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EXHIBIT 10.7
Form Of Quotation And Lease Agreement
Between The Registrant And Its Lessees
LEASE AGREEMENT
This Agreement of Lease and Rental, entered into on this _______, by
and between _______ an Indiana corporation, (hereinafter known as Lessor) and
________________________ corporation (hereinafter known as Lessee) have agreed
in consideration of the promises contained herein,
WITNESSETH:
1. The Lessor hereby leases and rents unto the lessee and the Lessee
hereby leases and rents from the Lessor, upon the terms and conditions,
covenants and considerations and considerations hereinafter set forth certain
equipment and personal property of the Lessor more fully described as follows:
One (1)
Serial Number
2. Title to said leased property shall at all times remain in the
Lessor's name and Lessee shall enjoy only the beneficial use thereof as set
forth herein, so long as the Lease Agreement remains in full force and effect.
Lessee may take possession of the leased property upon the execution of this
agreement.
3. As rental for the use of the above described equipment, the Lessee
shall pay to the Lessor a monthly rental of ________, the first of which said
rentals shall be payable on the ___________ and shall continue with a like
payment on the 25th day of each and every month thereafter for a period of five
years. At the end of the term of this lease, Lessee may purchase the leased
property for the fair market value.
4. Lessee shall at the cost and expense of the Lessee, cause the leased
equipment to be insured in a good and reliable insurance company for the
protection and benefit of the Lessor, with the Lessor named in said insurance
policy as an additional insured. The Lessee shall forthwith provide the Lessor
with due proof of Lessee's compliance with said insurance requirements set forth
above. In addition, the terms of the insurance policy insuring the leased
equipment shall allow the Lessor at least
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ten (10) days notice of the Lessee's default on said insurance policy premiums,
prior to the cancellation of said insurance coverage, and the Lessor have the
right during the ten (10) day notice period to, at its discretion, to pay the
insurance premium. Said payment of an insurance premium by the Lessor shall
constitute default by the Lessee in the terms of this contract.
5. The Lessee may use said leased equipment for the
following purposes and in the following manner:
In normal course of Lessee's business of manufacturing.
6. Lessee shall keep and maintain the leased equipment in a reasonable
state of repair at all times, comparable to it's present condition, and to
purchase at the cost and expense of Lessee any repairs and maintenance
necessary.
7. The operators of said equipment shall be the employees, agents and
servants of the Lessee alone and shall in no manner be under the direction,
control or in the employ of the Lessor. As concerns the operation of said
equipment, Lessee shall be deemed as an independent contractor and not an agent,
employee or servant of the Lessor, nor under the direction or control of the
Lessor in any manner.
8. So long as this agreement shall remain in effect, the Lessee shall
pay all taxes assessed against the leased property by the Sate of Indiana, the
United States of America, or any political sub-division thereof.
9. THE LESSOR MAKES NO WARRANTIES, EXPRESSED OR IMPLIED ABOUT THE
CONDITION OF THE LEASED EQUIPMENT. FURTHER, THE LESSOR EXPRESSLY DISCLAIMS ANY
IMPLIED WARRANTIES FOR MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.
10. Lessee covenants and agrees to hold the Lessor safe, free and
harmless from any and all costs, damages, charges or other liability of any kind
or character whatsoever arising out of or from the operation of said leased
equipment under this lease agreement.
11. Lessee convenants and agrees to provide competent and experienced
operators of said equipment and upon termination of this agreement for any
reason, to forthwith return and redeliver said leased equipment and property to
the Lessor in as good condition as when Lessee received the same, ordinary wear
and tear excepted.
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12. Lessee shall not transfer, sell or assign this lease agreement or any
interest therein to any person or entity without first having obtained the
written consent of the Lessor.
13. In the event of the failure, neglect or refusal of the Lessee to pay
said monthly rentals at the times and in the form and manner provided herein or
to fully or faithfully perform all and singularly the obligations, duties and
agreements to be kept and performed by said Lessee, the Lessor may at it's
option forthwith cancel, terminate and rescind this lease agreement, without
notice or process, and with relief from all appraisement laws. In which event
all right to possession and use of the equipment by Lessee shall cease and
terminate and the Lessor shall be permitted to take immediate and complete
possession of the equipment. Further, the Lessor shall be entitled: (1) to
retain all rents and additional sums paid by the lessee, as well as resale
proceeds, refunds or other funds received by the Lessor on account of this
lease, and (2) may, but shall not be required to, re-let all or part of the
equipment above described as Lessor shall elect or may, but shall not be
required to sell the equipment at public or private sale either for case or
credit, with relief from all appraisement laws, and (3) shall be entitled to
recover from Lessee all rents and additional sums accrued by Lessor under this
lease and unpaid prior to Lessors retaking possession of the equipment, and as
partial damages for breach, a sum equal to the total unpaid rental which would
have accrued for the balance of the term of this lease less only the net
proceeds of such re-letting or sale, and (4) shall be entitled to recover from
the Lessee any and all damages which Lessor, shall sustain by reason of any such
default, failure or breach by the Lessee to together with reasonable sum for
attorney's fees or expense as shall be expended or incurred in the seizure,
rental, storage, transportation, re-letting, or sale of such equipment, and
enforcement of any right, privilege hereunder, collection of any sums due
hereunder or any consultation or action in such connection. The remedies herein
provided in favor of the Lessor shall not be deemed exclusive, but shall be
cumulative and shall be in addition to all other remedies in the Lessor's favor,
existing in law, equity or bankruptcy.
14. Unless terminated in the manner set forth above, this lease agreement
shall continue in full force and effect until one party shall give to the other
party hereto thirty (30) days written notice of such termination. For this
purpose, the serving of such notice by registered or certified mail addressed to
the party on which such notice is being served at the address
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designed heretofore, shall be deemed adequate and sufficient.
15. That in the event of termination, cancellation, or otherwise the
ending of this lease the Lessor shall be entitled, and in addition to all his
other remedies, law, equity, or bankruptcy to the immediate possession of the
leased property.
16. That this lease agreement shall be governed by all proposes by the
substantive laws of the Sate of Indiana.
17. The Lessee and Lessor agree in the event of dispute, or default on
this lease agreement the Courts of the State of Indiana shall have jurisdiction
over the Lessor and Lessee to resolve any questions arising hereunder.
18. The Failure of either party to insist upon strict performance of
any of the provisions of this agreement shall not be construed as a waiver of
any subsequent default of the same or similar nature.
19. The Lessor and the Lessee hereby acknowledge that no
representations of any kind have been made to him or her as in inducement to
enter into this agreement other than the representations set forth herein, and
this agreement constitutes all of the terms of the contract between said
parties. The terms of this agreement may be waived, amended or supplemented only
in writing, executed with the same formality as this lease.
IN WITNESS WHEREOF, the parties have hereunto set their hands and seals
on the date first above written.
"LESSOR"
by:_____________________________
ATTEST:
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"LESSEE"
Thermwood Corporation, XX Xxx 000, Xxxx, Xxxxxxx 00000-0000
By:____________________________
ATTEST:
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STATE OF INDIANA)
) SS:
COUNTY OF XXXXXXX)
Before me, the undersigned, a Notary Public in and for said county,
this ______ day of ____________, 199_, personally appeared Lessor,
_______________ by its president ___________________ and its
secretary/treasurer, ________________ and acknowledged the execution of the
foregoing instrument.
Witness my hand and notarial seal.
____________________________
My commission expires:
NOTARY PUBLIC
Resident of Xxxxxxx County, IN
___________________________
STATE OF INDIANA)
) SS
COUNTY OF XXXXXXX)
Before me, the undersigned, a Notary Public in and for said county,
this ______ day of ______________, 199_, personally appeared Lessee, Thermwood
Corporation by its president Xxxxxxx Xxxxxxxx and its treasurer, Xxxxxxx Xxxxxx
and acknowledged the execution of the foregoing instrument.
Witness my hand and notarial seal.
___________________________
My commission expires:
NOTARY PUBLIC
Resident of _____ County
