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AGREEMENT NOW THEREFORE, in consideration of the foregoing, the mutual covenants and agreements set forth in this Lease and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Lessor and Lessee agree as follows: 1. Lease of Equipment. Subject to the terms and conditions of this Lease, Lessor agrees to lease to Lessee, and Lessee agrees to lease from Lessor, the equipment described on the attached Schedule A(collectively, the "Equipment"). As used in this Lease, the term "Equipment" refers to all items and/or units of Equipment collectively and to each item or unit of Equipment individually, as the context requires, and includes any and all Additions (as defined below) and any amendments, modifications and additions to Schedule A to which the parties may agree from time to time. 2. Term. The term of this Lease (the "Initial Term") shall commence on the date on which the Equipment in working condition is delivered to Lessee (the "Commencement Date") and passes Lessee's inspections and operating standards. The Initial Term shall end on the date that is four (4) years after the Commencement Date. The parties may, but are not obligated to, renew this Lease beyond the Initial Term (each a "Renewal Term"). Any such renewal shall be evidenced in a writing signed by both parties at least one hundred eighty (180) days before the expiration of the Initial Term. The Initial Term together with any Renewal Term(s) shall hereinafter be referred to as the "Term". 3. Inspection and Acceptance. Lessee shall have a period of thirty (30) calendar days from the date of delivery of the Equipment(the "Inspection Period")to (i) inspect the Equipment to ensure it is in good condition and repair and (ii) notify Lessor, in writing, that the Equipment is not in good condition and repair, in which case Lessor shall have a period of twenty-one (21) days from the date of such notice to cure the same or otherwise provide (or cause the manufacturer to provide) Lessee with Equipment that is in good condition and repair. If Lessee does not notify Lessor in writing during the Inspection Period that any of the Equipment is not in good condition and repair, then Lessee shall be deemed to have inspected, be satisfied with and accepted the Equipment in such good condition and repair. 4. Rental Payments and Other Lease Charges. (a) Rental Payments. Lessee agrees to pay to Lessor, during the Initial Term, as rent for the Equipment, the total sum of One Hundred Twenty Five Thousand Dollars ($125,000.00) per year, payable on the Commencement Date and each anniversary of the Commencement Date thereafter (the "Annual Rental Payment"). The Annual Rental Payment and any other amounts due under this Lease by Lessee to Lessor shall be paid without relief from valuation and appraisement laws. (b) Late Payments. If the Annual Rental Payment or any other amount owed under this Lease is not paid to and received by Lessor within ten(10)business days after the date such payment is due, then in addition to all amounts payable by Lessee as a result of Lessor's exercise of any remedies provides in this Lease, Lessee shall immediately pay to Lessor a late payment charge