The URL can be used to link to this page

Home My WebLink About1493 P.~Rc -3- the leagee is adjudged insolvent. or if the lessee makes any assignment for the benefit of his creditore, or if a writ of aLtachment or execution is levied on any item or iLems of the equipinent and is not released , or satisfied within ten (10) days thereafter, or if a receiver is appointed in ~ny proceeding or.action to which the lessce is a party with authority to t~ke po~session or control of a~y item or items of the equip- ment, lessor shall have and may exercise any one or more of tbe remedies set furlh in paragraph 14 hereof; and this lease shall, at the option of lessor. without notice. immediately terminate and shall not be treated as an asset of lessee after the exercise of said option. Lessee waives all right under all exemption laws. lti. Lee~.gor's ~pens~: Lessee shall pay lessor all costs and expenses~ including attorney's fees, incurreci by lessor in exercising a.ny of its rights or remedies hereunder or enforcing any of the terms~ conclitions oi• Nmvisions hereof. 17. A~sigament: Without the prior written consent of lessor~ les.see shall not (a) assign, transfer~ pledge or hypothecate this lease, the equipinent or any part thereof, or any interest therein or (b) sublet or lend the equipnient or any part thereof or permit the equipment or any part thereof to be u.sed by anyone other than leasee or les.see's employees. Consent to any of the foregoing prohibited acta a~plie.q ~nly in the giveu inst.~nce; and is not a consent to any subsequent like act by les.see or aqy other peison. Subject always to be the foregoing, this lease inures to the benefit of. and is binding upon, the heirs, iegatces personal representatives, successors and assigns of the parties hereto. Should lessor on receipt of Nritten request from !es.see agree to transfer or a.ssign lease to third party, lessee agrees to pay lessor its expense in handling such Lransfer or xssignmeu~ This amount not to be less than fifteen dollars ($15.00). 18. LeSSOr's Assignment: It is understood that leagor contemplates assigning this lease and/or mortgaging of the equil~ment~ and that assignee may assign the same. All rights of lessor in the equipment and here- under may be assigned~ pledged, mortgaged, transferred, or oiher~ti•ise disposed of, either in whole or in part~ without notice to lessee. The assignee's rights shall be free fi•or~ all defenses, set-offs or counter- clsims «hich tessce msy be cntitled to assert against 1e~r. :~'o ~uch a~s:guEe shall b~ obligated to p~r- form any duty~ covenant or condition required to be performed by lessor under the terms of this lesse. 19. O~~nership: The equipment is. and shall at all times be and remain~ the sole and exclusive personal prop- erty uf lessor; and the les.see shall have no right~ title or interest therein or thereto except as expressly set forth iu this lease. It is further expressly agreed by lessee that the said equipment shall at all times be rrmuv.,ble as the personal property of the lessor and under no circumstancea ahall the same be considai~ed ur t,iti:ated as part of the realty or real property upon which it is or may hereafter be situated. ~ 20. Intereet: 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 date thereof; lessee shali pay unto the lessor ~ interest on such delinquent payment from the expiration of said ten (10) days until paid at the rate of su: per cent (6;b) per annum , ~ ~ 21. 1\otic~: Service of all notices under tliis agreement shall be suffi~~ient if mailed to the party inrolved at ~ its c•espec:tive address hereinafter set forth, mailed to such addresa shall be effective when deposited in ~ the United States mail, duly addressed and with postage prepaid. ; ~ S 22. In consideration of the mutual covenants contained herein, lessee is hereby granted the option to obtain a • ~ new one-year l~~se at the annual rental of $_.3~11~n~j/ ~nd ~0/100- (Dollars) ~ ~ ($__.T4~ _ Said option may be exercised by le.gsee 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 nine (90) da before the ex iration of the term hereof to- ~ gether ~~rith the sum required for taxes as specified in Paragraph 10 herein above. Said new one (1) year t,erm, any succeeding one (1) year term~ shall carry an identical option hereto. a.nd except or the amount of rental, each new lease shall be subjeet to provisions and conditions identical with those of this lease. ~ The rental payable for each new lease shall be tt~at specified in Paragraph 22 as payable for the fust new y~ lease. NotwiWstanding anything provided in this paragraph, in no event shall les.see option to obtain ~ more the~ _ f ( S~ succesaive new leases hereunder. :~:z 23. Gender: Number: ~'Yhenever the context of this leaee requirea, the masculine gender iacludes the feminine ='t or neuter, and the singular number includes the plural; and whenever the word "lessor" is used berein it _ s~?ll 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. ~4. Time Is oI We FiSSence: Time ie expressly declat~ed to be of the eagence of this Iea.~e and of each clause ~ ~w 3'~'.,,` ~T c I V ~ ~ i~ 237 ~~492 - . . , aoac ~ - ~ ; =r ~ ~ ~ y~ X'~ ~ - I .i ~ I ~ ~t'y i°'~~ ,~u ~ ~~~~~i'e~"~..."~t~ P ~~ti...~~.. ~ 1~ , ~ -n"S-±' x .~-1.a~.~a~ ~ .