1995-020-RES WHEREAS, CITY COUNCIL DID HERETOFORE ON THE 9TH DAY OF JANUARY 1995

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I Page 7 . . reorganization, arrangement compooition, rcadjuotment, liquidation, moratorium or similar relief under any exioting or future bankruptcy, inoolvency, or other oimilar inoolvency or other similar lawn chall be filed and not withdrawn or diomiooed within GO dayo thereafter. (b) RemedicG on Default. Whenever any event of default chall have occurred and be continuing, LeoGor ohall have the right, at ito aole option without any further demand or notico, to exercise anyone or more of the following remedien: (1) with or without terminating thin 1\greement, retake poaoeaolon of the Equipment and dispose of the Equipment for the account of LeGoce, with the nct amount of all procecdlJ received by LODDcr to be applied to LCOGcc'G ob1i9<1tiono hCJ."cundcr, holding Lcoocc liable for the exceoo (if any) of (i) thc rent payable to Leooec hereunder to the end of the Original Term or then current Renewal Term, whichever io applicable, and any other amounts then payable by Lcooee hereunder, including but not limited to attorncy'o fcco, expenses and costs of reposoession, over (ii) the net proceeds ~eccived in connection with the dispooition of the Equipment; provided that the exceGO of the arnounto referred to in clauoe (ii) over the then applicable purchaoe Price and amounto referred to in clauoe (i) shall be paid to Leance; (2) require Lesaee at Leoace'a risk and cxpcnne promptly to return the Equipment in the manner and in the condition Gct forth in sectione 2(e} and 5; (3) if LaGGor is unable to rcpoDecoe thc Equipment for any rcacon, the Equipment shall be deemed a total loss and LCOGCC ohall pay to Leosor the amount due purnuant to Section 8; and (4) exercioc any other right or remedy which may be available to it under applicable law or proceed by appropriate court action to enforce the termo of thio Agreement or to recover damages for the breach of thio IIgreement ao to any or all of the Equipment. Nothing contained herein shall be conotrucd to provide any remedy of acceleration of the rental paymento. In addition, Lcooec will remain liable for all legal fees and other costa and expenoec, including court cooto, incurred by Leacor with reopect to the enforcement of any of the remedien listed above or any other remedy available to Lessor. (c) No Remedy Excluoive. No remedy available to Leooor io intended to be exclusive and every ouch remedy ohall be cumulative and ohail be in addition to every other remedy given under this Agreement or now or hereafter existing at law or in equity. No delay or omission to cxercinc any right accruing upon any default ahall impair any ouch right or Ghall be conotructed to be a waiver thereof, but any such right might be exercised from time to time and aG often ao may be deemed expedient. 13. TAX ASSUMPTION; COVENANTS. The partieD asoume that LeDsor can exclude from Federal grOGD income the interest portion of each Leaoe Payment oct forth in the amortization schedule under the column captioned "Intereat Paid". Lasace covenanto that it will (i) rcgiotcr thio Lcaoe and tranofero thereof in accordance with Section 149 (a) of the Code and the rcgulationo thereunder, (ii) timely file a statement with rcopect to thio Leaoe in the required form in accordance with Section 149{e} of the Code, (iii) not permit the property financed by this Lease to be directly or indirectly uoed for a private buoineoo UGe within the meaning of Section 141 of the Code, (iv) not take any action which reoulta, directly or indirectly, in the intereot portion of any Lease Payment not being excludable from Federal gr088 income purouant to Section 103 of the Code and will take any reaoonable action neceBoary to prevent ouch rcault, and (v) not take any action which results in thin Lease becoming, and w~ll take any rcaoonable action to prevent thio Leaoe from beeoming (a) an arbitrage obligation within the meaning of Section 140 of the Code or (b) federally guaranteed within the meaning of Section 149 of the Code.