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Home My WebLink About0531 Page -2- event of loss or datnage of any kind whutever to any item of equipment, lessee at the option of lessor shaA: (a) place the same in good repair~ condition and working onler; or (b) replace the same with like equipment in oo•,;cl r.ep:iir, condition and working order. Lessee further agrees to :naintain fire insurance with extended co~•crage provisions to the full insurable valiie of the equipment during the terna of Lhis lea~e or any extension hereof. Said insurance shall be written in a Com~~any satisfactory to lessor~ said Comnany to be licensed in State in which equipment is located, and the lessor shall be therein named as the loss patiee. The policv of insurance ahall be at the sole coat and eacpense of lessee; it shall be deposited with the lessor during the term of this lease and shall contain aa endorsement that the insurance cover- age shall not be canceJled K~ithout 30 days prior notice to lessor. 9. S~ure~~der: Upon the e~piration or earlier termination of this lease. lessee ahall r~turn to leseor the equlp- ment in good repair. condition or working order. ordinary wear and tear resulting from proper uee thereof alone excepted, by delivering it, packed and ready for $hipment, to such place or carrier as lessor may specify within the city or county designated in paragraph 3 above. 10. TazeA: I.essee shall keeo the equipment free and clear of all levie9, lieas and encumbranoes and sball pay all license fees, registration fees~ assessments. eharp;es and taxea (Municipal. State and Federal~ inclnd- ing but not limited to ad valorem tsxea, wluch may now or hereafter be iinposed upon the ownership. leasing, renting. sale. p~sseasion or use of equipment TJader no circumstances is the lessor responsible for the t~ayment of Personal Property Ta~es. The lessee agrees to report the equipment covered by the Lease, where required, to all taging agencies and is to make payment of all taxes direct to the prope'r agencY- Failure to do so will void any options or contengencies and will be cause for aay one or separate actions ss outlined in paragraph 14 titled DEFAUI.T, 11. InatailaHon: Lessee shall pay all costs of installation~ including drayage from nearest transportation terminal, unless otherwise specifically set forth in writing and signed by both les..~ee's and lessor's rept~e- sentative at time lessee signs lease. Such an agreement to be attached to and become a part of this agree- ment. Under no circumstances does lesAOr agrce to pay the cost of etectrical wiring or plumbing in con- nection with the installation of the equipment covered by this agreemen~ 12. Narranties: I.e~see acknowledgea tbat lessor has tnade no representations and that there are no warran- ties,_.either expresse~ or implied, except vnritten warranties provided by lessor, as to any matter whatso- ever including, but not lunited to. the cocdition of the equipment, its merchantability or fitness for any particular purpose. ~3. In~ler~onity: Lessee shall indemnify lessor against, and hold lessor harmless from any and all claims, actions, suits, proceedings, costs, expenses? damage~ and liabilities. including attorney's fees, arising out ~ of, connected with or resulting fmm the equipment, including without limitation the manufaeture~ selec- ~ tion, delivery, possession~ use, operation, or return of the equipment i ~ € 14. Default: If lessee with regand to any item or items of equipment fails to pay any rent or other amount herein provided wzthin ten (10) days after the same is due and payable. or if Ie.gsQe with regard to any item or itsms of equipment fails to observe, keep or perform any other provision of this lease required to be observed, kept or performed by leasee~ lessor ahall have the right to exerciee any one or more of the ~ following remedies: ~ ~ (a) To declare the entire amount of rent hereunder immediately due and payable as to any or all items of equipment, witbout notice or demaad to lessee. ~ ~ (b) To sue for and recover all rents, and other payments, then accrued or thereafter accruing, with re- ~ apect to any or all items of equipmen~ (c) To take pussession of any or all items of equipment without demand or notice, wherever same may ~ be lceated, withuut any court order or other process of law. Les.see hereby waives any and all dam- ~ ages occasioned by such taking of possession. Any said taking of possession shall not constitute a ~ termination of this lea.5e as to any or all items of equipment unless leseor expressly so notifies lersee ~ in writing. ~ (d) To terminate this lease aa to any or all items of equipment. (e) To pursue any other remedy at law or in equity. Notwithst~~nding a.n~• :aid repossession, or any other action which lessor may take les.see shall be a.nd ~ remain liable for the full performa.nce of all obligations on the part of lessee to be performed under this lease. All such remedies are cumulative, any may be eYercised concurrently or separately. Waiver of any default shall not waive any other default. :i 15. Iianl~upt~y: 1\eithe; this lease nor any interest therein is assignable or transferable by operation of law. ~ If any proceeciih~ under the Bankruptcy Act, as amended, is commenced by or against the lessee, or if ~ ~ ~ ~x ° F 2~6 ~A~E 53i - ec~~ ~ : - ~ - ` ~ ~ ~~d`"~.'~`_-~~.':~~~'- ~x8.*~ - ztn.~'~<_.F~ . ~ _ _ ~ . . ~'~z