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. ~• ~ • <br /> <br />1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17. <br />18~' <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />29 <br />30 <br />31 <br />32 <br />transferee, sublessee, or assignee before approval of the transfer, <br />sublease, or assignment by LESSOR shall constitute a breach of <br />this Lease: <br />LESSEE hereunder is a corporation. The transfer of any stock <br />or interest in said corporation in the aggregate exceeding t.venty- <br />five percent (2510) shall be deemed a transfer within the meaning <br />of this clause and shall be subject to the requirement .of prior <br />approval by LESSOR; except, a transfer of stocl~ or interest in <br />said corporation to a child or children of any stockholder shall <br />not be subject to prior approval by LESSOR. <br />Should LESSOR consent to any .Encumbrance, such consent shall not <br />constitute a waiver of any of the terms, covenants, or ccnditions <br />of this Lease. Such terms, covenants, and conditions shall apply <br />to each and every Encumbrance hereunder and shall be severally <br />binding upon each and every encumbrances, assignee, transferee, <br />subtenant, or other successor in interest of LESSEE. <br />Any document to mortgage, pledge, hypothecate, encumber, transfer, <br />sublease, or assign the Leasehold or any interest therein, shall <br />incorporate directly or by reference all the provisions of this <br />Lease. <br />LESSOR agrees that it will not arbitrarily withhold consent <br />to any Encumbrance, but LESSOR may withhold consent at its sole <br />discretion if any of the following conditions exist: <br />A. LESSEE or any of its successors or assigns is in <br />default of any term, covenant, or condition of this Lease, <br />whether Notice of Default has or has not been given by <br />LESSOR. . <br />B. The prospective Encumbrances has not agreed in z~rriting <br />to keep, perform, and be bound by all the terms, covenants, <br />and conditions of this Lease. <br />C: All the terms, covenants, and conditions of Encumbrance, <br />including the consideration therefor of any and every kind, <br />have not been revealed in writing to LESSOR. <br />D. The construction required of LESSEE as a condition of this <br />Lease has not been completed to the satisfaction of LESSOR. <br />E. The processing fee required by LESSOR and set out <br />belovr has not been paid to LESSOR. <br />(1) A fee of Two Hundred Fifty Dollars 0250) shall <br />be paid to LESSOR for processing each mortgage, pledge, <br />hypothecation, or encumbrance submitted to LESSOR <br />for LESSOR'S consent as required by this Lease. <br />This processing fee shall be paid at the time such <br />mortgage, pledge, hypothecation, or encumbrance is <br />submitted to LESSOR for its consent and shall be <br />deemed earned by LESSOR wtren paid and shall not be <br />refundable . <br />(2} A fee of Five Hundred Dollars ($500) shall be <br />paid to LESSOR for processing each assignment, transfer, <br />or sublease submitted to LESSOR for LESSOR'S consent <br />as required by this Lease. This processing fee shall <br />be paid at the time such assignment, transfer, or <br />sublease is submitted to LESSCR for its consent and <br />.aso.,~ ~I -18- <br />