EQUIPMENT SUBJECT TO LEASE
The Rentor shall rent the equipment listed on the attached Exhibit "A".
PAYMENT TERMS
The total rental payment, based on a rate of $xxx per day of use, is due and payable at the time the equipment is rented. Daily rental charge entitles Rentee to xxx hours on the equipment. Charges will be computed from ____________ until ____________.
SECURITY DEPOSIT
In addition to the rental payment charge, the Rentee shall pay a security deposit of ________ at the time that this Agreement is signed. Any amounts refundable to the Rentee shall be paid at the time this agreement is terminated, subject to the option of the Rentor to apply it against rental charges and damages. The security deposit shall not bear interest.
RENTAL TERM
This Rental Agreement shall begin on the above effective date and shall terminate on the above return date unless otherwise terminated in a manner consistent with the terms of this Agreement.
CARE AND OPERATION OF EQUIPMENT
The equipment may only be used and operated in a careful and proper manner. Its use must comply with all laws, ordinances, and regulations relating to the possession, use, or maintenance of the equipment, including registration and/or licensing requirements, if any. The Rentee acknowledges they have the skills and knowledge to operate the equipment. Additionally, the Rentee further acknowledges they have received an overview and appropriate manuals/documentation for the equipment.
ALTERATIONS
Rentee shall make no alterations to the equipment without the prior written consent of the Rentor. All alterations shall be the property of the Rentor and subject to the terms of this Agreement.
RENTOR'S RIGHT OF INSPECTION
The Rentor shall have the right to inspect the equipment during Rentee's normal business hours.
RETURN OF EQUIPMENT
At the end of the Agreement term, the Rentee shall be obligated to return the equipment to the Rentor at the Rentee's expense.
ACCEPTANCE OF EQUIPMENT
The Rentee shall inspect each item of equipment delivered pursuant to this Agreement. The Rentee shall immediately notify the Rentor of any discrepancies between such item of equipment and the description of the equipment in the Equipment Schedule. If the Rentee fails to provide such notice before accepting delivery of the equipment, the Rentee will be conclusively presumed to have accepted the equipment as specified in the Equipment Schedule.
OWNERSHIP AND STATUS OF EQUIPMENT
The equipment will be deemed to be personal property, regardless of the manner in which it may be attached to any other property. The Rentor shall be deemed to have retained title to the equipment at all times unless the Rentor transfers the title by sale. The Rentee shall immediately advise the Rentor regarding any notice of any claim, levy, lien, or legal process issued against the equipment.
WARRANTY
The Rentor makes no warranties, express or implied, as to the equipment rented. The Rentee assumes the responsibility for the condition of the equipment.
RISK OF LOSS OR DAMAGE
The Rentee assumes all risks of loss or damage to the equipment from any cause and agrees to return it to the Rentor in the condition received from the Rentor, with the exception of normal wear and tear, unless otherwise provided in this Agreement.
INDEMNITY OF RENTOR FOR LOSS OR DAMAGES
Unless otherwise provided in this Agreement, if the equipment is damaged or lost, the Rentor shall have the option of requiring the Rentee to repair the equipment to a state of good working order, or replace the equipment with like equipment in good repair, which equipment shall become the property of the Rentor and subject to this Agreement.
LIABILITY AND INDEMNITY
Liability for injury, disability, and death of workers and other persons caused by operating, handling, or transporting the equipment during the term of this Agreement is the obligation of the Rentee, and the Rentee shall indemnify and hold the Rentor harmless from and against all such liability.
CASUALTY INSURANCE
The Rentor shall be responsible to maintain casualty insurance with respect to loss or damage of the equipment.
DEFAULT
The occurrence of any of the following shall constitute a default under this Agreement:
A. The failure to make a required payment under this Agreement when due.
B. The violation of any other provision or requirement that is not corrected within 0 day(s) after written notice of the violation is given.
C. The insolvency or bankruptcy of the Rentee.
D. The subjection of any of Rentee's property to any levy, seizure, assignment, application, or sale for or by any creditor or government agency.
RIGHTS ON DEFAULT
In addition to any other rights afforded the Rentor by law, if the Rentee is in default under this Agreement, without notice to or demand on the Rentee, the Rentor may take possession of the equipment as provided by law, deduct the costs of recovery (including attorney fees and legal costs), repair, and related costs, and hold the Rentee responsible for any deficiency. The rights and remedies of the Rentor provided by law and this Agreement shall be cumulative in nature. The Rentor shall be obligated to re-lease the equipment, or otherwise mitigate the damages from the default, only as required by law.
NOTICE
All notices required or permitted under this Agreement shall be deemed delivered when delivered in person or by mail, postage prepaid, addressed to the appropriate party at the address shown for that party at the beginning of this Agreement.
ASSIGNMENT
The Rentee shall not assign or sublet any interest in this Agreement or the equipment or permit the equipment to be used by anyone other than the Rentee or Rentee's employees, without Rentor's prior written consent.
ENTIRE AGREEMENT AND MODIFICATION
This Agreement constitutes the entire agreement between the parties. No modification or amendment of this Agreement shall be effective unless in writing and signed by both parties. This Agreement replaces any and all prior agreements between the parties.
GOVERNING LAW
This Agreement shall be construed in accordance with the laws of the State of Tennessee.
SEVERABILITY
If any portion of this Agreement shall be held to be invalid or unenforceable for any reason, the remaining provisions shall continue to be valid and enforceable. If a court finds that any provision of this Agreement is invalid or unenforceable, but that by limiting such provision, it would become valid and enforceable, then such provision shall be deemed to be written, construed, and enforced as so limited.
WAIVER
The failure of either party to enforce any provision of this Agreement shall not be construed as a waiver or limitation of that party's right to subsequently enforce and compel strict compliance with every provision of this Agreement.
CERTIFICATION
Rentee certifies that the application, statements, trade references, and financial reports submitted to Rentor are true and correct and any material misrepresentation will constitute a default under this Agreement.
DISPUTE RESOLUTION
Any controversies or disputes arising out of or relating to this Agreement will be submitted to mediation in accordance with any statutory rules of mediation. If mediation does not successfully resolve the dispute, the parties may proceed to seek an alternative form of resolution in accordance with any other rights and remedies afforded to them by law.