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Home My WebLink About0749 . s ~ • • • i page -3- tbe leseee is ad3udged insolvent, or if the lessee makes aqq assigament for the benegt of hia creditors, or + if a writ of attachment or execution ie levied on any item or items of the equipment and ia not released or satisfied within ten (10) days thereafter~ or if a receiver is appointed in any proc~eeding or aetion to wluch the lessc~ ia a party with authority to take poasession or control of any item or iLema of tbe equip- ment~ lessor shall have and may exercise any one or more of the remedies set fortb in paragraph 14 bereof; and this lease ahaU. at the option of lessor. without notios. 3mmed.iatel~y terminate and shall not be treated as an asset of lessee after the exercise of said option. Les~see waives all right under all exemption lawa 16. I~easor's Eapenses: Lessee s~hall pay lessor all c~ats and expenees~ including attorney'a fees, incurc~ed by lessor in eaetr.iaing any of its rights or remediea hereunder or enforcing any of the terma~ conditiona or provisions he,t+eof, 1?. A,saignment: Without the prior written consent of lessor, les.gee shall not (a) assign, tranafer, pledge or bypothecate tbis les~e, the equipment or aay part thereof, or any intere$t therein or (b) sublet or lend the equipment or any p~u~t tbereo~f or permit the ~quipment or any part thereof to be used by anyone other than lessee or lessee's employces. Gbnsent to any of the foregoing prohibited acte applies only in the given instance; and is not a oonsent to any subsequeat like act by leasee or any otber person. Subject alwaye to be the foregoing~ this lease inurea to t~e benefit of, and is binding upon, the heirs, legatees ' perraonal representativeg. auccessors and aasigns of the partiee hereto. Should le~sor on receipt of written request from tes.gee agree to transfer or ass,ign lease to t)sird party, leseee agrees to pay leseor ~t~ eupe,nse in handling such transfer or assignmenk This amount not~to be leas than fi~teen do118urs (a15.00). 18, I.esaor's Assigameat: It i$ understood that le~sor contemplat~es asaigning tbis lea~e and/or mortgaging of the equipmen~ and that aseignee r.,ay assign the same. All rights of lessor in the equipmeat and here- under may be assigned, pledged, mortgaged, tranaferred, or otherwise disposed of; either in whole or in part, without notice to lessee. The ar,signee's rights ehall be free from all defenses, set-offa or counter- claims which lesgee may be entitled to assert against lessor. No such assignee ahall be obligated to per- forin any duty, covenant or oondition required to be performed by lessor under the terms of thia leaee. 19. Ownersidp: The equipment is, and s4a11 at all timea be and remaia, the sole and esclnsive personal prop- erty of lessor; and the leasce sLall have no right, title or interest therein or thereto eacept as expressly set forth in this leaee. It is further e~cpres~y sgreed by les~ee that tbe said equipment aball at all tutne~ be removabte as the pet~onst property of the leasor and under no ciucumstancee eha11 the same Ue considered or treated as part of the realtq or real property upon which it is or •may hereafter be situated: 2Q. Intereet: Should les.see fail to pay any part of the rent herein res~eerved or any other sum required by lessee to be paid to lessor, within ten (10) days after the due date thereof, lessee shall pay unto the le~or interest on such delinquent payment from the egpiration of said ten (10) days wntil paid at the rate of - siz per oent (6`xo) per annum. 2L Not~ices: Service of all notices under this agreement shall be sufficient if maited to the party inrolved at ; its respective address hereinafter set forth, maiied to such address shall be effective when deposited in the United States mail, duly addr~ and with postage prep~id. ~ i f ~ 22. Ia consideration of the mutual covenaats contained herein, lessee ie hereby granted the option to obtain a ; new one-year lease at the annual rental of ~_w~nty-O~s ani no/100MNM3s0~ iN~M~Dollars) ! ~1.00 ; Said option may be exercised by lessee by written notice to that effect to lessor, ~ which notice shall be acc:ompanied by payment of the entire annual rental above described, and wh~ch ; shall be delivered to lessor, not less than ninety (90) daya before the expiration of the term hereof~ to- € gether with the sum required for taxes as specified in Paragraph 10 herein above. Said new one (1) year t term, any succeeding one (1) year term, shall carry an iclentical option hereto, aad except or the amownt ~ of rental, each new lease shall be subject to provisions and conditions identical with those of thia lease. The rental payable for each new Iesse shall be that specified in Paragraph 22 as nayable for the firat new € lease. Notwithstanding anything provided in this paragraph, ia no event shall le~see option to obtain ; ~fiw) (5? . more then_ _ succesaive new leasea hereunder. € ~ ~ 23. (ieader: Number: Whenever the conteat of thia lea~e requires, the masculine gender inciudea the feminine or neuter. aad the singular number includes the plural; and whenever tLe word "lessor" is us~i berein it f shall include all assignees of lea~or. If there is more than one lessee named in t,hia lease, the liability of ~ each shall be joint and ~veral. ~ ?.4. Tfa~e Is oi the F~senoe: Time ia eapresaly declared to be of the eseence of this lease and of each clause ~ ~ ~ ~ a ~a~2~4 7~0 t z . _ x s Y- s~~ *~.~~'gY Y s..... ~`v.+=ir~ ~c.... «F-s gPo _ . . ~ ~w'~~ :