(1) Each of the following events shall constitute an event of default,
(i) all or any part of the lease rent is not paid by the lessee after it become due for such payment;
(ii) the lessee fails to observe, perform or keep each and every of the covenants, agreements and c~nditions and fails to rectify or remedy the failure even after one month's notice by the lessor requiring the lessee to so remedy, correct, desist or comply;
(iii) the lessee builds any structure on the land or building without prior sanction or approval of the Committee; or
(iv) non-payment by the lessee of lease rentals or lease considerations for three consecutive months.
(2) Upon the occurrence of one or more of the events referred to in sub-rule (1 ), the lessor may, at its option-
(i) be entitled to the full amount of the lease rent due and payable;
(ii) have no obligation to refund the security deposit which shall be deemed to be forfeited in favour of the Durgah Endowment.
(iii) seize and sell such goods and equipment of the lessee and may apply the proceeds thereof to all lease rent to which the lessor is then entitled under the lease:
Provided that any such sale may be effected by public auction or otherwise, and either in bulk or by individual item, as the lessor in its sole discretion may decide;
Where any property is sold, the sale proceeds shall after deducting the expenses relating to removal, sale and such other expenses, the amount, if any, due to State Government or a local authority or a corporate Page 8 of 9 authority on account of arrears of rent, damages or costs, be paid to such person, as may appear to the Committee to be entitled to the same.
(iv) terminate the lease by giving one months notice and the lessee shall pay to th~ le$SQr le~.se rent for the un~xpired portion of th.e tern, had .it n.ot . .- . . .. ~ . . .,,. . . . . , . . . .·:. ~ been terminated.