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• <br /> • <br /> • <br /> All 40 <br /> • H <br /> , <br /> LESSOR acknowledges receipt of $ 5,000 deposited by LESSEE as security for the performance of <br /> his obligations hereunder. LESSOR may, but shall not be obligated to, appy said sum, or a portion <br /> thereof In payment of any obligation of LESSEE or as reimbursement for any damage suffered on <br /> account of any breach by LESSEE. Any balance remaining upon termination of the lease which is In <br /> excess of any claim by LESSOR shall be paid over to LESSEE. <br /> Be OPTION TO RENEW <br /> In the went that the LESSEE shall not be M default in the performance of any term or condition of <br /> this lease, then upon the expiration of the lease term, LESSEE shall have the option to renew the <br /> lease for an additional term of one year. During such renewal period, all the terms and conditions of <br /> this lease shall remain in affect except that the rent payable hereunder shall Increase by four percent <br /> (4) each year in lieu of the rent provided for herein. <br /> This option may be exercised by the LESSEE at any time prior to the date which shall be three <br /> months from the expiration of the original term of the lease. The option shall be . exercised by <br /> delivering, or mailing , postage prepaid, certified mail, notice to LE880R stating that the LESSEE Is <br /> exercising Ib option to renew, Such exerolses of the option shall automatically extend the term of <br /> the lease upon the terms and conditions herein set forth, and no further writing need be executed by <br /> the LESSEE or the LESSOR . Once exercised, the LESSEE shall not have the right to revoke his <br /> election to exercise the option. In the event that the option is not exercised as provided for herein <br /> within the time provided for, then the option shall expire, and the LESSEE shall not have the right to <br /> renew the lease. <br /> 7. TERMINATION BY LESSOR <br /> A. The LESSOR reserves the right to terminate this lease upon 90 days' prior written notice by <br /> LESSOR to LESSEE that the property is needed for an overriding public purpose as determined in <br /> the sole discretion of LESSOR, provided, however, that the lease of the property to a third party for <br /> commercial purposes shall not be considered an overriding public purpose. <br /> B. If LESSEE defaults under the conditions set forth herein, then the entire amount due under <br /> paragraph 3 above maybe accelerated and become due and owing . The occurrence of anyone or <br /> more of the following events shall constitute an "Event of Default' hereunder by LESSEE: <br /> 1 . The failure by LESSEE to make any payment of rent or any other payment required <br /> to be made by LESSEE hereunder, as and when due, where such failure shall <br /> continue for a period of 20 days after written notice thereof is received by LESSEE <br /> from LESSOR. <br /> 2. The failure by LESSEE to observe or perform any of the covenants of provisions of <br /> this lease to be observed or performed by LESSEE, other than as specified in paragraph <br /> 7(b)( 1 ), where such failure shall continue for a period of 30 days after written notice <br /> thereof is received by LESSEE from LESSOR; provided, however, that it shall not be <br /> doomed an Event of Default by LE68EE If LESSEE shall commence to cure such failure <br /> within sold 30 days and thereafter diligently prosecutes such cure to completion within 00 <br /> days, unless written extension is granted by LESSOR. <br /> 2 <br />