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Exhibit 10.3 (c)
Lease No. 002-3003006
FIRST SECURITY LEASING COMPANY
LEASE SCHEDULE TO MASTER EQUIPMENT LEASE AGREEMENT
This Lease Schedule to Master Equipment Lease Agreement {the "Lease Schedule")
is entered into pursuant to the terms of the Master Equipment Lease Agreement
(the" Agreement") between the signatories hereof dated AUGUST 14,1996 and
constitutes a separate lease {the "Lease") thereunder.
All the terms and conditions of the Agreement are hereby incorporated herein
end made a part hereof as if such terms and conditions were set forth in this
Lease Schedule at length and all capitalized terms not otherwise defined in
this Lease Schedule shall have the meaning set out in the Agreement. By their
execution and delivery of this Lease Schedule Lessor and Lessee hereby
reaffirm on and es of the date hereof all the terms, conditions, agreements.
representations and warranties contained in the Agreement. A copy of the
signed Agreement attached to the Lease Schedule, which attachment shall adopt
the copied signatures on the Agreement as of the date of the Lease Schedule,
shall constitute an original lease. A copy of the Agreement and the Lease
Schedule shall alone constitute the chattel paper for purposes of perfecting a
security interest.
AI Description of Equipment
ID New Invoice
for: Purchase Quantity Description Serial #
1. VARIOUS SEE ATTACHED INVOICES FOR New $266,792.C13 VENDORS EQUIPMENT
DESCRIPTION
TOTAL INVOICE PURCHASE PRICE: $ 266,792.05
B) Term. months. C) Rental.
1. Monthly X 2. Advance
Quarterly Arrears X
Semiannually
Annually
3. Rental Payment Dates: March 26, 1997, and on the same day of each Month
with the final payment on February 26, 2002
4. Basic Rental in an amount equal to 0.021188 of the total invoice purchase
price of all Items is payable on each Rental Payment Date.
5. Interim Rental in an amount equal to N/A of the invoice purchase price for
each Item for each day from and including the date of acceptance for such Item
to but excluding the first Rental Payment Date will be payable on the first
Rental Payment Date.
D) Residual Value. of the invoice purchase price of each item.
E) Location. The Equipment shall be located at:
Address: 000 XXXX 00000 XXXXX XXXXXX, XX 00000 County: SALT LAKE
If required, the Equipment will be registered in UT
F) Security Deposit. Concurrently with the execution hereof Lessee shall
deposit with Lessor the sum of N/A as a security deposit which Lessor may
use to satisfy any unpaid late charges, recording fees or other amounts due
and unpaid. Any unused portion of the deposit will be returned to Lessee
without interest upon expiration or earlier termination of the Lease and
upon payment of all sums then due and owing to Lessor, or Lessee may, at
its option, apply the unused balance of the security deposit toward the
last Rental payment.
G) Insurance. The minimum amount of insurance to be provided by Lessee as
required under the terms of the Agreement shall be as follows:
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1. Liability:
$ 300.000.00 each individual
$ 300.000.00 each accident
$ 300.000.00 property damage liability
2. Physical Damage and Loss: $ 266,792.05
3. Additional riders, exclusions or special terms required by Lessor: N/A
H) Certificate of Acceptance.
Lessee, having entered into the Agreement and the Lease Schedule does
hereby certify to Lessor that as to the Equipment listed in Section A of the
Lease Schedule or any Exhibit attached and incorporated to the Lease
Schedule:
1.The Equipment is of a size, design, capacity and manufacture selected by
Lessee, is in good condition and has been satisfactorily delivered and
installed. Lessee hereby expressly assumes ell responsibilities in
connection with the delivery end installation thereof;
2.Lessee is satisfied that the Equipment is suitable for Lessee's purposes;
3.Unless otherwise indicated, the Equipment is new end unused on the date
hereof except for routine testing and inspection;
4.Upon payment of the Invoice Purchase Prices to the Vendors indicated
there will be no liens, security interests or encumbrances against the
Equipment except the interest of Lessee under the Agreement;
5.There exists no Event of Default or condition which, but for the passing of
time or giving of notice or both, would constitute an Event of Default
under the Agreement; and
6.The Equipment is personal property and will not become either real
property, fixtures or inventory.
I) Other Terms.
LESSEE REPRESENTS TO LESSOR THAT ALL ITEMS MIGHT NOT BE DELIVERED TO LESSEE
PRIOR TO LESSOR'S PAYMENT OF THE TOTAL INVOICE PURCHASE PRICE OF ALL ITEMS TO
RDN MGF. CO., INC. LESSEE AGREES TO BEAR FULL RESPONSIBILITY FOR ALL OF
LESSEE'S OBLIGATIONS UNDER THE AGREEMENT REGARDLESS OF WHETHER OR NOT ANY OR
ALL ITEMS ARE DELIVERED.
Lease No. 002-3003006
FIRST SECURITY LEASING COMPANY.
LEASE SCHEDULE TO MASTER EQUIPMENT LEASE AGREEMENT
IN WITNESS OF. Lessor end Lessee heave caused this Lease Schedule to be duly
executed on behalf of each of them on December 31, l996 end the signatories
warrant their authority to bind principles.
LESSEE: LESSOR:
X. X. XXXXXX INCORPORATED FIRST SECURITY BANK
A(n)UTAH Corporation By:
Address: 000 XXXX XXXXX
XXXXXX, XX 00000
Federal ID or Social Security Number; 00-0000000 Leasing Company 000
Xxxx Xxxxxxxx, 0xx Xxxxx
Xxxx Xxxx Xxxx, Xxxx 00000
