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<br />J\ ge 4 <br /> <br />or such greater or lessel amounul s Lessor m y from time tv time require on notice to <br />Lessee. As used herein, "Full Insurable 1!llue" mEn ns the full replacement value of the <br />Equipment or the then applirnble Purchase Price designated as such on the Schedule of <br />Pd yments, whichever is greater. All insurance shall be in form and a mount and with <br />companies reasom bly satisfactory to Lessor. All insurance for loss or damge sm 11 <br />provide ths't losses shall be pa)B ble to Lessor and Lessee, a s their interests may appear, <br />and Lessee shall utilize its best efforts to have all checks to such losses delivered to <br />Lessor. Lessor shall be named as an additional insured with respect to such liability <br />insurance. Lessee shall pay the premiums and deliver to Lessor evidence satisfactory to <br />Lessor of such insurance coverage. Each insurer shall agree, by endorsement furnished to <br />Lessor, that (a) it will give Lessor 30 days prior written notice of the effective date of <br />any material alteration or cancellation of such policy; and (b) insurance as to the <br />interest of any named additional insured or loss payee other than Lessee shall not be <br />invalidated by any actions, inactions, breach of warranty or conditions or negligence of <br />Lessee with respect to such policy. If Lessee insures similar properties against casualty <br />loss by self-insurance, Lessee may satisfy its obligations with respect to casualty <br />insurance hereunder by providing self-insurance with respect to the Full Insurable Value <br />of the Equipment by means of an adequate insurance fund. Lessee shall carry workmen's <br />compensation insurance covering all employees working on, in, near or a bout the Equipment, <br />or demonstrate to the satisfaction of Lessor that adequate self-insurance is provided, and <br />shall require any other person or entity working on, in, or near or a bout the Equipment to <br />carry such coverage, and will furnish to Lessor certificates evidencing such coverage <br />throughout the Lease Term. The Net Proceeds of the insurance required hereby shall be <br />a pplied as provided in Section 8. As used herein "Net Proceeds" means the amount <br />remaining from the gross proceeds of any insurance claim or condemnation award after <br />deduction of all expenses (including a ttorney's fees) incurred in the collection of such <br />claim or award. <br /> <br />8. DAMAGE, DESTRUCTION AND CONDEMNATION: USE OF NET PROCEEDS. If prior to the <br />termination of the Lease Term (a) the Equipment is daJ1ll ged in whole or in part by <br />casualty; or (b) title to, or the temporary use of, the Equipment or the estate of Lessee <br />or Lessor in the Equipment shall be taken under the exercise of the power of eminent <br />domain by any governmental body or by any person acting under governmental authority; <br />Lessee and Lessor will cause the Net Proceeds of any insurance claims or condemnation <br /> <br />award to be applied to Lessee's obligations by this section. If the Equipment is not <br />deemed to be a total loss, Lessee sha 11, at its expense (after the application of the Net <br />Proceeds of any insurance claims or condemnation award), cause the repair or replacement <br />of the Equipment. In the event of total destruction of the Equipment, Lessee shall pay to <br />Lessor on the next rent due date (a s set forth on the Schedule of Payments) which succeeds <br />the date of such loss, an amount equal to the purchase price of the equipment less the <br />total amount of all rents which represented equity in the equipment previously paid under <br />this Agreement, plus rent due on such cia te, plus any other amounts then pa)B ble by Lessee <br />hereunder. Upon such payment, the L~ se Term shall terminate, any security interest of <br />Lessor in the Equipment shall terminate, and Lessee will acquire unencumbered title to <br />the Equipment a s provided in Section 10. If Lessee is not then in default hereunder, any <br />portion of the Net Proceeds in excess of the amount required to ~y in full Lessee's <br />obli!l'tions as set forth in this Section shall be for the account of the Lessee. Lessee <br />a grees that if the Net Proceeds are insufficient to ~y in full Lessee's obligations as <br />set forth in this Section, Lessee shall make such payments to the extent of any <br />deficiency. <br /> <br />9. WARRANTY. Products and parts manufactured by TYMCO, INC., and all services <br />performed by TYMCO, INC., are subject to the applicable Warranty currently published by <br />TYMCO, INC., which Warranty is, by this reference, incorporated herein. Copies of said <br />Warranty may be obtained from any office of TYMCO, Inc., or from any authorized TYMCO <br />dealer. LESSOR MAKES NO OTHER WARRANTY EXPRESS OR IMPLIED REGARDING THE CAPACITY OF THE <br />REQUIREMENT OR THAT THE EQUIPMENT WILL SATISFY THE REQUIREMENTS OF ANY LAW, REGULATION OR <br />SPECIFICATION OR THAT THE EQUIPMENT WILL BE FIT FOR ANY PARTICULAR PURPOSE. <br /> <br />10. PURCHASE OF EQUIPMENT BY LESSEE. The Lessee will have an option to purchase and <br />can exercise that option to acquire title free and clear of all Hens, and thIs Agreement <br />