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TERMS AND CONDITIONS OF LEASE

1. Beginning date of this contract is the date equipment is delivered to LESSEE (based on receipt date shown on bill of lading). The contract remains in effect until equipment is placed with a recognized carrier for shipment to LESSOR, or delivered directly to LESSOR’S facilities. The LESSEE is responsible for shipping charges incurred in both delivery to the LESSEE and return delivery to the LESSOR.

2. All charges are in one-week increments. Any portion of a week will be charged as a full week. For bill purposes, a week begins the date the contract is initiated (as noted in paragraph #1) and continues for a full seven days. (E.g.: If equipment is delivered on a Tuesday, LESSEE will be charged for Tuesday through the following Monday. If the return bill of lading shows shipment was made the following Tuesday, or later, LESSEE will be charged for another week. Each succeeding week will also run Tuesday through Monday.)

3. A security deposit, in the amount shown on the front of this form, will be required before Wood’s Powr-Grip will release equipment for use by LESSEE. THE DEPOSIT SHOULD ACCOMPANY THIS AGREEMENT, WHEN LESSEE RETURNS IT. Non-cash deposits must be approved before equipment is released. This deposit will be retained by Wood’s Powr-Grip until equipment is returned and has been inspected for damage. At that time, lease and damage charges will be compiled. Any deposit amount in excess of charges will be returned to LESSEE. If charges exceed the deposit amount, LESSEE will be billed for the difference.

4. Immediately upon receipt of equipment, LESSEE is advised to inspect for shipping damage to both equipment and container(s). If equipment, and/or container(s) display signs of damage, LESSEE should notify LESSOR. Failure to notify LESSOR promptly could lead to unnecessary repair charges against LESSEE’S deposit.

5. Said equipment, known as Powr-Grip vacuum gripping equipment, shall at all times remain and be the sole and exclusive property of Wood’s Powr-Grip Co., Inc., and LESSEE shall have only the right to use said equipment and accessories under conditions here contained. The leased equipment shall not be transferred, leased or used or subject to any person other than LESSEE. LESSEE shall not assign this lease by his own act or by operation of law.

6. LESSEE agrees to use said equipment in a safe and proper manner and in conformity with all laws and ordinances pertaining thereto. Wood’s Powr-Grip Co., Inc. shall have no responsibility, direction or control over the manner of use or operation of said equipment by the LESSEE. LESSEE assumes all responsibility for claims asserted by any person whatever growing out of the use or possession of said equipment, and agrees to hold Wood’s Powr-Grip Co., Inc. harmless from all such claims.

7. Wood’s Powr-Grip Co., Inc., without obligation on its part, shall at all times have right of free access to the leased equipment for the purpose of inspecting it and watching its use or operation, or determining the nature and extent of its use.

8. The leased equipment shall be at the sole risk of LESSEE from injury, loss or destruction and, in case it or any part thereof be destroyed, damaged or lost, whether with or without fault on the part of LESSEE, the LESSEE shall pay to Wood’s Powr-Grip Co., Inc. a sum equal to current list price for the same or similar equipment.

9. Wood’s Powr-Grip Co., Inc. shall have the right, without notice, to terminate this lease in the event of breach of any of its terms, conditions or promises; or if LESSEE becomes insolvent; or any proceedings in bankruptcy or receivership be instituted by or against it; or if any execution, levy, distraint or attachment be levied or threatened to be levied upon the leased equipment. Upon termination or expiration, as set forth as Dates Required in the contract, LESSEE shall forthwith release such equipment to Wood’s Powr-Grip Co., Inc. in as good order and condition as it was received, ordinary wear and tear caused by reasonable and proper use expected, and Wood’s Powr-Grip Co., Inc. shall have the right to immediately repossess said equipment itself. LESSEE hereby agrees to indemnify Wood’s Powr-Grip Co., Inc. from all claims by LESSEE or any other person for or by reason or on account of any repossession.

10. Rental fees and/or other charges are net and due and payable in accordance with terms shown on Wood’s Powr-Grip invoice or those otherwise agreed upon between LESSOR and LESSEE.

11. This lease comprises the entire lease and contract between the parties and it is acknowledged that there are not understandings, representations, warranties, promises, verbal or otherwise, pertaining to this lease or to the equipment, which are not incorporated herein expressly, by referenced or by rider attached hereto.