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HomeMy WebLinkAbout0379 . ~ 1 t i t {'age -2- ~ i event nf loss or damage of any kind whate~~er to any item of equipment, le~.see at tbe option of lessor ' shall: (al place the sume in good repair, condition and working order; or (b) replace the same with like equipment in aoacl repair, condition and working order. I.essee further agrees to anaintain fire insurance w~th extended co~•crage provisiona to the full insurable valize of the equipment during the term of thi~ letise or r~nv extensioii hereof. Said insurance shall be wri~.ten in a Company satiFfactory to ]essor~ said ~ Comnany to be licensed in State in which equipment is located, and the lessor shall be therein named as ~ the losa payee. The policy of insurance ahall be at the sole c~et and expense of lessee; it shall b@ deposited ; with the lessor during the term of this lease and shall coritain an endorsement tha~t the insurance cover- ~ age shall not be cancelled without 30 days~ prior notice to lessor, ~ ~ 9. $urrcnder: Upon tbe expiration or earlier termination of this lease, Iessee shall return to leseor tLe equip- ' raent in good repair, condiiian oz• working order, ordinary wear and tear resulting from proper use t6ereof ; alone exceptod. by deli~~ering it, ~ac~ed and ready for shipment. to such place or carrier as Icssor may ~ ~ specify within the city or county designated in paragraph 3 above. 10. Ta~ceH; Lessee ~.hall keep the equipment free and clear of all levies~ liens and encumbrances and shall pay all license fees, registration fees. assessn~ents, charges and taxes (Municipal, State and Federal) includ- ing but not limited to ad valoreni taxes, which maY now or rereafter be iinposed upon the ownershi~, leasing~ renting, sale, possession or use of equipment. Under no circumstances is fhe lessor rresponsible for the pa.yment of Personal Property Ta.Yes. The lessee agrees fo report the eyuipment covered by the Lease, vsrh~ra required, to all ta.~cing agencies and is to make payment of all taxes direct to the prope"r agency. ; Failure ta do so ~vill voi3 any options or contengencies and will be cause for any one or separate actions as outlined in paz•agraph 14 titled DEFAULT. : 11. In~t:s~iation: Less~ sh1i1 pay all costa of iustallation, including drayage from nearest transportation ~ tern~inal, unless otherwi~e specifically set forth in writing and signed by both les~~ee's and Iessor's repc~e- I sentative at time Ie~see sigus lease. Such an agreement to be attaehed to and become a part of this agree- ; ment. Under no circ~imstances does lessor agree to pay the eost of electrical wiring or plumbing in con- nection aith the instaUation of the equipment covered by this agreement. 12. ~Varr~nti~: L.essee dcknowledges that lessor has made no representation~ and that there are no warran- ties, .either expres~e~ or implied, ~cept v~ritten warranties provided by lessor~ as to any matLer whatso- ~ e, er includin~, but not limited to, the coi:clition of the equipment, its merchantability or ~tness for any partiicul3r purpose. t3. Indemnit3: Lessc~e sha11 indemnify Iessor against, and hold lessor harmless from any aad all claims. actions, saits, procc~edings, c~sts, expenses, damages and liabilities. including attorney's fees, arising out of, connected with or resulting from the equipment, includ'uig without limitation tTie~manufacture, selec- tion, delivery; pvss•.:ssiou, use, operation, or return of the equipmen~ i 1~. Default: If te~see with regarci to any item or items of equipment fails to pay any rent or other amount i herein pro~•ided azthin ten (10) -days after the san~e is due and payabte~ or if les.see with regard to any I item or items of eq~upment fails to observe, keep or perforni any other provi5ion of this lease required to be observed. kept or performed by lessee~ lessor shall have the right to exercise any one or more of the following remedies: (a) To declare the eutirc amount of rent hereunder immetliately due and payable as to any or all items of equipment, without notice or demand to lessee. (b) To sue for and recover all •_-ent~s, and other payments. then accrued or thereafter aceruing, with re- spect to any or all items of equipment. (c) To take ~wx~es5ion r~f anv or all items of equipment without deraand or notice, wherever same may , be located, ~vithout any court order or other prceess of law. Lessee 6ereby waives any and all dam- ~ ages occasio~?ed bS~ such taking of possession. Any said Laking of possession shall not constitute a ~ termination of this lea.se a.g to any or all items of equiPment unless lessor expressly ~so notifies le.s,see . _ ~ in writing. ~ (d) To terniiaate this lease six to any or all ite~ of equipment. (e) To pursue any other remedy at law or in equity. Natwithst.wciu~g .in~' :aid repossession, or any other action which les.gor may take lessee shall be a.nd remain liable for the full performance of all obligations on the part of lessee to be performed under this ~ lease. All : uch remedies are cumulati~~e, any may be exercised concurrently or separately. Waiver of any default ~ shall not waive any oLher default. 15. Bant~upte~: tieith~~; ±his lea.se nor any interest ther~in is assignable or transferable by operation of law. If any pr~ec~eciin~? ~mrler the Bankruptcy Act, as am~nded, is commenced by or against the lessee, or if i x i EO:~t(~, PAGE ° ' 37~ ; S ~ ~ ' -i t _ ~ . „ 4r~~'~a~ ~~'~'..u,*~.a.'3c . :.t3h.c~:~' ~ ~ ~~i .