1998 AGN MAR 03 I07 - Laserfiche WebLink

Browse Search

FEB -23-98 15:30 FROM: MARK PRESSMAN ASSOC I0:41S42107SS PACE 12/15 ARTICLE V RENTAL PAYMENTS SECTION 5.1 Rental Payments Lessee agrees to pay Rental Payments during the Term of this Lease, in the amounts and on the dates specified in Exhibit B. All Rental Payments shall be paid to Lessor at its offices at the address specified in the first paragraph of this Lease, or to such other person(s) or entity(ies) to which Lessor has assigrled such -Rental Payments as specified in Article XI, at such place as such assignee may from time to time designate by written notice to Lessee. Lessee shall pay the Rental Payments exclusively from moneys legally available therefor, in lawful money of the united States of America, to Lessor or, in the event of assignment of the right to receive Rental Payments by Lessor, to its assignee(s). SECTION 5.2 Current Expense, The obligations of Lessee under this Lease, including its obligation to pay the Rental Payments due with respect to the Equipment, in any Fiscal Year for which this Lease is in effect, shall constitute a current expense of Lessee for such Fiscal Year and shall not constitute an indebtedness of Lessee within the meaning of the Constitution and laws of the State. Nothing herein shall constitute a pledge by Lessee of any taxes or other moneys, other than moneys Iawfully appropriated from time to time by or for the benefit of Lessee in the annual budget of the governing body of Lessee and the proceeds of Net Proceeds of the Equipment, to the payment of any Rental Payment or other amount coming due hereunder. SECTION 5.3 Interest Comnonent. A portion of any Rental Payment is paid and represents the payments of interest. Exhibit B sets forth the Interest component of each Rental Payment. SECTION 5.4 Rental Payments to be Unconditional Except as provided in Section the obligation of Lessee to make Rental Payments or any other payments required hereunder shall be absolute and unconditional in all events. Notwithstanding any dizspute between Lessee and Lessor or any other person, Lessee shall make all Rental Pay=nts and other payments required hereunder when due and shall not withhold any Rental Payment or other payment pending final resolution of such dispute nor shall Lessee assert any right of set-off or counterclaim against its obligation to make such Rental Payments or other payments required under this Lease. Lessee's obligation to make Rental Payments or other payments during the Lease Term shall not be abated through accident or unforeseen circumstances. However. nothing herein shall be construed to release Lessor from the performance of its obligations hereunder. and if Lessor should fail to perform any such obligation, Lessee may institute such legal action against Lessor as Lessee may deem necessary to compel the performance of such obligation or to recover damages therefor. ARTICLE VI INSURANCE AND NEGLIGENCE Sr,CTIO` 6.1 Liability- Insur:inge Unless self-insurance is provided by Lessee, as evidenced by a written certificate specifying the terms and amounts thereof delivered to Lessor, upon receipt of possession of Equipment, Lessee shall take such measures as may be necessary to ensure that any liability for injuries to or death of any person or damage to or loss of pmperny arising out of or in anv way relating to the condition or the operation of the Equipment or any part thereof, is covered