Fill and Sign the With Option for Form

Lease of Vessel with Option to Purchase at the End of the Term for a Price of $1.00 This Lease Agreement is made this the _____day of ___ __ , 20_ between ______________________________ (Name of Lessor) , hereafter referred to as Lessor , of ____________________________________________________________________________ _________________________________ (street address, city, county, state, zip code) , and ______________________________ (Name of Lessee) of ____________________________ ____________________________________________________________________________ (street address, city, county, state, zip code) , hereafter referred to as Lessee . Lessor and Lessee hereby agree as follows: 1. Lessor hereby leases to the Lessee, for a term of _________ months the following described Motor Vessel (hereinafter called Vessel ): Make _______________ Model ______________ Year ______________ Color _____________ Boat Hull ID ___________________ Vehicle Identification Number: ____________________________________ The term and rent shall commence on the _____ day of ________________, 20_____, and end on the ____ day of __________________, 20_____. 2. Lessee will maintain, or cause to be maintained, the Vessel in good working condition. Nothing in this Agreement shall require Lessor to provide or pay for, or cause to be provided or paid for, any gasoline, oil, antifreeze, washing or storage for the Vessel . 3. Lessee will reimburse Lessor for the cost of any inspection of the Vessel as required by laws of the state of ___________________. 4. Lessee agrees to pay to Lessor at ___________________________________________ ____________________________ (address) the sum of $_____________, as rent, on the first day of each and every calendar month. The rent for the first and last month of the term, unless the term starts on the first day of the month and ends on the first day of the month, shall be apportioned on the basis which the number of days of the term in the month bears to the whole number of days in such month. 5. The Vessel leased under this Agreement will be used and operated in a careful manner and Lessee will pay or cause to be paid any fines imposed by any governmental authority levied upon the Vessel and/or its driver as the result of any act or omission during the term the Vessel is leased under this Agreement. 6. Lessee will not use or allow the Vessel to be used for any illegal purpose and will reimburse Lessor if the Vessel is confiscated and for expenses incurred as a result of any confiscation or attempted confiscation by any governmental authority whatsoever, whenever such confiscation and expenses, or either, is caused by the illegal use of such Vessel while the Vessel is leased under this Agreement. 7. Lessee will keep and maintain the Vessel in good running order and will see that it stays in good repair and is properly serviced at the expense of Lessee. 8. Lessee shall pay for all necessary repairs to the Vessel 9. The Vessel will be kept and maintained in an appropriate dock or mooring area. 10. Lessee will pay for, at his sole expense, all gasoline, oil, washing, and storage fees for the Vessel leased under this Agreement. 11. Lessee will reimburse Lessor for the cost of indemnity insurance covering the Vessel, including public liability and property damage insurance, issued by a responsible company or companies, protecting the interests of both Lessee and Lessor against liability for damage, personal injury or death caused by the Vessel or the operation of the Vessel to the extent of not less than $____________ per accident and not less than $ ___ per person; and the sum of $__________ per accident against liability for damage to property caused by the operation of any Vessel leased under this Agreement. Lessor further agrees to furnish to Leseer , prior to the use or operation of any such Vessel , a certificate of such insurance. 12. Should any claim be made or any action be commenced against Lessor arising from any of the causes covered by the insurance referred to in Paragraph 11 , Lessor will promptly notify Lessee. 13. In the event of the cancellation of any public liability and property damage insurance required under the terms of this Lease Agreement, the use by Lessee of the Vessel shall cease until all such insurance so cancelled has been renewed or replaced. 14. Except as otherwise subsequently provided, upon the expiration of the term of this Lease Agreement or its earlier termination for any reason, the Vessel shall be returned by Lessee to Lessor at ____________________________________________________________ (address) . 15. If any default shall be made by Lessee in the payment when due, of any rent or other sum due under this Agreement, or in the performance of any other provision, or if Lessee is or becomes unable to pay her debts from her own means as they become due, or if any receiver or trustee of the business or of the property or assets of the Lessee shall be appointed by any court, or if the Lessee shall abandon the Vessel , or if the Lessee shall otherwise, in any manner whatever, become unable to pay the rent specified here or to perform any of the provisions to be kept or performed by Lessee, then Lessor shall have the option, without notice to Lessee or demand for performance, to require Lessee to redeliver the Vessel to Lessor at a location designated by Lessor at Lessee's expense. 16. Upon any such default, Lessor may terminate this Lease Agreement, in which event Lessee shall pay to Lessor the amount of rent that would have been paid to Lessor had there been no such default. 17. The foregoing remedies for default shall not be exclusive but shall be cumulative and in addition to all other remedies. 18. Lessor does not assume any liability for any acts or omissions of Lessee or of any of Lessee's agents, employees or drivers and Lessee specifically releases Lessor from all such liability and agrees to indemnify and hold Lessor harmless of and from any and all such liability. 19. Other than the Option to Purchase set forth in Paragraph 22 below, this is a Vessel lease only, and the Lessee has acquired no right, title or interest in the Vessel , except the right to use the same pursuant to the provisions of this Lease Agreement. 20. So long as the Lessee performs all of the terms and conditions of this Lease Agreement including payment of the rental, Lessee shall have the unrestricted lawful use of such Vessel for any lawful purpose except the transportation of persons or property for hire. 21. Lessee will not assign or mortgage this Lease Agreement, or any interest in it, or permit the use of the Vessel by any person other than Lessee or an adult member of his family or his agents or employees, nor sublet the Vessel without the written consent of Lessor. 22. Option to Purchase: Lessor hereby grants to Lessee the option to purchase the Vessel at the end of the term for the sum of $1.00. If Lessee desires to exercise the option to purchase , Lessee shall do so by giving Lessor written notice of that intent no less than _______ days prior to the end of the term of this Lease. 23. Notwithstanding the foregoing, and anything herein to the contrary notwithstanding, 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. 24. This Lease Agreement represents the entire agreement between the parties and no provision may be waived or modified, except by an instrument in writing signed by both of the parties. WITNESS our signatures the day and year first written above. ___________________________ _________________________ LESSOR LESSEE