LEASE AGREEMENT LEASE#: 210324-01
LESSEE
Commercial Concepts, Inc.
Billing Address - 000 Xxxxx 000 Xxxx Xxxxx X
Xxxx Xxxx Xxxx XX 00000
County: Salt Lake
VENDOR/SUPPLIER
Visual Technology
00 Xxxxxxx Xxxxx
Xxxx Xxxx Xxxx XX 00000
EQUIPMENT DESCRIPTION.
Attach separate Addendum if needed.
Quantity Type, Make, Model & Serial Number
SEE ATTACHED EQUIPMENT LIST
EQUIPMENT LOCATION. Complete only if equipment will not be located at Lessee's
address above.
Address SAME AS ABOVE
County:
SCHEDULE OF LEASE PAYMENTS
Lease Term Number of Amount of Each Lease Payment Number of Administrative Security Initial Amount
(Months) Payments Prepayment Fee Deposit Due
Rental Tax Total Payment
-----------------------------------------------------------------------------------------------------------------------
60 60 $143.70 $9.12 $152.82 2 $145.00 $0.00 $450.64
Payment Due Date Interim Rent will be billed and calculated as
follows: (Monthly Rental Payment divided by 30 days = Daily
Rate) x (# of Days Between)
1st 15th 11-15-99 (Acceptance Date And First Payment Date) = Total Interim
Rental
THIS LEASE IS SUBJECT TO THE TERMS AND CONDITIONS PRINTED HEREON AND ON THE
FOLLOWING PAGES, ALL OF WHICH ARE MADE A PART HEREOF AND WHICH LESSEE
ACKNOWLEDGES HAVING READ. PLEASE READ CAREFULLY BEFORE SIGNING. THIS LEASE
AGREEMENT, WHICH CONSISTS OF 4 PAGES, IS NOT BINDING UNTIL ACCEPTED BY LESSOR
THIS IS A NON-CANCELABLE LEASE FOR THE TERM INDICATED
Lessor, hereby Leases to the Lessee, and Lessee hereby hires and takes from
Lessor all property described in this agreement or hereafter and made a part
hereof
1. ENTIRE AGREEMENT. This Lease constitutes the entire agreement between Lessor
and Lessee. No oral agreement, guaranty, promise, condition, representation or
warranty shall be binding on Lessor. All prior conversations, agreements or
representations related hereto and/or to said equipment are integrated herein.
No modification hereof shall be binding unless in writing and signed by Lessor.
2. REPRESENTATIONS. Lessee acknowledges that no salesman or agent of the
supplier of the equipment is authorized to waive or alter any term or condition
of this Lease and no representation as to the equipment or any matter by the
supplier shall in any way effect the Lessee's duty to pay the Lease payments and
perform its other obligations as set forth in this Lease.
3. STATUTORY FINANCE LEASE. Lessee agrees and acknowledges that it is the intent
of both parties to this Lease that it qualify as a statutory finance Lease under
Article 2A of the Uniform Commercial Code. Lessee acknowledges and agrees that
Lessee has selected both: (1) the equipment; and (2) the supplier from whom
Lessor is to purchase the equipment. Lessee acknowledges that Lessor has not
participated in any way in Lessee's selection of the equipment or of the
supplier, and Lessor has not selected, manufactured, or supplied the equipment.
LESSEE IS ADVISED THAT IT MAY HAVE RIGHTS UNDER THE CONTRACT EVIDENCING THE
LESSOR'S PURCHASE OF THE EQUIPMENT FROM THE SUPPLIER CHOSEN BY LESSEE AND THAT
LESSEE SHOULD CONTACT THE EQUIPMENT SUPPLIER FOR A DESCRIPTION OF ANY SUCH
RIGHTS.
4. ASSIGNMENT BY LESSEE PROHIBITED WITHOUT LESSOR'S PRIOR WRITTEN CONSENT.
LESSEE SHALL NOT ASSIGN THIS LEASE OR ANY INTEREST THEREIN, OR SUBLEASE THE,
EQUIPMENT, OR PLEDGE OR TRANSFER THIS LEASE, OR OTHERWISE DISPOSE OF THE
EQUIPMENT COVERED HEREBY.
5. APPLICABLE LAW AND VENUE. ALL MATTERS INVOLVING THE CONSTRUCTION, VALIDITY,
PERFORMANCE, OR ENFORCEMENT OF THIS LEASE SHALL BE GOVERNED BY THE LAWS OF THE
STATE OF WASHINGTON. LESSEE CONSENTS TO THE PERSONAL JURISDICTION OF THE COURTS
OF THE STATE OF WASHINGTON AND AGREES THAT AT LESSOR'S SOLE OPTION, JURISDICTION
AND VENUE (LOCATION) FOR ANY DISPUTE, SUIT OR ACTION ARISING UNDER OR IN
RELATION TO THE LEASE, AND ALL DOCUMENTS EXECUTED IN CONNECTION THEREWITH, SHALL
BE IN XXXXXX COUNTY, STATE OF WASHINGTON. LESSOR SHALL HAVE THE OPTION OF
COMMENCING AN ACTION IN ANY COURT HAVING JURISDICTION OVER THE SUBJECT MATTER
AND PARTIES TO THE TRANSACTION.
FPLA 02/99 CONTINUED ON FOLLOWING PAGES Page 1 of 4 Page Lease Agreement
6. NO WARRANTY. Lessee has selected equipment and the supplier thereof Lessor,
not being the manufacturer of the equipment, nor manufacturer's agent, MAKES NO
WARRANTY OR REPRESENTATION, EITHER EXPRESS OR IMPLIED, AS TO THE FITNESS FOR A
PARTICULAR USE OR OTHERWISE, QUALITY, DESIGN, CONDITION. CAPACITY, SUITABILITY,
MERCHANT ABILITY OR PERFORMANCE OF THE EQUIPMENT OR OF THE MATERIAL OR
WORKMANSHIP THEREOF, IT BEING AGREED THAT THE EQUIPMENT IS LEASED "AS IS" AND
THAT ALL SUCH RISKS, AS BETWEEN THE LESSOR AND THE LESSEE, ARE TO BE BORNE BY
THE LESSEE AT ITS SOLE RISK AND EXPENSE. Lessee accordingly agrees not to assert
any claim whatsoever against the Lessor based thereon. In addition, Lessee
waives any and all rights and remedies conferred by XXX 0X-000 through 2A-522,
including, but not limited to, the Lessee's right to (a) cancel or repudiate the
lease; (b) reject or revoke acceptance of the Leased property; (c) deduct from
rental payments all or any part of any claimed damages resulting from the
Lessor's default under the Lease; (d) recover from the Lessor any general,
special, incidental, or consequential damages, for any reason whatsoever. Lessee
further waives any and all rights, now or hereafter conferred by statute or
otherwise, that may require the Lessor to sell, re-lease, or otherwise use or
dispose of the Leased property in utilization of the Lessor's damages or that
may otherwise limit or modify any of the Lessor's rights or remedies hereunder.
7. TERM. The initial term of this lease is set forth on the first page of this
lease agreement. The term begins upon which of the following dates is earlier:
(a) the date Lessee requests Lessor to male payment to the Supplier; or
(b) the Acceptance Date as indicated on the Inspection/Verification Certificate.
8. LEASE PAYMENT-SECURITY DEPOSIT. The lease payments for the equipment leased
shall be in the amount designated in the schedule of payments and shall commence
on the indicated payment due date immediately following the equipment acceptance
date. Lessee shall pay Lessor said lease payments on or before the due date and
at the office of Lessor or to such other person or place as Lessor may designate
in writing. Lessee agrees to pay pro rata rental (based on the monthly lease
payments) for the period from the Acceptance Date, indicated on the
Inspection/Verification Certificate, to the due date of the first payment. Said
pro rata rental shall be in addition to the first payment and shall be made
simultaneously with the first payment. Prepayments are credited with one payment
being applied to the first month's rental and any other prepayment(s) are
applied to the last month(s) rental(s). The security deposit as designated in
the Lease shall remain as security for performance of the terms and conditions
of the Lease and shall remain with the Lessor until termination of the Lease,
absent breach of any terms of the Lease b), Lessee unless otherwise agreed to in
writing by both parties.
9. LATE CHARGES AND COLLECTION CHARGES. A late charge of l0% of the total
monthly lease payment or $10, whichever is greater, will be assessed, when a
payment is not received within l0 days of the due date. An additional late
charge will be assessed for each month a payment remains unpaid. If Lessee's
delinquency requires additional collection efforts, a charge will be assessed in
accordance with Lessees collection charge schedule.
10. LOCATION AND USE OF EQUIPMENT. Lessee shall keep the equipment at the
location designated in the Lease, unless Lessor in writing permits its removal.
Said equipment shall be used solely in the conduct of Lessee's business and
Lessee warrants that property leased is for commercial or business purposes and
not for consumer, personal, home or family purposes.
11. ARBITRATION. Any controvers or claim arising out of this lease or the breach
thereof may at the option of the Lessor be settled by arbitration in accordance
with the LAWS OF THE STATE OF WASHINGTON and judgment upon the award rendered by
the arbiter(s) may be entered in any court having jurisdiction thereof
Arbitration shall be held in the City of Tacoma, State of Washington.
12. SURRENDER OF EQUIPMENT. At the expiration of this lease, or upon demand by
Lessor pursuant to Paragraph l9 of this lease, Lessee at its expense shall
return the equipment in proper working order, condition and repair by delivering
it packed and ready for shipment to such place or on board such carrier as
Lessor may specify. WARNING: FAILURE TO PROMPTLY RETURN THE LEASED PROPERTY MAY
RESULT IN CRIMINAL PROSECUTION AND/OR ADDITIONAL RENTAL CHARGES, ON A MONTH TO
MONTH BASIS, UNTIL THE EQUIPMENT IS RECOVERED BY THE LESSOR.
13. NOTICES. Services of all notices under this agreement shall be sufficient if
given personally or mailed to Lessor at 3901 Plaza, 3901 X. Xxxx St., P.O. Box I
1 309, Tacoma, Washington, 98411-0309, or to Lessee at Lessee's last known
address or at such other address as a party may provide in writing from time to
time. Any such notice mailed to such address shall be effective when deposited
in the United States mail duly addressed and postage prepaid.
14. LIABILITY AND INDEMNITY-LOSS AND DAMAGE. Lessee shall indemnify and hold
Lessor harmless from any and all injury to or loss of the equipment from
whatever cause, and from all liability arising out of the manufacture,
selection, operation, use, maintenance, or delivery thereof, including
attorney's fees. In the event of loss or damage of any kind whatsoever to the
equipment, or to any part thereof, Lessee, at the option of the Lessor, shall
(a) Replace the same in good condition, repair and working order; or (b) Replace
the same with like property of the same or greater value: provided, however, at
Lessee's option, the remaining obligation of the lease can be satisfied by the
payment of the remaining unpaid lease payments and the estimated value of the
equipment at the expiration of the lease, and other amounts due under the lease,
less the net amount of the recovery, if any, actually received by the Lessor
from insurance or otherwise for such loss or damage. Lessor shall not be
obligated to undertake by litigation or otherwise the collection of any claim
against any person for loss or damage of the equipment. Except as expressly
provided in this paragraph, total or partial destruction of any equipment or
total or partial loss of use or possession thereof to Lessee shall not release
or relieve Lessee from the duty to pay the lease payments herein provided.
15. INSURANCE. Lessee, at its own expense, shall keep said equipment insured for
the full term of this lease and any renewals or extensions thereof, for the full
insurable value thereof against all risks of loss or damage, and against such
other risks in such amounts as Lessor may specify, including liability
insurance, with limits not less than $500,000 (bodily injury and property
damage) combined single limit. Provided, however, in those instances where
Lessee is leasing equipment defined by Lessor as "mobile equipment," Lessee
shall procure and maintain, for the full lease term, all risk physical damage
insurance as opposed to insurance against fire and theft, with extended or
combined coverage. All insurance policies must provide that no cancellation
shall be effective without thirty (30) days' prior written notice to Lessor.
Lessee shall deliver to Lessor the policies or evidence of insurance with a
standard form of endorsement attached thereto showing Lessor to be named as an
additional insured, together with receipts for the premiums thereunder. Lessee
shall, at the request of Lessor, name as Loss Payee such party who may have a
security interest in the equipment.
16. LESSEE'S FAILURE TO PAY TAXES, INSURANCE, ETC. Should Lessee fail to make
any payment or do any act as herein provided, then Lessor shall have the right,
but not the obligation, without notice to or demand upon Lessee, and without
releasing Lessee from any obligation hereunder, to make or do the same and to
pay, purchase, contest, or compromise any encumbrance, charge or lien which in
the judgment of lessor appears to affect the equipment, and in exercising such
rights, liability and expend whatever amounts in its absolute discretion it may
deem necessary therefore. Should Lessee fail to provide Lessor the policies or
evidence of insurance described herein, Lessee shall be assessed as to Lessor's
purchase of insurance and also agrees that a charge therefore will be paid by
the Lessee. All sums so incurred or expended by Lessor shall be without demand
immediately due and payable by Lessee and shall bear interest at eighteen
Percent per annum if not prohibited by law, otherwise at the highest legal
contract rate. 16. OWNERSHIP. The equipment is and shall be at all times the
sole and exclusive property of Lessor. This lease and the equipment described
here in may be subject to a preexisting security agreement in favor of a bank,
or another financial institution.
17. AUTHORITY TO SIGN. If Lessee is a partnership or corporation, the person
signing the Lease on behalf of such partnership or corporation hereby warrants
that (s)he has full authority from the partnership or corporation to sign this
lease and obligate the partnership or corporation.
FPLA 02J99 CONTINUED ON FOLLOWING PAGES Page 2 of 4 Page Lease Agreement
2
19. DEFAULT-REMEDIES.
a) An event of default shall occur if.
(1) Lessee fails to pay any Lease installment and such failure
continues for a period of ten (10) days-,
(2) Lessee shall fail to perform or observe any covenant,
condition or obligation to be performed or observed by it
hereunder and such failure continues uncured for fifteen (15)
days;
(3) Lessee becomes insolvent or makes an assignment for the
benefit of creditors;
(4) Lessee applies for or consents to the appointment of a
receiver, trustee or liquidator of Lessee, or of all or a
substantial part of the assets of Lessee, or if such receiver,
trustee or liquidator is appointed without the application or
consent of Lessee, or to the extent permitted by law, if a
petition is filed by or against the lessee under the
bankruptcy act, or any amendment thereto (including without
limitation a petition for reorganization, arrangement or
extension) or under any other insolvency law or laws providing
for relief of debtors,
(5) Lessee attempts to remove, sell, transfer, encumber, part with
possession or sublet the equipment or any item thereof. Lessee
agrees it will not replace or substitute the equipment
described herein for any reason whatsoever without first
obtaining Lessor's consent. Failure to obtain Lessor's consent
will constitute a default on part of the Lessee. Further, the
term "equipment" shall include any and all replacement or
substituted equipment, whether or not such replacement or
substitution occurred with lessor's consent.
b) Upon the occurrence of an event of default, Lessor shall have the right to
exercise any one or more of the following remedies:
(1) To declare the entire unpaid lease payments and other sums payable
by Lessee hereunder to be immediately due and payable:
(2) Cause Lessee, at Lessee's expense, promptly to return any or all of
the equipment to Lessor, all without demand or legal process, and
to allow Lessor to enter into the premises where the equipment may
be found and take possession of or remove the same, whereupon all
rights of the Lessee in the equipment shall terminate absolutely
and
(i) Retain the equipment and all lease payments made hereunder, or
(ii) Retain all prior lease payments and sell the equipment at
public or private sale, with or without notice to Lessee. The
sale price, less 10% for selling costs, will be
credited against the remaining unpaid lease payments, unpaid late charges,
estimated value of equipment at the expiration of the lease, charges for
retaking, storage, repairing and reselling the equipment, reasonable attorney's
fees incurred by the Lessor and other amounts due under the lease. The Lessee
shall remain liable for the deficiency and any surplus remaining after such
application of proceeds of sale shall be paid to the Lessee, or to whosoever may
be lawfully entitled to receive the same; or
(iii) Retain the equipment and all prior payments, with the Lessee
remaining liable for the unpaid lease payments, unpaid late
charges, charges for retaking and restoring equipment to
proper order and working condition, reasonable attorney's fees
incurred by Lessor, together with other amounts due under the
Lease; or
(iv) Lease the equipment, or any portion thereof, for such period,
rental, and to such persons as Lessor shall select, and credit
Lessee with an amount equal to Lessor's capital cost of this
new lease, less ten percent (10%) after declaring all costs
and expenses incurred in connection with the recovery, repair,
storage and leasing of the equipment in payment of the lease
and other obligations due from Lessee to Lessor hereunder,
Lessee remaining responsible for any deficiency. It is agreed
that the amounts to be retained by the Lessor and the balance
to be paid by the Lessee under this paragraph (2) shall not be
a penalty but shall be as and for liquidated damages for the
breech of this lease and as reasonable return for the use of
the equipment and for the depreciation thereof.
(3) Lessor may pursue any other remedy at law or in equity.
(4) No remedy hereon conferred upon or reserved to Lessor is intended
to be exclusive of any other remedy herein or by law provided, but
shall be cumulative and in addition to every other remedy available
to lessor.
20. ATTORNEY'S FEES AND EXPENSE. In the event the Lessor is required to retain
an attorney to assist in the enforcement of its rights under this lease
agreement, it shall be entitled to a reasonable attorney's fee, in addition to
costs and necessary disbursements, whether or not suit becomes necessary.
21. MAINTENANCE AND REPAIR. Lessor shall not be obligated to install, erect,
test, adjust, service or make repairs or replacements to the equipment. Lessee
shall not incur for Lessor's account or liability any expense therefore without
Lessor's prior written consent. Lessee shall bear the expense of all necessary
repairs, maintenance, operation, and replacements required to be made to
maintain the equipment in proper working condition, reasonable wear and tear
excepted.
22. OPERATION OF EQUIPMENT. Lessee shall cause the equipment to be operated by
competent employees only, and shall pay all expenses of operation. Lessee shall
comply with all laws and regulations relating to ownership, possession,
operation, use and maintenance of the equipment. Lessee shall hold Lessor
harmless from any and all actual or asserted violations of the aforesaid
covenant.
23. TAXES. Lessee shall pay and discharge all sales, use, property and other tax
or taxes now or hereafter imposed by any state, federal or local government upon
the equipment based upon the ownership, leasing, renting, sale, possession or
use thereof, whether the same be assessed to Lessor or Lessee, together with any
penalties or interest in connection therewith, and will, from time to time, on
request of Lessor, submit written evidence of the payment of all the
governmental obligations mentioned in this paragraph. The Lessor will, on any
property tax returns required to be filed by it, include the property covered by
this lease or any substitution or additions thereto as property in the
possession of Lessee for purposes of tax assessments.
24. LESSOR'S ASSIGNMENT. Lessor may assign the lease payments reserved herein or
all or any of Lessor's other rights hereunder. After such assignment, Lessee
waives any right Lessee may have to claim or assert any defenses, setoffs or
counterclaims against assignee of the Lessor. Lessee will settle all claims
arising out of alleged breach of warranties, defenses, setoffs and counterclaims
it may have against Lessor directly with Lessor and not set up any such against
Lessor's assignee. An assignee of lessor shall not be obligated to perform any
of Lessor's obligations under this lease. Lessee, on receiving notice of any
such assignment, shall abide thereby and make payment as may therein be
directed. Following such assignment, solely for the purpose of determining
assignee's rights hereunder, the term Lessor shall be deemed to include or refer
to Lessor's assignee. Lessee acknowledges that the equipment may be subject to a
security interest which is prior to Lessors interest in the equipment.
25. PERSONAL PROPERTY. The equipment is, and shall at all times be and remain
personal property, notwithstanding that the equipment or any part thereof may
now be, or hereafter become, in any manner affixed or attached to, or imbedded
in, or permanently resting upon, real property or any building thereon, or
attached in any manner to what is permanent as by means of cement, plaster,
nails, bolts, screws or otherwise. Lessee shall obtain the necessary permission
from the owner of any real property where the equipment is to be affixed to the
realty or be deemed a fixture in order that said leased property shall at all
times be severable and removable therefrom by the Lessor, free of any right,
title, claim or interest of the property owner and of the Lessee except as
herein provided. The equipment shall at all times remain the property of lessor.
26. LESSOR'S ENCUMBRANCE. In the event Lessor defaults in the payment of any
surn to be paid pursuant to any conditional sales contract, chattel mortgage or
purchase money security agreement, Lessee may pay the lease payment to the
holder of said encumbrance after notice of default, and to the extent thereof
such payment shall constitute payment of the lease payment to Lessor.
27. FINANCIAL STATEMENTS. The Lessor may require from time to time, and Lessee
agrees to furnish, statements setting forth the current financial condition and
operations of Lessee.
28. MISCELLANEOUS. Lessee will not change or remove any insignia or lettering on
the equipment and shall conspicuously identify each item of the leased equipment
by suitable lettering thereto to indicate Lessor's ownership. All transportation
charges shall be born by Lessee. Lessee waives all rights under all exemption
laws. Lessee admits the receipt of a true copy of this lease. This lease is
irrevocable for the full term hereof and for the aggregate lease payments herein
reserved, and the lease payments shall not xxxxx by reason of termination of
Lessee's right of possession and/or the taking of possession by Lessor or for
any other reason. Delinquent lease installments and other sums due under " lease
shall bear interest at eighteen percent (I 81/o) per annum if not prohibited by
law, otherwise at the highest lawful contract rate. Lessee gives Lessor
permission to give credit reporting agencies, creditors and potential creditors
information relating to any credit Lessor may grant Lessee. Lessor, at its
option, may utilize this lease as a UCC financial statement for filing purposes.
Lessee grants to Lessor a specific power of attorney for Lessor to use to sign
and file on Lessee's behalf any document Lessor deems necessary to perfect or
protect Lessor's interest in the equipment or persuant to the Uniform Commercial
Code. If Lessor is required by law to discount any unpaid lease payment or other
sums payable by Lessee hereunder, then the parties hereto agree that the
discount rate used shall be five percent (5%) annually. If any provision of this
Lease is held to be contrary to law, such provision shall be disregarded and the
remainder of this agreement shall be enforceable according to its terms.
FPLA 02/99 CONTINUED ON FOLLOWING PAGES Page 3 of 4 Page Lease Agreement
GUARANTEE
LSE#210324-01
To induce Lessor to enter into a Lease with Commercial Concepts, Inc.
("Lessee"), the undersigned Guarantor unconditionally guarantees to
Lessor the prompt payment when due of all Lessee's obligations to
Lessor under the lease. Lessor shall not be required to proceed against
the Lessee or the equipment or enforce any other remedy before
proceeding against the undersigned The undersigned waives notice of
acceptance hereof and all other notices or demand of any kind to which
the undersigned may be entitled. The undersigned consents to any
extensions or modifications granted to Lessee and the release and/or
compromise of any obligations of Lessee or any other obligors and
guarantors without notice and without in any way releasing the
undersigned from his or her obligations hereunder. Guarantor waives any
right to require Lessor to apply payments in a certain manner and
acknowledges that Lessor may apply payments received in the fashion
most advantageous to the Lessor. Furthermore, Guarantor waves any and
all claims against the Lessee, by litigation or otherwise, until such
time as Lessee's obligations to Lessor are fully and finally satisfied.
This is a continuing guarantee and shall not be discharged, impaired or
affected by death of the undersigned or the existence or nonexistence
of the Lessee as a legal entity. This continuing Guarantee shall bind
the heirs, administrators, representatives, successors, and assigns of
undersigned and may be enforced by or for the benefit of any assignee
or successor of Lessor.
The provisions of this Lease Guarantee shall extend to and apply to all
the obligations of the Lessee under all lease agreements executed by
Lessee for the benefit of Lessor, whether executed before or after the
date of this guarantee, and whether set forth in separate lease
agreements, schedules, applications, orders or collateral documents
(all of which shall be referred to herein, both individually and
collectively, as the 'Lease Agreement'). The execution of this Lease
Guarantee shall not extinguish, release or waive any obligations,
promises, or guarantees contained in any Lease Guarantee previously
executed by Guarantor for the benefit of the Lessor. The undersigned
agrees to pay a reasonable attorney's fee, and all other costs and
expenses incurred by the Lessor or its successors or assigns in the
enforcement of the Guarantee, whether or not a lawsuit is started.
If Guarantor resides in a Community Property state, any married person
signing this Lease Guarantee warrants that he or she has the authority
to bind and obligate his or her marital community and that by signing,
his or her marital community is obligated hereunder. Further, by
signing this Guarantee it is agreed that recourse may be against both
his or her separate property and the property of his or her marital
inmunity on account of all of his or her obligations hereunder.
Law Which Applies
THIS AGREEMENT IS GOVERNED BY WASHINGTON LAW. GUARANTOR CONSENTS TO THE
PERSONAL JURISDICTION OF THE COURTS OF THE STATE OF WASHINGTON AND
AGREES NOT TO CLAIM THAT XXXXXX COUNTY, WASHINGTON IS AN INCONVENIENT
PLACE FOR TRIAL. AT LESSOR'S SOLE OPTION, JURISDICTION AND VENUE
(LOCATION) FOR ANY DISPUTE, SUIT OR ACTION ARISING UNDER OR IN RELATION
TO THIS AGREEMENT, AND ALL DOCUMENTS EXECUTED IN CONNECTION THEREWITH,
SHALL BE IN XXXXXX COUNTY, STATE OF WASHINGTON. GUARANTOR WAIVES THE
RIGHT OF JURY TRIAL. LESSOR SHALL HAVE THE OPTION OF COMMENCING AN
ACTION IN ANY COURT HAVING JURISDICTION OVER THE SUBJECT MATTER AND
PARTIES TO THE TRANSACTION.
Whole Agreement
This guarantee contains the entire understanding between Lessor and
Guarantor.
(No Title) /s/ Xxxxxx X. Xxxxxxxx (No Title)
Date 11/02/99 Date
Home Phone
(No Title) (No Title)
Date Date
Home Phone Home Phone
DELIVERY AND ACCEPTANCE AUTHORIZATION
Lessee's signature authorizes Lessor to verify by phone with a
representative of Lessee the date the Equipment was accepted by the
Lessee-, the Equipment description, including the serial numbers; the
schedule of lease payments; that all necessary installation has been
completed; that the Equipment has been examined by Lessee and is in
good operating order and condition and is in all respects satisfactory
to Lessee and that Equipment is accepted by Lessee for all purposes
under the Lease. This information will be recorded on an Inspection
Verification Certificate, a copy of which will be forwarded to Lessee
upon completion by Lessor. Lessee hereby authorizes Lessor to either
insert or correct the Lessor and/or Vendor name(s), Equipment
description, Equipment location and schedule of Lease payments. Lessee
hereby authorizes Lessor to mail the payment to the Vendor upon
completion of the Inspection Verification Certificate.
LESSEE Commercial Concepts, Inc.
/s/ Xxxxxx X. Xxxxxxxx 11/2/99
President & Individually Date
FPGO016-02/98 Page 4 of 4 Page Lease Agreement
ADDENDUM TO LEASE
PURCHASE AND JURISDICTION AGREEMENT
Lease No.: -210324-01
Lease Date: 11-10-99
1. PURCHASE AGREEMENT
Upon termination of the above referenced lease, and provided Lessee is not in
default under the terms of the lease:
Lessor agrees to sell, and Lessee hereby agrees to purchase the
equipment described in the above referenced lease for a purchase price
of $1.00 plus any applicable taxes and other sums due under the lease.
Lessor and Lessee agree to this modification to paragraph 17 of the
Lease Agreement and further agree to treat the lease as a financial
transaction.
2. JURISDICTION AGREEMENT
THIS LEASE IS MADE IN THE STATE OF WASHINGTON AND IS NOT VALID UNTIL ACCEPTED BY
LESSOR IN TACOMA, WASHINGTON. EXCEPT AS TO LOCAL RECORDING STATUTES, THE PARTIES
EXPRESSLY AGREE THAT THE LEASE, LEASE RATES, RENTAL RATES, FINANCE CHARGES, EACH
GUARANTY, ALL DOCUMENTS EXECUTED IN CONNECTION WITH SAME, AND THE RIGHTS AND
LIABILITIES OF THE PARTIES, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF WASHINGTON. FURTHER, THE LESSEE AGREES THAT THE
COURTS OF THE STATE OF WASHINGTON SHALL HAVE JURISDICTION OF ALL SUITS AND
ACTIONS ARISING OUT OF THE LEASE, AND ALL DOCUMENTS EXECUTED IN THE CONNECTION
THEREWITH, AND THAT VENUE OF ANY SUCH ACTION OR SUIT SHALL BE TN XXXXXX COUNTY,
STATE OF WASHINGTON.
LESSOR SHALL HAVE THE OPTION OF COMMENCING AN ACTION IN ANY COURT HAVING
JURISDICTION OVER THE SUBJECT MATTER AND PARTIES TO THE TRANSACTION.
A FACSIMILE OF THIS AGREEMENT WITH SIGNATURE SHALL BE CONSIDERED TO BE AN
ORIGINAL.
LESSOR: LESSEE:
Financial Pacific Leasing, LLC Commercial Concepts, Inc.
BY /s/ B. R. Mosler By /s/ Xxxxxx X. Xxxxxxxx
---------------------------- ----------------------------
ITS: Sponsor ITS: President
DATE: 11-10-99 DATE: 11-02-99
EQUIPMENT LIST
LEASE NO.: 2103240-01
LEASE DATE: 11-10-99
Quantity Description
1 Canon Camcorder Serial # 2890800730
2 Xxxxxx Battery
1 Camera BagKata
1 Tripod, 501 Head, Sprdr, Bad Bogen (Manfotto)
1 Canon Microphone Adapter
5 Tape DV Mini 60 Min
Lessor: Lessee:
Financial Pacific Leasing Commercial Concept
By: /s/ B.R. Mosler By: /s/ Xxxxxx X. Xxxxxxxx
------------------------ -------------------------
Its: Sponsor Its: President & Individually
Date: 11-10 99 Date: 11-02-99
FPEL002-299 Page 1 of 1
