mills, Inc. 1823 Boone Trail Road Sanford, NC 27330 Attention: Chief Financial Officer 19. Other Documents. Lessee shall execute such UCC -1 financing statements, continuation statements and other documents related to this Lease, as Lessor may from time to time request. 14. Construction. This Lease shall be deemed entered into in Sanford, North Carolina and its construction, operation and validity shall be governed by the laws of the State of North Carolina. The captions of the paragraphs hereof are for convenience of reference only and shall not define or limit any terms of provisions hereof. Time is of the essence with respect to each and every provision of this Lease. 15. Entire Agreement. This Lease constitutes the entire agreement of the parties with respect to the subject matter hereof. This Lease may be modified or amended only by a writing signed by the parties. 16. Miscellaneous. Any provision of this Lease which is void or unenforceable in any jurisdiction shall be severable and shall not invalidate the remaining provisions hereof. Lessee represents that the Equipment leased hereunder shall be used for business purposes only and agrees that this Lease shall not be construed to be a consumer contract. TRI1 \749961 v5