from Lessor, and Lessor agrees to lease to Lessee,
the Equipment set forth and described on Schedule A to this Lease Agreement.
Lessee agrees that it shall, pursuant to the terms hereof, comply with all of
the terms and conditions herein.
3.
TERM AND RENT; OBLIGATIONS
UNCONDITIONAL.
(A)
THE EQUIPMENT IS LEASED FOR THE TERM,
UNLESS AND UNTIL THE TERM OF THIS LEASE AGREEMENT SHALL SOONER TERMINATE
PURSUANT TO THE TERMS HEREOF.
THE TERM SHALL COMMENCE ON THE COMMENCEMENT DATE
AND SHALL EXPIRE AT MIDNIGHT ON THE TERM EXPIRATION DATE.
UPON EXECUTION OF
THIS LEASE AGREEMENT, LESSEE SHALL PAY TO LESSOR, IN LAWFUL MONEY OF THE UNITED
STATES, THE SUM OF SEVENTY FIVE THOUSAND DOLLARS ($75,000.00), BY WIRE TRANSFER
TO LESSOR'S ACCOUNT, WHICH PAYMENT IS IN ADDITION TO, AND WILL NOT BE APPLIED AS
A CREDIT TOWARD, BASIC RENT, SUPPLEMENTAL RENT, OR ANY OTHER AMOUNT PAYABLE BY
LESSEE HEREUNDER.
(B)
LESSEE SHALL PAY TO LESSOR OR AN AGENT
DESIGNATED BY LESSOR OR ANY TRANSFEREE IN WRITING, IN LAWFUL MONEY OF THE UNITED
STATES, ON EACH BASIC RENT PAYMENT DATE THE SUM OF TEN THOUSAND, FIVE HUNDRED
DOLLARS ($10,500.00) AS FIXED RENT FOR THE EQUIPMENT DURING THE TERM, BY WIRE
TRANSFER TO LESSOR'S ACCOUNT OR TO SUCH OTHER PERSON'S ACCOUNT, AS LESSOR, FROM
TIME TO TIME, MAY DESIGNATE IN WRITING.
(C)
LESSEE SHALL ALSO PAY TO LESSOR OR AN AGENT
DESIGNATED BY LESSOR OR ANY TRANSFEREE IN WRITING, IN LAWFUL MONEY OF THE UNITED
STATES, ALL SUPPLEMENTAL RENT.
SUPPLEMENTAL RENT SHALL BE PAID WHEN DUE OR
WITHIN 30 DAYS FOLLOWING LESSOR'S DEMAND THEREFOR IF THERE IS NO DUE DATE
THEREFOR.
IF LESSEE SHALL FAIL TO PAY ANY SUPPLEMENTAL RENT, LESSOR SHALL HAVE
THE RIGHT TO PAY THE SAME AND SHALL HAVE ALL RIGHTS, POWERS AND REMEDIES FOR
REIMBURSEMENT FROM LESSEE WITH RESPECT THERETO AS ARE PROVIDED HEREIN
(INCLUDING, WITHOUT LIMITATION, SECTIONS 14 AND 15 HEREOF) OR BY LAW IN THE CASE
OF NON-PAYMENT OF BASIC RENT.
LESSEE SHALL ALSO PAY TO LESSOR THE OVERDUE FEE
ON ALL OVERDUE RENT FROM THE DUE DATE THEREOF UNTIL PAID.
LESSEE SHALL PERFORM
ALL OF ITS OBLIGATIONS UNDER THIS LEASE AGREEMENT AT ITS SOLE COST AND EXPENSE,
AND SHALL PAY ALL RENT WHEN DUE, WITHOUT FURTHER NOTICE OR DEMAND.
6
(D)
THIS LEASE AGREEMENT IS A NET LEASE AND
LESSEE ACKNOWLEDGES AND AGREES THAT LESSEE'S OBLIGATION TO PAY ALL RENT AND
OTHER SUMS PAYABLE HEREUNDER, AND THE RIGHTS OF LESSOR IN AND TO SUCH PAYMENTS,
SHALL BE ABSOLUTE AND UNCONDITIONAL AND SHALL NOT BE SUBJECT TO ANY ABATEMENT,
REDUCTION, SETOFF, DEFENSE, COUNTERCLAIM OR RECOUPMENT DUE TO OR ALLEGED TO BE
DUE TO, OR BY REASON OF, ANY PAST, PRESENT OR FUTURE CLAIMS THAT LESSEE MAY HAVE
AGAINST LESSOR, ANY TRANSFEREE, THE SUPPLIER OF THE EQUIPMENT OR ANY PERSON FOR
ANY REASON WHATSOEVER, INCLUDING WITHOUT LIMITATION, ANY LESSOR'S LIEN OR ANY
DESTRUCTION OF THE EQUIPMENT.
EACH PAYMENT OF RENT SHALL BE FINAL AND
IRREVOCABLE.
(E)
ALL RENT AND OTHER AMOUNTS PAYABLE UNDER
THIS LEASE AGREEMENT