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tbe lesaee is ad3udged inaolvent~ or i! the le8see makes any aasignment ior the beaeflt o! his credito~s. or
if a writ oi attachment or eaecution is levied an any item or itema oi the equipment and is not relenAed °
or satiafied within ten (10) days therea~tter. or it a receiver is appointed in any prnceeding or acNon to ~
which tbe lesaee ia a party with authority to take possesaion or oontrol oi any item or iteme of the equip-
ment, leseor ahall have and may ezercise any ane or more oi the remedies set forth in paragraph 14 bereof ;
and thia lease shaU. at the option of leeeor. w~thont notioe, immediately tenminats and eha11 not be tr~ted i
as an aeset of_leeaes after the euercise oi said option. Le~ssee waives all right under all ezemptlon laws. '
16. I.~asor's Ezpenaea: Lessee ehall pay leeeor all costa and expenaes, including attorney'e iees, incurred by
lesaor in exercieing any of its rights or remediea hereunder or enforcing any of the terms, conditiona or ;
provisions hereot. ~
17. Ass~nment: Without the prior written conaent oi leeaor~ lessee ahall ~ot (a) aesign, tranaler, pledg+e or
hypothecate thia lease, tbe eqnipment or any part thet~eof~ or any inter~t therein or (b) aublet or Iend
the equipment or any part thereo~f ar permit the eqnipment or any part thereo~f to be need by aayone
other than lessee or Ieasee'a emploqeee. Consent to ~ny of tbe foregoing prohibit,ed acta appliee on~y in
the given inetance; and is not a oonsent to any aubeequent like act by leaeee or any other person. Subject
always to be the foregoing, this lease inur~a to the b~neflt of, and ia binding upon, the heira, legatees,
personal representat3ves, suooee$ora and asaigna oi the parti~ hereto. Should l~sor on receipt oi written
requeat irom lessee agr~e to ~ransfer or assign lease to third party, lesaee agreee to pay l~esaor ita eapenae
in handling such tranafer or asaignment. This amount not to be lesa than 8fteen dollasa (;16.00).
18. I.eesor'e Assignment: It ia underatood tl~at l~eor oontemplates asaigning tbis lesse and/or mortgaging ot
the equipment, and that asaignee may assign the eame. All rights oi lessor in the eqnipment and heTe-
under may be assigned, pledg~ed. mortgaged, tranaferred, or otherwise disposed of. either in ahole ar in
part, without no~ice to lessee, The asaignee's rights shall be free from all defenses, eet-ofls or connter-
claims which tesaee may be entitled to assert against lessor. No auch asaignee ahall be obligated to per- ~
form any duty, covenant or coadition required to be performed bq l~sor nader the terma of this lease.
19. O~vnuehip: The equipment is, and shaD at all timee be and remaia, the sole and eaclueive peraonal prop-
erty of leesor; and the leesee ahall have no right, title or interest therein or thereto eaoept sa eapreea~ji aet
iorth in this lesae. It ia further expre~sly agreed by lesaee that the said equipment ahall at aIl times be
removable as the peraonal property ot the leasor and under no circumstancea shaU the aame be ~onaidered
or treated aa gart of the realty or r~al properEq upon which it is or maq hereaiter be situated.
20. Interest: Should lesaee fa~ to pay any part of the rent herein re~e,rned or any other anm required by
lesaee to be paid to lessor~ within ten (10) daya after the due date thereof. lessee shall p~y unto the leeaor
interest on such delinquent payment from the expiration o! said ten (10) days until paid at the rate of
euc per cent (696) Per annum.
21. Notiees: Service of all noticea under this agreement ahall be su~cient if given or mailed to the party
involved at ita respective addreas hereinafter aet forth, mailed to such addresa shall be effective when
deposited in the United Statea mail, dnlp addressed and with postage prepaid. ,
22. In consideration of the mutual covenanta contained herein, leasee is hereby granted the option to obtain a
new one-year lease at the annual ren~ai of ~ -?'~/l .E' e
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(E ~ 3~ Said option may be exercised by leseee by written notice to that effect to lesaor,
which notice ahall be acc.ompanied by payment of t,he eatire annual rental above described, and which
ehall be delivered to lessor, not less then ninety (90) daya before the expiration of the term hereol, to-
Sether with the sum required for taxes as apec~~ed in Paragraph 10 herein above. 3sid new one (1) year
t.erm. any succeeding one (1) qear term, ahall carry an identical option hereto, and eacept or the amount ;
of rental. each new leaae ahall be subject to provisiona and conditions identical with thoee of this le~ae.
The rental payable for each new Iease ahall be that epecified in Paragraph 22 as papable for the Srst new
lease. Notwithstanding anytbing provided in thia paragraph, in no event ahaII lessee option to obtaia €
more the ) succeaaive new lea$es herennder.
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23. Gender: Number: Whenever the contert of this leaee requirea, the masculine gender includes t~e ieminine
or neuter, sad the singular number inclndes tJie plural; and whenever the word `9eaaor" ia used herein it
ehall inclnde aU aseignees oi lesaor. If there is more than one lessee named in thie leaae, the liability of
each ahall be joint and several.
24. 15ime ~ oi the Essence: Z~me ia eapresaly declated to be of the essence of this lease and of each clauae
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