Equipment Lease Agreement (Page 4 of 6) in pdf

Equipment Lease Agreement Page 4

ARTICLE 5 - BREACH OR DEFAULT

If Lessee breaches or defaults on any of the obligations of this Agreement,

Lessor may immediately, without notice or demand, take possession of the

Equipment. In order to repossess the Equipment, Lessor is entitled to enter any

premises where the Equipment is located.

If Lessee’s breach or default

continues for 10 days after written notice has been mailed to Lessee, Lessor may

terminate the lease of Equipment. In lieu of taking possession of the Equipment,

or of terminating the lease, Lessor may declare immediately due and payable all

rent then unpaid for the entire remainder of the term for the Equipment, in which

event Lessee must pay such unpaid rent on demand.

ARTICLE 6 - RETURN OF PROPERTY ON TERMINATION

Lessee will promptly return the leased Equipment to Lessor at the end of

the term for the Equipment as specified in this Agreement. The Equipment must

be returned to Lessor at the location designated by Lessor.

ARTICLE 7 - GENERAL PROVISIONS

Attorney’s Fees

7.01. Lessee shall pay Lessor all of Lessor’s costs and expenses, including

reasonable attorney’s fees, incurred in collecting amounts due from Lessee or in

enforcing any rights of Lessor under this Agreement.

Assignment

7.02. Lessee may not assign this Agreement or any of Lessee’s rights under this

Agreement without the prior written consent of Lessor. Lessee may not sublease

any of the Equipment, or permit others to use them, without the prior written

consent of Lessor. Lessor’s consent to an assignment or sublease does not

release Lessee from any obligation under this Agreement.

Any attempted

assignment or sublease by Lessee without prior written consent shall be void and

will confer no rights on the intended assignee or sublessee.

Modiﬁcation

7.03. Modifications or amendments to this Agreement are valid only when made

in a writing that is signed by all contracting parties. Oral agreements purporting

to modify or amend this Agreement are void and of no effect.

Equipment Lease Agreement Page 4