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the lessee is adjudged insolvent, or if the lessee m~kes any assignment ior the benefit of his creditors, or
if a writ of attachment or execution is levied on any item or items of the equipment and is not released
or satisfied «~ithin ten (10) days thereafter, or if a receiver is appointed in any proceeding or action to
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ment~ lesaor ahall have and may exercise any one or more of the remedies set forth in paragraph 14 hereof ; t
~nd this lease shall, at the option of leasor, without notice, immedi~tely terminate and shall not be treated
As ~n asset of lessee after the exercise of said option. I.ea:~ee «~aives all right under all exemption la~rs.
16. I.essor's Expenses: Lessee shall pay lessor all costs and expenses, including attorney's fees, incurred br
lessor in exercising any of it~ rights or remedies hereunder or enforcing an~~ of the ternts, conditio~is or
provisions hereof.
17. Assignment: ~Vithout the prior ~vritten consent of lessor, lessee shall not (a) assign, transfer~ pledge or
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the equipment or any part thereof or permit the equipment or any part thereof to be used by anyone
other than lessee or lessee's employees. Consent to any of the fore~oing prohibited acts applies only in
the given instance ; and ~ia~ not a~eo~sent to anr subsequent 1_ike act by lessee or any other person. Subject
~hvays to be the ~-oregoing~ this lease inures to the benefit of, and is binding upon, the heirs, legatees,
personal representatives, successors and assigns of the parties hereto. Should lessor on receipt of ~vritten
request from lessee agree to transfer or assign lease to third party, lessec agrees to pay lessor its e~:pense
in handling such transfer or assignment. This aniount not to be less than fifteen dollars (~25.00).
1S. I.essor's Assi~nment: It is ttnderstood that le~sor coiitemplates assibning this lease and/or mortoaging of
the equipment, and that assignee may assign the same. All i•ights of lessor in the equipment and here-
under rnay be assigned, pledged, rnortgaged, transferred, or other«~ise disposed of, either in whole or in
part, tivithout notice to lessee. The assignee's rights shall be free from all defenses, set-offs or counter- _
claims ~4•hich lessee may be entitled to assert against lessor. 1~Yo such assignee shall be obligated to per-
foim ~n~- dut~r, cot~enant or condition required to be performed b~~ lessor under the terms of this lease.
19. Ownership: The equipment is, and shall at all times be a~d remain, the sole and etclusive personal prop-
erty of lessor; aiid the lessee shall have no i~ight, title or interest therein or thereto except as expressly set
forth in this lease. It is further expressly agreed by lessee tiiat the said equipment shall at all times Ue
removable as the personal prop2rty of the lessor and under no circumstances shall the same be considered
. or treated as part of the realti~ or real propert~~ upon «•hich it is or ma~• hereafter be situated.
20. Interest: Should lessee fail to pay anv part of the rent herein reserred or any other sum required by
' lessee to be paid to lessor, within ten (10) daS~s after the due date thereof, lessee shall pay unto the lesso~• '
interest on such delinquent pa~~ment from the espiration of said ten (10) da~~s until paicl at the rate of
~ six per cent (G%) per annum. ~ .
21. Notices: Ser~tice of all noticea under this agreement shall be suf~icient if git~en or mailed to the part~~
involveci at its respective address hereinafter set forth, mailed to such address shall be effectire ~vhen
cieposited in the United States mail, dul~~ addressed and with postage prepaid.
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22. In consideration of the mutua~-covepants cor}tained herein, lesaee is hereb~~ granted the option to obtain a
: ne~v one-~°ear lease at the annual rei~tal of $ S~v~^ y~s n~/tQI1---------------------- (Dollars) ~
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70.0~1 Said option rnay be exercised by leasee bv ~vritten notice to that effect to lessor,
~ tivhich notice shall be accompanied by payrment of the entire annual rental above described, and ~vhich ~
E shall be delirered to lessor, not less then ninety ( 90) days before the expiration of the term hereof, to- `
gether «•ith the sum required for taxes as specified in Paragraph 10 herein above. Said ne~v one (1) year ~
~ term, any succeeding one (1) year term, shall carry an identical option hereto, and except or the amount ;
of rental, each ne~v lease shall be subject to provisions and conditions identical with those of i,his lease. ;
~ The rental pa~~able for each new lease shall be that specified in Paragraph 22 as payable for the first ne~r =
; lease. I`Tot~vithstanding anything provided in this paragraph, in no. e~ent shall lessee option to obtain ~
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~ more then f tve (5 ) successive new Ieases hereunder.
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~ 23. Gender: Iv'umber: ~Vhenever the context of this lease requirea,.the masculine gender includes the feminine
or neuter, an~l the singular number inciudes the plural; and «~henet~er the ~vord "lessor" is used herein it
ahall include all assignees of lessor. If there is more than one lessee named in this lease, the liabilitr of
each ahall be joint and several. '
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24. Time Is of the Essence: Time is e:cpressl~- declared to be of the essence of this lease and of each clause _
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