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<br />proposed assignee: name; most recently prepared annual and quarterly financial statements <br />(including a balance sheet and an income statement); and a description of the length and nature <br />of the experience of the proposed assignee and its principals (if a closely held entity) in the <br />business proposed to be conducted by the assignee on the Premises. In the event that Landlord <br />consents to such release, Landlord shall so notifY Tenant in writing. <br /> <br />ARTICLE II <br />DEFAULT; REMEDIES <br /> <br />11.1 Default. The occurrence of anyone or more of the following events shall <br />constitute a default by Tenant under this Lease: <br /> <br />11.1.1 Unless previously consented in writing by Landlord, the failure of Tenant <br />to operate the Premises with the Permitted Use for more than 30 consecutive days, other than <br />failure to operate caused, in the reasonable opinion of Landlord, by a casualty to the Premises. <br /> <br />11.1.2 The failure by Tenant to make any payment of Base Monthly Rent, <br />Impositions or any other payment required to be made by Tenant hereunder, where such failure <br />shall continue for a period of 7 days. <br /> <br />11.1.3 Except as otherwise provided in this Lease, the failure by Tenant to <br />observe or perform any of the non-monetary covenants, conditions, or provisions of this Lease to <br />be observed or performed by Tenant, where such failure shall continue for a period of 30 days <br />after written notice thereof from Landlord to Tenant; provided, however, that if the nature of <br />Tenant's noncompliance is such that more than 30 days are reasonably required for its cure, then <br />Tenant shall not be deemed to be in default if Tenant commences such cure within said 30-day <br />period and thereafter diligently prosecutes such cure to completion and the final determination <br />thereof. <br /> <br />11.IA The admission by Tenant of its inability to pay debts as they mature. <br /> <br />11.1.5 Institution by or against Tenant of any bankruptcy, insolvency, <br />reorganization, receivership or other similar proceeding involving the creditors of Tenant which, <br />if instituted against Tenant is not dismissed within 60 days after the commencement thereof; <br /> <br />11.1.6 The issuance or filing of any judgment, attachment, levy, garnishment or <br />the commencement of any related proceeding or the commencement of any other judicial process <br />upon or with respect to Tenant, all or substantially all of the assets of Ten ant or the Premises. <br /> <br />11.1.7 Sale or other disposition by Tenant of substantially all of its assets or <br /> <br />property. <br /> <br />11.1.8 Dissolution, merger, consolidation, termination of existence, insolvency, <br />business failure or assignment for the benefit of creditors of or by Tenant. <br /> <br />- 15 - <br />