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EXHIBIT 10.20
EQUIPMENT LEASE
THIS LEASE executed as of February 1, 2004, between A-Y-K-E
Partnership, a partnership (hereafter
referred to as "LESSOR"), and Affholder,
Inc., a Missouri corporation (hereinafter
referred to as "LESSEE").
1. LESSOR leases to LESSEE, and LESSEE leases from LESSOR, one
Lovat
M-142 Tunnel Boring Machine, Series No.
6100.
2. The term of this Lease shall begin February 1, 2004 and shall
end
December 3l, 2004. If the leased property
is retained by LESSEE after April 30,
2004 without the consent of LESSOR, then
the liquidated damages shall be
$25,000.00 plus $5050.00 per day.
3. The Leased property shall be used solely for the installation
of
152" tunnel on the Evansville, Indiana.
4. LESSOR will be paid a lump sum of $100,000.00
5. LESSEE may not make alterations, additions or improvements to
the
leased property, without prior written
notification to and approval by LESSOR.
All such additions to and improvements
shall immediately become the property of
the LESSOR and subject to the terms of this
Lease.
6. LESSEE, at its own cost and expense, shall keep the leased
property
in good repair, condition and working
order, and shall not subject the leased
property to careless or needlessly rough
usage.
7. LESSOR shall at all times during business hours have the right
to
enter upon the premises where the leased
property may be located for the purpose
of inspecting it or observing its use.
8. The leased property shall be delivered to LESSEE at
Evansville,
Indiana on or before February 1, 2004.
LESSEE shall inspect the leased property
before the commencement of the Lease.
Unless LESSEE gives written notice to the
LESSOR within five (5) days after first
test use of the leased property
specifying any defect in or other objec
