Fill and Sign the Equipment Option 497331235 Form

Lease of Recreation or Athletic Equipment with Option to Purchase Agreement made on the ________________ (date) , between _____________________ (Name of Lessor) of ___________________________________________________________ ___________________ (street address, city, county, state, zip code) , referred to herein as Lessor , and ___________________ (Name of Lessee) , of ____________________________ __________________________________________________ (street address, city, county, state, zip code) , referred to herein as Lessee . 1. Equipment Leased Lessor leases to Lessee, and Lessee leases from Lessor, the Equipment described, and the value of which is specified, in Exhibit A , attached to and made a part of this Agreement. 2. The term of this Lease shall be for a period commencing on ___________________ (date) , and ending on __________________ (date) . 3. Rent Lessee agrees to pay Lessor, as rent for the Equipment, $_________ per (e.g., week, month or year) _______________ , such rental to be paid on or before the first day of each (e.g., week, month or year) _____________. Rent unpaid when due shall bear interest at the rate of _____% per year. 4. Security Deposit On the execution of this Agreement, Lessee shall deposit $________ with Lessor as security for the faithful performance by Lessee of its obligations under this Agreement. Such amount shall not bear any interest. The security deposit may be applied by Lessor to pay any indebtedness of Lessee under this Agreement by giving written notice to Lessee. On such notification, Lessee, within _____days, shall restore the security deposit to the full original amount. Any portion of the deposit that has not been so applied by Lessor shall be returned to Lessee at the termination of this Lease. 5. Ownership of Equipment Lessor warrants that the Equipment leased under this Agreement is Lessor's sole and exclusive Equipment. Lessee shall have no right or interest in such Equipment except as expressly set forth in this Agreement. 6. Identification Marks on Equipment The Equipment leased under this Agreement shall be identified or marked by Lessor with appropriate labels, plates, or other markings stating that the Equipment is owned by Lessor and identifying the Equipment with specific numbers. Lessee, without Lessor's prior consent, shall not remove any such identifying markings. 7. Lessor’s Right to Inspect Lessor shall have the right at any time during normal business hours to enter on the premises where the Equipment is located for the purpose of inspecting it or observing its use, maintenance, and operation. 8. Lessee’s Inspection and Acceptance Lessee acknowledges that he has inspected the Equipment delivered pursuant to this Lease, that it is in good condition, and that Lessee has accepted such Equipment in good condition. 9. Return of Equipment On the expiration or termination of this Lease, Lessee agrees to return to Lessor at Lessee's own expense the Equipment leased, in as good a condition as it was when delivered to Lessee, ordinary wear and tear resulting from proper use alone excepted, and free from all liens and encumbrances, to ______________________________________________________ ______________________ (street address, city, county, state, zip code) , or to such other place as Lessor may designate, provided that such designated place does not increase the cost of return. 10. Warranties Lessor does not make any warranties, express or implied, nor shall any warranties arise by operation of law, as to the Equipment, including fitness for any particular use, merchantability, design, capacity, or performance. Warranties made by the seller or manufacturer of the Equipment are assigned by Lessor to Lessee. In the event of any claim concerning the repair or use of the Equipment leased or any other claim concerning the Equipment, regardless of cause or consequence, Lessee's only remedy, if any, shall be against the seller or manufacturer of the Equipment. No defect, regardless of the cause or consequence, shall relieve Lessee from performing its obligations under this Agreement, including the payment of rentals. 11. Status of Equipment as Personalty The Equipment leased under this Agreement is, and will at all times remain, Equipment, notwithstanding that such Equipment or any part may now be, or may become, attached to, or permanently rest on, real property. 12. Use, Care, and Operation of Equipment Lessee shall use the Equipment properly in a careful and proper manner, and shall comply with all laws and regulations prescribed by governmental authority and with the seller's or manufacturer's instructions relating to the possession, use, maintenance, repair, and operation of the Equipment. The cost of maintenance and repair shall be the sole responsibility of Lessee without right of reimbursement from Lessor. Lessee shall permit the Equipment to be used only by competent and qualified personnel. 13. Loss or Damage A. Lessee assumes all risks of loss of or damage to the Equipment from any cause. No loss of or damage to the Equipment shall impair any obligation of Lessee under this Lease, including the payment of rentals, and all such obligations shall continue in full force and effect until otherwise discharged. B. In the event of loss of or damage to the Equipment, the following shall apply: 1. If, in Lessor's judgment, the Equipment is properly and permanently lost or damaged beyond repair so as to be unusable for the purpose for which the Equipment is intended, and if Lessor is indemnified to the extent of the agreed insurable value specified in the attached Exhibit A for the Equipment, the Lease shall terminate with respect to such Equipment. If the Equipment is not insured, or the insurance is not collectible, or the Equipment is lost or destroyed by a peril not insured against, then, at the option of Lessor, Lessee shall either replace the Equipment with like equipment in good condition, which Equipment shall become the Equipment of Lessor and subject to this Lease, or pay Lessor the agreed on insurance valuation of the Equipment as specified in the attached Exhibit, and on payment, Lessee shall become the owner of such Equipment, and the Lease with respect to Equipment shall be terminated. 2. In the event the loss or damage to any of the Equipment is capable of being replaced or repaired, and if Lessor shall be indemnified in an amount less than the agreed on insurance valuation specified in the attached Exhibit, Lessor shall have the option of repairing or replacing the Equipment at Lessee's cost, and the proceeds of any insurance recovered, including the portion applicable to Lessor's interest, shall be applied in paying for the costs of repair or replacement. If no insurance is maintained by Lessee , or if such insurance is uncollectible, or if the damage or loss is caused by a peril not insured against, Lessee shall be responsible for the costs of repair or replacement. This Lease shall continue uninterrupted after such loss or destruction until the Lease is otherwise terminated. C. Lessee shall notify Lessor in writing within _____ days of the occurrence of any loss or damage to the Equipment, and shall cooperate fully with Lessor and the insurance company in the investigation and processing of all claims, and in the recovery of damages from third persons who are or might be liable. 14. Personal Injuries or Death Liability and responsibility for personal injuries or death of any person in connection with the use, operation, or transportation of the Equipment shall be born by Lessee, and Lessee shall indemnify Lessor against all such liability. 15. Insurance A. Lessee shall obtain and maintain at all times during the term of this Lease, at Lessee's sole expense, fire, vandalism, malicious mischief, burglary, and theft insurance in an amount not less than the agreed on insurance valuation as specified in the attached Exhibit. Lessee shall cause Lessor to be named as an additional insured, to the extent of Lessor's interest in the Equipment. Such insurance shall be indorsed to constitute primary insurance with respect to any other insurance that Lessor may have covering such Equipment. B. If Lessee fails to pay the premiums of the insurance policies when due, Lessor may, but is under no obligation to, pay the premiums. Lessee shall within _____ days from notice that Lessor has paid the premiums, reimburse Lessor for such payment. If Lessee fails to reimburse Lessor for such premiums within the period provided, the amount of unreimbursed premiums shall bear interest at ______% per year. 16. Taxes and Fees Lessee shall pay all taxes, assessments, licenses, and registration fees that may now or later be imposed on the ownership, leasing, possession, or use of the Equipment. Lessee shall furnish Lessor satisfactory proof that such payment has been made before such taxes, assessments, license and registration fees become delinquent. If Lessee fails to pay the charges before the delinquency date, Lessor may, but is not obligated to, pay them. Lessee shall reimburse Lessor for any such payment within days from written notice of payment from Lessor. Any such amounts that remain unreimbursed shall bear interest at the rate of _____% per year. 17. Right to Prevent Default If Lessee fails to make any payment or do any act as provided in this Lease, Lessor shall have the right, but not the obligation, without notice to or on demand on Lessee, and without releasing Lessee from any obligation under this Lease, to pay, purchase, contest, or compromise any encumbrance, charge, or lien that, in the sole judgment of Lessor, affects the Equipment, and in exercising such right, Lessor may incur any liability and expend whatever amounts it may deem necessary. All such expenses incurred by Lessor shall be reimbursed by Lessee within ______days from written notice of their being incurred from Lessor. The amount paid by Lessor on behalf of Lessee shall bear interest at _____% per annum from the date Lessor made the payment. 18. Lessor’s Remedies on Default On the occurrence of any of the events specified herein as constituting default, Lessor, without notice to or demand on Lessee, may: A. Take possession of the Equipment and lease any part or all of it, to such persons, for such period of time, and at such rentals, as Lessor shall determine. The rents received from such new Lessee shall be applied to the payment of the rent and other obligations due from Lessee to Lessor, after deducting all costs and expenses incurred in connection with recovery, repair, storage, and renting of the Equipment. Lessee shall be responsible for any deficiency; or B. Take possession of the Equipment and sell any part or all of it at public or private sale without demand or notice of intention to sell, and apply the proceeds of such sale, after deducting all costs and expenses incurred in connection with the recovery, repair, storage, and sale of the Equipment and any rentals and other obligations of Lessee then due under this Lease, against the agreed on valuation of the Equipment as is specified in the attached Exhibit. Lessee shall be responsible for any deficiency. 19. Termination Lessee, if not in default in any of its obligations under this Agreement, may terminate this Lease with respect to the Equipment at any time after _____months from the date of delivery of such Equipment, by giving _____days' written notice of termination to Lessor. Lessor, at its option, within days after return of such Equipment, may sell the Equipment at public or private sale for the highest cash offer made. If, after making such deductions, the net proceeds are less than the amount set forth in Exhibit A, Lessee shall pay to Lessor the amount of the difference, on written demand from Les sor. Such amount shall bear interest at the rate of ____% per annum from the date of demand. 20. Lessee’s Option to Purchase A. Lessee, if not in default in any of its obligations under this Lease, shall have an option to purchase the Equipment o n the expiration of the rental period specified for such Equipment. Lessee shall exercise this option by giving written notice of his or her intention at least ____days prior to the expiration of the rental period. B. If Lessee exercises this option, ______ % of the sum paid as rent shall be applied to the purchase price of the Equipment, and on payment by Lessee to Lessor of the balance of the option price for such Equipment as is specified in Exhibit A attached to this Lease, plus any applicable unpaid sales or use taxes, Lessor will transfer title of the Equipment to Lessee, and this Lease will terminate with respect to such Equipment. 21. Assignment or Subleasing by Lessee Lessee shall not assign, sublet, transfer, pledge, or mortgage any of its rights under this Lease or any of the Equipment subject to this Lease, without the prior written consent of Lessor. Lessee shall not lend or allow the Equipment to be used by any person, without the prior written consent of Lessor. Lessor may assign this Lease or any of its rights under this Agreement without prior notice to Lessee and without obtaining Lessee's consent. Any such assignee shall have all the rights and obligations of Lessor under this Lease. However, Lessor shall not be relieved from performing any of its obligations and responsibilities under this Lease in the event its assignee is unable to do so. 22. Waiver No delay or omission to exercise any right of Lessor under this Lease shall be construed as a waiver of any such right or as impairing any such right. Any waiver by Lessor of a single breach or default shall not be construed as a waiver of any prior or subsequent breach or default. 23. Place of Giving and Making Payments Any notice to be given, and any payments to be made, under this Lease, shall be personally delivered or mailed by registered mail, postage prepaid, at the address set forth in this Lease. Such notice or payment shall be deemed given or made when actually received. 24. Mandatory Arbitration Notwithstanding the foregoing, and anything herein to the contrary notwithstanding, any dispute under this Agreement shall be required to be resolved by binding arbitration of the parties hereto. If the parties cannot agree on an arbitrator, each party shall select one arbitrator and both arbitrators shall then select a third. The third arbitrator so selected shall arbitrate said dispute. The arbitration shall be governed by the rules of the American Arbitration Association then in force and effect. 25. Attorney’s Fees If judicial or arbitration proceedings are instituted in connection with this lease, the unsuccessful party shall pay to the successful party a reasonable amount for the successful party's attorney's fees to be fixed by the court or arbitrator. 26. Survival of Lessee’s Covenants Lessee's covenants under this Lease shall survive the return of the Equipment leased, whenever the context permits. 27. Entire Agreement This Lease constitutes the entire agreement between the parties. This Lease shall not be amended except by written agreement signed by both parties. 28. Governing Law This Lease shall be governed by the laws of the state of ______________. 29. In this Agreement, any reference to a party includes that party's heirs, executors, administrators, successors and assigns, singular includes plural and masculine includes feminine. WITNESS our signatures as of the day and date first above stated. ________________________ _________________________ (P rinted name) (P rinted name) ________________________ _________________________ (Signature of Lessor) (Signature of Lessee)