Exhibit 10.65
AMENDMENT TO EQUIPMENT LEASE
THIS AMENDMENT TO EQUIPMENT LEASE is made and entered into as of the 2nd day of
January, 1997 by and between XXXXX X. XXXXXXXX ("Lessor") and THERMAL LINE
WINDOWS, L.L.P., a Minnesota limited liability partnership ("Lessee").
WITNESSETH:
WHEREAS, the Lessor has disposed of, with the consent of the Lessee, a portion
of the Leased Equipment;
WHEREAS, subject to the terms and upon the conditions contained in the original
Equipment Lease dated January 2, 1996, Lessor and Lessee desire to change the
Lease payment amount and the Option to Purchase amount contained in the original
Lease Agreement as mentioned above.
NOW, THEREFORE, pursuant to the terms of the original Equipment Lease, the
parties hereto hereby agree to amend said Equipment Lease as follows:
3. RENT. As rent for the use of Equipment hereunder, Lessee shall pay to
Lessor, at such address as Lessor may direct, the sum of $1,339.93 per month
("Rent"), beginning upon the date hereof and continuing on the same day of each
calendar month thereafter until the expiration of the Lease Term.
4. OPTION TO PURCHASE. Upon the expiration of the Lease Term, Lessee shall
have the right and option (the "Purchase Option") to purchase the equipment from
Lessor for a price (the "Option Price") equal to the greater of $13,233.70 or
the fair market value of the Equipment, as determined hereunder. The Purchase
Option shall be exercisable by the delivery of written notice of exercise to
Lessor prior to sixty (60) days before the expiration of the Lease Term. If the
Purchase Option shall be exercised, a closing of the purchase and sale of the
Equipment thereunder shall be held upon the expiration of the Lease Term,
whereat Lessor shall deliver to Lessee a Xxxx of Sale with respect to the
Equipment, which Xxxx of Sale shall transfer title in and to the Equipment to
the Lessee free and clear of any liens or encumbrances other than liens or
encumbrances created or caused by Lessee. For purposes of determining the Option
Price, unless otherwise agreed by Lessor and Lessee in writing, the fair market
value of the Equipment shall be determined as follows:
LESSOR: LESSEE:
/s/ XXXXX X. XXXXXXXX THERMAL LINE WINDOWS, L.L.P.,
-------------------------------- a Minnesota limited liability partnership
North Country Thermal Line, Inc.
Xxxxx X. Xxxxxxxx, President By Ice, Inc.
A North Dakota corporation
A General Partner
By /s/ XXXXX X. XXXXXXXX
----------------------------
Xxxxx X. Xxxxxxxx
Its President
