GULF NORTHERN TRANSPORT, INC.
LEASE AGREEMENT
This lease agreement made and entered into on this 5th day of March 1998, by
and between Gulf Northern Transport, Inc., hereinafter referred to as
"Carrier/Lessee", and Xxxxx Xxxxxx, hereinafter referred to as "Owner/Lessor",
be in full force and effect on the day and date written above.
1. That this lease shall be for a term of one (1) year and extended annually
by mutual consent. This lease may be terminated by written notice of either
party to the other with no less than 90 day notice being given. If the
Company elects to terminate before an annual renewal, the Company will pay to
the Owner/Lessor any amounts due on said lease through that years end.
2. That the Carrier/Lessee shall have exclusive possession, control and use
of the following equipment to wit:
Unit# Year/Make Serial Number
----- --------- -------------
1. 9526 1995 Volvo 0X0XXXXX0XX000000
2. 9527 1995 Volvo 0X0XXXXX0XX000000
3. 9525 1995 Volvo 0X0XXXXX0XX000000
For the duration of the lease, to be used in transportation of property, for
hire, in interstate commerce.
3. That the "Carrier/Lessee" shall have responsible certified drivers for the
above equipment for the duration of the lease.
4. That "Carrier/Lessee" shall pay to the "Owner/Lessor" for the use of the
above equipment the sum of $4,047 on the 3rd of each month, beginning on
April 3, 1998.
5. That the "Carrier/Lessee" shall pay for all maintenance on said equipment;
operating expenses; base plates, permits, and license for said equipment and
the preparation, filing and any payments due of monthly and quarterly fuel and
mileage taxes. That "Carrier/Lessee" will provide the cargo, property, and
liability insurance. That "Carrier/Lessee" will provide "Owner/Lessor" with a
certificate of insurance on each policy; said certificate to include the name
of the insurer, policy number, effective dates of policy, amounts and type of
coverage, cost to lessor for each type of coverage, and deductible amount for
each type of coverage for which lessor may be liable. That "Carrier/Lessee"
shall be liable for all monthly and quarterly fuel taxes.
6. That the "Carrier/Lessee" will provide Bobtail insurance on all of the
above-referenced leased equipment.
In witness whereof, the parties have signed this agreement on this, the 5th
day of March 1998.
/s/ Xxxxx Xxxxxx /s/ Xxxxx Xxxxxx
Carrier/Lessee Owner/Lessor
