Fill and Sign the Lease of Game or Entertainment Device Form

Lease of Game or Entertainment Device Lease 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. Installation of Devices Lessor agrees to install in Lessee 's place of business at ________________________ ___________________________________________________ (street address, city, county, state, zip code) , the following enumerated coin-operated game and entertainment devices: (Insert serial number and detailed description), hereinafter called the Equipment . 2. Maintenance and Repair Lessor will maintain, service, and make any necessary installations or repairs in connection with the Equipment at its own expense, the only cost to the Lessee being the electricity used in the operation of the Equipment . 3. Division of Receipts Lessor , from time to time, in the presence of Lessee or Lessee 's representative, shall open the coin boxes to the Equipment and the money taken from the coin boxes shall be divided as follows: Lessor is to receive a weekly service charge of $____________; then the balance is to be divided ______% to the Lessor and ______% to Lessee , which amount shall be in full payment of all privileges granted under and pursuant to this agreement. 4. Location of Equipment Lessor and Lessee agree that the Equipment will at all times be located or placed in a conspicuous place on Lessee 's premises readily accessible for operation by Lessee 's customers. 5. Other Mechanical Devices Lessee agrees that during the term of this Agreement no other form of mechanical entertainment , whether coin-operated or not, will be permitted, used, or furnished on Lessee 's premises. 6. License and Permit Fees Lessor and Lessee shall equally share the expense of the present and future city, state, and federal licenses on the Equipment , and such expense shall be deducted from the money collected from the Equipment . 7. Insurance Lessee shall keep the Equipment , or any additional or replacement Equipment , insured at full value for the benefit of Lessor for all perils, including, but not limited to, fire, vandalism, pilferage, theft, burglary, negligent breakage, and explosion. Lessee may include Lessor as an additional insured as respects the Equipment on policies of insurance covering Lessee 's premises. Lessee shall furnish Lessor with copies of policies or endorsements evidencing such insurance on the Equipment for Lessor 's benefit. 8. Lessee Free to Contract Lessee warrants and agrees that Lessee does not have any agreement with any other person, entity, or organization that would prohibit Lessee from entering into this Agreement. 9. Relocation of Lessee’s Place of Business It is further agreed that if Lessee moves Lessee 's place of business to different premises, this agreement shall be binding at such new premises. If Lessee 's place of business is remodeled or enlarged, this Agreement is binding on all of the premises after such remodeling or enlargement. 10. Damages for Breach It is further agreed, in consideration of the large expense assumed by the Lessor in purchasing, installing, and maintaining the Equipment and the Lessee in allowing the Equipment to be installed in Lessee 's premises and because damages to either party would be difficult to ascertain, that should there be a breach of this Agreement by Lessor , then Lessor will pay to Lessee a sum equal to the average monthly income received by Lessee under this Agreement prior to the breach, times the number of months remaining under this Agreement. On a breach of this Agreement by Lessee , Lessee agrees to pay to Lessor an amount similarly computed. It is agreed that the stated amount of damages for breach is not a penalty or a forfeiture, but a reasonable amount at which damages shall be liquidated in the event of breach by either party. 11. Term of Agreement It is further agreed that the term of this Agreement shall be _______ months from the effective date stated above, and shall be renewed automatically for a like term on the same provisions as set forth in this Agreement, unless either party gives written notice of intention not to renew by certified mail at least ________ (number) , but not more than _______ (number) , days before the expiration of such term or any renewal. 12. Lessee’s Transfer or Sale of Business If Lessee transfers or sells the business conducted on the above-described premises or Lessee 's interest in the business in whole or in part, Lessee shall give prior written notice to the transferee and to Lessor , and such transfer or sale shall be subject to this Agreement and it shall be binding on the transferee or purchaser also. 13. No Waiver The failure of either party to this Agreement to insist upon the performance of any of the terms and conditions of this Agreement, or the waiver of any breach of any of the terms and conditions of this Agreement, shall not be construed as subsequently waiving any such terms and conditions, but the same shall continue and remain in full force and effect as if no such forbearance or waiver had occurred. 14. Governing Law This Agreement shall be governed by, construed, and enforced in accordance with the laws of the State of _______________. 15. Notices Any notice provided for or concerning this Agreement shall be in writing and shall be deemed sufficiently given when sent by certified or registered mail if sent to the respective address of each party as set forth at the beginning of this Agreement. 16. Attorney’s Fees In the event that any lawsuit is filed in relation to this Agreement, the unsuccessful party in the action shall pay to the successful party, in addition to all the sums that either party may be called on to pay, a reasonable sum for the successful party's attorney fees. 17. Mandatory Arbitration 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. 18. Entire Agreement This Agreement shall constitute the entire agreement between the parties and any prior understanding or representation of any kind preceding the date of this Agreement shall not be binding upon either party except to the extent incorporated in this Agreement. 19. Modification of Agreement Any modification of this Agreement or additional obligation assumed by either party in connection with this Agreement shall be binding only if placed in writing and signed by each party or an authorized representative of each party. 20. Assignment of Rights The rights of each party under this Agreement are personal to that party and may not be assigned or transferred to any other person, firm, corporation, or other entity without the prior, express, and written consent of the other party. In this contract, 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)