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106 <br /> <br />contractual liability endorsement in favor of the Landlord on the <br />policy, with a company qualified to transact business in North <br />Carolina, stipulating limits of liability of not less than One <br />Million Dollars ($1,000,000.00) for an accident affecting any one <br />person; not less than One Million Dollars ($1,000,000.00) for an <br />accident affecting more than one person; and Two Hundred Fifty <br />Thousand Dollars ($250,000.00) property damage. <br /> 8. Fire Insurance. Tenant shall carry, at its expense, fire <br />extended coverage insurance on the Demised Premises in the amount <br />of full insurable value thereof, naming Landlord as Primary Insured <br />thereunder. Tenant may carry such insurance on the contents of the <br />building as Tenant deems necessary. In the event the Demised <br />Premises shall be destroyed or damaged by fire, or other casualty, <br />less than fifty percent (50%) in value, then Landlord shall promptly <br />rebuild or restore such premises. In the event the Demised Premises <br />shall be totally destroyed or damaged to the extent of fifty percent <br />(50%) or more of the value thereof by fire or other casualty, then <br />either party may, within thirty (30) days after such damage, elect <br />to terminate this Lease by giving the other party a notice of <br />termination and, thereupon, both parties shall stand released of and <br />free from any further liability under this Lease. <br /> 9. Quiet Enjoyment. The Landlord covenants, warrants, and <br />represents that it has full power and right to execute and perform <br />this Lease and that the Tenant, upon paying the rent herein reserved <br />and performing the covenants and agreements hereof, shall peaceably <br />and quietly have, hold, and enjoy the Demised Premises and all <br />rights and privileges belonging, or in any way appertaining, thereto <br />during the full term of this Lease and any extension thereof. <br />Landlord reserves the right to encumber the Demised Premises for the <br />purpose of financing any structures thereon and, in addition, to <br />assign the proceeds of this Lease as further security therefor. <br /> 10. Default. In the event of a default in the payment of the <br />rental provided for herein or in the event of any breach by Tenant <br />in the performance of any of the other covenants and conditions <br />herein contained to be kept and performed by Tenant, and, if such <br />default or breach shall continue for ten (10) days after written <br />notice to Tenant, or if Tenant has not taken reasonable steps to <br />cure any default during such period, then the Landlord shall have <br />the right to re-enter the Demised Premises and terminate this Lease <br />Agreement without prejudice to Landlord's other rights and remedies <br />against Tenant under the law. <br /> 11. Use of Demised Premises. The Demised Premises shall be <br />used exclusively as a project construction office facility. <br /> Tenant shall comply with all federal, state, and local <br />laws applicable to the Demised Premises or Tenant's business <br />conducted thereon and shall not do any act or practice on or about <br />the Demised Premises which shall constitute a nuisance. <br /> 12. Termination. Upon the termination of this Lease, the <br />Tenant covenants and agrees to return Demised Premises to the <br />Landlord in as good condition as the same now is, except for <br />ordinary wear and tear and decay of the property and except for <br />damage by fire or other casualty. Should Tenant terminate this <br />lease before the end of the stated term, a penalty of six (6) months <br />rent based on the last completed month's rental amount shall be paid <br />by Tenant to Landlord. <br /> 13. Prohibition Against Assignment. Except for Resident <br />Project Representative office space for HDR Engineering, Inc., <br />pursuant to the construction contract documents, tenant shall not <br />assign or sublet the Demised Premises without the prior written <br />consent of Landlord. Tenant does hereby consent to the assignment <br />of the rental payments due and other rights hereunder, in order to <br />secure adequate financing. <br /> 14. Notices. All notices required to be given hereunder by <br />either party shall be in writing and sent by Registered or Certified <br />Mail, and all rentals mailed addressed to the parties at the <br />addresses set forth herein, and shall be deemed effective upon <br />deposit in the United States mail, postage prepaid. <br /> 15. Insolvency. If bankruptcy or insolvency proceedings <br />(including receivership actions) are instituted against Tenant, or <br />if Tenant should make an assignment for the benefit of creditors, <br /> <br /> <br />