Exhibit 10.51
RENTAL AGREEMENT
This Agreement is dated as of the 1st day of October, 2002 and is by and
between DW Trailer, LLC ("Rentor") and Xxxxxx Industries, Inc. ("Rentee").
Whereas, Rentor has certain ownership rights to a Nissan PD90H Tow Motor
serial number 921286 (the "Equipment"):
Whereas, Rentee desires to rent the Equipment on a temporary basis from
Rentor upon the terms and conditions stated herein;
Now Therefore, for the consideration stated herein and other good and
valuable consideration the receipt and sufficiency of which is hereby
acknowledged, the parties agree as follows:
1. Rental Term: Rentee hereby agrees to rent from Rentor the Equipment for a
period of thirty eight (38) months from the date of this Agreement. Rentee
shall have the right to use Equipment in the normal course of its business.
Upon the expiration of this Agreement, Rentee shall deliver the Equipment
to a location designated by Rentor at Rentee's expense. Rentee shall have
the right to require Rentor to exercise its rights to purchase the
Equipment pursuant to a lease between Rentor and Citicapital.
2. Rental Payments: Rentee shall pay on the first day of October 2002 and on
the first of each month thereafter during the term of this Lease an amount
of $957.50 to Rentor for the use of the Equipment.
3. Maintenance: Rentee hereby agrees to pay for the maintenance of the
Equipment and to keep it in good working order and in the same or similar
condition as when received from Rentor, exclusive of normal wear and tear.
4. Insurance: Rentee shall maintain a reasonable amount of insurance on the
Equipment during the term of this Agreement and shall also be responsible
for all risk of loss of the Equipment.
In Witness Whereof, each of the parties hereto have executed this Agreement
as of the date first stated above.
DW Trailer, LLC Xxxxxx Industries, Inc.
/s/ Xxxxxxx X. Xxxxxx /s/ Xxx Xxxxxxxx
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By: Xxxxxxx X. Xxxxxx, Member By: Xxx Xxxxxxxx, President
