EXHIBIT 10.14
LEASE AGREEMENT
RGL LEASING COMPANY
JULY 1, 1996
LESSEE: SOMNUS MEDICAL TECHNOLOGIES, INC.
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ADDRESS: 000 XXXXXXX XXXXX
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CITY & STATE: SUNNYVALE, CA. ZIP: 94086
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DESCRIPTION OF LEASED EQUIPMENT: (See attached Exhibit A)
EFFECTIVE DATE OF LEASE: July 1, 1996
NUMBER OF LEASE PAYMENTS: 48 (See attached Exhibit B)
AMOUNT OF MONTHLY RENTAL: $1,977.90 (See attached Exhibit B)
FIXED INTEREST RATE OF: 10.0%
PURCHASE OPTION PRICE: $7,798.50
LEASE AGREEMENT
RGL Leasing Company, as Lessor hereby leases to Lessee, and Lessee rents from
Lessor, the machinery , equipment and other personal property described above,
together with attachments and accessories, all hereinafter referred to as the
"equipment" upon the terms and conditions as set forth in this lease.
LEASE TERM: The lease term shall be for 48 months and shall begin on the
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effective date of the lease specified above.
RENTAL PAYMENTS: Lessee agrees to pay as rental for use of the equipment the
rental payments specified above, with the first and last such rental payment
totaling $3,955.86 due on the effective date of the lease specified above. The
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remaining monthly payments shall be due on the 1st of each succeeding month.
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All rent and other sums payable by Lessee to Lessor under the terms of this
lease shall be paid to the Lessor at its office or as the Lessor may hereafter
direct. Lessee agrees that Lessor may collect a late rental charge of each
rental payment which is in arrears not less than ten (10) days, said charge to
be in an amount equal to five percent (5%) of said rental payment, plus all
other collection agency fees and costs, or the maximum permitted under
applicable law, whichever is the lesser amount.
PURCHASE OPTION: If Lessee has complied with all other terms and conditions of
the lease, Lessee is given the option to purchase the equipment at the above
purchase option price at termination of the lease, 48 months after the effective
date. --
Undersigned agrees to all terms and conditions set forth above and acknowledges
receipt of a copy of said Lease. This Lease is not binding upon Lessor until
accepted by Lessor.
(Lessor) RGL LEASING CO. (Lessee) SOMNUS MEDICAL TECHNOLOGIES, INC.
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Accepted on JULY 19, 1996 Executed on JULY 19, 1996
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By: /s/ Xxxxxx X. Xxx By: /s/ Xxxxxx X. Xxxxxxx
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Title PRINCIPAL Title PRESIDENT & CEO
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Somnus Medical Technologies
000 Xxxxxxx Xxxxx Xxxxxxxxx, XX 00000
Tel 000 000-0000 FAX 000 000-0000
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To: Xxxxxx X. Xxxxxxx
Subject: Prototype Facility Equipment
From: Xxxxxx X. Xxx
Date: May 23, 1996
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The following is a list of the equipment we discussed for our tooling facility.
This would be available under the same terms as offered by Venture Leasing
Company but would not decrease the amount available under that credit line.
1 ea Eltee Pulsatron XXX Xxxxx # XX00/XXX
X/X 0000, Xxxxxxx tool section #TR20 S/N 1175 with Xxxxxxx Swiss
Jig bore Type KS200 table S/N 20985291 with Digital readout 24,150
1 xx Xxxxxxxxx FSG-618M 6x18 surface grinder S/N A3784056, ball bearing
table, manual feed with Xxxxxx Fineline #LPB electromagnetic xxxxx,
Xxxxxx Control # MMCV-1.5 Part # DXM9247, S/N 771-L 5,870
0 xx Xxxxxx XX00 0X Xxxxxxxxxx Milling Machine S/N 10573 34,500
1 xx Xxxxxxxx Combination Belt/Disc Sander Model# 52-611 with base and 1,550
Heavy duty caster base
1 xx Xxxxxxxx Portable dust collector x/Xxxxxx Xxxxx # XX0000 Spec # 875
00-000-000
1 ea Torit Model 30 High Efficiency Dust Collector S/N IC 50966-2 2,480
1 ea Delta Unisaw 10" Precision Table Saw, 5 HP 3 Phase Cat# 334-806 1,885
1 xx Xxxxxxx High Speed Contour Pin Router Model # 05 S/N 771-L 3,620
1 ea Thelco Model 29 Vacuum chamber oven 1,825
1 ea DuoSeal Laboratory Vacuum Pump with base and G.E. 1/2 HP Motor 1,230
Total.... 77,985
EXHIBIT B
SOMNUS MEDICAL TECHNOLOGIES, INC.
AMORTIZATION TABLE - RGL LEASE
July 1, 1996
[AMORTIZATION TABLE]
