TERMINATION OF LEASE AGREEMENT
THIS AGREEMENT is made and entered into as of September 4, 1997, by and
between County of Chautauqua Industrial Development Agency, a public benefit
corporation of the State of New York having an address at 000 Xxxxxxxx Xxxxxx,
Xxxxxxxxx, Xxx Xxxx 00000 (the "Lessor"); and Dunkirk International Glass and
Ceramics Corporation, a Delaware corporation having an address at 000 Xxxxxxxxx
Xxxxxx, Xxxxxxx, Xxx Xxxx 00000 (the "Lessee").
RECITALS:
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WHEREAS, pursuant to a certain Lease Agreement, dated as of March 1, 1995
(the "Lease Agreement"), by and between the Lessor and the Lessee, the Lessor
leased to the Lessee certain equipment (the "Equipment") more particularly
described in the Lease Agreement, which Equipment has been installed or is
situated in that property commonly known as 000 Xxxxxxxxx Xxxxxx in the City of
Dunkirk, Chautauqua County, New York; and
WHEREAS, the leasehold estate created by the Lease Agreement shall
terminate by its terms on December 2, 2010 (the "Lease Expiration Date"), and
WHEREAS, in connection with the redemption of the Series 1995 Bonds more
particularly described in the Lease Agreement, the parties hereto now wish to
provide for the termination of the Lease Agreement prior to the Lease Expiration
Date.
NOW THEREFORE, in consideration of the foregoing and the mutual covenants
herein contained, the parties hereto agree as follows:
1. Termination. That the Lease Agreement is hereby terminated in all
respects as of the effective date of this Agreement, with the exception that, as
expressly provided at Section 9.3 of the Lease Agreement, Section 5.9 of the
Lease Agreement, entitled "Indemnity Against Claims," shall survive this
termination.
2. Purchase of Equipment. That in connection with the termination of the
Lease Agreement as contemplated hereby, the Lessee shall purchase the Equipment
from the Lessor for the purchase price of One Dollar ($1.00).
3. Counterparts. That this Agreement may be executed in counterparts,
each of which shall be an original and all of which shall constitute but one and
the same instrument.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the day
and year first above written.
COUNTY OF CHAUTAUQUA DUNKIRK INTERNATIONAL GLASS
INDUSTRIAL DEVELOPMENT AGENCY AND CERAMICS CORPORATION
By: /s/ Xxxxxx X. Xxxxxxx By: /s/ Xxxxxxx X. Amt
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Name: Xxxxxx X. Xxxxxxx Name: Xxxxxxx X. Amt
Title: Director Title: President
