OF EACH SUCH POLICY, IF SO
REQUESTED BY LESSOR AND ANY COLLATERAL TRANSFEREE, PROVIDED, HOWEVER, THAT
LESSOR AND ANY COLLATERAL TRANSFEREE SHALL BE UNDER NO DUTY EITHER TO ASCERTAIN
THE EXISTENCE OF OR TO EXAMINE SUCH INSURANCE COVERAGE OR TO ADVISE LESSEE IN
THE EVENT SUCH INSURANCE COVERAGE SHOULD NOT COMPLY WITH THE REQUIREMENTS
HEREOF.
IN CASE OF FAILURE OF LESSEE TO PROCURE OR MAINTAIN INSURANCE, LESSOR
AND ANY COLLATERAL TRANSFEREE MAY AT ITS OPTION OBTAIN SUCH INSURANCE, THE COST
OF WHICH WILL BE PAID BY LESSEE.
LESSEE HEREBY IRREVOCABLY APPOINTS LESSOR AND
ANY COLLATERAL TRANSFEREE AS LESSEE'S ATTORNEY-TO-FACT TO FILE, SETTLE OR
ADJUST, AND RECEIVE PAYMENT OF CLAIMS UNDER ANY SUCH INSURANCE POLICY AND TO
ENDORSE LESSEE'S NAME ON ANY CHECKS, DRAFTS OR OTHER INSTRUMENTS ON PAYMENT OF
SUCH CLAIMS.
LESSEE FURTHER AGREES TO GIVE LESSOR AND ANY COLLATERAL TRANSFEREE
PROMPT NOTICE OF ANY DAMAGE TO OR LOSS OF, THE EQUIPMENT, OR ANY ITEM THEREOF.
13.
LOSS AND DAMAGE.
LESSEE HEREBY ASSUMES AND
SHALL BEAR THE ENTIRE RISK OF LOSS, DAMAGE, THEFT OR DESTRUCTION, PARTIAL OR
COMPLETE, WHETHER OR NOT INSURED AGAINST, OF THE EQUIPMENT FROM ANY AND EVERY
CAUSE WHATSOEVER FROM THE DATE OF DELIVERY OF THE EQUIPMENT TO LESSEE.
NO LOSS,
DAMAGE, THEFT OR DESTRUCTION OF THE EQUIPMENT OR ANY PART THEREOF SHALL RELIEVE
LESSEE OF ANY OBLIGATION UNDER THIS LEASE AGREEMENT, WHICH SHALL CONTINUE IN
FULL FORCE AND EFFECT.
IN THE EVENT THAT AN ITEM OF EQUIPMENT SHALL BECOME
SUBJECT TO A TOTAL LOSS, LESSEE SHALL INFORM LESSOR AND ANY COLLATERAL
TRANSFEREE IN WRITING IN REGARD THERETO WITHIN TEN (10) DAYS AFTER SUCH TOTAL
LOSS AND LESSEE SHALL PAY TO LESSOR, IN CASH, AN AMOUNT EQUAL TO THE STIPULATED
LOSS VALUE THEREOF NOT LATER THAN THIRTY (30) DAYS AFTER THE TOTAL LOSS;
PROVIDED, HOWEVER, THAT SUCH AMOUNT SHALL BE REDUCED IF AND TO THE EXTENT THAT
LESSOR OR ANY TRANSFEREE HAS RECEIVED PROCEEDS
14
FROM THE INSURANCE REQUIRED TO BE MAINTAINED BY LESSEE PURSUANT TO SECTION 12
HEREOF AS A RESULT OF SUCH TOTAL LOSS, AND LESSOR AGREES THAT IF SUCH INSURANCE
PROCEEDS ARE PAID TO LESSOR AFTER LESSEE HAS PAID THE STIPULATED LOSS VALUE IN
FULL, LESSOR SHALL WITHIN TEN (10) DAYS THEREAFTER REIMBURSE TO LESSEE THE
PROCEEDS THEREOF, SUCH REIMBURSEMENT NOT TO EXCEED THE STIPULATED LOSS VALUE
AMOUNT PAID BY LESSEE RELATED TO SUCH TOTAL LOSS.
IN NO EVENT WILL THERE BY ANY
ABATEMENT OR OTHER ADJUSTMENT OF THE BASIC RENT OR ANY OTHER AMOUNT PAYABLE
HEREUNDER BY LESSEE BY REASON OF ANY TOTAL LOSS, NOTWITHSTANDING THAT LESSOR MAY
HAVE RECEIVED THE APPLICABLE STIPULATED LOSS VALUE IN WHOLE OR IN PART.
14.
TAXES AND FEES.
(A)
LESSEE SHALL FILE ANY NECESSARY REPORTS AND
RETURNS FOR, SHALL PAY PROMPTLY WHEN DUE, SHALL OTHERWISE BE LIABLE TO REIMBURSE
LESSOR FOR, AND AGREES TO INDEMNIFY AND HOLD LESSOR HARMLESS FROM, ALL
IMPOSITIONS.
(B)
IF ANY REPORT, RETURN OR PROPERTY LISTING
RELATING TO ANY IMPOSITION IS, BY LAW, REQUIRED TO BE FILED BY, ASSESSED OR
BILLED TO