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• <br /> • <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 <br /> full discharge and performance by the Lessee of its obligations <br /> under this Lease, the Authority shall execute a deed of the Project <br /> to the Lessee conveying good and merchantable title thereto, <br /> subject only to Permitted Encumbrances. <br /> Section 15. Defaults. If the Lessee shall (a) default in <br /> the payment of any rentals or other sums payable to the Authority <br /> hereunder, or in the payment of any other sum herein required to <br /> be paid for the Authority, (b) fail to comply with the terms set <br /> forth in the Lease Resolution, or (c) default in the observance of <br /> any other covenant, agreement or condition hereof, and such default <br /> under (c) shall continue for ninety (90) days after written notice <br /> to 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 <br /> or for the enforcement of any other appropriate legal or equitable <br /> remedy. <br /> Section 16. Notices. Whenever either party shall be <br /> required to give notice to the other under this Lease, it shall be <br /> sufficient service of such notice to deposit the same in the United <br /> States mail, in an envelope duly stamped, registered and addressed <br /> to the other party at its last known place of business. A copy of <br /> any notice shall be mailed by first-class mail to the Trustee at <br /> its last known place of business. <br /> Section 17. Construction of Covenants. All provisions <br /> contained herein shall be construed in accordance with the <br /> provisions of the Act and to the extent of inconsistencies, if any, <br /> between the covenants and agreements in this Lease and the <br /> provisions of the Act, the provisions of said Act shall be deemed <br /> to be controlling and binding upon the parties. <br /> Section 18. Successors or Assigns. All covenants of this <br /> Lease, whether by the Authority or the Lessee, shall be binding <br /> upon the successors and assigns of the respective parties hereto. <br /> -8- <br />