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HomeMy WebLinkAbout0602 . ~ . . ' t i . ; Page -2- ~ event of loss or damage of any kind whatever to any item of equipment. lessee at the opt3on of lessor ; shall: (a) place the same in good repau', condition and working order; or (b) replace the same with like equipment in gocd repair, condition and working order. Lessee further agrees to ~naintain fire insurance with extended corerage prnvisions to the full ittsurable value of the equipment during the term of this lease or z~ny extension hereof. Said insurance shall~be written in a Company satiafactory to lessor, said ` Comn~ny to be licensed in State in which equipment is locaLsd, and the lessor shall be tberein named as E the Iosa pa~Yee. The policp of iasurance ahall be at the sole co~t and eapense of lessee; it shall be depositeci with the leasor during the term of this lease and ahall oontain an endorsement that tbe insurance cover- ; age shall not be cancelled witbout 30 daye prior notice to lessor. ~ , ~ 9. Snrrender: Upon tbe expiration or earlier termination of this lesee, lessee ahall retura to leaaor tLe equip- ment in good repair~ conditian or working order. ordinary wear and tear resulting from proper uee thereof alone exce~ted, - by delivering it, packed and ready for shipment, to such place or carrier as leseor may specify within the city or county designated in paragraph 3 above. j 10. Tazea: Lesaee shall keep the equipment free and clear of all levies~ liens and encumbrances and ahall pay ~ all license fees, registration feea. a~~ents, charges and taxea (Municipal, State and Federal) includ- _ ing but not limited to ad valorem taxes. which may now or heresfter -be i~nposed upon ~the ownership. leasing, renting, sale~ posseasion or use of equipmen~ Under no circumstances is the lessor responsible for the t~ayment of Personal Property Taxes. The le.gsee agrees to report the equipment covered by the Lease~ where required, to all taxing agencies and is to make payment of atl taxes direct to the propef agency. Failure to do so will void any options or contengenciea and will be cauae for any one or separate actione as outlined in paragraph 14 titled DEFAULT. 11. InatatlaHon: Lessee sh:?il pay all costs of installation~ inchiding drayage from nearest transportation tern3inal, unIess otherwise specifically set forth in writing and signed by both les_~ee's and lessor's repz~e- ~ sentative at time lessee signs lease. Such an agreement to be attached to and become a part of this agree- ` men~ Under no circwnsta:~ces dces lessor agree to pay the eost of elzctrical wiring or plumbing in con- nection with ~he installation of the equipment covered by thia agreemenk ~ 12. Wurrantieg: Lesse-~ acknowledges that lessor has made no representations and that there are no warran- ties~ .either eapresse4 or implied. except arritten warrantie$ provided by lessor~ as to any matter whatso- ever including, but not limited to, the co~dition of the equipment~ its mem,hantability or fitnese for any particular Purpose• , , ~ 13. Indemnlty : Lessee shall indemnify lessor against, and hold lessor harmleas from any and aU claima. ; actions, saits, proceeding+s, cost9, expenses, damages and liabilities, including attorney's fcea, arising out ' of, connected with or resulting from the equipment~ including without limitation the manufactuse~ eelec- ~ ~ tion, delivery, po.5.,gession, u~e, operation, or return of the equipment E ' i 14. Deis~ilt: If lessee with regard to any it,~m or itema of equipment fails to pay any rent or other amount ~ ~ hereia pro~~ided a~thin ten (10) days after the same is due and payable. or it lessee with regard to-anY ~ item ~ or items of equipment fails ta observe. keep or perform any other provision of thia lease required ~ to be observed, kept or performed by lesaee~ lessor ahall have the right to exercise any one or more of the ~ following reanedies: (a) To declare the entirc amount of rent hereunder unmediately due and payable as to any or all itema of equipment, without notice or demand to leasee. (b) To sue for and recover all rents, and other payments, then accrued or thereafter accruing. with re- spect to any or all items of equipmen~ (c) To take posseseion of any or all itema of equipment without demand or notice, wherever same may ~ be located, without any court order or other process of law. Lessee hereby waives any and all dam- ~ ages occasioned by su~h taking of possession. Any said taking of pagsession shall not constitute a ~ termination of this lea.se as to any or all items of equipment unless lessor eicpressly so notifies les.see ~ in writing. (d) To terminate this lease as to any or all .items of equipment. ~ (e) To pursue any other remedy at law or in equity. ~ Notwithstandi.ng an~• ~aid repossession, or any other action which lessor may take lessee shall be and ~ remain liable for the fi~ll performance of all obligations on the part of les4ee to be gerformed under this lesse. ~ All such remedies are cumulative, any may be exercised concurrently or separately. Waiver of any default ahall not waive any other default. ~ . ~ 15. Bani~uptcy : 1~'either this lease nor any interest therein is assignable or transferable by operation of law. ~ If any proceedifl~ :inder the Bankruptcy Act, as amended, is commenced by or against the lessee, or if ~ ~ o R E 6~2 ~ BOOK PAC , ~ ~ y . ~ -y~ - : ~ ; .