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Neurodiagnostic Equipment Leasing Agreement
Dwight Crane Ltd.
Equipment Lease Form DCR 309
5 of 7
Initial:
21. SECURITY
As security for the prompt and full payment of the Rent and the faithful and timely performance of all provisions of
this Lease, and any extension or renewal thereof, the Lessee has deposited with Lessor the Security Deposit. In the
event of any default in the performance of any of the covenants on the part of the Lessee herein contained the
material breach of this Agreement (provided Lessor provide prior written notice to Lessee and permit Lessee a
reasonable opportunity to cure), Lessor shall have the right, but shall not be obligated to apply said security to the
curing of such default. Any such application by Lessor shall not be a defence to any action by Lessor arising out of
said default; and upon demand, Lessee shall restore said security to the full amount set forth in the Schedule.
Upon the expiration, or other termination of this Lease, or any extension or renewal thereof, provided Lessee has
paid all of the Rent herein called for and fully performed all of the other provisions of this Lease on its part to be
performed, is not in material breach of this Agreement, Lessor will return to Lessee any then remaining balance of
said security.
22. DEFAULT
The following are events of default hereunder:
(a) if Lessee fails to pay Rent or any other amount herein provided within three days after the same is due and
payable;
(b) if Lessee fails to observe, keep or perform any other provisions of this Lease required to be observed, kept or
performed by Lessee or is otherwise is in material breach of this Agreement;
(c) if Lessee shall or shall attempt to abandon, remove, sell, encumber or sublet any item of Equipment;
(d) if a judgment is entered against Lessee in respect of the Equipment and is not released or satisfied within 10
days; or
(e) if Lessee shall become insolvent or make an assignment for the benefit of creditors, or a trustee or receiver
shall be appointed for Lessee or for a substantial part of its assets, or bankruptcy, reorganization or insolvency
proceedings shall be instituted by or against Lessee,
Then Lessor shall have the right to exercise any one or more of the following remedies:
(a) to declare the entire amount of rent hereunder immediately due and payable as to the Equipment
without notice or demand to Lessee;
(b) demand the return of the Equipment;
(c) without demand or legal process, enter the premises where the Equipment is located and take immediate
possession of and remove the same, without liability for such entry or for damage to property or
otherwise;
(d) recover from Lessee, as liquidated damages and not as a penalty, any and all amounts then due and
owing, plus the aggregate of any and all amounts to become due over the remainder of the term of the
Lease;
(e) to terminate this Lease as to the Equipment;
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Neurodiagnostic Equipment Leasing Agreement