notice thereof has been received by Lessee, effective
at such time, Lessor shall have the right to add and collect, and Lessee agrees
to pay a late charge on, such unpaid Rent for each day
2
that such unpaid Rent remains unpaid, at a default rate per annum equal to 14%
until the amount of Rent due and owing is paid in full.
4.DISCLAIMER OF WARRANTIES. Without waiving any claim that Lessee may have
against any manufacturer, vendor or contractor, LESSEE ACKNOWLEDGES AND AGREES
FOR THE BENEFIT OF LESSOR AND ITS SUCCESSORS THAT (a) THE EQUIPMENT AND EACH
COMPONENT THEREOF IS OF A SIZE, DESIGN, CAPACITY AND MANUFACTURE ACCEPTABLE TO
LESSEE, (b) LESSEE IS SATISFIED THAT THE EQUIPMENT AND EACH COMPONENT THEREOF IS
SUITABLE FOR THEIR RESPECTIVE PURPOSES, (c)
LESSOR IS NOT A MANUFACTURER, A
SUPPLIER OR A DEALER IN THE PROPERTY OF SUCH KIND, (d) THE EQUIPMENT IS LEASED
HEREUNDER TO THE EXTENT PROVIDED HEREBY FOR THE LEASE TERM SUBJECT TO ALL
APPLICABLE LAWS NOW IN EFFECT OR HEREAFTER ADOPTED, INCLUDING (i) ZONING
REGULATIONS, (ii) ENVIRONMENTAL LAWS OR (iii) BUILDING RESTRICTIONS, AND IN THE
STATE AND CONDITION OF EVERY PART THEREOF WHEN THE SAME FIRST BECAME SUBJECT TO
THIS AGREEMENT WITHOUT REPRESENTATION OR WARRANTY OF ANY KIND BY LESSOR (EXCEPT
THAT LESSOR REPRESENTS AND WARRANTS THAT ON THE LEASE COMMENCEMENT DATE, THE
EQUIPMENT WILL BE FREE OF LESSOR'S LIENS) AND (e)
LESSOR LEASES TO LESSEE, AND
LESSEE LEASES AND TAKES FROM LESSOR THE EQUIPMENT UNDER THIS AGREEMENT "AS-IS",
"WHERE-IS" AND "WITH ALL FAULTS", AND LESSEE ACKNOWLEDGES THAT LESSOR DOES NOT
MAKE AND SHALL NOT BE DEEMED TO HAVE MADE, AND EXPRESSLY DISCLAIMS, ANY AND ALL
RIGHTS, CLAIMS, WARRANTIES OR REPRESENTATIONS, EITHER EXPRESS OR IMPLIED, AS TO
THE VALUE, CONDITION, FITNESS FOR ANY PARTICULAR PURPOSE, DESIGN, OPERATION,
MERCHANTABILITY THEREOF, THE QUALITY OF THE MATERIAL OR WORKMANSHIP THEREOF OR
CONFORMITY THEREOF TO SPECIFICATIONS, FREEDOM FROM PATENT, COPYRIGHT OR
TRADEMARK INFRINGEMENT, THE ABSENCE OF ANY LATENT OR OTHER DEFECT, WHETHER OR
NOT DISCOVERABLE, OR AS TO THE ABSENCE OF ANY OBLIGATIONS BASED ON STRICT
LIABILITY IN TORT OR ANY OTHER EXPRESS OR IMPLIED REPRESENTATION OR WARRANTY
WHATSOEVER WITH RESPECT THERETO, OR (EXCEPT AS SET FORTH IN THE PARENTHETICAL
ABOVE) AS TO TITLE THERETO. LESSOR SHALL NOT IN ANY EVENT BE LIABLE TO LESSEE OR
ANY OTHER PERSON FOR DIRECT, INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL
DAMAGES, OR ANY LOSS OF PROFIT OR REVENUES, IN EACH CASE AS MAY ARISE FROM
LESSEE'S USE OF THE EQUIPMENT, ANY DEFECT OR MALFUNCTION OF THE EQUIPMENT, OR
FOR DAMAGES BASED ON STRICT OR ABSOLUTE TORT LIABILITY. No defect or unfitness
of the Equipment shall relieve Lessee of the obligation to pay Rent, or to
perform any other obligation under this Agreement.
It is agreed that, as between Lessor and Lessee, all the risks referred to above
are to be borne by Lessee. Lessor shall have no responsibility or liability
whatsoever to Lessee or any other person or entity with respect to any of the
following: (x)