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(i) In the event of any transfer or assignment, under this Paragraph 11 or by any other means authorized by this Lease, the Lease <br />terms shall be for the remaining years existing on the Lease prior to the transfer or assignment. A transfer or assignment shall not <br />extend the term of this Lease. <br />12. DEFAULT AND REMEDIES <br />(a) Default <br />The occurrence of any one or more of the following events shall immediately and without further notice constitute a Default <br />of this Lease: <br />(1) Lessee's failure to make any payment of rent, royalty, or other consideration as required under this Lease; or <br />(2) Lessee's failure to obtain or maintain liability insurance or a surety bond or other security device as required under this <br />Lease; or <br />(3) Lessee's abandonment of the Lease Premises (including the covenant for continuous use as provided for in Paragraph 5(b)) <br />during the Lease term; or <br />(4) Lessee's failure to obtain and maintain all necessary governmental permits or other entitlements; or <br />(5) The maintenance of the Lease Premises in violation of, or failure to comply with, any applicable provisions of any <br />Regulatory Agency, Environmental Law, or maintenance of the Lease Premises in a condition constituting nuisance; or <br />(6) Lessee's Failure to commence to construct and to complete construction of the Improvements authorized by this Lease <br />within the time limits specified in this Lease. <br />(7) Lessee is found to sublet or otherwise surrender daily management and control of the Lease Premises to a third party <br />without the knowledge, expressed written consent or authorization of the Lessor. <br />(b) Lessee's failure to observe or perform any other term, covenant, or condition of this Lease when such failure shall continue for <br />a period of thirty (30) days after Lessor's giving written notice shall constitute a Default of this lease. However, if the nature of <br />Lessee's Default under this paragraph is such that more than thirty (30) days are reasonably required for its cure, then Lessee shall <br />not be deemed to be in Default if Lessee commences such cure within such thirty (30) day period and diligently proceeds with such <br />cure to completion. <br />(c) Should Lessee Breach any term, covenant, or condition of this Lease under Paragraph 12(b) above three (3) times in any three <br />hundred and sixty-five (365) day period, the third Breach will be a Default under this Lease and Lessor will be entitled to immediately <br />terminate this Lease, and take other appropriate action. Lessor will provide written notice of each Breach as provided above, and <br />provide written notice that future Breaches will constitute immediate Default with no cure period. <br />(d) Remedies <br />In the event of a Default by Lessee and Lessee's failure to cure such Default if such a cure period is applicable, Lessor may <br />at any time and with or without notice do any one or more of the following in addition to any rights or remedies permitted by law: <br />(1) Re-enter the Lease Premises, remove all persons and property, and repossess and enjoy such premises; or <br />(2) Terminate this Lease and Lessee's right of possession of the Lease Premises by any lawful means. The termination shall <br />not relieve Lessee of any obligation, monetary or otherwise, which has accrued prior to the date of termination. Such <br />termination shall be effective upon Lessor's giving written notice and upon Lessee's receipt of such notice. Lessee shall <br />immediately surrender possession of the Lease Premises to Lessor. Lessor shall be entitled to recover from Lessee all amounts <br />to which Lessor is entitled pursuant to Section 1951.2 of the California Civil Code, or any other provision of law, including <br />any necessary Repair, renovation, alteration, remediation, or removal of Improvements; or <br />(3) Maintain this Lease in full force and effect and recover any rent, royalty, or other consideration as it becomes due without <br />terminating Lessee's right of possession regardless of whether Lessee shall have abandoned the Lease Premises, subject to the <br />conditions imposed by Cal. Civil Code § 1951.2; or <br />(4) Exercise any other right or remedy which Lessor may have at law or equity. <br />Form51.16 (Rev. 10/14) <br />Page 8 of 12 <br />