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WContract # 4248A <br /> EQUIPMENT LEASE <br /> THIS LEASE AGREEMENT ( "Lease" ) is made this let day of May, 1989 <br /> by and between CONTAINER RECOVERY CORPORATION, an Ohio corporation <br /> with its principal place of business in St. Louis, Missouri <br /> ( "Lessor" ) and CITY OF BATESVILLE with its principal place of <br /> business in Batesville, Arkansas ( "Lessee" ) . <br /> 1. Lease: <br /> Lessor hereby leases to Lessee and Lessee hereby hires and <br /> takes from Lessor, the personal property described on the attached <br /> Exhibit A ( "Equipment" ) . The Equipment shall be located at Lessee's <br /> collection facility and will not be removed by Lessee from such <br /> location without Lessor's prior written consent. <br /> 2. Term: <br /> This Lease is for a term of three (3) years starting on the <br /> date first written above; provided, however, that (i ) either party <br /> may terminate this Lease at any time by giving the other party at <br /> least thirty (30) days prior written notice of termination; and (ii) <br /> this Lease shall automatically terminate upon expiration or <br /> termination of the agreement between Lessor and Lessee dated May 1, <br /> 1989 (the "UBC Purchase Agreement Agreement" ) . Each May let to April <br /> 30th period during the term hereof shall be referred to herein as a <br /> "Contract Year. " <br /> 4W 3, Rentals: <br /> Lessee agrees to pay to Lessor as rental the sum of One <br /> Dollar ($1. 00) for each item of equipment listed on Exhibit A, such <br /> payments to be made on or before the first day of each calendar month <br /> during the term hereof. All payments shall be made without notice or <br /> demand at the address of Lessor set forth in Paragraph 16 below. <br /> 4. Loss and Damage: <br /> Lessee hereby assumes and shall bear the entire risk of <br /> loss and damage to the Equipment from any and every cause whatsoever. <br /> (a) In the event of total or substantial damage to the <br /> Equipment, Lessee shall, at Lessor's option: <br /> ( i ) Promptly place the Equipment in good repair, <br /> condition and working order or replace the same with like Equipment <br /> in good repair, condition and working order, in which event the Lease <br /> shall continue in full force and effect; or <br /> ( ii ) Promptly pay to Lessor the fair market value of <br /> such Equipment immediately prior to its destruction or damage, in <br /> which event this Lease shall terminate as to such Equipment and title <br /> thereto shall vest in Lessee. <br /> (b) If there is any loss or damage to the Equipment which <br /> is neither total nor substantial, Lessee shall promptly place the <br /> Equipment in good repair, condition and working order, and the Lease <br /> shall continue in full force and effect. <br /> L <br />