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!. . . . . . . . . . . I. ,. '. I. . . . . . . . . . . . . . . . . . . . . . . . . . . . o OWNERSHIP AND STATUS OF EQUIPMENT: The equipment will deemed to be personal property regardless of the manner in which it may be attached to any other prope11y. The Lessor shall be deemed to have retained title to the equipment at all times unless the Lessor transfers the title by sale. LIABILITY AND INDEMNITY: Liability for injury, disability and death of workers and other persons caused by operating, handling, or transporting the equipment during the terms of this Lease is the obligation of the Lessee, and the Lessee shall indemnify and hold the Lessor harmless from and against all such liability. Lessee shall maintain liability insurance of at least $500,000.00 CASUALITY INSURANCE: The Lessee shall insure the equipment in an amount sufficient to cover the replacement of the equipment. T AXES AND FEES: During the terms of this Lease, the Lessee shall pay all taxes, sales and/or use tax if required, assessments, and license and regulation fees on the equipment. DEFAULT: The occurrence of any of the following shall constitute a default under this Lease: A. The failure to make a required payment under this Lease when due. B. The violation of any other provision or requirement that in not corrected within thirty (30) days after written notice of the violation is given. C. The insolvency or bankruptcy of the Lessee. D. The subjection to any of Lessee's property to any levy, seizure, assiglUllent or sale for or by any creditor or government agency. RIGHTS ON DEFAULT: If Lessee is in default under this Lease, the Lessor may take possession of the equipment as provided by law, deduct the cost of recovery (including reasonable attorney fees and legal costs), repair an.q related costs and hold the Lessee responsible for any deficiency. The Lessor shall be obligated to re-lease the equipment, or otherwise mitigate the damages from the default, only as req4ired by law. .. 0 NOTICE: All notices required or permitted under this Lease shall be deemed delivered when delivered in person or by certified mail, postage prepaid, addressed to the appropriate party at the address shown for that party at the beginning of this Lease. ASSIGNMENT: The Lessee shall not assign or sublet any interest in this Lease or the equipment or permit the equipment to be used by anyone other than the Lessee or Lessee's employees, without the Lessor's prior written consent. 20f3 Lessee Initial M Ij.~