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first. The parties agree that the duties, rights and responsibilities of each party is deemed to have <br />been in effect from the beginning of the Term. <br />3. Extension of Term <br />The Term of this Lease may be extended upon mutual written agreement by the parties. <br />4. Bond <br />a. Halley must furnish a performance bond (the "Bond") in a form acceptable to the SWDD <br />in a sum of not less than $100,000 to guarantee its performance of its duties under this <br />Lease, including without limitation those responsibilities as outlined in Paragraph 10. The <br />Bond must be provided to SWDD within ten (10) days of executing this Lease. Should <br />the Bond not be received by the SWDD within the time allotted by this Agreement, this <br />Lease shall automatically terminate, and Halley shall vacate the Premises immediately. <br />b. The SWDD shall have the right to deduct the sums, expenses, liquidated damages, <br />compensation or late fees payable or due under this Lease from the Bond. If the Bond <br />cannot cover the losses incurred by SWDD, SWDD may make further claim against <br />Halley. <br />c. If the Term of this Lease, including any extensions, expires and the responsibilities as <br />outlined in Paragraph 10 have been completed to the satisfaction of the SWDD, SWDD <br />shall return to Halley the Bond in full. If the responsibilities as outlined in Paragraph 10 <br />have not completed to the satisfaction of the SWDD prior to the expiration of the Lease, <br />the Bond shall not be returned to Halley. <br />5. Termination <br />Notwithstanding anything herein, the SWDD shall have the right to terminate this Lease with or <br />without cause, and thereby end any and all obligations created by this agreement upon thirty (30) <br />days written notification of termination to Halley. <br />6. Intended Use of the Premises <br />Halley shall use the Premises solely for the purpose of staging of materials and equipment to <br />support the Project. The parties acknowledge and agree the Premises are currently unimproved <br />and the SWDD makes no guarantee or warranty as to condition of the property as to the proposed <br />SWDD Lease with HEC - Final 09-26-23 <br />Page 2 of 12 <br />