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Home My WebLink About0603 P:~ge -3- ~ the lea9ee is adjudged insolvent~ or if the lessee makes any aseignment for the benefit of hia creditors. or f if a writ of attachmeut or execution ia levied on any item or it~ms of the equipment and is not released ~ nr satisfied within ten (10) daya thereafter, or if a receiver ia appointed in any proceeding or action to ! which the lessce is a party with aut6ority to take possesaion or control of any item or iteme of the equip- ; ment. lessor shall have and may exercise any one or more ot the remediee set forth in paragraph 14 hereof; and this lease shall~ at the option of lessor, witt?out notice~ iramediately terminate and shall not be treated ~ as an asset of lessee after the exemise of said option. Lessee waives a11 right under all exemption lawa ; 16. Leasor's Eupenses: Les.gee shall pe?y Iesaor all costs and expenses~ including attorney's fees, incurred by- 3 lessor in exercising aay of its rights or remedies hereunder or enfot~cing any of the terms~ oonditions or ~ provisions hereof. ~ ~ 17. Asslgnment: Without the prior written consent of leasor, lessee shall not (a) assign. transfer. pledge or hypothecate this lease, the equipinent or aay part thereof. or any interest thereia or (b) sublet c~r lend the equipment or any part thereof or permit the equipment or any part thereof to be t~sed by aayone ' other tban le~see or lessee's employces. Consent to say of the foregoing pro~ibited acts appliea only in the given inst:~nce; and is not a consent to any subsequent litce act by les~ee or any other person. Subject always to be the foregoing, this lease inures to the benefit of, and ia binding upoa. the heirs, legateee personal representatives~ successors and a~signs of the parties hereto. Should lessor on receipt of written ' request from tessee agree to transfer or assign lease to third party, le~see agrees to pay lesaor its expense in handling such transfer or assignment~ This amount not to be less than fifteen dollara (a15.00). 18. I.es.gor's Asalgnn~nt: It is understood that lessor contemplates asaigning tLis leaee and/or mortgaging of the equipment, and that asaignee may assign the same. All rights of lessor in the equipment and here- under may be assigned, pledged, mortgaged, transferc~ed~ or otherwise 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- claime which lessee 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 thia leaee. 19• Ownership: The equipment is~ and shall at all times be and remain, the sole and exclusive personal pt'op- erty of lessor; and the lessee shall have no right, title or interest tLerein or thereto eace~t aa expr~ssly set forth in this lease. It is further expressly agreed by lessee that the said equipment ehall at all times be removable as the personsl property of ~ the lessor and under no circumstanoeB aha11 the same be con~i~~ or treated as part of the realty or real property upon which it is or may hereafter be aituatecl. Z0. Interest: Should lessee fail to pay any part of the rent herein r~rved or, any other sum required by ` ~ lessee to be pa.id to lessor~ within ten (10) days after the due date thereof, lessee shall pay unto the lessor interest on such delinquent payment from the expiration of said ten (10) days until pafd at the rate of S six per cent (6~v ) per annum. - ~ . F ~ 21. Notice~:: Service of all notices under this agre.~ement shall be sufiicient if mailed to the partY in~olved at ; its respec:tive address hereinafter set forth, mailed to such addres~ shall be effective when deposited in ~ the United States mail, duly ad~ressed and with postage pre~d.~:•1 ~ 8~ ~ ~ : I ~ . ~ t. . ~ _ . ~ ~ '(Dollars) ; ~ _ new one-year lease at the annual rental of ~~~f i~rN N1d 110/i00~•••~---••~• , i ~ j~ ( g 5= •00,_ _ Said option may be exercised by lessee by notice to that ef fect to lessor, E which notice shall be accompa.nied by 'payment of the entire rental above described, and which E ~ q~j shall be delivered to lessor, not less than ninety (90).~ before the eicpiration of the term hereof~ to- ~ gether with the sum required for taxes as specified in Paragraph 10 herein above. Said new one (l.) year ~ term, any succeeding one (1) year shall carry an identical option hereto~ _ a.nd except or the amount ~ ~ of rental, each new lease sh sub}eet to provisions and eonditions identical with those of thie lease. ` y The rental payable f c new lease shall be that spe,cified in Paragraph 22 as payable for the firat new 3 lease. Notwi nding anything provided in this paragraph, in no event shall les.see option to obtain ~ . ~ _ ,_t[11a_ _ t s-) successive new leasee ~erewnder. - - - ~ ~ 23. Gender: Number: ~'Vhenever the context of this leaee requires~ the masculine gender iacludes the feminine ~ 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 aeveral. ~ ~ j C'~'1'~'me~Ts o~"{be~~SSenc~~~$~$~l~TaL~'~.RTC~E~'~f'n!'~~k'~'f'Qtf~'T~ftt!'df`~~'AQ9e ~ 3a. Titl• npon gayweat~ Titl• to l~a~~d equipotnt ~b~?11 autasstically ~ ~~~t in 1~~aN upoo tnll paym~nt to le~sor oi sll rtntal paywat• a~t ~ tortb in puaqraph 2 b~~ot . ~ _ 0 R ~ . ~ 800K ~rtA~ PACE V~ : ~ . :X ~ ~ _ - • -