Common use of NATURE OF EQUIPMENT Clause in Contracts

NATURE OF EQUIPMENT. Not withstanding anything to the contrary contained in this Agreement, including the characterization of this Agreement as a lease, the parties hereto acknowledge and agree that, legal title to each Item of Equipment leased hereunder shall be with the Lessee. Each Item of Equipment shall remain personal property, notwithstanding the manner in which it may be affixed to any real property. Lessee will otherwise take all action required to keep the Equipment free and clear of all levies, liens and encumbrances which result from any act or omission of the Lessee. Lessor assumes no liability and makes no representation as to the treatment by Lessee of this Lease, the Equipment, or to the rental payments for financial statement or tax purposes.