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EXHIBIT 10.14
Lease Agreement Between The Huntingburg Townhouses, Inc.
And The Registrant Dated March 27, 1989
LEASE AGREEMENT
THIS AGREEMENT of Lease and Rental, entered into on this the 27th day of
March, 1989 by and between Huntingburg Townhouses, Inc. an Indiana Corporation,
hereafter called Lessor and Thermwood Corporation of Dale, Indiana, hereafter
called Lessee, WITNESSETH:
1. The lessor hereby leases and rents unto the Lessee and the Lessee
hereby leases and rents of and from the Lessor, upon the terms, conditions,
covenants and considerations hereafter set forth, certain equipment and personal
property of the Lessor more fully described as follows: Financial and Accounting
services Wing per attached Exhibit A Office Remodeling and Furniture per
attached Exhibit B.
2. Title to said leased property shall at all times remain in the Lessor
and the Lessee shall enjoy only the beneficial user 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 and property,
the lessee shall pay to the Lessor a monthly rental of $5,226.74, the first of
which said rentals shall be payable on the 27th day of April, and shall continue
with a like payment on the 27th day of each and every month hereafter for a
period of two years. At the end of the primary term of the lease, lessee may
purchase the leased property for $1.00 or continue the lease for an additional
one year term for a rental payment of $5,226.74.
4. Lessee shall, at the cost and expense of Lessee, cause the leased
equipment and properties to be insured in a good and reliable insurance company
for the protection and benefit of Lessor. The lessee shall forthwith provide the
Lessor with due proof of Lessee's compliance with said insurance requirements
above set forth.
5. The Lessee may use said leased properties and equipment for the
following purposes and in the following manner: in the normal course of Lessee's
business of
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manufacturing.
6. Lessee shall keep and maintain the leased equipment in a reasonable
state of repair at all times, comparable to its present condition, to purchase
at the cost and expense of Lessee any licenses that may be required for the
privilege of operating said equipment by the State of Indiana or the United
States of America. Salaries and wages of the operators of said equipment shall
be paid solely by Lessee.
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 emply of the Lesssor, and as concerns the operation of said
equipment the Lessee shall be deemed as independent contractor and not an agent,
servant or employee of the Lessor, nor under its direction or control in any
manner concerning the operation of said leased properties.
8. So long as this agreement shall remain in effect, the Lessee shall pay
all taxes assessed against the leased property by the State of Indiana, the
United States of America or any political sub-division thereof, including, but
not by way of limitation all Municipal use tax and all other taxes that may be
imposed in the premises concerning the use and operation of said equipment and
property.
9. The Lessee covenants and agrees to hold the Lessor herein safe, free
and harmless from any and all costs, damages, charges or other liability of any
kind or character whatever, arising from the operation of said leased equipment
under this lease agreement.
10. Lessee covenants and agrees to provide competent and experienced
operators for the operation of said equipment and upon a 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 expected.
11. Lessee shall not transfer, sell or assign this lease agreement or any
interest therein, to any person without first having obtained the consent of the
Lessor in writing to such transfer, sale or assignment.
12. In event of the failure, neglect or refusal of the Lessee to pay said
monthly rentals at the time and in the form
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and manner provided herein or to fully and faithfully perform, all and singular
the obligations, duties and agreements to be kept and performed by said Lessee,
the Lessor may, at its option forthwith cancel, terminate and rescind this lease
agreement, without any notice or process previously had or obtained in which
event all right to possession and user by Lessee of the leased equipment and
property shall automatically cease and terminate and the Lessor shall be
permitted to immediate and complete possession of the same free and discharge
from said lease agreement.
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 a thirty (30) day 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 designated heretofore,
shall be deemed adequate and sufficient. IN WITNESS WHEREOF the parties have
hereunto set there hands and seals on this the_________day of___________.
ATTEST:
Xxxx X. Xxxxxxx, Secretary-Treasurer.
HUNTINGBURG TOWNHOUSES, INC., LESSOR
By:
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Xxxxx Xxxxxx, President
ATTEST: THERMWOOD CORPORATION, LESSEE
/s/ Xxxx Xxxxx /s/Xxxxxxx Xxxxxxxx,
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Xxxx Xxxxx, Treasurer President
ACKNOWLEDGEMENT
STATE OF INDIANA
SS:
COUNTY OF XXXXXXX
Before me, the undersigned, a Notary Public, within and for said County and
State, on this the 27TH day of March, 1989. personally appeared the above and
within named Xxxxxxx Xxxxxxxx
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and Xxxx Xxxxx, the President and Treasurer respectively of Thermwood
Corporation, Lessee in the foregoing Lease Agreement, and each acknowledged the
execution of the above foregoing and within Agreement to be their free and
voluntary act and deed, for the uses and purposes therein expressed.
Witness my hand and notarial seal.
/s/ Xxxx Xxx
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Xxxx Xxx
Notary Public
a resident of Xxxxxxx County, Indiana
My commission will expire:
March 15, 1992
