Lease of Fitness Equipment Agreement

Lease of Fitness Equipment Agreement

Agreement made on the day of , 20 , between of , referred to herein as Lessee, and , Inc., a corporation organized and existing under the laws of the state of , with its principal office located at , referred to herein as Lessor.

Lessee and Lessor, for the consideration hereafter named, agree as follows:

1. Lessor hereby leases to Lessee for the total sum of per month for months beginning on the day of , 200 , the following described fitness and/or exercise equipment (hereinafter referred to as Equipment):

(Fully describe Equipment)

Said payments are due on the day of each month. The amount of rent payable for any fraction of a month shall be the monthly rental rate, prorated according to the number of calendar days in such fraction. Lessee shall pay Lessor interest at twelve percent (12%) or the highest lawful rate, whichever is greater, on any delinquent payment from the date when such payment was due until paid along with expenses of collection or suit, including actual attorneys’ fees.

2. Lessee acknowledges that Lessee has been instructed in and fully understands the safe operation of the Equipment and agrees to observe all safety precautions. Lessee agrees to pay Lessor, on return of the Equipment, for all charges incidental to breakages or damage, ordinary wear and tear excepted, to the Equipment during the term of this Lease.

3. The Equipment is leased for not more than the term stated in Paragraph 1 above, and if Lessee retains the Equipment after expiration of that time period, such retention shall be construed as a continuance of this Lease, at the same rental, and under the same terms, until the Equipment is returned to Lessor.

4. Equipment is to be used at Lessee’s business located at . Lessor shall deliver Equipment F.O.B. in operative condition. Equipment shall not be sublet by Lessee, nor shall Lessee assign or transfer any interest in this Lease without written consent of Lessor. Lessor may assign this Agreement without notice.

5. Lessee acknowledges that Equipment is of a size, design, capacity, and manufacture selected by Lessee. Lessor has not made and does not make any representation, warranty, or covenant, express or implied, with respect to the condition, quality, durability, or suitability of the Equipment.

6. Lessee shall pay all license fees, assessments, and sales, use, property and excise, and/or other taxes hereafter imposed, and relating to Lessee’s use or possession of Equipment.

7. Lessee shall not remove, alter, disfigure or cover up any numbering, lettering, or insignia displayed upon Equipment, and shall see that Equipment is not subjected to careless, unusually or needlessly rough usage. Lessee shall at its own expense maintain Equipment in good repair and operative condition, and return it in such condition to Lessor, ordinary wear and tear resulting from proper use thereof alone expected. The expense of all repairs made during the term of this Lease, including labor, material, parts and other items shall be paid by Lessee.

8. Lessee shall indemnify Lessor against, and hold Lessor harmless from, any and all claims, actions, suits, proceedings, costs, expenses, damages, and liabilities, including attorneys fees, arising out of, connected with, or resulting from the Equipment or this Lease, including without limitation, the manufacture, selection, delivery, leasing, renting, control, possession, use, operation, maintenance or return of the Equipment. Lessee shall further indemnify Lessor, and hold Lessor harmless, from all loss and damage to the Equipment during the rental period. Lessee recognizes and agrees that included in this indemnity clause, but not by way of limitation, is Lessee’s assumption of any and all liability for injury, disability and death of person caused by the operation, use, control, handling, or transportation of the Equipment during the term of this Lease.

9. Lessee shall inspect the Equipment within business day(s) after receipt thereof. Unless Lessee, within said period of time, gives written notice to Lessor specifying any defect in or other proper objection to the Equipment, Lessee agrees that it shall be conclusively presumed, as between Lessor and Lessee, that Lessee has fully inspected and acknowledged that the Equipment is in full compliance with the terms of this Lease, in good condition and repair, and that Lessee is satisfied with and has accepted the Equipment in such good condition and repair. Lessor shall have the right at any time to enter the premises occupied by the Equipment and shall be given free access thereto and afforded necessary facilities for the purpose of inspection.

10. Lessor shall at all times retain ownership and title of the Equipment. Lessee shall give Lessor immediate notice in the event that Equipment is levied upon or is about to become liable or is threatened with seizure, and Lessee shall indemnify Lessor against all loss and damages caused by such action.

11. The following shall constitute a default under this Lease:

a) Lessee shall default in the payment of any rent or in making any other payment hereunder when due, or

b) Lessee shall default in the performance of any other covenant herein and such default shall continue for five days after written notice hereof to Lessee by Lessor, or

c) Lessee becomes insolvent or makes an assignment for the benefit of creditors, or

d) Lessee applies for or consents to the appointment of a receiver, trustee, or liquidator of Lessee or of all or a substantial part of the assets of Lessee under the Bankruptcy Act, or any amendment thereto (including, without limitation, a petition for reorganization, arrangement, or extension) or under any other insolvency law or law providing for the relief of debtors.

12. Upon any such default, and in the event of any default by Lessee in any of the terms of this Lease, Lessor shall have the right to exercise any one or more of the following remedies:

a) To declare the entire amount of rent hereunder immediately due and payable as to the Equipment, without notice or demand to Lessee;

b) To sue for and recover all rents, and other payments, then accrued or thereafter accruing, with respect to Equipment;

c) To take possession of Equipment without demand, notice, or legal process, wherever Equipment may be located. Lessee hereby waives any and all damages occasioned by such taking of possession. Any said taking of possession shall not constitute a termination of this Lease as to Equipment unless Lessor expressly so notifies Lessee in writing;

d) To terminate this Lease as to Equipment, and/or

e) To pursue any other remedy at law or in equality.

13. Notwithstanding any such repossession, or any other action which Lessor may take, Lessee shall be and remain liable for the full performance of all obligations on the part of Lessee to be performed under this Lease.

14. All remedies of Lessor hereunder are cumulative and may, to the extent permitted by law, be exercised concurrently or separately, and the exercise of any one remedy shall not be deemed to be an election of such remedy or to preclude the exercise of any other remedy. No failure on the part of the Lessor to exercise and no delay in exercising, any right or remedy, hereby shall operate as a waiver thereof; nor shall any single or partial exercise by Lessor of any right or remedy hereunder preclude any other or further exercise of any other right or remedy. If any term or provision of this Lease is found invalid, it shall not affect the validity and enforcement of all remaining terms and provisions of this Lease.

15. Lessee shall pay Lessor all costs and expenses, including attorneys’ fees, incurred by Lessor in exercising any of its rights or remedies hereunder or enforcing any of the terms, conditions, or provisions hereof.

16. This instrument constitutes the entire agreement between Lessor and Lessee; and it shall not be amended, altered or changed except by a written agreement signed by the parties hereto.

WITNESS our signatures as of the day and date first above stated.