HomeMy WebLinkAbout3002 10: PAYMENT:
Time is of the essence of this contract. All payments shall be made
by Purchaser strictly in accordance with the terms of the Note, a copy
of which is attached hereto as Exhibit 'A', and is expressly incor-
porated herein by reference. Purchaser acknowledges that Holder is
a financing party only and shall have all the rights of a holder in
due course of a bill of exchange and shall have none of the obligations
of Seller hereunder except in the event of a realization of the
security by Holder. Purchaser shall pay Holder all sums payable here-
under without delay or deduction by reason of any dispute concerning the
quality or performance of the Equipment or any other right of set-off
or counterclaim now or hereafter existing between Seller and Purchaser.
11: DEFAULT BY PURCHASER:
In view of the nature of Seller's business which makes it essential
that Seller be promptly paid for the Equipment and that Purchaser
comply in other respects with the terms hereof, any one of the
following events (hereinafter referred to as an "event of default")
shall conclusively be deemed to be an act of repudiation hereof
by Purchaser:
(a) if default shall be made in the payment of any
of the level monthly instalments of the Note; or
' (b) if default shall be made in the due observance
or performance of any covenant or agreement on the
part of the Purchaser to be observed and performed
under this contract; or
(c) if by the order of a court of competent juris-
diction, a trustee, receiver or liquidator of the busi-
ness operated by the Purchaser or the property of the
Purchaser shall be appointed and such order shall not
be discharged or dis,:.issed within thirty (30) days
after such appointment; or
(d) if Purchaser shall file a petition in bankruptcy
or for an arrangement or for reorganization pursuant
to the Federal Bankruptcy Act or any similar law,
federal or state, or if, by decree of a court of
competent jurisdiction, Purchaser shall be adjudi-
~ Gated as bankrupt, or be declared insolvent, or shall
~ make an assignment for the benefit of creditors, or
i shall admit in writing their inability to pay their
_ debts generally as they become due, or shall consent
n to the appointment of a receiver or receivers of all
or any part of their property; or
(e) if any of the creditors of Purchaser shall file
a petition in bankruptcy against Purchaser or for
reorganization of Purchaser pursuant to the Federal
Bankruptcy Act or any similar law, federal or state,
and"if such petition shall not be discharged or dismisse
within thirty (30) days after the date of which such
petition was filed; or
(f) if final judgment for the payment of money shall
be rendered against Purchaser and Purchaser shall not
discharge the same or cause it to be discharged within
thirty (30) days from the entry thereof, or shall not
appeal therefrom or from the order, decree or process
1 upon which or pursuant to which said judgment was
granted, based or entered, and secure a stay of exe-
cution pending suc:i appeal.
then, and in either or in any of such events, upon notice and demand
(in the event any default as herein provided for consists of non-
payment of money, defaulting party shall have three (3) days from the
date of notice of such default in which to cure said default and in
the event an incident of default is other than the non-payment of
money, defaulting party shall have seven (7) days from the date of
notice of such default in which to cure said default), the said
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