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EQUIPMENT LEASE AGREEMENT

Equipment Lease Agreement

EQUIPMENT LEASE AGREEMENT | Document Parties: WWWELINK SYSTEMSCOM, LLC You are currently viewing:
This Equipment Lease Agreement involves

WWWELINK SYSTEMSCOM, LLC

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Title: EQUIPMENT LEASE AGREEMENT
Governing Law: Texas     Date: 12/1/2006
Industry: Computer Services     Sector: Technology

EQUIPMENT LEASE AGREEMENT, Parties: wwwelink systemscom  llc
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Exhibit 10.2

EQUIPMENT LEASE AGREEMENT

     THIS AGREEMENT (the "Agreement") is made and entered into by and between WWW.ELINKSYSTEMS.COM,LLC, a Texas Based Company ("Lessor"), and CLAIMSNET.COM __________________, a ___ Delaware Corporation _______________ ("Lessee" and collectively with Lessor, the "Parties"), as of December 1, 2006.

     1.  EQUIPMENT LEASED . Lessor hereby leases to Lessee, and Lessee leases from Lessor, the property (hereinafter referred to as the "Equipment"), set forth in Exhibit A , which is attached hereto and made a part hereof. Exhibit A may be modified from time to time upon the separate written agreement of the Parties.

     2.  TERM AND RENT . The term of this Agreement (the "Lease Term") shall commence on the date first above written and, subject to any right to terminate the Agreement herein, shall remain in force for three years from that date; provided, however, that Lessor may terminate this Agreement at any time by giving prior notice to Lessee, not less than three (3) days before the date of such termination. Unless a different pay period is subsequently agreed to by the Parties, rent in the amount of Four Thousand, Seventy Eight and 39/100 Dollars ($4,078.39) shall be paid by Lessee to Lessor on the first day of each month during the Lease Term.

     3.  TITLE . This Agreement creates a lease only of the Equipment and, except as otherwise stated in Section 6 below, nothing contained herein or the payment of rent hereunder shall enable Lessee to acquire any right, title, or other interest in or to the Equipment other than that of a lessee. Lessee will not (i) subject the Equipment to any claims, liens or encumbrances, (ii) sell, sublet or lend the Equipment, or (iii) permit the Equipment to be used by anyone other than Lessee and its employees and agents.

     4.  TAXES AND OTHER CHARGES . Unless subsequently agreed to otherwise by the Parties:

 

(a)

 

Lessee shall pay and/or be responsible for all sales and use taxes imposed on the possession, use, or operation of the Equipment during the term of this Agreement.

 

     

 

(b)

 

Lessee assumes all responsibility and shall pay the cost and expense for all licensing, registrations, permits, and such other certificates as may be required for the lawful operation of the Equipment during the term of this Agreement.

 

     

 

(c)

 

Lessee shall observe all safety rules and other requirements of regulatory bodies having jurisdiction and shall pay all fines assessed.

 

     

 

(d)

 

Lessor may pay any tax, licensing, registration, or permit fee, fine, or other charge, whether levied, assessed, charged, or imposed against Lessor or the Lessee. If such payment is made by Lessor, Lessee shall reimburse Lessor. Lessor shall also have the right of offset in the event Lessor owes any monies to Lessee.

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     5.  LOCATION OF EQUIPMENT . The Equipment shall not be delivered to Lessee during the Lease Term, but shall remain at Lessor’s place of business or other location as determined by the Lessor.

     6.  PURCHASE OPTION . At the end of the Lease Term, as further consideration for the payment of rent by the Lessee, the Lessee shall have the right, but not the obligation, to purchase all of the Equipment for the amount of One Dollar ($1.00) (the "Purchase Option"). Lessee shall notify Lessor no later than thirty (30) days prior to the end of the Lease Term of its intention to exercise the Purchase Option. If Lessee fails to provide such notice, the Purchase Option shall expire thirty (30) days prior to the end of the Lease Term.

     7.  MAINTENANCE AND REPAIR . Lessee shall purchase and pay all operating expenses necessary for the operation of the Equipment, and at Lessee’s sole cost and expense keep the Equipment in good repair, condition, and operating order. In the event Lessor pays any such costs, Lessor shall invoice Lessee for such costs for payment. Lessor shall have the right of offset in the event Lessor owes any monies to Lessee. At the end of the Lease Term, unless Lessee exercises the Purchase Option, Lessee shall return the Equipment, if necessary, to Lessor at Lessor’s place of business in operating order and in the same condition and state of repair as it was on the date of this Agreement, ordinary wear and tear excepted.

     8.  LOSS, DAMAGE AND INSURANCE . As between the Parties, Lessee accepts all risks of loss and damage to the Equipment ("Loss") from the shipment of the Equipment, if applicable, to Lessee until returned to Lessor. Lessee Must notify Lessor immediately if there is any Loss and Lessor will demand that Lessee either (a) repair or replace the Equipment or (b) pay Lessor the "Stipulated Loss Value" which is the sum of (i) all Rent and other amounts due, and currently owed to Lessor under the Lease, including unpaid taxes, (ii) all future Rent payments that would accrue over the remaining Lease Term plus Lessor’s estimated value of the residual interest of all of the Equipment at the end of the Lease Term, such sum to be discounted to present value at a discount rate equal to the Federal Reserve Bank Discount Rate in effect at the date of this Agreement and (iii) any costs and expenses incurred as a result of this event. For the Lease Term set forth above, Lessee will maintain property casualty insurance in an amount equal to the replacement value of the Equipment naming Lessor as loss payee and public liability and third party property damage insurance naming Lessor as an additional insured. At Lessor’s request, Lessee will deliver the policies or certificates of insurance to Lessor. If Lessee does not give Lessor evidence of insurance we may obtain such insurance and charge Lessee for the cost. The foregoing policies shall provide that it may not be cancelled or materially altered without at least 30 days’ prior written notice to Lessor.

     9.  DEFAULT . Each of th


 
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