SHALL BE OBLIGATED TO
PERFORM ANY DUTY, COVENANT OR CONDITION REQUIRED TO BE PERFORMED BY LESSOR UNDER
THE TERMS OF THIS LEASE AGREEMENT AND LESSEE AGREES NOT TO HOLD OR ATTEMPT TO
HOLD SUCH TRANSFEREE LIABLE FOR ANY OF LESSOR'S OBLIGATIONS HEREUNDER, AND (II)
NO SUCH ASSIGNMENT SHALL RELIEVE LESSOR OF ITS OBLIGATIONS HEREUNDER UNLESS
SPECIFICALLY ASSUMED BY THE TRANSFEREE.
(C)
UPON WRITTEN NOTICE FROM LESSOR OF A
TRANSFER OF AN INTEREST HEREIN, LESSEE SHALL PROMPTLY RECORD SUCH TRANSFER IN
ITS BOOKS AND RECORDS, INCLUDING THE NAME(S) AND ADDRESS(ES) OF THE
TRANSFEREE(S) AND LESSEE AGREES TO DELIVER ALL CONSENTS, CERTIFICATES,
ESTOPPELS, OPINIONS OF COUNSEL AND OTHER DOCUMENTS LESSOR MAY REASONABLY REQUEST
IN CONNECTION WITH SUCH TRANSFER PRIOR TO THE SCHEDULED DATES THEREOF.
IF AND
TO THE EXTENT THAT LESSOR HAS ASSIGNED ANY OF ITS RIGHTS AND/OR OBLIGATIONS
HEREUNDER, FROM AND AFTER SUCH DATE, ALL REFERENCES HEREIN TO LESSOR SHALL MEAN
AND INCLUDE THE TRANSFEREE.
(D)
LESSEE HEREBY WAIVES AS AGAINST ANY SUCH
TRANSFEREE(S) OF LESSOR, ITS SUCCESSORS AND ASSIGNS, ANY CLAIM OR
13
DEFENSE THAT LESSEE MAY NOW OR HEREAFTER HAVE AS AGAINST LESSOR, WHETHER FOR
BREACH OF THIS LEASE AGREEMENT, BREACH OF WARRANTY OR OTHERWISE.
12.
INSURANCE.
COMMENCING WITH THE COMMENCEMENT
DATE AND UNTIL THE EQUIPMENT HAS BEEN RETURNED TO, AND ACCEPTED BY, LESSOR IN
COMPLIANCE WITH THE TERMS OF THIS LEASE AGREEMENT, LESSEE SHALL PROCURE AND
MAINTAIN INSURANCE IN SUCH AMOUNTS AND UPON SUCH TERMS AND WITH SUCH COMPANIES
AS LESSOR AND ANY COLLATERAL TRANSFEREE MAY APPROVE, AT LESSEE'S EXPENSE,
PROVIDED THAT IN NO EVENT SHALL SUCH INSURANCE BE LESS THAN THE FOLLOWING
COVERAGES AND AMOUNTS: (A) WORKER'S COMPENSATION AND EMPLOYERS LIABILITY
INSURANCE, IN THE FULL STATUTORY AMOUNTS PROVIDED BY LAW; (B) COMPREHENSIVE
GENERAL LIABILITY INSURANCE INCLUDING PRODUCT/COMPLETED OPERATIONS AND
CONTRACTUAL LIABILITY COVERAGE, WITH MINIMUM LIMITS OF $1,000,000 EACH
OCCURRENCE, AND COMBINED SINGLE LIMIT BODY INJURY AND PROPERTY DAMAGE,
$1,000,000 AGGREGATE, WHERE APPLICABLE; AND (C) ALL RISK PHYSICAL DAMAGE
INSURANCE, INCLUDING EARTHQUAKE AND FLOOD, ON EACH ITEM OF EQUIPMENT, IN AN
AMOUNT NOT LESS THAN THE GREATER OF THE STIPULATED LOSS VALUE OF THE EQUIPMENT
OR (IF APPLICABLE) ITS FULL REPLACEMENT VALUE.
LESSOR AND ANY COLLATERAL
TRANSFEREE SHALL BE INCLUDED AS AN ADDITIONAL INSURED AND LOSS PAYEE AS ITS
INTEREST MAY APPEAR.
SUCH POLICIES SHALL BE ENDORSED TO PROVIDE THAT THE
COVERAGE AFFORDED TO LESSOR SHALL NOT BE RESCINDED, IMPAIRED OR INVALIDATED BY
ANY ACT OR NEGLECT OF LESSEE.
LESSEE AGREES TO WAIVE LESSEE'S RIGHT AND ITS
INSURANCE CARRIER'S RIGHTS OF SUBROGATION AGAINST LESSOR FOR ANY AND ALL LOSS OR
DAMAGE.
ALL POLICIES SHALL BE ENDORSED OR CONTAIN A CLAUSE REQUIRING THE
INSURER TO FURNISH LESSOR AND ANY COLLATERAL TRANSFEREE WITH AT LEAST THIRTY
(30) DAYS' PRIOR WRITTEN NOTICE OF ANY MATERIAL CHANGE, CANCELLATION OR
NON-RENEWAL OF COVERAGE.
PRIOR TO THE COMMENCEMENT DATE, LESSEE SHALL FURNISH
LESSOR AND ANY COLLATERAL TRANSFEREE WITH A CERTIFICATE OF INSURANCE OR OTHER
EVIDENCE SATISFACTORY TO LESSOR AND ANY COLLATERAL TRANSFEREE THAT SUCH
INSURANCE COVERAGE IS IN EFFECT, TOGETHER WITH A COPY