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6B(3)
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05-15-15 Redevelopment Commission Meeting
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6B(3)
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failure of a sub-tenant of LIPPERT to create any specified number of jobs shall not excuse <br /> LIPPERT from its job commitments made herein. <br /> LIPPERT and the Commission agree that capital investment made by a sub-tenant of LIPPERT <br /> may be counted toward fulfilling the capital investment commitments made by LIPPERT herein, <br /> however, the failure of a sub-tenant of LIPPERT to make capital investment in any specified <br /> amount shall not excuse LIPPERT from its capital investment commitments made herein. <br /> I. In connection with the foregoing, Lessee now desires to lease the Equipment from <br /> Lessor, and Lessor now desires to lease the Equipment to Lessee, upon the terms and subject to <br /> the conditions set forth in this Lease. <br /> AGREEMENT <br /> NOW THEREFORE, in consideration of the foregoing, the mutual covenants and <br /> agreements set forth in this Lease and other good and valuable consideration, the receipt and <br /> sufficiency of which are hereby acknowledged, Lessor and Lessee agree as follows: <br /> 1. Lease of Equipment. Subject to the terms and conditions of this Lease, Lessor agrees to <br /> lease to Lessee, and Lessee agrees to lease from Lessor, the equipment described on the attached <br /> Schedule A (collectively,the "Equipment"). As used in this Lease, the term "Equipment" refers <br /> to all items and/or units of Equipment collectively and to each item or unit of Equipment <br /> individually, as the context requires, and includes any and all Additions (as defined below) and <br /> any amendments,modifications and additions to Schedule A to which the parties may agree from <br /> time to time. <br /> 2. Term. The term of this Lease (the "Initial Term") shall commence on the date on which <br /> the Equipment is delivered to Lessee(the "Commencement Date"). The Initial Term shall end on <br /> the date that is five (5) years after the Commencement Date. The parties may, but are not <br /> obligated to, renew this Lease beyond the Initial Term (each a "Renewal Term"). Any such <br /> renewal shall be evidenced in a writing signed by both parties at least one hundred eighty (180) <br /> days before the expiration of the Initial Term. The Initial Term together with any Renewal <br /> Term(s)shall hereinafter be referred to as the "Term". <br /> 3. Inspection and Acceptance. Lessee shall have a period of ten (10) business days from <br /> the date of delivery of the Equipment (the "Inspection Period") to (i) inspect the Equipment to <br /> ensure it is in good condition and repair and (ii) notify Lessor, in writing, that the Equipment is <br /> not in good condition and repair, in which case Lessor shall have a period of twenty-one (21) <br /> days from the date of such notice to cure the same or otherwise provide (or cause the <br /> manufacturer to provide) Lessee with Equipment that is in good condition and repair. If Lessee <br /> does not notify Lessor in writing during the Inspection Period that any of the Equipment is not in <br /> good condition and repair, then Lessee shall be deemed to have inspected, be satisfied with and <br /> accepted the Equipment in such good condition and repair. <br /> 4. Rental Payments and Other Lease Charges. <br />
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