Agenda - 06-28-1989 - Laserfiche WebLink

Browse Search

7 (d) Any warranty, representation or statement made by Lessee is foreel to be incorrect or misleading in any material respect on the date • made; or (e) An attachment, levy or execution is levied upon or against the Equipment: or (f) Any insurance carrier cancels any insurance on the Equipment without lessee first providing replacement cam; or (g) the Egaipment or any part thereof is abused, illegally used, misused, last, destroyed or damaged beyond repair. 11.2 idles on Default. Upon the warmer= of any event of default, lessor may exercise any CXI9 or more of the following remedies as lessor in its sole discretioer shall elect: (a) 7b declare the entire amount of rent hereinler iremiately due and payable as to any or all items of Equipment without notice or demand to Lessee: (b) Proceed by appropriate court action to enforce performance by Lessee of the applicable croverants of this Agreesent or to recover for the bids thereof including the payment of rental payments this or to become this hereunder der or any deficiency therefor following disposition of the Equipment; (c) reenter and take pcesessi:an of the Equipment calserever situated without any dart order or other process of law and without liability for entering the premises and sell, lease, sublease ar make other disposition of the same in a craensrcially reasonable manner for the account of Lessee, and apply the pr>xaeeds of any such sale, lease, sublease, or other disposition, after deducting all costs and ems, inarludirg coma costs and attorneys' fees, incurred with the recovery, • repair, storage and other sale, lease, sublease or other disposition costs, toward the balance this eider this Agreement; arel/or (d) ate this Agreemenit as to all or any part of the Equipment and use, operate, lease or hold the Equipment as Lessor in its sole discretion may decide. (e) Notleithstandirg any provisions herein it is the intent of •partties to comply with N.C. General Statute 160A-20. No deficiency jet may be entered against Lessee in favor of Lessor in violation of 160A-20. 11.3 . . A termination hereunder shall occur only upon notice by Lessor to Lessee and only with respect to such part or parts of the Equipnent as lessor specifically elects to terminate in such notice. Except as to those parts of the FY�+ip ent with respect to which there is a termination, this Agreement shall remain in full for and effect and Lessee shall he and remain liable for the full performer= of all its obligations hereunder. All remedies of the lessor are cumulative and may be exercised concurrently or separately. Me exercise of any one remedy shall not be deemed an election of such remedy or preclude the exercise of.any other remedy. SECTION 12. TE :MTICti CN AccruiT or ncti-AprimPRIATICti OF 113Nt6 12.1 Notwithstanding any contrary prvvisimh in this Agreement, Lessee nay, at its optima, terminate this Agreement en to all (but riot less than all) of the Equiprent that is the subject of this Agreement.pursuant to the Schedule A of leased/Purchased Ekgripment now or hereafter attached hereto, as of the and of l 's fiscal period, if all the following events shall have eoahrred and Lessor shall have received a written opinion tee La's cots:eel verifying the occurrence thereof: (a) Rinds mere not appropriated for any fiscal period clurirg the term of this Agreesrent in an amount egaal to the rental payeents due during cacti fiscal period for the aoquisitian of services and elections which in whole or in part are essentially the same services and functions far the performance of which the Equipment was leased;