Boat Lease Purchase Agreement

Boat Lease Purchase Agreement

This Boat Lease Purchase Agreement (the Agreement) is made and entered into as of by and between:

Parties

Vessel Identification

Make and Model:

Year:   Hull Identification Number (HIN):

Registration / Official Number:   Length:

Lease Term and Payment

Lease Commencement Date:   Lease Term Expiration Date:

Payment Due Date Each Month (day):   Late Fee for Past Due Payments:

Option to Purchase / Purchase Terms

Option Consideration (amount paid for option, credited to purchase):

Option Expiration Date:   If option exercised, Purchase Closing Date no later than:

Earnest Money to be deposited on option exercise:   Financing Contingency Required: Yes

Maintenance, Use and Repairs

Lessee shall be responsible for routine maintenance, dry storage costs, fuel, and ordinary repairs. Major repairs exceeding require prior written consent of Owner.

Insurance, Registration and Title

Lessee shall maintain comprehensive hull and liability insurance covering the Vessel with minimum liability limits of listing Owner as additional insured/ loss payee as required.

Registration to be kept current in the name of:

Disclosures and Representations

Owner represents and warrants that Owner has good and marketable title to the Vessel, free of undisclosed liens and encumbrances, except as disclosed below.

Known Prior Damage or Major Repairs: Yes    No

Salvage or Rebuilt Title History: Yes    No

Outstanding Liens or Encumbrances: Yes    No

Default and Remedies

If Lessee defaults in payments or material obligations under this Agreement, Owner may provide written notice to Lessee specifying the default. If Lessee fails to cure within the time period specified in such notice, Owner may terminate the lease, repossess the Vessel, retain any deposits or option consideration as liquidated damages, and pursue any other remedies available at law or in equity. Lessee's remedies following an Owner default are limited to specific performance of the purchase option or monetary damages where permitted.

Taxes, Fees and Assessments

Lessee shall be responsible for payment of all fuel taxes, slips, moorage, storage fees, registration fees, sales taxes applicable to payments or transfer, and any assessments arising during the Lease Term, except taxes based on Owner's ownership of the Vessel prior to the Lease Commencement Date.

Closing and Possession

Possession upon Lease Commencement shall be delivered to Lessee by Owner. Possession upon closing shall be delivered free of liens (except as previously disclosed) and in substantially the same condition as at the time of inspection, normal wear and tear excepted.

Governing Law; Miscellaneous

This Agreement shall be governed by and construed in accordance with the laws of the state of without regard to its conflict of law principles.

This Agreement, including any attachments and written notices, constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior discussions, negotiations and agreements. Any modification must be in writing signed by both parties. If any provision is held invalid, the remaining provisions shall remain in full force and effect. The prevailing party in any action to enforce this Agreement shall be entitled to recover reasonable attorneys' fees and costs.

Notices

All notices required or permitted under this Agreement shall be in writing and delivered to the addresses set forth for Owner and Lessee above by personal delivery, overnight courier, or certified mail, return receipt requested, and shall be effective upon receipt.

Acknowledgment and Signature

By signing below, each party acknowledges that they have read and understood this Agreement, that they have authority to enter into this Agreement, and that the facts and representations set forth herein are true and accurate to the best of their knowledge.

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