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15. Bankruptcy: Neither this lease nor any .interest therein ie assi~iable or trana-
ferable by operation of lan. If'any proceeding under the Bfu'ikruptcy Act, as
amendc3d, is commenced by o, ~~ainc~t the leseee, or if the lessee is adsufl~d in-
solvent, or if tho lessee makes any assignment for the ber:afit oi' his creditors, -
or if a grit of attachment or execl~tion is lavie~d on aT1Y item o~ items of the
equipment and !s not released or satisfied crithin ten (IIJ) days thereafter, or
if a receiver is appointed in any proceeding or action to which the lessee is a
party crith authority to take possession or control of any iteia or items of the
equipment, lessor shall have and may exercise any one or more of the remedies
.set forth in paragraph 14 hereof; ar:d this lease shall, at the option of lessor,
crithout notice, i.a~edia+.ely terminate and shall not be treated as an asset of les-
see after the exercise of said option. ~ Lessee ~~aivas all right under all exemp-
Lion ?,ass.
16. Lessor's ~tpenaes: Lessee shall pay lessor all costa and expenses, including
attorney's fees, incurred by lessor in exercising ~Y of itr~ rights or remedies
hereunder or enforcing any of the terms, conclitious, or provisions hereof..
17. Assignment: ;:'ithout the prior crrittan consent of lessor, lessee shall not (a)
assign, transfer, pledge or hypothecate this lease, the equipment or any part
~~ thereof, or any interest therein or (b) sublet or lend the equipment or any paxt
thereof or permit the equipment or any part thereof to be used by anyone other
than lessee or lessee's employees. Consent to any of the f~+regning prohibited
acts applies only in the given instance; and is not a consent to arL}r subsequent
like act by lessee or any other person. Subject alrre~ya to be the foregoing,
this lease inures to the benefit of, and ie binding upon, the heirs, legatees,
personal representatives, successors and 8.6$ignEl of the partiea_hereto. .Should
lessor on receipt of written request from lessee agree to transfer or assign
lease to third party, lessee e~reea to pay_leseor its expense in handling such
transfer or assignment. This amount not to be less than fifteen dollars (315.00).
18. Leasor'$ Assignment: It is understood that lessor contemplates assigning this
lease and~or mortgagir~ of the equip~ent, anal that asa~.gnee may assign the came.
All rights of lsasar in .the equipment and hereunder may be assigned, p].edgRd,
mortgaged, transferred, or othert7ie+e disposed oi, either in shots or in part,
crithout notice to lessee. The assignee's rights shall be free from aJl defs:rses,
set-offs or counterclaims which lessee may bs entitled to assert against lessor.
No such assignee shall be obligated to perform any duty, covenant or condition
required to be performed by lessor under the terms of this lease.
19. Ownership: The equipment is,..and.ahall at all times be and remain, the sole and
exclusive personal property of lessor; and .the lessee shall have no right, title
or interest therein or thereto except as expressly set forth in this lease. It
is further expressly agreed by lessee that the said equipment shall at all times
be removable as the personal property of the lessor and under no circumstances
shall the same be considered or~treate3 as part of the realty or real property
upon which it is or may hereafter be situated.
20. Interests Should lessee fail to pay any part of the rent herein reserved or any
other sum required by lessee to be paid to lessor, c+ithin ten (10) days after the
due date thereof, lessee shall pay unto the lessor interest on such delinquent
payment from the expiration of said ten (1(3) days until paid at the rate of six
per cent (6fo) per annum.
21. IToticea: Service of all notices under this agreement shall be sufficient if
given or mailed to the party involved at its respective address hereinafter set
forth, mailed to such address shall be effective When deposited in the iTnited
States mail, duly addressed and with postage prepaid.
22. In consideration of the mutual convenanta contained herein, leseee is hereb~-
grante$ the option to obtain a nec: one-year lease at the aiariual rental of
~ xxx f: xxxxxx(Oollare) (~; xxxxxxxxxx~. Said nption msy
be exercised by leases by written notice to that effect to lessor, rrhioh notice
shall be accompanied by payment of the entire annual renta.i move described, and
rrnich shall be deiivared to lessor, not leas then ninty (90) days before the ex-
piration of the term hereof, tagethe~ erith the sum required for tax:~e a.s speci-
fied in Paragraph 20 herein above. Said near one (1) year term, ~Y succeeding
one (I) yea~~tera, shall carry an identical option berets, and except or the
amo~.u:t of rental, each nen leaso shall be subject to provisions and conditior~a
identical rith those of this lease• The rental payable for each ne~a,le~se shall
be that specified in Paragraph 22 as payable for the first new 1ea88. .iTotcrith-
-standing anything provided in thin paragraph, in no event shall lessee option to
obtain more then xxx~cxxx~(xx~ successive npc? leases hereunder.
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