- 6 - 18. Indemnification 18.1 Lessee will indemnify Lessor and protect, defend and hold it harmless from and against any and all loss, cost, damage, injury or expense, including, without limitation, reasonable attorneys' fees, wheresoever and howsoever arising which Lessor or its subsidiaries or shareholders, or any of its or their directors, officers, agents, employees, stockholders or partners, may incur by reason of any breach by Lessee of any of the representations by, or obligations of, Lessee contained in this Lease or in any way relating to or arising out of this Lease, the Equipment, claims of holders of the Lien or Underlying Leases; * * * On March 19, 1984, the partnership purchased the initial equipment from Hambrose for $419,132.00 subject to the liens of the original third-party lender, a lien on and security interest in the initial equipment on the part of Hambrose, and the user lease and the initial equipment wrap lease. This $419,132.00 purchase price was payable as follows: $1,000.00 in cash on May 8, 1984, $48,000.00 in cash on December 31, 1984, and then in 85 consecutive monthly installment payments of $6,287.99 each, with the first payment due on April 1, 1984. This note was nonrecourse as to the partnership.2 These payments were subject to deferral until September 30, 1992, if the partnership did not receive amounts due it from Charterhouse. The partnership anticipated that a substantial portion of a limited partner's return would depend on the residual value of the equipment (for resale or release purposes) 2 Hambrose Leasing v. Commissioner, 99 T.C. 298, 301, 312 (1992); see infra note 9.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011