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the leesee is ac~judged insolvent~ or ii the lessee makes aqy aseignment for the beneftt of his creditors. or
if a writ of attachment or execution ie levied on any item or iteme o! the equipment and.is not released
or satisfied within ten (10) days thercafter~ or if a receiver is appointed in any proceeding or action to ;
which the lessce is a party with authority to take possessioa or control of any item or items of the equip- !
ment~ lessor shall have and may eicercise any one or more ot the remedies set forth in paragraph 14 hereof; '
and thia lease shall~ at the option of lessor, without notioe. immediately terminate and ahall not be treated ~
as an asset of lesaee after the exercise of said option. Lessee waives all right under all eaemption lawa t
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16. I.eesor's Eapenses: Lessee shall paY le~sor all costs and expenses, including attorney's fees, incurred by
leasor in exercising any of its righta or remedies hereunder or enforcing any of the terms, conditione or
provisions hereof.
17. Aasigament: Without the prior written consent of lessor~ lessee ahall not (a) asaign. tranafer. pledge or
hypothecate this lease, the equipm~nt or any part thereof, or any interest therein or (b) sublet or lend
the equipment or aay part thereof or permit the equipment or any part thereof to be used by anyone
other tban IePSee or lessee's employees. Consent to any of the foregoing prohibited acts applies only in
the giveu instance; and is not a consent to any subsequent like act by les~ee or ar~y other person. Subject
always to be the foregoing, this lease inures ta t]~e benefit of. and ia binding upon, the beire~ legabees
personal representatives~ successors and assigna of the parties hereto. Should lessor on receipt of written
request from ~essee agree to transfer or ar,sigu lease to third party, lessee agrees to pay lessor its expense
in handling such transfer or assignmen~ This amount not to be lesa thaa fifteen dollare (a15.00).
18. Le5.4or's Aselgnment: It is understood that lessor contemplates asaigning thia lease and/or mortgaging of
khe equipment~ and that assignee may assign the eame. All rights of leasor in the equipmeat and here- _
under may be assigned, pledged, mortgaged, transferred, or otherwise disposed of~ either in whole or ia
part, without notice to le.ssee. The assi~nee's rights ahall be free from sll defenses, set-offs or counter-
claims which lessee may be entitled to assert againat lessor. No buch assignee shall be obligated to per-
form any duty. covenant or condition required tn be performed by lessor under the terma of tbis lesee.
19. Ownership: The equipment is, and shaU at all times be and remaia, the sole and exclusive personal prop-
erty of lessor; and the leasee shall have no right, title or interest therein or thereto eacept as eapregsly set
forth in this lease. It is further expressly agreed by lessee that tLe said equipment ehall at all times be
removable as the pereonal pmperty of tbe lesaor and under no circwnstancea ehall the same be considered
or tr~ated as part of the realty or real property upon which it is or may hereafter be eituated.
20. Intere~,t: Should lessee fail to pay any part of the rent herein reserved or any other sum required by -
lessez to be paid to lessor. withi.n ten (10) days after the due date thereof, lessee ahall pay unto the lessor
interest on such delinquent payment fcom the expiration of said ten (10) days until paid at the rate of
six per cent (6~) per annum.
21. 11~'otic~:: Service of all noticea under this agn'ement shall be sufficient if mailed to the party int olved at
its t~espec;tive address hereinafter set forth, mailed to such address shall be effective when deposited in
the United States mail, duly addreseed and with postage prepaid.
22. In consideration of the mutual covenante conta.ined herei.n~ lessee ia hereby granted the option to obtain a
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~ new one-year lease at the annual rental of ;-~~n~y-f iw and ne/~~~- (Dollars)
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~ 75.00 Said option may be exercised by le.qsee by written notice to that effect to lessor.
~ which notice shall be accompanied by payment of the entire annual rental above described, and which
f shall be delivered to lessor~ not less than ainety (90) days before the expiration of the term hereof~ to-
~ gether with the sum required for taxes as apecified in Paragraph 10 herein above. Said new one (1) year
term, any succeeding one (1) year teran, ahall carry an identical option hereto. and except or the amount
~ of rental, each new lease shall be subject to provisions and conditions identical with those of thie lease.
` The rental payable for each new lease shall be that specified in Paragraph 22 as payable for the firet new
lease. Notwithstanding anything provided in this paragraph, ia no event shall lessee option ta obtain
more the~_ f
~~Ct-- ( 5) successive ne~v leases hereunder.
23. Gender: Number: Whenever the context of this lease requiree, the masculine gender ~c~udes the feminine
E or neuter, and the singular number includes the plural; and whenever the word "lessor° is used berein it
= shall include all assignees of leasor. If there is more than one le.ssee named in this lease, the liability ot
' each shaU be joint and aeveral.
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; 2~. Time L9 of the Fr+.~ence: Time is expresaly declared to be of the esse.nce of this tea.ge and of each clause
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