Res 1995-083 - Laserfiche WebLink

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(' ~ (- . f3!V , regulations, proposed or existing, from tÏIÌ1e to time promulgated thereunder. Lessee agrees to acknowledge in writing any assignments if so requested. LESSEE AGREES THAT UPON NOTICE OF SUCH ASSIGNMENT IT SHAtL P AYDmECTLY TO LESSORIS ASSIGNEE WITHOUT ABATEMENT, DEDUCTION OR SETOFF ALL AMOUNTS WEICH BECOME DUE HEREUNDER AND FURTHER AGREES THAT IT WILL NOT ASSERT AGAINST LESSOR'S ASSIGNEE ANY DEFENSE, CLAIM, COUNTERCLAIM OR SETOFF ON ACCOUNT OF ANY REASON WHATSOEVER WITH RESPEGr TO ANY RENTAL PAYMENTS OR OTHER AMOUNTS DUE HEREUNDER AND WITH RESPEGr TO ANY ACTION BROUGHT TO qBTAIN POSSESSION OF THE EQUIPMENT PURSUANT TO TIllS LEASE. 20. EVENTS OF DEFAULT - The term "Event of Default", as used in tbis Lease, means the occurrence of any one or more of the following events: (a) Lessee fails to make any Rental Payment (or any other payment) as it becomes due in accordance with the terms of this Lease, and any such failure continues for ten (10) days after the due date thereof. (b) Lessee fails to perform or observe any other covenant, condition, or agreement to be performed or observed by it hereunder and such failure is not cured within twenty (20) days after written notice thereof by Lessor. (c) The discovery by Lessor that any statement, representation or warranty made by Lessee is this Lease or in any writing ever delivered by Lessee pursuant hereto or in connection herewith is false, misleading, or erroneous in any material respect. (d) Lessee becomes insolvent, makes an assignment for the benefit of creditors, applies or consents to the appointment of a receiver, trustee, conservator or liquidator of Lessee of all or a subistantial part of its assets, or a petition for relief is filed by Lessee under Federal bankruptcy insolvency or similar Jaws; or a petition in a proceeding under any bankruptcy, insolvency or similar Jaws is filed against Lessee and is not dismissed within thirty (30) days thereafter. (e) Lessee suffers an adverse material change in its fmancial condition or operations from the date hereof and, as a result, Lessor deems itself insecure. (D Lessee shall be in default under any other agreement executed at any time with Lessor, or its assignee. 21. RE:MEDIES. Upon the occurrence of an Event of Default, Lessor may, at its option, exercise anyone or more of the following remedies: (a) By written notice to Lessee declare an amount equal to all amounts then due under tbis Lease and all remaining Rental Payments due during the Lease Term to be immediately due and payable, whereupon the same shall become immediately due and payable. (b) By written notice to Lessee request Lessee to (and Lessee agrees that it will, at Lessee1s expense,) promptly return the Equipment to Lessor in the manner set forth in Section 5 hereof, or Lessor, at its option, may enter upon the premises where the Equipment is located and take immediate possession of and remove the same. (c) Sell or lease the Equipment or sublease it for the account of Lessee, holding Lessee liable for (i) all Rental Payments and other payments due to the effective date of such selling, leasing or subleasing; and (ii) for the difference between the purchase price, rental and other amounts paid by the purchaser, lessee or sublessee pursuant to such sale, lease or sublease and the remaining amounts payable by Lessee hereunder. (d) Exercise any other right, remedy or privilege which may be available to it under applicable Jaw including the right to (i) proceed by appropriate court action to enforce the terms of tbis Lease; (ii) recover damages for the breach of this Lease; and (iii) rescind this Lease as to any or all of the Equipment.