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obligations of Charterhouse secured by the initial equipment--for
the initial equipment.
Hambrose Purchase
On or about March 29, 1985, Hambrose purchased the initial
equipment from the second purchaser, subject to the liens of the
original third-party lenders, the original purchaser, and the
user-leases, for $494,861. Hambrose paid the $494,861 as
follows: $24,000 in cash and the balance represented by an
unsecured note. Concurrently with Hambrose's purchase of the
initial equipment from the second purchaser, the second purchaser
leased back the initial equipment from Hambrose pursuant to a
wrap lease (the initial equipment wrap lease). The terms of the
initial equipment wrap lease obligated Charterhouse (by
assignment from the second purchaser) to pay four consecutive
annual installments beginning March 31, 1986, in the amount of
$159,886 in rent. Under the initial equipment wrap lease, the
lessee waived “any right of set-off under state or federal law,
counterclaim, recoupment, defense or other right which Lessee may
have against Lessor or anyone else for any reason whatsoever”.
The lease agreement contained the following provision:
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Last modified: May 25, 2011