EXECUTION COPY
EXHIBIT 10.3
EQUIPMENT AND FURNITURE LEASE AGREEMENT
LESSOR: David Sheerr
130 Corporate Drive
Montgomeryville, PA 18936
LESSEE
PAYMENT SCHEDULE
FULL LEGAL NAME:
DATARAM CORPORATION
RENTAL
TERM:
Initial Term:
5 years
Option Term:
2 years
NUMBER OF
MONTHLY
RENT
PAYMENTS:
Initial Term:
60
Option Term:
24
MONTHLY
RENTAL
PAYMENT
AMOUNT:
Initial Term:
$7,500.00
Option Term:
$7,500.00
BILLING
ADDRESS: P.O. Box 7528
PURCHASE PRICE OPTION AT END OF TERM:
None.
CITY:
Princeton
STATE:
New Jersey
ZIP:
08543
CONTACT
NAME:
John H. Freeman
President and Chief Executive Officer
PHONE:
(609) 799-0071
EQUIPMENT AND FURNITURE
EQUIPMENT AND FURNITURE
LOCATION:
ADDRESS
130 Corporate Drive
CITY
Montgomeryville
STATE
PA
ZIP
18936
EQUIPMENT AND FURNITURE DESCRIPTION (including related items):
See attached Schedule A.
LEASE
1. LEASE. Lessor hereby leases to Lessee, and Lessee hereby leases from Lessor,
the equipment and furniture described above on the terms and conditions hereof
(the equipment and furniture with all replacements, upgrades, substitutions,
accessions, additions, replacement parts and repairs is herein called the
"Equipment and Furniture"). In the event Lessee does not unconditionally accept
the Equipment and Furniture by signing Lessor's delivery and acceptance receipt
(the "Delivery and Acceptance Receipt") within ten (10) days of the date Lessor
provides the Equipment and Furniture to Lessee, Lessor may cancel this Lease and
any obligation to Lessee hereunder. Lessee authorizes Lessor to insert the
serial numbers of the Equipment and Furniture and other omitted factual matters
when determined by Lessor.
2. NO WARRANTIES BY LESSOR; CONSEQUENTIAL DAMAGES EXCLUDED.
2.1 Disclaimer of Warranties. Lessee acknowledges that: Lessor is not the
manufacturer of the Equipment and Furniture nor the manufacturer's agent nor a
dealer therein; the Equipment and Furniture is of a size, design, capacity,
description and manufacture selected by the Lessee; Lessee is satisfied that the
Equipment and Furniture is suitable and fit for its purposes; and LESSOR HAS NOT
MADE AND DOES NOT MAKE ANY WARRANTY OR REPRESENTATION WHATSOEVER, EITHER EXPRESS
OR IMPLIED, AS TO THE FITNESS, CONDITION, MERCHANTABILITY, DESIGN OR OPERATION
OF THE EQUIPMENT AND FURNITURE, ITS FITNESS FOR ANY PARTICULAR PURPOSE, THE
QUALITY OR CAPACITY OF THE MATERIALS IN THE EQUIPMENT AND FURNITURE OR
WORKMANSHIP IN THE EQUIPMENT AND FURNITURE, LESSOR'S TITLE TO THE EQUIPMENT AND
FURNITURE, NOR ANY OTHER REPRESENTATION OR WARRANTY WHATSOEVER; Lessor shall not
be liable to Lessee for any loss, damage, or expense of any kind or nature
caused, directly or indirectly, by the Equipment and Furniture or the use or
maintenance thereof or the failure or operation thereof, or the repair, service
or adjustment thereof, or by any delay or failure to provide any such
maintenance, repairs, service or adjustment, or by any interruption of service
or loss of use thereof or for any loss of business howsoever caused. Lessor
shall not be liable for any consequential damages as that term is used in
Uniform Commercial Code § 2A503(c). No defect or unfitness of the Equipment and
Furniture shall relieve Lessee of the obligation to pay any installment of rent
or any other obligation under