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.- ,( . HJ.~ ~:L 4.03 ~~_L~ ..~ .L ARTICLE IV: CONSIDERATION 4.01 CONSIDERATION The Grantee shall pay, in consideration of the mutual covenants and agreements set forth in this Agreement, the payment(s) and/or fee(s) listed under the "Payment(s) and/or Fee(s)" section of Attachment A on or before the due date. 4.02 PAST DUE CONSIDERATION All Consideration and any other payments hereunder to be paid by the Grantee shall be deemed to be "rent" and due and payable by the Grantee without demand, deduction, abatement, or off-set. Past due Consideration and other past due payments shall bear interest from maturity at the rate of ten percent (10%) per annum from the date when due until actually paid. Failure of the Grantee to make a payment on or before the date the same becomes due shall, at the option of the Grantor, make all payments due and payable immediately. The Grantor and the Grantee agree that the foregoing represents a fair and reasonable estimate of the expenses that the Grantor may incur by reason of such late payment by the Grantee. Acceptance of such late payments by the Grantor shall not constitute a waiver of the Grantee's default with respect to any such past due amounts, nor prevent the Grantor from exercising any other rights and remedies granted to the Grantor under this Agreement, at law, or in equity. HOLDOVER If the Grantee continues in possession of the Premises after expiration or earlier termination of this Agreement, the Grantee will be deemed to be occupying the Premises on the basis of a month-to-month tenancy subject to all of the terms and conditions of this Agreement, except that, as liquidated damages by reason of such holding over, the amounts payable by the Grantee under this Agreement shall be increased such that the Consideration and any other sums payable hereunder shall be 200% of the amount payable to the Grantor by the Grantee for the applicable period immediately preceding the first day of the holdover period. The Grantee acknowledges that in the event it holds over, the Grantor's actual damages will be difficult, if not impossible, to ascertain, and the liquidated damages herein agreed to be paid are reasonable in amount and are payable in lieu of actual damages and are not a penalty. The Grantee further acknowledges that acceptance of consideration under this provision does not imply the Grantor consented to hold over. This month-to-month tenancy may be terminated by either party upon 30 days' written notice to the other. ARTICLE V: EVENTS OF DEFAULT 5.01 EVENTS OF DEFAULT With respect to the Grantee, it shall be an event of default hereunder ("Event of Default") if: (a) the Grantee fails or refuses to timely pay Consideration or any other payments required by this Agreement after it becomes due; (b) the Grantee fails or refuses to comply, timely perform, or observe any of the covenants, duties, obligations, and/or conditions under this Agreement; 6 CUSTOMER ID: C000000895 CE20050145 cenewp.doc adabney