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HomeMy WebLinkAbout0748 . . . . !tir event of logs or damage of any kind whatever to any item of equipmeut~ lessee at the option of lessor ahall: (a) place the same in good repair; oondition and working order; or (b) replace the same with like equipment in good repair. condition and working order, Lessee further agrees to maintain firo insurance with eatended coverage provisions to the !ull insurable velue oi the equipment during the term o! this lease or any extension hereof. Said insurance shall be wrltten in a Company satisfactory to lessor, said Company to be licenaed in State in which equipment is located, and the lessor shall be therein named as the loae payee. The policy of insurance aLall be at the sole co~t and eapense of lessee; it sball be deposited wit6 the lessor during the term of this lease and ehall contaia an endorsement that the insurance cover- age sball not be cancelled •without 30 daya prior notice to lessor. ~ 9. Snrrender: Upon the expiration or earlier termination of thi~a lease, les~ee ahall retura to leseor the equip- ment in ~ood repair. condition or working order, ordinary wear and tear resulting from proper uee thet~ot alone eacepted, by delivertng it, packed and ready for sbipment, to such place or carrler as leseor may specifr? within the city or county designated in paragraph 3 above. 10. Tuee: I.essee shslt keep the equipment free and clear of all levies~ Hens and encumbrances and ahall Pay ~ all licenae fees, registratfon fees~ aae~ssments, cbarges and t~?xes .(Municipal, State and Federal) includ- ing but not limited to ad valoream taaes, wluch may now or hereaft~er be impo,9ed upon the oarnership, leasiag, renting, sale, possession or use of equipmen~ Under no circumstances is the lessor responsible for tLe payment of Personal Pmperty Taxes. The les~ee agrees to report tLe equipment covered by the I.ease, wher8 required, to all taxing agencies and ia to make payment of all taaes direct to the pmper agency. Failure to do eo will void anq optiona or oontengenciss and will be cause for any one or separate actions as outlined in paragraph 14 titled DEFAULT, 11. Inataila~on: I.es.gee ahall pay all coets of installation~ including drayag+e from neat~est transportation terminal, unless otherwise specifica~y set forth In writing and signed by both lessee's and le,ssor's repre- senffitive at time 2essee signs lease. Such an agreement to be attached to and become a part of this agree- men~ Under no circwnstances dcea leasor agree to paq the oo~t of electrical wiring or plumbing in con- ~ nection with tbe installatioa of the equipment covered bq this agreemen~ 12. Wan~saHes: Lessee acknowledg~es tbat lessor ha$ made no representations and that there are no warran- ties, either eapressed or implied, except written warranties provided by lessor~ aa to any matter whatso- ever includi.ng, but not limited to, the condition of the equipment, its merchantability or 5tnesa for any Particular Purpose. , 13. Indemnity: Les.gee shall indemnify lessor against, and hoid Iessor harnitess from any aad all claims, actions~ suits, ProceedinBB~ costs, exPenses. damages and liab~ities, including attoraey's fees, arising out of~ connected with or resulting from the equipment. including without lim3tation the manufacture, selec- tion, delivery, Possessioa~ use, operatian, or rEturn of the eQuipmeat 14. Defanlt: If lessee with regard to any it,~m ~r itema of equipment fails to pay any rent or other amount herein provided witLin ten (10) days after the same is due and payable. or if lessee with regard to any item or itema of equipment fails to observe, keep or perform sny other provision of this lease required to be obeerved, kept or performed by lessee, le$sor ahall have the right to exerci$e any one or more of the ~ following remedies: ~ ~ (a) To declare the entire annount of rent hereunder unmediately due and payable as to any or all items I of equipment, without notice or demand to les~ee. ~ (b) To sue for and recover all rents, and other payment$, then accrued or thereafter accruing~ with re- E spect to any or all items of equipment ~ tc) To take poaseasion of any or all items of equipment without demand or notice, wherever same may ~ be located, without any court order or other procesa of law. Lessee hereby waives any and all dam- ; ages occasioned by such taking of posse.ssion. Any said taking of possession shall not constitute a E termination of tbis lease as to any or all items of equipment unless lessor expresaly so notifies lessee ~ in writing. ~ (d) To teiminate thia lease as to any or all items of equipmen~ ~ ~ (e) To pursue any otber r~medy at law or in equity. ~ ; Notwithstanding aay said reposseasion, or any other action wluch lessor may take leseee shall be and ' remain liable for the full performance of all obligations on the part of lessee to be performed under this ~ lease. e s All such remedies are cumulative, any may be exercised concurrently or separately. Waiver of any default ; ehall not waive any other default F ~ ~ 15. Banlavptcy: Neither tbis lease nor aay interest therein is assignable or tisnsferable by operation of law. ~ If any proceeding under tbe Bankruptcy Act, as amended~ ie commenced by or against the lessee, or if ~ ~ ~ ~v ~ , i,~~ ~c ~ ~~r~2~~ t~ ti _ - ~ ~ = d- ~y~ .e~ ? 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