Common use of USE; QUIET ENJOYMENT Clause in Contracts

USE; QUIET ENJOYMENT. So long as there shall exist no Event of Default, Lessee shall be entitled to the possession, use and quiet enjoyment of the Equipment during the Term and any Renewal Term in accordance with the terms of the Lease. Unless a purchase option is exercised, Lessee shall deliver and surrender the Equipment to Lessor at the end of the Term or Renewal Term in accordance with Section 16 hereof. Lessee warrants that the Equipment will at all times be used and operated solely in the conduct of Lessee's business in a careful and proper manner for the purpose for which it was designed and intended and under and in compliance with manufacturer's specifications and applicable laws and all lawful acts, rules, regulations and orders of any governmental bodies or officers having power to regulate or supervise the use of such property, except that Lessee may in good faith and by appropriate proceedings contest the application of any such rule, regulation or order in any reasonable manner that will not adversely affect the title of Lessor to any Equipment or subject the same to forfeiture or sale. Lessee will not permit its rights or interest hereunder to be subject to any lien, charge or encumbrance and will keep the Equipment free and clear of any and all liens, charges, encumbrances and adverse claims (except those arising from acts of Lessor). Lessor and its agents and employees shall have the right to enter upon any premises where the Equipment or Items are then located to inspect and examine the same and the maintenance records related thereto. Such inspections shall be during normal business hours and upon reasonable notice; provided that Lessor may inspect such Equipment Items and records without notice and at any time if an Event of Default exists or if Lessor reasonably believes that any Items or lessor's rights are in jeopardy of damage or loss. Lessee agrees to assist Lessor in its inspections and examinations permitted hereunder. All such inspection rights are for the sole benefit of Lessor and shall not be construed to impose any obligation on Lessor, whether or not Lessor makes any inspections or receives any reports.

Appears in 3 contracts

Samples: Master Equipment Lease Agreement (Rmed International Inc), Master Equipment Lease Agreement (Rmed International Inc), Master Equipment Lease Agreement (Rmed International Inc)

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USE; QUIET ENJOYMENT. So long as there Lessee shall exist no Event of Defaultnot be in default, Lessee shall be entitled to the possession, use and quiet enjoyment of the Equipment during the Term and any Renewal Term in accordance with the terms of the Lease. Unless a purchase option is exercised, Lessee shall deliver and surrender the Equipment to Lessor at the end of the Term or Renewal Term in accordance with Section 16 hereof. Lessee warrants that the Equipment will at all times be used and operated solely in the conduct of Lessee's business in a careful and proper manner for the purpose for which it was designed and intended and under and in compliance with manufacturer's specifications and applicable laws and all lawful acts, rules, regulations and orders of any governmental bodies or officers having power to regulate or supervise the use of such property, except that Lessee may in good faith and by appropriate proceedings contest the application of any such rule, regulation or order in any reasonable manner that will not adversely affect the title of Lessor to any Equipment or subject the same to forfeiture or sale. Lessee will not permit its rights or interest hereunder to be subject to any lien, charge or encumbrance and will keep the Equipment free and clear of any and all liens, charges, encumbrances and adverse claims (except those arising from acts of Lessor). Lessor may inspect the Equipment and its agents and employees shall have the right to enter upon any premises where the Equipment or Items are then located to inspect and examine the same and the maintenance records related thereto. Such inspections shall be during normal business hours and upon on reasonable notice; provided that Lessor may inspect such Equipment Items and records without notice and at any time if an Event of Default exists or if Lessor reasonably believes that any Items or lessorsubject to Lessee's rights are in jeopardy of damage or loss. Lessee agrees to assist Lessor in its inspections and examinations permitted hereundersecurity procedures. All such inspection rights are for the sole benefit of Lessor and shall not be construed to impose any obligation on Lessor, whether or not Lessor makes any inspections or receives any reports.

Appears in 1 contract

Samples: Master Equipment Lease Agreement (Power Integrations Inc)

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