Fill and Sign the Lease or Rental of Computer Equipment 497328462 Form

Lease or Rental of Computer Equipment This lease agreement is made this the day of _________________, 20 , between __________________________ Company, a corporation organized and existing under the laws of the State of _______________________, with its principal office located at ______________________________________________________ (street, city, state) , A Lessor", and ___________________________ Company, a corporation organized and existing under the laws of the State of _____________________, with its principal office located at ____________________________________________________ (street, city, state), A Lessee. @ 1. Lessor hereby leases to Lessee the computer hardware, software and other equipment and personal property described in Exhibit A attached hereto, together with any replacement parts, replacements, additions, repairs and accessories hereinafter added to in Exhibit A and initialed to by Lessor and Lessor where indicated, referred to in this Lease individually as an "item of equipment" and collectively as the "equipment", upon the terms and conditions set forth in this Lease for use at Lessee = s business at _________________________________________ (Street Address, City and State) for the total sum of $____________ per month for ______ months beginning on the _____ day of ______________, 20___. Lessor shall deliver such equipment F.O.B. in operative condition. 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. Disclaimer of Warranties; Representations and Warranties Lessee acknowledges that Lessor is not the manufacturer of the equipment, nor manufacturer's agent, and Lessee represents that Lessee has selected the equipment leased under this agreement based upon Lessee's judgment, and Lessee agrees that the equipment leased under this Lease is of a design, size, fitness and capacity selected by Lessee and that Lessee is satisfied that such equipment is suitable and fit for its intended purposes. Lessee further agrees that Lessor leases and Lessee takes the equipment "as is" and that Lessor has not made, does not make and shall not be deemed to make any representation or warranty, either expressed or implied, of any kind whatever with respect to the equipment, including, but not limited to, the title, value, condition, workmanship, design, operation, merchantability or fitness for a particular use or purpose of the equipment, the absence of latent or other defects, whether or not discoverable, the absence of any infringement of any patent, trademark or copyright, the absence of any violation or conflict with any law, governmental regulation, contract or specification. Lessee specifically waives all rights to make a claim against Lessor for breach of any warranty of any kind and Lessor also passes to Lessee all warranties, if any, received by lessor by virtue of its ownership of the equipment. Lessor shall not be liable to Lessee for any loss, damage or expense of any kind or nature caused directly or indirectly by any equipment leased under this Lease or for the use or maintenance of it, or for the failure of operations of it, or for the repairs, service, or adjustment to it, or by any delay or failure to provide any of it, or by any interruption of service or loss of use of it or for any loss of business or any other damage whatever and however caused. No defect or unfitness of the equipment shall relieve Lessee of the obligation to pay rent with respect to such equipment, or any other obligation under agreement to Lessor. 3. Surrender Unless Lessee has acquired the equipment pursuant to Section 14 below, Lessee, at its expense but at Lessor's option, shall, at the expiration or earlier termination of this Lease with respect to any item of equipment, return such item of equipment properly packed and crated with freight prepaid, to Lessor at such place and by such reasonable means as may be designated by Lessor in the same repair, condition and working order as at the commencement of the term of this Lease with respect to it, except for reasonable wear and tear resulting from permitted use. If Lessee shall fail to return any item of equipment as provided in this Lease, Lessee shall pay to Lessor during the period of such failure rent for such item of equipment in the same amount and at the same frequency as the amount and frequency of rent payable during the lease term with respect to such item of equipment. 4. Possession; Use; Location; Maintenance; Inspections Lessor covenants to Lessee that as long as Lessee shall not be in default under this Lease, Lessee may possess and use the equipment in accordance with this lease. Lessee warrants that the equipment will not be used or operated in violation of any law, ordinance or governmental regulation. Lessee will not make or suffer any changes, alterations, improvements or remove any parts, accessories or attachments to or from the equipment other than in the course of routine maintenance. Lessee shall, at its sole cost, maintain the equipment in good operating order, repair and condition excepting normal wear and tear resulting from permitted use. Lessee shall perform maintenance on the equipment in the manner recommended by the manufacturers of the equipment. Lessee shall not move the equipment from the location specified above without Lessor's prior written consent. Lessor, or its designated agent, may during normal business hours with prior notice to Lessee inspect the equipment and the maintenance records pertaining to it. At its expense, Lessee shall make all modifications to the equipment which are required by law, governmental rule or regulation. Lessee will not, without the prior written consent of Lessor, affix or install any accessory, equipment, or device on any equipment if such addition will impair the originally intended function or use of such equipment or diminish its value or utility. All additions, repairs, parts accessories, equipment and devices furnished or affixed to any equipment shall become the property of Lessor except such as may be removed, and which are in fact removed, without in any way damaging the equipment or without in any way affecting or impairing the originally intended function or use of such equipment. Lessee, without the prior consent of Lessor, shall not affix any equipment to any real property. Lessee agrees not to waive its right to use and possess the equipment in favor of any party other than Lessor and further agrees not to abandon the equipment to any party other than Lessor. 5. Risk of Loss Lessee assumes and shall bear all risk of any loss, theft, damage to, or destruction of the equipment from any cause whatever ("casualty occurrence"). No casualty occurrence shall relieve Lessee from its obligations under this Lease; however, the Lessee's obligation to pay rent with respect to any item of equipment that has suffered a casualty occurrence may be discharged by compliance with the terms of this Section 5, if, at the Lessor's option, Lessee is required to replace destroyed or damaged equipment, then any insurance proceeds paid either to the Lessor or Lessee, or Lessor and Lessee jointly, shall be used to replace such equipment. In the event of a casualty occurrence to any item of equipment, Lessee shall give Lessor prompt notice of it and shall place such item of equipment in good repair, condition and working order; provided that if Lessor reasonably determines such item of equipment to be lost, stolen, destroyed or damaged beyond repair, then Lessee, at Lessor's option, shall either: (a) replace such item of equipment with like equipment in the condition required by this Section which has a market value at least equal to that of the replaced item of equipment immediately prior to the casualty occurrence; or (b) pay to the Lessor not later than sixty (60) days after notification by Lessor, the "casualty value" of such item of equipment as such term is defined in this Lease. The casualty value of any item of equipment shall be equal to a total of: (i) all matured by unpaid rent and other amounts, if any, due at the time of such payment; plus (ii) the sum of the present values of unmatured rent payments with respect to such item of equipment, with the present value of each such unmatured rent payment being calculated by discounting the amount of it at a discount rate of % per annum from the date such rent payment would otherwise be due to the date of payment of the casualty value; plus (iii) the "reversionary value" of the item of equipment less the net amount of the recovery, if any, actually received by Lessor from insurance or otherwise for such loss, theft, damage or destruction. For purposes of this Section 5, reversionary value shall be the estimated fair market value of the item of equipment as of the end of the lease term, as though such casualty occurrence had not occurred. Upon such replacement or payment, as appropriate, this Lease shall terminate with, and only with, respect to the item of equipment or portion of it so replaced or paid for and Lessee shall become entitled to such replaced or paid for item of equipment or portion of it "as is, where is." 6. Insurance During the lease term of any equipment, Lessee shall, at its expense, keep in effect an "all risk" property insurance policy covering the equipment in an amount not less than the full replacement cost of the equipment. In addition, Lessee shall also carry a public liability insurance policy (comprehensive general liability or other similar form of third party liability coverage acceptable to Lessor) in an amount not less than $___________________ combined single limit per occurrence, unless Lessor specifies otherwise. All insurance policies shall be in form and amount and with insurers acceptable to Lessor. The all risk property insurance policy shall name the Lessor and its assigns as loss payee, and the public liability insurance policy shall name the Lessor as an additional insured. Each policy shall provide: (i) for no less than 30-days' prior written notice of modification, cancellation or non- renewal to Lessor; (ii) that such policy shall not be invalidated as against Lessor or its assigns for any violation of any term of the policy or Lessee's application for it; and (iii) that such insurance is primary insurance and any other insurance covering Lessor or its assigns shall be secondary and excess of such policy. Lessee shall pay the premiums and deliver to Lessor at the commencement of the Lease term of any item of equipment, a certificate of insurance, or other evidence satisfactory to Lessor, stating that coverage is in effect, provided, however, Lessor shall be under no duty either to ascertain the existence of or to examine such insurance policy or to advise Lessee if such insurance shall not comply with the requirements of this lease. Proceeds from any public liability insurance policy shall be made payable first on behalf of the Lessor to the extent of its liability, if any. Lessee shall promptly notify any appropriate insurer and Lessor of each occurrence which may become the basis of a claim or cause of action against the insureds and provide lessor with all data pertinent to such occurrence. The proceeds of casualty insurance, at the option of Lessor, shall be applied toward: (a) the repair or replacement of the appropriate equipment; (b) payment of the casualty value of it; or (c) the payment of any other accrued obligation of Lessee under this agreement. Any excess of such proceeds remaining shall belong to Lessee. Lessee appoints Lessor as Lessee's attorney-in-fact with full power and authority to do all things, including, but not limited to, making claims, receiving payments and endorsing documents, checks or drafts, necessary or advisable to secure payments due under any policy contemplated by this lease on account of a casualty occurrence to the equipment. 7. Taxes Lessee shall pay as and when due, and indemnify and hold harmless Lessor from and against all present and future taxes and other governmental charges (including, but not limited to, sales, use, leasing, stamp and personal property taxes and license and registration fees), and all amounts in lieu of such taxes and charges and any penalties and interest on any of the foregoing, imposed, levied or based upon, in connection with or as a result of the purchase, ownership, delivery, leasing, possession or use of the equipment or the exercise by Lessee of any option under this Lease, or based upon or measured by rentals or receipts with respect to this Lease, and Lessee shall file all returns required and furnish copies of them to Lessor upon its request; provided, however, that the foregoing shall not apply to any federal or state income or franchise taxes measured by net income of Lessor. 8. Performance of Obligations by Lessor If Lessee shall fail to make any payment or perform any act or obligation required of Lessee under this Lease, Lessor may, but need not, at any time make such payment or perform such act or obligation at the expense of Lessee. Any expense so incurred by Lessor shall constitute supplemental rent due under this Lease and shall be payable by Lessee to Lessor upon demand. Such action by Lessor shall not be deemed a cure or waiver of any default of Lessee. 9 Indemnification Lessee agrees to indemnify, defend and hold Lessor, and its employees, officers, directors, successors and assigns harmless from and against any and all liabilities, damages, claims, actions, suits, proceedings, penalties, costs and expense, including reasonable attorney's fees and costs, of whatever kind and nature ("claims") arising out of the use, condition (including, but not limited to, latent or other defects and whether or not discoverable by Lessee or Lessor), operation, acquisition, ownership or leasing of any item of equipment, including but not limited to the manufacture, selection, purchase, delivery, acceptance, rejection, possession, return or disposition of any item of equipment, and including but not limited to claims arising by contract or tort including negligence, strict liability or otherwise, regardless of where, how and by whom the equipment was operated or any failure on the part of Lessee to perform or comply with any of its obligations under this lease. If any claim is made against Lessee or Lessor, the party receiving notice of such claim shall promptly notify the other, but the failure of such person receiving notice so to notify the other shall not relieve Lessee of any obligation under this Lease. This indemnity shall survive the expiration or other termination of this Lease. 10. Assignment Without Lessor's prior written consent, Lessee shall not transfer, assign, sell, sublet, or otherwise dispose of any of Lessee's interest in any equipment of this Lease, and any attempt by Lessee to accomplish the same without Lessor's consent shall be void. Lessor may, at any time, without notice to lessee, mortgage, grant security interest in or otherwise transfer, sell or assign all or any part of its interest in this Lease or any equipment or any rent or other sums due or to become due under this Lease, except that the interest of any such mortgagee, transferee or assignee shall be subject to lessee's rights of use and possession, renewal rights and purchase options, if any, under this Lease so long as no event of default has occurred and is continuing under this Lease. 11. Supplemental Rent; Late Charge All sums due or to become due under this Lease in addition to the rent provided for on the schedules shall be payable by Lessee as supplemental rent under this Lease. 12. Default The occurrence of any of the following shall, at the option of Lessor and with due notice other than provided in this Lease, constitute an event of default under this Lease: a. Lessee fails to pay any rent or other sums due under this Lease and such failure shall continue for ten (10) days; b. Lessee fails to perform any other covenant in this lease and such failure continues for twenty (20) days after written notice by Lessor to Lessee; c. Lessee shall be in default in the payment of any other indebtedness or obligation owed by Lessee to Lessor or an affiliate of Lessor under any other agreement or instrument; d. Lessee files a petition in bankruptcy, or for reorganization, or for an arrangement pursuant to the U.S. Bankruptcy Code, or any similar federal or state or foreign law, or it is adjudicated bankrupt or insolvent, or makes an assignment for the benefit of creditors, or admits in writing to its inability to pay its debts generally as they become due, or is dissolved, or suspends payment of any of its obligations, or takes any corporate action in furtherance of any of the foregoing; e. A petition or answer proposing the adjudication of Lessee as a bankrupt, or its reorganization under the U.S. Bankruptcy Code, or any similar federal or state or foreign law is filed in any court, and (1) Lessee shall consent to such filing, or (2) such petition or answer is not discharged or denied within sixty (60) days after such filing; f. A receiver, trustee or liquidator (or other similar official) is appointed for or takes possession or charge of Lessee, substantially all of its assets, or any equipment; g. Lessee's interest in any equipment is levied upon or attached in any proceeding, and such process is not vacated or discharged within thirty (30) days; h. Lessee attempts to sell, transfer, mortgage, pledge, or otherwise encumber, sublet or part with possession of any equipment without Lessor's prior written consent; i. If Lessee is an individual, the death or judicial incompetence of Lessee; or j. Any representation or warranty made by Lessee in this agreement or in any document or certificate furnished by Lessee in connection with this Lease or pursuant to this Lease shall prove to have been incorrect in any material respect at the time made. 13. Remedies Upon the occurrence of any event of default, or at any subsequent time, Lessor, at its sole option, may exercise one or more of the following remedies: a. Declare all accrued and unpaid rent immediately due and payable; b. Terminate this Lease as to any or all items of equipment upon written notice to Lessee, without prejudice to any other remedies under this Lease; c.. Enter with Lessee's permission any premises where the equipment may be located with or without legal process and take possession of it without such action constituting a termination of the Lease unless Lessor notifies Lessee in writing to such effect; e. Proceed by appropriate action either at law or in equity to enforce performance by Lessee of the applicable covenants of this Lease or to recover damages for breach of it; and f. Exercise any and all rights available to Lessor under applicable law upon a default by Lessee. Lessee, upon default under this lease, shall pay to Lessor: (a) as liquidated damages for the loss of the bargain and not as a penalty an amount equal to the casualty value of the equipment as of the date of occurrence to the date of payment; and (b) all costs and expenses (including reasonable attorney's fees) incurred by Lessor in connection with collecting any amounts due under this Lease or enforcing any right or remedy of Lessor under this Lease. After repossession of the equipment by Lessor, Lessor shall attempt to mitigate Lessee's damages as provided below. The proceeds of such sale or lease, if any, shall be applied first: (i) to all of Lessor's costs, charges and expenses incurred in taking, removing, holding, repairing and selling or leasing the equipment; then (ii) to the extent not previously paid by Lessee, to pay Lessor any amounts or damages (including any casualty value) then remaining unpaid under this Lease; then (iii) to reimburse Lessee any such sums previously paid by Lessee as damages under this Lease; and (iv) any surplus shall be retained by Lessor. Lessee shall pay Lessor any deficiency in (i) and (ii) within ten (10) days of written request for same. Lessor's remedies provided for in this lease shall be in addition to any and all other remedies provided, existing or available in its favor under any other provisions of this Lease, at law, in equity or under statute. Lessor's remedies may be exercised concurrently or separately, and the exercise of one remedy shall not be deemed to be an election of such remedy or to preclude the exercise of any other remedy. No failure or delay on the part of Lessor in exercising any right or remedy provided under this Lease shall operate as a waiver of it. Waiver of default shall not be a waiver of any other or subsequent default. Lessee waives notice of place of sale or lease and manner and place of any advertising. 14. End of Lease Option Lessee shall have the option to purchase, at the price determined as set forth below, all but not less than all the equipment covered by any schedule on the date of the last rent payment due with respect to it; provided that Lessee is not then in default under this lease. Such option shall be exercised by giving Lessor written notice of same no sooner than 120 days nor less than 60 days prior to the due date of the last rent payment. Lessee shall take title to the equipment "as is, where is." The option price shall be the then "fair market value" of the equipment mutually agreed upon by Lessee and Lessor; provided that if Lessee and Lessor are unable to agree upon the fair market value of the equipment or any portion of it within 30 days after receipt by Lessor of Lessee's notice of election to purchase, such fair market value shall be determined by an appraiser selected by mutual agreement. If Lessee and Lessor are unable to agree upon an appraiser or if the appraiser selected by Lessee and Lessor does not complete the appraisal within a reasonable time, the fair market value shall be determined by the (name of appraisal company) . All costs of the appraisal shall be paid by Lessee. For purpose of this Lease, fair market value shall be determined on the basis of, and shall be equal in amount to, the value which would be the basis of, and shall be equal in amount to, the value which would be obtained in an arms-length transaction between an informed and willing buyer who intends to use the equipment and an informed and willing seller under no compulsion to sell and in such determination, costs of removal of the equipment from its location of current use shall not be a deduction from such value. 15. Notices All notices required under this Lease shall be in writing and shall be deemed to have been given when delivered personally or when mailed with proper postage for ordinary mail, addressed to Lessor or Lessee, as the case may be, at their respective addresses as set forth in this Lease or at such other address as either shall from time to time designate in writing. 16. Title to Equipment; Liens Title to all equipment leased under this Lease shall at all times remain in Lessor, and Lessee shall have no right, title or interest in the equipment except as expressly set forth in this Lease. Lessee, at its sole expense, will protect and defend Lessor's title to the equipment and will keep the equipment free from any and all claims, liens, encumbrances and legal processes of Lessee's creditors and other persons other than those claiming by and through Lessor. Lessor shall have the right to display notice of its ownership of the equipment by affixing, or by requesting Lessee to affix, in which case Lessee agrees to affix, an appropriate notice to each item of equipment in a conspicuous place, and Lessee shall not obscure, deface or remove such ownership notice. The equipment is, and shall at all times during the term of this Lease remain, personal property notwithstanding that any such equipment may now or afterwards be affixed to realty, with or without the consent of Lessor. It is agreed that for all purposes this agreement is intended to be a Lease and that, subject to Section 14, Lessee does not and shall not acquire any right, title or interest in any equipment leased under this Lease except the right to use the equipment under the terms provided in this Lease. 17. Additional Documents; Further Assurances Lessee further agrees to execute or obtain and deliver to Lessor, at Lessor's request, such additional documents as Lessor may reasonably deem necessary to protect Lessor's interest in the equipment or in this agreement, including, but not limited to, financing statements, landlord's waivers, and mortgagee's waivers. Lessee shall pay to Lessor upon demand as supplemental rent any filing fees or expenses incurred in connection with such additional documents. The execution of financing statements or the filing of same shall be for information purposes only and shall not be construed as an intention by the parties that the equipment is being sold to Lessee under this agreement. 18. Miscellaneous This Lease and any schedules executed by Lessor and Lessee shall constitute the entire agreement between the parties with respect to the equipment and the subject matter of this Lease. No term or provision of this Lease may be changed, waived, amended or terminated except by a written agreement signed by the parties, except that Lessor may insert the serial number of any item of equipment and the commencement date on the appropriate schedule after delivery of the equipment and receipt of an acceptance certificate with respect to it. No express or implied waiver by Lessor of any event of default shall in any way be, or be construed to be, a waiver of any future or subsequent event of default whether similar in kind or otherwise. The titles of the section of this Lease are for convenience only and shall not define or limit any of the terms or provisions of this Lease. Time is of the essence in this Lease and all of its provisions. Except as expressly provided in this Lease, no options to purchase any of the equipment or extend the term of this Lease with respect to any equipment have been granted or agreed to by lessor. No information, exhibit or report furnished or to be furnished by Lessee to Lessor in connection with the negotiation of this Lease and the transactions contemplated by this Lease contains or will contain any material misstatement of fact or omits or will omit a material fact necessary to make the statement contained in it not misleading when made. Lessee is not aware of any material facts or circumstances not disclosed to Lessor which might, if disclosed, be of material consequence in the credit evaluation of Lessee by Lessor. If this Lease is signed by more than one Lessee, then each Lessee shall be jointly and severally liable for all the obligations to be performed by Lessee under this Lease. 19. Governing Law This Lease shall be governed by and construed in accordance with the law of the State of _________________________. The parties have executed this Lease agreement as of the day and year first above written. __________________________________ ________________________________ LESSOR LESSEE