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the lessee is adjudged insolvent, or if the lessee makes any assignment for the benefit o# his creditors, or
if a writ of attachment or execution is levied on any item or items of the equipment and is not released
or satisfied within t~n (10) daya thereafter, or if a receiver is appointed in anv proceeding or ~ction to
which the lessee ia a party with authority to take possession or control of any item or items of the equip-
ment, leaeor shall hav$ and may eicerciae any one or more of the remediey set forth in paragraph 14 hereof :
an~ this lease shxll, at the option ot leasar, without notice, immedis~ely terminate and shall not be treated
as an asset of les~ee after the exercise of said option. Lessee wai~•es all right under all exemption laws.
16, t.e~sor's Ezpense~: Lessee shail pay lessur all co9ts and expenses, including attorney's fees, incurr~d b~•
leasor in exercising any of its rights or remedies hereunder or enforcing any of the terms, conditions or
proviaions hereof.
1". Assignment: VVithout the prior written consent of lessor, lessee shall not (a) assign, transfer, pledge or
hypothecate this leasc, the equipment or any part thereof, or any interest therein or (b) sublet or lend
the equipment or any part thereo~ or permit the equipment or any part thereof to be used by anyone
other than lessee ar le9see's employee~. Consent to any of the foregoing prohibited acts applies onty in
the given instance; and is not a consent to any subsequent like act b~ lesaee or anr other person. Subject
alwa~•s to be the foregoing, this lease inures to the benefit of, and is binding upon, the heirs, legatees,
personal representatives, auccessors and. assigns of the parties hereto. Should lessor on receipt of written
request from lessee agree to tranafer or assign lease t~ third party, lessee agrees to pay lessor its ex-pense
in hAndling such transfer or assignment. This an;ount not to be less than fifteen dollars ($15.00).
1~. Lessor's Assignment: It is understooc~ that le~sor contemplates assigning this lease and/or mortgaging oi
the equipment, and that assignee may asaign the same. ~ll rights of lessor in the equipment and here-
under may be assigned, pledged, mortgaged, transferred, or otherwise disposed of, either in whole or in
part, w~ithout notice to lessee. The assignee's rights shall be free from all defenses, set-offs or counter-
claims «•hich lessee ma~~ be entitled to assert against lessor. \o such assignee shall be obligated to per-
form an~• dut~•, co~•enant or condition required to be performed b~~ lessor under the terms of this lease.
19. Ownership: The equipment is, and shall. at all times be and remain, the sole and exclusive personal prop-
~ erty of lessor; and the lessee shall hare no right, title or interest therein or thereto ~~cept as e~presslv set
forth in this lease. It is further e~preasly agreed by les3ee that the said equipment shall at all times be
~ removable aa the personal property o~ the iessor and under na circumstances shall the same be considered
or treated as part of the rea3ty or reai propert~- upon ~~hieh it is or ma,r hereafter be situated.
20. Interest: Should lessee fail to pay any ~art of the rent hereitt reser~-ed or any other sum required b~•
lessee to be paid to lessor, ~ithin ten (10) da~•s after the due date thereof, lessee shall pav unto the lessor
interest on such delinquent pai•ment from the espiration of said ten (10) dars until paid at the rdtQ of
qis per cent (6°'0) per annum.
21. Notiees: Sei•~~ice af all notices under this agreement shall be su~cient if ;i~•~n or mailed to the part~•
involved at its respective address hereinafter set forth, mailed to such address shall be effectic•e when
cieposited in the United States mail, duly addressed and ~vith postage prepaid.
22. In consideration o~ the mutual cavenants contained herein, lessee is hereb~~ granted the option to obtain a
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new one-~•ear lease at the annual rental of ~ r ' '
` ! ~ - ------(Dollars)
. ~
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Said option may be exercised by lessee by written notice to that effect to lessor,
which notice ~hall be accompanied by payment of the entire annual rental above described, and which
shall be delivered to tessor, not lesa then ninety (90) days before the expiration of the term hereof, ta
gether with the sum required for ta~e~ as apecified in Par~~raph 10 herein above. Said new one ~I) year
term, any succeeding one (1) year terax, ah~all carry an identical option hereto, and e~ccept or the amount
of rental, each new lease ahall be subject to provisions and cond~tions identical with those af tt?is lease.
The rental pa~abl~ for euch new lease shall be that specified in Paragraph 22 as ~+ay~able for the first nevP
leAa~. Notwithstanding anything provided in thi• paragraph, in no event shall lessee option to obtaan
more then_~ ) successive new lea~es hereunder.
23. GEader: h'umber: Whenever the cont~at of this Ieaas requires, the masculine gender includes the feminine
or neuter, and the s~ngular number includes the plural; and whenever the woz~d "lesqor" is used herein it
a~hall include all assignees of less~r. If there i~ more than ane lessee named in thi~ lease, the lixbility of
each shall be joint and several.
2~. Time Is of the Essepce: 'I'in~e is es~resslt• dec!ared to be of the ess~nce of lt~iy tease and of each clause
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