Lease Agreement - Coastal Leasing Inc. and Visual Data Corp.
6006
LEASE AGREEMENT
Visual Data Corporation 1600 S. Dixie Highway, Suite 3A, Boca Raton, FL 33432
Computer Video & Graphics 6157 NW 167th Street, #F14, Miami, FL 33015
SEE SCHEDULE "A" ATTACHED HERETO AND MADE A PART HEREOF
Same as Above Palm Beach
36 Payments of $1983.43 $119.01 $2,102.44 36
Advance Payment of $ N/A which equlas the first and last N/A payment(s) and a $
445.00 documentation fee MUST ACCOMPANY LEASE.
EQUIPMENT LEASE TERMS AND CONDITIONS
1. LEASE AND PAYMENTS. LESSOR hereby leases to LESSEE and LESSEE hereby
leases from Lessor, the Equipment pursuant to the terms and conditions of this
Lease which include those on the reverse side hereof. LESSEE agrees to make all
of the payments ("Monthly Lease Payment(s)") as set forth above at the LESSOR'S
address shown above or such other addresses as LESSOR may direct on or before
each monthly due date and shall commence with acceptance of the Equipment and
continuing on such date of each month thereafter for the entire Lease term,
including any extended or renewal term. Said Lease term shall be automatically
extended at the Monthly Lease Payment in effect at the end of said term unless
and until terminated by either party hereto giving the other not less than
ninety (90) days prior written notice. ALL RENTS SHALL BE PAID WITHOUT NOTICE OR
DEMAND AND WITHOUT ABATEMENT, DEDUCTION, SET-OFF OF ANY AMOUNT WHATSOEVER. Each
such Monthly Lease Payment is due and payable whether or not LESSEE is invoiced
or supplied with a payment coupon book. Without LESSOR prior written consent,
any Monthly Lease Payment of a sum less than due shall not constitute a lease or
accord and satisfaction of what is due (or to become due) regardless of any
endorsement restriction. If either party declines to execute this Lease, LESSOR
may retain any LESSEE moneys to include, but not limited to, Security
Deposit(s), Monthly Lease Payments, Taxes, Documentation/Filing and commitment
fees.
2. SELECTION OF EQUIPMENT, LESSEE acknowledges the selection by it of
both the Equipment and supplier thereof and has requested LESSOR to purchase the
Equipment for Lease and shipment to LESSEE. Upon receipt thereof LESSEE shall
execute LESSOR's certificate of delivery and acceptance. In the event that
LESSEE has not executed and delivered to LESSOR such certificate of delivery and
acceptance within ten (10) business days after receipt of the Equipment, it
shall be conclusively presumed, as between LESSOR and LESSEE, that the Equipment
is acknowledged to be in good working order and condition and the LESSEE has
accepted and is satisfied with the Equipment for all of the intended uses and
purposes and LESSEE shall be required to commence Monthly Lease Payments due on
the tenth business day after LESSEE's receipt of the Equipment.
LESSEE AGREES AND ACKNOWLEDGES THAT IS THE INTENT OF BOTH PARTIES TO THIS
AGREEMENT THAT THIS LEASE QUALIFY AS STATUTORY FINANCE LEASE UNDER ARTICLE 2A OF
THE UNIFORM COMMERCIAL CODE. LESSEE REPRESENTS AND ACKNOWLEDGES THAT THE LESSOR
HAS NOT SELECTED, MANUFACTURED OR SUPPLIED THE EQUIPMENT AND LESSOR HAS ACQUIRED
THE EQUIPMENT OR THE RIGHT TO POSSESSION AND USE OF THE EQUIPMENT SPECIFICALLY
FOR LEASE TO LESSEE AT LESSEE'S REQUEST AND DIRECTION IN CONNECTION WITH THIS
LEASE. LESSEE, IN LESSEE'S SOLE DISCRETION, SELECTED THE EQUIPMENT AND SUPPLIER
AND ONLY LESSEE WILL ACCEPT DELIVERY OF, INSPECT, USE AND MAINTAIN THE
EQUIPMENT, LESSEE IS ALSO ADVISED THAT IT MAY HAVE RIGHTS UNDER THE CONTRACT
EVIDENCING THE LESSOR'S PURCHASE OF THE EQUIPMENT AND THAT IT SHOULD CONTACT THE
SUPPLIER FOR THE DESCRIPTION OF ANY SUCH RIGHTS. The Lease, including the
provisions on the reverse, contains the entire agreement between the LESSOR and
LESSEE and may not be amended, modified, terminated or otherwise changed, except
by prior agreement
<PAGE>
in writing signed by an executive officer of the LESSOR. Notwithstanding the
foregoing, LESSEE hereby authorizes the LESSOR without further notice, to
complete the description of the Equipment to be leased and the quantity thereof,
to insert the serial numbers or other identification data for the Equipment when
determined, to fill any blank spaces of this Lease and to date this Lease.
3. TAXES, FEES and ASSESSMENTS. LESSEE shall promptly pay when due all
licensing, filing and registration fees and all sales, use, personal property,
income or any other taxes (other than LESSOR'S income taxes) which may be levied
by any taxing authority with respect to the Equipment or the Monthly Lease
Payments or other payments due hereunder whether now or hereafter required
(including, but not limited to, increase in the rate of such taxes and any
penalties, fines, fees or interest imposed in connection therewith). LESSEE
agrees to file, in behalf of LESSOR, all required tax returns and reports
concerning the Equipment with all appropriate governmental agencies, and within
not more than forty-five (45) days after the due date of such filing to send
LESSOR confirmation, in form satisfactory to LESSOR, of such filing. LESSEE
further agrees to pay LESSOR a $179.01 documentation fee to cover the expense of
originating this Lease.
4. TITLE; FILINGS. Title to the Equipment shall at all times remain
with the LESSOR and LESSEE shall at no time make any assertion to the contrary
and shall keep the Equipment free and clear of all encumbrances, liens, or
levies of any kind or nature and shall defend LESSOR'S title at LESSEE'S
expense. LESSEE shall immediately give LESSOR notice in writing of the pendency
of any claim to the Equipment adverse to LESSOR'S ownership. LESSEE grants to
LESSOR or its agents or assigns a limited power of attorney to execute in
LESSEE'S name and file any financing statement or other document reflecting the
existence of the Lease and agrees to pay LESSOR $35.00 as LESSOR'S expense in
effecting any such filing. LESSEE shall cause to be placed on each piece of
Equipment identification noting LESSOR'S ownership. LESSEE warrants that the
Equipment will at all times remain personal property, regardless of h ow it may
be affixed to any real property, LESSEE agrees to hold LESSOR harmless and
indemnify LESSOR with regard to any and all claims, actions, damages, costs and
attorney's fees asserted by any landlord or mortgagee against LESSOR or the
Equipment herein.
5. REPRESENTATIONS AND WARRANTIES OF LESSEE. LESSEE represents and
warrants to LESSOR as follows: (i) the Equipment is Leased and will be used
exclusively for business purposes, (ii) the financial information provided by
LESSEE to LESSOR is, in all respects, true and correct, (iii) LESSEE has read,
understands and freely accepts the terms of this Lease, (iv) no representation
or warranty whatsoever concerning the Equipment has been made to LESSEE by
LESSOR, (v) LESSEE is duly and validly established under the laws of the state
in which it is organized, (vi) the person executing this Lease on behalf of
LESSEE has the power, authority and legal right to execute, deliver and perform
this Lease, and (vii) LESSEE is qualified to do business in each jurisdiction
where the Equipment is located, (viii) LESSEE will comply with all governmental
laws, ordinances, regulations, requirements and rules with respect to the use,
maintenance and operation of the Equipment.
6. NO WARRANTIES BY LESSOR. LESSOR MAKES NO EXPRESS OR IMPLIED
WARRANTIES WITH RESPECT TO THE EQUIPMENT INCLUDING THOSE OF MERCHANTABILITY OR
FITNESS FOR A PARTICULAR PURPOSE AND DISCLAIMS ANY AND ALL SUCH WARRANTIES.
LESSOR shall not be liable to LESSEE or any other persons to any extent
whatsoever for any claim arising out of the manufacture, selection, delivery,
possession, use, suitability, operation, return or condition of the Equipment
(including, without limitation, latent or other defects whether or not
discoverable by LESSEE.) LESSEE agrees to make such claims which may arise
directly to the supplier or manufacturer of the Equipment and provided LESSEE is
not in default, LESSOR grants to LESSEE the right to assert any and all warranty
claims which LESSOR may otherwise have by reason of its purchase and ownership
of the Equipment. THIS DISCLAIMER OF WARRANTIES IS FUNDAMENTAL TO THE NATURE OF
THIS TRANSACTION, IS EXPRESSLY BARGAINED FOR AND SUCH LESSOR WOULD NOT HAVE
ENTERED INTO THE LEASE WITHOUT SUCH DISCLAIMER. THE PENDENCY OF ANY CLAIM BY
LESSEE ARISING IN CONNECTION WITH THE EQUIPMENT WHETHER OR NOT COVERED BY ANY
<PAGE>
WARRANTY SHALL NOT AFFECT THE OBLIGATION OF LESSEE TO MAKE LEASE PAYMENTS.
______ INITIAL
______ INITIAL
SEE REVERSE SIDE FOR ADDITIONAL TERMS
AND CONDITIONS
Visual Data Corporation
LESSEE
SIGNATURE DATE: 5-25-95
/S/ RANDY S. SELMAN
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PRINT NAME AND TITLE BELOW:
RANDY S. SELMAN, PRESIDENT
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SIGNATURE DATE: 5-29-95
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PRINT NAME AND TITLE BELOW:
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ACCEPTED BY LESSOR: COASTAL LEASING, INC.
BY: /S/ MELANIE M. KAELIGN, VP ADMIN.
-----------------------------------
THIS IS AN NON-CANCELABLE LEASE FOR THE TERM
INDICATED
<PAGE>
7. LOSS, THEFT, DAMAGE, DESTRUCTION. LESSEE agrees to bear the entire
risk of any loss, theft, damage or destruction of the Equipment from any cause
whatsoever. NOTWITHSTANDING THE COMMENCEMENT DATE OF THE TERM OF THIS LEASE WITH
RESPECT TO ANY ITEM OF EQUIPMENT, LESSEE AGREES THAT ALL RISK OF LOSS OF THE
EQUIPMENT SHALL BE ON LESSEE FROM AND AFTER SHIPMENT OF THE EQUIPMENT TO LESSEE
BY THE SELLER THEREOF, F.O.B. seller's point of shipment. LESSEE agrees that no
such loss, theft, damage or destruction, whether upon delivery or thereafter,
shall relieve LESSEE of its obligation to pay rent or of any other of its
obligations under the Lease. In the event the Equipment is physically damaged to
a material extent by any occurrence whatsoever, LESSEE shall immediately notify
LESSOR of such damage and, unless LESSOR shall determine, in its sole and
absolute discretion, that the Equipment is damaged beyond repair, LESSEE at the
sole and absolute option and direction of LESSOR but at LESSEE'S sole expense,
shall immediately:
a) Replace the same with like Equipment in good condition and
repair and provide LESSOR with clear title thereto; or
b) Pay to LESSOR the total of the following amounts:
i) All Monthly Lease Payments and other payments due under
this Lease at the time of payment plus
ii) All Monthly Lease Payments and other amounts due under
this Lease from date of such payment to the end of the Lease term plus LESSOR'S
estimated residual value, discounted at the time of payment to present value by
an annual factor of six (6%). Upon LESSOR'S receipt of such payment, LESSOR
agrees that its entire interest in said item shall become the property of LESSEE
and LESSEE'S insurer (as their interests appear) in its then condition. AS IS,
WHERE IS, WITHOUT WARRANTY FROM LESSOR, EXPRESS OR IMPLIED WARRANTY, INCLUDING
ANY IMPLIED OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.
8. INSURANCE. LESSEE agrees to procure at its own expense and maintain
in force until the Equipment is returned to LESSOR the following insurance with
companies and in form acceptable to LESSOR:
A policy of general liability insurance, including bodily injury and
property damage, protecting the interest of LESSOR and LESSEE with such limits
as LESSOR may specify, naming LESSOR as additional insured.
A policy of all risk, physical damage insurance, including burglary and
theft, covering the Equipment for not less than the grater of the replacement
value or the original total cost of the Equipment, naming the LESSOR as loss
payee.
LESSEE shall furnish to LESSOR satisfactory evidence of the required
insurance. The proceeds of any insurance received by LESSOR on account of any
loss or casualty which has been satisfied by LESSEE shall be released to LESSEE
upon appropriate proof, unless at that time the LESSEE is in default, whereupon
LESSOR shall apply such insurance proceeds toward all amounts due under this
lease as a result of LESSEE'S default. Such policies of insurance shall provide
for at least thirty (30) days written notice of cancellation to Equipment.
LESSEE assigns to LESSOR all its rights, title and interest to any insurance
policies insuring the Equipment, including all rights to receive the proceeds of
insurance not in excess of the unpaid obligations under the Lease plus LESSOR'S
estimated residual value of the Equipment at the end of the Lease (discounted as
provided in paragraph 8 and directs any insurer to pay all such proceeds
directly to LESSOR and authorizes LESSOR to endorse LESSEE'S name on any draft
of other instrument for such proceeds.
9. LOCATION AND LESSORS INSPECTION. Equipment shall be delivered and
thereafter kept at the location specified above, if none specified above, if
none specified, at LESSEE'S address set forth above and shall not be removed
therefrom without LESSOR'S prior written consent. Any and all costs incurred by
LESSOR as a result of such relocation shall be borne by LESSEE. Any charges
hereunder shall not abate during the period the Equipment is out of service due
to any such relocation requested by LESSEE. LESSEE shall permit LESSOR on its
premises to inspect the Equipment and the business records to the LESSEE
relating to it during normal business hours.
10. ADDITIONS TO AND USE OF EQUIPMENT. Without LESSOR'S prior written
consent, LESSEE shall not make any alterations or additions to the Equipment
which would adversely affect the Equipment's intended use or value. All
additions, attachments, or replacements made to the Equipment, unless otherwise
agreed to in writing by LESSOR, shall become a part of the Equipment. LESSEE, at
its expense, shall maintain the Equipment in good operating order and repair in
accordance with the manufacturer's recommendations. Supplies required for use of
the Equipment are to be provided by LESSEE at its expense and are to meet the
Equipment manufacturer's specifications.
11. CONCLUSION OF LEASE TERM. At the conclusion of the term of this
Lease, unless other selections are available under End Of Lease Option(s),
LESSEE shall, at its expense, return the Equipment to LESSOR, properly packaged
or crated, in good condition and repair, in working order, ordinary wear and
tear permitted, at the address of LESSOR above, or such other location as LESSOR
shall direct. In lieu of returning such Equipment to LESSOR, LESSEE agrees that
LESSEE will, upon request of LESSOR, store such Equipment on LESSEE'S premises,
at an inside location protected from the weather and elements, without charge to
LESSOR for a period of 180 days following the date of expiration or termination
of this Lease. During such storage period LESSEE shall not use the Equipment for
any purpose. Upon expiration of such storage period LESSEE will return such
Equipment to LESSOR in accordance with the proceeding provisions. If the LESSEE
fails to return the Equipment to LESSOR, for any reason whatsoever, (unless
LESSEE has exercised its End Of Lease Options, with all or part of the security
deposit being applied thereto), LESSOR shall retain LESSEE'S Security deposit in
partial consideration thereof.
12. DEFAULT; REMEDIES. In the event LESSEE (i) fails to make any
Monthly Lease Payment when due; breaches any covenant, representation or
warranty contained in this Lease; (iii) makes an assignment for the benefit of
creditors or a petition for relief under any bankruptcy or insolvency law is
filed by or against LESSEE; (iv) is in default under any other lease, note or
obligation; (v) misrepresents or falsely warrants the financial information
given in connection with this Lease; (vi) makes a Build Sale or change int he
majority ownership interest of LESSEE; (vii) ceases to operate as a going
concern, then LESSOR shall have the right, to exercise any one or more of the
following cumulative remedies:
<PAGE>
/bullet/ without notice,the entire amount of the Monthly Lease
Payments remaining and other amounts which have accrued
hereunder to be paid over the balance of the Lease term,
together with all other obligations as herein set forth,
shall become immediately due and payable;
/bullet/ proceed to appropriate court action or actions at law or
in equity or in bankruptcy to enforce performance by
LESSEE of the covenants and terms of this Lease and/or to
recover damages for the breach thereof;
/bullet/ terminate this Lease.
/bullet/ whether or not this Lease be so terminated, and without
notice to LESSEE, repossess the Equipment wherever found,
with or without legal process, and for this purpose LESSOR
and/or its agents may enter upon any premises under the
control or jurisdiction of LESSEE or any agent of LESSEE
without liability for suit, action or proceeding by LESSEE
(any damages occasioned by such repossession being hereby
expressly waived by LESSEE) and remove the Equipment
therefrom; or
/bullet/ at LESSOR'S sole option, LESSOR may perform for LESSEE and
LESSEE will be responsible for cost of performance plus
interest thereon.
Notwithstanding the fact that any or all of the Equipment is returned to or
repossessed by LESSOR, LESSEE shall remain liable for the entire amount of
unpaid Monthly Lease Payment(s), plus all other unpaid sums or charges that
accrue prior to the date of LESSEE'S default, together with all costs and
expenses incurred by LESSOR as set forth herein, including its reasonable
attorneys' fees, with accelerated payments being discounted to present value as
of the date of default at an annual discount rate of six percent (6%).
If LESSEE fails to redeliver any Equipment to LESSOR or LESSOR is
unable for any reason to effect repossession of any Equipment, or LESSOR in its
sole discretion does not repossess any of the Equipment, then, with respect to
such Equipment, LESSEE shall be liable for, in addition the entire amount of
unpaid Monthly Lease Payments, LESSOR'S estimated residual value, with both the
accelerated payments and residual value being discounted to present value as of
the date of default at an annual factor of six percent (6%), plus all other
unpaid sums of charges together with all costs and expenses incurred by, LESSOR
including its reasonable attorneys' fees. LESSOR, at its option,may apply the
Initial Payments against the LESSEE'S obligations under this Lease.
Any repossession, resale or re-Lease of any Equipment by LESSOR shall
not be a bar to the institution of litigation by LESSOR against LESSEE for
damages for breach of this Lease, as hereinbefore provided, and the commencement
of any obligation or the entry of judgment against LESSEE shall not be a bar of
LESSOR'S rights to repossess any or all of the Equipment.
To the extent permitted by applicable law, LESSEE hereby waives any
rights now or hereafter conferred by stature of otherwise which may require
LESSOR to sell, lease or otherwise use any Equipment in mitigation of LESSEE'S
damages, as set forth in this Paragraph or which may otherwise limit or modify
any of LESSOR'S rights or remedies under this Paragraph.
In the event that any court of competent jurisdiction determines that
any provision of this Lease is invalid or unenforceable in whole or in part,
such determination shall not prohibit LESSOR from establishing its damages
sustained as a result of any breach of this Lease in any action or proceeding in
which LESSOR seeks to recover such damages or the return of the Equipment.
All remedies of LESSOR hereunder are cumulative and may, to the extent
permitted by law, be exercised concurrently or separately, and the exercise of
any one remedy shall not be deemed to be an election of such remedy or to
preclude the exercise of any other remedy. No failure on the part of LESSOR to
exercise, and no delay in exercising any right or remedy hereunder preclude.
Damages occasioned by LESSOR'S taking possession of Equipment are hereby waived
by LESSEE. All legal and equitable, actions between LESSEE and LESSOR can be
brought in a court of competent jurisdiction at the said election and
determination of LESSOR, and LESSEE consents thereto.
13. INDEMNITY. To the fullest extend permitted by law, LESSEE shall
indemnify and hold harmless the LESSOR, its assigns, successors, agents and
employees, from and against all claims, damages, losses and expenses, including
but not limited to attorneys' fees, arising out of or resulting in any way from
or related to the Equipment including, without limitation, the manufacture,
selection, delivery, possession, use, suitability, operation,return or condition
(including, without limitation, latent or other defecters whether or not
discoverable by LESSOR). This indemnification shall not be limited in any way by
any limitation on the amount or type of damages, compensation or benefits
payable by or for the LESSEE under any Workers Compensation or other employee
benefit act. LESSEE'S indemnities and liabilities shall continue in full force
and effect, notwithstanding the expiration, termination, or cancellation of this
Lease for any reason, including without limitation, the expiration of time,
operation of law, or otherwise.
14. ASSIGNMENT. LESSEE shall not assign or hypothecate this Lease, and
shall not sublet, lend or encumber any Equipment without LESSOR'S prior written
consent. The Equipment shall remain personal property regardless or whether
affixed to real property, and LESSEE agrees to execute and obtain the execution
of all agreements and documents in recordable form by all parties having an
interest in real property to which the Equipment is affixed, as LESSOR may
request, to protect LESSOR'S title to the Equipment. LESSOR may assign, sell,
transfer, mortgage, encumber, or otherwise dispose of this lease of the
Equipment in whole or in part without notice or consent of LESSEE. In the event
of any such transfer or assignment of the Lease or the Equipment, LESSEE agrees
to pay to the assignee or transferee all sums and to perform all obligations
under the Lease without defense, offset, or counterclaim whatsoever, including
breach of warranty, and such assignee or transferee shall have all the rights
and powers of LESSOR, but shall not be obligated to perform any of LESSOR's
obligations under this Lease; provided that no such assignment or transfer shall
deprive LESSEE of its right to use the Equipment in accordance with the terms of
the Lease. If LESSEE is given notice of any such transfer or assignment, LESSEE
agrees to acknowledge receipt thereof in writing and to pay directly to the
transferee or assignee all rents and other sums so assigned.
15. COLLECTION CHARGES. LESSEE AGREES THAT TIME IS OF THE ESSENCE TO
THIS LEASE. Accordingly, if any part of sum is not paid when due, LESSEE agrees
to pay LESSOR upon demand;
in the event any Monthly Lease Payment is not received within ten (10)
days of the due date,
<PAGE>
a later charge on the Monthly Lease Payment equal to the grater of five (5%)
or $15.00; and
other amounts allowed by law.
16. APPLICABLE LAW; JURISDICTION AND VENUE; WAVERS. This Lease will be
deemed to have been made, executed and delivered in the State of Florida and
shall be governed and construed for all purposes in accordance with the laws of
the State of Florida without giving effect to principals of conflicts of law.
LESSEE and Guarantor waive, insofar as permitted by law, trial by jury. LESSEE
and Guarantor hereby irrevocably consent that the jurisdiction and venue in any
action under this lease shall occur solely in state courts encompassing Broward
County, Florida LESSEE and Guarantor agree that any process served for any
action or proceeding shall be valid if mailed by regular or certified mail,
return receipt requested, with delivery restricted to either the addressee, its
registered agent or any agent appointed in writing to accept service of process.
17. CAPTIONS. Captions are intended for convenience or reference only,
and shall not be construed to alter or vary the text.
18. SEVERABILITY. In the event any one or more of the provisions of
this Lease shall for any reason be held invalid or unenforceable, such provision
shall be effective to the extent valid and enforceable, the remaining provisions
of this Lease shall remain in full force and effect.
19. ENTIRE LEASE; CHANGES. This Lease contains the entire agreement
between the LESSOR and LESSEE and may not be altered, amended, modified,
terminated or otherwise changed, except by a writing signed by an executive
officer of LESSOR. Each of the parties hereto declare that they have
participated in drafting this Lease Agreement and that, accordingly, this Lease
Agreement shall not be construed more strongly against any party hereto because
it drafted this Lease Agreement.
20. FURTHER ASSURANCES.
/bullet/ LESSEE shall execute and deliver other necessary
documents as LESSOR may reasonably require to
complete this transaction.
/bullet/ LESSEE hereby appoints LESSOR as LESSEE'S
attorney-in-fact to execute any and all documents
necessary to carry out the intent of this Lease;
including the loss or damages to the Equipment.
THIS IS A NON-CANCELABLE LEASE FOR THE TERM INDICATED
<PAGE>
PAGE 1 OF 1
SCHEDULE "A"
This Schedule "A" is hereby attached to and made a part of Lease #6006 by and
between Visual Data Corporation, as LESSEE and Coastal Leasing Inc. as LESSOR.
EQUIPMENT LOCATION EQUIPMENT SUPPLIER
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1600 S. Dixie Highway Computer Video & Graphics
Suite 3A 6157 N.W. 167th Street, F14
Boca Raton, FL 33432 Miami, FL 33015
EQUIPMENT DESCRIPTION: PROFESSIONAL DESKTOP VIDEO EDITING SYSTEM
----------------------
(1) DATA TRANSLATION MEDIA 100 - CARDS, SOFTWARE, CABLES & USER MANUAL
(1) DATA TRANSLATION MEDIA 100 - WHOLE DEAL
(1) DATA TRANSLATION MEDIA 100 - ONE YEAR PLATINUM SUPPORT PLAN
(1) MEDIA 100 FX OPTION - 58 DVE & TRANSITION EFFECTS
(1) MEDIA EDL/DECK CONTROL OPTION
(1) MEDIA 100 CG TILTING OPTION
(1) MEDIA 100 - POWER OPTION
(1) MEDIA 100 - HDR OPTION
(2) APPLE 17" TRINITRON COLOR COMPUTER MONITORS
(1) SUPERMAC 24BIT ACCELERATED GRAPHICS DISPLAY CARD
(1) JEWMS/FEW HAMMER 17.4 GIGABYTE DISK ARRAY
(1) POERMAC 8100-80MB RAM/500 MB H DISK, EXT. KYB, CD-ROM
(1) MEDIA 100 COMPONENT VIDEO OPTION
(1) COSA AFTER EFFECTS 2.0 SPECIAL EFFECTS FOR DIGITAL VIDEO SOFTWARE
(1) COSA SPECIAL EFFECTS PACK #1
(1) COSA SPECIAL KEYING EFFECTS PACK #2
(1) HAMMERDAT 2 VIDEO & AUDIO BACKUP UNIT W/RETROSPECT
(1) 10 BASE T TRANSCEIVER
(1) INFINI-D MODELING, RENDERING & ANNAMATION SOFTWARE
(1) DEBABALIZER FILE CONVERSION UTILITY
(1) PAINTER 3.0 PAINT BOX SOFTWARE & WACOOM DIGITIZING TABLET & CORDLESS PEN
(1) POWERMAC 7100 W/16 MB RAM/700 MB HDISK, EXT. KBD, CD-ROM
(1) SUPERMAC 24BIT ACCELERATED GRAPHICS DISPLAY CARD
(1) APPLE 20" TRINITRON COLOR COMPUTER MONITOR
(1) 10 BASE T TRANSCEIVER
LESSOR: COASTAL LEASING, INC. LESSEE: VISUAL DATA CORPORATION
BY: /S/ MELANIE M. KAELIGN BY: /S/ RANDY S. SELMAN
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Title: VP ADMIN. Title: PRESIDENT
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Dated: MAY 29 1995 Dated: 5-25-95
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<PAGE>
AMENDMENT TO LEASE AGREEMENT
This amendment made and entered into by and between Coastal Leasing,
Inc., a Florida corporation hereafter referred to as LESSOR and Visual Data
Corporation, hereafter referred to as LESSEE, having its principal place of
business at 1600 S. Dixie Hwy., Suite 3A, Boca Raton, FL 33432.
WHEREAS, LESSEE has leased from LESSOR certain equipment as so
described in the lease agreement between the parties dated 5-25-95 , lease
#6006.
NOW, THEREFORE, IT IS AGREED:
(1) LESSOR and LESSEE amend the Lease Agreement, Lease #6006,
dated 5-25-95 , 1995 as follows:
LESSEE will provide LESSOR with 15,000 $.25 Warrants.
LESSEE must maintain a current ratio above 1.25:1 each year for as long as the
lease remains in effect.
LESSEE must maintain a minimum tangible net worth of $100,000.00 for as long as
the lease remains in effect.
LESSEE must provide to LESSOR monthly financial statements each month for as
long as the lease remains in effect.
Should the LESSEE fails to comply with the above Lease covenants, the lease will
be considered in default with a 15 day cure period then with such remedies as
detailed under paragraph 12 of Lease Agreement, Lease #6006.
(2) No modification of this amendment shall be binding upon the parties
or either of them unless such modification shall be in writing and executed by
the parties hereto, with the lease agreement and this amendment governed by and
construed in accordance with the laws of the State of Florida and binding upon
the parties, there successors, legal representatives and assigns.
IN WITNESS WHEREOF, the parties hereto have caused this document to be
signed and sealed by their duly authorized officers and representatives.
LESSOR: Coastal Leasing, Inc. LESSEE: Visual Data Corporation
By: /S/ MELANIE M. KAELIGN By: /S/ RANDY S. SELMAN
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(Authorized Signature) (Authorized Signature)
Title: VP ADMIN Title: PRESIDENT
------------------------- ----------------------
Dated: MAY 29, 1995 Dated: 5-25-95
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