Exhibit 10.30
SUB-LEASE
This Sub-Lease Agreement is made the ____ day of February, 2003 by and
between CART, Inc., of 0000 Xxxxxxxx Xxxxxxx Xxxxx Xxxxx, Xxxxxxxxxxxx, XX 00000
("CART") and _______________ of ______________________________ ("TEAM").
WHEREAS, CART has entered into an agreement with Ford Motor Company
("Ford") to provide three (3) leased cars ("Cars") to the Team; and
WHEREAS, CART is the lessee under a lease with Ford for said Cars; and
WHEREAS Team is willing to Sub-Lease from CART the Cars in order to have
use of the Cars for up to a two (2) year period of time.
For and in consideration of the mutual covenants and promises hereinafter
set forth, the parties hereto agree as follows:
1. CART agrees to lease the Cars identified on Schedule A, attached hereto,
from Ford and Sub-Lease to the Team pursuant to the terms of this
Agreement.
2. The Team will be sub-leasing the cars under the terms of this Agreement
and under the terms of the Base lease agreement between CART and Ford
("Base Lease"), a copy of which is attached. Team is required to perform
all of the duties and obligations required under the Base lease
agreement, including but not limited to securing insurance and
performing maintenance obligations.
3. Team will be required to provide the insurance necessary under the base
Lease, and shall include CART as an additional insured under said
insurance policies.
4. Team agrees to indemnify, defend and hold harmless CART, its parent,
subsidiaries, affiliate companies and respective officers, directors,
employees and authorized agents, from and against any and all expenses,
damages, claims, suits, actions, judgments and costs, including
reasonable attorneys' fees, arising out of or in connection with the use
by Team of the Cars that are the subject of this Sub-Lease. Said
indemnity and hold harmless provisions shall apply even if CART is
claimed to have been or proven to have been negligent. It is the intent
of this Agreement that CART shall have no liability, whatsoever for
Team's use of the Cars.
5. In the event Team fails to enter a racecar in any CART Event for the
2003 or 2004 Season, Team must immediately return the Cars to CART. By
December 31, 2003, if Team has not filed with CART its intention to run
in 2004, Team must immediately return the Cars to CART.
6. Consideration for this Sub-Lease is One ($1.00) Dollar, paid by Team to
CART, receipt of which is hereby acknowledged.
7. The term of this Sub-Lease shall run concurrent with the Base lease and
will be terminated at the same time the Base lease is terminated with
regard to the Cars sub-leased hereunder.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by the duly authorized representatives on the date first written above.
CART, Inc. TEAM
By:____________________________________ By:____________________________________
Its:___________________________________ Its:___________________________________
Date:__________________________________ Date:__________________________________
