Item 1. This
Lease is for the term on the front hereof.
If all of the items leased hereunder are not returned to the
Lessor's place of business at the address on the front hereof, Lessee
shall be obliged to pay and shall pay to the Lessor the additional monthly
rate shown on the front hereof for each outstanding item for each month or
part thereof after the expiration of the term until the Lessor receives
all of the items.
shall return all items to Lessor by the end of the term, freight prepaid
by Lessee. Should the items
or any portion thereof be returned before the end of the term, Lessor is
not obliged to refund any of the rental paid and Lessee shall be obliged
to pay the full amount for the unexpired term.
items leased hereunder are and shall at all times remain the property of
the Lessor exclusively. Lessee
shall not remove, destroy, or deface any plates or labels showing Lessor's
ownership of the items. Lessee
shall keep the items free of any liens, claims, security interests and
other encumbrances. Lessee
shall be responsible for the items, and shall bear the entire risk of
loss, theft, damage, and destruction of the items from the time of
shipment by the Lessor until received back by the Lessor.
Lessee shall not modify the instrument(s) in any way or use it in a
manner for which it is not intended.
If any item is not repairable but in the sole opinion of the Lessor
must be replaced, Lessee shall pay to Lessor an amount equal to the value
of such item specified on the front hereof.
through normal and usual use and no negligence of Lessee, any of the items
require calibration or repairs, Lessee may, at own expense, return such
items to Lessor and shall be entitled to a credit for the cost of shipment
back to the Lessor, and for a pro rata amount of the rental theretofore
paid for the period from the Lessor's receipt thereof until Lessor again
ships, at Lessor's expense, the same back to Lessee.
Loss, theft, damage, or destruction during such shipments shall be
at Lessee's risk. Unless
Lessee gives Lessor written notice of each and every defect in the items
within three (3) days after Lessee's receipt thereof, it shall be
conclusively presumed that the items were delivered in good condition.
5. Upon Lessor's request,
Lessee shall provide evidence satisfactory to Lessor that Lessee has
insurance against such risks as Lessor may determine in an amount equal to
at least the aggregate of the values specified on the front hereof for all
of the items leased hereunder, with loss payable to and adjustable with
6. Lessor shall not be
responsible for lost data, improper use of data, or the results of
improper use of data including incidental or consequential damages.
Lessor makes no warranties or representations to Lessee of any kind
or nature, including any WARRANTY OF MERCHANTABILITY or fitness for a
particular purpose. Lessor
specifically denies any liability for incidental or consequential damage.
7. Should Lessee violate any of the terms or provisions hereof,
Lessor shall have the right to terminate this Lease, in which event Lessor
shall be entitled to immediate possession of all items leased hereunder
and may enter upon Lessee's premises where such items are, or are believed
by the Lessor to be located, for the purpose of recovering the same.
Upon such recovery, Lessee shall be entitled to a rebate of rental
previously paid equal to the difference between (1) fifty (50) percent of
what such rebate would have been if calculated on
a pro rata basis, and (2) all cost and expenses incurred or
suffered by Lessor in recovering the items and repairing any damage to
shall not permit anyone, other than Lessee, and its employees to use or
possess the items leased hereunder. Lessee
may not assign or delegate any of its rights or duties hereunder without
prior written consent, and, in any event, no such assignment or delegation
(with or without Lessor's consent) shall relieve Lessee of its obligations
hereunder, and Lessee will abide by any instructions given to Lessee by
Lessor in connection with any such assignment.
Lessee shall not interpose against such assignee any claim or
defense it may have against Lessor.
agrees to use any leased software described on the front hereof only on a
single microcomputer system, and only during the lease term.
The use of the leased software on any other microcomputer system is
not authorized. Lessee
acknowledges that the leased software contains confidential and
proprietary information which is protected by the Copyright Laws of the
United States, and Lessee further acknowledges that the unauthorized
distribution of any leased software will cause material damage to the
Lessor. Accordingly, Lessee
agrees not to make, or permit others to make, copies of the leased
software, except for copies made by the Lessee for use solely on a single
Lessee will pay or reimburse for any sales, use or personal property tax,
or any tax except a tax measured by profits or net income, which now is or
may hereafter be imposed on the items leased hereunder or the leasing
Lessee will pay or reimburse for any direct expenses incurred by
the Lessor in fulfillment of the Lessee's obligation under this Lease,
including but not limited to reimbursement of shipping charges, import
duties, customs brokerage fees, and third party repairs, at the actual
cost of said expenses, plus ten (10) percent.
12. If any
payment, as specified on the schedule on the front hereof, is not received
by the Lessor within five (5) days of the date due, Lessee shall pay a
late charge to Lessor at the rate of one and one-half (1.5) percent per
month of the outstanding payment due, until such payment is received.
13. Lessee expressly
agrees to pay Lessor on demand any and all indebtedness incurred pursuant
to this Lease, and all costs and expenses which may be incurred by Lessor
in any attempt to enforce any provision of this Lease or to collect any
indebtedness incurred pursuant to this Lease, including but not limited to
court costs and all expenses and reasonable attorney's fees.
This Lease is expressly contingent upon Lessor's ability to ship
the leased equipment to Lessee on the commencement of the term specified
on the front hereof, failing which Lessor may elect to terminate this
lease by written notice to Lessee, and thereupon this lease shall be void
and neither party shall have recourse against the other.
15. This Lease shall be governed by, and interpreted in accordance
with the laws of the Commonwealth of Massachusetts and the United States
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