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• 7. Default. If the Lessee fails to make scheduled payment or fails to meet any other <br /> terms of this Lease, the Lessor may treat such failures as breach of this Lease, and <br /> the Lessor may declare the Lease voided and take back the vehicle. <br /> 8. Indemnification of Lessor. Lessee agrees to protect and hold Lessor harmless <br /> against any and all losses or damage to Equipment by fire, flood, explosion, <br /> tornado, or theft. Lessee hereby assumes all liability to any person arising from the <br /> location, condition, or use of Equipment, and shall indemnify Lessor of and from <br /> all liability, claim, and demand, including attorney's fees, whatsoever arising from <br /> the location, condition, or use of Equipment whether in imperfect or defective, and <br /> from every other liability, claim, and demand, including attorney's fees, <br /> whatsoever during the term of this lease or arising while Equipment is in the <br /> possession of Lessee. <br /> 9. No Assignment. Neither this lease nor any right or interest thereunder shall be <br /> assigned by Lessee in any respect whatsoever. <br /> 10. Exclusion of oral statements. This instrument contains the entire agreement of the <br /> parties. No oral or other statements, proposals, or agreements shall be binding on <br /> either of the parties. <br /> 11. Insurance. <br /> The Lessee shall obtain, at his sole expense, all insurance required under this <br /> Article and the Lessee shall not use equipment until such insurance is in force. All <br /> required insurance shall be procured from insurance companies licensed to do <br /> business in North Carolina with a Best's Insurance Guide Rating of A- or better. <br /> Coverage shall be maintained continuously during the term of this lease agreement. <br /> Worker's Compensation Insurance - The Lessee shall take out and maintain during <br /> the term of the lease, workers' compensation insurance for all of his employees <br /> employed to provide services on this lease. The North Carolina Workers' <br /> Compensation Act requires any employer with three or more employees to provide <br /> this coverage. Coverage shall be provided with the following limits: <br /> Coverage A- Statutory - State of North Carolina <br /> Coverage B -Employers Liability $500,000 Each Accident <br /> $500,000 Disease-Policy Limits <br /> $500,000 Disease-Each Employee <br /> The current Experience Modification Factor must be indicated on the Certificate of <br /> Insurance. <br /> Comprehensive General Liability and Property Damage Insurance. The limits of <br /> such insurance shall be as follows: <br /> 3 <br />