EQUIPMENT RENTAL AGREEMENT
THIS EQUIPMENT RENTAL AGREEMENT (the "Agreement") is entered into on this, ______________ _____, ________.
BY AND BETWEEN:
For and in consideration of the covenants and obligations contained herein the name parties do hereby agree as follows:
- THE EQUIPMENT
The Owner agrees to rent to the Renters the following: (Hereinafter referred to as "The Equipment")
- TERM OF AGREEMENT:
The Equipment shall be rented on , at and shall be returned on , at .
- EQUIPMENT PAYMENT DETAILS
The Renters agrees that they will pay $
Rental payments for the Equipment can be made via the following methods: .
Renters 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
Renters 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.
- LOSS AND DAMAGE
- The Renters 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 Renters under this agreement which will continue in full force and effect through the term of the agreement.
- In the event of loss or damage of any kind to the Equipment, the Renters will, at the Owner option:
- Take measures to repair the Equipment to a good working condition; or
- Replace the Equipment with other similar equipment in good repair; or
- Pay the replacement cost of the Equipment to the Owner.
Upon the expiration or earlier termination of this agreement, the Renters will return the Equipment to the Owner 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 Renters cost and expense to a place the Owner will specify within the city or county in which the Equipment was delivered to the Renters
The Renters will keep the Equipment free and clear of all levies, liens and encumbrances. The Renters, or Owner 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 Renters 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 Owner or the Renters. However, the Renters 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 Owner to the Equipment; provided that the Renters will reimburse the Owner for any damages or expenses that result from such a failure to pay or discharge.
- RENTEES PAYMENT
In the event the Renters fails to produce or continue paying such fees, assessments, charges and taxes, as specified in this agreement, the Owner 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 Owner 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 per annum, as penalty for failure to pay any installment of applicable fees, assessments, charges and taxes.
Renters will indemnify the Owner 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 Renters use of the Equipment, including without limitation the use, selection, delivery, manufacture, possession, return or operation of the Equipment
The Equipment is exclusively the sole property of the Owner and will remain so at all times. The Renters has no right, title or interest therein or thereto except as specifically described in this agreement.
If the Owner requests it, the Renters will create and deliver to the Owner such documents that are deemed necessary to protect the Owner interest in the Equipment including, but not limited to a UCC financing statement.
- ENTIRE AGREEMENT
This Agreement constitutes the entire agreement between the parties and supersedes any prior written or oral covenants or representations relating thereto and not set forth herein shall be binding on either party hereto. This Agreement may not be amended, modified, extended, or supplemented except by written instrument executed by the Owner and Renters. The Owner has made no representation or warranty to Renters except as herein expressly set forth.
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.
Renters will not assign this Agreement or its interest in the Equipment without the prior written consent of the Owner
- GOVERNING LAW
This Agreement shall be governed and construed in accordance with the laws of the State of .
- HEADINGS AND INTERPRETATION
Headings are inserted for the convenience of the parties only and are not to be considered when interpreting this Agreement. In interpreting the language of this Agreement, the Landlord and Tenant will be treated as having drafted this Agreement after meaningful negotiations. The language in this Agreement will be construed as to its fair meaning and not strictly for or against either Party.
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.