Exhibit 10.3
PNC LEASING, LLC
SUPPLEMENT TO SCHEDULE OF LEASED EQUIPMENT PNCBANK
(CONDITIONAL SALE)
SCHEDULE NUMBER: -001
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SCHEDULE DATE:
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MASTER LEASE AGREEMENT NUMBER:
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MASTER LEASE AGREEMENT DATE: JANUARY 27, 2000
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1. SUPPLEMENT: This Supplement is attached to and made a part of that certain
Schedule of Leased Equipment as described above between PNC LEASING, LLC as
Lessor and MOUNTAINEER PARK, INC. as Lessee, which Schedule is incorporated
in and made a part of the Master Lease Agreement between the Lessor and
Lessee, which is herein referred to as the "Lease."
2. EQUIPMENT DESCRIPTION AND LOCATION: See Equipment descriptions and
locations on Exhibit A, attached hereto and made a part hereof. The
Equipment described on the original copy of Exhibit A in Lessor's
possession shall be conclusively presumed to be true and correct.
3. CAPITALIZED COSTS:
EQUIPMENT COST UPFRONT SALES TAX TOTAL
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$2,792,080.00 $0 $2,792,080.00
4. BASE LEASE TERM: [The base term of the Lease for the Equipment described in
this Supplement No. 1 is 35 months, commencing on January 31, 2000 and
terminating on December 31, 2002 unless sooner terminated under the Lease.]
5. RENT: Total rent of $3,202,151.04, exclusive of applicable sales taxes, is
due and payable in advance as follows:
NUMBER AND TYPE DATE PAYMENTS AMOUNT OF DATE PAYMENTS
OF PAYMENTS COMMENCE PAYMENTS TERMINATE
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(35) monthly payments January 31, 2000 $91,490.00 November 30, 2002
Purchase Price December 31, 2002 $1.00 December 31, 2002
6. SALES TAX: Upfront sales tax on the lease transaction in the amount of $
0.00 is due from Lessee on the commencement date of the base term of the
Lease.
7. LESSEE'S AUTHORIZATION: Lessee authorizes Lessor to complete the
information in Item 5 hereof at the time of commencement of the base lease
term.
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LESSEE ACCEPTANCE CERTIFICATE
This Lessee Acceptance Certificate ("Acceptance") is hereby made a part of the
Lease referenced above between the undersigned Lessor and Lessee. All terms and
conditions of the Lease are incorporated herein by reference.
All of the Equipment on Exhibit A was received by us and is in good order and
condition, installed to our satisfaction and acceptable to us. We reaffirm all
of the terms of Paragraph 9 of the Lease including, without limitation, all
covenants regarding the Year 2000 Problem. The invoice(s) covering the Equipment
have been paid in full in the amount(s) shown thereon. We represent and warrant
(a) that the representations and warranties as set forth in paragraph 25 of the
Lease are true and correct as of the date hereof; (b) that we have satisfied or
complied with all requirements set forth in the Lease to be satisfied or
complied with on or prior to the date hereof; and (c) that no uncured Event of
Default under the Lease has occurred and is continuing on the date hereof. All
of the Equipment has been fully delivered and installed at the location where it
will be used as of the following date: January ___, 2000.
WITNESS the due execution hereof with the intent to be legally bound this _____
day of January, 2000.
PNC LEASING, LLC, LESSOR MOUNTAINEER PARK, INC., LESSEE
By: MAUREEN A. CLOONAN By: /S/EDSON R. ARNEAULT
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Title: VICE PRESIDENT Title: PRESIDENT
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