HomeMy WebLinkAbout0922 assi~rm~;nt of LES9~ItS' ra.ghts hereunder sha1~ E,e an sssigriment of ri.ghts
aniy, and the assi.gnee shal? not ass~me any of the abligations of i.E,S90RS.
This Lease and ttie rights and intei~ests of LFSSEE hereur~er ere anc3 shall
be subordinate to any security ~reenent or agreanents executed by LES90RS
for the benef it of any assi.gnes hereunder, coverirag the vehicle herein
leased.
17. ~ DEFAULT: Time is of the essence of this agreement, LES90qtS
may, at the~iion, by written notice to LESSEE, declare this Lease in !
default on the happening of any of the follow-i.ng:
a. Failure by LES,SEE prc~mptly to pay or perfoYm any of
his ob~i.gations here~n~der;
b. FilinA of any proceeding in banlan~ptcy or under any
law for relief of debtors imrolv:ng LESSEE or the leased vehicl~;
c. Transfer of ali or ar~y part of LESS~'s intere~t herein,
~ ~ether by-~~alimtary ~csig~nent ar by operati~n of law;
d. Expiration or cancellation of any policy of insurance
agreed to be paid for by LE5SEE, or ces~ation in forre accordiTMg to its
original tera~s of any such insurance, or of any extensiozi or renewal thereof,
duriTMg the teYms of this Lease.
Ch notice by LFS90RS that this Lease is in default, the vehicle then
subject h,ereto shall be simendered and delivered to LESSORS as provided in
Sectian 14 hereof, ar,d L~SSCR~ ~ay i,ake pc~ssession of such vehicle ~erever .
the said vehicle may be famd, with or withaut process of law, and in sa
doing may enter on the prenises of LESSEE, whether by ope~ration of la~a or
otheYwise, shall have any ri,ght, title or int~rest in the leased vehicle or
the posssssion or use thereof, and LES50RS shall retain aIl rights ar~d other
~ paid by LFSS~ heretu~der with resFect to such vehicle. The rights and
ranidies of LESSt3RS here~uLder are n4t exclusive, but cimulative and in
addition to all other rights and renedies prwided by law.
18. WAIVER: Failure of L~S90~tS in any one ar more instances to
insist on str
ct perfarmarLCe of any of the tern~s of thi.s I,ease shaZl not
thereafter be constried as a waiver of th+e right to insist oTi svch perfor-
mance, or shall the waiver of any breach of any teims c~f this Lease be
thereafter canstnied as a waiver of such tenns, which shall conti~nue in
force as if no such waiver had occurred.
19. ~ LEASE aNT,Y: 'Ihis agreenent is a Lease only, and LE.SSSEE shall
S
net hereby acqu~,re any ri.ght, title, or interest in or to the vehicle
herein 1!~.ased other than that of a LF.SS~ .
20. NOR'ICES: Notices pravid~l far herein shall be deened given
~I when mail t~o
e. addresses of LESSEE and LFS9~RS as hereinaoove provided,
- 21. BIrIDIlJG ~EFFECT: 'Ihis agreenent shall bind an~d inure to the
~ benefit n t parties,-their heirs, executors, acDninistrators, successors,
~ and assigns e~ccept as may oth~iwi~e be pravided herein.
nA~n S 21/ aay pf i9si.
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