Laserfiche WebLink
payment of all obligations under this Agreement or the termination of the Lease Term for any <br />reason. <br /> Section 7.04. Surety Bonds; Lessee to Pursue Remedies Against Contractors and Sub-Contractors and Their Sureties. Lessee shall secure from each Vendor directly employed by <br />Lessee in connection with the acquisition, construction, installation, improvement or equipping <br />of the Equipment, a payment and performance bond (“Surety Bond”) executed by a surety <br />company authorized to do business in the State, having a financial strength rating by A.M. Best <br />Company of “A-” or better, and otherwise satisfactory to Lessor and naming Lessor as a <br />co-obligee in a sum equal to the entire amount to become payable under each Vendor <br />Agreement. Each bond shall be conditioned on the completion of the work in accordance with <br />the plans and specifications for the Equipment and upon payment of all claims of subcontractors <br />and suppliers. Lessee shall cause the surety company to add Lessor as a co-obligee on each <br />Surety Bond, and shall deliver a certified copy of each Surety Bond to Lessor promptly upon <br />receipt thereof by Lessee. Any proceeds from a Surety Bond shall be applied in accordance with <br />such Surety Bond to the payment and performance of the Vendor’s obligations in accordance <br />with the related Vendor Agreement and, if for whatever reason such proceeds are not so applied, <br />then first to amounts due Lessor under this Agreement, and any remaining amounts shall be <br />payable to Lessee. <br />In the event of a material default of any Vendor under any Vendor Agreement in <br />connection with the acquisition, construction, maintenance and/or servicing of the Equipment or <br />in the event of a material breach of warranty with respect to any material workmanship or <br />performance guaranty with respect to the Equipment, Lessee will promptly proceed to exhaust its <br />remedies against the Vendor in default. Lessee shall advise Lessor of the steps it intends to take <br />in connection with any such default. Any amounts received by Lessee in respect of damages, <br />refunds and adjustments or otherwise in connection with the foregoing shall be paid to Lessor <br />and applied against Lessee’s obligations hereunder. <br /> Section 7.05. Advances. In the event Lessee shall fail to keep the Equipment in good <br />repair and working order or shall fail to maintain any insurance required by Section 7.02, Lessor <br />may, but shall be under no obligation to, maintain and repair the Equipment or obtain and <br />maintain such insurance coverages, as the case may be, and pay the cost thereof. All amounts so <br />advanced by Lessor shall constitute additional rent for the then current Original Term or <br />Renewal Term and Lessee covenants and agrees to pay such amounts so advanced by Lessor <br />with interest thereon from the date advanced until paid at a rate equal to the Contract Rate (or the <br />Taxable Rate then in effect) plus 5% per annum or the maximum amount permitted by law, <br />whichever is less. <br />ARTICLE VIII <br /> Section 8.01. Damage, Destruction and Condemnation. If, prior to the termination of the <br />Lease Term, (a) the Equipment or any portion thereof is destroyed, in whole or in part, or is <br />damaged by fire or other casualty or (b) title to, or the temporary use of, the Equipment or any <br />part thereof shall be taken under the exercise or threat of the power of eminent domain by any <br />governmental body or by any person, firm or corporation acting pursuant to governmental <br />171