George Guimont Leasing Co.
Exhibit
10.3
Xxxxxx Xxxxxxx Leasing Co. | |
RE:
Leasing of Equipment
Year: 2003
Make: Ford
|
00000
00xx XX XX
Xxxxxxxxx Xx.
00000
|
Model
: F-550 w/ dump bed
Unit #
1
Vin
0XXXX00X00XX00000
Payment
Amount : $1039.42
Deposit
Amount : $6236.52
The Term
of this lease will be a month to month simple lease. Payments are due on the
10th
of the month. Deposits will be refunded at the end of the lease. There
will be a purchase option at any time for the fair market value of the truck.
All deposits will be applied to the purchase price of the vehicle.
All
vehicles will be insured by the leasee and maintained by the manufactures
specifications. All vehicles will be uses for the purpose they were designed to
be used for. At no time will any of the vehicles be run over weight or
uninsured.
Xxxxxx
Xxxxxxx
|
|
![]() Date
1-16-07
|
![]() Date
1-16-07
|
Xxxxxx Xxxxxxx Leasing Co. | |
RE:
Leasing of Equipment
Year: 2003
Make: Ford
|
00000
00xx XX XX
Xxxxxxxxx Xx.
00000
|
Model :
F-550 w/ dump bed
Unit #
2
Vin # I
FDAF56P33ED02244
Payment
Amount : $1070.82
Deposit
Amount : $6424.92
The Term
of this lease will be a month to month simple lease. Payments are due on the
10th
of the month. Deposits will be refunded at the end of the lease. There will be a
purchase option at any time for the fair market value of the truck. All deposits
will be applied to the purchase price of the vehicle.
All
vehicles will be insured by the leasee and maintained by the manufactures
specifications. All vehicles will be uses for the purpose they were designed to
be used for. At no time will any of the vehicles be run over weight or
uninsured.
|
Xxxxxx
Xxxxxxx
|
![DRS and Guimont Signatures](https://www.sec.gov/Archives/edgar/data/1421265/000121478208000144/sigdrsguimont.jpg)
Date 01/16/07 | Date 01/16/07 |
Xxxxxx Xxxxxxx Leasing Co. | |
RE:
Leasing of Equipment
Year: 2003
Make: Ford
|
00000
00xx XX XX
Xxxxxxxxx Xx.
00000
|
Model :
F-550 w/ dump bed
Unit #
3
Vin #
0XXXX00X00XX00000
Payment
Amount : $1045.78
Deposit
Amount : $6274.68
The Term
of this lease will be a month to month simple lease. Payments are due on the
10th
of the month. Deposits will be refunded at the end of the lease. There will be a
purchase option at any time for the fair market value of the truck. All deposits
will be applied to the purchase price of the vehicle.
All
vehicles will be insured by the leasee and maintained by the manufactures
specifications. All vehicles will be uses for the purpose they were designed to
be used for. At no time will any of the vehicles be run over weight or
uninsured.DRS Xxx.Xxxxxx Guimont
![DRS and Guimont Signatures](https://www.sec.gov/Archives/edgar/data/1421265/000121478208000144/sigdrsguimont.jpg)
1-16-07
Date
|
1-16-07
Date
|
Xxxxxx Xxxxxxx Leasing Co. | |
RE:
Leasing of Equipment
Year: 2001
Make: Ford
|
15421
72nd DR SE
Snohomish Wa.
98296
|
Model :
F-550 w/ dump bed
Unit #
4
Vin
0XXXX00X00XX00000
Payment
Amount : $919.76
Deposit
Amount : $5518.56
The Term
of this lease will be a month to month simple lease. Payments are due on the
10th
of the month. Deposits will be refunded at the end of the lease. There will be a
purchase option at any time for the fair market value of the truck. All deposits
will be applied to the purchase price of the vehicle. All vehicles will be
insured by the leasee and maintained by the manufactures specifications. All
vehicles will be uses for the purpose they were designed to be used for. At no
time will any of the vehicles be run over weight or uninsured.
![]() 1-16-07
Date
|
Xxxxxx
Xxxxxxx
![]() |
|
|
1-16-07
Date
|
Xxxxxx Xxxxxxx Leasing Co. | |
RE:
Leasing of Equipment
Year: 2006
Make: Ford
|
00000
00xx XX XX
Xxxxxxxxx Xx.
00000
|
Model :
Ridgeline RL
Unit # -
5
Vin # -
2HJYK165561/505893
Payment
Amount : $573.46
Deposit
Amount : $3440.76
The term
of this lease will be month to month simple lease. Payments are due on the
10th
of the month. Deposits will be refunded at the end of the lease. There will be a
purchase option at any time for the fair market value of the truck. All deposits
will be applied to the purchase price of the vehicle.
All
vehicles will be insured by leasee and maintained by the manufactures
specifications. All vehicles will beused for the purpose they were designed to
be used for. At no time will any vehicle be run over weight or
uninsured.
![DRS and Guimont Signatures](https://www.sec.gov/Archives/edgar/data/1421265/000121478208000144/sigdrsguimont.jpg)
Date
|
Xxxxxx
Xxxxxxx
5/1/07
Date
|
Xxxxxx Xxxxxxx Leasing Co. | |
RE:
Leasing of Equipment
Year: 2005
Make: Ford
|
15421
72nd DR SE
Snohomish Wa.
98296
|
Model :
F-250
Unit #
6
Vin #
1FTSW21 PX5EC48412
Payment
Amount : $1141.13
Deposit
Amount : $6846.78
The Term
of this lease will be a month to month simple lease. Payments are due on the
10th of the month. Deposits will be refunded at the end of the lease. There will
be a purchase option at any time for the fair market value of the truck. All
deposits will be applied to the purchase price of the vehicle.
All
vehicles will be insured by the leasee and maintained by the manufactures
specifications. All vehicles will be uses for the purpose they were designed to
be used for. At no time will any of the vehicles be run over weight or
uninsured.
DRS Inc. | Xxxxxx Xxxxxxx |
![DRS and Guimont Signatures](https://www.sec.gov/Archives/edgar/data/1421265/000121478208000144/sigdrsguimont.jpg)
Date
1-16-07
|
Date
1-16-07
|
Xxxxxx Xxxxxxx Leasing Co. | |
RE:
Leasing of Equipment
Year: 2004
Make: Ford
|
00000
00xx XX XX
Xxxxxxxxx Xx.
00000
|
Model :
F-650 W/ Dump bed
Unit #
7
Vin
0XXXX00X00X000000
Payment
Amount : 51368.99
Deposit
Amount : 582 13.94
The Term
of this lease will be a month to month simple lease. Payments are due on the
10th of the month. Deposits will be refunded at the end of the lease. There will
be a purchase option at any time for the fair market value of the truck. All
deposits will be applied to the purchase price of the vehicle.
All
vehicles will be insured by the leasee and maintained by the manufactures
specifications. All vehicles will be uses for the purpose they were designed to
be used for. At no time will any of the vehicles be run over weight or
uninsured.
Xxxxxx Xxxxxxx Leasing Co. | |
RE:
Leasing of Equipment
Year: 2001
Make: Ford
|
15421
72nd DR SE
Snohomish Wa.
98296
|
Model :
F-550 W/dump box
Unit
#8
Vin # 1FDAF56F7 I EC 17489
Payment
Amount : $928.61
Deposit
Amount : $5571.66
The Term
of this lease will be a month to month simple lease. Payments are due on the
10th
of the month. Deposits will be refunded at the end of the lease. There will be a
purchase option at any time for the fair market value of the truck. All deposits
will be applied to the purchase price of the vehicle.
All
vehicles will be insured by the leasee and maintained by the manufactures
specifications. All vehicles will be uses for the purpose they were designed to
be used for. At no time will any of the vehicles be run over weight or
uninsured.
Xxxxxx Xxxxxxx Leasing Co. | |
RE:
Leasing of Equipment
Year: 2004
Make: Ford
|
00000
00xx XX XX
Xxxxxxxxx Xx.
00000
|
Model :
F-550 W/dump box
Unit #
9
Vin # 1
FDAF56P64EA 18902
Payment
Amount : $1050.05
Deposit
Amount : $6300.03
The Term
of this lease will be a month to month simple lease. Payments are due on the
10th
of the month. Deposits will be refunded at the end of the lease. There will be a
purchase option at any time for the fair market value of the truck. All deposits
will be applied to the purchase price of the vehicle.
All
vehicles will be insured by the leasee and maintained by the manufactures
specifications. All vehicles will be uses for the purpose they were designed to
be used for. At no time will any of the vehicles be run over weight or
uninsured.
DRS Inc. | Xxxxxx Xxxxxxx |
![DRS and Guimont Signatures](https://www.sec.gov/Archives/edgar/data/1421265/000121478208000144/sigdrsguimont.jpg)
Date | Date |
1/16/2007 | 1/16/2007 |
Xxxxxx Xxxxxxx Leasing Co. | |
RE:
Leasing of Equipment
Year: 2004
Make: Ford
|
00000
00xx XX XX
Xxxxxxxxx Xx.
00000
|
Model :
F-650 W/ Dump bed
Unit #
10
Vin #
0XXXX00000X000000
Payment
Amount : $1,364.91
Deposit
Amount : $8189.46
The Term
of this lease will be a month to month simple lease. Payments are due on the
10th
of the month. Deposits will be refunded at the end of the lease. There will be a
purchase option at any time for the fair market value of the truck. All deposits
will be applied to the purchase price of the vehicle.
All
vehicles will be insured by the leasee and maintained by the manufactures
specifications. All vehicles will be uses for the purpose they were designed to
be used for. At no time will any of the vehicles be run over weight or
uninsured.
Date | Date |
1-17-07 | 1-16-07 |
Xxxxxx Xxxxxxx Leasing Co. | |
RE:
Leasing of Equipment
Year: 2004
Make: Ford
|
00000
00xx XX XX
Xxxxxxxxx Xx.
00000
|
Unit #
11
Vin #
JL6DGM I E77K003403
Payment
Amount : $1428.02
Deposit
Amount : $8568.12
The Term
of this lease will be a month to month simple lease. Payments are due on the
10th
of the month. Deposits will be refunded at the end of the lease. There will be a
purchase option at any time for the fair market value of the truck. All deposits
will be applied to the purchase price of the vehicle.
Al]
vehicles will be insured by the leasee and maintained by the manufactures
specifications. All vehicles will be uses for the purpose they were designed to
be used for. At no time will any of the vehicles be run over weight or
uninsured.
DRS
Inc.
|
Xxxxxx Xxxxxxx |
![DRS and Guimont Signatures](https://www.sec.gov/Archives/edgar/data/1421265/000121478208000144/sigdrsguimont.jpg)
Date | Date |
1-16-07 | 1-16-07 |
Xxxxxx Xxxxxxx Leasing Co. | |
RE:
Leasing of Equipment
Year: 2007
Make: MITSU
Model: FM-260
|
15421
72nd DR SE
Snohomish Wa.
98296
|
Model :
FM-OTHI
Unit #
12
Vin #
..0X0XXX0X00X000000
Payment
Amount : $1204.37
Deposit
Amount : $7226.22
The Term
of this lease will be a month to month simple lease. Payments are due on the
10th
of the month. Deposits will be refunded at the end of the lease. There will be a
purchase option at any time for the fair market value of the truck. All deposits
will be applied to the purchase price of the vehicle.
All
vehicles will be insured by the leasee and maintained by the manufactures
specifications. All vehicles will be uses for the purpose they were designed to
be used for. At no time will any of the vehicles be run over weight or
uninsured.
DRS
Inc.
|
Xxxxxx Xxxxxxx |
![DRS and Guimont Signatures](https://www.sec.gov/Archives/edgar/data/1421265/000121478208000144/sigdrsguimont.jpg)
Date | Date |
1-16-07 | 1-16-07 |
Xxxxxx Xxxxxxx Leasing Co. | |
RE:
Leasing of Equipment
Year: 2007
Make: MITSU
Model: FM-260
|
15421
72nd DR SE
Snohomish Wa.
98296
|
Unit #
13
Vin #
XX0XXX0X00X000000
Payment
Amount : $1428.02
Deposit
Amount : $8568.12
The Term
of this lease will be a month to month simple lease. Payments are due on the
10th
of the month. Deposits will be refunded at the end of the lease. There will be a
purchase option at any time for the fair market value of the truck. All deposits
will be applied to the purchase price of the vehicle.
All
vehicles will be insured by the leasee and maintained by the manufactures
specifications. All vehicles will be uses for the purpose they were designed to
be used for. At no time will any of the vehicles be run over weight or
uninsured.
DRS Inc. | Xxxxxx Xxxxxxx |
![DRS and Guimont Signatures](https://www.sec.gov/Archives/edgar/data/1421265/000121478208000144/sigdrsguimont.jpg)
Date | Date |
1-16-07 | 1-16-07 |
Xxxxxx Xxxxxxx Leasing Co. | |
RE:
Leasing of Equipment
Year: 2007
Make: MITSU
Model: FM-260
|
15421
72nd DR SE
Snohomish Wa.
98296
|
Model :
FM-260
Unit #
14
Vin #
..0X0XXX0X00X000000
Payment
Amount : $1478.51
Deposit
Amount : $8871.06
The Term
of this lease will be a month to month simple lease. Payments are due on the
10th of the month, Deposits will be refunded at the end of the lease. There will
be a purchase option at any time for the fair market value of the truck. All
deposits will be applied to the purchase price of the vehicle.
All
vehicles will be insured by the leasee and maintained by the manufactures
specifications. All vehicles will be uses for the purpose they were designed to
be used for. At no time will any of the vehicles be run over weight or
uninsured.
DRS Inc. | Xxxxxx Xxxxxxx |
![DRS and Guimont Signatures](https://www.sec.gov/Archives/edgar/data/1421265/000121478208000144/sigdrsguimont.jpg)
Date | Date |
1-16-07 | 1-16-07 |
Xxxxxx Xxxxxxx Leasing Co. | |
RE:
Leasing of Equipment
Year: 2003
Make: MITSU
Model: FM-260
|
15421
72nd DR SE
Snohomish Wa.
98296
|
Unit
#
15 Note: This
Vehicle was totaled
March 2007.
Vin #
JL6DGM I E47K004282
Payment
Amount : $1624.19
Deposit
Amount : $9745.14
The
Term of this lease will be a month to month simple lease. Payments are due
on the 10th of the
month. Deposits will be refunded at the end of the lease. There will be a
purchase option at any time for the fair market value of the truck. All deposits
will be applied to the purchase price of the vehicle.
All
vehicles will be insured by the leasee and maintained by the manufactures
specifications. All vehicles will be uses for the purpose they were designed to
be used for. At no time will any of the vehicles be run over weight or
uninsured.
DRS Inc. | Xxxxxx Xxxxxxx |
![DRS and Guimont Signatures](https://www.sec.gov/Archives/edgar/data/1421265/000121478208000144/sigdrsguimont.jpg)
Date | Date |
1-16-07 | 1-16-07 |
Xxxxxx Xxxxxxx Leasing Co. | |
RE:
Leasing of Equipment
Year: 2001
Make: Freightliner
Model: FLD-120
|
15421
72nd DR SE
Snohomish Wa.
98296
|
RENTAL
AGREEMENT
This
agreement is between Xxxxxx Xxxxxx, an individual, and DRS Inc., a Nevada
Corporation that is licensed to do business in Washington State.
Unit
# 15
Re:
Monthly Rental of Equipment
Equipment
details: Year : 2001
Make :
Freightliner Model : FLD120
Vin # :
0XXXXXXX00XX00000
Monthly
payment amount : $450.00
The term
of the agreement is a month to month simple rental agreement. Payments are due
on the 10th of the
month.
There is
a purchase option on the equipment at any time for the fair market value of the
Tractor.
No
deposit is required.
It is DRS
Inc.'s responsibility to keep equipment licensed as required by any and all
Federal and State agencies.
Vehicle
will be insured by DRS Inc. and maintained to the manufacturer's specifications.
Vehicle will be used only for the purpose for which it was designed to
be used for. At no time shall the vehicle be run overweight, uninsured,
or in violation of any laws.
DRS Inc. | Xxxxxx Xxxxxx |
![]() |
![]() |
Date
6/15/2007
|
Date
6/15/2007
|
|
Xxxxxx Xxxxxxx Leasing Co. | |
RE:
Leasing of Equipment
Year: 2007
Make: MITSU
Model: FM-260
|
15421
72nd DR SE
Snohomish Wa.
98296
|
Unit #
16
Vin #
JL6DGM I E67K004218
Payment
Amount : $1691.87
Deposit
Amount : $10151.22
The Term
of this lease will be a month to month simple lease. Payments are due on the
10th
of the month. Deposits will be refunded at the end of the lease. There will be a
purchase option at any time for the fair market value of the truck. All deposits
will be applied to the purchase price of the vehicle.
All
vehicles will be insured by the leasee and maintained by the manufactures
specifications. All vehicles will be uses for the purpose they were designed to
be used for. At no time will any of the vehicles be run over weight or
uninsured.
DRS Inc. | Xxxxxx Xxxxxxx |
![DRS and Guimont Signatures](https://www.sec.gov/Archives/edgar/data/1421265/000121478208000144/sigdrsguimont.jpg)
Date | Date |
1-16-07 | 1-16-07 |
Xxxxxx Xxxxxxx Leasing Co. | |
RE:
Leasing of Equipment
Year: 2007
Make: MITSU
Model: FM-260
|
15421
72nd DR SE
Snohomish Wa.
98296
|
RE:
Leasing of Equipment
Year :
2007
Make :
M1TSU
Model :
FM-260
Unit #
17
Vin #
JL6DGL I E47 K007046
Payment
Amount : $ 1709.44
Deposit
Amount : $10256.64
The Term
of this lease will be a month to month simple lease. Payments are due on the
101h
of the month. Deposits will be refunded at the end of the lease. There will be a
purchase option at any time for the fair market value of the truck. All deposits
will be applied to the purchase price of the vehicle.
All
vehicles will be insured by the leasee and maintained by the manufactures
specifications. All vehicles will be uses for the purpose they were designed to
be used for. At no time will any of the vehicles be run over weight or
uninsured.
DRS Inc. | Xxxxxx Xxxxxxx |
![DRS and Guimont Signatures](https://www.sec.gov/Archives/edgar/data/1421265/000121478208000144/sigdrsguimont.jpg)
Date | Date |
1-16-07 | 1-16-07 |
Xxxxxx Xxxxxxx Leasing Co. | |
RE:
Leasing of Equipment
Year: 2007
Make: MITSU
Model: FM-260
|
15421
72nd DR SE
Snohomish Wa.
98296
|
Unit #
18
Vin #
JL6DGL I
E27K007093
Payment
Amount : $1709.44
Deposit
Amount : $10256.64
The Term
of this lease will be a month to month simple lease. Payments are due on the
10'1' of the
month. Deposits will be refunded at the end of the lease. There will be a
purchase option at any time for the fair market value of the truck. All deposits
will be applied to the purchase price of the vehicle.
All
vehicles will be insured by the leasee and maintained by the manufactures
specifications. All vehicles will be uses for the purpose they were designed to
be used for. At no time will any of the vehicles be run over weight or
uninsured.
DRS Inc. |
Xxxxxx
Xxxxxxx
|
![DRS and Guimont Signatures](https://www.sec.gov/Archives/edgar/data/1421265/000121478208000144/sigdrsguimont.jpg)
Date | Date |
1-16-07 | 1-16-07 |
Xxxxxx Xxxxxxx Leasing
Co.
00000 00xx XX
SE
Snohomish Wa. 98296
RE:
Leasing of Equipment
Year :
1994
Make :
WHGM Volvo
Model :
TRACTOR
Unit #
19
Vin #
0X0XXXXX0XX000000
Payment
Amount : $1335.00
Deposit
Amount : $8010.00
The Term
of this lease will be a month to month simple lease. Payments are due on the
10`11
of the month. Deposits will be refunded at the end of the lease. There
will be a purchase option at any time for the fair market value of the truck.
All deposits will be applied to the purchase price of the vehicle.
All
vehicles will be insured by the leasee and maintained by the manufactures
specifications. All vehicles will be uses for the purpose they were designed to
be used for. At no time will any of the vehicles be run over weight or
uninsured.
DRS Inc. | Xxxxxx Xxxxxxx |
![DRS and Guimont Signatures](https://www.sec.gov/Archives/edgar/data/1421265/000121478208000144/sigdrsguimont.jpg)
Date | Date |
1-16-07 | 1-16-07 |
Xxxxxx Xxxxxxx
Leasing Co.
00000
00xx XX SE
Snohomish Wa.
98296
RE:
Leasing of Equipment Year : 2004
Make :
Trinity
Model :
56' Belt Trailer
Unit
#
20
Vin #
NON Vinable
Payment
Amount : $1600.00
Deposit
Amount : $9600.00
The Term
of this lease will be a month to month simple lease. Payments are due on the
10th
of the month. Deposits will be refunded at the end of the lease. There will be a
purchase option at any time for the fair market value of the truck. All deposits
will be applied to the purchase price of the vehicle.
All
vehicles will be insured by the leasee and maintained by the manufactures
specifications. All vehicles will be uses for the purpose they were designed to
be used for. At no time will any of the vehicles be run over weight or
uninsured.
DRS Inc. | Xxxxxx Xxxxxxx |
![DRS and Guimont Signatures](https://www.sec.gov/Archives/edgar/data/1421265/000121478208000144/sigdrsguimont.jpg)
Date | Date |
1-16-07 | 1-16-07 |
Xxxxxx
Xxxxxxx Leasing Co.
00000
00xx XX SE
Snohomish
Wa. 98296
RE:
Leasing of Equipment
Year :
2008
Make :
Ford
Model :
F-350 Crew Cab
Unit # -
21
Vin # -
0XXXX00XX0XX00000
Payment Amount : $1358.98
Deposit
Amount : $8153.88
The term
of this lease will be month to month simple lease. Payments are due on the
10th
of the month. Deposits will be refunded at the end of the lease. There will be a
purchase option at any time for the fair market value of the truck. All deposits
will be applied to the purchase price of the vehicle.
All
vehicles will be insured by leasee and maintained by the manufactures
specifications. All vehicles will beused for the purpose they were designed to
be used for. At no time will any vehicle be run over weight or uninsured
..
DRS Inc. | Xxxxxx Xxxxxxx |
![DRS and Guimont Signatures](https://www.sec.gov/Archives/edgar/data/1421265/000121478208000144/sigdrsguimont.jpg)
Date | Date |
3/1/2007 | 3/1/2007 |
DTG
Enterprises, Inc.
00000
00xx
XXX XX
Snohomish
Wa.. 98296
DTG
Enterprises, Inc. has unique knowledge in the drywall scrapping, drywall
recycling, and job site clean industries. With over 9 Years of experience owning
and running similar companies DTG Enterprises, Inc. is willing to consult of DRS
Inc. Under the following Terms and conditions.
1) DTG
Enterprises, Inc is not an employee, DTG Enterprises, Inc. is a fully License,
insured Company
2) DTG
Enterprises will oversee the daily business of DRS Inc.
3) DTG
Enterprises will evaluate the financial state of DRS Inc. Monthly to determine
profitability
4) DTG
will share all inside knowledge of the drywall scrapping, drywall recycling, and
job site clean industries.
5) DTG
Enterprises will be compensated $20,000.00 a month for these services due on the
l' and the 156 of
each month.
6) DTG
Enterprises contract time is Month to month and can be terminated by either
party with 30 days notice.
DRS Inc. | DTG Enterprise Inc. |
![]() |
![]() |
Xxxxxx
Xxxxxxx
Secretary
|
|
Date
8/1/2007
|
Date
8/1/2007
|
THIS
EQUIPMENT RENTAL AGREEMENT dated this 1st day of July, 2007
BETWEEN
Xxxxxx
Xxxxxxx of P.O. Box 726, Bothell, Washington, 98041 and
Xxxxxx
Xxxxxx of P.O. Box 726, Bothell, Washington, 98041
(collectively
the "Lessor")
OF THE
FIRST PART
-and-
Drs Inc.
of 00000 0xx XXX XX #000, Xxxx Xxxxx, Xxxxxxxxxx, 00000
(the
"Lessee")
OF THE
SECOND PART
(the
Lessor and Lessee are collectively the "Parties")
IN CONSIDERATION of the mutual
covenants and promises in this Agreement, the sufficiency of which the Parties
acknowledge, the Lessor leases the Equipment to the Lessee, and the Lessee
leases the Equipment from the Lessor on the following terms:
Definitions
1. The
following definitions are used but not otherwise defined in this
Agreement:
a.
"Casualty
Value" means the market value of the Equipment at the end of the Term or when in
relation to a Total Loss, the market value the Equipment would have had at the
end of the Term but for the Total Loss. The Casualty Value may be less than but
will not be more than the original purchase price of the
Equipment.
b.
"Equipment"
means 2008 Serial #2008-01 New & Referbished Drywall
Proccessing Machine White in color. This includes all conveyors, belts, Xxxxx,
Grinders, Screws, Electrical, the Estimated Value of this machine is $750,000.00
..
c. "Total
Loss" means any loss or damage that is not repairable or that would cost more to
repair than the market value of the Equipment.
Lease
2. The
Lessor agrees to lease the Equipment to the Lessee, and the Lessee agrees to
lease the Equipment from the Lessor in accordance with the terms set out in this
Agreement.
Term
3.
The Lease
term commences on the 1st day of June, 2007 and will continue on a year-to-year
basis (the "Term").
Rent
and Deposit
4.
The rent
will be paid in installments of $6,000.00 each month, in advance, beginning on
the 1st day of July, 2007 and will be paid on the 15th day of each succeeding
month throughout the Term (the "Rent").
5.
The
Lessee will pay a deposit of $75,000.00 (the "Deposit") before taking possession
of the Equipment. The Lessor will refund the Deposit to the Lessee at the end of
the Term provided that the Lessee has performed all of the Lessee's obligations
under this Agreement.
Delivery
of Equipment
6.
The
Lessee will, at the Lessee's own expense and risk, pick up and transport the
Equipment from Argen Street , Salem, Oregon,
Use
of Equipment
7.
The
Lessee will use the Equipment in a good and careful manner and will comply with
all of the manufacturer's requirements and recommendations respecting the
Equipment and with any applicable law, whether local, state or federal
respecting the use of the Equipment, including, but not limited to,
environmental and copyright law.
8.
The
Lessee will use the Equipment for the purpose for which it was designed and not
for any other purpose.
9.
Unless
the Lessee obtains the prior written consent of the Lessor, the Lessee will not
alter, modify or attach
anything to the Equipment unless the alteration, modification or attachment is
easily removable
without damaging the functional capabilities or economic value of the
Equipment.
Repair
of Equipment
10.
The
Lessee will, at the Lessee's own expense, keep the Equipment in good repair,
appearance and condition, normal and reasonable wear and tear excepted. The
Lessee will supply all parts that are necessary to keep the Equipment in such a
state.
11.
If the
Equipment is not in good repair, appearance and condition when it is returned to
the Lessor, the Lessor may make such repairs or may cause such repairs to be
made as are necessary to put the Equipment in a state of good repair, appearance
and condition, normal and reasonable wear and tear excepted. The Lessor will
make the said repairs within a reasonable time of taking possession of the
Equipment and will give the Lessee written notice of and invoices for the said
repairs. Then the Lessee will reimburse the Lessor for the actual expense of
said repairs.
12.
The
Lessee may, but is not obligated to, enforce any warranty that the Lessor has
against the supplier or manufacturer of the Equipment. The Lessee will enforce
such warranty or indemnity in its own name and at its own
expense.
13.
The
Equipment will be in working order and good condition upon delivery. The
Equipment is of merchantable quality and is fit for the following purpose:
Equipment will be used to process new and clean drywall only.
Loss
and Damage
14.
To the
extent permitted by law, the Lessee will be responsible for risk of loss, theft,
damage or destruction to the Equipment from any and every
cause.
15.
If the
Equipment is lost or damaged, the Lessee will continue paying Rent, will provide
the Lessor with prompt written notice of such loss or damage and will, if the
Equipment is repairable, put or cause the Equipment to be put in a state of good
repair, appearance and condition.
16.
In the
event of Total Loss of the Equipment, the Lessee will provide the Lessor with
prompt written notice of such loss and will pay to the Lessor all unpaid Rent
for the Term plus the Casualty Value of the Equipment, at which point ownership
of the Equipment passes to the Lessee.
Ownership,
Right to Lease and Quiet Enjoyment
17.
The
Equipment is the property of the Lessor and will remain the property of the
Lessor.
18.
The
Lessee will not encumber the Equipment or allow the Equipment to be encumbered
or pledge the Equipment as security in any manner.
19.
The
Lessor warrants that the Lessor has the right to lease the Equipment according
to the terms in this Agreement.
20.
The
Lessor warrants that as long as no Event of Default has occurred, the Lessor
will not disturb the
Lessee's quiet and peaceful possession of the Equipment or the Lessee's
unrestricted use of the Equipment for the purpose for which the Equipment was
designed.
Insurance
21.
The
Lessee will, during the whole of the Term and for as long as the Lessee has
possession of the Equipment, take out, maintain and pay for insurance against
loss of and damage to the Equipment for the full replacement value of the
Equipment and will name the Lessor as the loss payee.
22.
The
Lessee will, during the whole of the Term and for as long as the Lessee has
possession of the Equipment, take out, maintain and pay for comprehensive
general liability insurance against claims for bodily injury, including death,
and property damage or loss arising out of the use of the Equipment. The
insurance policy will have limits of at least $2,000,000.00.
23.
The
insurance will be in the joint name of the Lessor and the Lessee so that both
the Lessor and the Lessee will be protected from liability and will provide
primary and non-contributing coverage for the Lessor. The insurance policy will
have a provision that it will not be modified or cancelled unless the insurer
provides the Lessor with thirty (30) days written notice stating when such
modification or cancellation will be effective.
24.
Upon
written demand by the Lessor, the Lessee will provide the Lessor with an
original policy or certificate evidencing such insurance.
25. The
Lessee appoints the Lessor as the Lessee's attorney-in-fact ("Attorney") with
the power to maintain the above insurance and to secure payments arising out of
any insurance policy required by this
Agreement. The Attorney has the power to do all acts that are necessary or
desirable to secure such payments.
26.
If the
Lessee fails to maintain and pay for such insurance, the Lessor may, but is not
obligated to, obtain such insurance, but if the Lessor does obtain such
insurance, the Lessee will pay to the Lessor the cost of such insurance upon
notification from the Lessor of the amount.
Taxes
27.
The
Lessee will report and pay all taxes, fees and charges associated with the
Equipment, with the use of the Equipment, and with revenues and profits arising
out of the use of the Equipment, including, but not limited to, sales taxes,
property taxes. and license and registration fees. The Lessee will pay any and
all penalties and interest for failure to pay any tax, fee or charge on or
before the date on which the payment is due. The Lessee will pay any and all
penalties and interest for failure to report required information to any taxing
authority with jurisdiction over the Lessee or the Equipment. If the Lessee
fails to do any of the foregoing, the Lessor may, but is not obligated to, do so
at the Lessee's expense.
28.
Notwithstanding
any other provision of this Agreement, the Lessee will not be required to pay
any tax, fee or charge if the Lessee is contesting the validity of same in the
manner prescribed by the legislation governing the imposition of same, or in the
absence of a prescribed form, in a reasonable manner. However, the Lessee will
indemnify and reimburse the Lessor for damages and expenses incurred by the
Lessor arising from or related to the Lessee's failure to pay any tax, fee or
charge, regardless of whether the Lessee is contesting the validity of the same
or not.
29.
If the
Lessee fails to pay any and all taxes, fees, and charges mentioned in this
Agreement and the Lessor, on behalf of the Lessee, pays the same, the Lessee
will reimburse the Lessor for the cost upon notification from the Lessor of the
amount.
Indemnity
30.
The
Lessee will indemnify and hold harmless the Lessor against any and all claims,
actions, suits, proceedings, costs, expenses, damages and liabilities, including
attorney's fees and costs, arising out of or related to the Lessee's use of the
Equipment.
Default
31.
The
occurrence of any one or more of the following events will constitute an event
of default ("Event of Default") under this Agreement:
a.
The
Lessee fails to pay any amount provided for in this Agreement within 30 days
after same is due or otherwise breaches the Lessee's obligations under this
Agreement.
b.
The
Lessee becomes insolvent or makes an assignment of rights or property for the
benefit of creditors or files for or has bankruptcy proceedings instituted
against it under the Federal bankruptcy law of the United States or other
competent jurisdiction.
c.
A writ of
attachment or execution is levied on the Equipment and is not released or
satisfied within 10 days.
Remedies
32.
On the occurrence of an Event of Default, the Lessor will be entitled to pursue
any one or more of the
following remedies (the "Remedies"):
a.
Declare
the entire amount of the Rent for the Term immediately due and payable without
notice or demand to the Lessee.
b.
Apply the
Deposit toward any amount owing to the Lessor.
c.
Commence
legal proceedings to recover the Rent and other obligations accrued before and
after the Event of Default.
d.
Take
possession of the Equipment, without demand or notice, wherever same may be
located, without any court order or other process of law. The Lessee waives any
and all damage occasioned by such taking of possession.
e.
Terminate
this Agreement immediately upon written notice to the Lessee.
f.
Pursue
any other remedy available in law or equity.
Assignment
33.
THE
LESSEE WILL NOT ASSIGN THIS AGREEMENT, THE LESSEE'S INTEREST IN THIS AGREEMENT
OR THE LESSEE'S INTEREST IN THE EQUIPMENT WITHOUT THE PRIOR WRITTEN CONSENT OF
THE LESSOR.
34.
If the
Lessee assigns this Agreement, the Lessee's interest in this Agreement or the
Lessee's interest in the Equipment without the prior written consent of the
Lessor, the Lessor will have recourse to the Remedies and will be entitled to
all damages caused by the transfer to the extent that the damages could not
reasonably be prevented by the Lessor.
Renewal
35.
The
Lessee may renew this Agreement for an additional Term if the Lessee has given
the Lessor 31 days written notice of the Lessee's intention to renew and if the
Lessee is not in default of any of the terms under this Agreement. Other than as
agreed upon in writing between the Parties, the renewal will be on the same
terms as this Agreement, except for this renewal clause.
Additional
Documents
36.
Upon
written demand by the Lessor. the Lessee will execute and deliver to the Lessor
documents required by the Lessor to protect the Lessor's interest in the
Equipment including, but not limited to, the documents necessary to file a UCC
financing statement.
Additional
Clauses
37.
Rent
Payment will be split between Xxxxxx Xxxxxxx & Xxxxxx Xxxxxx. Amounts to
each party will be determined monthly. But will not exceed $6000.00 a month
combined. .
38.
Based on
completion of the machine Rent will be paid at a minimum of $1000.00 a month to
each lessor.
39.
Based on Productivity of the completed machine, this will determine the
percentage of rent paid monthly. Once machine produces 4000 tons of product
monthly the Full rent will be paid at that point. Before such time the Lessor
will be given a minimum of $1000.00 a month each. .
Entire
Agreement
40.
This
Agreement will constitute the entire agreement between the Parties. Any prior
understanding or representation of any kind preceding the date of this Agreement
will not be binding on either Party except to the extent incorporated in this
Agreement.
Address
for Notice
41.
Service
of all notices under this Agreement will be delivered personally or sent by
registered mail or courier to the following addresses:
Lessor:
Xxxxxx Xxxxxxx, P.O. Box 726, Bothell , Washington 98041. Lessee: Drs Inc.,
00000 0xx XXX XX #000, Xxxx Xxxxx, Xxxxxxxxxx, 00000.
Payment
42.
All
dollar amounts in this agreement refer to U.S. dollars, and all payments
required to be paid under this Agreement will be paid in U.S. dollars unless the
Parties agree otherwise.
Interpretation
43.
Headings
are inserted for the convenience of the Parties only and are not to be
considered when interpreting this Agreement. Words in the singular mean and
include the plural and vice versa. Words in the masculine mean and include the
feminine and vice versa.
Governing
Law
44. It is the intention of the Parties to
this Agreement that this Agreement and the performance under this Agreement, and
all suits and special proceedings under this Agreement. be
construed in accordance with and governed, to the exclusion of the law of any
other forum, by the laws of the State of Washington (the "State"), without
regard to the jurisdiction in which any action or special proceeding may be
instituted.
Severability
45.
If there
is a conflict between any provision of this Agreement and the applicable
legislation of the State (the "Act"), the Act will prevail and such provisions
of the Agreement will be amended or deleted as necessary in order to comply with
the Act. Further, any provisions that are required by the Act are incorporated
into this Agreement.
46.
If there
is a conflict between any provision of this Agreement and any form of Agreement
prescribed by the Act, that prescribed form will prevail and such provisions of
the Agreement will be amended or deleted as necessary in order to comply with
that prescribed form. Further, any provisions that are required by that
prescribed form are incorporated into this Agreement.
47.
In the
event that any of the provisions of this Agreement are held to be invalid or
unenforceable in whole or in part, those provisions to the extent enforceable
and all other provisions will nevertheless continue to be valid and enforceable
as though the invalid or unenforceable parts had not been included in this
Agreement and the remaining provisions had been executed by both Parties
subsequent to the expungement of the invalid provision.
General
Terms
48.
This
Agreement may be executed in counterparts. Facsimile signatures are binding and
are considered to be original signatures.
49.
Time is
of the essence in this Agreement.
50.
This
Agreement will extend to and be binding upon and inure to the benefit of the
respective heirs, executors, administrators. successors and assigns, as the case
may be, of each Party to this Agreement.
51.
Neither
Party will be liable in damages or have the right to terminate this Agreement
for any delay or default in performance if such delay or default is caused by
conditions beyond its control including, but not limited to Acts of God,
Government restrictions, wars, insurrections, natural disasters, such as
earthquakes, hurricanes or floods and/or any other cause beyond the reasonable
control of the Party whose performance is affected.
Notice
to Lessee
52.
NOTICE TO THE LESSEE:
This is a lease. You are not buying the Equipment. Do not sign this Lease
before you read it. You are entitled to a completed copy of this Agreement when
you sign it.
IN WITNESS WHEREOF the Parties have executed this Lease Agreement on
this 1st day of July, 2007.
![](https://www.sec.gov/Archives/edgar/data/1421265/000121478208000144/ex10-4sigpg.jpg)