Equipment Lease Draft

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EQUIPMENT RENTAL AGREEMENT


 
THIS EQUIPMENT RENTAL AGREEMENT (hereinafter "Agreement") is entered into, this , by and between:
 
The Renter:

 
_________________ of _________________
_________________,
_________________
 
(Hereinafter "Renter")

 
and the Rentee:

 
_________________ of _________________
_________________,
_________________
 
(Hereinafter "Rentee")
 
The Renter and Rentee do hereby agree to abide by the terms set out in this Agreement. The terms of this Agreement are as follows:
 
  1. THE EQUIPMENT
    The Renter agrees to rent to the Rentee the following: __________.
     
  2. TERM OF AGREEMENT
    The rental payment for the Equipment will be ($__________) per , starting on , at __________:00 and ending , at __________:00 .
     
  3. USE
    Rentee will use the Equipment with caution and due care and will obey all national, state, municipal, police and other laws, ordinances and regulations that relate in any way to the possession, use or maintenance of the Equipment.
     
  4. REPAIRS
    Rentee will keep the Equipment in good working order and will provide any and all parts, mechanisms and devices, as well as any rigging, accessories and apparatus that are needed to keep the Equipment operating in a good condition, at their own expense.
     
  5. LOSS AND DAMAGE
    1. The Rentee takes on the entire risk of loss and damage to the Equipment from any and every cause. No loss or damage to the Equipment or any part of the equipment will spare any obligation of the Rentee under this agreement which will continue in full force and effect through the term of the agreement.
    2. In the event of loss or damage of any kind to the Equipment, the Rentee will, at the Renter option:
      1. Take measures to repair the Equipment to a good working condition; or
      2. Replace the Equipment with other similar equipment in good repair; or
      3. Pay the replacement cost of the Equipment to the Renter.

  6. SURRENDER
    Upon the expiration or earlier termination of this agreement, the Rentee will return the Equipment to the Renter in a good condition and working order, with the exception of ordinary wear and tear resulting from the proper use of the Equipment, by delivering the Equipment at the Rentee cost and expense to a place the Renter will specify within the city or county in which the Equipment was delivered to the Rentee.
     
  7. TAXES
    The Rentee will keep the Equipment free and clear of all levies, liens and encumbrances. The Rentee, or Renter at Rentee expense, will report, pay and discharge when due all license and registration fees, assessments, sales, use and property taxes, gross receipts, taxes arising out of receipts from use or operation of the Equipment, and other taxes, fees and governmental charges similar or dissimilar to the previous obligations.
     
    The Rentee will also pay any penalties or interest, imposed by any state, federal or local government or any agency, or department thereof, upon the Equipment or the purchase, use, operation or leasing of the Equipment or otherwise in any manner with respect thereto.
     
    This applies whether or not the same will be assessed against or in the name of the Renter or the Rentee. However, the Rentee will not be required to pay any such tax or assessment if, in good faith and by appropriate legal proceedings, they contest the validity thereof in any reasonable manner which will not affect or endanger the title and interest of the Renter to the Equipment; provided that the Rentee will reimburse the Renter for any damages or expenses that result from such a failure to pay or discharge.
     
  8. RENTEE'S PAYMENT
    In the event the Rentee fails to produce or continue paying such fees, assessments, charges and taxes, as specified in this agreement, the Renter will have the right, but will not be obligated to pay those fees, assessments, charges and taxes as might be applicable. In that situation, the cost will be repaid by the Renter with the next installment of such a charge, and failure to repay the same will carry with it the same consequences, including interest at ten percent ([percent]%) per annum, as penalty for failure to pay any installment of applicable fees, assessments, charges and taxes.
     
  9. INDEMNITY
    Rentee will indemnify the Renter against, and hold them harmless from, any and all proceedings, actions, suits, claims, expenses, damages, costs, and liabilities, including reasonable attorney's fees and costs, caused by, or connected with, or resulting from the Rentee use of the Equipment, including without limitation the use, selection, delivery, manufacture, possession, return or operation of the Equipment.
     
  10. OWNERSHIP
    The Equipment is exclusively the sole property of the Renter and will remain so at all times. The Rentee has no right, title or interest therein or thereto except as specifically described in this agreement.
     
  11. DOCUMENTATION
    If the Renter requests it, the Rentee will create and deliver to the Renter such documents that are deemed necessary to protect the Renter interest in the Equipment including, but not limited to a UCC financing statement.
     
  12. ENTIRE AGREEMENT
    This document consists of the entire agreement between the parties on the subject matter hereof and it will not be revised or altered except through a further document signed by the parties involved in this agreement.
     
  13. NOTICES
    It will be sufficient service of all the notices under this agreement if they are given personally or delivered through certified mail with a return receipt requested, postage prepaid, at the address set out in this agreement, or to an address that such party may provide in writing.
     
  14. ASSIGNMENT
    Rentee will not assign this Agreement or its interest in the Equipment without the prior written consent of the Renter.
     
  15. GOVERNING LAW
    This Agreement shall be governed and construed in accordance with the laws of the State of .
     
The parties hereby indicate by their signatures below that they have read and agree with the terms and conditions of this Agreement in its entirety.
 
Renter:
 
Signature: ___________________
 
Print: ___________________
Rentee:
 
Signature: ___________________
 
Print: ___________________

 
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