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08-28-14 Redevelopment Commisssion Meeting
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6C(2)
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then in addition to all amounts payable by Lessee as a result of Lessor's exercise of any remedies <br /> provides in this Lease, Lessee shall immediately pay to Lessor a late payment charge equal to the <br /> greater of one and one-half percent (1.5%) of all outstanding amounts due or the maximum <br /> amount allowed by applicable law ("Late Payment Charge"). The Late Payment Charge shall <br /> accumulate and be reapplied each month that any amount due under this Lease remains due, <br /> outstanding and unpaid by Lessee. <br /> 5. Delivery and Installation. Lessee at its expense will pay for transportation,packing,taxes, <br /> duties, insurance, installation, testing and other charges in connection with the delivery, <br /> installation,use and return of the Equipment. Shipping terms shall be free on board shipping point <br /> and, as such, risk of loss shall pass from Lessor to Lessee when the Equipment is delivered to the <br /> shipment courier for delivery to Lessee. <br /> 6. Title and Identification. This Lease is a true lease and does not convey to Lessee any <br /> right, title, or interest in the Equipment, except as a lessee. Title to the Equipment shall remain <br /> with Lessor at all times. All replacement parts and non-severable additions, attachments, <br /> accessories, modifications and repairs of or to the Equipment (collectively, "Additions") shall <br /> be deemed part of the Equipment and shall thereupon belong to Lessor. All of the Equipment shall <br /> remain personal property (even if any or all of the Equipment is hereafter attached or affixed to <br /> realty). At any time during the Term, upon the written request of Lessor, Lessee will promptly <br /> affix to any item or unit of Equipment, in a prominent place, or as directed by Lessor, labels or <br /> other markings supplied by Lessor indicating Lessor's ownership of the Equipment. To the extent <br /> that under the provisions of the Indiana Uniform Commercial Code, as amended, this Lease shall <br /> be considered to be a secured transaction, Lessee hereby grants to Lessor a purchase money <br /> security interest in the Equipment and all Additions. Lessor, in the exercise of its sole discretion <br /> and at Lessee's expense, may file any Uniform Commercial Code financing statements with <br /> respect to the Equipment and the lease transaction(s) evidenced by this Lease. Lessee hereby <br /> authorizes Lessor to file, at Lessee's expense, such financing and continuation statements, <br /> amendments and supplements thereto, and other documents which Lessor may from time to <br /> time deem necessary to perfect, preserve and protect its right, title and interests in or to the <br /> Equipment and all Additions. Lessee agrees, at Lessee's expense,to execute promptly and deliver <br /> any statement or instrument reasonably requested by Lessor for the purpose of showing or <br /> protecting Lessor's interest in the Equipment, including, without limitation, security agreements <br /> and waivers with respect to rights in the Equipment from any owners or mortgagees of any real <br /> estate wherein the Equipment and all Additions may be located. In the event Lessee fails or <br /> refuses to execute any such document, Lessee hereby irrevocably authorizes Lessor and any <br /> officer of Lessor as its attorney-in-fact, to prepare and execute any such document in the name <br /> of and on behalf of Lessee, at Lessee's expense. <br /> 7. Disclaimer of Warranties and Limitation on Damages. LESSOR MAKES NO <br /> WARRANTIES OTHER THAN THOSE SET OUT IN THIS LEASE. NO WARRANTIES <br /> (OTHER THAN WARRANTY OF TITLE AS PROVIDED BY THE UNIFORM <br /> COMMERCIAL CODE) SHALL BE IMPLIED OR OTHERWISE CREATED AT LAW OR IN <br /> EQUITY, INCLUDING, BUT NOT LIMITED TO, WARRANTY OF MERCHANTABILITY <br /> AND WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE. AUTHORIZATION <br /> FROM LESSOR IS REQUIRED PRIOR TO THE PERFORMANCE OF ANY <br /> 1 <br /> 3 <br />
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