Common use of End of Lease Options Clause in Contracts

End of Lease Options. Buyer hereby irrevocably agrees to purchase the Equipment upon the expiration of the Lease at a price of $1.00 ("Purchase Price") plus any applicable taxes, late charges, filing, documentation costs and any unpaid amounts due under the Lease. In the event the Lease is terminated in accordance with its terms, Buyer hereby agrees to pay to Lessor the Purchase Price in addition to all other amounts payable to Lessor as a result of said termination. A demand for purchase of the Equipment may be made by Lessor or its successors and assigns at any time after the expiration of the Lease in which event, the effective date for purchase of the Equipment shall be the first (1st) day of the month after such demand or such other date as may be mutually agreed upon between Lessor or its successors and assigns and buyer. THE EQUIPMENT SHALL BE SOLD TO BUYER AND POSSESSION MADE AVAILABLE TO BUYER "AS-IS WHERE IS": IT BEING EXPRESSLY UNDERSTOOD THAT LESSOR AND ITS SUCCESSORS AND ASSIGNS MAKE NO REPRESENTATION OF WARRANTY EXPRESSED OR IMPLIED, INCLUDING BUT NOT LIMITED TO ANY WARRANTY OF FITNESS FOR ANY PARTICULAR PURPOSE, MERCHANTABILITY, OR PATENT INFRINGEMENT. NOTWITHSTANDING THE FOREGOING, LESSOR OR ITS SUCCESSORS AND ASSIGNS REPRESENT AND WARRANT THAT IT OR THEY HAVE GOOD AND MERCHANTABLE TITLE TO THE EQUIPMENT AND CAN CONVEY SAME TO BUYER, FREE AND CLEAR OF ANY SUPERIOR LIEN OR INCUMBRANCE. BUYER IS LIABLE FOR ANY TAXES PAYABLE AS A RESULT OF THIS SALE OF EQUIPMENT. As a precautionary measure and not as an admission of either pam/ as to whether the Lease is a lease or security agreement and as Security for the obligations contained in said Master Lease and Lease Schedules, now existing or hereafter arising, under the same, Lessee hereby presently conveys, warrants, mortgages, assigns, pledges, and grants to Lessor, its successors and assigns, a first and prior security interest in said Master Lease and Lease Schedules, and to the Equipment, and all additions, upgrades, attachments, accessories, replacements, improvements, and substitutions thereto, now or hereafter acquired, 11 together with all rents, issues, income, profits, and proceeds thereof, including insurance proceeds.

End of Lease Options. Buyer hereby irrevocably agrees to purchase the Equipment upon the expiration of the Lease at a price of $1.00 ("Purchase Price") plus any applicable taxes, late charges, filing, documentation costs and any unpaid amounts due under the Lease. In the event the Lease is terminated in accordance with its terms, Buyer hereby agrees to pay to Lessor the Purchase Price in addition to all other amounts payable to Lessor as a result of said termination. A demand for purchase of the Equipment may be made by Lessor or its successors and assigns at any time after the expiration of the Lease in which event, the effective date for purchase of the Equipment shall be the first (1st) day of the month after such demand or such other date as may be mutually agreed upon between Lessor or its successors and assigns and buyer. THE EQUIPMENT SHALL BE SOLD TO BUYER AND POSSESSION MADE AVAILABLE TO BUYER "AS-IS WHERE IS": IT BEING EXPRESSLY UNDERSTOOD THAT LESSOR AND ITS SUCCESSORS AND ASSIGNS MAKE NO REPRESENTATION OF WARRANTY EXPRESSED OR IMPLIED, INCLUDING BUT NOT LIMITED TO ANY WARRANTY OF FITNESS FOR ANY PARTICULAR PURPOSE, MERCHANTABILITY, OR PATENT INFRINGEMENT. NOTWITHSTANDING THE FOREGOING, LESSOR OR ITS SUCCESSORS AND ASSIGNS REPRESENT AND WARRANT THAT IT OR THEY HAVE GOOD AND MERCHANTABLE TITLE TO THE EQUIPMENT AND CAN CONVEY SAME TO BUYER, FREE AND CLEAR OF ANY SUPERIOR LIEN OR INCUMBRANCE. BUYER IS LIABLE FOR ANY TAXES PAYABLE AS A RESULT OF THIS SALE OF EQUIPMENT. As a precautionary measure and not as an admission of either pam/ as to whether the Lease is a lease or security agreement and as Security for the obligations contained in said Master Lease and Lease Schedules, now existing or hereafter arising, under the same, Lessee hereby presently conveys, warrants, mortgages, assigns, pledges, and grants to Lessor, its successors and assigns, a first and prior security interest in said Master Lease and Lease Schedules, and to the Equipment, and all additions, upgrades, attachments, 15 accessories, replacements, improvements, and substitutions thereto, now or hereafter acquired, 11 together with all rents, issues, income, profits, and proceeds thereof, including insurance proceeds.

End of Lease Options. Buyer hereby irrevocably agrees to purchase the Equipment upon the expiration of the Lease at a price of $1.00 ("Purchase Price") plus any applicable taxes, late charges, filing, documentation costs and any unpaid amounts due under the Lease. In the event the Lease is terminated in accordance with its terms, Buyer hereby agrees to pay to Lessor the Purchase Price in addition to all other amounts payable to Lessor as a result of said termination. A demand for purchase of the Equipment may be made by Lessor or its successors and assigns at any time after the expiration of the Lease in which event, the effective date for purchase of the Equipment shall be the first (1st) day of the month after such demand or such other date as may be mutually agreed upon between Lessor or its successors and assigns and buyer. THE EQUIPMENT SHALL BE SOLD TO BUYER AND POSSESSION MADE AVAILABLE TO BUYER "AS-IS WHERE IS": IT BEING EXPRESSLY UNDERSTOOD THAT LESSOR AND ITS SUCCESSORS AND ASSIGNS MAKE NO REPRESENTATION OF WARRANTY EXPRESSED OR IMPLIED, INCLUDING BUT NOT LIMITED TO ANY WARRANTY OF FITNESS FOR ANY PARTICULAR OR OTHER PURPOSE, MERCHANTABILITY, OR PATENT INFRINGEMENT. NOTWITHSTANDING THE FOREGOING, LESSOR OR ITS SUCCESSORS AND ASSIGNS REPRESENT AND WARRANT THAT IT OR THEY HAVE GOOD AND MERCHANTABLE TITLE TO THE EQUIPMENT AND CAN CONVEY SAME TO BUYER, FREE AND CLEAR OF ANY SUPERIOR LIEN OR INCUMBRANCE. BUYER IS LIABLE FOR ANY TAXES PAYABLE AS A RESULT OF THIS SALE OF EQUIPMENT. As a precautionary measure and not as an admission of either pam/ as to whether the Lease is a lease or security agreement and as Security for the obligations contained in said Master Lease and Lease Schedules, now existing or hereafter arising, arising under the same, Lessee hereby presently conveys, warrants, mortgages, assigns, pledges, and grants to Lessor, its 19 successors and assigns, a first and prior security interest in said Master Lease and Lease Schedules, and to the Equipment, and all additions, upgrades, attachments, accessories, replacements, improvements, and substitutions thereto, now or hereafter acquired, 11 together with all rents, issues, income, profits, and proceeds thereof, including insurance proceeds.

End of Lease Options. Buyer hereby irrevocably agrees to purchase Provided that no Event of Default has occurred and is continuing, Lessee shall have the Equipment following options for all, but not less than all of the Products upon the expiration of the Primary Term (the "Expiration Date"): (A) Purchase the Products for $1.00; or (B) Upon at least 90 days but no more than 180 days prior written notice. (i) purchase the Products at the Option Price (as defined below); (ii) renew the Lease Term for a minimum of six (6) months at a price of $1.00 rate and for a term agreed upon by both parties; or ("Purchase Price"iii) plus any applicable taxes, late charges, filing, documentation costs and any unpaid amounts due under return the Lease. In the event the Lease is terminated Products in accordance with its termsthe Agreement. The Leaseline Schedule shall specify the applicable option. If neither Option is selected in the Leaseline Schedule, Buyer hereby agrees to pay to Lessor Option B shall govern. If Option A is selected, upon the Purchase Price in addition to all other amounts payable to Lessor as a result of said termination. A demand for purchase of the Equipment may be made by Lessor or its successors and assigns at any time after the later of: (x) expiration of the Lease Primary Term; or (y) payment in which eventfull of all amounts due (including taxes and any late charges), title to the effective date for purchase of the Equipment Products shall be the first (1st) day of the month after such demand or such other date as may be mutually agreed upon between Lessor or its successors and assigns and buyer. THE EQUIPMENT SHALL BE SOLD TO BUYER AND POSSESSION MADE AVAILABLE TO BUYER "AS-pass to Lessee, on an AS IS, WHERE IS WHERE IS": IT BEING EXPRESSLY UNDERSTOOD THAT LESSOR AND ITS SUCCESSORS AND ASSIGNS MAKE NO REPRESENTATION OF basis, WITHOUT WARRANTY EXPRESSED OR IMPLIEDRECOURSE, EXPRESS, IMPLIED OR OTHERWISE, BY OR AGAINST LESSOR, INCLUDING BUT NOT LIMITED TO ANY WARRANTY WARRANTIES OF DESIGN, MERCHANTABILITY, FITNESS FOR ANY A PARTICULAR PURPOSE, MERCHANTABILITY, OR PATENT AGAINST INFRINGEMENT. NOTWITHSTANDING THE FOREGOINGIf Option (B)(i) is selected, LESSOR OR ITS SUCCESSORS AND ASSIGNS REPRESENT AND WARRANT THAT IT OR THEY HAVE GOOD AND MERCHANTABLE TITLE TO THE EQUIPMENT AND CAN CONVEY SAME TO BUYERthe Option Price shall be a fair market value mutually agreed by Lessor and Lessee and upon payment in full of the Option Price and all amounts due (including any taxes and late charges), FREE AND CLEAR OF ANY SUPERIOR LIEN OR INCUMBRANCEtitle to the Products shall pass to Lessee as described above. BUYER IS LIABLE FOR ANY TAXES PAYABLE AS A RESULT OF THIS SALE OF EQUIPMENT. As a precautionary measure and not as an admission of either pam/ as If Lessee desires to whether renew the Lease is a lease or security agreement and as Security for the obligations contained in said Master Lease and Lease Schedules, now existing or hereafter arising, under the sameTerm, Lessee hereby presently conveysand Lessor shall enter into a supplement to the applicable Leaseline Schedule to set forth the length of the renewal Lease Term, warrantsagreed upon amount of Rent and all other terms of the Schedule and the Agreement shall remain in full force and effect. If Lessee does nor return or purchase the Products, mortgagesor renew the Lease, assignsthe Lease, pledgesthe term of the Lease shall automatically be extended on a month-to-month basis, at the Rent in effect on the Expiration Date (prorated on a monthly basis if the Payment Period during the Primary Term was other than monthly), and grants shall continue until terminated by Lessee upon at least thirty (30) days prior written notice to LessorLessor on the first day of a Payment Period. Payments of Rent during month-to-month status are due and payable monthly in advance, its successors and assigns, a first and prior security interest in said Master Lease and Lease Schedules, and to on the Equipment, and all additions, upgrades, attachments, accessories, replacements, improvements, and substitutions thereto, now or hereafter acquired, 11 together with all rents, issues, income, profits, and proceeds thereof, including insurance proceedssame day of each month as the Commencement Date.