Res 1997-094 - Laserfiche WebLink

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L/5L 21. ASSIGMvlENT BY LESSOR Lessor may transfer or assign all or any part of Lessor's right> title and interest ~ under or to the Equipment> or any portion thereot: and/or this Lease> and any or all sums due or to become due hereunder, for any reason to any third party (the "Assignee"). Assignee may re-assign and transfer, and such transferee shall also be referred to as the" Assignee." Lessee agrees that upon receipt of written notice ITom Lessor of such assignment> together with a copy of a written agreement duly executed by Lessor evidencing any such assignment> Lessee shall perfonn all of its obligations relating to such assigned Lease for the benefit of Assignee and, if so directed in writing, shall pay all sums due or to become due under this Lease directly to Assignee or to any other party designated in writing by Assignee. Lessee hereby waives and agrees not to assert against Assignee any defense> set off: recoupment claim or counterclaim which Lessee has or may at any time have against Lessor for any reason whatsoever. For purposes of this Lease, the tenn "Lessor" shall include any Assignee. , Upon receipt of notice of any such assignment, Lessee agrees to execute and deliver to Lessor> if requested, such documentation as Assignee may reasonably require. Lessee hereby acknowledges and affinns that the obligations set forth in the tenns and covenants contained in this Lease shall survive any such assignment. Nothing contained in such documentation required by Assignee shall be in derogation of any of the rights granted to Lessee hereunder. No such assignment shall relieve Lessor of its obligations arising under this Lease or interfere with Lessee's right to quiet possession of the Equipment. 22. RESTRICTIONS ON ASSIGNMENT BY LESSEE. Lessee shall not> unless Lessee shall have obtained the prior written consent ITom Lessor: (a) assign> transfer> pledge> hypothecate or grant or suffer to exist any lien or security interest in this Lease> the Equipment> or any part thereot: or any interest therein> (b) sublet or purport to sell or lend the Equipment or any portion thereot: or (c) pennit the Equipment or any portion thereof to be used by anyone other than Lessee's employees or for any non-governmental purpose. . 23. RETURN OF EOUIPl\.1ENT. Subject to Lessee's purchase option> if any, set forth in the Equipment Schedule> when this Lease expires or otherwise teIDÚnates> in whole or in part> or> at Lessors option., upon the occurrence of any Event of Default (as defined below), Lessee shall return all (or, at Lessor's option, any part of) the Equipment leased hereunder to Lessor in good repair and condition, excepting ordinary wear and tear resulting ITom its proper use> by deinstalling> packaging> and loading such Equipment, at Lessee's cost> on a carrier specified by Lessor and shipping it> fully insured, at Lessee's expense, ITeight prepaid by Lessee> to a site designated by Lessor within 200 miles of San Marcos> Texas. 24. DEFAULT. The occurrence of any of the following events or conditions shall constitute an event - of default (each is referred to herein as an "Event of Default"): (a) Lessee shall fail to pay any rental payment required hereunder when and as due and payable; (b) Lessee shall fail to pay any other sum required to be paid by Lessee hereunder when and as due and payable; (c) Lessee shall fail to carry and maintain in effect insurance in accordance with Section 12 hereof; (d) Lessee shall fail to timely perfonn or observe any other term., covenant or condition of this Lease or any document executed in connection herewith, and either (I) such failure cannot be remedied> or (ü) such failure cano be remedied, but such failure continues unremedied for a period often (10) days after it occurs; (e) the filing by Lessee (or against Lessee to which Lessee acquiesces or which is not dismissed within forty-five (45) days after the filing thereof) of any proceeding under the federal bankruptcy laws now or hereafter existing or any other similar statute now or hereafter in effect; the entry of an order for relief under such laws with respect to Lessee; or the appointment of a receiver, trustee> custodian or conservator of all or any part of the property of Lessee; (f) the insolvency of Lessee; or the execution by Lessee of an assignment for the benefit of its creditors; or the convening by Lessee of a meeting of its creditors, or any class thereot: for the purpose of effecting a moratorium upon or extension or composition of its debt; or the failure of Lessee to pay its debts as they mature; or if Lessee is generally not paying its debts as they 13