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HomeMy WebLinkAbout0532 P~r -i- the lessee is adjudged insolvent, or if the lessee malces any aseignment for tbe benefit of his creditors, or if a writ of attachment or execution ia levied on any item olr items of the equipment and is not released or satisfied within ten (10) daya thereafter~ or if a receiver is appointed in any proceeding or actlon to which the lessce is a party with authority to tuke possession or control of any item or iterns of the equip- ment. lessor shall have and may exercise any one or more of the remedies set forth in paragraph 14 hereof; and this lease ahall, at the option of lessor, without notice. unmediately terminate and shall not be treated as an asset of lessee after the exercise af said option. Lessee waives all right under all exemption lawa 18. Lea9or's Eupen~us: Lessee shall pay lessor all costs and expenses. including attorney's fees~ incurred by lessor in exercising any of its rights or remedies hereander or enfomang any of the terms~ conditions or provisions hereof. 17. Asaignment: Without the prior written consent of lessor, leesce 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 equipnient or any part there~f or permit the equipment or any part thereof to be used by anyone other than leesee or lessee'a ~employeea. Consent to any of the foregoing prohibited acta applies only in the giveu instance; snd is not a consent to any subsequent like act by les.gee or any other persoa. Subject alway$ to be the foregoing~ this lease inures to the benefit of, and is binding upon, the heirs~ legatees personal rep=esentatives~ succe.4sors and assigna of the partiea hereto. Should lessor on receipt of written } reqnest from lessee agree to transfer or asaign lease to third party, lessee agrees to pay lessor its expense ! in handling such transfer or assignmen~ This amount not to be lese than fifteen dollars (~15.00). 18. I.essar's A~aBignment: It is understood that lessor contemplat~es a$signing this lease and/or mortgaging of the equipment, and that aseignee may assign the same. All rights of lessor in the equipment and here- under may be assigned. pledged, mortgaged, transferred, or otherR ise disposed of. either in whole or in part, without notice to lessee. The assignee's rights shall be free from all defenses, set-offs or counter- claima which lesfiee may be entitled to aa9ert against lessor. No such assignee' shall be obligated to per- form auy duty, covenant or condition required to be performed by lessor under the terms of this lesse. 19. Ownershlp: The equipment is~ and shall at all times be and remain, the sole and exclusive personal prop- erty of lESSOr; and the lessee shall have no right, title or inter~st therein or thereto except as expressly set forth in . this lease. It is further expresgly agreed by lessee that the said equipment aball at all times be removable as the personal property of the lessor and under no circumstances aha11 the same be considai~ed or treated aia part of the realty or real property upon which it is or may hereaftes be situated. 20. Interest: Should lessee fail to pay any part of the rent herein reserved or any other sum required by ; lessee to be paid to lessor, within ten (10) days after the due daLe thereof, lessee shall pay unto the lessor E interest on such delinquent payment from the ezpiration of said ten (10) days until paid at the rate of ! six per cent (6 ~fv ) per annum. ~ ~ 21. Notic~: Service of all noticea under this agrc.~ement shall be sufficient if mailed to the party in~ olved at ~ its respec:tive address hereinafter set forth, mailed to such address shall be effective when deposited in ~ the United States mail, dtily addre.seed and with postage prepaid. ~ ~ 22. In consideration of the mutual covenants contained herein, lessee is hereby granted the option to obtain a ~ new one-year lease at the annual rental of $ _ -~~ll~~ ~ • , ~ ($`~4 AA Said 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 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 ~ term~ any succeeding one (1) year term, shall carry an identical option hereto~ and except or the amount ~ of rental, each new lease shall be subject to provisions and conditions identical with those of this lease. ~ a The rental payable for each new lease ahall be that specified in Paragraph 22 as payable for the first new lease. Notwithstanding anything provided in this parag?raph, in no event shall les.see option to obtain . more then_. .~y~-____ ( 5) succesaive new leases hereunder. ~ 23. Gender: Number: Whenever the context of this leaee requires. the masculine gender inc~udes the feminine ~ or neuter, and the singular number includes the plural; and whenever the word "lessor° is used berein it ~fi shall include all assignees of lessor. If there is more than one lessee named in t1~is lease, the liability of each shall be joint and aeveral. 24. Time Is of the F~.4ence: Time i~ expresaly declared to be of the essence of this lease and of each clause ~ , . ~ ` EGRK ~~U PAGE 532 • . y~ ~ • ~ ~ - ~ _ ~ ~ _ _ ~ , ~ - - ~ ~ _ _ _ . .