Equipment Lease Agreement (Page 2 of 3) in pdf

Lessee agrees that the current reading of the hour meter is as set forth on

SCHEDULE A.

No portion of the rent shall be deemed to constitute payment for any equity interest

in the Equipment. Lessee agrees to payment of all rent provided for in this Lease

regardless of any problems Lessee may have with the Equipment, including its

operation, condition, capability or repair, and regardless of any claim, setoff or

defense Lessee might have against the manufacturer.

7. USE. Lessee shall use the Equipment in a careful and lawful manner, and assumes

all risks, and releases Lessor from all claims, relating to the use thereof. Lessee shall

not permit any person to operate the Equipment other than Lessee’s employees.

8. PERSONNEL TRAINING. Lessee shall ensure that all personnel utilizing the

Equipment are properly trained in the use thereof.

9. MAINTENANCE; ALTERATIONS. During the term of this Lease, Lessee shall keep

the equipment in good working condition and repair and furnish all labor, parts,

mechanisms and devices required therefore, and shall return the Equipment to

Lessor at the end of the term in the same condition as the Equipment is in on the

date hereof. Lessee shall not make any alterations, additions or improvements to the

Equipment, and shall in no way alter, remove or disable any safety devices relating

to the Equipment.

10. INSURANCE. During the term of this Lease, Lessee shall keep the Equipment

insured at Lessee’s expense against risks of loss or damage to the Equipment, such

coverage to be in the amount of the replacement value or fair market value of the

Equipment, whichever is greater. During the term of this Lease, Lessee will obtain

and maintain, at its own expense, public liability and property damage insurance

with respect to the Equipment or the use thereof, with minimum limits of $1,000,000

combined single limit. Prior to the commencement of the term of this Lease, Lessee

shall furnish Lessor with a Certificate of Insurance or other evidence satisfactory to

Lessor demonstrating that such coverages are in place and the Lessor has been

named as loss payee/additional insured with respect to such coverages.

11. LIENS; TAXES. Lessee shall keep the Equipment free and clear of all levies, liens,

and encumbrances. Lessee shall (a) make and file all declarations and returns in

connection with all charges and taxes (local, state, and federal), which may now or

hereafter be imposed upon or measured by the leasing, rental, possession or use of

the Equipment, excluding, however, all taxes on or measured by Lessor’s net

income, and (b) pay all such charges and taxes. In the event that Lessor shall elect

to make and file any or all declarations and returns in connection with such charges

and taxes or to pay the same, then Lessee shall reimburse Lessor, upon demand of

Lessor, for any and all such charges and taxes applicable to the equipment.

12. INDEMNITY. Lessee shall and does hereby agree to indemnify and save Lessor, its

agents, successors and assigns, harmless from any and all liability, claims, damages

or loss, including reasonable attorney’s fees, arising out of Lessee’s possession,

leasing, operation, control or use of the Equipment during the term of this Lease.

Lessee shall, at Lessor’s discretion, appear and defend any such action and pay the

cost of the defense of any such action brought against Lessor, either alone or in

conjunction with others, upon any such liability or claim. Lessee shall satisfy, pay

and discharge any and all judgments and fines that may be recovered against Lessor

in any such action, provided that Lessor gives Lessee written notice of any such

claim. The obligations to indemnify with respect to matters occurring or arising

during the term of this Lease shall continue in full force and effect notwithstanding

the termination or expiration of this Lease.

Equipment Lease Agreement Page 2

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