AG 1994 05 02 - Laserfiche WebLink

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15. BANKRUPTCY In the event of the bankruptcy of the LESSEE, the LESSEE's interest in this Lease or any part thereof shall not be assignable or transferable by operation of law. If any proceeding under the Bankruptcy Act as amended, is commenced by or against the LESSEE, or if the LESSEE is adjudged insolvent, or if the LESSEE makes any assignment for the benefit of his creditors, or if a writ of attachment or execution is levied on any item or items of the equipment and is not released or satisfied within ten (10) days thereafter, or if a receiver is appointed in any proceeding or action to which the LESSEE is a party with authority to take possession or control of any item or items of the equipment, LESSOR shall have and may exercise any one or more of the remedies set forth in Paragraph 14 hereof; and this Lease shall, at the option of LESSOR, without notice, immediately terminate and shall not be treated as an asset of LESSEE after the exercise of said option. 16. ASSIGNMENT Without the prior written consent of LESSOR, LESSEE shall not (a) assign, transfer or pledge this Lease or the equipment or (b) sublet or lend the equipment. Nothing herein contained shall prevent LESSOR from selling, assigning, transferring or pledging this equipment or this Lease. Subject to the foregoing, this Lease inures to the benefit of, and is binding upon the heirs, legatees, personal representatives, successors and assigns of the parties hereto. 17. WARRANTY~ REMEDY LESSOR warrants that it will maintain the equipment while it is on rent hereunder. In the event of LESSOR's breach of any warranty, express or implied, the LESSEE's exclusive remedy shall be that LESSOR will make all necessary adjustments, repairs, and replacements according to the terms and conditions specified under Paragraph 6. The terms and conditions of this Agreement shall apply to any parts or equipment furnished as a replacement. 18. PLATES LESSEE shall not remove markings of ownership. or conceal LESSOR's plates or other 19. MISCELLANEOUS (a) LESSOR shall exercise its best efforts in performing the services and furnishing parts and equipment as provided in this Lease, but shall not be liable for delays or failure to do so caused by Acts of God, Government, labor difficulties, failure of transportation, or other causes beyond the control of LESSOR. (b) If more than one person executes this Lease as LESSEE, the covenants, conditions, obligations and liabilities of such persons under this Lease shall be joint and several. (c) LESSEE agrees to pay LESSOR interest at the highest rate permitted by law on all sums not paid by LESSEE to LESSOR when due and owing, hereunder, from date of such delinquency until paid. (d) This contract is Non-Cancellable. --6--