Agenda - 06-28-1989 - Laserfiche WebLink

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9 • SEGTItaN 14. NATURE OF AGEMEMINT Dour and lessee agree that it is their intention that, for federal. loom tax purposes, the interest of Lessor in the Equipment is as a secured party and the interest of lessee is as a debtor, and that lessor neither has nor will have any equity in the Equipment. It is the Ott of Lessor and lessee that the aggregate rental payments provided for hereunder constitute the purchase price of the Equipment together with the interest on the unamortized amount thereof over the terns of this Aged., that each installment of rent constitutes principal and interest, in ac dance with the amortization schedule attached to Senile A of lessedjanchased Equipment, which fully amortizes the purchase price of the Equipment, together with interest, aver the term of this Agreement, and that upon the due and punctual payment ani perfcnnrance of the installments of Basic Pent and other amamts and obligations sander this Agreement, title to the Eguirtment shall vest permanently in lessee as provided in this Agreement, free and clear of any lien or security of lessor or therein. sire 7N 15. MISC EIZANEUxS 15.1 Waive?:. No covenant or condition of this Agreement can be waived eimept by the written ant of lessor. Any failure of lessor to require • strict performance by Lessee or any waiver by Igor of any terms, oevenants or agreements herein shall not be construed st rued as a waiver of any other breach of the same or of any other term, covenant or agrearent herein. 15.2 severability. In the event any portico of this Agreement shall be determined to be invalid urder any applicable law, such provision shall be deemed void and the remainder of this Agreement shall continue in full force and effect. 15.3 Governing Law. This Agreauent shall be construed, interpreted and enforced in acxordance with the laws of the State of North Carolina. 15.4 Egtim. All notices aeie or required to be given pursuant to this Agreement shall be in writing and shall be deemed duly served if and%tn mailed, certified or registered mil., postage prepaid, return receipt requested, to the other party at its address set forth above or at such other address as such party shall hereafter designate in writing. 15.5 Sectriemikggimgm. All section headings contained herein are for convenience of reference only and are not intended to define or limit the scope of any provision of this Agreeemet. 15.6 Entire Aare t. This Agreement, together with the schedules hereto, constitutes the entire agreement between the parties and this Agreenent shall not be modified, amended, altered or changed except by written agreemait. signed by the parties. 15.7 Welling Effect. Subject to the Iron"fir provisions of this Agreement, this Agreement shall be binding upon and inure to the benefit of the parties and thxair respective suooesseves and assigns. 15.9 Time. Tine is of the essence of this Agreement and each and all of its schedules and provisions.