5A(1) Lease for 131 S. Michigan St

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limitation, all monthly charges allocated to common area maintenance, insw•ance, real property taxes, and utility charges) and any other payments; iii. Each assignee shall have submitted to Landlord a current financial statement, audited by a certified public accountant, showing a net worth and working capital in amounts determined by Landlord. to be sufficient to assure the future performance by such assignee of Tenant's obligations hereunder; iv. Each assignee shall have submitted to Landiard, in writing, evidence satisfactory to Landlord of substantial experience in operating a business similar to that offered by Tenant and pern~itted under Section 1.1 {c) of this Lease ox a business otherwise requested by the Landlord and in operating said business in a space or volume comparable to that contemplated under this Lease; v. The business reputation of each assignee shall meet or exceed generally acceptable conmiercial standards; vi. The use of the Premises by each assignee shall not violate, or create any potential v7olation of, applicable Laws, codes or ordinances, nor violate any other agreements affecting the Premises, Landlord or other occupants in the Building; and vii, Tenant shall pay Landlord the sum of One Thousand Pive Hundred Dollars ($1,500.00) as reimbursement to Landlord for administrative and legal expenses incurred by Landlord in connection with any such assignment. (c) In the event that Tenant desires to assign this Lease, Tenant shall give notice to Landlord setting forth the terms of the proposed assignment. Tenant shall advise Landlord of the name of the proposed assignee, shall furnish Landlord with the information required by Landlord with respect to the proposed assignee, and Landlord shall advise Tenant, within sixty (60) business days after receipt of such notice and all required information from Tenant, that Landlord either consents or refuses to consent to an assigmment to the proposed assignee. 13.2. Assi ng nient by Landlord, Landlord, at any time and from time to time, may assign its interest in this Lease, and, if: (a) Landlord assigns its interest in this Lease; and (b) the assignee assumes all of the obligations of Landlord under the terms and conditions of this Lease; then Landlord and its successors and assigns (other than the assignee of this Lease) shall be released from any and all liability hereunder. ARTICLI; XIV. MISCELLANEOUS 14.1. Security Deposit. Contemporaneously with the execution of this Lease, Tenant shall deposit the Security Deposit, as defined in Section 1-1(il, with Landlord. Landlord: (a) shall hold the Security Deposit ~~~ithout Iability fo Tenant for interest; and (b) may commingle the Security Deposit with its other funds. The Security Deposit, or any portion thereof, may be applied by Landlord ro cure airy default by Tenant under this Lease, without prejudice to any other remedy or remedies that Landlord may have on account of such application. Upon any such application by Landlord, Tenant shall pay to Landlord on demand the amount applied by Landlord to cure such default so that. the Security Deposit is restored to its original amount. If Landlord conveys the Premises during the Term: (A) Landlord may turn the Security Deposit over to Landlord's grantee or successor; and (B} Tenant shall release Landlord from any and all liability r~dth respect to the Security Deposit. If Tenant faithfully performs its obligations under the terms and conditions of this Lease, then Landlord shall return to Tenant the amount of the Security Deposit not applied by Landlord to cure defaults by Tenant, without interest; within thirty (30) days after the latter of: (y) the Termination Date; or (z) the date that Tenant has surrendered possession to Landlord in accordance with the terms and conditions of this Lease, 14.2. Guaranty. This Lease shall not become effective until the execution of a personal guaranty of this Lease in the form attached hereto as Exhibit F (the "Guaranty'}. Upon execution of this Lease and the Guaranty, the executed Guaranty shall be attached to this Lease as Exhibit F-l.