Res 1997-094 - Laserfiche WebLink

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11ft; q. The tenn oftbis Lease does not exceed 120% of the weighted average reasonably expected economic life of the Equipment in the hands of the Lessee. r. To the best knowledge of Lessee, the certifications made in the General Certificate and Certificate of No Litigation, attached hereto as Exhibit "D" and incorporated herein by reference, are true and correct. s. Lessee has caused or will cause to be timely completed and filed with the UIÙted States Internal Revenue Service (the "IRS"), Fonn 8038-G or Fonn 8038-GC (for issues with an issue price under $100,000.00), as appropriate, in substantially the fonn attached hereto as Exhibit "E" and incorporated herein by reference. ~ t. The infonnation contained in the Essential Use Certificate, attached hereto as Exhibit "F" and incorporated herein by reference, is true and correct. u. This Lease shall not be effective as against Lessor unless and until all of the exhibits referenced herein are fully completed, executed and attached hereto. .- . The representations, warranties and covenants set forth in this Section are in addition to any other representations, warranties and covenants contained in the other provisions of this Lease. Lessee shall be deemed to have made all of the foregoing representations, warranties and covenants as of the date hereof and as of the "Rent Commencement Date," as defined in the Equipment Schedule. , 8. EOUIPMENT PURCHASE ACCOUNT. Lessor shall establish, as escrow agent for Lessee, an account to be known as the "Equipment Purchase Account, (the "Account"). On the date hereof, Lessor shall deposit an amount equal to the "Total Original Cost", as set forth in the Equipment Schedule, into the Account which shall be used by Lessee to purchase the Equipment under the tenns and conditions set forth herein. Funds held in the Account shall be invested as directed by Lessee, in accordance with the tenns of this Lease and applicable laws of the State, in investments that will mature no later than the date(s) on which the Equipment or any portion thereof, as applicable, is expected to be purchased. Investment earnings derived ITom the investment of funds in the Account shall be retained therein and used as provided in this Section. The Account shall be a separate account at the Lessor's offices and the investments therein shall be owned by the Lessee subject to Lessor's security interest therein. -- Upon receipt ITom Lessee of a completed Certificate of Acceptance in substantially the fonn set forth as Schedule C of the Equipment Schedule, together with such other documentation as is set forth in Section 3 (c) of the Agreement and as Lessor may hereafter reasonably require, Lessor shall draw funds ITom the Account sufficient to pay the amount for the portion of the Equipment described therein as set forth in Schedule A of the Equipment Schedule and pay such amount to the vendor thereof on behalf of Lessee; provided, Lessor shall be under no obligation to make any such payment if the Account' shall have been terminated prior to the request and processing of such payment. The Account shall tenninate upon the earlier to occur of (a) the purchase of all of the Equipment pursuant to the terms and conditions set forth herein, (b) the occurrence of an Event of Default that continues through the cure period, if any, set forth herein, ( c) the failure of Lessee to budget funds necessary to pay each installment of rent for Lessee's next succeeding fiscal year, or (d) except as otherwise provided in this Section, the date which is SLX (6) months ITom the date hereof Any amount remaiIÙng in the Account after tennination 6