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<br />shall be to the satisfaction of Lessor and shall be completed <br />within ninety (90) days after the expirarion or sooner <br />tcnnination of this Luse or after compliance with paragraph <br />1Z(d), whichever is the lesser. <br /> <br />(d) In removing any or all the improvements Lessee shall be <br />required to obtain any permits or other governmental <br />approvals as may then be required by lawful authority. <br /> <br />(e) Lessor may at any time during the Lease tenD require <br />Lessee to conduct at its own expense and by a conttactOr <br />approved by Lessor an independent environmental site <br />assessment or inspection for the presence or suspected <br />presence of hazardous wastes, substances or materials as <br />defined under federal, state or local law, regulation or <br />ordinance manufacwred, generated, used, placed, disposed, <br />stored or transponed on the Lease Premises during the tenn <br />of the Lease. Lessee shall provide the results of the <br />assessment or inspection to Lessor and the appropriate <br />governmental response agency(ies) and shall further be <br />responsible for removing or taking other appropriate remedial <br />action regarding such wastes, substances or materials in <br />accordance with applicable federal, state or local law <br />regulation or ordinance. <br /> <br />13, QUITCLAIM <br />Lessee shall, within runety (90) days of the expiration or <br />sooner termination of this Lease, execute and deliver to <br />Lessor in a form provided by Lessor a good and sufficient <br />release of all rights under this Lease. Should Lessee fail or <br />refuse to deliver such a release, a written notice by Lessor <br />reciting such failure or refusal shall, from the date of its <br />recordation. be conclusive evidence against Lessee of the <br />termination of this Lease and all other claimants. <br /> <br />14, HOLDING-OVER <br />Any holding-over by Lessee after the expiration of the Lease <br />term, with or without the express or implied consent of <br />Lessor, shall constitute a tenancy from month to month and <br />not an eXtension of the Lease term and shall be on the terms, <br />covenants, and conditions of this Lease, except that the annual <br />rental then in effect shall be increased by twenty-five percent <br />(25%), <br /> <br />15. ADDITIONAL PROVISIONS <br />(a) Waiver <br />(1) No term, covenant, or condition of this Lease and <br />no default or breach of any such tenD. covenant or <br />condition shan be deemed to have been waived, by <br />Lessor's acceptance of a late or nonconforming <br />perfonnance or otherwise, unless such a waiver is <br />expressly acknowledged by Lessor in writing, <br /> <br />(2) Any such waiver shall not be deemed to be a waiver <br />of any other tenD, covenant or condition of any <br />other default or breach of any tenD, covenant or <br />condition of this Lease. <br /> <br />Page 5 <br /> <br />7. 3-A', <br /> <br />(b) Time <br />Time is of the essence of this Lease and each and all of <br />its terms, covenants or couditions in which perfoITTWlce <br />is a factOr. <br /> <br />(c) Notice <br />All notices required to be given under this Lease shall be <br />given in writing, sent by U.S. Mail with postage prepaid, <br />to Lessor at the offices of the State Lands Commission <br />and the Lessee at the address specified in this Lease. <br />Lessee shall give Lessor notice of any change in its name <br />or address. <br /> <br />(d) CoDSeot <br />Where Lessor's consent is required under this Lease its <br />consent for one transaction or event shall not be deemed <br />to be a consent to any subsequent occurrence of the same <br />or any other transaction or event. <br /> <br />(e) Changes <br />This Lease may be terminated and its term, covenants <br />and conditions amended, revised or supplemented only <br />by mutual written agreement of the panies. <br /> <br />(f) Successors <br />The terms, covenantS and conditions of this Lease shall <br />eXtend to and be binding upon and inure to. the benefit of <br />the heirs, successors, and assigns of the respective <br />panics. <br /> <br />(g) Joint and Several Obligation <br />If more than one Lessee is a party to this Lease, the <br />obligations of the Lessees shall be joint and several. <br /> <br />(h) Captions <br />The captions of this Lease are not controlling and shall <br />have no effect upon its construction or interpretation. <br /> <br />(i) Severability <br />If any term, covenant or condition of this Lease is <br />determined by a coun of competent jurisdiction to be <br />invalid, it shall be considered deleted and shall not <br />invalidate any of the remaining tenDS, covenants and <br />conditions. <br /> <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />Form 51.15 (Rev. 4/96) <br /> <br />, '---yo <br />