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Project in accordance with the preceding paragraph. <br />If the Lessee exercises its option to purchase, the Lessee <br />shall pay to the Trustee that portion of the purchase price which is <br />required to provide for the payment of all the Bonds, including all <br />premiums payable on the redemption thereof, accrued and unpaid <br />interest thereon and the costs of redemption thereof. Such payment <br />shall not be made until the Trustee gives to the Lessee a written <br />statement that such amount will be sufficient to retire all Bonds <br />including all premiums payable on the redemption thereof and accrued <br />and unpaid interest. <br />The remainder of such purchase price, if any, shall be paid by <br />the Lessee to the Authority. Nothing herein contained shall be <br />construed to provide that the Lessee shall be under any obligation to <br />purchase the Project, or under any obligation in respect to any <br />creditors or bondholders of the Authority. <br />If the Lessee has not exercised its option to purchase the <br />Project at the expiration of the term of the Lease and upon the full <br />discharge and performance by the Lessee of its obligations under this <br />Lease, the Authority shall execute a deed of the Project to the <br />Lessee conveying good and merchantable title thereto, subject only to <br />Permitted Encumbrances. <br />Section 15. Defaults. If the Lessee shall (a) default in the <br />payment of any rentals or other sums payable to the Authority <br />hereunder, or in the payment of any other sum herein required to be <br />paid for the Authority, (b) fail to comply with the terms set forth <br />in the Lease Resolution, or (c) default in the observance of any <br />other covenant, agreement or condition hereof, and such default under <br />(c) shall continue for ninety (90) days after written notice to <br />correct the same, then, in any of such events, the Authority may <br />proceed to protect and enforce its rights, either at law or in <br />equity, by suit, action, mandamus or other proceedings, whether for <br />specific performance of any covenant or agreement contained herein or <br />for the enforcement of any other appropriate legal or equitable <br />remedy. <br />Section 16. Notices. Whenever either party shall be required <br />to give notice to the other under this Lease, it shall be sufficient <br />service of such notice to deposit the same in the United States mail, <br />in an envelope duly stamped, registered and addressed to the other <br />party at its last known place of business. A copy of any notice <br />shall be mailed by first -class mail to the Trustee at its last known <br />place of business. <br />Section 17. Construction of Covenants. All provisions <br />contained herein shall be construed in accordance with the provisions <br />of the Act and to the extent of inconsistencies, if any, between the <br />-8- <br />