LEASE AGREEMENT
This Lease is entered into on the 19th day of February, 1999, by and
between INTRAM INVESTMENT CORPORATION ("Intram"), an Ohio corporation, whose
address is 00000 Xxxxxx Xxxx, Xxxxxxxxxx, Xxxx 00000, and LIGHT TOUCH VEIN &
LASER, INC. ("Light Touch"), an Ohio corporation, whose address is 00000
Xxxxxxxxxx Xxxx, Xxxxxxxxxx, Xxxx 00000.
WHEREAS, Intram is the owner of certain vehicles as set forth in
Exhibit "A" attached hereto; and
WHEREAS, Light Touch desires to lease said vehicles from Intram; and
WHEREAS, Intram is agreeable to leasing the vehicles to Light Touch.
NOW THEREFORE, the parties agree as follows:
1. VEHICLES
Intram hereby leases to Light Touch upon the terms and conditions set
forth herein, the vehicles set forth in Exhibit "A" attached hereto.
2. TERM
The term of this Lease shall be twelve months (12) months, commencing
March 1, 1999.
3. RENT
Light Touch shall pay a base rent to Intram of Twenty-four Thousand
Nine Hundred Eleven and 28/100 Dollars ($24,911.28), payable in twelve (12)
equal monthly installments of Two Thousand Seventy-five and 94/100 Dollars
($2,075.94), due and payable on the first day of each month. A 10% penalty of
Two Hundred Seven and 59/100 Dollars ($207.59) shall be assessed to the rental
payment should rent not be paid on or before the due date each month.
Time is of the essence as to rent payments.
4. SECURITY DEPOSIT
A security deposit of Two Thousand Seventy-five and 94/100 Dollars
($2075.94) shall be delivered to Intram at the signing of this Lease. Intram
acknowledges receipt of said security deposit by its signature on this LEASE.
5. TITLE
Light Touch will ensure that the vehicles' titles are registered in the
name of Intram Investment Corporation. Light Touch is responsible for the costs
of all license, title and registration costs. Light Touch will maintain the
vehicles' registration as required by law.
6. MAINTENANCE
Light Touch shall, at its own expense, service the vehicles according
to the manufacturers recommendations and keep them in good condition and running
order. Light Touch shall make no modifications to the vehicles without
permission from Intram. Light Touch shall also keep complete maintenance books
on the vehicles. Light Touch shall not use or knowingly permit the automobiles
to be used for any unlawful purpose.
6. INSURANCE
Light Touch shall, during the term of this Lease, insure the vehicles
with a minimum coverage of commercial auto coverage with limits as set forth in
the Light Touch Vein & Laser, Inc. Property and Casualty Insurance Policy
effective 12-31-98. Intram shall be named as "Loss
2
Payee" on said policy. Upon request, Light Touch shall furnish a copy of the
insurance policy to Intram.
7. INDEMNIFICATION
Light Touch shall indemnify and hold Intram harmless from any and all
liability arising out of any use of the vehicles.
8. ASSIGNMENT
This Lease shall be non-assignable by Light Touch.
9. TRAFFIC TICKETS
Light Touch is responsible for any and all traffic and/or parking
tickets issued to the driver of any of the vehicles.
10. DEFAULT
Light Touch will be in default and, subject to any right it may have to
cure the default, Intram may terminate this Lease early if:
1) Payment is not made when due;
2) A lien or other claim is made against this Lease or one or both of the
vehicles;
3) A bankruptcy petition is filed by or against Light Touch;
4) Ligbt Touch does not comply with any terms of this Lease.
Should Light Touch default, Intram may, as applicable law permits, peacefully
take back the
3
vehicles without notifying Light Touch. Light Touch may recover any personal
property in the vehicle only if it claims the property within 20 days after
vehicle is taken back by Intram. Light Touch is responsible for all expenses
involved in the repossession, storing and transporting of the vehicles, as
well as all legal costs and attorneys' fees, to the extent permitted by law.
IN WITNESS WHEREOF, the parties have hereunto set their hands.
Witness: INTRAM INVESTMENT CORPORATION
/s/ Xxx X. Xxxxxxx BY: /s/ Xxxxxxx X. Xxxxxxx
------------------------ ----------------------------------
Xxxxxxx X. Xxxxxxx, President
/s/ Xxxxx Xxxxxxxx
------------------------
Witness: LIGHT TOUCH VEIN & LASER, INC.
/s/ Xxx X. Xxxxxxx BY: /s/ Xxxxx X. Xxxx
------------------------ ----------------------------------
Xxxxx X. Xxxx, Secretary
/s/ Xxxxx Xxxxxxxx
------------------------
4
