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subrogation by such party's insurer against the other party with respect to any insured casualty <br />loss. <br /> <br /> 8. Bankruptcy or Insolvency. In the event Tenant becomes insolvent in the sense <br />that it cannot pay its debts as they become due, this Lease, at Landlord's option, shall be <br />immediately terminated and Tenant shall promptly vacate the premises. In such event, Tenant <br />shall be liable for liquidated damages in the amount of one year's rent calculated at the then <br />rental rate plus rent accrued but unpaid to such date. <br /> <br /> 9. Peaceable Occupancy. Tenant, upon paying the rents herein reserved and <br />performing and observing all the other terms, covenants and conditions of this Lease to be <br />performed and observed on the part of Tenant, shall peaceably and quietly have, hold and enjoy <br />the demised premises during the term hereof. <br /> <br /> 10. Default. In the event that Tenant shall fail to make any payment of rent within <br />fifteen (15) days of its due date or shall fail to perform any other obligation under this Lease <br />within twenty (20) days after Landlord shall have mailed written notice of such failure to Tenant, <br />Landlord shall have the following options: <br /> <br /> (a) To declare the Lease terminated; <br /> (b) To enter the premises without demand or notice, take possession of said <br />premises, and levy for rent in arrears, without being liable to any party by the doing of said <br />things; or <br /> (c) To enter and take possession of the premises as aforesaid, rent out said premises, <br />receive the rents therefrom and apply Ithe same to the rent due under this Lease and hold Tenant <br />liable for any deficiency. <br /> <br /> In the event that Landlord shall fail to perform or commence performance of any <br />obligation under this Lease within twenty (20) days after Tenant shall have mailed written notice <br />of such failure to Landlord, Tenant shall have the following options: (a) To declare the Lease terminated; or <br /> (b) To perform or have performed the service or thing required of Landlord under <br />this Lease and to deduct the cost of same from the rent otherwise due hereunder. <br /> <br /> 11. Termination. Either party to this Lease shall have the right to terminate this Lease <br />upon giving sixty (60) days written notice to the other party. <br /> <br /> 12. Hold Harmless. Tenant shall hold Lm~dlord harmless from any and all suits, <br />actions, lawsuits, demands, or expenses of any kind, specifically including legal expenses, <br />resulting from any claims by Tenant's customers, employees, or visitors arising out of the <br />occupancy of the premises by Tenant, except for any claims resulting from Landlord's failure to <br />comply with its obligations under this Lease or proximately resulting from Landlord's <br />negligence. Tenant further agrees to indemnify Landlord and save it harmless from any damage <br />or loss resulting from Tenant's noncompliance with applicable law or the provisions of this <br />contract. <br /> <br />2 <br /> <br /> <br />