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HomeMy WebLinkAbout084180~~i~ ~RJ ~'ACE1~~ of this lease or arty extension hereof. Said insurance shall be Frritten in a %om- par~y satisfactory to lessor; said Compa*.~y .•to be licensed in state in which equipment is located, and the lessor shall be therein named as the leas payee. The policy of insurance shah b© at tale sole cost and expense of ~es'see; it stall be deposited v~ith the lessor durin,; the term of this lease and shall contain an endorsement that the insurance coverage shall. not be cancelled vittlout j0 days. ` prior notice to lessor. 9. :surrender: Upon the expiration or earlier termination of this lease, lessee shall return to lessor the eq~ripmer_t in good repair, condition or rrorking order, ordin- ary year sand tear resulting from p'^oper use thereof alone excepted, by delivering -- it, packets and ready for shipment, to such place ox carrier as lessor may specify within the city or county designated in paragraph 3 above. 10. Texess Leese shall keep the equipment free and Clear of-all levies, lima slid encumbr2~.rtdes and shall pa,Y rill license fees, re~stration fees, assessments, charges. and. taxes (municipal, state and Fedsral including but nQt limited to ad valorem taxes, which ymgy npri oz•,hereafter be imposed upon the ocmerehip, leasing ranting, salt, possession or use of equipment. Leaso~ shall have, at its election, the rift to pay any of said obligations, and in that event ttie cost thereof shall be repayable to lessor with the next installment of rent, and failure to repay the same shall carry with it the same consequences, including interest a. six per cent (G;~) per annum, as i'ailure to pay an installment of rent. 11. Installation: Lessee shall pay all costs of installation, including drayage from _ nearest transportation terminal, unless othercise specifically set forth in ~rrit- ing and signed by both lessee's and lessor's representative at time lessee assns lease. Such an a~,-reement to be attached to and become a part of this agreement. Under no circum~nces does lessor agree to pay the cost of electrical airing or plumbing in connection r;ith the installation of the equipment coverEd by this agreemen±. ~ _ 12. .:arranties: Lessee acicnorJledges that lessor has made no representations arrd that there are no warranties, either expressed or implied, except ~:•rittEn warranties provided bylessor, as to any matter whatsoever includins, but not limited to, the condition of the equipment, its merchantability or fitness for any particular purpose. 13. Indemnity: Lessee shall indemnify lessor asainst, and hold lessor harmless from, any and all claims, actions, suits, proceedings, costs, expenses, damages and liabilities, including attorney's fees, arising out of, connected with, or resul- ting from the equipment, including; without limits*ion the manufacture, selection, delivery, possession, use, operation or return of the equipment. 14. Default: If lessee with regard to arty item or items of equipment fails to pay arty rent or other amount herein provided within ten (10) days after the same is due•and payable, or if lessee with regard to any item or items of equipment fails to observe, keep or perform any other provision of this lease required to be ob- served, kept o~ performed by lessee, lessor shall have the right to exercise any one or more of the follor~ing remedies: (a) To declare the entire amour: of rent hereunder immediately due and payable as to any or all items of equipment, ~rithout notice or demand to lessee. (b) To sue for and recover all rents, and other payments, then accrued or there- after accruing, with respect to ;,rr;,~ or all •items of equipment. (c) To take possession of any or all items of equipment without demand or notice, ;~herever same may be located, without any court order or other process of la~~. Lessee hereby waives wry ar.d all dauagas occasioned by such taking oi~ posa- essi or.. ~ said takirtT of possession. shall not constitute a termination of this lease as to arty or alI items of equipment unless lessor expressly so notifies lessee'in writing, (d) To terminate this lease as to artiy or all items of equipment. (a) To pursue any•other remedy at larr or in equity. i~lotcrithstaridir.Q any said repossession, or any other actior_ which lessor m ,y take; lessee shall be and remain liable ft~r tine full performance of all obligations on the part of lessee to be performed under thi3 lease. All such remedies are cumulative, any may be exercised concurrently or separately. ~;aiver of any default shall not naive flny other default.