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ARTICLE 14: ASSIGNMENT AND SUBLETTING <br />14.01. The Lessee shall not assign or sublet all or part of its interest in this Lease without the advance <br />written consent of the Lessor, which may be withheld for any reason. Consent by the Lessor to one <br />(1) or more assigmnents or sublettings shall not operate as a waiver of the Lessor's rights as to any <br />subsequent assignments or sublettings. If Lessee is a privately -held corporation, the transfer of a <br />majority of Lessee's stock shall constitute an assignment for purposes of this paragraph. <br />Notwithstanding any subletting or assigmnent, the Lessee shall remain fully responsible and liable <br />for the payment of the rent and for compliance with all of its other obligations under this Lease. <br />14.02. In the event of an assignment by the Lessor of all or any portion of its interest in this Lease to a <br />person, firm, or corporation that assumes all of the Lessor' obligations, the Lessee agrees to look <br />solely to the responsibility of the successor -in -interest of the Lessor. Any security given by the <br />Lessee to secure performance of its obligations may be assigned and transferred by the Lessor to <br />its successor -in -interest, and the Lessor shall be released of any further obligations under this Lease. <br />ARTICLE 15: EVENTS OF DEFAULT AND REMEDIES; TERMINATION <br />15.01. The following events shall be events of default by the Lessee under this Lease: <br />a. The Lessee fails to pay when due any rental or any other sums or charges due under this Lease, <br />and such failure continues for seven (7) days following written notice thereof (provided, <br />however, that Lessor shall be obligated to give only two such notices in any calendar year, and <br />after such two notices, Lessor will no longer be obligated to give any other notice under this <br />Section within such calendar year). <br />b. The Lessee fails to comply with any other term, provision, or covenant of this Lease, and does <br />not cure the failure within thirty (30) days after written notice to the Lessee. However, if <br />Lessee's failure to comply cannot reasonably be cured within thirty (30) days, Lessee shall be <br />allowed additional time (not to exceed sixty (60) days) as is reasonably necessary to cure the <br />failure so long as Lessee commences to cure the failure within fifteen (15) days and Lessee <br />diligently pursues a course of action that will cure the failure. For any subsequent default by <br />the Lessee for the same or any other reason, the Lessor may terminate the Lease if that <br />subsequent default continues for more than three (3) days after notice of the subsequent default. <br />c. The Lessee becomes insolvent, makes a transfer in fraud of creditors, or makes an assigmnent <br />for the benefit of creditors. <br />d. The Lessee commences, or another party commences against the Lessee, proceedings in <br />bankruptcy, for reorganization, or for the readjustment or arrangement of its debts under the <br />bankruptcy laws of the United States or under any other law. <br />e. A receiver or trustee is appointed for all or substantially all of the assets of the Lessee. <br />Page 16 of 21 <br />