Sub-Lease Agreement between CART, Inc. and Team for Ford Leased Cars

Summary

This agreement is between CART, Inc. and a racing team, allowing the team to sub-lease three cars originally leased by CART from Ford Motor Company. The team must follow all terms of the original lease, including insurance and maintenance, and must add CART as an additional insured. The team is responsible for any claims related to the cars’ use. If the team does not participate in certain racing events or fails to declare its intent to race, it must return the cars. The sub-lease lasts as long as the original lease and costs $1.

EX-10.30 5 l99238aexv10w30.txt EXHIBIT 10.30 Exhibit 10.30 SUB-LEASE This Sub-Lease Agreement is made the ____ day of February, 2003 by and between CART, Inc., of 5350 Lakeview Parkway South Drive, Indianapolis, IN 46268 ("CART") and _______________ of ______________________________ ("TEAM"). WHEREAS, CART has entered into an agreement with Ford Motor Company ("Ford") to provide three (3) leased cars ("Cars") to the Team; and WHEREAS, CART is the lessee under a lease with Ford for said Cars; and WHEREAS Team is willing to Sub-Lease from CART the Cars in order to have use of the Cars for up to a two (2) year period of time. For and in consideration of the mutual covenants and promises hereinafter set forth, the parties hereto agree as follows: 1. CART agrees to lease the Cars identified on Schedule A, attached hereto, from Ford and Sub-Lease to the Team pursuant to the terms of this Agreement. 2. The Team will be sub-leasing the cars under the terms of this Agreement and under the terms of the Base lease agreement between CART and Ford ("Base Lease"), a copy of which is attached. Team is required to perform all of the duties and obligations required under the Base lease agreement, including but not limited to securing insurance and performing maintenance obligations. 3. Team will be required to provide the insurance necessary under the base Lease, and shall include CART as an additional insured under said insurance policies. 4. Team agrees to indemnify, defend and hold harmless CART, its parent, subsidiaries, affiliate companies and respective officers, directors, employees and authorized agents, from and against any and all expenses, damages, claims, suits, actions, judgments and costs, including reasonable attorneys' fees, arising out of or in connection with the use by Team of the Cars that are the subject of this Sub-Lease. Said indemnity and hold harmless provisions shall apply even if CART is claimed to have been or proven to have been negligent. It is the intent of this Agreement that CART shall have no liability, whatsoever for Team's use of the Cars. 5. In the event Team fails to enter a racecar in any CART Event for the 2003 or 2004 Season, Team must immediately return the Cars to CART. By December 31, 2003, if Team has not filed with CART its intention to run in 2004, Team must immediately return the Cars to CART. 6. Consideration for this Sub-Lease is One ($1.00) Dollar, paid by Team to CART, receipt of which is hereby acknowledged. 7. The term of this Sub-Lease shall run concurrent with the Base lease and will be terminated at the same time the Base lease is terminated with regard to the Cars sub-leased hereunder. IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by the duly authorized representatives on the date first written above. CART, Inc. TEAM By:____________________________________ By:____________________________________ Its:___________________________________ Its:___________________________________ Date:__________________________________ Date:__________________________________