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Page 2
£
The
Grinding
Lease
Designed to help you gain competitive strength
without risking financial weakness
If your production operations include grinding you
know how
modern, high production equipment in your production
line.
However, as with so many other manufacturers, your
need for maintaining a strong financial position, under
present conditions, may be equally vital. You may wish
to conserve your capital, while avoiding the obligations
involved in raising money by borrowing or any other
means. And so, the cost of replacement of inefficient pro
ducers may be holding up your plans for modernization.
If so, the Norton Grinding Machine Lease Program offers
a logical and economical solution to your problem. It com
prises three plans, geared to specific needs, as described
on the opposite page.
How the Norton Program may benefit you
By releasing your working capital for other purposes,
such as increasing your production or merchandising
operations or plant expansion.
By its debt-free nature, which simplifies
structure and eliminates: (1) the financial risks in
volved in borrowing; (2) creditors
your business operations;
future borrowing capacity.
By enabling you to acquire grinding or lapping ma
chines for just the period in which you can use them
profitably — thus
vital it is, from every
and
eliminating the obsolescence factor.
competitive angle, to have
your
’ restrictions on
(3) restrictions on your
financial
Norton
Machine
Program
By helping you to maintain high efficiency and pro
ductive capacity at nominal cost.
By providing you with a wider choice of
procedures to meet changing conditions.
By enabling you to make a thorough trial of new
equipment in your plant, without going to the expense
of actual purchase unless you decide to do so later.
Norton machines available
under this program
include a comprehensive selection of the most popular
types, as follows:
Cylindrical Grinders: 4" x 18" Type CTU . . . 6" x 18"
and 30" Type CTU ... 10" x 18" and 30" Type LCTU
... 10"
36", 48" and 72" Type LCTU.
or 36" Type CV-4 . . . 14" x 18" or 36" Type LCV-4.
sidered whenever other Norton machines are required.
All lease arrangements
Norton home office.
x 18",36",48" and 72"
Angular
Surface Grinders: 6" x 18" . . . 8" x 24".
Universal Grinders
Lafifiers: No. 16-FC and No. 26 HYPROLAP*.
No. 20 Culler and Tool Grinder.
In addition, special lease arrangements will be con
Wheelslidc Grinders: 6" x 18" . . . 10" x 18"
are subject to approval by the
♦Trade-Mark
Type CTU ... 14"x 18",
Reg.
U. S. Pat. Off. and
production
Foreign
Countries
Page 3
choice of three
low-cost plans
The Norton Grinding Machine Lease Program brings you three
plans for leasing new Norton grinding or lapping machines. Each
plan offers you the option of terminating the lease or purchasing*
the equipment after a stated period of time. And each provides
unique opportunity to obtain the modern equipment you need to
improve your competitive position — in the quickest possible time,
and with only nominal initial outlay.
*The purchase clause may be eliminated from the lease
customer’s option.
agreement
at
die
a
Plan
“A”
Seven year lease agree
ment with right to termi
nate or purchase
the third year or at end of
any year thereafter.
jUplan
^^^Seven year lease agree
ment with right to termi
nate or purchase at end of
the second year or at end
of any year
at end of
“B”
thereafter.
“C”
Plan
Seven year lease agree
ment with right to termi
nate or purchase
the
first
year or at end of
any year thereafter.
at end of
During the contract
period shown below . . .
1st year
2nd year
3rd year
4th year
5th year
6th year
7th year
1st year
2nd year
3rd year
4th year
5th year
6th year
7th year
1st year
2nd year
3rd year
4th year
5th year
6th year
7th year
You make two
payments totaling this %
of the equipment’s price
semi-annual
25%
25%
25%
10%
10%
10%
10%
30%
25%
20%
10%
10%
10%
10%
35%
25%
15%
10%
10%
10%
10%
...
Or to purchase equip
ment you pay this % of
the original list price at end
of year indicated
45%
40%
35%
30%
25%
60%
45%
40%
35%
30%
25%
80%
60%
45%
40%
35%
30%
25%
NOTE
payments made under this Program.
Custo?ners should consult their own tax advisers concerning the expensing for tax purposes oj lease
For further information
your Norton Representative. He will be glad to discuss the relative merits of each plan of the Norton Grinding Ma
see
chine Lease Program, with regard to your particular requirements. Also, he can give you complete details of the ma
chines available under the Program, and advise you as to which are best
suited to your production needs. Or you can write direct to N
C
ompany
, Machine Division, Worcester 6, Mass.
orton
%
NORTON
fr
Page 4
Pay for these while they build profits for YOU!
Some of the top-performing, cost-cutting grinding and lapping equipment available
under the Norton Grinding Machine Lease Program
i
Mia j
Norton 10" x 36" Type CTU Semiautomatic. The top performer
among general purpose, production type cylindrical grinders. A
unique combination of speed, accuracy, flexibility and sturdiness.
One-lever control of the automatic grinding cycle reduces operator’s
duties
to loading and unloading. Production line and job shop
report these machines double production, replace several machines,
eliminate extra operations.
users
x
tie
- w
t
r
i
I
i
I
Norton Type CV-4 Semiautomatic
Grinder.
matic plunge
the thrust surface finish — assuring a better seal surface and
I
pearance than side wheel grinding can give. Additional advantages
I
include rapid grinding action, improved grinding wheel feed and
I
simplified operation.
I
C33 J IV;
Grinds thrust surfaces and adjacent diameters in one auto
grind
u
m
— ,
.
—._
Angular Wheelslide
operation. Leaves a concentric grain pattern in
I
I
I
i
I
ap-
Norton 8" Hydraulic Surface
Grinder. Designed with both hand and
power table traverse and cross feed, this
machine produces plane surfaces
smoothly and rapidly. Convenient
trols and easy accessibility keep operat
ing and maintenance times low. Extra
equipment, such as magnetic chucks,
wet grinding attachment and individual
exhaust system meet all operating
tions.
Norton No. 26 HYPRO LAP* Lap
per.
An
duction machine using bonded abrasive
laps and filtered coolant. Finishes 20 or
more pieces simultaneously with a com-
* bination of accuracy and uniformity of
finish otherwise unobtainable in mass
production. Lapping pressure
lic powered and controlled — an exclu
sive Norton
extremely fast cutting, high pro
i\
...
[,-•
feature.
y
is
condi
hydrau
con-
l
-
Norton No. 20
Most versatile machine in its class. Wheel 1
head tilts
and may be swivelled through
tying such jobs as grinding taper reamers, I
step counterbores, form tools and milling cut- I
ters. No other cutter and tool grinder does so
many jobs so fast, so easily.
machines and grinding wheels to
Cutter
And Tool Grinder.
up
to
15° above or below horizontal I
Cn'CmrCr: ?
ffiakinq better products.
District Sales Offices: Worcester
New York (Teterboro, N. J.) • Cleveland • Chicago . Detroit
i
Norton 12" Universal Grinder.
I
Quick, easy setups cut time and
I
360° — simpli- I
To Economize
help
ofrers y°
you produce more at lower cost.
, Modernize with NEW
many external, internal, face and angular
wheel feed grinding jobs. Hinged-bracket
type internal grinding spindle speeds
change-overs to or from internal grind
ing. Compound wheel head slide permits
settings at any angle
I
Permanent chuck mounting is another
I
big advantage.
11 sueh |0I‘S experience in both grinding
NORTON
GRINDERS and LAPPERS
.. to make your products better
Hartford
costs in
for wheel and feed.
Form 193 M-25M-2-55 GOP
nolijrrn in I IwiTcn OTA Tr<; OF turoiri
•Trnd«.Mnrlt R«a. II. S.
Pot
Off
Page 5
NORTON
TOOL-LEASE AGREEMENT
LEASE AGREEMENT, Made this
—
19
___
, between NORTON COMPANY, GRINDING
MACHINE DIVISION., 1 New Bond Street, Worcester, Massachusetts
(hereinafter called
"Lessor”) and
day of
(hereinafter called "Lessee"):
WITNESSETH
WHEREAS, Lessee is about to enter into production
work, the extent and duration of which is now unknown, in the
performance of which machines of the nature hereby leased will
be required; and
WHEREAS, in view of the nature of said production work,
Lessee desires to lease the machines described herein;
NOV/, THEREFORE, in consideration of the premises the
Lessor hereby leases to the Lessee, and the Lessee hereby leases
and hires of and from the Lessor the machine tools and equipment,
hereinafter called "leased property," described as follows:
Description
Price
Serial No*
Total List Price of Machine
and Equipment, f.o.b*
Worcester, Massachusetts
Page 1 of 5 Pages
Page 6
TO HAVE AND TO HOLD the same unto the Lessee, its
successors and assigns for and during the term commencing on
the date of shipment, estimated to be _____________________
and ending seven (7) years from the date of the first
semi
annual payment, unless sooner terminated as hereinafter provided.
______
1. Rental.
Lessee shall pay the Lessor rental in
semiannual installments in advance and without prior demand, the
first
month of delivery of the machine, subsequent payments being due
the first
the agreement, in accordance with the following schedule
All payments of rental shall be made to Lessor at its address
payment being due the first
day of each sixth month thereafter during the term of
Year of Term
Rental for Year
First
Second
Third
Fourth
Fifth
$
< ^
r>
Sixth
Seventh
day of the month following the
t
Semiannual Installments of
each
each
each
each
each
each
each
set forth above.
2. Taxes, etc.
Lessor shall pay all taxes and
assessments which may be levied, directly or indirectly against
the leased property, or any interest therein, or the use thereof,
whether said taxes be levied against the Lessor or the Lessee.
Lessee shall pay all freight and handling charges and in addition
the cost of preparation for return shipment upon return of the
leased property.
3. Use of Equipment
and proper care in the use and servicing of the leased property
and at all times to keep and maintain the same in good working
. Lessee agrees to exercise due
condition, order, and repair at its expense.
4. Place of Use. Lessee agrees that the leased
property shall be installed and used at _
_________________________
and that it shall not be removed therefrom without the prior
written consent of the Lessor.
with possession of, sublet, or otherwise dispose of, or encumber
the leased property or its leasehold estate.
act in behalf of Lessor to comply with local, city,
state laws, if any, requiring recording or registration of the
lease to protect Lessor9s ownership and repossession rights in
Lessee agrees not to loan, part
Lessee agrees to
county, and
the leased machine. This lease cannot be assigned or transferred
by the lessee or by operation of law without the prior written
consent of the Lessor.
Lessee agrees not to remove, deface, or
obliterate the markings on the leased machine identifying same as
the property of Norton Company.
Page 2 of 5 Pages
Page 7
5. Right of Inspection. The Lessor, its agents,
dealers and representatives shall have the right at any time
during usual business hours to inspect the leased property and
for that purpose to have access to the place where the leased
property then is and Lessee shall on request furnish sue
supplemental information as may be reasonably necessary to
determine whether or not Lessee is performing the terms and
conditions of this lease on its part to be observed or performed.
6. T,eased Property Constitutes Personal Property..
The leased property-
lease be and remain personal property
will install
the leased property in a manner which will permit
its removal without material injury to the place of installation.
shall at all times during the term of this
Lessee agrees that it
.
Lessee shall be responsible for any damage done to any real estate,
building or structure by the removal of the leased property.
7. Indemnity by Lessee.
The Lessee agrees to
indemnify and save the Lessor harmless of and from any damage to
or loss of the leased property during the term hereof, however
occasioned. Lessee agrees to keep the leased property insured
in the name of the Lessor at Lessee’s expense in a responsible
insurance company or companies against fire and such other
casualties as are usually insured against by operators 01 like
business to the extent of the full insurable value of said .
property
of such insurance on request.
and save the Lessor harmless against any and all claims, costs
and expenses in any manner arising from the Lessee?s use or
and shall furnish the Lessor with policies or certilicates
Lessee further agrees to indemnify
.
possession of the leased property.
8. Default
(a) On occurrence of any event of default the
Lessor may terminate this lease by written notice to the Lessee,
whereupon the Lessee shall be obligated to return the leased
property to the Lessor and shall also be liable to the Lessor for
all unpaid rentals, including the full current semiannual
installment, and for all damages which Lessor may sustain by-
reason of Lesseefs breach, including without limitation, all
attorneyfs fees and other expenses incurred by the Lessor in
attempting to enforce the provisions of this agreement or to
recover
have .
damages for the breach thereof and in addition shall
such other and further remedies and rights as may be
available at law by reason of Lessee's deiault.
(b) The following shall constitute "events of
default"; (i) the failure of the Lessee to pay any installment^
of rent or the breach of any other covenant or condition contained
in this agreement; (ii)
any lien, levy or attachment; (iii)
for the benefit of creditors or the admission by the Lessee in
writing
of
its inability to pay its debts generally as they .
the subjection of the leased property to
any^assignment by the Lessee
become due; (iv) the appointment of a receiver, trustee or similar
official
by or
for the Lessee or for any of its property; Iv) the filing
against the Lessee of a petition in bankruptcy or a petition
Page 3 of 5 Pages
Page 8
for the reorganization or liquidation of the Lessee under any
federal or state lav/; (vi) any action by the Lessee in futherance
of any of the aforesaid purposes.
Termination.
9.
as of the end of the ___________
The Lessee may terminate this lease
___ year or any year thereafter of
the term by giving the Lessor not less than 30 days prior written
notice
before the end of the ____________
Failure to give notice of termination 30 days or more
.
year or any year thereafter of
the term shall constitute a waiver of the right to terminate as
of the end of such year.
10. Return of Leased Property.
Upon termination of
this lease by lapse of time or pursuant to Paragraph 9 hereof or
by action of the Lessor following any default by the Lessee, the
Lessee at its expense will promptly return the leased property
to the Lessor at Lessor
as when received by the Lessee; reasonable wear and tear
1s place of business in as good condition
excepted; and if Lessee fails so to do within ten days Lessor
shall have the right to enter upon the premises where said
leased property may be and take possession of and remove it at
Lesseefs expense, all without legal process.
11. Right to Purchase.
sums, then due and payable to the Lessor hereunder, the Lessee
If Lessee shall have paid all
shall have the right to purchase the leased property as of the
end of the
year or any year thereafter at the
following price:
First year
Second year 8
Third year 8
|
Fifth year
Sixth year
Seventh year
8
8
Fourth year $
Such right to purchase shall be exercised by the Lessee giving
the Lessor written
prior to the end of the
with tender of the full
12. Miscellaneous.
notice thereof not less than ten (10) days
year or any year thereafter,
purchase price provided above.
This agreement contains the entire
understanding of the parties with respect to the subject matter
hereof, and no agreement or understanding, verbal or written, not
contained herein will be recognized by either party.
agreement may be amended and supplemented only by written
instrument signed by each party. No failure on the part of the
Lessor to enforce any covenant or provision hereof, nor any
waiver of any right thereunder shall discharge or invalidate
such covenant or provision or affect the Lessor
1s right to
This
enforce the same in the event of any subsequent breach or default.
Lessor may accept rental or any payments from any person
tendering the same without thereby accepting such person as Lessee
or waiving any breach of covenant or provision against assignment
or transfer by the Lessee.
Massachusetts
contract and shall be construed according to the
These presents shall constitute a
laws of-that state.
Page 4 of 5 Pages
Page 9
IN WITNESS WHEREOF, the parties have caused these
presents to be executed by their respective duly authorized
officers the day and year first
above written.
In presence
of:
NORTON COMPANY, GRINDING MACHINE DIVISION
By.
Title
Name of Company
By
Title
COMMONWEALTH OF MASSACHUSETTS)
SSo
WORCESTER COUNTY
19
Personally came before me, this
, the above named
__________
Name
_________
day of
Title
of Norton Company, to me known to be such officer and acknowledged
that he executed the foregoing lease as the act and deed of said
corporation, being duly authorized so to do.
Notary Public, Worcester,
Massachusetts
My commission expires:
STATE OF
ss
.
COUNTY OF
Personally came before me, this
19.
, the above named
and
Name
to me known to be said
____________________
Name
Title
_____________________ and acknowledged that
day of
Title
, of
Company
they executed the foregoing lease as the act and deed of said
_
____________________
, being duly authorized so to do.
Notary Public
County of
State of
My commission expires:
Page 5 of 5 Pages
Page 10
NORTON COMPANY
MACHINE DIVISION
WORCESTER. MASSACHUSETTS
APPLICATION FOR FINANCING PROCUREMENT OF EQUIPMENT
Company^
Address
By
Title
Date
EQUIPMENT WE WISH TO PROCURE
Description of Equipment
FINANCING PLAN
We would like to procure the above equipment on the terms
of the following Norton financial plan:
( ) C
( ) P
( ) S
orporation
artnership
ole
P
roprietor
Cost
( ) Lease Program
( ) Time Payment Plan
A down payment of 25% of the total purchase price and the
balance plus
maximum) in __
_ consecutive quarterly payments commencing 60 days
after shipmento
Total Purchase Price
Down Payment (25%)
Deferred Balance
Finance Charge (<>0325 x ___ x
Net Balance Due
Quarterly Payments (
Plan
cm
( ) B
Purchase Option
I ) Yes
( ) No
( ) C
annual finance charge payable in __ years (5 year
O O O O O O O
o o o o o o
000900*0
toooooo*
net bal
(No. P
No.Yrs.
,
ayments
D
eferred
D
ue
A
= s?
Bal.
NORTON COMPANY APPROVALS
Credit Manager ___
Vice President ___
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