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Home My WebLink About1993 1'~S+ a- event of loss or damage of any kind whutever to any item of equipment~ lessee at the option of lessor shaII: (a) place the same in good repair. condition and working order; or (b) replace the same with like equipment in go~d repair, condition and working order. Lessee further agrees to :naintain firn insurance with extended co~•erage provisions to the full insurable value of the equipra~nt duriag the term af this lease or anv extension hereof. Said insurance shall be written in a Co~nl~any satisfactory to le.gsor, said Comnany to be licensed in State in which equipmeat is located, and the lessor shall be therein named as the loss payee. The policy of insurance shall be at the sole cost and expense of le~see; it shall be depositc.~l with the lessor during the term of this lease and shall contain an endoisement that the insurance cover- age shall not bs cancelled w ithout 30 days prior notice to lessor. ' 9. Surrender: Upon the expiration or earlier termination of this lease~ lessee shall return to lessor the equip- ment in good repair, conditian or•warking order. ordinary wear and tear res~.ilting from proper use thereof alone e~ce~~ted, by delivering it, packed and ready for shipment, to such place or carrier as lessor may specify within the city or county designated in paragraph 3 above. 10. 7hze.v: Le.ssee shall keep the equipment free and clear of all levies, liens and encumbrances and shall pay all licemse fees, registration fees, asse.ssnients. charges and taxes (Municipal. State aud Federal) includ- ing but not limited to acl valorem tazces, which may nocv or I-,ereafter be i~irposed upon the ownership. leasing. renting, sale~ pc~ssession or use of equipment. Under na circumstances is the lessor responsible f~~r the nayment of Personal Property Ta~es. The lessee agrees to report the equipment covered by the Lease. where required, to all taxing agenci~ and is to make payment of all taxes direct to the proper agency. Failui~e to do so will void any options or contengencies and will be cause for any one or separate actions as outlined in paragraph 14 titled DEFAiJLT. 11. Instaliation: Lessee sh~ll pay all costs of installation, including drayage from nearest transportation terminal~ unless otherwise specifically set forth in writing and signed by both lessec's and lessor's repi~e- sentative at time Iessee signs lease. Such an agreement to be attached to and beconie a part of this agree- ment. Under no circiunstances dces lessor agree to pav the cost of electrical wiring or plumbing in con- nection with the installation of the equipment covered by this agreement. 12. Nurranties: Lessee acknowledges that lessor has made no representations and that there are no warran- ties~ either expressed or implied, except vTitten warranties provided by lessor~ as to any matter whatso- e~er including, but not limited to, the coLdition of the equipment, its merchantability or fitness for any particular purpose. 13. Indemnity: Lessee shall indemnify lessor against, and hold lessor harmless from any and all claims~ actions, suits, proceedings, aosts, expenses~ damages and liabilities, including attorney's fees, arising out ! of, connected with or resulting from the equipment, including without limitation the manufacture~ selec- E tion, delivery, possessiou, use, operation, or r~turn of the equipment I f ~ 14. Defsalt: If lessee with regard to any item or items of equipment fails to pay any rent or other amount herein pro~~ided a~thin ten (10) days after the same is due and payable. or if lessee with regard to any g item or items of equipment fails ta observe, keep or perform any other provi5ion of this lease required ~ to be observed, kept or performed by lessee~ lessor shall have the right Lo eicercise any one or more of the ~ following remedies: (a) To declare the entirc amount of rent hereunder immediately due and payable as to any or all items of equipment, without notice or demand to lesgee. _ (b) To sue for and recover all rents~ and other payments, then acerued or ~thereafter accruing~ with re- spect to any or all items of equipmen~ (c) To take possession of any or all items of equipment without demand or notice, wherever same may be located, without any court order or other process of law. Lessee hereby waives any and all dam- ages occasioned b3? such taking of possession. Any said taking of possession shall not constitute a termination of this lea.se as to any or all items of equipment unless lessor expressly so notifies le.ssee ~ in writing. ~ ; (d) To terininate this lease as to any or all items of equipment. ~ - (e) To pursue any other remedy at law or in equity. ~ Notwithstanding any ~aid repos.gession, or any other action which lessor may take les.see shall be and ~F remain liable for the full performance of all obligations on the part of lessee to be performed under this ~ lease. ~ All such remedies are cumulative, any may be exereised concurrently or separately. Waiver of any default ~ shall not waive any other default. ~ 15. Ranl~uptcy: I`'eithe; this lease nor any interest therein is assignable or transferable by operation of law. ~ If any proceedin~ :inder the Bankruptcy Act, as amended, is commenced by or against the lessee. or if ~ ~ ~ ~ Ok F~~~~208 ~~~t1993 ~ , _ ~ ~ ~ ' ~ ~ ~ ~ ~ ~~P ` > - , ~ -