Fill and Sign the Lessee Shall Give Notice to Form

BROOD MARE LEASE AGREEMENT WITNESS this agreement made the _____ day of _______, 20__, by and between (Insert Lessors name, hereinafter referred to as ALessor , and (insert Lessee s name), hereinafter referred to as Lessee.  WHEREAS , Lessor is the owner of a certain brood mare described as: Name: Breed: Registration Number: AND WHEREAS Lessee desires to lease said Mare for purposes of breeding and producing a foal. IT IS NOW THEREFORE, AGREED as follows: Lessor hereby leases the above- described Mare to Lessee subject to the following terms and condition1. Lease Term. The term of this lease shall be for approximately 20 months, beginning (Insert start date) and terminating when the foal is weaned. Lessee shall give Lessor 30 days notice of the anticipated lease termination date when the Mare will be returned to Lessor. (Insert Lesse e or Lessor as appropriate) is responsible for making any and all arrangements for returning the Mare to Lessor. If for any reason the Mare is left on the premises of Lessee without justification by Lessor following the lease termination date, Lessor shall pay the sum of $15.00 per day for feed and board to Lessee, plus any necessary and reasonable veterinary costs or related fees. 2. Lease payments. Lessee agrees to pay Lessor the following sums: The first payment of $ shall be paid upon on the execution of this Lease. The sum of $ shall be paid when the Mare is pronounced in foal by a licensed veterinarian, or in the alternative, no later than June 15th of the breeding year. However, if the Mare does not come into foal by June 15 th of the breeding year. The Lessee may, Lessee s option, continue the Lease for the successive breeding season with no additional lease payments over and above those described herein. In the alternati ve, Lessee may terminate this Lease and return Mare to Lessor at Lessee s expense. Lessee shall give notice to Lessor of said intent to terminate in the same manner at the end of the Lease term as described in Paragraph 1. 3. Use. Lessor is authorized to use the above-described Mare for breeding purposes only. Lessee shall be solely responsible for the cost of any breeding fees, chute fees, veteri nary fees, farrier expenses and transportation costs pertaining to the above-described Mare under this agreement. 4. Necessary Documents. Lessee and Lessor stipulate and agree to execute record and/or deliver any documents required by any applicable breed organization or registry to comply w ith the rules and/or regulations of said breed organization or organization with regard to this l ease and the registration of the foal. Lessee shall pay all costs and fees pertaining t hereto as may be required by said breed organization or registry. 5. Renewal/Termination Option by Lessee. If the Mare is pronounced in foal, but does not produce a live foal for any reason, Lessee may at Lessee s option renew this Lease for the successive breeding season as above-described, without additional Lease payme nts, or in the alternative, Lessee may terminate this Lease and return Mare to Les sor. Lessee shall give notice to Lessor of said intent to terminate in the same manner as prescribed at the end of the Lease term as described in Paragraph 1. ALive foal  as used in this agreement shall mean a foal which stands and nurses. 6. Termination by Lessor. Lessor may, at Lessors discretion declare this Lease to be terminated for any substantial breach of any term of the agreement as further desc ribed herein. Lessor shall give Lessee a minimum of 15 days notice of Lessor s intention to terminate this agreement and the grounds therefor. Lessee shall be permitted to correct any such breach as described deficiencies within 5 days of said notice and notify Lessor of said c orrection or cure of the breach(es) described by Lessor. Upon termination of this agreement by Lessor, Lessor shall, at Lessor s expense make all necessary arrangements to deliver the Mare to Lessor s possession. Lessee shall be liable to Lessor for the reasonable cost of transportation and veterinary care arising from any conditions giving rise to the termination of this agreement by Lessor. 7. Care and maintenance. Lessee shall assume all responsibility for the full care and maintenance of the Mare during the term of this Lease and shall provide reasona ble facilities and conditions for breeding, furnish good quality feed, adequate water, exercise, medical/vete rinary care and various related services in a manner consistent with good horse breeding practices in the State of YourState at Lessee s expense. Lessor shall assume responsibility for care and maintenance of the Mare pursuant to the termination of the Lease notice provisions set forth herein. 8. Risk of Loss. Lessee shall bear all risk of loss with regard to the death of or injury to the Mare. Lessee agrees to maintain a policy of equine mortality insurance insuring the Mare in the amount of $(Insert insurable amount here). In addition, in the event of significant injury to the Ma re while in the care and custody of Lessee which results in permanent impairment to the Mares breeding and/or performance of breeding ability, Lessee agrees to pay the sum of $(Insert Insurable am ount here) to Lessor in compensation thereof, at which time ownership of the Mare will be transferred to Lessee by Lessor. 9. Inherent Risks and Assumption of Risk. Lessee acknowledges there are inherent risks associated with equine activities such as described herein, and hereby expres sly assumes all risks associated with participating in such activities. The inherent risks inc lude, but are not limited to, the propensity of equines to behave in ways such as; running, bucking, biting, kicking, shying, stumbling, rearing, falling or stepping on, which may result in injury, harm or death to pers ons on or around them; the unpredictability of equine s reaction to such things as sounds, sudden movement and unfamiliar objects, persons or other animals; certain hazards such as surfac e and subsurface conditions; collisions with other animals; the limited availability of emergency medical care; and the potential of a participant to act in a negligent manner that may contri bute to injury to the participant or others, such as failing to maintain control over the animal or not acting within such participant s ability. Warning -Insert State Warning Here 10. Warranty of Lessor. Lessor warrants the above-described Mare is fit and fertile for breeding purposes at the time of the execution of this Lease. Lessor makes said re presentation based upon standard practices in the Equine industry and shall not be responsible for any late nt medical/veterinary maladies in this regard. However, Lessee may, at Le ssees expense, have a licensed veterinarian examine the Mare prior to taking delivery from Lessor. In the event the veterinarian opines the Mare is not fit for breeding, this Lease shall become null and void. 11. Liability Insurance. Lessee shall, at Lessee s expense, at all times during the term of this Lease, maintain a policy of liability insurance insuring against any injury or de ath of persons in and around the premises where the Mare is to be kept. Lessee shall cause L essor to appear as an additional named-insured for liability purposes under said policy. Further, Lessee shal l provide a copy of the Declarations Page in evidence of same within 30 days of the execution of this Lease. 12. Indemnity. Lessee shall indemnify, hold harmless and defend Lessor against any and all claims, demands, obligations, complaints, judgments, orders or any other matter aris ing out of the Mare s conduct or actions. Lessee further agrees to indemnify Lessor from and against a ny claims of lien or encumbrance against the above-described Mare, whether incurred by contract or by operation of law.13. Assignment. This lease cannot be assigned or sublet by Lessee with regard to any inte rest herein in any manner, nor may Lessee permit the use of the subject Mare for any purpose not otherwise set forth herein.14. Right of inspection. Lessor shall have the right to inspect the Mare at any reasonable time. Lessor shall give twenty four (24) hours notice of Lessor s intent to conduct an inspection. In the event the conditions in which the Mare are kept are substandard or unsatisfactory, or if the Mare appears to be neglected by Lessee, Lessor may terminate the Lease and take possession of the Mare if Lessee fails to make all necessary corrections within five (5) cale ndar days from the date of said notice. In the event Lessor terminates the Lease while the Mare is in foal, the foal shall remain the property of Lessee and Lessee shall continue to be liable for the costs of re asonable maintenance and healthcare for the Mare up to and including the date of weaning. 15. Default. If either party defaults with respect to any material covenants contained he rein, the other party may, but is not compelled to, declare this Lease to be termina ted. The prevailing parties to any litigation or arbitration thereafter shall be entitled to recover their reasonable attorneys fees and court costs relating to same. The cost of transportation for delivery of the foal to Lessee shall be paid by Lessee. 16. Waiver. No delay or failure to exert any rights or remedies by any party pertaining to any breach of this agreement shall in any manner impair such right or remedies nor s hall such delay constitute a waiver of such right or acquiescence therein; Waiver of any single breach or default shall not be deemed as a waiver of any other violation of the covenants set forth herein up to the time of said waiver or at any time thereafter. The waiver of any right or rem edy pursuant to this agreement must be in writing in order to be binding upon the parties. Any and all rem edies hereunder or imposed by operation of law otherwise available to Lessor shall be cumulative in nature and not in the alternative.17. Notices. Any notice required under the terms of this Lease shall be sent postage prepa id to the address shown below. Lessor and Lessee shall give notice of any change of a ddress within 10 days of the effective date of such change.18. Binding effect. The terms and conditions of this Lease shall be binding any executors, heirs, administrators and/or assigns of Lessor and Lessee as if they are the origina l parties unless otherwise agreed to in writing.19. Applicable Law. It is hereby agreed that the terms of this Lease shall be construed in accordance with an governed by the Laws of the State of YourState. 20. Entire Agreement. This document constitutes the entire agreement between the parties. A ny changes or amendments must be made in writing and signed by the parties hereto. All modifications, additions or amendments shall not be considered part of this Leas e agreement unless same are reduced to writing and signed by the parties to be charged. DATE: , LESSOR Name Address City, YourState, Zip , LESSEE Name Address City, State, Zip