LEASE SCHEDULE
LEASE SCHEDULE NUMBER 1 TO MASTER LEASE AGREEMENT NUMBER 11053
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This Lease Schedule incorporates the terms and conditions of a certain Master
Lease Agreement, dated as of the ____ day of October, 1999 (the "Master Lease")
by and between PRIME LEASING, INC., X'Xxxx International Center, 00000 X.
Xxxxxxx Xxxx, Xxxxxxxx, Xxxxxxxx 00000 (the "Lessor"), and PHYMED Diagnostic
Imaging Center Hillcrest, Inc., 00000 Xxxxxxxxx Xxxx, Xxxxx 000, Xxxxxx, Xxxxx
00000 (the "Lessee").
THIS IS A NON-CANCELABLE LEASE SCHEDULE.
1. Initial Term: 48 months commencing with the first day of the month
immediately following the Commencement Date (or beginning with the
Commencement Date if that date is the first day of the month.)
2. Rental Payments: $33,333 per month, plus any and all applicable taxes.
Advance Payments receivable by Lessor as of the Commencement Date: $33,333.
This Advance Payment is made by transfer and credit of the Advance Payments
in the amount of $66,666 made by Lessee under the Temporary Master Lease
Agreement dated September ___, 1999, $33,333 of which was applied to the
first month's rent payable under the Temporary Master Lease Agreement, and
the remaining $33,333 of which is credited and transferred as the Deposit
under the Master Lease.
3. Deposit. XXXXXX previously delivered to LESSOR on the Commencement Date of
the Temporary Master Lease the sum of Sixty-Six Thousand Six Hundred
Sixty-Six and No/100 Dollars ($66,666) in immediately available funds (the
"Deposit"). The Deposit shall continue to be held by XXXXXX, without
liability for interest, as the Deposit under this Master Lease.
Thirty-Three Thousand Three Hundred Thirty-Three and No/100 Dollars
($33,333) of the Deposit was applied by LESSOR towards the payment of the
first full month of rent due under the Temporary Master Lease; the
remainder may be applied by XXXXXX, at LESSOR'S sole option, for any past
due amount due under this Master Lease. If LESSEE is not in default under
the terms of this Master Lease, any portion of the Deposit not applied by
LESSOR as payment of rent or any past due amount under this Master Lease,
shall be distributed by LESSOR as follows; first, towards the payment of
the rent due on the last month of this Master Lease; and second after
termination of this Master Lease and contingent on LESSEE complying with
all of the terms of this Master Lease, any remaining amount to LESSEE.
4. Conditions Precedent. LESSOR'S obligations under this Lease Schedule are
subject to the following conditions precedent:
a. LESSEE shall have leased that certain real property and improvements
("Premises") located at 00000 Xxxxxxxxx Xxxx, Xxxxx 000, Xxxxxx,
Xxxxxx Xxxxxx, Xxxxx;
x. XXXXXX shall have received approval for this Master Lease from
LESSOR'S Executive Committee;
x. XXXXXX shall have received the Guaranty (as defined in Section 8,
below);
x. Xxxxxx shall have received a landlord's waiver from the landlord of
the Premises, in form satisfactory to LESSOR, waiving landlord's
rights in and to the Equipment; and
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x. XXXXXX shall have received any other document reasonably requested
from LESSEE by XXXXXX.
5. Equipment: See Equipment Schedule attached hereto and made a part hereof.
6. Commencement Date: October ___, 1999, as evidenced by the Certificate of
Acceptance, issued in respect to this Lease Schedule.
7. End of Lease Options: At the end of the Initial Term, Lessee has the option
to: (A) purchase all, but not less than all, of the Equipment at Fair
Market Value, as described in the Master Lease; (B) renew the lease of all,
but not less than all, of the Equipment at a Monthly Rent based on the then
Fair Market Value of the Equipment; or (C) return all, but not less than
all, of the Equipment, subject to the terms and conditions as stipulated in
the Master Lease.
8. Guaranty. By its signature below, PHYMED, INC., a Texas corporation
("PARENT"), agrees that it will execute a Guaranty, dated as of the date
hereof, that is acceptable to XXXXXX, at XXXXXX'S sole discretion, whereby
PARENT will guarantee to LESSOR, the due, regular and punctual payment of
all of LESSEE'S obligations herein, including all rents due herein.
9. Entire Agreement: XXXXXX REPRESENTS THAT IT HAS READ, RECEIVED, RETAINED A
COPY OF AND UNDERSTANDS THIS LEASE SCHEDULE AND AGREES TO BE BOUND BY ITS
TERMS AND CONDITIONS. XXXXXX AND XXXXXX AGREE THAT THIS LEASE SCHEDULE, THE
MASTER LEASE AND ALL RIDERS THERETO SHALL CONSTITUTE THE ENTIRE AGREEMENT
AND SUPERSEDE ALL PROPOSALS, ORAL OR WRITTEN, ALL PRIOR NEGOTIATIONS AND
ALL OTHER COMMUNICATIONS BETWEEN XXXXXX AND LESSEE WITH RESPECT TO ANY UNIT
OF EQUIPMENT.
THIS LEASE SCHEDULE IS EFFECTIVE ONLY UPON ACCEPTANCE BY LESSOR AT ITS CORPORATE
OFFICE IN ROSEMONT, ILLINOIS.
Accepted on October ___, 1999, at Rosemont, Illinois.
PRIME LEASING, INC. PHYMED Diagnostic Imaging Center
(Lessor) Hillcrest, Inc. (Lessee)
By:________________________________ By:__________________________________
Name (Printed):____________________ Name (Printed):______________________
Title:_____________________________ Title:_______________________________
Date: October ___, 1999
PHYMED, INC.,
(Parent)
By:________________________________
Name (Printed):____________________
Title:_____________________________
Date: October ___, 1999
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EQUIPMENT SCHEDULE
TO
LEASE SCHEDULE NUMBER 1
TO
MASTER LEASE AGREEMENT NUMBER _______
Quantity Description of Equipment Serial Number
-------- ------------------------ -------------
1 MRI Xxxxxxxx Gyro Scan NT 1.5 126285-1
1 G.E. R&F MS 1850 13562WK4
1 Mammography-Xxxxxxx Contour BMC29289
1 Ultrasound-ATL Ultramark HDI 001JQ5
1 C/Arm OEC DXR5 05X6015
1 Dryview 8700 Laser Imager 8702003
1 CT-Picker 171950 PQ2000 Spiral CT Scanner 4038
EQUIPMENT LOCATION: 00000 Xxxxxxxxx Xxxx, Xxxxx 000, Xxxxxx, Xxxxx 00000
