Agenda - 06-28-1989 - Laserfiche WebLink

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4 value of the equipment. Upon return of the Ecpipinent and at Lessor's request, Lessee at its sole cost and expense, will emcee all alterations, additions and attachments and repair the Equipment as necessary to return the Equipment to the corditian in which it was furnished, apdinary wear and tear excepted. 5.6 Transportation and Installation Charm;. Lessee shall be responsible for all charges relating to the tran ,ortatien of the Equipment to lessee's location and the installation at such location. lessor may at its option either prepay such charges and invoice lessee or forwazd'invoices to Lessee as they are received and Lessee shall remit payment within ten (10) days. 5.7 Insurance. Lessee shall maintain at its sole cost and expense insurance an all equipment cowering such risks and in such amounts with such deductibles as required, and with such insu*anea companies as shall be satisfactory to Lessor. All insurance for loss or damage Fivl 1 pvuvide that losses if any, shall be payable to Lessor. Evidence of all required liability • .insurance shall be provided to Lessor. Lessee shall pay the premiums therefor and deliver to lessor the policies of insurance or duplicates thereof or other evidence satisfactory to tinsor of such insurance coverage. Each insurer shall also agree by endorsement upon the policy or policies issued by it that: (a) it will give sixty (60) days prior written notice to Lessor of cancellation, non-rte, or material modification of such policy and ten (10) days prior written notice for non-payment of premium; and (b) the coverage of Lessor shall not be terminated, reduced or affected in any manner reg elless of any breach. or violation by Lessee of any warranties, declar-atices or condition~; of such insurance policy or policies. The proceeds of such insurance, at the option of Lessor', shall be applied: (a) toward the replacement, restoratiorn or repair of the equipment, or (b) toward payment of the obligatio s of Lessee hereunder. Lessee hereby appoints Lessor as Lessee's attorney-in-fact to make claim for, receive paymolt of, and execute all &laments, checks or drafts received in payment of lass or dam under any such insurance policy. If all or any part of the eq dpmennt constitutes motor vehicles, such required insurance shall include without 1 imitation cch�ive aubohhobile liability oevera a, medical. payments , uninsd gist coverage and physical damage coverage to include comprehensive and collision and any other insurance as may be required from time to time by any government authority as a condition or in compaction with lessee's use of the Equipment. 5.8 Risk of Ion. Lessee shall bear all risk of loss to the Equipment, and in the event of loss or damage thereto, lessee shall at its option either (1) centime to make the rental payments due hereunder and repair or replace the Equipment as mutually agreed between Lessee and lessor or (ii) purchase the Equipment for an amount equal to the remaining purchase option balance as set forth in the amortization schedule attached to the Schedule A of Equipnent. 5.9 1?erforrehlae by lessor of 's Responsibilities. Any performance requited of Lessee or any payments required to be mantra by lessee may, if not timely performed or paid, be performed or paid by Lessor, and in that event, lessor ;*hall be immediately reieiiursed by Lessee for these payments and for any costa and expense, legal or otherwise, associated with the payments or other performance by lessor, with interest thereon. 5.10 Financial Statements. lessee agrees that it will furnish Lesser at such reasonable times as Lessor shall request current financial statements (including without limitation Fee's annual budget as submitted or approved), and permit lessor or its agents aid representatives to inspect lessee's books and records and make extracts therefrom. Lie represents and warrants to Lasser that all financial statements which have been delivered to Lessor fairly x and accurately reflect La's financial condi'tiar and there has been no material adverse change in Lt's financial corditioh as reflected in the statements ert_s since the date thereof. SECTION 6. AQUIRIENP 6.1 Tittle. Title to the Equipment and any and all additions, repairs, replacements or modificatacns thereto, shall be deemed to be in Lessee from and after the date of the acceptance of the Equirment so long as lessee shall not be in default hereunder and/or this Agreement shall not have been terminated pursuant to the provisions of Section 12 hereof, and shall vest permanently in lessee teen the completion of all rental payments specified in the Schedule A