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1997-1998 [i] (2007)

handle is hein.peggy/wbalesg0001 and id is 1 raw text is: LEASE AGREEMENT This Lease Agreement (Agreement) is made and entered into on the effective date of September 1, 1997 by and between The Women's Bar Association Foundation (Lessor), with a principal place of business at 815 15th Street, N.W., Washington, D.C., and The Women's Bar Association of the District of Columbia (Lessee), with a principal place of business at 815 15th Street, N.W.,Washington, D.C. WITNESSETH WHEREAS, Lessor is the owner of certain equipment (Equipment) as set forth on Exhibit A attached hereto and incorporated by reference located at 815 15th Street, N.W., Washington, D.C. for use by Lessor in the conduct of its business; WHEREAS, Lessor does not currently have, or expect to have in the future, a full time use for such Equipment and desires to lease such Equipment to Lessee on a shared use basis for the expected life of the Equipment; and WHEREAS, Lessee shares office space with Lessor and finds it advisable to lease such Equipment from Lessor on a shared use basis in lieu of purchasing separate duplicative equipment given office space considerations. NOW THEREFORE, in consideration of the mutual promises contained below and for other good and valuable consideration, the sufficiency of which is hereby acknowledged, the parties agree as follows: 1. Grant of Lease. Lessor hereby leases to Lessee and Lessee hereby leases from Lessor the Equipment set forth in Exhibit A for use on a non-interfering, shared use basis with Lessor on the terms and conditions set forth herein. 2. Term. The term of this Agreement shall commence on September 1, 1997 and shall continue for ten (10) years, expiring on August 31, 2007. 3. Rent. Subject to the provisions of Section 4 below, Lessee shall pay to Lessor as rent for the Equipment the Total Annual Fee specified in Exhibit A attached hereto and incorporated herein by reference, without deduction, abatement or setoff. Such Annual Fee shall be paid on or before September 1 of each year commencing with the first annual payment on September 1, 1997. Should Lessee be delinquent in its payment of any Annual Fee by greater than a ninety (90) day period of time, Lessor, at its option and in its sole discretion, may terminate this Lease upon five (5) days written notice to Lessee and repossess the Equipment for its sole use and benefit. All payments hereunder shall be made in immediately available funds by check or some other form of payment as shall be determined by the agreement of the parties. 4. Risk of Loss. Lessee hereby assumes and shall bear the entire risk of loss, theft, damage or destruction of the Equipment during the Term of this Agreement and agrees either to repair same