Laserfiche WebLink
Proceedings under any bankruptcy, insolvency, reorganization or similar litigation shall <br />be instituted by or against the Lessee, or a receiver, custodian or similar officer shall be <br />appointed for the Lessee or any of its property, and such proceedings or appointments <br />shall not be vacated, or fully stayed; within sixty (60) days after the institution or <br />occurrence thereof. <br /> <br />Any .warranty, representation or statement made by the Lessee is found to be incorrect or <br />misleading in any material respect on the date made. <br /> <br />An attachment, levy or execution is levied upon or against the Equipment. <br /> <br />Any insurance carrier cancels any insurance on the Equipment which is required <br />hereunder without the Lessee first providing replacement coverage. <br /> <br />The Equipment or any part thereof is abused, illegally used, misused, lost, destroyed or <br />damaged beyond repair. <br /> <br />The failure of the City Manager or other officer charged with the preparation of the <br />Lessee's budget to include in the budget for each fiscal year of the Lessee during the <br />Lease Term a request that the City Council appropriate in such fiscal year the amount of <br />the rental payments and other payments due under this Agreement during such fiscal <br />year. <br /> <br />Remedies on Default. Upon the occurrence of any Event of Default, the Lessor may <br />exercise any one or more of the following remedies as the Lessor in its sole discretion <br />shall elect. <br /> <br />Declare the entire amount of rental payments hereunder immediately due and <br />payable as to any or all items of Equipment without notice or demand to the <br />Lessee. <br /> <br />Proceed by appropriate court action to enforce performance by the Lessee of the <br />applicable covenants of this Agreement or to recover for the breach thereof <br />including the payment of rental payments due or to become due hereunder or any <br />deficiency therefor following disposition of the Equipment. <br /> <br />Reenter and take possession of the Equipment wherever situated without any <br />court order or other process of law and without liability for entering the premises <br />and sell, lease, sublease or make other disposition of the same in a commercially <br />reasonable manner for the account of the Lessee, and apply the proceeds of any <br />such sale, lease, sublease, or other disposition, after deducting all costs and <br />expenses, including court costs and reasonable attorneys' fees, incurred with the <br />recovery, repair, storage and other sale, lease, sublease or other disposition costs, <br />toward the balance due under this Agreement. <br /> <br />13 <br /> <br /> <br />