|
<br /> ~ -- ,.,,6
<br /> : (
<br /> .
<br /> 10. ALTERATIONS. Lessee will not make any alterations, additions or improvements to the Equipment without
<br /> Lessor's prior written consent unless such alterations, additions or improvements may be readily removed without
<br /> damage to the Equipment.
<br /> 11. LOCATION; INSPECTION. The Equipment will not be removed from, or if the Equipment consists of
<br /> rolling stock its permanent base will not be changed from the Equipment Location without Lessor's prior written
<br /> consent wlúch will not be unreasonably withheld. Lessor will be entitled to enter upon the Equipment Location
<br /> or elsewhere during reasonable business hours to inspect the Equipment or observe its use and operation.
<br /> 12. LIENS AND TAXES. Lessee sba11 keep the Equipment free and clear of all levies, liens and encumbrances
<br /> except those created under this Lease. Lessee shall pay, when due, all charges and taxes Qocal, state and Federal)
<br /> which may now or hereafter be imposed upon the ownerslúp, leasing, rental, sale, purchase, possession or use of
<br /> the Equipment, excluding, however, all taxes on or measured by Lessor's income. If Lessee fails to pay said
<br /> charges and taxes when due, Lessor sba11 have the right, but shall not be obligated, to pay said charges and taxes.
<br /> If Lessor pays any charges or taxes for wlúch Lessee is responsible or liable under this Lease, Lessee shall, upon
<br /> demand, reimburse Lessor therefor.
<br /> 13. RISK OF LOSS; DAMAGES; DESTRUCTION. Lessee assumes all risk of loss of or damage to the
<br /> Equipment from any cause whatsoever, and no such loss of or damage to the Eqmpment shall relieve Lessee of
<br /> the obligation to make Rental Payments or to perform any other obligation under this Lease. In the event of
<br /> damage to any item of Eqmpment, Lessee will immediately place the same in good repair with the proceeds of any
<br /> insurance recovery applied to the cost of such repair. If Lessor determines that any item of Eqmpment is lost,
<br /> stolen, destroyed or damaged beyond repair, Lessee at the option of Lessor will either (a) replace the same with
<br /> like eqmpment in good repair; or (b) on the next Rental Payment date pay Lessor: (i) all amounts owed by Lessee
<br /> under this Lease, including the Rental Payment due on such date; and (ü) an amount equal to the applicable
<br /> Termination Option to Purchase value set forth in Exhibit B or in the absence of a Termination Option to Purchase
<br /> Value Schedule, an amount not less than the balance of the Rental Payments then remaining unpaid hereunder.
<br /> In the event that Lessee is obligated to make such payment with respect to less than all of the Equipment, Lessor
<br /> will provide Lessee with the pro rata amount of the Rental Payment and the Termination Option to Purchase
<br /> Value or balance of the Rental Payments then remaining unpaid hereunder, as applicable, to be made by Lessee
<br /> with respect to the Eqmpment which has suffered the event of loss.
<br /> 14. INSURANCE. Lessee will, at its expense, maintain at all times during the Lease Term., fire and extended
<br /> coverage, public liability and property damage insurance with respect to the Equipment in such amounts covering
<br /> such risks and with such insurance as shall be satisfactory to Lessor. In no event will the insurance limits be less
<br /> than the amounts of the then applicable Termination Option to Purchase Value Schedule, an amount not less than
<br /> the balance of the Rental Payments then remaining unpaid .hereunder. Each insurance policy will name Lessee
<br /> as an insured and Lessor or its assigns as an additional insured and loss payee, and will contain a clause requiring
<br /> the insurer to give Lessor at least thirty (30) days prior written notice of any alteration in the terms of such policy
<br /> or the cancellation thereof. The proceeds of any such policies will be payable to Lessee and Lessor or its assigns
<br /> as their interests may appear. Upon acceptance of the Equipment and upon each insurance renewal date, Lessee
<br /> will deliver to Lessor a certificate evidencing such insurance. In the event of any loss, damage, injury or accident
<br /> involving the Equipment, Lessee will promptly provide Lessor with written notice thereof and make available to
<br /> Lessor all information and documentation relating thereto.
<br /> 15. PURCHASE OPTION. Lessee shall have the option to purchase the Equipment for an amount equal to the
<br /> Termination Option to Purchase Amount found on Exhibit B at the date applicable thereto. Lessee's right
<br /> hereunder shall be conditioned upon Lessee's having performed all terms and conditions hereof in a timely fashion
<br /> and no event of default shall have occurred either during the term of the Lease nor at the time the Termination
<br /> Option to Purchase is sought to be exercised. Further, Lessee sball, as a condition precedent, give notice of its
<br /> intention to exercise its option at least thirty (30) days prior to the date upon wlúch it seeks to exercise said right.
<br /> At such time as Lessee shall have fully paid the total Rental Payments for the entire Lease Term and Lessee shall
<br /> have fully paid and performed all other obligations hereunder and provided no Event of Default has occurred and
<br /> '.
<br />
|