Agenda 04/27/1999 - Laserfiche WebLink

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Late Charges. Should the Lessee fail to pay any part of the rental payments or any other sum required to be paid herein to the Lessor within ten (10) days after the due date thereof, the Lessee shall pay a late'payment charge equal to five percent (5%) of the delinquent payment. Abatement of Rental Payments. There will be no abatement or reduction of rental payments by the Lessee for any reason, including but not limited to, any defense, recoupment, set off, counterclaim, or any claim (real or imaginary) arising out of or related to any defects, damages, malfunctions, breakdowns or infirmities of the Equipment. -The .Lessee assumes and shall bear the entire risk of loss and damage to the Equipment from any cause whatsoever, it being the intention of the parties that the rental payments shall be made in all events unless the obligation to make rental payments is terminated as otherwise provided herein. Allocation of Interest. A portion of each rental payment shall be allocated to interest in accordance with the amortization schedule attached hereto as part of Schedule B. The imputed interest shall be based on a 30 day month/360 day year. 5. ESCROW FUND Escrow Fund. On the Commencement Date of the Lease Term, an amount equal to the Costs of the Equipment and the costs of issuance of the Lease Obligations (as hereinafter defined) will be deposited by the Lessor with Patrick Henry Bank in its capacity as escrow agent (the "Escrow Agent") and such amount shall constitute the principal of an escrow fund ("Escrow Fund"), and shall be held by the Escrow Agent in accordance with the provisions of this Section 5. Investment. The Escrow Agent shall invest and reinvest the moneys on deposit in the Escrow Fund in accordance with written instructions received from the Lessee. The Lessee shall be solely responsible for ascertaining that all proposed investments and reinvestments comply with all applicable federal, state and local laws, regulations and ordinances goveming investment of escrowed funds held pursuant to a lease purchase arrangement similar in substance to the arrangement contemplated by this Agreement and for providing appropriate notice to the Escrow Agent for the reinvestment of any maturing investment. Accordingly, the Escrow Agent shall not be responsible for any liability, cost, expense, loss or claim of any kind, directly or indirectly arising out of or related to investment or reinvestment of all or a portion of the Escrow Fund, and Lessee agrees to release and indemnify and hold harmless to the extent permitted by law, the Escrow Agent and the Lessor from any such liability, cost, expense, loss or claim. Disbursements. Unless the Escrow Fund provided for hereunder is earlier terminated in accordance with the provisions hereof, the principal of the Escrow Fund shall be disbursed by Escrow