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028 <br />16. Indemnity Lessee shall indemnify and save Lessor harmless from and against any and all <br />liabilities, obligations, losses, damages, claims, demands, penalties, costs and expenses, including <br />reasonable attorneys' fees and expenses, of whatever kind and nature, arising from or related to the use, <br />condition, operation, ownership, delivery, leasing, sale or return of the Equipment. <br />17. Assignment or Sublease; Binding Effect Without Lessor's prior written consent, Lessee shall not <br />assign, transfer, pledge, or otherwise dispose of the Equipment, this Lease or any interest therein. Lessor <br />may at any time without notice to Lessee assign, sell or encumber the Equipment, and/or any of its rights <br />under this Lease. This Lease shall inure to the benefit of and be binding upon Lessor and Lessee and their <br />respective heirs, legatees, personal representatives, successors and assigns. <br />18. Default Lessee shall be in default under this Lease upon the happening of any one of the following <br />"Events of Default ": (i) Lessee's failure to make any payment of rent within ten (10) days after the due date <br />thereof, (ii) the institution by or against Lessee of proceedings under any bankruptcy, insolvency, <br />reorganization or similar legislation; (iii) the making of any false or misleading statement, oral or written, by <br />or on behalf of Lessee, or the omission by or on behalf of Lessee to state a material fact with respect to this <br />Lease; or (iv) any other breach or failure of Lessee to observe or perform any of its obligations under this <br />Lease provided that Lessor has given Lessee written notice of such breach or failure and Lessee has failed to <br />cure such breach or failure within thirty (30) days of such notice. Default of any provision of this lease also <br />shall be considered default on the Performance Agreement contemporaneously entered into by the parties, <br />including Frontier's representation that it will continue to operate its North Carolina facilities during the <br />term of the Performance Agreement. <br />19. Remedies on Default Upon the occurrence of any Event of Default, Lessor may exercise any and <br />all rights and remedies available to it at law or in equity, including without limitation, the cumulative rights <br />to (i) declare Lessee to be in default as to any or all leases and other agreements between the parties; (ii) sue <br />at law or in equity to enforce performance of the same or to recover damages for the breach thereof and for <br />the loss of its bargain; (iii) terminate this Lease in whole or in part; (iv) declare immediately due and <br />payable the entire amount of unpaid rent for the remaining lease term; (v) take possession of and remove the <br />Equipment (such action not to constitute a termination of the Lease) without any court order or other process <br />of law and without liability for entering Lessee's premises; and (vi) without notice or demand, appropriate <br />and apply against any sums due hereunder any and all suns of money or property held by Lessor for Lessee, <br />including, without limitation, any security deposit held by Lessor. No express or implied waiver by Lessor <br />of any Event of Default hereunder shall in any way be, or be construed to be, a waiver of any future or <br />subsequent Event of Default. <br />20. Notices Any notices, requests, demands and other communications between the parties shall be in <br />writing and shall be deemed to have been delivered when delivered personally or mailed by certified or <br />registered mail, postage prepaid, return receipt requested to the address set forth below or to such other <br />address as a parry may provide in writing to the other. <br />LESSOR: Lee County <br />106 Hillcrest Street <br />Sanford, NC 27330 <br />Attention: John Crompton, Manager <br />LESSEE: Frontier Spinning Mills, Inc. <br />1823 Boone Trail Road <br />Sanford, NC 27330 <br />Attention: Chief Financial Officer <br />TRI1 \749961vs 3 <br />