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Equipment Lease Agreement
Lessee’s premises and ii) at the end of the Lease Term, of shipping the Equipment back
to Lessor’s premises.
7. DEFAULTS: If Lessee fails to perform or fulfill any obligation under this
Agreement, Lessee shall be in default of this Agreement. Subject to any statute,
ordinance or law to the contrary, Lessee shall have seven (7) days from the date of notice
of default by Lessor to cure the default. In the event Lessee does not cure a default,
Lessor may at Lessor’s option (a) cure such default and the cost of such action may be
added to Lessee’s financial obligations under this Agreement; or (b) declare Lessee in
default of the Agreement. If Lessee shall become insolvent, cease to do business as a
going concern or if a petition has been filed by or against Lessee under the Bankruptcy
Act or similar federal or state statute, Lessor may immediately declare Lessee in default
of this Agreement. In the event of default, Lessor may, as permitted by law, re-take
possession of the Equipment. Lessor may, at its option, hold Lessee liable for any
difference between the Rent that would have been payable under this Agreement during
the balance of the unexpired term and any rent paid by any successive lessee if the
Equipment is re-let minus the cost and expenses of such reletting. In the event Lessor is
unable to re-let the Equipment during any remaining term of this Agreement, after default
by Lessee, Lessor may at its option hold Lessee liable for the balance of the unpaid rent
under this Agreement if this Agreement had continued in force.
8. POSSESSION AND SURRENDER OF EQUIPMENT: Lessee shall be entitled to
possession of the Equipment on the first day of the Lease Term. At the expiration of the
Lease Term, Lessee shall surrender the Equipment to Lessor by delivering the Equipment
to Lessor or Lessor’s agent in good condition and working order, ordinary wear and tear
excepted, as it was at the commencement of the Agreement.
9. USE OF EQUIPMENT: Lessee shall only use the Equipment in a careful and proper
manner and will comply with all laws, rules, ordinances, statutes and orders regarding the
use, maintenance of storage of the Equipment.
10. CONDITION OF EQUIPMENT AND REPAIR: Lessee or Lessee’s agent has
inspected the Equipment and acknowledges that the Equipment is in good and acceptable
11. MAINTENANCE, DAMAGE AND LOSS: Lessee will, at Lessee's sole expense,
keep and maintain the Equipment clean and in good working order and repair during the
Lease Term. In the event the Equipment is lost or damaged beyond repair, Lessee shall
pay to Lessor the replacement cost of the Equipment; in addition, the obligations of this
Agreement shall continue in full force and effect through the Lease Term.
12. INSURANCE: Lessee shall be responsible to maintain insurance on the Equipment
with losses payable to Lessor against fire, theft, collision, and other such risks as are
appropriate and specified by Lessor. Upon request by Lessor, Lessee shall provide proof
of such insurance.