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unamortized amount thereof over the term of this Agreement, that each installment of rent <br />• constitutes principal and interest, which fully amortizes the purchase price of the Equipment, <br />together with interest, over the term of this Agreement, and that upon the due and punctual <br />payment and performance of the rental payments and other amounts and obligations under this <br />Agreement, title to the Equipment shall vest permanently in Lessee as provided in this Agreement, <br />free and clear of any lien or security of the Lessor therein. <br />SECTION 18. OPTION TO PURCHASE <br />The Lessee is granted a non -assignable option to purchase on an as is and where is basis all <br />(but not less than all) of the Equipment, thereby vesting title to the Equipment permanently in <br />Lessee, for a purchase price equal to the outstanding principal balance plus a payment sufficient to <br />maintain the Lessor's yield as if the lease were held to maturity. Upon payment of such purchase <br />price, the Lease Term and this Agreement shall terminate. <br />This option to purchase may be exercised by the Lessee anytime after the first twelve (12) <br />months of the Lease Term and is conditioned upon: <br />(a) the Lessee's having performed all of the terms and conditions of the <br />Agreement between the parties other than the payment of monies not yet due and payable under <br />this Agreement; <br />(b) the Lessee's giving written notice to the Lessor of its election to exercise <br />the option not less than sixty (60) days prior to the date of exercise of the option by the Lessee; <br />and <br />(c) the Lessee's payment of the purchase price in cash at the time of the <br />exercise of the option. <br />SECTION 19. <br />19.1 <br />MISCELLANEOUS <br />Waiver. No covenant or condition of this Agreement can be waived except by <br />the written consent of the Lessor. Any failure of the Lessor to require strict performance by the <br />Lessee or any waiver by the Lessor of any terms, covenants or agreements herein shall not be <br />construed as a waiver of any other breach of the same or of any other term, covenant or <br />agreement herein. <br />19.2 Severabilitv. In the event any portion of this Agreement shall be determined to <br />be invalid under any applicable law, such provision shall be deemed void and the remainder of <br />this Agreement shall continue in full force and effect. <br />14 <br />