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, , Page 5 <br /> r ' , <br /> J. The LESSEE hereby assumes and shall bear the <br /> entire risk of loss, theft, destruction, or <br /> damage to the leased vehicles. In the event <br /> of damage, the LESSEE shall immediately make <br /> arrangements for repair at its own expense or <br /> the LESSOR may repair the damage and then <br /> bill LESSEE for the work. In the event of <br /> irreparable damage, loss, theft, or destruc- <br /> tion, LESSEE shall at LESSEE's option <br /> either: (a) replace such buses with equiva- <br /> lent buses satisfactory to LESSOR: or (b) <br /> purchase such buses within ten (10) days of <br /> said destruction or damage in its then <br /> condition for $3,000.00 per bus. <br /> 5 . LESSOR's OBLIGATIONS: The LESSOR hereby leases to <br /> LESSEE, and LESSEE hires from LESSOR, for the period <br /> and upon the terms and conditions herein set forth, <br /> each of and all of the used coaches set forth, for <br /> purposes of identification below: <br /> Two (2) GMC T6H4523A Two Door Transit Coaches, <br /> Year and Serial Numbers : <br /> 1973 T6H4523A - 293 <br /> 1973 T6H4523A - 294 <br /> Other obligations of the LESSOR shall be as follows: <br /> A. The LESSOR shall obtain any and all license <br /> plates, tags , or registration required for opera- <br /> tion of said coaches. <br />