Res 2004-051 - Laserfiche WebLink

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Upon the occurrence of an Event of Default and at any time thereafter, Lessor may exercise anyone or more of the remedies listed in this Section as Lessor in its sole discretion may lawfully elect; provided, however,. that upon the Occurrence of an Event of Default specified in Section 20 (d), an amount equal to Lessor's Loss as of the date of such occurrence shall automatically be and become immediately due and payable without notice or demand of any kind. Lessor must attempt to mitigate Lessor's Loss and damages. A. Lessor may, by written notice to Lessee, terminate this Lease and declare an amount equal to Lessor's Loss as ofthe date of such notice to be immediately due and payable, and the same shall thereupon be and become immediately due and payable without further notice or demand, and all rights of Lessee to use the Equipment shall terminate but .Lessee shall be and remain liable as provided in this Section 21. Lessee shall at its expense promptly deliver the Equipment to Lessor at a location or locations within the continental United States designated by Lessor. Lessor may also enter upon the premises where the Equipment is located and take immediate. possession of and remove the same with or without instituting legal proceedings. B. Lessor may proceed by appropriate court action to enforce performance by Lessee of the applicable covenants of this Lease or to recover, for breach of this Lease, Lessor's Loss as of the date Lessor's Loss is declared due and payable hereunder; provided, however, that upon recovery of Lessor's Loss from Lessee in any such action without having to repossess and dispose of the Equipment, Lessor shall transfer the Equipment to Lessee at its then location upon payment of any additional amount due under clause (C, D, E) below. C. In the event Lessor repossesses the Equipment, Lessor shall either retain the Equipment in full satisfaction of Lessee's obligation hereunder or sell or lease each item of Equipment in such a manner and upon such terms as Lessor may in its sole discretion determine. The proceeds of such sale or lease shall be applied to reimburse. Lessor for Lessor's Loss and any additional amount due under clause (D, E) below. Lessor shall be entitled to any surplus and Lessee shall remain liable for any deficiency. For purposes of this subparagraph, the proceeds of any lease of all or any part of the Equipment by Lessor shall be the amount reasonably assigned by Lessor as the cost of such Equipment in determining the rent under such Lease. D. Lessor may recover interest on the unpaid balance of Lessor's Loss from date it becomes payable until fully paid at a rate of 8% per annum, but in any event not more than permitted by applicable law. E. Lessor may exercise any other right or remedy available to it by law or by agreement, and may in any event recover legal fees and other expenses incurred by reason of an Event of Default or to the exercise of any remedy hereunder, including expenses of repossession, repair, storage, transportation, and disposition of the Equipment. No remedy given in this section is intended to be exclusive, and each shall be cumulative but only to the .extent necessary to permit Lessor to recover amounts for which Lessee is liable hereunder. No express orimplied waiver by Lessor of any Event of Default shall constitute a waiver of any other Event of Default. 22. NOTICES. Any written notice hereunder shall be deemed to have been given when delivered personally or deposited in the United States mail, by certified mail, return receipt requested, addressed to the party's address set forth above or at the party's last known address. 23. NET LEASE AND UNCONDITIONAL OBLIGATION. This Lease is a completely net lease and Lessee's obligation to pay the rent and amounts payable by Lessee under Sections 15 and 21 is unconditional and not subject to any abatement, reduction, setoff or defense of any kind except as expressly provided herein. 24. PREPAYMENT. This lease and any related supplement can be prepaid in full, but not in part, on any payment date for an amount equal to the "After Payment Termination Value"on the attached Exhibit A. to said Supplement. 25. NON-CANCELLABLE LEASE. This Lease cannot be canceled or terminated except as expressly provided herein. 26. SURVIVAL OF INDEMNITIES. Lessee's obligations under Sections JO and 11 shall survive termination of this Lease to the extent the obligations arose before termination. 27. MISCELLANEOUS. Any provision of this Lease which is unenforceable in any jurisdiction shall, as to jurisdiction, be ineffective to the extent of such unenforceability without invalidating the remaining provisions of this lease, and any such unenforceability in any jurisdiction shall not render unenforceable such provision in any other jurisdiction. This Lease shall 5