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EXHIBIT 10.27
EQUIPMENT LEASE AGREEMENT
LESSOR: Xxxxxx X. Xxxxxxx
0000 Xxxxxxxx Xxxxxx Xxx
Xxx Xxxxxx, Xxxxx 00000
LESSEE: Basic Technologies, Inc.
0000 X. Xxxx Xx. #000
Xxxxxxxxxx XX 00000
LOCATION OF
EQUIPMENT: 00000 Xxx 00 Xxxxx
Xxxxxxxxx XX 00000
DESCRIPTION OF
EQUIPMENT: Exhibit A Attached
This agreement of lease of personal property is made effective the date signed
below, by and between the Lessor and Lessee named above.
The lease is for a term of sixty (60) months, beginning Immediately. There is to
be no security deposit or prepayment of last month's lease payment.
Lease Payments: $1,093.00 per month, beginning April 17, 1999, and continuing
through March 17, 2002; followed by monthly lease payments of $818.00, beginning
April 17, 2002, and ending with the last payment on March 17, 2004.
Lease termination and purchase option: At the end of the lease, or the payoff of
the lease, if it occurs earlier, Lessee has the option to purchase the leased
equipment for Ten Dollars ( $10.00). Notice of exercise of such option Must be
made to Lessor no more than 30 days prior to expiration of the lease. If the
purchase option is not exercised, Lessee must return the equipment to Lessor
upon the termination of the lease. According to the provisions of the Uniform
Commercial Code, this lease is to be treated as a finance lease.
During the term of the lease, Lessee is solely responsible to maintain the
equipment in good working order; to maintain adequate casualty insurance
coverage; and to pay any assessed personal property taxes. Lessee agrees to
inform Lessor in writing promptly of any loss or significant damages to the
equipment, and to provide evidence of insurance coverage.
Lessor makes no express or implied warranties as to the fitness and suitability
of the equipment for the Lessee's purposes.
The terms of this lease will be governed by the laws of the State of Texas, with
venue for any disputes to be in Xxxxxx County, Texas.
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This lease cannot be assigned by Lessee without written permission of Lessor.
Notwithstanding this provision, Lessee may assign the lease or use of the leased
equipment to any company which is owned or controlled by the Lessee.
If Lessee is in default on any lease payment or on any other provision of the
lease, Lessor may consider Lessee to be in default, and accelerate the remaining
obligations of the lease, requiring Lessee to pay the remaining balance in full.
If any provision hereof or any remedy provided herein is found to be invalid,
such provision shall be deemed omitted, but the remaining provisions and
remedies shall remain in effect. Any delay or failure to enforce Lessor's rights
will not prevent Lessor from enforcing its rights at a later time, subject to
provisions of Texas law.
The terms and conditions of this Lease are the entire terms and conditions, and
may be modified only by a mutually-signed written agreement.
This Lease is binding upon the heirs, successors or legal representatives of
each party.
Signed and agreed to effective the 15th day of April, 1999.
LESSOR: LESSEE:
/s/ XXXXXX XXXXXXX /s/ B XXXXXX
----------------------------- --------------------------
Xxxxxx Xxxxxxx Xxxxx Xxxxxx, President
for Basic Technologies,Inc.
