EXHIBIT 10.3
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EQUIPMENT RENTAL CONTRACT
1. NAMES
Greystone Manufacturing, L.L.C., an Oklahoma limited liability company (Renter),
and NYOK Partners, an Oklahoma general partnership (Owner), agree to the
following rental.
2. EQUIPMENT BEING RENTED
Owner agrees to rent to Renter, and Renter agrees to rent from Owner, the
following Equipment:
Cincinnati Milacron 1760-1054 WP Plastics Injection Molding Machine
Serial # H35A0300004 (Equipment).
3. DURATION OF RENTAL PERIOD
The rental will begin at 9:00 a.m. on November 1, 2004 and will end at 8:59 on
February 18, 2009.
4. RENTAL AMOUNT
The rental amount is $21,136.13 per month.
5. PAYMENT
Renter has paid $1,111,706.4 to Owner to cover the rental period specified in
paragraph 3.
6. DELIVERY
Owner will deliver the Equipment to Renter on November 1, 2004 at:
0000 Xxxxxxxxx Xxxxx
Xxxxxxxxxx, Xxxx 00000
7. LATE RETURN
If Renter returns the Equipment to Owner after the time and date the rental
period ends, Renter will pay Owner a rental charge of $200 per day for each day
or partial day beyond the end of the rental period until the Equipment is
returned. Owner can subtract these rental charges from the security deposit.
8. DAMAGE OR LOSS
Renter acknowledges receiving the Equipment in good condition.
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Renter will return the Equipment to Owner in good condition except as noted
above. If the Equipment is damaged while in Renter's possession, Renter will be
responsible for the cost of repair, up to the current value of the Equipment. If
the Equipment is lost while in Renter's possession, Renter will pay Owner its
current value.
9. CURRENT VALUE OF EQUIPMENT
Owner and Renter agree that the current value of the Equipment is $1,281,465.
10. USE OF EQUIPMENT
Renter acknowledges that use of the Equipment creates some risk of personal
injury to Renter and third parties, as well as a risk of damage to property, and
Renter expressly assumes that risk. Renter therefore agrees to use the Equipment
safely and only in the manner for which it is intended to be used. Owner is not
responsible for any personal injury or property damage resulting from Renter's
misuse, unsafe use or reckless use of the Equipment. Renter will indemnify and
defend Owner from and against any injury or damage claims arising out of
Renter's misuse, unsafe use or reckless use of the Equipment.
11. OTHER TERMS AND CONDITIONS
At the end of the rental period, Greystone Manufacturing, L.L.C. may buy the
equipment for $100,000.
12. ENTIRE AGREEMENT
This is the entire agreement between the parties. It replaces and supersedes any
and all oral agreements between the parties, as well as any prior writings.
13. SUCCESSORS AND ASSIGNEES
This agreement binds and benefits the heirs, successors and assignees of the
parties.
14. NOTICES
All notices must be in writing. A notice may be delivered to a party at the
address that follows a party's signature or to a new address that a party
designates in writing. A notice may be delivered:
in person
by certified mail, or
by overnight courier.
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15. GOVERNING LAW
This agreement will be governed by and construed in accordance with the laws of
the state of Oklahoma.
16. COUNTERPARTS
The parties may sign several identical counterparts of this agreement. Any fully
signed counterpart shall be treated as an original.
17. MODIFICATION
This agreement may be modified only by a writing signed by the party against
whom such modification is sought to be enforced.
18. WAIVER
If one party waives any term or provision of this agreement at any time, that
waiver will be effective only for the specific instance and specific purpose for
which the waiver was given. If either party fails to exercise or delays
exercising any of its rights or remedies under this agreement, that party
retains the right to enforce that term or provision at a later time.
19. SEVERABILITY
If any court determines that any provision of this agreement is invalid or
unenforceable, any invalidity or unenforceability will affect only that
provision and will not make any other provision of this agreement invalid or
unenforceable and shall be modified, amended or limited only to the extent
necessary to render it valid and enforceable.
RENTER
Greystone Manufacturing, L.L.C.,
an Oklahoma limited liability company
0000 Xxxxxxxxx Xxxxx
Xxxxxxxxxx, Xxxx 00000
Dated: November 1, 2004
By: /s/ Xxxxxx X. Xxxxxx
Xxxxxx Xxxxxx, CFO
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OWNER
NYOK Partners, an Oklahoma general partnership 0000 X. 00xx
Xxxxx, Xxxxxxxx 00000
Dated: November 1, 2004
By: /s/ Xxxxxx X. Xxxxxx
Xxxxxx Xxxxxx, Partner
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