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<br />Page | 40 <br />4894-6811-3695v.2 0017787-000542 <br />and recordable subordination agreement providing any such Fee Mortgage is subject and <br />subordinate in all respects to this Lease (and all amendments, modifications, extensions and <br />renewals hereof), to all obligations of Lessor under the Lease, to all of the rights, titles, interests, and <br />estates of the Tenant created or arising hereunder, to each New Lease and to each Leasehold <br />Mortgage, and otherwise in form and substance as required by such Leasehold Mortgagee in its sole, <br />but good faith, discretion. <br /> <br />ARTICLE XI <br />DEFAULT AND REMEDIES <br /> <br />11.1 Event of Default. Each of the following events shall constitute an “Event of Default” <br />by Tenant: <br />11.1.1. Failure to Pay. Tenant’s failure or omission to pay any Rent or other sum <br />payable hereunder on or before the date due where such failure shall continue for a period of thirty <br />(30) days after written notice thereof from Lessor to Tenant; provided, however, that any such notice <br />shall be in lieu of, and not in addition to, any notice required under California Code of Civil <br />Procedure §1161 et seq. <br />11.1.2. Failure to Perform. The failure or inability by Tenant to observe or perform <br />any of its obligations under this Lease (other than those specified in Sections 11.1.1, 11.1.3, 11.1.6, <br />or 11.1.8 herein, which have their own notice and cure periods), where such failure shall continue for <br />a period of thirty (30) days after written notice thereof from Lessor to Tenant or past any such longer <br />period as reasonably agreed upon by the Tenant, Lessor in writing as may be necessary for <br />completion of its cure; provided, however, that any such notice by Lessor shall be in lieu of, and not <br />in addition to, any notice required under California Code of Civil Procedure Section 1161 et. seq.; <br />provided, further, that if the nature of such failure is such that it can be cured by Tenant but that more <br />than thirty (30) days are reasonably required for its cure (for any reason other than financial <br />inability), then Tenant shall not be deemed to be in default if Tenant shall commence such cure <br />within said thirty (30) days, and thereafter diligently pursues such cure to completion. <br />11.1.3. Abandonment. The abandonment (as defined in California Civil Code <br />Section 1951.3) or vacation of the Premises by Tenant for a period of thirty (30) days or more. <br />11.1.4. Assignments. <br />(a) The making by Tenant of any assignment of its leasehold estate under this <br />Lease without Lessor’s consent, as set forth in Article X; <br />(b) A case is commenced by or against Tenant under Chapters 7, 11 or 13 of <br />the Bankruptcy Code, Title 11 of the United States Code as now in force or hereafter amended and if <br />so commenced against Tenant, the same is not dismissed within ninety (90) days of such <br />commencement; <br />(c) the appointment of a trustee or receiver to take possession of substantially <br />all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure <br />is not discharged within sixty (60) days; or <br />EXHIBIT 15