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specified in such request and as shall be permitted by the provisions of this Section 13 or <br />otherwise by the definition of "Permitted Encumbrances". <br />Section 14. Option to Purchase. The Authority hereby grants Lessee the right <br />and option, on any rental payment date, upon thirty days' written notice to the Authority, to <br />purchase the 2008 Project at a price equal to the amount required to enable the Authority to <br />provide for the redemption of all outstanding 2008 Bonds, all premiums payable on the <br />redemption thereof, and accrued and unpaid interest, and to pay the cost of redeeming the 2008 <br />Bonds and liquidating the Authority if it is to be liquidated. <br />Upon request of the Lessee, the Authority agrees to furnish an itemized statement <br />setting forth the amounts required to be paid by the Lessee on the next rental payment date in <br />order to purchase the 2008 Project in accordance with the preceding paragraph. <br />If the Lessee exercises its option to purchase, the Lessee shall pay to the Trustee <br />that portion of the purchase price which is required to provide for the payment of all the 2008 <br />Bonds, including all premiums payable on the redemption thereof, accrued. and unpaid interest <br />thereon and the costs of redemption thereof. Such payment shall not be made until the Trustee <br />gives to the Lessee a written statement that such amount will be sufficient to retire all 2008 <br />Bonds including all premiums payable on the redemption thereof and accrued and unpaid <br />interest. <br />The remainder of such purchase price, if any, shall be paid by the Lessee to the <br />Authority. Nothing herein contained shall be construed to provide that the Lessee shall be under <br />any obligation to purchase the 2008 Project, or under any obligation in respect to any creditors or <br />bondholders of the Authority. <br />If the Lessee has not exercised its option to purchase the 2008 Project at the <br />expiration of the term of the Second Addendum to Lease and upon the full discharge and <br />performance by the Lessee of its obligations under this Second Addendum to Lease, the <br />Authority shall execute a deed of the 2008 Project to the Lessee conveying good and <br />merchantable title thereto, subject only to Permitted Encumbrances. <br />Section 15. Defaults. If the Lessee shall (a) default in the payment of any rentals <br />or other sums payable to the Authority hereunder, or in the payment of any other sum herein <br />required to be paid for the Authority, (b) fail to comply with the terms set forth in the 2008 Lease <br />Resolution, or (c) default in the observance of any other covenant, agreement or condition <br />hereof, and such default under (c) shall continue for ninety (90) days after written notice to <br />correct the same, then, in any of such events, the Authority may proceed to protect and enforce <br />its rights, either at law or in equity, by suit, action, mandamus or other proceedings, whether for <br />specific performance of any covenant or agreement contained herein or for the enforcement of <br />any other appropriate legal or equitable remedy. <br />Section 16. Notices. Whenever either party shall be required to give notice to the <br />other under this Second Addendum to Lease, it shall be sufficient service of such notice to <br />deposit the same in the United States mail, in an envelope duly stamped, registered and <br />t <br />BDDBOI 5233044v3 - 6 - <br />