2003-05-16_REVISION - M1977347 (2)

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J ^..t "`=19-99 TUE 4 36 PM 'dFATT AND MARTELL lLC FAX N0. 9i0 484 1170 P, 4 `r Vi for three (3) additional periods of five (5) years eaoh, on the same terms and conditions as cdntained in this Lease Agreement. IP the Tenant elects to exercise its option to extend the term of this Lease, the Tenant shall do so by giving the Landlord written notice of such extension at least sixty (60) days prior to the expiration of the initial term of this Lease or prior to the expiration of any extension thereof. If the Tenant gives such notice, the term of this Lease shall be automatically extended Por the additional option period without the necessity of executing any extension or renewal agreement. 4. ,gecurity benogit. An amount equal to Sixteen Thousand Two xundred Dollars ($16,200) shall be deposited with the Landlord on or before the commencement of the term of this Lease as security Por the Lull and faithful performance of each terra, provision, covenant, and condition of this Lease. Should the Tenant faithful- ly and fully comply with all of the terms and provisions of this Lease Agreement, the security deposit or any balance thereof shall be returned to the Tenant or to the last assignee of the Tenant's interest in the Leased Premises within thirty (30) days after the expiration of the term of this Lease Agreement. The Tenant shall not be entitled to any interest on the security deposit, and the Landlord shall have the right to commingle the security deposit with other funds of the Landlord. The Landlord may deliver the security deposit to any purchaser of the Landlord's interest in the Leased Premises, and upon giving notice to the Tenant oP such transfer, the Landlord shall be discharged from turther liability with respect to the security deposit. In the event of default by the Tenant in the payment of rent and in the event the Tenant fails to cure such detault within fifteen (15) days after written notice of default is given to the Tenant, then the Tenant shall be deemed to have forfeited the security deposit, which shall ba retained by the Landlord as liquidated damages. The parties agree that in the event of default in the payment of rant by the Tenant, the Landlord's damages may be difficult to measure and that forfeiture o£ the security deposit is a fair and reasonable estimate of the damages which the Laridlord may suffer as a result of the Tenant's default. 5. Taxes. The Landlord shall pay, before delinquent, all general real property taxes and special assessments that may be levied or assessed by any lawful authority against the real Property. The Tenant shall pay, before delinquent, all taxes,. assessments, license fees, and public charges levied, assessed, or imposed upon the Tower, Building, and any personal property in, on, or upon the Leased Premises owned by the Tenant.