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EXHIBIT 2.2
EQUIPMENT LEASE
This Equipment Lease is made and entered into as of this 4th day of
November, 1996, by and between Emergent Group, Inc., of 00 Xxxxx Xxxx Xxxxxx,
Xxxx xx Xxxxxxxxxx, Xxxxxx of Greenville, State of South Carolina ("Lessor"),
and CambridgeBanc, Inc., of Suite C-4, Merovan Center, 0000 Xxxxxxxx Xxxx, Xxxx
xx Xxxxxxxxxx, Xxxxxx of Greenville, State of South Carolina ("Lessee"), and
Lessee leases from Lessor, with respect to the personal property described on
Exhibit A attached hereto (the "Property").
SECTION ONE
TERM OF LEASE
The term of the lease shall commence on the date hereof, and terminate
twelve (12) months from the date hereof, unless otherwise terminated as
provided in this Agreement.
SECTION TWO
PAYMENT OF RENT
In consideration for the leasing of the Property for the
above-described term, Lessee agrees to pay the Lessor as rent for the Property
the sum of Eighteen Thousand Dollars ($18,000.00) on the date hereof.
SECTION THREE
USE AND PRESERVATION OF PROPERTY
Lessee shall use the Property in a careful and proper manner, shall
comply in all material respects with all applicable laws and regulations, and
shall maintain the Property in good repair and condition (reasonable wear and
tear excepted). Lessee assumes all risks of loss and damage to the Property
from any cause whatsoever and agrees that the Property will be returned to
Lessor in substantially the same appearance and condition as when received,
ordinary wear and tear excepted.
SECTION FOUR
TERMINATION OF LEASE BY DEFAULT
If Lessee fails to perform any of the conditions or covenants of this
lease, Lessor may terminate this lease and Lessee's right to possession of the
Property, and take possession of the Property upon five (5) days notice to
Lessee.
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SECTION FIVE
LESSOR'S RIGHT OF INSPECTION
At all times during Lessee's business hours, Lessor shall have the
right to enter the premises where the Property is located for the purpose of
inspecting the Property.
SECTION SIX
OBLIGATION TO PAY TAXES AND FEES
Lessee shall pay any all license fees, assessments, and sales, use,
property and other taxes imposed on the Property, either directly or by
reimbursement of Lessor, excepting only taxes imposed on or measured by income
of Lessor.
SECTION SEVEN
OWNERSHIP OF PROPERTY
LIMITATION OF WARRANTIES
Lessor represents and warrants that it has sole title to the Property,
free and clear of any claims, liens or encumbrances and has full power and
authority to enter into this Lease. Lessor has not made and does not make any
representation, warranty, or covenant, express or implied, with respect to the
condition of the Property. Lessor shall not be liable to Lessee for any
liability, loss, or damage caused directly or indirectly by the Property, by
any inadequacy or defect, or by any incident in connection with the Property.
Lessor shall cooperate fully with Lessee in the exercise of any rights of
warranty respecting the Property.
SECTION EIGHT
MISCELLANEOUS
This Agreement constitutes the entire agreement and understanding
among the parties hereto with respect to the subject matter hereof. The
headings in this Agreement are for reference purpose only and shall not affect
the meaning or interpretation of this Agreement.
IN WITNESS WHEREOF, each party has caused this Agreement to be
executed on the date indicated below.
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Lessor: Lessee:
EMERGENT GROUP, INC. RSI HOLDINGS, INC.
By: /s/ Xxxx X. Xxxxxxxx, Xx. By: /s/ Xxxxxxx X. Xxxxxx
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Title: Chairman and CEO Title: President
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Date: October 11,1996 Date: October 11, 1996
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[All exhibits omitted]
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