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Exhibit 10.27
EQUIPMENT LEASE
This
Equipment Lease is dated effective as of August 1, 2004, and is
between PBC ACQUISITION, LLC., a Delaware limited liability company
("Lessor")
and PORTLAND BREWING CO., an Oregon corporation ("Lessee").
1.
LEASE. Lessor hereby leases to Lessee, and Lessee hereby hires and
takes
from Lessor the following-described personal property (hereinafter,
with all
replacement parts, additions, repairs and accessories incorporated
therein
and/or affixed thereto, referred to as "leased equipment"):
All
equipment owned by Lessor and located at the premises described in
the
Sublease (Brewery) and Sublease (Alehouse), each dated effective as
of
August 1, 2004.
2.
TERM. This term of this lease commences August 1, 2004, and ends
upon
termination of the Sublease (Brewery) or Sublease (Alehouse), with
respect to
the equipment located at each premises.
3. RENTALS. For said
term, or any portion thereof, Lessee shall pay to
Lessor a rental fee in the amount of $0.15 per barrel produced at
the premises
described in paragraph 6 hereof, payable in accordance with the
Production
Agreement between the parties dated effective August 1, 2004.
4.
IDENTIFICATION OF LEASED EQUIPMENT. Lessor may affix such evidence
of
ownership to leased equipment as it may deem appropriate.
5.
TITLE OF THE LESSOR. Title to the leased equipment shall at all
times
remain in the Lessor. The leased equipment is and shall remain
personal
property. Upon the expiration or termination of this lease, the
Lessee shall
return the leased equipment unencumbered to Lessor at Le
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