Atlas SN Leasing Inc.
2520 E Devon Ave.
Elk Grove Village, IL, 60007
The undersigned understands and agrees that, as a material condition of Atlas SN Leasing, Inc.’s decision to afford the undersigned credit, that the undersigned shall promptly and fully advise Atlas SN Leasing, Inc. of any material change in the financial condition of the applicant business or of the Guarantor(s) of the obligations of said applicant business.
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I/We recept notice in compliance with the federal equal credit opportunity act if aapplicable. The foregoing application has been carefully read (both printed and written matter) and is in all respects complete, accurate and truthful. This application is given for your sole use and information, and is not to be divulged to or used by anyone else provided, herevy authorizes the above named bank (s), trade and/or credit reference(s) to release such information as is necessary to establish credit with you.I/We further represent that said equipment shall be used for commercial purpose and shall not be used for any unlawful purpose.
I/We recept notice in compliance with the federal equal credit opportunity act if applicable. The foregoing application has been carefully read (both printed and written matter) and is in all respects complete, accurate and truthful. The application guarantor hereby authorizes and consents Atlas SN Leasing to request and obtain my credit report.
TERMS AND CONDITIONS
(a) Tires. Upon return, Lessee shall be responsible for paying to Lessor an amount equal to$ 30 for each 1/32” of tire wear on each tire that deviates from the condition of that tire as set forth in the Trailer Condition Report. In any event, any tire with a tread less than 2/32” shall be replaced at Lessee’s sole expense. All replacement tires installed on the Equipment will become Lessor’s property. All replacement tires installed shall be of the same type and quality as those furnished by Lessor.
(b) Brakes. Upon return, Lessee shall be responsible for paying to Lessor an amount equal to $ 10 for each 1/32” of brake wear on each brake that deviates from the condition of that brake as set forth in the Trailer Condition Report. In any event, any brake worn to less than 7/32” shall be replaced at Lessee’s sole expense. All replacement brakes installed on the Trailer will become Lessor’s property.
(a) Lessee fails to make any payment when due; (b) Lessee breaches any obligation under this Lease, or any other agreement with Lessor; (c) Lessee or any guarantor dies; (d) Lessee becomes insolvent or unable to pay Lessee’s debts when due; (e) Lessee stops doing business as a going concern; (f) Lessee transfers all or substantially all of Lessee’s assets; (g) Lessee makes an assignment for the benefit of creditors; (h) Lessee or a guarantor voluntarily files for bankruptcy or has bankruptcy involuntarily filed against Lessee; or (i) a trustee, receiver, or liquidator is appointed for Lessee or a guarantor.
17. Remedies. In the event of a Default, Lessor may take any or all of the following actions, in addition to any other action available under the law: (1) Lessor may sue for and receive all Monthly Payments and other payments then accrued or accelerated under this Lease, including but not limited to late fees, expenses and other charges. All amounts due shall accrue interest at a rate of eighteen percent (18%) per year; (2) Lessor may terminate the Lease; (3) Lessor may require Lessee to return the Trailer to Lessor and, in the event Lessee fails to return the Trailer, Lessor may enter upon Lessee’s premises or any other location peaceably with or without legal process where the Trailer is located and repossess the Trailer. Such return or repossession of the Trailer will not constitute a termination of this Lease unless Lessor expressly notifies Lessee of such in writing; and/or (4) Lessor may setoff the funds due to Lessor under this Lease against any amounts owed by Lessor to Lessee or held by Lessor for the benefit of Lessee including, but not limited to, amounts held by Lessor in escrow and amounts held by Lessor as security deposit under this Lease. Lessee agrees to pay all expenses incurred by Lessor in connection with the enforcement of any remedies under this Lease, including but not limited to, expenses of repossessing, storing, shipping, and repairing the Trailer and attorneys’ fees.
I acknowledge that I have read, and do hereby accept the terms and conditions contained in this Lease Application.
Effective as of the date indicated below, the undersigned (“GUARANTOR”) hereby absolutely and unconditionally guarantees and promises to pay to Atlas SN Leasing Inc., or to its assignee, all obligations of Lessee to Atlas SN Leasing Inc. and GUARANTOR agrees that he/she shall be personally subject to and bound by all terms, conditions, restrictions, and prohibitions contained in the TRAILER LEASE AGREEMENT. Further, GUARANTOR agrees to personally act as surety for the full and faithful performance of all the obligations, commitments and payments required of the Lessee in the TRAILER LEASE AGREEMENT or otherwise. GUARANTOR agrees that Atlas SN Leasing Inc. need not first pursue any remedies it may have against the Lessee as a precondition for recovery under this Guaranty but may, instead, proceed directly and primarily against the GUARANTOR with or without joining the Lessee. The Guarantor is both primarily liable and jointly and severally liable for such obligations, commitments, and payments required of Lessee. Atlas SN Leasing Inc. shall be entitled to recover any and all attorneys’ fees from GUARANTOR incurred in pursuing its remedies hereunder.
August 12, 2020
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Signed by Alen Pale (on behalf of Atlas SN Leasing)
Signed On: June 5, 2020
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Document Name: Lease Application
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