|
<br />.
<br />
<br />.
<br />.
<br />()
<br />.
<br />.
<br />.
<br />.
<br />(t
<br />.
<br />.
<br />.
<br />.
<br />.
<br />.
<br />.
<br />.
<br />e
<br />.
<br />e
<br />.
<br />e
<br />.
<br />e
<br />.
<br />.
<br />.
<br />.
<br />e
<br />.
<br />.
<br />'e
<br />I.
<br />.
<br />()
<br />Ie
<br />1(1
<br />!()
<br />.
<br />.
<br />.
<br />e
<br />3
<br />
<br />.......
<br />
<br />date thereof, Lessee shall pay to Lessor a service charge of 8 % of the amount due: provided, however, that not more than one such service
<br />charge shall be made on any delinquent payment, regardless of the length of the delinquency. In addition to the foregoing service charge, Lessee
<br />shall pay to Lessor a $100 default fee with respect to any payment which becomes thirty (30) days past due. In addition, Lessee shall pay to
<br />Lessor any acrual additional expenses incurred by Lessor in collection efforts, including but not limited to long-distance telephone charges and
<br />travel expenses. Lessee shall pay to Lessor interest on any delinquent payment or amount due under this Lease from the due date thereof until
<br />paid, at the lessor of the maximum rate of interest allowed by law or 18% per annum.
<br />20. TIME OF ESSENCE. Time is of the essence of this Lease, and this provision shall not be impliedly waived by the acceptance on
<br />occasion of late or defective perfonnance.
<br />21. DEFAULT. Lessee shall be in default if:
<br />(a) Lessee shall fail to make any payment due under the tenns of this Lease for a period of ten (10) days from the due date thereof; or
<br />(b) Lessee shall fail to observe, keep, or perfonn any provision of this Lease, and sllch failure shall continue for a period of ten (10) days;
<br />
<br />or
<br />
<br />(c) Lessee has made any misleading or false statement in connection with application for or perfonnance of this Lease; or
<br />(d) The Equipment or any part thereof shall be subject to any lien, levy, seizure, assignment, transfer, bulk transfer, encumbrance,
<br />application, attachment, execution, sublease, or sale without prior written consent of Lessor, or if Lessee shall abandon the Equipment or any
<br />other entity or person to use the Equipment without the prior written consent of Lessor; or
<br />(e) Lessee dies or ceases to exist; or .
<br />(I) Lessee defaults on any othe~ agreement it has with Lesso~; or of default occ:.!. with respect to any guarJIllOr or any such guarantor flies
<br />or has filed against it a petition under the bankruptcy laws.
<br />22. REMEDIES. If Lessee is in default, Lessor, with or without notice to Lessee, shall have the right to exercise anyone or more of the
<br />following remedies, concurrently or separately, and without any election of remedies being deemed to have been made:
<br />(a) Lessor may enter upon Lessee's premises and without any court order or other process law may repossess and remove the Equipment,
<br />or render the Equipment unusable without removal, either with or without notice to Lessee. Lessee hereby waives any trespass or right of action
<br />for damages by reason of such entry, removal, or disabling. Any such repossession shall not constirute a termination of this Lease unless Lessor
<br />so notifies Lessee in writing;
<br />(b) Lessor may require Lessee, at its expense, to rerum the Equipment in good repair, ordinary wear and tear resulting from proper use
<br />thereof alone expected, by delivering it, packed and ready for shipment, to such place or carrier as Lessor may specify;
<br />(c) Lessor may cancel or tenninate this Lease and may retain any and all prior payments paid by Lessee;
<br />(d) Lessor may declare all sums due and to become due under this Lease immediately due and payable, including as to any or all items of
<br />Equipment, without notice or demand to Lessee;
<br />(e) Lessor may re-lease the Equipment, without notice to Lessee, to any third party, upon such terms and conditions as Lessor alone shall
<br />detennine, or may sell the Equipment, without notice to Lessee, at private or public sale, at which sale Lessor may be the purchaser;
<br />(f) Lessor may sue for and recover from Lessee the sum of all unpaid rents and other payments due under this Lease then accrued, all
<br />accelerated furure payments due under this Lease, discounted to their present value at a discount rate of 9% as of the date of default, plus
<br />Lessor's estimate at the time this Lease was entered into of Lessor's residual interest in the Equipment, reduced to present value at a discount
<br />rate of 9 % as of the date of default, less the net proceeds of disposition, if any, of the Equipment:
<br />(g) To pursue any other remedy available at law, by starue or in equity.
<br />No right or remedy herein conferred upon or reserved to Lessor is exclusive of any other right or remedy herein, or by law or by equity
<br />provided. or pennitted, but each shall be cumulative of every other right or remedy given herein or now or hereafter existing by law or equity
<br />or by starute or otherwise, and may be enforced concurrently therewith or from time to time. No single or partial exercise by Lessor of any
<br />right or remedy hereunder shall preclude any other or further exercise of any other right or remedy.
<br />23. l\1UL TIPLE LESSEES. Lessor may, with the consent of any one of the Lessees hereunder, modify, extend, or change any of the terms
<br />hereof without consent or knowledge of the others, without in any way releasing, waiving, or impairing any right granted to Lessor against the
<br />others. Lessees and each of them are jointly and severally responsible and liable to Lessor under this Lease.
<br />24. EXPENSE OF ENFORCEl\IEJI.'T. In the event of any legal action with respect to this Lease, the prevailing party in any such action
<br />shall be entitled to reasonable artoraey fees, including attorney fees incurred at the triai level, including action in bankruptcy court, on appeal
<br />or review, or incurred without action, suits, or proceedings, together with all costs and expenses incurred in pursuit thereof.
<br />25. ENTIRE AGREEMENT; NO ORAL MODIFICATIONS; NO WAIVER. This insnument constiMes the entire agreement
<br />between Lessor and Lessee. No provision of this Lease shall be modified or rescinded unless in writing signed by a representative of Lessor.
<br />Waiver by Lessor of any provision hereof in one instance shall not constitute a waiver as to any other instance.
<br />26. SEVERABILITY. This Lease is intended to constilUte a valid and enforceable legal insnument and no provision of this Lease that may
<br />be deemed unenforceable shall in any way invalidate any other provision or provisions hereof, all of which shall remain in full force and effect.
<br />
<br />AS TO:
<br />
<br />
<br />Date ~j:'( r;, I ;;JrJ2)(p
<br />Date ~C):t.
<br />
|