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Home My WebLink About0961 1'aec the lessee is adjudged insolvent, or if the le:~see makee aqy asaignment for the henefit of his craditors, or if a writ of attachment or execution ie levied on any item or ~tems of the equipment and ia not released or satisfied within ten (10) days thereafter~ or if a receiver is up~inted in any proceeding or action to which the Iessce is a party with suthority to take possession or cont~bl of any item or items of the equip- ment. lessor shall have and may euercise any one or more of the remedies set forth in paragraph 14 hereof; and this lease shall~ at the option of less~r. without notice, innmediately termiuate and shall not be treated as an asset of le.4see after the exercise of said option. Lessee waives all right under all exemption lawa 16. I.ea.gor's ~xpea~s: Lessee shall PaY lessor all costs and expenses~ including uttorney's fees, incurred by le3sor in exercising any of its rights or remedies hereunder or enforcing any of the terms, conditions or provisions hereof. ~ ; 17. Asaignment: Without the prior written consent of les9or. leasee shall not (a) asaiga. transfer~ pledge or hypothecate this lease. the equipment or any part thereof~ or any interest therein or (b) snblet or lend the equipnient or any part thereof or permit the equipment or aay part thereof to be used by anyone ~ ather tban legsee or lessee's employeea Consent to any of the foregoSng prolubited acts applies only in the giveu inst:u~ce; and is not a eonsent to any subsequent like act by les.gee or any other person. Subjeet always to be the foregoing, this lease inures to the benefit of. and ia binding upon, the heirs. legatees personal representatives~ succ~e.gsors and assigns of the parties hereto. Should lesaor on r~ceipt of written raquest from lessee agree to transfer or a.~aign lease to third party, lessee agrees to pay lessor its expense in handling such transfer or assignmen~ This amount not to be less than fifteen dollars ($15.00). 18. I.esgor's Asslgnment: It is underatood that lessor contemplates aasigning tbis lease and/or mortgaging of the equipment, and that asaignee may assign tbe same. All rights of lessor in the equipment and here- under may be assigned~ pledged, mortgaged, transferred, or otherwise disposed of, either in whol~' or in _ part, without notice to lessee. The asaignee's rights shall be free fibm all defenses, set-offs or counter- claims which I~ may be entitled to assert against lessor. No such assignee shall be obligated to per- form any duty, covenant or condition required to be performed by lessor under the terms of this lP.aee. 19. Ownership: The equipment is~ and sball at all times be and remain~ the sole and exclusive personal prop- erty of lessor; and the lessee shall have no right, title or interest therein or thereto eacept as eapressly set forth in this lease. It is further expre~ly agreEd by lessee that the said equipment ahall at all times be ~ removable as the personal property of the lessor and under no circumstancea ahall the same be considered ~ or treated a$ part of the realty or real property upon which it is or. may hereafter be aituated. 20. Interest: Should lessee fail to pay any part of the rent hereiri reseryed or any other sum required by lessee to be paid to lessor, within ten (10) days after the due date thereof, lessee ahall pay unto the leseor interest on such delinquent payment from the ezpiration of said ten (10) days until paid at the rate of six per cent (6~v) per annunn. 21. 11~'otic~: Service of all notices under this agrt~ment shall be sufficient if mailed to the party in~olved at its respec:tive address hereinafter set forth, mailed to such addresa shall be effective when degosited in the United States mail, duly addre.s9ed and with postage prepaid. ~ 22. In consideration of the mutual covenants contained herein, lessee ~a•herebq granted thq option to obtain a ~ ts ~ .:.tt new one-year lease at the annual rental of $ Seventy-S ix and no/100 (~llara) ' ~ ~ 76. DO 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 tban 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 year _ ~ term, any succeeding one (1) year term, shall carry an identical option hereto~ and except or the amownt : ~ of reutal, each new lease shall be subject to pmvisions and conditions identical with those of tbia lease. - The rental payable for each new lease shall be that specified in Paragraph 22 a~ payable for the first new lease. Notwithstanding anything pmvided in this paragraph, in no event shall les.see aption to obtain - more then__ __f i ve 5) succesaive new leases hereunder. t 23. Gender: Number: Whenever the context of this leaee requires, the masculine gender iachider~ the feminine _ r_~ or neuter, and the singular number includes the plural; and whenever the word "lessor" is used berein it > shall include all assignees of lessor. If there is more than one lessee named in this lease, the liability of each shall be joint and several. ~ n~ ?~4. 7~me Is of the F~sence: Time ia expressly declareii to be of the essence of this lease and of each clauae . ::;3 ~i 8001( ~.~IG,U ~ ~ . , ~ - ~ . . . - ~ ~ . . . f~._. _ .