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08-28-14 Redevelopment Commisssion Meeting
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6C(2)
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8/25/2014 10:55:52 AM
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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 shall <br /> perform or cause to be performed all maintenance and repairs to the Equipment, as and when <br /> required, all in strict accordance with the written specifications for such Equipment. Lessee <br /> agrees that any service,maintenance or repairs which Lessee causes to be undertaken or performed <br /> with respect to the Equipment shall be performed only by competent persons approved by Lessor <br /> to service or repair the Equipment. Lessee shall keep the Equipment only at the locations <br /> identified in the attached Exhibit A(the "Equipment Locations"), and shall not remove items of the <br /> Equipment from the Equipment Locations to which it is designated in Exhibit A (or any other <br /> place as may subsequently be permitted by the written consent of Lessor) without the express <br /> written consent of Lessor, which consent shall not be unreasonably withheld. Under no <br /> circumstance shall any item of the Equipment be relocated outside of city limits of South Bend, <br /> Indiana or the Facility. Lessor shall have the right during Lessee's normal business hours and upon <br /> no less than twenty-four (24) hours prior notice and subject to applicable laws and regulations, to <br /> enter Lessee's premises where the Equipment is located in order to inspect, observe, affix labels <br /> or other markings, to confirm that the Equipment's use and condition are in compliance with the <br /> terms of this Lease, and to otherwise protect Lessor's interest therein. <br /> 9. Option to Purchase Equipment. <br /> (a) During the Term. Subject to provisions of Section 10 below, beginning with the fourth <br /> Reporting Date (as such term is defined in Section 3.04 of the Development Agreement), if, for a <br /> period of twelve(12)consecutive months, Lessee meets the Employment Obligation(as defined in <br /> the Development Agreement) for two (2) consecutive Reporting Dates, Lessee shall immediately <br /> have the option, but not the obligation, to purchase the Equipment for the purchase price of One <br /> Dollar ($1.00) ("Option Purchase Price"), which Lessee may exercise by providing written notice <br /> to Lessor at the address set forth in Section 22 of this Lease. <br /> (b) End of Term. Subject to the provisions of Section 10 below and Sections 3.02 and 3.03 of <br /> the Development Agreement, upon the expiration of the term and upon Lessee's compliance with <br /> 4 <br />
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