Fill and Sign the Lease of Stallion for Breeding Services Form

Lease of Stallion for Breeding Services Lease Agreement effective as of this the ____ day of _____________________, 20____, between ________________________________________________ (Name of Lessor) , a corporation organized and existing under the laws of the state of __________________________________, with its principal office located at ________________________________________________________________________ ________________________________________________________________________ __________________________________ (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. Whereas, Lessee is in the business of (e.g., breeding and raising thoroughbred race horses) _____________________________________________________________ __________________________________________________________________; and Whereas, Lessor owns a thoroughbred stallion by the name of _________________________________________________ (name of stallion) , hereinafter called Stallion; and Whereas, Lessee desires to lease Stallion for breeding purposes according to the terms of this Agreement; Now, therefore, for and in consideration of the mutual covenants contained in this agreement, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 1. Lease and Term Lessor hereby leases to Lessee, and Lessee hereby hires from Lessor, the Stallion by the name of ____________________________________________ ( name of stallion) to stand for breeding services at (e.g., Lessee’s ranch at street address, city, zip code) _______________________________________________________________________ _______________________________________________________________________ ______________________________________ for a period beginning on the effective date stated above, and ending not later than ________________________________________ (date) , or as otherwise provided for in this Lease Agreement. 2. Consideration Lessee shall pay a fee of _____________________________ (dollar amount) for the stud services of the Stallion, payable as follows: (e.g. cash in advance) ___________ ___________________________________________________________ , s ubject to the provisions of Section 4 of this Agreement. 3. Care and Service by Stallion Lessee covenants that Stallion shall not service in excess of ________ (number) mares during the breeding season described in this Lease Agreement, and further agrees to provide suitable breeding facilities, furnish proper feed, sufficient water, medical and veterinary care as required, in a manner consistent with good thoroughbred horse breeding practices in _______________________________________ ( county) , _________________________________________________ (state) , at Lessee's own expense. 4. Live Foal Guarantee If Stallion should not get with foal _________________ ( percentage) of the producing thoroughbred mares that are properly bred and returned for second trial, Stallion will be returned for breeding to Lessee during the next breeding season, at the option of Lessee . 5. Uses of Stallion Lessee covenants not to use Stallion for any purpose other than breeding as provided for in this Lease Agreement. 6. Sublease or Assignment Lessee shall not assign this Lease Agreement, or any interest in this Lease Agreement, nor sublet Stallion or in any manner permit the use of the Stallion for any purpose other than as set forth in this Lease Agreement. 7. Insurance A. Lessee shall, at Lessee's own expense, at all times during the term of this Lease Agreement, maintain in force a policy or policies of insurance, written by one or more responsible insurance carriers acceptable to Lessor, which shall insure Lessor against any and all liability for injury to or death of persons or loss or damages to their property occurring in or about the premises on which the Stallion shall be used for breeding. B. The liability under the insurance required in Paragraph A of this Section shall not be less than ________________________________ ( dollar amount) for any one person injured or killed, _______________________________ ( dollar amount) for any one accident, and ________________________________ (dollar amount) for property damage, including any damage to Lessee's mares or other horses or personal property of any kind. 8. Taxes Lessor shall pay all personal property taxes previously or after the effective date of this Agreement levied on the Stallion , including any taxes levied during the term of this Lease Agreement, and Lessee shall pay all personal property taxes levied on any increase produced by the Stallion. 9. Risk of Loss Lessee shall bear any and all risk of loss from the death of or any harm to the Stallion unless such loss is caused by the gross negligence of Lessor, Lessor's agents or employees, in which case Lessor shall bear such loss. 10. Permission to Inspect Lessee shall permit inspection by Lessor at any and all times and follow strictly all reasonable instructions of Lessor with respect to the feeding, care, handling, and breeding of the Stallion. 11. Redelivery of Stallion At the termination of this Lease Agreement, Lessee shall redeliver the Stallion to Lessor at the above-described location, at Lessee's own expense. 12. Warranties by Lessor Lessor warrants that the Stallion delivered to Lessee pursuant to this Agreement will be the Stallion “_____________________________________________ ( name of stallion) " as more particularly described in the Certificate of Registration No._________, a copy of which is attached to this Lease. Lessor further warrants that the Stallion is free from any infectious, contagious, or transmissible disease, and is sound and licensed to stand for public service in _____________________________________________ (name of state) . 13. Lessor’s Lien Lessee grants to Lessor a first lien on any foals produced under the terms of this lease agreement, to the extent of any unpaid balance of the fee set forth in Section 2 of this Lease Agreement. 14. 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. 15. Governing Law This Agreement shall be governed by, construed, and enforced in accordance with the laws of the State of ____________________________________. 16. 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. 17. 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. 18. 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. 19. 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. 20. 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. 21. 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. 21. Counterparts This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all of which together shall constitute but one and the same instrument. WITNESS our signatures as of the day and date first above stated. ____________________________________ (Name of Lessor) ___________________________________ ___________________________________ (Name of Lessee) ____________________________________ (Name of Officer and Office) STATE OF ____________________________________ COUNTY OF _____________________________ Personally appeared before me, the undersigned authority in and for the said county and state, on this ____ day of ___________________________________, 20___, within my jurisdiction, the within named, ______________________________________ (Name of Lessee), who acknowledged that he executed the above and fore going instrument. ______________________________ NOTARY PUBLIC My Commission expires: ______________________ STATE OF ___________________________________ COUNTY OF _____________________________ Personally appeared before me, the undersigned authority in and for the said county and state, on this ____ day of __________________________________, 20____, within my jurisdiction, the within named ______________________________________ (Name of Officer), who acknowledged that he is ________________________________ (Name of Office) of _______________________________________________________ (Name of Corporation) , a _______________________________________ (name of state) corporation, and that for and on behalf of the said corporation, and as its act and deed he executed the above and foregoing instrument, after first having been duly authorized by said corporation so to do. ______________________________ NOTARY PUBLIC My Commission expires: ______________________ Note: Form of Acknowledgment may vary by state.