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Agenda Package - 03-21-11
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Agenda Package - 03-21-11
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Board of Commissioners
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027 <br />customer after delivery of yarn. Lessor shall have no responsibilities with respect to the installation, use or <br />operation of the Equipment. <br />8. Location and Surrender of Equipment The Equipment shall be purchased by Lessor and <br />delivered directly from the manufacturer to Lessee's facilities at 1823 Boone Trial Road, Sanford, NC <br />27330 or such other location(s) as Lessee shall designate. Lessor acknowledges that the Equipment will not <br />remain at such location(s) but may be used at any facilities owned by Lessee and will be used for shipment <br />of yam both domestically and internationally. Upon the expiration or earlier termination of this Lease, <br />Lessee shall promptly return the Equipment to the Lessor in good repair and working order, ordinary wear <br />and tear resulting from proper use excepted, by making the Equipment available for pick -up by Lessor at <br />Lessee's facility in Sanford, North Carolina. Lessor shall then thereafter promptly arrange for the pick -up <br />and removal of the Equipment at the expense of Lessor. <br />9. Insurance Lessee shall (i) maintain at its sole cost and expense insurance on the ,Equipment <br />covering such risks, in such amounts and with such insurance companies as shall be reasonably satisfactory <br />to Lessor, and (ii) deliver to Lessor evidence of the same. Any such insurance shall name the Lessor and <br />Lessee as joint insureds, shall expressly provide that it shall not be invalidated as to Lessor by any act or <br />omission of Lessee and shall provide that the insurer will give Lessor at least 30 days' prior written notice <br />before it is altered or cancelled. The first $47,441.00 of proceeds from such insurance shall be paid to the <br />Lessor. Any amount of proceeds over $47,441.00, shall be paid to the Lessee and, at Lessee's option, be <br />applied to (i) replace, restore or repair the Equipment or (ii) pay Lessee's obligations hereunder. <br />10. Disclaimer of Warranties LESSOR MAKES NO WARRANTIES OR REPRESENTATIONS, <br />EXPRESS OR IMPLIED, AS TO THE VALUE, DESIGN, CONDITION, MERCHANTABILTTY OR <br />FITNESS FOR A PARTICULAR PURPOSE OF THE EQUIPMENT. <br />• 11. Assignment of Manufacturer's Warranties Notwithstanding the foregoing, Lessor hereby <br />agrees to assign to Lessee, solely for the purpose of making any such claim, all of Lessor's rights against the <br />manufacturer or supplier of the Equipment for breach of warranty or other representation regarding the <br />Equipment to the extent the same are assignable. <br />12. Disclaimer of Damages LESSOR EXPRESSLY DISCLAIMS ANY LIABILITY FOR <br />CONSEQUENTIAL, SPECIAL OR INCIDENTAL DAMAGES, WHERE, DUE TO OPERATION OF <br />LAW, CONSEQUENTIAL, SPECIAL OR INCIDENTAL DAMAGES CANNOT BE EXCLUDED, <br />THEY ARE EXPRESSLY LIMITED IN AMOUNT TO ANY RENTAL PAYMENTS MADE <br />HEREUNDER. <br />13. Ownership of Equipment Title to the Equipment is and shall remain solely and exclusively in <br />Lessor. The Equipment shall remain personal property whether or not it becomes attached to any real <br />property. <br />14. Attorneys' Fees In the event that any amounts due under this Lease are collected after maturity by <br />or through an attorney at law, Lessee agrees to pay Lessor's reasonable attorneys' fees, court costs and other <br />costs of collection. <br />15. Liens, Fines and Taxes Lessee shall keep the Equipment free and clear of all levies, liens and <br />security interests and shall pay all fines, charges and taxes of any nature which may be imposed upon the <br />ownership, leasing, rental, sale, purchase, possession or use of the Equipment, excluding all taxes on or <br />measured by Lessor's net income but including taxes attributable to the lease term but not due and payable at <br />the termination of the Lease. <br />C � <br />TRII \749961 v5 <br />
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