Lease Agreement Terms And Conditions

By executing and returning the acceptance copy of this Lease Contract, or if the acceptance copy is not executed and returned, by partial or complete performance under this Lease Contract, you, as LESSEE, agree with Fader Equipment, Inc., LESSOR as follows:

1. The Equipment shall at all times remain and be the sole and exclusive property of LESSOR and the LESSEE shall have only the right to use it on the terms and conditions herein set forth.
2. It is understood and agreed that the rental period shall begin at the time when the Equipment herein leased is loaded at LESSOR’S warehouse in Kalamazoo, Michigan and will end when said Equipment is properly returned to the aforementioned warehouse, or to such other places as said LESSOR shall in writing appoint and the LESSEE agrees to pay all transportation charges to the place of work and for the return to LESSOR’S warehouse, or other places as the LESSOR may designate as aforesaid, it being understood that LESSEE shall be put to no greater expense in returning Equipment that if Equipment were returned to the place from which is was originally obtained.
3. Power equipment will not be used more than one 8 hour shift per working day. Should one shift be exceeded in any one day, LESSEE shall pay one and one-half times the daily or pro-rated, should two shifts be exceeded in any one day, LESSEE shall pay one and three-quarters times the daily or pro-rated daily rental rate for each day of such extra use.
4. LESSEE agrees that written receipt of the Equipment, or any portion thereof, by LESSEE’S employee, shall constitute acknowledgment of delivery to LESSEE and LESSEE’S acceptance of the Equipment, or such portion thereof, as being in good order and repair and suitable and proper for the purpose for which it to be used. LESSOR shall not be responsible for Equipment accepted from a common carrier in a damaged condition unless such damage is acknowledged by such carrier.
5. The Equipment leased hereunder must be cleaned before returning. If the Equipment is not clean upon it’s return, LESSEE hereby authorizes LESSOR to clean the Equipment and LESSEE will pay a cleaning charge for such work.
6. LESSEE shall maintain said Equipment in the same condition as when received, usual wear and tear excepted, and shall hold LESSOR harmless from any claims arising from defects therein. LESSEE shall protect LESSOR against all loss and damage caused by fire, flood, accident, explosion, theft or otherwise that may occur during the life of this lease and until said Equipment has been returned into the possession of LESSOR and accepted by LESSOR: and in case any part thereof be lost, destroyed or damaged, whether with or without fault of the LESSEE, LESSEE agrees to pay to the LESSOR the full value of such part in cash, except that if not damaged beyond reasonable repair, the LESSEE shall pay an amount equal to the reasonable cost of repairing the same.
7. LESSEE shall notify LESSOR immediately of any accidental breakage, defect, damage, or wear and tear requiring repairs. Such repairs shall be made only by LESSOR or persons authorized by LESSOR, unless otherwise provided herein. LESSEE agrees to pay LESSOR’S regular charges for such repairs, (except repairs or usual wear and tear). If LESSEE demands such repairs outside LESSOR’S normal business hours, LESSEE shall pay applicable overtime rates therefor. LESSEE also shall assume payments for work or inspection required by any labor union, contractor, sub-contractor or any governmental agency or any other person whatever and shall assume responsibility for said Equipment in every way as if it were LESSEE’S own.
8. LESSOR shall have the right, without notice, to terminate the Lease of the Equipment in the event of failure of the LESSEE to pay the agreed rental therefore, or any other agreed cost in connection therewith promptly when due, and in default of such payments, or in the event of the breach of any of the terms and conditions herein set forth, or if the LESSEE becomes insolvent or any proceedings in bankruptcy or receivership are instituted by or against it, or if any execution, levy or attachment is levied or threatened to be levied upon the Equipment, LESSOR shall have the right to take immediate possession and to remove said Equipment. LEESEE shall in such event, immediately pay LESSOR the full unpaid rental for the minimum period, if any, and for subsequent periods, as herein stipulated, together with the cost of removal of said Equipment from LESSEE’S possession and all freight demurrage, storage, labor or other charges on or against said equipment incurred during it’s removal, shipping, and return to LESSOR’S possession at Kalamazoo, Michigan or equivalent point.
9. LESSEE shall comply with all local, state, and federal laws relating to possession and use of Equipment of this nature, pay all special taxes and fees connected with LESSEE’S use thereof, and shall save LESSOR harmless from all costs, expenses and suits occasioned thereby.
10. The Lease of the Equipment is not assignable by the LESSEE, nor shall the Equipment be sublet to or used by or subjected to the control of any person other than the LESSEE nor removed from the premises indicated on the reverse side or used for any purpose other than that stipulated in the Lease of the Equipment. The LESSEE agrees that any removal of any of the Equipment from such premises (except to the warehouse of LESSOR) shall entitle LESSOR, at its option, to repossess itself of all of the Equipment or to treat such removal as to conversion of all of the Equipment and proceed against the Lessee for the full value thereof or to affirm such removal and continue to demand rental of the Equipment.
11. LESSEE assumes all risks inherent in the operation and use of the Equipment by LESSEE or anyone else. LESSEE agrees to assume the entire responsibility for the defense of, and to pay, indemnify, hold LESSOR harmless from, and release LESSOR from, any and all claims for damage to property or bodily injury (including death), or for loss of time or inconvenience resulting from the use, operation or LESSEE’S possession of Equipment, irrespective of any cause claimed or found other than LESSOR’S gross negligence.
12. The LESSEE agrees to erect, maintain and use the Equipment in a safe and proper manner and in conformity with all laws and ordinances pertaining thereto. The LESSOR shall have no responsibility, direction or control over the manner of erection maintenance, use or operation of the Equipment, and agrees to hold LESSOR harmless from all such claims. At LESSOR’S option, and without any obligation on its part, LESSOR reserves the right to enter any job, building or location where said Equipment is being used at any time for the purpose of inspection and reserves the right to remove said Equipment notice on if it is being overloaded, taxed beyond its capacity, or otherwise abused or neglected.
13. Upon the termination or expiration of the Lease the LESSOR shall forthwith deliver such Equipment to LESSOR at its warehouse or as indicated in this Lease Agreement in as good condition as when it was delivered to the LESSEE, ordinary wear caused by reasonable and proper use thereof excepted, and LESSOR shall have the right forthwith to repossess itself of the Equipment. The LESSEE hereby waives any claim whatsoever against LESSOR for exercising any right or remedy herein provided and agrees to hold LESSOR harmless from all claims growing out of the exercise of any such right or remedy.
14. In the event that the Equipment (or any part thereof) be lost, destroyed or damaged as referred to in paragraph (6) above, LESSOR will invoice the LESSEE and payment shall be due upon receipt of invoice. The replacement. cost shall be the basis of invoicing with consideration to normal wear and.tear depending on circumstances involved. In all instances, the claims and payment thereof will be between the LESSEE and LESSOR. If LESSEE has insurance against such loss, this is a matter strictly between LESSEE and its insurance company and payment of damages will not be delayed pending such settlements or negotiations that LESSEE may have with his own carrier.
15. In the event that LESSOR shall employ an attorney and/or commence suit to recover the Equipment herein leased or to collect any indebtedness due under this Lease Agreement as herein provided, LESSEE agrees to pay and there shall immediately become due and payable from the LESSEE a reasonable sum for attorney’s fees together with all court costs incurred by LESSOR.
16. It is understood and agreed that LESSEE may, from time to time, lease from’LESSOR additional Equipment complimentary or supplementary to the Equipment leased pursuant to this Lease Agreement. In such event all of the terms and conditions of this Lease Agreement shall apply to such additional Equipment except that the amount to be paid as rental for such additional Equipment shall be determined at the time such Equipment is rented and is not included in the rental provided for herein.
17. Either party may terminate the Lease Agreement on 30 days notice.
18. This Agreement shall be regarded as having been made in the State of Michigan and no modification hereof shall be binding unless made and accepted in writing by the parties hereto. This Agreement shall be effective only upon approval by an officer of LESSOR at the office in Kalamazoo, Michigan.