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the lessee is ~djudged insolvent~ or if the lessee makes any asaignment for the benefit of his creditors, or
if a writ of attachment or eYecution is levied on any item or items of the equipment and is not released
or ~.~tisfied «ithin ten Il0) days thei-eafter~ or if a rec~iver is appointed in any proceeding or action to
which the less~c is a party ~vith authority ta t:~ke po~session or control of any item or items of the equip-
ment. lessor shall ha~~e and may exercise any one or more of the i~enzedies set forth in paragraph 14 hereof ;
and this lease sha11, at the option of lessor, tivitttout notice. immediately terminate and shall not be trcated
as an asset uf lessee after the exerci: e of said opti~n. Lessee waives all right under all exemption la~vs.
lo. Lea.gor's Ecpe~s~.s: Le~ee sba11 pay lessor all costs and expenses, including attorney's fees~ incurred by
- lessor in exercising any of its rights or remedies hereunder or ei?forcing any of the terms~ conditions oi•
provisions hereof.
17. A~signnient: 1Vithout tlie prior written 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 equipn~ent or any part thereof or permit the equipment or any part thereof to be u.sed by anyone
other than les~ee or lessee's employees. Consent to any of the foregoing prohibited acts applies onty in
the giveu insL:~nce; and is ~ot a consent to any subsequent like act by tessee ar any other person. Subject
alv?ays to be the foi~egouig, this lease inures tv the benefit of. and is binding upon, the heirs, legatees
personat re~resentatives, successors and assigns of the parties hereto. Should lessor on recei~t of written
request from ?essee agree to transfer or assign lease to third party. les.~ agrecs to pay lessor its expense
in handling such transfer or assignnient. This amount not to be less than fifteen dollars ($15.00).
18. I.essor's As.~iKnment: It is understood that lessor contemplates assigning this lease and/or niortgaging of
the equipment, and that assignee may assigu the same, All rights of lessor in the equipment and here-
under may be as~igned, uledged, mortgaged, transferred, ur othert~•ise disposed a:, either in whole or in
part, without notice to le.ssee. The assignee's rights shall be free finm all defenses, set-offs or counter-
claims which lessee may be entitled to assert again3t lessor. No such assignee sball be obligated to per-
form any duty, covenant or condition required to be perfornied by Iessor under the terms of this tes~e.
19. Owvership: The equipment is, and shall at ali times be and remain~ the sole and exclc~sive personsl prop-
erty of l~:ssor; and the Iessee shall have no rsght, title ur interest therein or thereto ea~cept as ea~pressly set
forth in this tease. It is further expressly agreed by lessee that the said equipment ahall at all times be
removabie as the persr,nal ~roperty of the lessor and under no circumstances ahall the same be considai~ed
or treated as part of the realty or real property upon which it is or niay hereafter be situated.
20. Intereat: Shuald lessee fail to pay any part of the rent herein reserved or any other sum required by
lessc~e to be ~,aid to lessor. within ten (10) days after the due date thereof, les,see shali pay unto the lessur
interest on such delinauent E~ayment from the expiration of said ten (10) days until paid at the rate of
aix per cent (6~~0) per annum.
21. 1\otice.~: ~rvice of all notices under this ag~n.'ement sha]I be sufficient if ma.iled to the party in~-olved at
its i•espec;tive address hereinafter set forth~ mai:ed to such addre~s s,h~11 be effective K~hen ~eposited 111
the [.Tnited States mail, duly addressed and with posta~ e prepaid.
22. In consideration of the mutuai covenants cuntained hereui, tessee is hereby granted t~ie~option to obtain a
new one-year lease at the annual rental of ~ F t f ty-Th ree and no/100 (~u~,s)
. 53.~0 ~d option may be exercised by lessee by written notice to that effect to lessor,
which notice shall be accompanied by payment of the entire annual rental above described, and which
shall be delivered to lessor, not less than ninety (90) days before the ezcpiration of the term hereof, to-
gether ~~•ith the sum required for taxes as specified in Paragraph 10 herein above. Said nen one (1) year
term, any succeeding one I 1) year term, shall carty an identical option 6ereto. and eacept or ti~e amount
of rental, each new lease shall be subject to provisions and conditions id'endcal with ~ those af this lease.
The rental payabte for each new lease shatt be that specified in Paragraph 22 as payable for the first ncw
tease. Notwithstanding auything provided in thi,s para~raFh, in no event shall lessee option to obtain
more then _ f i!~'~ successive new leases hereunder.
23. Gender: 11Tumber: t'Vhenever the conteact of this lease reqt:ires, the masculine gender urc~udes the feminine
or neuter, and the singular number includes the plural; and whenever the word "lessor" is used berein it
shall include atl sssigneeR of lessor. If there is more than one lessee named in this lea~, the liability of
each ~hall be joint and several. ~
2~. 11ime Is of the Fssence: Time is eacpressly de~clt;red to be of ihe essence of thi~ le~se and of each clause
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