2014-031 - Authorizing a Lease Purchase Agreement with Liberty National Bank for the purchase of one fire engine

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(m) Lessee shall execute and deliver to Lessora completed UCC 1, substantially in iieform attached hereto as Exhibit "F ". 17. EVENT OF DEFAULT. The occurrence of any of the following events (each of them, an "Event of Default ") shall constitute a default under this Lease: (a) Failure of Lessee to pay any installment of rent or any other sum required by this Lease to be paid by Lessee within ten (10) consecutive calendar days after such payment first became due and Lessor is not required to give notice of default for its failure to receive rent. (b) Failure of Lessee to observe, perform or comply with any term, obligation, covenant or condition contained in this Lease or any Schedule (other than an obligation referred to in subparagraph (a) above) and the expiration of the applicable cure period, if any, with respect to that failure. (c) Any attempted sale or encumbrance or any unpermitted sublease by Lessee of the Equipment or any Item of Equipment, or any unpermitted assignment by Lessee of this Lease. (d) The Equipment or any Item of Equipment shall become an accession of goods not subject to this Lease. (e) Failure of Lessee to contest a levy, seizure, attachment, lien or encumbrance known to Lessee and asserted against the Equipment or any Item of Equipment. (f) Failure to maintain any insurance required under Section 12 of this Lease. (g) Lessee ceases to do business as a going concern. (h) Lessee shall (i) be generally not paying its debts as they become due, (ii) admit Lessee's inability to pay Lessee's debts generally as they become due, (iii) be insolvent, either in that Lessee's liabilities exceed Lessee's assets or in that Lessee is unable to pay Lessee's debts as they become due, (iv) make a general assignment for the benefit of creditors, (v) file a petition in bankruptcy, or admit (by answer, default or otherwise) the material allegations of any petition in bankruptcy filed against it under the federal bankruptcy Laws (as in effect on the date of this Lease or as they may be amended from time to time), or under any other lawforthe relief of debtors orforthe discharge, arrangement or compromise of debtors' debts, or (vi) consent to the appointment of a receiver, liquidator, assignee, custodian, trustee, sequester orotherofficialwith similar powers over Lessee or a substantial part of its assets. {i) the dissolution, liquidation and /or termination of the Lessee. 0) A petition shall be filed against Lessee in proceedings under the federal bankruptcy laws (as in effect at the date of the Lease, or as they be amended from time to time), or under any other laws for the relief of debtors or for the discharge, arrangement or compromise of debtors' debts, or any order shall be rendered by any court of competent jurisdiction appointing a receiver, trustee, or liquidator of Lessee or of all or part of Lessee's assets, and such petition or order is not dismissed or stayed as to Lessor within sixty (60) consecutive calendar days after entry thereof. (k) Lessee's wrongful rejection or revocation of acceptance of the Equipment or an item thereof. (1) Lessee's repudiation of any term or provision of this Lease. (m) Any Equipment should become the subject matter of litigation which, in Lessor's opinion, might result in substantial impairment or loss of Lessor's rights under this Lease or with respect to such Equipment. (n) Any other default provided by law. The foregoing provisions of this Section 17 are subject to the provisions of Section 2(c) hereof, with respect to non - appropriation. 18. REMEDIES. (a) Whenever any Event of Default referred to in Section 17 hereof shall have happened and be continuing, Lessee agrees to return the Equipment to Lessor and Lessor shall have the right and sole option without any further demand or notice, to take either one or more of the following remedial steps: (1) Declare the entire amount of all rent under the Lease (including, by way of illustration