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10/29.%2001 15:2^ WIL'_IAMS S- ? 4073022540
WILLIAMS SCOTSMAN, INC.
GENERAL TERMS &
CO.NDMQNS(11991
1. True Lease This Agreementis a true lease
and not a sale. Lessee shall not acquire
ownership interest in the Equipment The
Equipment she'll remain the sole personal
property of Lessor.
2. Delivery; Acceptance Upon delivery,
Lessee agrees to inspect and accept the
Equipment_ The Equipment is deemed finally
accepted at the time of delivery unless Lessee
notifies Lessor of a defect /defideocy in
writing within 43 hours after delivery.
3. Site Suitabilb: laspection Lessee shall
choose a fpm level site accessible by truck to
locate the Equipment. if Lessee fails to
provide such a six, then Lessee shall pay for
any resulting additional delivery and return.
charges. Lessee shall not alter the manner of
installation or location of the Equipment
without written consent of Lessor. Lessor
shall have the right to inspect the Equipment
during the term of this Agreement.
4. Use: Maintenance; Condition Lessee has
The right to peaceably and quietly hold, use
and enjoy the Equipment, subject to the terms
and conditions of this Agreement Lessee
agrees not to remove existing nameplates or
decals affixed to the Equipment. Lessee dial I
use the Equipment solely in the conduct of its
business and in a earefal and lawtht manner.
Lessee shall pay any and all fees, charges and
expenses and comply with all laws relatedto
The use, possession, and operation of the
Equipment while it is in Lessee's possession,
including ob,ainine all approvals and permits
related to the use and'or possession of the
Equipment. Lessee shall keep the Equipment
in good repair and operating condition during
the term of this Agreement in accordance
with the Williams Scotsman Service Guide,
Lessee shall not without Lessor's prior
written consent, make any changes,
alterations or improvements in onto the
Equipment or remove any parts, accessories
or attachments from it. Lessor makes no
representations as to the Equipment's
compliance with federal, state or local
building codes, zoning ordinances, or other
types of regulations or use codes.
S. Term of Lease; Extension The term of this
Agreement begins on the dare of delivery of
the Equipment, and ends on the later of'tbe
last day of the Minimum Lease Term
("Terml or to Extension Period (as herein
defined). At the end of the Term, this
Agreement is extended on a month-to-month
basis until the Equipment is returned to
Lessor (the "Extension Period" I. During the
Extension Period, Lessor has the right to, oa
30 days notice, increase the Rate Per Month
by the percentage increase t the Consumer
Price Index (CPI) and to increase any other
fee or charge previously quoted is the
Agre -
ement. After the end of the Term, cutler
party can te.raimate this Agreement on 30
days written notice to the other party.
6. Rent; Fees; Takes; Late Charges Rent
begins to accrue on the Delivery Date. Lessee
shall pay Lessor monthly rep: for the
Equipment on the due date at the Rate Per
Montt stated in this Agreement during the
Term, and at the Rate Per Month established
by Lessor during the Extension Period. If
any payment is not paid on the due date,
Lessee agrees to pay Lessor a char, of :u
%r% per month of the amount in arrears for
the period such amount remains unpaid.
Lessee shall pay or, if requested by Lessor,
reimburse Lessor for any and all sales, use;
personal property taxes, or other taxes, fees
or assessmems levied against or imposed
upon the Equipment, its value, use or
operation. Payments shall be effective upon
receipt Lessor may apply any payment
from Lessee against any obligation tae and
owing by Lessee under Iris Agreement,
regardless of any statement appearing on or
referred to in any remittance from Lessee or
any prior applieationepayment. The receipt
by Lessorcf a partial paymentof any amount
due to Lessor endorsed as payment in fail
will be deemed to be a part payment only,
and any endorsements or statements on the
check or any letter accompanying the check
shall not be deemed an accord and/or
satisfaction. .Lessee's obligation (without
prior notice or demands) to pay rent and all
other amounts due hereunder shall be
absolute and unconditional, aad not subject
to any abatement, set of, defense,
rccoupment, or reduction.
i, No Liao. Lessee agrees to keep the
Equipment fine and clear of any and all
claims, hens, encumbrances or attachments.
8. Indemnity Lessee agrees to indemnify,
defend and keep harmless Lessor, its agents
and employees, from and against any and all
losses, claims, attorneys' fees and expenses
related to: (a) the death of, in to, or
damage to the property of, any person or
party re!ated to or arisi»a out of the use,
possession or condition of the Equipment;
and (b) the failure of Lessee to maintain the
Equipment as agreed to hcrein.
N0.814 [7003
9. Loss: Damage Lessee assumes therisk of
all loss and damage to the Equipment from
all causes. Upon the occurrence of the totar
lass of the Equipment, to such an extent as to
make the repair thereof uneconomical (in
Lessor's opinion), then Lessor shall declare
the Equipmenta Total Loss, in the event of a
Total Loss, Lessee shall pay Lessor, on the
next dare for the payment of rent, the rent
rten due plus the Value of the Equipment as
set forth herein, plus all applicable sales tax
(tie "Total Loss Amount'). Upon receipt of
The Total Loss Amount, the Lessee's lease
obligation will terminate and Lessor w31
transfer title of the Equipment to Lessee. In
the event of loss or damage to the Equipment
which does not constitute a Total Loss,
Lessee, at its sole cost and expense, shall pay
for the repair of such damage as directed by
Lessor to the condition required by this
Agreement
10. Insurance Lessec'.s - responsibility for the
Equipment begins immediately upon delivery
and Lessee shall obtain and keep in force
during The entire Lease Tent liability and
properry insurance as follows: (A) General
Liahiliw Insurance A policy of combined
bodily injury and property damage insurance
Insuring Lessee and Lessor against any
liability arcing out of the use, maintenance,
or possession of the Equipment. Such
insurance shall be in an amount not less than
5500,000 per occurrence. (B) P-.ocem
Insurance A policy of insurance covering
loss or damage to the Equipment in an
amount equal to 100% of the Value of the
Egoipmem, providing protection against all
perils Included within the classification and
special extended perils ( "all risk" insurance).
(C) Cie vrcl. (1) The insurance for the
Equipment shall be issued by insurance
companies satisfactory to Lessor. Within 10
days after the delivery of the Equipment,
Lessee shall provide Lessor with Certificates
of Insurance sbowing that the required
covetages are m effect and mining as
Additional Insured and Loss Payee. The
Certificatesof Insurance mustprovide Lessor
with 30 days prior written notice of any
cancellation. Any proceeds of such insurance
shalt be paid to Lessor and shall be applied to
The replacement of the Equipment or
payment of all obligations due under this
Agreement, at the option of Lessor. Lessee
Shall comply with all requirements of the
insurance underwriters or any governmental
authority.
Page 1 of 3
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