(1) In the case of a finance lease that is not a consumer lease the lessee's promises under the lease contract become irrevocable and independent upon the lessee's acceptance of the goods. (2) A promise that has become irrevocable and independent under subsection (1): (a) Is effective and enforceable between the parties, and by or against third parties including assignees of the parties; and (b) Is not subject to cancellation, termination, modification, repudiation, excuse or substitution without the consent of the party to whom the promise runs. (3) This section does not affect the validity under any oather law of a covenant in any lease contract making the lessee's promises irrevocable and independent upon the lessee's acceptance of the goods. l (4) In the case of a consumer lease, the promises of each party are dependent on the promises of the other party or parties. Part 5. Default. A. In General. §46-2A–501. Default; procedure. (1) Whether the lessor or the lessee is in default under a lease contract is deetermined by the lease agreement and this article. (2) If the lessor or the lessee is in default under the lease contract, the party seeking enforcement has rights and remedies as provided in this article aund, except as limited by this article, as provided in the lease agreement. (3) If the lessor or the lessee is in default under the lease contract, the party seeking enforcement may reduce the party's claim to judgmenta, or otherwise enforce the lease contract by self-help or any available judicial procedure or nonjudicial procedure, including administrative proceeding, arbitration, or the like, lin accordance with this article. (4) Except as otherwise provided in section 1-305(a) or this article or the lease agreement, the rights and remedies referred to in subsiections (2) and (3) are cumulative. (5) If the lease agreement covers both real property and goods, the party seeking enforcement may proceed under this part as to the goods, or under other applicable law as to both the real property and the goods in accordance with that party's rights and remedies in respect of the real property, in which case this part does not apply.
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