LEASE SCHEDULE
LEASE SCHEDULE NUMBER 1 TO MASTER LEASE AGREEMENT NUMBER 11113
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This Lease Schedule incorporates the terms and conditions of a certain Master
Lease Agreement, dated as of the ____ day of , 1999 (the "Master Lease") by and
between PRIME LEASING, INC., X'Xxxx International Center, 00000 X. Xxxxxxx Xxxx,
Xxxxxxxx, Xxxxxxxx 00000 (the "Lessor"), and WHITE ROCK JV, LTD., 0000 Xxxxx
Xxxx Xxxxx, Xxxxxx, XX 00000 (the "Lessee").
THIS IS A NON-CANCELABLE LEASE SCHEDULE.
1. Initial Term: 48 months commencing with the first day of the month
immediately following the Commencement Date (or beginning with the
Commencement Date if that date is the first day of the month.)
2. Rental Payments: $16,698.00 per month, plus any and all applicable taxes.
Advance Payments receivable by Lessor as of the Commencement Date:
$16,698.00 which will be applied to the first month's rent payable under
this Lease Schedule.
3. Deposit. LESSEE will deliver to LESSOR on February 1, 2000 the sum of
Sixteen Thousand Six Hundred Ninety-Eight and No/100 Dollars ($16,698.00)
in immediately available funds (the "Deposit"). The Deposit shall continue
to be held by XXXXXX, without liability for interest, as the Deposit under
this Master Lease. The Deposit may be applied by XXXXXX, at LESSOR'S sole
option, for any past due amount due under this Master Lease. If LESSEE is
not in default under the terms of this Master Lease, any portion of the
Deposit not applied by LESSOR as payment of rent or any past due amount
under this Master Lease, shall be distributed by LESSOR as follows; first,
towards the payment of the rent due on the last month of this Master Lease;
and second after termination of this Master Lease and contingent on LESSEE
complying with all of the terms of this Master Lease, any remaining amount
to LESSEE.
4. Conditions Precedent. LESSOR'S obligations under this Lease Schedule are
subject to the following conditions precedent:
a. LESSEE shall have leased that certain real property and improvements
("Premises") located at 0000 Xxxxx Xxxx Xxxxx, Xxxxxx Xxxxxx, Xxxxxx,
XX 00000;
x. XXXXXX shall have received approval for this Master Lease from
LESSOR'S Executive Committee;
LEASE SCHEDULE - Page 1
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x. XXXXXX shall have received the Guaranty (as defined in Section 8,
below);
x. Xxxxxx shall have received a landlord's waiver from the landlord of
the Premises, in form satisfactory to LESSOR, waiving landlord's
rights in and to the Equipment; and
x. XXXXXX shall have received any other document reasonably requested
from LESSEE by XXXXXX.
5. Equipment: See Equipment Schedule attached hereto and made a part hereof.
6. Commencement Date:_______________, 1999, as evidenced by the Certificate of
Acceptance, issued in respect to this Lease Schedule.
7. End of Lease Options: At the end of the Initial Term, Lessee has the option
to: (A) purchase all, but not less than all, of the Equipment at Fair
Market Value, as described in the Master Lease; (B) renew the lease of all,
but not less than all, of the Equipment at a Monthly Rent based on the then
Fair Market Value of the Equipment; or (C) return all, but not less than
all, of the Equipment, subject to the terms and conditions as stipulated in
the Master Lease.
8. Guaranty. By its signature below, PHYMED, INC., a Texas corporation
("PARENT"), agrees that it will execute a Guaranty, dated as of the date
hereof, that is acceptable to XXXXXX, at XXXXXX'S sole discretion, whereby
PARENT will guarantee to LESSOR, the due, regular and punctual payment of
all of LESSEE'S obligations herein, including all rents due herein.
9. Entire Agreement: XXXXXX REPRESENTS THAT IT HAS READ, RECEIVED, RETAINED A
COPY OF AND UNDERSTANDS THIS LEASE SCHEDULE AND AGREES TO BE BOUND BY ITS
TERMS AND CONDITIONS. XXXXXX AND XXXXXX AGREE THAT THIS LEASE SCHEDULE, THE
MASTER LEASE AND ALL RIDERS THERETO SHALL CONSTITUTE THE ENTIRE AGREEMENT
AND SUPERSEDE ALL PROPOSALS, ORAL OR WRITTEN, ALL PRIOR NEGOTIATIONS AND
ALL OTHER COMMUNICATIONS BETWEEN XXXXXX AND LESSEE WITH RESPECT TO ANY UNIT
OF EQUIPMENT.
THIS LEASE SCHEDULE IS EFFECTIVE ONLY UPON ACCEPTANCE BY LESSOR AT ITS CORPORATE
OFFICE IN ROSEMONT, ILLINOIS.
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Accepted on _____________________, 1999, at Rosemont, Illinois.
PRIME LEASING, INC. White Rock JV, Ltd.
(Lessor) (Lessee)
By: PHYMED, INC. as General Partner
By:___________________________________ By:__________________________________
Name (Printed):_______________________ Name (Printed):______________________
Title:________________________________ Title:_______________________________
Date: _________________________, 1999
PHYMED, INC.,
(Parent)
By:___________________________________
Name (Printed):_______________________
Title:________________________________
Date: October ___, 1999
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EQUIPMENT SCHEDULE
TO
LEASE SCHEDULE NUMBER 1
TO
MASTER LEASE AGREEMENT NUMBER 11113
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Quantity Description of Equipment Serial Number
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1 1996 Siemens Magnatom 1.5 T Vision MRI 7170
All Accounts Receivable as generated from
the use of the Siemens MRI as listed above
EQUIPMENT LOCATION: 0000 Xxxxx Xxxx Xxxxx,
Xxxxxx, XX 00000
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