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07-24-14 Redevelopment Commission Meeting
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6B3
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FROM LESSOR IS REQUIRED PRIOR TO THE PERFORMANCE OF ANY <br /> MANUFACTURER WARRANTY WORK PERFORMED ON THE EQUIPMENT. LESSOR <br /> RESERVES THE RIGHT TO MODIFY,ALTER AND IMPROVE ANY PART OR PARTS OF <br /> THE EQUIPMENT WITHOUT INCURRING ANY OBLIGATION TO REPLACE ANY <br /> PARTS OR PARTS PREVIOUSLY SUPPLIED. NO DEFECT, REGARDLESS THE CAUSE <br /> OR CONSEQUENCE, SHALL RELIEVE LESSEE FROM PERFORMANCE UNDER THIS <br /> LEASE, INCLUDING, WITHOUT LIMITATION, ITS OBLIGATION TO MAKE THE <br /> RENTAL PAYMENT. LESSOR, OR THE PRODUCT MANUFACTURER, AS THE CASE <br /> MAY BE UNDER ANY EXISTING WARRANTY, IN ITS OR THEIR REASONABLE <br /> DISCRETION, WILL DETERMINE WHETHER A PART NEEDS TO BE REPAIRED OR <br /> REPLACED. LESSOR SHALL NOT BE LIABLE TO LESSEE HEREUNDER UNDER ANY <br /> CIRCUMSTANCE FOR ANY CONSEQUENTIAL, SPECIAL, PUNITIVE, OR INDIRECT <br /> DAMAGES OF ANY KIND, INCLUDING BUT NOT LIMITED TO LOST PROFITS OR <br /> OPPORTUNITIES. <br /> 8. Care,Maintenance, and Use of the Equipment. Lessee shall not permit the Equipment to <br /> be used or operated in violation of any applicable law,rule or regulation. Lessee, at its sole cost <br /> and expense, shall keep the Equipment in good operating order, repair and condition and <br /> shall perform or cause to be performed all maintenance and repairs to the Equipment, as and <br /> when required, all in strict accordance with the written specifications for such Equipment. <br /> Lessee agrees that any service, maintenance or repairs which Lessee causes to be undertaken or <br /> performed with respect to the Equipment shall be performed only by competent persons <br /> approved by Lessor to service or repair the Equipment. Lessee shall keep the Equipment only at <br /> the locations identified in the attached Schedule A (the "Equipment Locations"), and shall not <br /> remove items of the Equipment from the Equipment Locations to which it is designated in <br /> Schedule A (or any other place as may subsequently be permitted by the written consent of <br /> Lessor) without the express written consent of Lessor, which consent shall not be unreasonably <br /> withheld. Under no circumstance shall any item of the Equipment be relocated outside of city <br /> limits of South Bend, Indiana, or on the campus of the University. Lessor shall have the right <br /> during Lessee's normal business hours and upon no less than twenty-four(24) hours prior notice <br /> and subject to applicable laws and regulations, to enter Lessee's premises where the Equipment is <br /> located in order to inspect, observe, affix labels or other markings, to confirm that the <br /> Equipment's use and condition are in compliance with the terms of this Lease, and to otherwise <br /> protect Lessor's interest therein, provided that no such visit shall unreasonably interfere with the <br /> commercial operations of the Lessee's facility. <br /> 9. Option to Purchase. Subject to the provisions of Section 10 below and Section 3.02 and <br /> Section 3.03 of the MOU, upon the expiration of the Term and upon Lessee's compliance with <br /> Sections 3.02 and 3.03 of the MOU, Lessee shall have the option, but not the obligation, to <br /> purchase the Equipment outright for the sum of One Dollar ($1.00) (the "Option Purchase <br /> Price"). Upon Lessee's payment in full of the Option Purchase Price to Lessor, title to the <br /> Equipment and any Additions shall pass to Lessee, and Lessor shall execute such bills of sale, <br /> assignments and other instruments and documents necessary to transfer title to the Equipment <br /> together with any Additions to Lessee. Upon Lessee's payment in full of the Option Purchase <br /> Price to Lessor, Lessee shall be released from any and all obligations as outlined in the MOU and <br /> this Lease shall be terminated with no further effect. <br />
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