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Page 18 procure or renew such insurance and add the amount paid therefor to the next installment of basic annual rent with interest at the rate of six per cent (6%) per annum. It is expressly covenanted and agreed that payment by the Lessor or the Trustee for the Act No. 9 Bondholders of any insurance premium shall not be deemed to waive, or release, the default by the Lessee in the payment thereof, or the right of the Lessor or the Trustee for the Act No. 9 Bondholders to take such action as may be permissible hereunder as in the case of default in the payment of rents. Any such payment by Lessor or the Trustee for the Act No. 9 Bondholdeis, plus interest, shall be treated as additional rent. ARTICLE VII DEFAULTS Section 701. Upon the happening of any one or more of the events, as set forth below, hereinafter sometimes referred to as defaults, the Lessor shall have the right, at the option of the Lessor, either to annul and terminate this Lease Agreement, upon thirty (30) days' written notice to the Lessee, and thereupon re- enter and take possession of the premises, or the right, upon thirty (30) days' written notice to the Lessee, to re-enter and re - let the said premises, from time to time, and such re-entry or re- letting shall not discharge the Lessee from any liability or obligations hereunder, except that net rents collected, as a result of any re -letting, shall be a credit on the Lessee's liability for rents under the terms of this Lease Agreement. Nothing in this section shall be construed to require the Lessor to re-enter and re -let in such event, and, subject in all cases to the giving of thirty (30) days' written notice to the Lessee, nothing in this section shall be construed to postpone the right of the Lessor to sue for rents or pursue any remedy or remedies which may be available at law or in equity, but on the contrary, both the Lessor and the Trustee for the Act No. 9 Bondholders are hereby given the right to sue therefor or pursue any such remedy or remedies at any time after default, as defined in Section 702.