Exhibit 10.9.1
EXTENSION OF TRAILER LEASE AGREEMENT
This Agreement between E & J Enterprises, Owner and Old Dominion
Freight Line, Inc., Lessee:
THAT WHEREAS, Owner and Lessee have previously entered into a certain
Trailer Lease Agreement being effective August 1, 1991 and continuing for a term
of sixty (60) months. (Original Lease)
WHEREAS, the parties are desirous of extending the term of said Lease
for an additional thirty-six (36) months upon the terms and conditions herein
below stated.
NOW THEREFORE, the Parties agree as follows:
1. The Lease term of this extension shall be thirty-six (36)
months commencing August 1, 1996 unless sooner terminated as
provided in Original Lease; a copy of same being attached
hereto as Exhibit "A".
2. As rental therefore Lessee agrees to pay to Owner as follows:
(a) From August 1, 1996 through July 31, 1997 the sum of
$35,045.00 based upon 163 trailers at $215.00 per
month.
(b) From August 1, 1997 through July 31, 1998 the sum of
$34,230.00 based upon 163 trailers at $210.00 per
month.
(c) From August 1, 1998 through July 31, 1999 the sum of
$33,415.00 based upon 163 trailers at $205.00 per
month.
3. Paragraph 2 B of Original Lease shall be amended so that the
last sentence of said paragraph shall read as follows:
"Upon termination or cancellation Lessee shall return
each leased vehicle to Owner with tires which will
pass Federal Highway Administration requirements
which are in force at that time".
4. Paragraph 2 I of Original Lease shall be amended to read as
follows:
"I. If during the term of this lease (1) any leased
vehicle is stolen or disappears, or (2) any leased
vehicle is damaged by accident or otherwise to such
an extent that it cannot economically be restored to
good working order and condition, Lessee shall
promptly pay to Owner on demand the fair market value
of such vehicle. Owner will substitute a vehicle
acceptable to Lessee or shall reduce pro-rata the
amount payable by Lessee under this Paragraph I. In
any event, Lessee shall continue to pay
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to Owner the fixed monthly charge until such time as
Owner receives payment for the lost or damaged
vehicle".
5. All other terms and conditions of Original Lease shall remain
the same.
Executed this 22nd day of July, 1996.
E & J ENTERPRISES
BY: Xxxx X. Xxxxxxx
OLD DOMINION FREIGHT LINE, INC.
BY: Xxxx X. Xxxxxxx
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