CANCELLATION OPTION. Upon at least one hundred eighty (180) but not more than two hundred seventy (270) days written notice to Lessor prior to the Basic Term Expiration Date (the "Notice Date"), Lessee may cancel the Agreement (the "Cancellation Option") with respect to all (but not less than all) of the Equipment on this Schedule: provided that, Lessee shall concurrently exercise its Cancellation Option under Schedule 001 hereof and its Termination Option under account number 4130883-001. If all of the terms and conditions of this Section are ▇▇▇ ▇▇▇filled, this Lease shall continue in full force and effect and Lessee shall continue to be liable for all obligations thereunder, including, without limitation, the obligation to continue paying rent. Lessee shall be deemed to have waived this option if it fails to timely provide Lessor with the required written notice of its election to exercise the same. Initial: /s/ LN (a) Prior to the Basic Term Expiration Date, Lessee shall (i) pay to Lessor, as additional rent. FORTY-SEVEN AND 327/1000 percent (47.327%) of the Capitalized Lessor's Cost of the Equipment, plus all rent and all other sums due and unpaid as of the Basic Term Expiration Date (including, but not limited to, any rent payment due and payable on the Basic Term Expiration Date and any sales taxes and property taxes); and (ii) return the Equipment in full compliance with the RETURN OF EQUIPMENT Section of the Lease, such compliance being independently verified by an independent appraiser selected by Lessor (reasonably acceptable to Lessee) to determine that the Equipment is in such compliance, which determination shall be final, binding and conclusive. Lessee shall bear all costs associated with such appraiser's determination and such costs, if any, to cause the Equipment to be in full compliance with the RETURN OF EQUIPMENT Section of the Lease on or prior to such Basic Term Expiration Date. (b) From the applicable Notice Date through the Basic Term Expiration Date, Lessee shall: (i) continue to comply with all of the terms and conditions of the Lease, including, but not limited to, Lessee's obligation to pay rent, and (ii) make the equipment available to Lessor in such a manner as to allow Lessor to market and demonstrate the Equipment to potential purchasers or lessees from such premises at no cost to Lessor; provided, however, that, subject to Lessor's right to market and demonstrate the Equipment to potential purchasers or lessees from time to time, Lessee may still use the Equipment until the Basic Term Expiration Date. (c) Lessee shall, from the Basic Term Expiration Date through the earlier of the date the Equipment is sold by Lessor to a third party or thirty (30) days following the Basic Term Expiration Date, comply with the following terms and conditions: (i) continue to provide insurance for the Equipment, at Lessee's own expense, in compliance with the terms found in the INSURANCE Section of the Lease, and (ii) make the Equipment available to Lessor and/or allow Lessor to store the Equipment at Lessee's premises, in such a manner as to allow Lessor to market and demonstrate the Equipment to potential purchasers or lessees from such premises at no cost to Lessor. (d) The proceeds of any sale or re-lease of the Equipment after Lessee has exercised its Cancellation Option shall be for the sole benefit of Lessor and Lessee shall have no interest in nor any claim upon any of such proceeds.
Appears in 1 contract
Sources: Master Lease Agreement (Consolidated Communications Texas Holdings, Inc.)
CANCELLATION OPTION. Upon at least one hundred eighty (180a) but not more than two hundred seventy (270) days written notice to Lessor prior to So long as no default exists hereunder and expressly provided that all of the Basic Term Expiration Date (the "Notice Date")terms and conditions of this Provision are fulfilled, Lessee may cancel the Agreement (the "Cancellation Option") with respect as to all (but not less than all) of the Equipment on this Schedule: provided thatSchedule as of any one of the Cancellation Dates set forth below (each, Lessee a "Cancellation Date") upon at least 90 days prior written notice (the "Notice Date") to Lessor (which notice shall concurrently exercise its be irrevocable and shall be sent to the attention of Lessor's Asset Management Organization, 44 O▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇). ▇uch notice shall state the Cancellation Option under Schedule 001 hereof and its Termination Option under account number 4130883-001Date which shall apply. If all of the terms and conditions of this Section Provision are ▇▇▇ ▇▇▇fillednot fulfilled, this Lease shall continue in full force and effect and Lessee shall continue to be liable for all obligations thereunder, including, without limitation, the obligation to continue paying rent. Lessee shall be deemed to have waived this option if it fails to timely provide Lessor with the required written notice of its election to exercise the same. Initial: /s/ LN.
(ab) Prior to the Basic Term Expiration Cancellation Date, Lessee shall
(i) pay to Lessor, as additional rent. FORTY-SEVEN AND 327/1000 percent , (47.327%A) of the Capitalized Lessor's Cost of Cancellation Value (set forth below for the applicable Cancellation Date) for the Equipment, plus (B) all rent and all other sums due and unpaid as of the Basic Term Expiration Cancellation Date (including, but not limited to, any rent Rent payment due and payable on the Basic Term Expiration Cancellation Date and any sales taxes and property taxes); and
(ii) return the Equipment in full compliance with the RETURN OF EQUIPMENT Section of the Lease, such compliance being independently verified by an independent appraiser selected by Lessor (reasonably acceptable to Lessee) to determine that the Equipment is in such compliance, which determination shall be final, binding and conclusive. Lessee shall bear all costs associated with such appraiser's determination and such costs, if any, to cause the Equipment to be in full compliance with the RETURN OF EQUIPMENT Section of the Lease on or prior to such Basic Term Expiration Cancellation Date.
(bc) From The Cancellation Dates and the applicable Cancellation Values are as set forth below: October 1, 2001 1,350,028.20
(d) Lessee shall, from the applicable Notice Date through the Basic Term Expiration Cancellation Date, Lessee shall:,
(i) continue to comply with all of the terms and conditions of the Lease, including, but not limited to, Lessee's obligation to pay rent, and
(ii) make the equipment Equipment available to Lessor in such a manner as to allow Lessor to market and demonstrate the Equipment to potential purchasers or lessees from such premises at no cost to Lessor; provided, however, that, subject to Lessor's right to market and demonstrate the Equipment to potential purchasers or lessees from time to time, Lessee may still use the Equipment until the Basic Term Expiration Cancellation Date.
(ce) Lessee shall, from the Basic Term Expiration applicable Cancellation Date through the earlier of the date the Equipment is sold by Lessor to a third party or thirty (30) 30 days following the Basic Term Expiration Cancellation Date, comply with the following terms and conditions:
(i) continue Continue to provide insurance for the Equipment, at Lessee's own expense, in compliance with the terms found in the INSURANCE Section of the Lease, and
(ii) make Make the Equipment available to Lessor and/or allow Lessor to store the Equipment at Lessee's premises, in such a manner as to allow Lessor to market and demonstrate the Equipment to potential purchasers or lessees from such premises at no cost to Lessor.
(df) The proceeds of any sale or re-lease sale of the Equipment after Lessee has exercised its Cancellation Option shall be for the sole benefit of Lessor and Lessee shall have no interest in nor or any claim upon any of such proceeds.
Appears in 1 contract
Sources: Equipment Sublease (Integrated Information Systems Inc)
CANCELLATION OPTION. Upon at least one hundred eighty (180) but not more than two hundred seventy (270) days written notice to Lessor prior to the Basic Term Expiration Date (the "Notice Date"), Lessee may my cancel the Agreement (the "Cancellation Option") with respect to all (but not less than all) of the Equipment on this Schedule: provided that, Lessee shall concurrently exercise its Cancellation Option under Schedule 001 hereof and its Termination Option under account number 4130883-001. If all of the terms and conditions of this Section are ▇▇▇ ▇▇▇fillednot fulfilled, this Lease shall continue in full force and effect and Lessee shall continue to be liable for all obligations thereunder, including, without limitation, the obligation to continue paying rent. Lessee shall be deemed to have waived this option if it fails to timely provide Lessor with the required written notice of its election to exercise the same. Initial: /s/ LN.
(a) Prior to the Basic Term Expiration Date, Lessee shall
(i) pay to Lessor, as additional rent. FORTY-SEVEN AND 327/1000 , ________________ percent (47.327________ %) of the Capitalized Lessor's Cost of the Equipment, plus all rent and all other sums due and unpaid as of the Basic Term Expiration Date (including, but not limited to, any rent payment due and payable on the Basic Term Expiration Date and any sales taxes and property taxes); and
(ii) return the Equipment in full compliance with the RETURN OF EQUIPMENT Section XI of the LeaseAgreement, such compliance being independently verified by an independent appraiser selected by Lessor (reasonably acceptable to Lessee) to determine that the Equipment is in such compliance, which determination shall be final, binding and conclusive. Lessee shall bear all costs associated with such appraiser's determination and such costs, if any, to cause the Equipment to be in full compliance with the RETURN OF EQUIPMENT Section XI of the Lease Agreement on or prior to such Basic Term Expiration Date.
(b) From the applicable Notice Date through the Basic Term Tenn Expiration Date, Lessee shall:
(i) continue to comply with all of the terms and conditions of the Lease, including, but not limited to, Lessee's obligation obligation, to pay rent, and
(ii) make the equipment Equipment available to Lessor in such a manner as to allow Lessor to market and demonstrate the Equipment to potential purchasers or lessees from such premises at no cost to Lessor; , provided, however, that, subject to Lessor's right to market and demonstrate the Equipment to potential purchasers or lessees from time to time, Lessee may still use the Equipment until the Basic Term Expiration Date.
(c) Lessee shall, from the Basic Term Expiration Expiation Date through the earlier of the date the Equipment is sold by Lessor to a third party or thirty (30) days following the Basic Term Expiration Date, comply with the following terms and conditions:
(i) continue to provide insurance for the Equipment, at Lessee's own expense, in compliance with the terms found in the INSURANCE Section X of the LeaseAgreement, and
(ii) make the Equipment available to Lessor and/or allow Lessor to store the Equipment at Lessee's premises, in such a manner as to allow Lessor to market and demonstrate the Equipment to potential purchasers or lessees from such premises at no cost to Lessor.
(d) The proceeds of any sale or re-lease of the Equipment after Lessee has exercised its Cancellation Option shall be for the sole benefit of Lessor and Lessee shall have no interest in nor any claim upon any of such proceeds.
Appears in 1 contract
Sources: Master Lease Agreement (New Century Financial Corp)
CANCELLATION OPTION. Upon at least one hundred eighty (180) but not more than two hundred seventy (270) days written notice to Lessor prior to the Basic Term Expiration Date (the "Notice Date"), Lessee may cancel the Agreement (the "Cancellation Option") with respect to all (but not less than all) of the Equipment on this Schedule: provided that, Lessee shall concurrently exercise its Cancellation Option under Schedule 001 002 hereof and its Termination Option under account number 4130883-001. If all of the terms and conditions of this Section are Sectio▇ ▇▇▇ ▇▇▇filledot fulfilled, this Lease shall continue in full force and effect and Lessee shall continue to be liable for all obligations thereunder, including, without limitation, the obligation to continue paying rent. Lessee shall be deemed to have waived this option if it fails to timely provide Lessor with the required written notice of its election to exercise the same. Initial: /s/ LN
(a) Prior to the Basic Term Expiration Date, Lessee shall
(i) pay to Lessor, as additional rent. , FORTY-SEVEN FOUR AND 327/1000 43/100 percent (47.32744.43%) of the Capitalized Lessor's Cost of the Equipment, plus all rent and all other sums due and unpaid as of the Basic Term Expiration Date (including, but not limited to, any rent payment due and payable on the Basic Term Expiration Date and any sales taxes and property taxes); and
(ii) return the Equipment in full compliance with the RETURN OF EQUIPMENT Section of the Lease, such compliance being independently verified by an independent appraiser selected by Lessor (reasonably acceptable to Lessee) to determine that the Equipment is in such compliance, which determination shall be final, binding and conclusive. Lessee shall bear all costs associated with such appraiser's determination and such costs, if any, to cause the Equipment to be in full compliance with the RETURN OF EQUIPMENT Section of the Lease on or prior to such Basic Term Expiration Date.
(b) From the applicable Notice Date through the Basic Term Expiration Date, Lessee shall:
(i) continue to comply with all of the terms and conditions of the Lease, including, but not limited to, Lessee's obligation to pay rent, and
(ii) make the equipment Equipment available to Lessor in such a manner as to allow Lessor to market and demonstrate the Equipment to potential purchasers or lessees from such premises at no cost to Lessor; provided, however, that, subject to Lessor's right to market and demonstrate the Equipment to potential purchasers or lessees from time to time, Lessee may still use the Equipment until the Basic Term Expiration Date.
(c) Lessee shall, from the Basic Term Expiration Date through the earlier of the date the Equipment is sold by Lessor to a third party or thirty (30) days following the Basic Term Expiration Date, comply with the following terms and conditions:
(i) continue to provide insurance for the Equipment, at Lessee's own expense, in compliance with the terms found in the INSURANCE Section of the Lease, and
(ii) make the Equipment available to Lessor and/or allow Lessor to store the Equipment at Lessee's premises, in such a manner as to allow Lessor to market and demonstrate the Equipment to potential purchasers or lessees from such premises at no cost to Lessor.
(d) The proceeds of any sale or re-lease of the Equipment after Lessee has exercised its Cancellation Option shall be for the sole benefit of Lessor and Lessee shall have no interest in nor any claim upon any of such proceeds.
Appears in 1 contract
Sources: Master Lease Agreement (Consolidated Communications Texas Holdings, Inc.)
CANCELLATION OPTION. Upon at least one hundred eighty (180a) but not more than two hundred seventy (270) days written notice to Lessor prior to So long as no default exists hereunder and expressly provided that all of the Basic Term Expiration Date (the "Notice Date")terms and conditions of this Provision are fulfilled, Lessee may cancel the Agreement (the "Cancellation Option") with respect as to all (but not less than all) of the Equipment on this Schedule: provided thatSchedule as of any one of the Cancellation Dates set forth below (each, Lessee a "Cancellation Date") upon at least 90 days prior written notice (the "Notice Date") to Lessor (which notice shall concurrently exercise its be irrevocable and shall be sent to the attention of Lessor's Asset Management Organization, 44 O▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇). Such notice shall state the Cancellation Option under Schedule 001 hereof and its Termination Option under account number 4130883-001Date which shall apply. If all of the terms and conditions of this Section Provision are ▇▇▇ ▇▇▇fillednot fulfilled, this Lease shall continue in full force and effect and Lessee shall continue to be liable for all obligations thereunder, including, without limitation, the obligation to continue paying rent. Lessee shall be deemed to have waived this option if it fails to timely provide Lessor with the required written notice of its election to exercise the same. Initial: /s/ LN.
(ab) Prior to the Basic Term Expiration Cancellation Date, Lessee shall
(i) pay to Lessor, as additional rent. FORTY-SEVEN AND 327/1000 percent , (47.327%A) of the Capitalized Lessor's Cost of Cancellation Value (set forth below for the applicable Cancellation Date) for the Equipment, plus (B) all rent and all other sums due and unpaid as of the Basic Term Expiration Cancellation Date (including, but not limited to, any rent Rent payment due and payable on the Basic Term Expiration Cancellation Date and any sales taxes and property taxes); and
(ii) return the Equipment in full compliance with the RETURN OF EQUIPMENT Section of the Lease, such compliance being independently verified by an independent appraiser selected by Lessor (reasonably acceptable to Lessee) to determine that the Equipment is in such compliance, which determination shall be final, binding and conclusive. Lessee shall bear all costs associated with such appraiser's determination and such costs, if any, to cause the Equipment to be in full compliance with the RETURN OF EQUIPMENT Section of the Lease on or prior to such Basic Term Expiration Cancellation Date.
(bc) From The Cancellation Dates and the applicable Cancellation Values are as set forth below: October 1, 2001 1,350,028.20
(d) Lessee shall, from the applicable Notice Date through the Basic Term Expiration Cancellation Date, Lessee shall:,
(i) continue to comply with all of the terms and conditions of the Lease, including, but not limited to, Lessee's obligation to pay rent, and
(ii) make the equipment Equipment available to Lessor in such a manner as to allow Lessor to market and demonstrate the Equipment to potential purchasers or lessees from such premises at no cost to Lessor; provided, however, that, subject to Lessor's right to market and demonstrate the Equipment to potential purchasers or lessees from time to time, Lessee may still use the Equipment until the Basic Term Expiration Cancellation Date.
(ce) Lessee shall, from the Basic Term Expiration applicable Cancellation Date through the earlier of the date the Equipment is sold by Lessor to a third party or thirty (30) 30 days following the Basic Term Expiration Cancellation Date, comply with the following terms and conditions:
(i) continue Continue to provide insurance for the Equipment, at Lessee's own expense, in compliance with the terms found in the INSURANCE Section of the Lease, and
(ii) make Make the Equipment available to Lessor and/or allow Lessor to store the Equipment at Lessee's premises, in such a manner as to allow Lessor to market and demonstrate the Equipment to potential purchasers or lessees from such premises at no cost to Lessor.
(df) The proceeds of any sale or re-lease of the Equipment after Lessee has exercised its Cancellation Option shall be for the sole benefit of Lessor and Lessee shall have no interest in nor or any claim upon any of such proceeds.
Appears in 1 contract
Sources: Master Lease Agreement (Action Performance Companies Inc)
CANCELLATION OPTION. Upon at least one hundred eighty (180) but not more than two hundred seventy (270) days written notice to Lessor prior to the Basic Term Expiration Date (the "Notice Date"), Lessee may cancel the Agreement (the "Cancellation Option") with respect to all (but not less than all) of the Equipment on this Schedule: provided that, Lessee shall concurrently exercise its Cancellation Option under Schedule 001 hereof and its Termination Option under account number 4130883-001. If all of the terms and conditions of this Section are ▇▇▇ ▇▇▇fillednot fulfilled, this Lease shall continue in full force and effect and Lessee shall continue to be liable for all obligations thereunder, including, without limitation, the obligation to continue paying rent. Lessee shall be deemed to have waived this option if it fails to timely provide Lessor with the required written notice of its election to exercise the same. Initial: /s/ LN.
(a) Prior to the Basic Term Expiration Date, Lessee shall
(i) pay to Lessor, as additional rent. FORTY-SEVEN AND 327/1000 , three percent (47.3273%) of the Capitalized Lessor's Cost of the Equipment, plus all rent and all other sums due and unpaid as of the Basic Term Expiration Date (including, but not limited to, any rent payment due and payable on the Basic Term Expiration Date and any sales taxes and property taxes); and
(ii) return the Equipment in full compliance with the RETURN OF EQUIPMENT Section of the Lease, such compliance being independently verified by an independent appraiser selected by Lessor (reasonably acceptable to Lessee) to determine that the Equipment is in such compliance, which determination shall be final, binding and conclusive. Lessee shall bear all costs associated with such appraiser's determination and such costs, if any, to cause the Equipment to be in full compliance with the RETURN OF EQUIPMENT Section of the Lease on or prior to such Basic Term Expiration Date.
(b) From the applicable Notice Date through the Basic Term Expiration Date, Lessee shall:
(i) continue to comply with all of the terms and conditions of the Lease, including, but not limited to, Lessee's obligation to pay rent, and
(ii) make the equipment Equipment available to Lessor in such a manner as to allow Lessor to market and demonstrate the Equipment to potential purchasers or lessees from such premises at no cost to Lessor; provided, however, that, subject to Lessor's right to market and demonstrate the Equipment to potential purchasers or lessees from time to time, Lessee may still use the Equipment until the Basic Term Expiration Date.
(c) Lessee shall, from the Basic Term Expiration Date through the earlier of the date the Equipment is sold by Lessor to a third party or thirty (30) days following the Basic Term Expiration Date, comply with the following terms and conditions:
(i) continue to provide insurance for the Equipment, at Lessee's own expense, in compliance with the terms found in the INSURANCE Section of the Lease, and
(ii) make the Equipment available to Lessor and/or allow Lessor to store the Equipment at Lessee's premises, in such a manner as to allow Lessor to market and demonstrate the Equipment to potential purchasers or lessees from such premises at no cost to Lessor.
(d) The proceeds of any sale or re-lease of the Equipment after Lessee has exercised its Cancellation Option shall be for the sole benefit of Lessor and Lessee shall have no interest in nor any claim upon any of such proceeds.
Appears in 1 contract
Sources: Master Lease Agreement (Smith & Wollensky Restaurant Group Inc)
CANCELLATION OPTION. Upon at least one hundred eighty (180) but not more than two hundred seventy (270) days written notice to Lessor prior to the Basic Term Expiration Date (the "“Notice Date"”), Lessee may cancel the Agreement (the "“Cancellation Option"”) with respect to all (but not less than all) of the Equipment on this Schedule: provided that, Lessee shall concurrently exercise its Cancellation Option under Schedule 001 hereof and its Termination Option under account number 4130883-001. If all of the terms and conditions of this Section are ▇▇▇ ▇▇▇fillednot fulfilled, this Lease shall continue in full force and effect and Lessee shall continue to be liable for all obligations thereunder, including, without limitation, the obligation to continue paying rent. Lessee shall be deemed to have waived this option if it fails to timely provide Lessor with the required written notice of its election to exercise the same. Initial: /s/ LN.
(a) Prior to the Basic Term Expiration Date, Lessee shall
(i) pay to Lessor, as additional rent. FORTY-SEVEN AND 327/1000 , three percent (47.3273%) of the Capitalized Lessor's ’s Cost of the Equipment, plus all rent and all other sums due and unpaid as of the Basic Term Expiration Date (including, but not limited to, any rent payment due and payable on the Basic Term Expiration Date and any sales taxes and property taxes); and
(ii) return the Equipment in full compliance with the RETURN OF EQUIPMENT Section of the Lease, such compliance being independently verified by an independent appraiser selected by Lessor (reasonably acceptable to Lessee) to determine that the Equipment is in such compliance, which determination shall be final, binding and conclusive. Lessee shall bear all costs associated with such appraiser's ’s determination and such costs, if any, to cause the Equipment to be in full compliance with the RETURN OF EQUIPMENT Section of the Lease on or prior to such Basic Term Expiration Date.
(b) From the applicable Notice Date through the Basic Term Expiration Date, Lessee shall:
(i) continue to comply with all of the terms and conditions of the Lease, including, but not limited to, Lessee's ▇▇▇▇▇▇’s obligation to pay rent, and
(ii) make the equipment Equipment available to Lessor in such a manner as to allow Lessor to market and demonstrate the Equipment to potential purchasers or lessees from such premises at no cost to Lessor; provided, however, that, subject to Lessor's ’s right to market and demonstrate the Equipment to potential purchasers or lessees from time to time, Lessee may still use the Equipment until the Basic Term Expiration Date.
(c) Lessee shall, from the Basic Term Expiration Date through the earlier of the date the Equipment is sold by Lessor to a third party or thirty (30) days following the Basic Term Expiration Date, comply with the following terms and conditions:
(i) continue to provide insurance for the Equipment, at Lessee's own expense, in compliance with the terms found in the INSURANCE Section of the Lease, and
(ii) make the Equipment available to Lessor and/or allow Lessor to store the Equipment at Lessee's premises, in such a manner as to allow Lessor to market and demonstrate the Equipment to potential purchasers or lessees from such premises at no cost to Lessor.
(d) The proceeds of any sale or re-lease of the Equipment after Lessee has exercised its Cancellation Option shall be for the sole benefit of Lessor and Lessee shall have no interest in nor any claim upon any of such proceeds.
Appears in 1 contract
Sources: Equipment Lease Agreement (Smith & Wollensky Restaurant Group Inc)
CANCELLATION OPTION. Upon at least one hundred eighty (180) but not more than two hundred seventy (270) days written notice to Lessor prior to the Basic Term Expiration Date (the "Notice Date"), Lessee may cancel the Agreement (the "Cancellation Option") with respect to all (but not less than all) of the Equipment on this Schedule: provided that, Lessee shall concurrently exercise its Cancellation Option under Schedule 001 hereof and its Termination Option under account number 4130883-001. If all of the terms and conditions of this Section are ▇▇▇ ▇▇▇fillednot fulfilled, this Lease shall continue in full fill force and effect and Lessee shall continue to be liable for all obligations thereunder, including, without limitation, the obligation to continue paying rent. Lessee shall be deemed to have waived this option if it fails to timely provide Lessor with the required written notice of its election to exercise the same. Initial: /s/ LN.
(a) Prior to the Basic Term Expiration Date, Lessee shall
(i) pay to Lessor, as additional rent. FORTY-SEVEN AND 327/1000 , twenty three and three hundred sixteen hundredths percent (47.32723.316%) of the Capitalized Lessor's Cost of the Equipment, plus all rent and all other sums due and unpaid as of the Basic Term Expiration Date (including, but not limited to, any rent payment due and payable on the Basic Term Expiration Date and any sales taxes and property taxes); and
(ii) return the Equipment in full compliance with the RETURN OF EQUIPMENT Section of the Lease, such compliance being independently verified by an independent appraiser selected by Lessor (reasonably acceptable to Lessee) to determine that the Equipment is in such compliance, which determination shall be final, binding and conclusive. Lessee shall bear all costs associated with such appraiser's determination and such costs, if any, to cause the Equipment to be in full compliance with the RETURN OF EQUIPMENT Section of the Lease on or prior to such Basic Term Expiration Date.
(b) From the applicable Notice Date through the Basic Term Expiration Date, Lessee shall:
(i) continue to comply with all of the terms and conditions of the Lease, including, but not limited to, Lessee▇▇▇▇▇▇'s obligation to pay rent, and
(ii) make the equipment Equipment available to Lessor in such a manner as to allow Lessor to market and demonstrate the Equipment to potential purchasers or lessees from such premises at no cost to Lessor; provided, however, that, subject to Lessor's right to market and demonstrate the Equipment to potential purchasers or lessees from time to time, Lessee may still use the Equipment until the Basic Term Expiration Date.
(c) Lessee shall, from the Basic Term Expiration Date through the earlier of the date the Equipment is sold by Lessor to a third party or thirty (30) days following the Basic Term Expiration Date, comply with the following terms and conditions:
(i) continue to provide insurance for the Equipment, at Lessee▇▇▇▇▇▇'s own expense, in compliance with the terms found in the INSURANCE Section of the Lease, and
(ii) make the Equipment available to Lessor and/or allow Lessor to store the Equipment at Lessee's premises, in such a manner as to allow Lessor to market and demonstrate the Equipment to potential purchasers or lessees from such premises at no cost to Lessor.
(d) The proceeds of any sale or re-lease of the Equipment after Lessee has exercised its Cancellation Option shall be for the sole benefit of Lessor and Lessee shall have no interest in nor any claim upon any of such proceeds.
Appears in 1 contract
Sources: Lease Agreement (Scios Inc)