Equipment Rental Agreement
(the Lessee (renter) and Lessor (owner) are collectively the “Parties”)
IN CONSIDERATION OF the mutual covenants and promises in the Agreement, the receipt, and sufficiency of which consideration is hereby acknowledged, the Lessor leases the Equipment to the Lessee, and the Lessee leases the Equipment from the Lessor on the following terms:
- The following definitions are used but not otherwise defined in this Agreement:
- “Casualty Value” means the market value of the Equipment at the end of the Term or when in relation to a Total Loss, the market value the Equipment would have had at the end of the Term but for the Total Loss. The Casualty Value may be less than but will not be more than the original purchase price of the Equipment.
- “Equipment” means any item listed on RecShare available for rent.
- “Total Loss” means any loss or damage that is not repairable or that would cost more to repair than the market value of the Equipment
- The Lessor agrees to lease the Equipment to the Lessee, and the Lessee agrees to lease the Equipment from the Lessor in accordance with the terms set out in this Agreement.
- The Agreement commences upon pickup of the rental and will continue until drop off of the rental.
- The total amount will be paid in full prior to the beginning of the “Term”.
Use of Equipment
- The Lessee will use the Equipment in a good and careful manner and will comply with all of the manufacturer’s requirements and recommendations respecting the Equipment and with any applicable law, whether local, state or federal respecting the use of the Equipment, including, but not limited to, environmental and copyright law.
- The Lessee will use the Equipment for the purpose for which it was designed and not for any other purpose.
- Unless the Lessee obtains the prior written consent of the Lessor, the Lessee will not alter, modify or attach anything to the Equipment unless the alteration, modification, or attachment is easily removable without damaging the functional capabilities or economic value of the Equipment.
Repair and Maintenance of Equipment
- The Lessee will, at the Lessee’s own expense, keep the Equipment in good repair, appearance, and condition, normal and reasonable wear and tear excepted. The Lessee will supply all parts that are necessary to keep the Equipment in such a state.
- If the Equipment is not in good repair, appearance, and condition when it is returned to the Lessor, the Lessor may make such repairs or may cause such repairs to be made as are necessary to put the Equipment in a state of good repair, appearance and condition, normal and reasonable wear and tear excepted. The Lessor will make the said repairs within a reasonable time of taking possession of the Equipment and will give the Lessee written notice of and invoices for the said repairs. Upon receipt of such invoices, the Lessee will immediately reimburse the Lessor for the actual expense of those repairs.
- The Lessee may, but is not obligated to, enforce any warranty that the Lessor has against the supplier or manufacturer of the Equipment. The Lessee will enforce such a warranty or indemnity in its own name and at its own expense.
- The Equipment will be in good working order and good condition upon delivery.
- The Equipment is of merchantable quality and is fit for the intended purpose.
Loss and Damage
- To the extent permitted by law, the Lessee will be responsible for the risk of loss, theft, damage, or destruction to the Equipment from any and every cause.
- If the Equipment is lost or damaged, the Lessee will still be liable for the entire cost of the rental term and will provide the Lessor with prompt written notice of such loss or damage and will, if the Equipment is repairable, put or cause the Equipment to be put in a state of good repair, appearance, and condition.
- In the event of Total Loss of the Equipment, the Lessee will provide the Lessor with prompt written notice of such loss and will pay to the Lessor all unpaid Rent for the Term plus the Casualty Value of the Equipment, at which point ownership of the Equipment passes to the Lessee.
Ownership, Right to Lease and Quiet Enjoyment
- The Equipment is the property of the Lessor and will remain the property of the Lessor.
- The Lessee will not encumber the Equipment or allow the Equipment to be encumbered or pledge the Equipment as security in any manner.
- The Lessor warrants that the Lessee has the right to lease the Equipment according to the terms of this Agreement.
- The Lessor warrants that as long as no Event of Default has occurred, the Lessor will not disturb the Lessee’s quiet and peaceful possession of the Equipment or the Lessee’s unrestricted use of the Equipment for the purpose for which the Equipment was designed.
- No insurance coverage for the Equipment is required under this Agreement.
- The Lessor will report and pay all taxes, fees, and charges associated with the Equipment, with the use of the Equipment, and with revenues and profits arising out of the use of the Equipment, including, but not limited to, sales taxes, property taxes, and license and registration fees. The Lessor will pay any and all penalties and interest for failure to pay any tax, fee, or charge on or before the date on which the payment is due. The Lessor will pay any and all penalties and interest for failure to report required information to any taxing authority with jurisdiction over the Lessor or the Equipment.
- Notwithstanding any other provision of this Agreement, the Lessee will not be required to pay any tax, fee or charge if the Lessee is consenting the validity of same in the manner prescribed by the legislation governing the imposition of same, or in the absence of a prescribed form, in a reasonable manner. However, the Lessee will indemnify and reimburse the Lessor for damages and expenses incurred by the Lessor arising from or related to the Lessee’s failure to pay any tax, fee, or charge, regardless of whether the Lessee is contesting the validity of the same or not.
- If the Lessee fails to pay any and all taxes, fees, and charges mentioned in this Agreement and the Lessor, on behalf of the Lessee, pays the same, the Lessee will reimburse the Lessor for the cost upon notification from the Lessor of the amount.
- The Lessee will indemnify and hold harmless both RecShare, Inc. and the Lessor against any and all claims, actions, suits, proceedings, costs, expenses, damages, and liabilities, including attorney’s fees and costs, arising out of or related to the Lessee’s use of the equipment.
- The occurrence of any one or more of the following events will constitute an event of default (“Event of Default”) under this Agreement:
- The Lessee fails to pay any amount provided for in this Agreement when such amount is due or otherwise breaches the Lessee’s obligation under this Agreement.
- The Lessee becomes insolvent or makes an assignment of rights or property for the benefit of creditors or files for or has bankruptcy proceedings instituted against it under the Federal bankruptcy law of the United States or other competent jurisdiction.
- A writ of attachment or execution is levied on the Equipment and is not released or satisfied within 10 days.
- On the occurrence of an Event of Default, the Lessor will be entitled to pursue any one or more of the following remedies (the “Remedies”):
- Declare the entire amount of the Rent for the Term immediately due and payable without notice or demand to the Lessee.
- Apply the Deposit toward any amount owing to the Lessor.
- Commence legal proceeding to recover the Rent and other obligations accrued before and after the Event of Default.
- Take possession of the Equipment, without demand or notice, wherever the same may be located, without any court order or other processes of law. The Lessee waives any and all damages occasioned by such taking of possession.
- Terminate this Agreement immediately upon written notice to the Lessee.
- Pursue any other remedy available in law or equity.
- Upon written demand by the Lessor, the Lessee will execute and deliver to the Lessor documents required by the Lessor to protect the Lessor’s interest in the Equipment including, but not limited to, the documents necessary to file a UCC financing statement.
- This Agreement will constitute the entire agreement between the Parties. Any prior understanding or representation of any kind preceding the date of this Agreement will not be binding on either Party except to the extent incorporated in this Agreement.
Address for Notice
- Service of all notices under this Agreement will be emailed to both the Lessee and Lessor.
- All dollar amounts in this agreement refer to U.S. dollars, and all payments required to be paid under this Agreement will be paid in U.S. dollars unless the Parties agree otherwise.
- Headings are inserted for the convenience of the Parties only and are not to be considered when interpreting this Agreement. Words in the singular mean and include the plural and vice versa. Words in the masculine mean and include the feminine and vice versa.
- It is the intention of the Parties to this Agreement that this Agreement and the performance under this Agreement, and all suits and special proceedings under this Agreement, be construed in accordance with and governed, to the exclusion of the law of any other forum, by the laws of the State whereas the rental took place without regard to the jurisdiction in which any action or special proceeding may be instituted.
- If there is a conflict between any provision of the Agreement and the applicable legislation of the State of (the “Act”), the Act will prevail and such provisions of the Agreement will be amended or deleted as necessary in order to comply with the Act. Further, any provisions that are required by the Act are incorporated into this Agreement.
- If there is a conflict between any provision of this Agreement and any form of Agreement prescribed by the Act, that prescribed form will prevail and such provisions of the Agreement will be amended or deleted as necessary in order to comply with that prescribed form. Further, any provisions that are required by that prescribed form are incorporated into this Agreement.
- In the event that any of the provisions of this Agreement are held to be invalid or unenforceable in whole or in part, those provisions to the extent enforceable and all other provisions will nevertheless continue to be valid and enforceable as though the invalid or unenforceable parts had not been included in this Agreement and the remaining provisions had been executed by both Parties subsequent to the expungement of the invalid provision.
- This Agreement may be executed in counterparts. By using recshare.net, you automatically agree to this agreement.
- Time is of the essence in this Agreement.
- This Agreement will extend to and be binding upon and inure to the benefit of the respective heirs, executors, administrators, successors and assigns, as the case may be, of each Party of this Agreement.
- Neither Party will be liable in damages or have the right to terminate this Agreement for any delay or default in performance if such delay or default is caused by conditions beyond its control including, but not limited to Acts of God, Government restrictions, wars, insurrections, natural disasters, such as earthquakes, hurricanes or floods, and/or any other cause beyond the reasonable control of the Party whose performance is affected.
Notice to Lessee
- NOTICE TO THE LESSEE: This is a lease. You are not buying the Equipment. Do not book before you read this lease in its entirety. You are entitled to a copy of this Agreement.
Your acceptance of these terms
By using recshare.net, you signify your acceptance of this policy. If you do not agree with this policy, please do not use our Site. Your continued use of the Site following the posting of changes to this policy will be deemed your acceptance of those changes.