Fill and Sign the Lease or Rental Agreement of Horse Trailer with Option to Purchase and Own Lease or Rent to Own Form

Lease of Horse Trailer with Option to Purchase Agreement made on the ____ day of _______________________, 20____, between _____________________________________________ (Lessor) of ______________________ _________________________________________________________________ (street address, city, county, state, zip code) , referred to herein as Lessor, and ____________________________ _______________________ (Lessee) of _____________________________________________ ______________________________________________________ (street address, city, county, state, zip code) , referred to herein as Lessee. 1. Lessor leases to Lessee and Lessee leases from Lessor the following described horse trailer, hereinafter called Trailer: (Describe in detail) __________________________________ _____________________________________________________________________________ _____________________________________________________________________________ __ 2. Lessee shall pay as lease payments for the Trailer $__________ per month in advance on the _________________________ (e.g., first) day of each month during the term of this Lease. All lease payments shall be made by Lessee to Lessor at Lessor's address set forth above. Lease payments for the first month shall be prorated from the date of delivery. Interest at ____% may be charged by Lessor on lease payments not paid when due. 3. The agreed value of the Trailer at the time of its delivery to Lessee is $_____________. Depreciation shall be computed on the basis of ______% per month of the original agreed value from the date of delivery of the Trailer. 4. Lessee shall not use or permit the use of the Trailer in a negligent or improper manner or in violation of any law, or so as to avoid any insurance covering the Trailer , or as a public or private carrier, or permit the Trailer to become subject to any lien, charge, or encumbrance. 5. The Trailer shall bear license plates (if required) and the title shall be registered (if required) in the name of Lessor. License fees shall be paid by Lessee. Unless otherwise specified, Lessor, where required, shall register the Trailer in conformance with the laws of ( state) ____________________________________________ . 6. Unless otherwise agreed in writing by the parties, all service, materials, and repairs in connection with the use and operation of the Trailer during the lease term shall be at Lessee's expense. Lessor shall not be liable for repairs, nor shall any such repairs be charged to Lessor. 7. Lessee shall bear all risks of damage to or loss of the Trailer , not covered by insurance. All repairs, or substitutions of parts or equipment shall be at the cost and expense of Lessee. Lessee, at all times and at Lessee's expense, shall keep the Trailer in good working order, condition, and repair, reasonable wear and tear excepted. 8. Lessee agrees to indemnify Lessor against all claims, losses, causes of action, and expenses, including attorney fees and legal expenses, arising from the use, maintenance, and operation of the Trailer . 9. This Lease will terminate on _______________________________ (date) , or at any time after the first _____months of the term, provided Lessee has given Lessor ____days' advance notice in writing of intent to terminate and is not in default. 10. Lessor, at his option, may by written notice to Lessee declare this Lease in default on the happening of any of the following: A. Default by Lessee in payment or performance of any of Lessee's obligations; B. A proceeding in bankruptcy or under any law for relief of debtors involving Lessee or the Trailer ; C. Involuntary transfer of Lessee's interest in this Agreement by operation of law; or D. Expiration or cancellation of any policy of insurance agreed to be paid for by Lessee, or the cessation in force according to its original terms of such insurance, or of any extension or renewal of the insurance, during the entire term of this Lease. 11. On declaration by Lessor that Lessee is in default under this Lease, the Trailer shall be surrendered and delivered to Lessor, and Lessor may take possession of it wherever it may be found, with or without process of law, and for that purpose may enter on the premises of Lessee. On default, Lessee and Lessee's successor in interest, whether by operation of law or otherwise, shall have no right, title, or interest in the vehicle, or its possession or use, and Lessor shall retain all lease payments and other sums paid by Lessee under this Agreement with respect to the Trailer . The rights and remedies of Lessor under this Agreement are not exclusive, but cumulative and in addition to all other rights and remedies provided by law. 12 . On expiration of the lease term, or earlier termination of the Lease as provided in this Lease, Lessee shall return the Trailer to Lessor in the same condition as when received, less reasonable wear and tear, at _______________________________________________________ ______________________________________________________________________________ _______________________________ (street address, city, county, state, zip code) , or any other location mutually agreed on by the parties. 13. Lessee agrees not to assign, transfer, sublet, pledge, or encumber any of its rights under this Lease, or the Lease itself. 14. This Agreement is one of leasing only and Lessee does not acquire any right, title, or interest to the Trailer other than the right of possession accorded a Lessee. 15. There are no warranties, expressed or implied, by Lessor to Lessee , except as contained in this Agreement, and Lessor shall not be liable for any loss or damage to Lessee, nor to anyone else, of any kind and however caused, whether by any vehicle, its repair, maintenance, or equipment, or its failure, or by interruption of service or use of any leased vehicle. 16. If either party shall elect to cancel this Lease, or upon termination of this Lease as provided herein, Lessee shall have the option to purchase Trailer and Lessor agrees to sell the property on the basis set out in this Paragraph. Purchase by Lessee pursuant to this option shall be for cash or on terms suitable to Lessor and at the original value of the Trailer as set forth, less $________ per month for depreciation as stated in Paragraph 3 above, computed on the basis of the time elapsed from the date the property was delivered to Lessee until the date Lessee exercises the option to purchase. If Lessee exercises the option to purchase, _____% of the sums paid as rental under this Lease shall be applied to the purchase price of the Trailer . On the payment by Lessee to Lessor of the balance of the option price for the property, in addition to any applicable unpaid sales or use taxes, Lessor shall transfer title to the Trailer to Lessee, and this Lease will then and there terminate with respect to that property. 17. 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. 18. Governing Law This Agreement shall be governed by, construed, and enforced in accordance with the laws of the State of ______________________________________. 19. 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. 20. 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. 21. Mandatory Arbitration Notwithstanding the foregoing, and anything herein to the contrary, 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. 22. 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. 23. 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. 24. 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. _______________________________________ ____________________________________ LESSOR LESSEE