HomeMy WebLinkAbout92-183
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SCHEDULE "B"
THE CORPORATION OF THE TOWN OF NEWCASTLE
BY-LAW NUMBER 92- 183
Being a By-Law to authorize the execution
of a Lease Agreement with
Glenora Leasing Inc., Picton, Ontario
THE CORPORATION OF THE TOWN OF NEWCASTLE HEREBY ENACTS AS FOLLOWS:
1. That the Mayor and Clerk are hereby authorized to execute,
on behalf of the Corporation of the Town of Newcastle, and seal
with the Corporation Seal, a Lease Agreement between Glenora
Leasing Inc. and said Corporation, which is attached hereto
and marked Schedule "A".
2. That this By-Law not take effect until approved by the Ontario
Municipal Board, pursuant to Section 64(1) of the Ontario
Municipal Board Act.
By-Law read a first and second time this 27th day of July, 1992.
By-Law read a third time and finally passed this 27th day of July, 1992.
'/f~~~~
Mayor
~~~,(frerk
~ "
't.ESSOR
SCHEOULE IlAIl
LEASE CONTRACT
'fGLENORA LEASING INC.
R.R. 4, Picton, Ontario KOK 2TO
(613) 476-8102 Fax (613) 476-8102
LESSEE -rof.U ~ OF NEGvC. A5T t.. C
NAME
ADDRESS tf 0 7I5n/'F't!-A#cE.. 5T~
CITY AND POSTAL CODE L Ie _ S,4C
PflQVINCE
PERSON TO CONTACT AND TITLE ~\)O (Inc. Area Codel 1 YEARS IN BUSINESS
'- 0 '-f - /) ,.../it! I!. f I!. K F -rr- I' {.O'-33??
SUPPLIER . 0- E. ~:-'''I~1't- jA/C.
Name.............m........................................,.....................................................................................m..........
Address:....~:~.9..........K!.!Y.!f..........:;j,.:r................O.$..tl.:l~!.'1...................m..................... Bank: ...............'........................................ .........-...............................
Sales Representative:.....&.:....J!IJ..y.~E...................,........... TEL NO: .........,..,."...,.,..,..."........"., Address:.......m...................................................................................,
LOCATION OF EQUIPMENT (if different from abOve)
LESSEE OWNS NAME AND ADDRESS OF LANDlORD TEL NO:
PREMISES 0
QUANTITY EQUIPMENT DESCRIPTION (including Model and Serial No.(s))
ONE C .A iVOIV >o,!;,-c P #O/occ>,"'/E/<?..
OAJe. I<PVt!'--$/;(/~ ~vTO.l-1"'.4T"<:: DOC c.r/"'f eN'} F$CL>E,t:...
OA.l~ /0 '<".;V 57"''''- Fe stCJL!r~.<..
o ,'1/ E 1'000 '5HE..r c 1'1 t? t'tC rr Y J?/'1/F~ j)l=.c,,"
ISro ;l U /lc:/-I A5E of'T/O."t.I 4"- EXf'//<. Y
Additional Provisions to the Terms and Conditions of this lease as set out below.
Lessee may purChase equipment in ;3 '5 month after 1/ payments for 15- per cent of original cost of equipment (fill blanks if purchase option desired),
INITIAL TERM: NO. OF Renlal Amount ~~ 1',$'1"'" Provo Sales tax b:5 r ;.\ Total Rental Payment
(No. of Months) PAYMENTS !7' $S:,rO q~-.5b' .1"79' 7. g J
36 /l... 67'3 75'
Plea.se indicate Provo Sales Tax No, Under Additional Provisions If Applicable
TERMS AND CONDITIONS OF LEASE ADDITIONAL TERMS AND CONOmONS ON THE REVERSE SIDE HEREOF FORM A PART OF THIS LEASE
Thl.I.... .hall not become binding upon L..sor until acc.pted In writing by L..sor .. evidenced by the signature ot a duly authorized officer of L.ssor In the .paca
provided below.
SCHEDULE "AU
TERMS AND CONDITIONS
. Lessor hereby leases to Lessee tl1e personal property herein described and all accessories supplied therewith and accessories thereto, all herein called the "Equipment"
upon the terms and conditions set forth herein.
1. RENTAL Lessee shall pay to Lessor as rental for the Equipment, the periodic rent payments set forth on the reverse hereof, at Lessor's Head Office as follows: the
first rent payment shall be due upon the execution hereof by Lessee and subsequent rent payments in every calendar month, or other calendar period, after the month
'of shipment on the 1st of such month or period. Rent hereunder is payable without abatement; provided that a charge may be assessed on any partial receipt of
Equipment by Lessee from time to time prior to the commencement date of the lease computed from the respective dates of such receipts and said payment shall
become due and payable on the scheduled commencement date. If monthly or other periodic rental payments include the cost of a service contract, Lessee agrees to
pay any increase in such service contract costs as they are increased from time to time by the Lessor, in its sole discretion, in accordance with the Lessor's ordinary
business practice.
2. LOCATION AND USE The Equipment shall be located and used at the place designated on the reverse side and not elsewhere without the prior written consent of
Lessor. Lessee shall cause the Equipment to be maintained and operated carefully in compliance with manufacturer's recommendations and applicable laws and
regulations by competent and duly qualified personnel only and for business purposes only.
3. REPRESENTATIONS AND WARRANTIES Lessor hereby assigns to Lessee for and during the lease term, the warranties. if any and if assignable, of the
manufacturer with respect to the Equipment and Lessor agrees that upon the prior written request of Lessee and at Lessee's expense, Lessor will co-operate with Lessee
in such enforcement of any warranty, guarantee or other obligation made by the manufacturer or supplier in respect of the Equipment as may be reasonably necessary.
Lessee acknowledges that Lessee alone has selected the Equipment and that Lessor is not a manufacturer or distributor or an agent thereof and there are no
agreements ,representations, warranties or conditions, oral or written. express or implied. legal, statutory. customary, collateral, or otherwise, given or made by Lessor
with respect to or in connection with the Equipment or this lease and the same are hereby expressly excluded. Lessee acknowledges that the essential element hereof is
lease financing only and the Lessee agrees to pay rent unconditionally to the Lessor without set-off or compensation in the event that the Equipment is not properly
installed, does not perform as represented by the manufacturer or supplier or totally or partially fails to function or perform. The Lessee will look to the Lessor only
for co.operation as aforesaid in the enforcement of any warranty, guarantee. or other obligation made by the manufacturer or supplier in respect of the Equipment.
4. EQUIPMENT OWNED BY LESSOR Title or ownership of the said Equipment is, and shall at all times remain, vested in Lessor and Lessee shall have not right of
property therein except the right to use said Equipment which right shall be exercised by Lessee and/or competent employees of Lessee.
THE UNDERSIGNED ACKNOWLEDGES TO HAVE READ THE ENTIRE LEASE AND ACCEPTS THE TERMS AND CONDITIONS THEREOF,
Nameof Lessee: ..~TP..""',";,.. .....oF......./<.:!IfT~fts:.r."'..i2;....,
Executed ..
GLENORA LEASING INC.
BY:... ...... ........... ......
Authorized Signature
BY"
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..".,.........,..MoB.'lO'.R.
TITLE:......,..
BY:
......~E.~UT....:(.,'Q".\,.,.~R.'"
6. INSUAANCE Leuee sh.lt obuin .nd m.intain for the entlte term of this Areegment, at iu own expensa, property damage and lIablllry Insurance and Insurance
.g.inu 1011 ot dam.ge to the Equipment including wlthoutlirnitltion, loss by fire (including extended coyerage) theft. collision and such other risks of loa II are
cunOtnllrily covered by insurance on the type of Equipmentl'I$ed hereunder and by prudent operators of buslMSIet slmll., to that In which Lessee is enslaved In such
.mounts, in SuCh form .nd with lueh inlurers as Ih,lI be s,tisfac:tory to the lessor.. The amount of insurance cov.ring darn.ge to or 1011 of the Equipment shall not be
leu th.n Ihe gtuter .of the hili replacement v.lue of the Equipment or the insUlments-of rlnt then remaining unp.id hereunder. Each Insurance policy will n.me
lts~ee .nd LeSlor as Insureds. will n.me lellOl' " loss p.yee thereof. .nd shall contain. clMlIt requiring the Insurer to give to Lessor .t I.est 10 days prior written
nottce 01 .ny 'Iteration in the terms of SUCh policy Of 01 the c'nce:lI'I~n Ihereof. lessee shall furnish to Lenor. tertiflClte or insuflnct or oth., ft'idtnu UtistlCtOfY
10 Leuor th.t such insurance coverage is in eHect. provided. however. th.t L.ssor shall be under no dutY either to &lCen.in the .xlst.nce of or to .x.-nine such
insur.nte policy to ad...ise leuee in the event that such insur.nce coverage shell not comply with' the r.qulrements hereof. Lessee further.1ft to give Lenor prompt
notice 01 any d"mave to or tou 01 the Equipment or any p.rt thereof. Lessee will at Its eJcpense execute and compl.tfl.1l proofs of loss .nd other .ppllcatlons or
cIocum.nts .nd take all other neps necessary to recover insurlnce benefits, unless .d'tised in writing by Lessor th.t lflsor delir" 10 to do. .t Leu...,s e,=,ense.
PrCJll;.ee01 01 insur.nce will be disbursed by Lessor ag.inst satiUeetory invoices for rep.ir or repl.cement of Equipment, provided this le.s. is not th.n in default.
Performance by Leuee under this paraqraph wilt not "Ueet or release lessee's obliQltions and Ii.billties unclllr t.~islOreemenl
6. NO SUBI..EASE OR ASSIGNMENT OF LEASE BY LESSEE Lesseesh.U not transfer. deliver up possession of or sub'et said Equipment and the lease hereby granted
Ih,,1I not be assignable by Lenee .....ithout written permission of Lessor. which permission may be arbitrarily and unreasonably withheld or del.yed.
1. MAINTENANCE AND INSPECtiON OF EQUIPMENT Lessee shall .t .11 times .nd .t Lessee's own expense keep Mid Equipment in good and .Uiclent working
order Ind repair ilnd shall furnish any and all paru. mechanisms and devices required to keep the Equipment In good mechanlc.1 and working order and sh.lI enter into
a mainten.nce contract in this reRard. Lessor, its emplovees .nd/or SPecifically APPOinted IQInu shall .t ,II reasonable times have access to said EOUIDment for the
purpose 01 inspecting it. Lessee shall rep.ir. on notice from the Lessor, in .ccordance with such noti~. Lessee sh.1l not. without prior written consent of Lnsor. make
.ny .Iterations. .dditions or impro~ements to said Equipment. All such alterations, additions or improvements so m.de shall immediately belong to end become the
property of Lessor.
8. COMPLIANCE BY LESSEE WITH ALL lAWS, ORDINANCES. ETC. Lessee sh.1l comply with .nd conform to .11 laws. ordin.nces and regulations pres.nt or
future, in any way relilting 10 the ownenhip, possession, use or m.intenance of Slid Equlpm.nt throughout the term of this leMe in order to prfllent .ny .nd all
liilbility on Ihe part ot Lessor, Lenee shall p.y .11 licence lees, registrltion fees, assessments. charges and tun {MunicipaIProvincial.nd Feder.II,whlth may be levied
or useued directty or indirectly Olg.inst or on account of che said Equipment or any incerest therein or use thereof. " Lessee sh.rt 'ail to pay such licence tees.
registration fees, assessments. charges or t.xes Lessor m.y pay such licence fees. regiuration fees, assessments, Charges and taxes as the case may be in which went
the cost thereof sh.lI constitute addition.l rent. which shall be forthwith due and payable and Lessor shall be entitled to all rights .nd remedln in "'peet thereof
provided herein in the event of default of payment 01 sueh rent.
9, EOUIPMENT TO BE KEPT FREE OF LIENS. CHARGES. ENCUMBRANCES AND RIGHTS OF THIRD PARTIES OF ANY KIND AND NATURE
Lessee sn.1l keep the Equipment tree of liens. eharges. encumbr.nces .nd rights of third parties of .ny kind or n.tur.. lessee egrets not to sell. .nign, tutlt.t. pledge.
hypotheClte or otherwise encumber, dill with or wHer. tien or char9' upon or .gainst any interest in this Agreement or the Equipment.
10. INOEMNIF tCATION OF LESSOR BY LESSEE Lenee sh.lI indemnify Lenor 119.inst and hold Lessor h.rmless from .ny and.1I el.ims.actions. SUits, proceedings.
costs. l!xpenJel, damages and liabilities. including tees at legal counsel &Tising out or, conflected with or resulting f10m the Equipment incJuding. wlthout limitation.
the milnufacture, selection. delivery. instillation. possenion, use, operation or return of the Equipment or oth.rwise on ICcount of .ny personal injury or de.th or
dama9t to property occuioned by the said Equipment during the term hereby created or on account of .ny infringement or alleged infringement of patent occlSioned
by operation 01 said Equipment. .
11. EQUIPMENT TO REMAIN PERSONAL PROPERTY The L~nee shall Insure that and hereby .gr." that the Slid Equipment sh.1l .t .11 times during the term
of this lust be and remain penon..1 or moveable property. regltdlell of the m.nner in which It may be attaChed to .ny re.1 estU.. Lessee shall install 1.ld Equipment
in 6 manner which 'lVitl permit iu r.moval without material injury to the place of install.tion. Lessee shal! be responsible for .ny d.m.ge don. to .ny real esUte.
building or structure by the remov.l of said Equipment and shall indemnify and save harmless Lessor therefrom.
12. ASSIGNMENT BY LESSOR Lellor Ihali be permitted to .sslgn this lelSe without notice and such assignment sh.1I not be subject to the .quitles IS batMen Lllsor
and Lessee and such assignment sh.II not operate to rei ease Lessee from .ny of its obligetions hereunder.
13. EVENTS OF OEFAUI.. T Eech of the following shall constitute.n event of default:
(.l it Lenee m.kes or propOStn'" assignment for the benefit of creditors or compromise or arrengement with Its creditors:
(b) if Leuee .dmits in writing iu in.bility to p,y iu debts generally.. they fall due. threatens or ceastl to carry on Its business;
lcl if. receiver. trustee or simil.r oHici.i is appointed for Les..e or .ny of Its property;
(d) if. petition in benkruptcy or . petition for reorganizttion or liquidation of Leuee under .ny federal or provinci.ll.w If filed by or 19Iinst Lessee, or th. L.ss..
teket .ny action or proceeding to dissolve or wind up the lesstJ. or the Lessee is wound up or dissolved;
Ie) if Lesst! commiu .ny Olher let of bankruptcy or does or omits to do eny other thine In furtherance of .nv of the .foresaid purposes;
UI it ,fl or .ny part ot ,.id Equipmenl is. or is in imminenr d.nger at being con lise, red. 8ttached. sequestered or seized under 'eg.' process. or thlt the tess"lf Hils
the Equipment or makes a ~Ik sale 01 iu assets;
19j jf any rent p8yment or .ny other lum pay.ble hereunder is in arrears;
lh) if leuee ,.ih to obServe or perform .ny term. covenant or condition of this lease or of .ny other lease or oth.r 'Vr..ment betMen Lessor .nd Leuee whether
heretofore Of here,fter made;
(it il the Lessor deems itself instW:ure. in its sole dISCretion:
14, UpOn the occurrence of .ny hent of default set forth .be...e. or .ny dtfllJlt by the Leuee in the perform.nce of any of its contractu.1 or monetary, statutory
or other Obligations in connection with the Equipment. then .t the option of th.lessor. all sums due. to become due or cap.ble of becoming OJe hereunder tooethtr
with 'ny. accrued inter"t, as more !:l.rticularl'y set out in paragraph 15 h.reof. shall immediately become due .nd p.yabl. .nd In such .....nt:
I,) tl'll! LmH sh,1I forthwith d.l;....' to the LIllO' pouelSion of luch PMt of thl Equipment as mar be 1PfC1n.d bV Ut. L,uOf';
(b) the Lellor m.y leize, collect, rulize, borrow money 01'1 the security of. rel.ase to third pertles or otherwls. de.1 with the Equipment. or .nV pan thereof, Ih
SuCh m.nner, upon such terms and conditions .nd .t such time or times as m.y be seem to It .dvl..ble Ind without notice to the LIIsee except II otherwise
requited by any .pplic..bl. I,w and may chatoe on hs own beh.1f .nd pay to oth.rs sums for expenses incurred ,nd for setvicei render.d in or in connection with
the selling, realizing. borrowing on the security of or selling of the Equipment .nd m.y .dd the .mounts of such sums to the indtbtness of the Lessee to the
l.eSlor hereunder;
lcl .t its option upon notice to the lessee. the Lessor mly elect to retain .U or any p.rt of the Equipment in latlsf.ctlon of the obligations of the l.essee to the
lessor:
IdJ the Lenor sh.1I not be li.ble lor or ICcountable for .ny failure to sein. realize or selt the Equipment or .ny p.rt th.reof .nd shall not be bound to Institute
proceedings lor the purpose of seizino, realiZing or obt.ining posseSSion of same or for the purpose of preserving .ny rights of the Leuee. Lessor or .ny other
person. firm or corporation in rts~t of same;
lei the Lessor may gr.nt extensions of time. t.ke .nd give out securitil1. eccept compositions. grant releases .nd diSCharges, release any part of tne Equipment to
third p.rties .nd otherwise deal with the Lessee. the debtors of the lessee, sureties Ind othen ,nd ..,ith the Equipment and other securities al the Lessor may see
fit without prejudice to the liability of the Lessee or the Les,or's r~t to hold end realize the Equipment;
1fI .11 monies collected and received by the Lessor in r.sPtCt of the Equipment m.y be .pplied on kcount of such peru of indebtedness and li.bility of the Lessee
as. to the LeSSor seems best..1I without prejUdice to the Lauor's claims upon the Leuu;
{ol the Lellor may, if it deems il necessity Of .dviuble for the proper reaUntion of .ny or .11 at the Equipment, P.y any encumbr.nce. lien, claim or charlje th.t
m.y .xist or be threetened .g.inst same and in Ifach sllch c... the emounl paid t~ther with costs, charges .nd expenses incurred in connection therewith shllt
be .dded to the obligations of the L.ssee to the Lessor.. hereby secur.d .nd sh.1l beer interest .t the r.te of eighteen percent (18%1 per annum c.lculated
monthly. If. .lter .11 the e)(penses of the LeSsor in connection with the presetv.lion .nd r..Untion of the Equipment IS .bo...e descfibed shall ha...e been ~Iislied
.nd all oblig.tions, including contingent obligations of the Leu" to the Leuor shall hIVe been ..tidied and paid in full together ..,ith interest. .ny imb.lance of
monies In t:h" hMl/11 of the L.nor arising out of thr rClllization of thc Equipment sh.1I be p.ld to I penon other than the Lessee Wflom the Lessor knows or
beli....es to be the owner of or to have .n int.rest in the Equipment. .nd In the .bsenee of such knowledge. such imbal.nce m,y be paid 10 the Lessee. The Lessee
shall be Ii.tlte for .ny resulting deficiency:
lh) the Lessor sh.n. in addition to any other rights .s hereunder. be entitled to e~ not to termin.te this Ie.... as 1gent for the Lnsee. with or without t.king
possession of the said Equipment. relet s.me for such period .nd upon such terms IS it m.y de.m fit, .nd apply the net proceeds of such reletting .gainst the
amounts Ply.ble hereunder by the Leme. The Lellee sh.1I be responsible for .nv ......Itlng deficiency. I
iii in addition to any other rights set out herein, the Lessee sh.1I have ell the rights of a secured creditot under the Personal Property Security Act (Ontariol.
'5, Th. LeuH hereby agrees with the lessor th.t the obligations of the leISt. hereby secured is the sum tot.l of.1l pan, present and future rent.r payments due or to
become due or c'PJble of becoming due hereunder, without .ny discount for prtIent PIVrntnl
18. The p.rties h.elO hereby ICknowfedge .nd agree thlt the acceler.tion of the rent.1 payments. .foreMid upon default is reasonable, is a genuine pie-estimate 01
liquid.ted demages .nd Is not I pen.lty. However, in the event th.t any court of competent juriSdiction Shall determine th.t wch aceeler.tion sh.ll be a pen.lty. then
the futllre rental p.vments shall be discounted to th.ir present valut II at the dill of default. besed on . capitaliz'lion rate of six percent per annum. or such greater or
lesser rat. II sh.1I be determined by . count of competent JuriSdiction to m.ke such .mount liquidated dlm'g!s and "at. penalty. All amounu which are due on
default shall bear interell from such dall of default to. rat. of eighteen per cent per ennum c.lcul.ted monthlv.
17, RETURN OF EOUIPMENT UPON TERMINATION Upon termination of ChisluM for .ny reason, Lessee sh.1l .t In cost return SltO EQI.upme"t to L.essor by
delivering the lime pICked for shipm~nt to such place orCltrier within the municipality in which said Equipment is then loc.ted." l.enor shalllptcify..nd if Lessee
I.IIslo do '0, lessor shall hlYe the right to enter upon ttJ. premJs" where Slid Equipment lNy be ",d t.kI POSses$JOfl 0' and "mo...~ it .t Leue~'s upense. wifh 01
without leg.1 process, Lesse' hereby w.ivlng any claims for dlmlglts which It might otherwise hne by re.on of..,y sueh entry. t.king or remo...a!. II said Equipment
whe" returned to or rtcoYer.d by Lessor, I, not In 9QOd condition .nd repair, Lessor m.y m.ke.1l rep.in and replacelnenn neceSWlry to place it in as good condition
II it WII It the date of the commencement of the term hereof, rellonable Mer and te.r alone excepted, and Lessee sh.1I p'y the cost of such repllirs and replacemeflts
upon demand" so much. addhiol'\ll rent.
18. REPLACEMENT OF EQUIPMENT If, on or before the expiry of th. t.rm of this I.... Leuee wishes to replace uid EQUipment with new or improved
ECJJlpment. th. Lessee sh.lI make. written requeSt to Lessor not leu than .Ixty deV1 before the ex~,..tion of the term Of thisleae and. provided th.t Lessor is able to
obtain such new or improved Equipment .nd is willing to m.ke it avlil.bfe to LIUH. It . r.nt.1 .:ctptlb'e to Lessor Lessor sh.1I enter into. new leae of thlt
Equipment with Leu" wher.in the rental p.yments shall be besed upon the Lessor', net COst of such new or improved EQuiPment after giving eHect to an.,. allowance
by way of . trade-In mldt or gr.nted for the Equipment leased hereunder. plus the rem.ining Indebtedness. if any. 15 defined In parl9".ph 15.
19. WAIVER BY lESSOR No COven.nt 01 condition of Ihlsle..e can be w.lved 'xcept by written consent of Lessor IiInd forbearance or indulgence by lessor in any
reg.td whatsoever sh.1I not constitute. waiver of the covenant or condition to be performed by lessee to ~ich the same may apply .nd, until cOmblete performance
by l.essee of Slid covenant or condition. Lessor shall be entitled to invoke .ny remedy nail.ble to Lessor under this lease by law, despite saidlorbearance or indulgane~
20. COLLECTION CHARGES Should Le,see f,lI to pay when due ,ny patt of the rant h.rein reserved or .ny wm required to be paid to Lessor hereunder, lessee
sh.1I pay to Lellor, in addition thereto. I late charge of ten dollan 1$'0.00) for each montf\ or p.tt thereof for Which said rent orother sumshall be delinqul'nt togett1e1
with interest on .ny and all delinquent payments and amounts in default from elate thereof until paid in full at the rate of eighteen percent per annum CalCul,ted
monthlv.
21.TIME OF THE ESSENCE. NOTICES Time Is of the auence of this Ie... .nd .ech.nd .11 of its provisions. Any t'IOtiees and demands requited to be given or
made herein sh.1I be given or made to the p.tties in writing .nd by regular mall It the .ddress herein set forth or to luch other .ddreu " the parties m.y
here"tI'r substitute by written notice gi\'tn in the manner prescribed in Ihls paregraph.
22.8INDING UPON HEIRS, EXECUTORS. SUCCESSORS AND ASSIGNS Subject to the terms hettof, this lease $1'0.11 enure to the benefit of and be binding
upon thesucC8l1on Ind .ssight of the respective Plrtln hereto .nd the heirs, executors and .dminist"tort of Lessee. if .n individual.
23.HEADINGS Insertion ot headings In this I."e is for convenience of reference only and shall not affect the interpretation hereo!.
24.INTEAPRETATION It is hereby agreed by .nd between the Parties h.reto th.t whenever the context of this le.e so requires. the singul.r number Ihall include
the Plu,,1 .nd vice wen., and th.t words importing the mtsCullne gender sh.1I include the feminine and neuter genders .nd that in eMe more Ih.n one Imee
is n.med II Lessee, the li.bility of such leu", sh.1I be joint and sever.l.
26.EVIOENCE OF PAYMENTS Lessee sh.1I produce to Lessor from time to time .t the requesl of Lessor satislactory evidence 01 Ihe due payment by Lessee 01
.11 p.ymenu required to be made by Lessee under this lelle.
26.NON . CANCELLA8LE LEASE This Ie... c.nnot be c.ncell.d or terminet.d except as expr.,.ly prO't'ided herein .nd will rem.in in torce lor the lull term
indicated herein.
27. l.EGAL EXPENSES If thi, I..lt it pl.ced In the hands of . solicitor. Lessee egrees to pay .11 cosls. ch.rges .nd expenses. incurred by Lessor II well is legal
fees which Lenor will be obliged to p'y its solicitor on a solicitor .nd client btsls.
28.GOVERNING LAW This I...e agreement sh.1I be Interpreted and enforctd in accord.nee with the laws of the Province of Ontario. My provision of this
.tgr"m.nt ..tIidt II unenforce.ble th." be Ineffective to tht .xtent 0' I4ICh prohibition 01' un.nforctlbiliry ~jthout inv.lidating the remaining provilions:
29. CREDIT INVESTIGATION The Lessee h.reby consents to the LlStOr conducting. penon.llnvesti9ltion or c,.dit check upon rhe Lessee Subject 10 applicable
legiSI.tion.
3O.PAOCEEOS This Agreem.nl and any security h.reby gr'"ted sh.1I extend to.ny ptC)C)tny, "et, penon.1 or otherwise, including money. in .ny WIly dtri..d Of
arising from the Equipment. .nd sh.1I form p.rt of the Equipment hereunder.
31.FURTHER ASSURANCES Thl Llssee h.reby egree' 10 .xecut. and ceuse to be .xecuted "' such financing statements. ISsuranctl. docurrwnts .nd instruments
and to do and clUJe.1I things to be done IS may be necessary or desi"ble 10 better Impl.ment the terms of this agreement .nd the security hereby gr'nted.
(' :t-
,.," .
GLENORA LEASING INC.
R.R. 4, Picton, Ontario KOK 2TO
(613) 476-8102 Fax (613) 476-8102
EQUIPMENT ACCEPTANCE
DELIVERY RECEIPT
Date:
The undersigned lessee acknowledges delivery and/or installation of the personal property herein below described which is the property
described in a lease in which the undersigned is Lessee and Glenora Leasing Inc. is lessor. The undersigned acknowledges that such pro-
perty has been inspected, is operating satisfactorily and in all respects is as represented.
EQUIPMENT
QTY.
MODEL
DESCRIPTION
SERIAL NO.
O/JE A/,P >o~a
f-f.. E/!-.$/r-Ic FF Fj)F~_
O/JE
I~C'
6/...1;;
{o:
Of.-'e
Complete with all accessories, where applicable.
All of the items referred to above were received by us in good order and condition, and are acceptable to us. It is understood and agreed that
Glenora Leasing Inc. in no way or manner assumes any responsibility, either now or hereafter, for the use, performance, functioning,
maintenance or service of the equipment, for malicious damage or for its suitability or adaptability for any particular purpose in accor-
dance with the terms of the aforesaid Lease Contract.
Per:
R
~
Location of Equipment:
, I .
I .
LESsOR
SCHEDULE "A"
LEASE CONTRACT
GLENORA LEASING INC.
R.R. 4, Picton, Ontario KOK 2TO
(613) 476-8102 Fax (613) 476-8102
~~~~E -roUJ~ OF N/:'i(.vC_~J7-("e
ADDRESS t( 0 7 IS I'f I' F'I!- A ~-,<; F3- 57-
CITY AND POSTAL CODE LIe. _ :s ,4 c:
PROVINCE
PERSON TO CONTACT AND TITLE ,L,,)~' (Inc. Area Codel I YEARS IN BUSINESS
LOCl-/)A/,v I!. f I!. I( F -rr 1't-lJ-337Y
SUPPLlE~ Name:..P:..?,......~~.Z~~.......~-::'~...~.......m..............................................................
Address:....~-:)f..9.........K(,fY.?.,........5..T...._.,.......,O.$..tI..1.~t.1....,.....,.-..-.,......"...."'.....-.--.. Bank:...................................................................................................
Sales Representalive:.....t::;,:...,.f.'.t1:r.:~&:............................m TEL. NO: ......h._..._ __n....................... Address: ........................h......... ............................................... ......h....
LOCATION OF EQUIPMENT (If dllferent from above)
LESSEE OWNS NAME AND ADDRESS OF LANDLORD TEL. NO:
PREMISES 0
OUANTITY EQUIPMENT DESCRIPTION (iI'cluding Model and Serial No,(s))
ONE C A NO^' "30 :,.-c P#OTCC~I'<'/E/'?..
O'i.Jc ~6(.1~I!$/..vt: Av,oH'.4TrC DOC c.r /"'f J: AJ', F$EJ:>e- ~
OA/~ 10 ~,uV ST~l'l ;:e 5<:uf!re,<
ONE 1"000 5IYE~T c f'1 ,P I"tC rr Y PA/E~ ~c"
/S'7e- f U P-c:./-f .AS E ofTfO,'U 4"- Exf'/j2 y
Additional Provisions 10 the Terms and Conditions of this Lease as set out below,
Lessee may purchase equipment in 3 '3 month after II payments for /5 per cent of orig!nal cost of equipment (fill blanks if purchase option desired),
INITIAL TERM: NO. OF Rental Amount r~;? $,r Prov, Sales tax 6:5 I ;.\ Total Rental Payment
(No. of Months) PAYMENTS !7' $5:fO 4'~..5(; $'797, g)
36 /l... 673 7S-
Please Indicate P,OY. Sales Tax No. Under Additional Provisions II Applicable
TERMS AND CONDITIONS OF lEASE ADDITIONAL TERMS AND CONDITIONS ON THE REVERSE SIDE HEREOF FORM A PART OF THIS lEASE
ThI.I.... .hall not become blndlllQ upon lessor until accepted In writing by lessor as .vld.nced by the signature of a duly authorized officer of lessor In the sp.ce
provided lMlow.
SCHEDULE "AU
TERMS AND CONDITIONS
, Lessor hereby leases to Lessee the personal property herein described and all accessories supplied therewith and accessories thereto, all herein called the "Equipment"
upon the terms and conditions set forth herein.
1. RENTAL Lessee shall pay to lessor as rental for the Equipment, the periodic rent payments set forth on the reverse hereof, at Lessor's Head Office as follows: the
first rent payment shall be due upon the execution hereof by Lessee and subsequent rent payments in every calendar month, or other calendar period, after the month
of shipment on the 1st of such month or period. Rent hereunder is payable without abatement; provided that a charge may be assessed on any partial receipt of
Equipment by Lessee from time to time prior to tly! commencement date of the lease computed from the respective dates of such receipts and said payment shall
become due and payable on the scheduled commencement date. If monthly or other periodic rental payments include the cost of a service contract, Lessee agrees to
pay any increase in such service contract costs as they are increased from time to time by the Lessor, in its sole discretion, in accordance with the Lessor's ordinary
business practice.
2. LOCATION AND USE The Equipment shall be located and used at the place designated on the reverse side and not elsewhere without the prior written consent of
Lessor. Lessee shall cause the Equipment to be maintained and operated carefully in compliance with manu.facturer's recommendations and applicable laws and
regulations by competent and duly qualified personnel only and for business purposes only.
3. REPRESENTATIONS AND WARRANTIES Lessor hereby assigns to Lessee for and during the lease term, the warranties. if any and if assignable, of the
manufacturer with respect to the Equipment and Lessor agrees that upon the prior written request of Lessee and at Lessee's expense, Lessor will co-operate with Lessee
in such enforcement of any warranty, guarantee or other obligation made by the manufacturer or supplier in respect of the Equipment as may be reasonably necessary.
Lessee acknowledges that lessee alone has selected the Equipment and that lessor is not a manufacturer or distributor or an agent thereof and there are no
agreements ,representations, warranties or conditions, oral or written, express or implied, legal, statutory, customary, collateral, or otherwise, given or made by Lessor
with respect to or in connection with the Equipment or this lease and the same are hereby expressly excluded, Lessee acknowledges that the essential element hereof is
lease financing only and the Lessee agrees to pay rent unconditionally to the Lessor without set.off or compensation in the event that the Equipment is not properly
installed, does not perform as represented by the manufacturer or supplier or totally or partially fails to function or perform. The Lessee will look to the Lessor only
for co.operation as aforesaid in the enforcement of any wattanty, guarantee, or other obligation made by the manufacturer or supplier in respect of the Equipment.
4. EOUIPMENT OWNED BY LESSOR Title or ownership of the said Equipment is, and shall at all times remain, vested in Lessor and Lessee shall have not right of
property therein except the right to use said Equipment which right shall be exercised by Lessee and/or competent employees of Lessee.
THE UNDERSIGNED ACKNOWLEDGES TO HAVE READ THE ENTIRE LEASE AND ACCEPTS THE TERMS AND CONDITIONS THEREOF.
". . __"_.",,... Nameof Lessee ,-TP,y...;.."__oE"."A,!lfT.~"t.s:r.t.,,,if:...,
EKeculed "
GLENORA LEASING INC.
By:.".......... _,..
Authorized Sfgnature
"""..M.P...'lcB...
TlTLE:.._.._,
BY.
. <~~il
..._:-:DEf,\)T.y"Q.l.-~R ~
6. INSURANCE: Lessee shill obuin 1M mainuin for the entire term 01 this Areegment. .t its own expense, prOp&rty dam.ge .nd Ii.bility Insurance and Insur.nce
Iglinst Iou or damage to the Equipment including without Iimitltion. loss b'( fire (Including utended cO\'erage) theft, collision .nd such other risks of Iou . ....
cunomtrily co...ered by insurtnce on the type of Equipment leased hereunder .nd by prudent opentors of businesses simlllr to thet In which Lessee is engaged In such
Imounts, in such form .nd with such insurers IS sh.1I be s.tiU.ctory to the lessor.. The amount of Insunnee covering damlg. to or Iou of thl Equipment shill not be
leu th.n the grtaUr of the full replacement value of the Equipment or the Inst.lments of rent then rem.ining unpaid hereunder. Each 1000rlnce policy will nMnl
Lu.ste 'M Lessor as insuteds, will n.me Lessor as. Iou p.yee thereof, and shall cont.ln . cl...,1I requiring the Insurer to giYl to Lessor It lent 10 days prior written
notice 01 .ny .lteration in the terms of Such policy at 01 the c.ncell.tton thereof. lessee shall furnish to lessor a cettiflClte of insurance or other evidence satlsfac:1ory
to Leuor that such insufan~ coverage is in effect, provided. ho~....r, th.t L.ssor shall be under no dulY either to neert.in the existence of or to ex.....lnt lOch
in,ur.nce policy to Ad...ise Lessll'l!! in the event thlt such imuf.oce cOWlr. sh.1I not comply with the requlremenu hereof. Lessee further Igt_ to give Lenor prompt
notiee 01 any dama:qe to or loss of the Equipment or .ny p.rt thereof. Lessee will .t its ekpense ekl!!cutt .nd complete .11 prOofs of loss.nd oth., .pplic.tlons or
documents and Uke III other l1eps necessary to recover insurance benefits. unless IdYised in writing by Lessor th.t Lessor desires so to do. .t LesUt's eY-pense.
Ptocled1 of in'l.Jtlnce will be disburstd by lessor .gainst Setishctory invoiCM lor rep.ir Of replacement of Equipment. provided this leas. is not then In def...,lt
Petlormance by Leuee under this par&qflph will not affect or releue Lessee's obliQatlons and II.billties unciltr this IOf"Hment.
6. NO SuBLEASE OR ASSIGNMENT OF LEASE BY LESSEe Lessee sh.1I not tr.nSfer. deliver up posseSSion of or sublet said Equipment Ind thele.se hereby grtnted
shall no' be usignable by Leuee without written pefmission of lessof. which permission mlY be arbitrarily and unreasonably withheld or delayed.
7. MAINTENANCE AND INSPECTION OF EQUIPMENT Lenf!e shill at all times Ind at LeSMe'S own ell pense hep said Equipment in good and effiCient working
order and repair and shall lurni,h any and .11 parts. mechanisms and devices reCJ,lired to keep the Equipment in good meehanictl and working order and 11'1111 .nter Into
a maintenance contract in this fe~ard. Lenor, its employees .nd/or weeifk:ally IPPOinted IQllnts lhall .t .11 reasonable times h.v. access to laid EoulDment for the
purpose of inspecting it. Leuee Shall repair, on notice from the Leuat, in accordanct' with such noti~. les_ shall not. without prior written consent of lessor. make
any altetations. additions or improvements 10 said Equipment. All such alterations, .dditions or improvements so m.de sh.lI immedi.tely belong to .nd become the
property 01 LelSor
8. COMPLIANCE BY LESSEE WITH AU. LAWS, ORDINANCES, ETC. Leuee Shall comply with .nd conform to .1I1.WI. ordin.nces Ind regulations present or
future. in "ny wey relating to the ownershil:l, possession. use or m.intenen~ of said Equipment throughout the term of this lease In oreler to prever'lt Iny .nd .11
liability on the part ot Lessor. lessee ,hall pay all licence fees, feqinration fll'l!!s,ISSflsments, chafges .nd tueslMunlcipalProvinci.llnd FedetlU.which mly be levied
or auessed directly 01 indirectly ilgainst 01 0f1 account of the said Equipment or any interest therein or use th.reof. If lessee shill fail to ply such licence fees,
legiSlr"lion lee1, aueumenu, charges 01 taxes Lessor m.y pay such Hcence fees, registration fees, assenrnents, chltges and taxes as the clle m.y be in which ev.nt
the Cost thereol shall constitute additional fent, which shall be forthwith due .nd payable ,nd Lessor shall be .ntitled to III rights Ind remedies In respect thereof
provided herein in the event 01 default 01 payment 01 such rent,
9, EQUIPMENT TO BE KEPT FREE OF LIENS, CHARGES. ENCUMBRANCES AND RIGHTS OF THIRD PARTIES OF ANY KIND AND NATURE
Leuee shall keep the Equipment free 01 liens, Chlfges, encumbr.nclS and rights of third p.ttl.. of .ny kind or n.ture. leuee aFeel not to ..II. "llgn. sublet. pledge.
hypothecate or otherwise encumber, deal with or suffer. lien Of charge upon at .geinst Iny interest in this Agreement or the Equipment,
10. INDEMNIFICATION OF LESSOR BY LESSEE Leull'l!! shall indemnify Lessor ag.inst and hold Lessor harmless from .ny Ind III claims.lCtions, suits. pro~edin9S,
costs; expemes, damages and liabiliti", including fees of legal counsel arising OUt of, connected with or resultinglrom the Equipment including. without limitation,
the manulacture, selection. delivery, installation, possession, use, operation or return of the Equipment or otherwise on account of Iny person.1 injury or death or
dame91 to prOPerty occasioned by the said Equipment durfng the term hereby cruted or on account of any infringement or aneged infringement of pltel"lt occasioned
by operation of $aid Equipment. .
11. EOUIPMENT TO REMAIN PERSONAL PROPERTY The Lessee shall insure th.t and hereby .grees that the said E~ipment shin It all times during the term
of this lease be and rem.in person411 or moveable property, regardl"s of the m.nner In which It may be Ittached to .ny reel estate. Less" sh.lllnrttll Slid Equipment
in a manner which will permit its removat without material injury to the place of install.tion, Lessee sh.,! be responsible for any damtge done to Iny real eltlte,
/).Jilding or ItrUCture by the remonl 01 said E~ipment .nd shall indemnify and "ve harmless lessor therefrom.
12. ASSIGNMENT BY LESSOR Leuor shall be permitted to .ssign this lease without notice .nd such assignment Ihlll not be subject to the equities II between lalOr
.nd Lessee Ind such assignment shall not operate to releue Lessee from Iny of itl obligations hereunder.
13, EVENTS Of: DEFAULT Each of the following sh.1I constitute In e,ent of default:
Itl ilLessee mak.es or proposl'S an auignment fOr the benefit of creditors or Compromise or arrangement with Its creditors;
(b) ilLeull'l!! 'dmits in wtiting iu inability to pay iu debts genetll1y as they fall due, threatens at ~ases to carry on its businen;
(c) it I receiver, tfustee or similar oHici.1 is .ppolnted for lenee or any of Its property;
ldl if I petitlon in benkruptcy Of . petition for reorganiudon or liquld.lion of Lessee under .ny federal or provincilll.w It filed by or age[nst lessee. or the less..
t.kes anv ~tion or proceeding to dissolve or wind up the LentJ, Of the Lessee is wound up or diSSOlved;
tel illeuee eommiu anv olher act 01 bank.ruptey or does or omitl to do any other thina in funhennce of .nv of the .foreSlid purposes;
(f) if all or any part of said Equipment is. 01 is in immiMnt danger of being conliscated. attached, seQ\lestered or seized under leg.1 process, or that the Lessee sells
the EQUipment or makel a b.Jlk sale of iu assus;
(g) if any tent payment Of Iny other sum payable hereunder is in arrears;
(I'll il leuee fails to omerve or perform any term, covenalH ot condition of this lease Of of any other lease or other egreement between lessor and leule whether
heletoloftl or helulter made;
(i) il the LeSSor deems il5ell insecure. in its sole descretion;
14. Upon the OcCuuence ot iny event 01 default set forth above, or .ny def.ult by the leslee in the performance of any of It I contrlCtual 0' monetary. It.tutory
or other ObligAtions in connection with the Equipment, then at the OPtion of the lessor. all sums clue, to become due or capabl. of becoming due her~ndet together
with .nV accrued interest, as more p.rticul.rly set out in paragraph 15 hereof. shall immediately become due Ind pay.ble and in such event:
1.1 the lessee ShAll forthwith deliver to the LessOf possession of such part of the Equipment II may be specified by the LelSor;
(bl the Lessor mAy seize. collect, rulize, txwrow money on the security of. releese to third PlMI.. or otherwlle dell with the Equipment, or any pert thereol. In
suCh manner, upon such Itlms .nd conditions .nd at such time or times II rn.y be seem to It a~il.ble and without notice to the LeIS.. except.. otherwise
fequired by al'ly applicable law and may char91 on its own behalf and pay to oth.rs lums for 'llpenlls Incurred and for services rendered In or In connection with
tn. seizing, fufizing, borrowing on the security of or "Wng of the Equipment and may .dd the .mounts of luch lums to th. indebtness of the Lnsee to the
lessor hereunder;
leI ,t its option upon notice to the lene., the Lessor mly elect to ret.in.1I or any part of th. Equipment in satlSfactlon of the obltgationl of the lnsee to the
Lessor;
IdJ the Lenor sh.1I not be liable for Of ltCcount.ble for .ny failure to seile, realiz. or sell the Equipment or Iny pitt thereof and shill not be bound to Inltltute
proceedings for the purpose of seizing, realizing or obtaining possession of slme or for the purpose of prelerving any rights of the Lessee. lessor or any other
person. firm Of corporation in respect of same;
tel the lessor may gr.nt extensionl of time. t.ke tnd give out securities. accept compositions, grant releases end disch.rges, release any Pitt of the Equipment to
third p.rtles .nd otherwise de.1 with the Lessee. the debtors of the lessee. sureties and others Ind .,..Ith the Equipment and other securities as the LeSSOf mey see
fit wlth'?"t preludlce to the liability of the L.ssee or the Lessor's right to hold and realize the EQUipment;
Itl .11 mOnies collect.d and received by the l.ssor in respect 01 the Equipment may be Ipplied on account of suCh p.tts of indebtedness and liability of the Lessee
as to the Leuor Ihms belt. III without prejudice to the Lessor's cltims upon the lessee:
(g) the Lessor may. it it deems it necesSity or .dvlttble for the proper reaUZltlon of any or .11 of the Equipment, pay .ny encumbunce, lien. claim or chafge th.t
m.y ekist Of be thre.tened tgainn Sltnf .nd in each such case the amount p.id togtthtr with costs. char9rs It\d upenses incurred in connection thefe~ith sh.1l
be .deled to the obllg.tions of the Lessee 10 the Lessor as hereby secured .nd sh.1I be" interest .t the tltt 01 eightHn percent (18%1 per annum calculated
monthly, If. .fter all the ekpenses 01 the Lessor in connection ~th the preserv.tion IOd realiZllion of the E~ipment IS abon dueribf:d sh.1l ha...e been satislied
and .11 obllg.tions. including contin9rnt obligetlons of the Lessee to the Lessor shall have been "tidied and paid in foil together .,..it" intereU. any imb.lance 01
monies In tttlo tUtnl;k of the LeSSOr Irlslng out 01 tht rc,lization of the Equipment shall be paid to I PInon other th.n the lessee wf'Iom the lessor kno'f'VS or
believes to be the owner 01 or to hlve.n jnterest in the Equlpmtnt. Ind In the .bsenee of such knowtedge, such imbel.nce m,y be p.id to the Lessee. The Leuee
sh.lI be lilble for any resulting defiCiency;
(h) the Lellor sh.lI. in Idditlon to .ny other rights .1 hereunder. be entitled to elect not to terminate this lease, IS ItJl!!'nt for tht Lessee. with or 'h'ithout t'king
posselllon of the Slid Equipment. relet slme for such period Itld upon such terms as it mly dum fit, and 'Pply the net proceeds 0.1 such reletting .gainst the
amounts paYlble hereunder by the Les.... The Lessee sh.ff be responsible for any resulting deficiency. I
III in addition to .ny other rights set out herein. the Lesse. shall h..... all the ri.,ts of a secured creditor under the Personal Property Security Act (Ontariol.
15. The Leu.. hereby 'Fees with the Lessor th.t the obligations of the Lessee hereby secured is the sum tot.1 of all PlSt, present and future rental paymen[~ due or to
become due or c.pable of becoming l1le hereunder. without .ny discount for present p.yment
18. The parties h.eto hereby acknOwledge and agree thlt the ICCeleration of the rental payments. aforesaid upon default Is reasonable, i, . genuine prt.estimate 01
liquidated c1amages .nd II not. penalty. However. in the event that any COLI" of competent prlsdlction shill deterl'hine that such ac~leration shall be a pen.lty, then
the future rental payments shall be discounted to their pre..nt value II It the date of default. besed on I capitalization tlte of sil.. percent per annum, Of such greatef or
lesser tlte as sh.lI be 4etermintd by . count of competent Jurisdiction to mike SUCh amount liquidated daM.ges and not a penal tv. All amounll which are due on
d.fault shell beal' Intetest from such dl. of deflult to . 'ate of .I~t.et'l per Clnt per ,"num C.lcullled monthly.
17. RETURN OF EQUiPMENT UPON TERMINATION Upon termination of this lease fOf any relSOn. Lessee sh.H at ItS cost return sala EQUipment to leuor by
delivering the same paclted for shipment to lueh pltce or Clnler within the municipality in v.ttich Slid E~lpment is then located, H Lessor shAll specily. Ind ilLessee
fails to do so, lessor shall have the right to enter upon the premises where said Equipment m.y be and tlke posse15ion of .nd remo...e it It Leuee's expense. with 01
without 'eg.1 proc.... Lessee hereby wlivlng any claims for dam.. which it might otherwise hlft bv reason of Iny such .ntry. taking or removal. If said Equipment
Iffhen returned to or recovered by lessor, II not in good condition Itld repair, Lessor may m.ke.n repei" and rep(acements necessary to place it in as good condition
.s it was It the date of the commencement of the term hereof. rellonable Mar Ind tear 1I0ne 'kCtpted, Irld lessee Shall pay the cost of such repairs .nd replacemt'nts
upon d<<nlnd _ '0 much IddItlo",1 r~t.
18. REPLACEMENT OF EQUIPMENT If, On or before the e..plry Of th. term of this I.... L..... wishes to repllCl s.id Equipment with new or impro...ed
Equipment, the Les..e shill m.ke a written request to Leuor not 1..1 than IlxtY days before the UP!tttion of th. term of thil le.e .nd, provided that leslor is .blt to
obtain such new or ImproWld Equipment and Is willing to m.ke it 1V.lIlb1e to Lessee. It . rental ICCIPtable to Leslor, Lessor shall enter into a new lease of that
Equipment with Leuee wherein the rental plymentl sh.1l be _ed upon the L.ssor's net COlt of luch new or Improved ECJ,lipment .ft" gl'ting eHect to .ny allowance
by Way of I trade-In m.de Of granted for the Equipment leased hereunder. plus the remaining Indebtedness, if Iny. . defined in p.r~lph 1 S.
19. WAIVER BY LESSOR No co\'tnlnt or COndition of this l.ase can be WII'IId ucePt b'( written consent of Lessor and forbe'tlnce or indulgence by lessor in any
rlJg.,d whatJM"'" shl" not comtitute I w,;"er of tM cownant orcondftion to be performed by Lessee to which the same may apply and, until complele performance
by Lessee of said covenant or condition, Lessor shill be entitled to invoke any remedy lV.ilable to lessor under this ltitse by I.w. despite saidforbearance or indulganct'
20. COllECTION CHARGES Should Lessee fall to PlY when due lAy part of the rent herein "..Ned or Iny sum tequired to be paid to Lessor hefeunder, Leuee
shall pay to lessor. in addition thereto, I late Ch.rge of ten dOlIl" IS10.0C)! for each month or Plrt thereof for which said rent or other 'um$hall be delinquent toqelhel
with Interest on any and .11 delinquent paymentl .nd .mounts in default from date thereof until p.id in full at the rate 01 eighteen pefCent per annum calculated
monthly.
2t. TIME OF THE ESSENCE. NOTICES Time is of the eutncl of this le.e and eech Ind all of its provisions. Arty notices .nd dem.nds requifed to be gi...en or
mId! her.in shill be given or made to the partin in writing and by regul... mail at the Iddress h.rein SIt forth Of to such other address as the parti" may
hereafter substitute by 'Mitten notice given in the manner prescribed In this Plrlgf8Ph.
22.BINOING UPON HEIRS. EXECUTORS, SUCCESSORS AND ASSIGNS Subject to th. terms hereof, this lelSt shall enure to the benefit of and be binCling
ul)On the successO" and Iss1gns of the respective parties hereto .nd the heirs. IJl:tCUtors and .dministraton of lessll'l!!, if In individual.
23.HEAOINGS Insertion of headings In this least Is for convenience of referenee only and shall not .tf~t tne interpfetation hereof.
24.INTERPRETATION It is htreby .greed by .nd between the parties hereto that wheneve, the context of this lelle so re~ires. the ,in9ular num~f snail include
the plu"f Ind vlee veil.. .nd th.t words Importing the m.sculine gender sh.ff include tile feminine Ind neuter gendefS and thaI in Case mole th.n Ol'le leUte
is n.med'l Lessee. the Ii.bility of such lessees sh.1I be joint and sever.l.
25.EVIDENCE OF PAYMENTS lessee sh,1I product to lessor from time to time .t the ~qu~t 01 leSSOf satislactory e...idence 01 Ihe due payment by letlee 01
all p.ym.nts required to be m.de by lessee under this leese.
26.NON . CANCELLABLE lEASE This lease cannot be c.ncelled Of terminated except IS expressly provided herein and will remain in lorce 101 Ihe lull hum
indlclted herein.
21. LEGAL EXPENSES If this Ie... .. pllCed in the hands; of Ilollcltor, Lessee agrees to pay III costs. Chttges .nd u:pen~, incurred by Lessor" well .s le9ft
fees which Lessor will be Obliged to PlY Its solicitor on . solicitor and client betis.
28.GOVERNING LAW Thil I.ase egreement shill be interpreted WId enforced In accordance with the "WI of the Province of Ontlrio. Any pfo,ision 01 thil
agreement which is unenforce.ble sh.1I be ineffective to the utent of such prohibition Of" unenforceebility without inva/idtting the remaining provisions.
29. CREDIT INVESTIGATION The Lessee hereby consents to the Lessor conducting a PIf1onallnwestioetion or credit check upon the Lessee subject to Ipplie.ble
Itgisladon.
30.PROCEEDS This Agreement and Iny security hereby granted shill ut.nd to Iny property. re.l. person.1 or otherwise, including money. in any way derived Of
arising from the Equipment. and shall form part of the Equipment hereunder.
3t,FURTHER ASSURANCES Thl LetSle hereby agrees to execute tnd cautt to be .xecuted afl such flnencing statementl. assuranct'S, documentl and i".trumenu
'nd to do .nd ceule all things to be done.. mlY be neeewry or desirable to better Implement the terms of thilagreement and the security hereby granted.
"
.~ ....
r
GLENORA LEASING INC.
~
~
R.R. 4, Picton, Ontario KOK 2TO
(613) 476-8102 Fax (613) 476-8102
EQUIPMENT ACCEPTANCE
DELIVERY RECEIPT
Dale:
The undersigned Lessee acknowledges delivery and/or installation of the personal property herein below described which is the property
described in a Lease in which the undersigned is Lessee and Glenora leasing Inc. is Lessor. The undersigned acknowledges that such pro-
perty has been inspected. is operating satisfactorily and in all respects is as represented.
EQUIPMENT
QTY.
MODEL
DESCRIPTION
SERIAL NO,
PHoTD ~..' ~/E:I!...
O"J E .A/ P -; 0 5"0
f-fvE/!..>/.N( Fpf'j)F~ O,vE
I,:,x., e, !:.h' F-,r,-f J'\ ff'1.!. i)E..- L U /...1;;
{ 0&00/ ~T/:jl'i.&~ <'OL~rFt' D ~ ~
Complete with all accessories, where applicable.
All of the items referred to above were received by us in good order and condition, and are acceptable to us. It is understood and agreed that
Glenora Leasing Inc. in no way or manner assumes any responsibility, either now or hereafter, for the use, performance, functioning,
maintenance or service of the equipment, for malicious damage or for its suitability or adaptability for any particular purpose in accor-
dance with the terms of the aforesaid Lease Contract.
Location of Equipment:
Tow.v ur .v~...~.,i(~:''t5IL t:
Le~
p" ~~:':"~~~RK
\...
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