This Equipment Lease Agreement ("Lease") is made and effective through payment of the rental invoice, by and between Lens Lenders, ("Lessor") and current user ("Lessee"), collectively referred to as the "Parties"
Lessor desires to lease to Lessee, and Lessee desires to lease from Lessor, certain tangible personal property.
Now, therefore, in consideration of the mutual covenants and promises hereinafter set forth, the parties hereto agree as follows.
Lessor hereby leases to Lessee hereby leases from Lessor, the following described equipment (the "Equipment") shown in the order.
The term of this Lease shall commence on the start date described in the order shall expire on the finish date shown in the order.
A) Lessor shall be responsible for shipping the Equipment to Lessee's premises, via shipping mode of Lessor's choice.
B) Lessor cannot guarantee when delivery of the Equipment will arrive.
C) Both the outbound (from Lessor to Lessee's premises) and inbound (from Lessee back to Lessor) shipping charges for Equipment will be paid in advance and in full.
4. Rent and Deposit
The rent for the Equipment shall be paid in advance in full.
Lessee shall only use the Equipment in a careful and proper manner and will comply with all national, provincial, municipal, police and other laws, ordinances and regulations in any way relating to the possession, use, maintenance or storage of the Equipment.
A) Lessor shall keep the Equipment in good repair, condition and working order and shall furnish any and all parts, mechanisms and devices required to keep the Equipment in good mechanical working order.
B) Lessee shall not repair or alter the Equipment in any way.
7. Right to Lease
Lessor warrants that Lessor has the right to lease the Equipment, as provided in this Lease.
10. Lost or Damaged Equipment
Lessee will at Lessee's sole expense keep and maintain the Equipment in good working order during the Lease Term. In the event the Equipment is lost or damaged beyond repair, Lessee shall pay to Lessor the replacement cost of the Equipment; in addition, the obligations of this Agreement shall continue in full force and effect through the Lease Term.
Equipment will be deemed to be "lost" when Lessee has failed to return the Equipment to Lessor within seven (7) days of expiration of Term. Late returns are subject to a fee of one fifth of the one week rental price at time of purchase per day. After thirty (30) days, Lessee will pay to the Lessor the replacement cost of the Equipment.
C) In the event of damage of any kind whatsoever to the Equipment, Lessee agrees to immediately contact the Lessor with an accurate description of the damage and the circumstances of its occurrence. Lessor expressly reserves the right to choose the repair method and venue, within reasonable market value terms. Lessee agrees to be bound, legally and otherwise, by the report of Lessor's chosen repair venue as to the cause of the damage to the Equipment.
D) In the event of loss or damage of any kind whatsoever to the Equipment, Lessee shall, at Lessor's option:
(i) Pay to Lessor to place the same in good repair, condition and working order; or
(ii) Pay to Lessor the replacement cost of the Equipment.
Upon the expiration or earlier termination of this Lease, Lessee shall return the Equipment to Lessor, including all accessories, attachments, instruction guides and manuals, in good repair, condition and working order, by delivering the Equipment at Lessor's cost and expense via the shipping method of Lessor's choice using the shipping container provided by the Lessor.
Lessor's acceptance of the Equipment upon return by Lessee shall not represent Lessor's acceptance as to condition of Equipment upon return. Lessor reserves the right to accept Equipment upon return by Lessee and make assesment regarding the condition of the Equipment.
Lessee shall keep the Equipment free and clear of any liens or other encumbrances, and shall not permit any act where Lessor's title or rights may be negatively affected. Lessee shall be responsible for complying with and conforming to all laws and regulations relating to the possession, use or maintenance of the Equipment. Furthermore, Lessee shall promptly pay all taxes, fees, licenses and governmental charges, together with any penalties or interest thereon, relating to the possession, use or maintenance of the Equipment
13. Lessor's Payment
In case of failure of Lessee to pay fees, assessments, charges and taxes, all as specified in this Lease, Lessor shall have the right, but shall not be obligated, to pay said fees, assignments, charges and taxes, as the case may be. In that event, the cost thereof shall be repayable to Lessor within ten (10) days, and failure to repay the same shall carry with it the same consequences, including interest at ten percent (10%) per annum, as failure to pay any installment of rent. Late returns are subject to a fee of one fifth of the one week rental price at time of purchase per day.
Lessee, to the extent permitted by law, will indemnify and hold Lessor and Lessor's property, free and harmless from any liability for losses, claims, injury to or death of any person, including Lessee, or for damage to property arising from Lessee using and possessing the Equipment or from the acts or omissions of any person or persons, including Lessee, using or possessing the Equipment with Lessee's express or implied consent.
If Lessee fails to perform or fulfill any obligation under this Agreement, Lessee shall be in default of this Agreement. Subject to any statute, ordinance or law to the contrary, Lessee shall have seven (7) days from the date of notice of default by Lessor to cure the default. In the event Lessee does not cure a default, Lessor may at Lessor's option (a) cure such default and the cost of such action may be added to Lessee's financial obligations under this Agreement; or (b) declare Lessee in default of the Agreement. If Lessee shall become insolvent, cease to do business as a going concern or if a petition has been filed by or against Lessee under the Bankruptcy Act or similar federal or state statute, Lessor may immediately declare Lessee in default of this Agreement. In the event of default, Lessor may, as permitted by law, re-take possession of the Equipment. Lessor may, at its option, hold Lessee liable for any difference between the Rent that would have been payable under this Agreement during the balance of the unexpired term and any rent paid by any successive lessee if the Equipment is re-let minus the cost and expenses of such reletting. In the event Lessor is unable to re-let the Equipment during any remaining term of this Agreement, after default by Lessee, Lessor may at its option hold Lessee liable for the balance of the unpaid rent under this Agreement if this Agreement had continued in force.
Neither this Lease nor any interest therein is assignable or transferable by operation of law. If any proceeding under the Bankruptcy Act, as amended, is commenced by or against the Lessee, or if the Lessee is adjudged insolvent, or if Lessee makes any assignment for the benefit of his creditors, or if a writ of attachment or execution is levied on the Equipment and is not released or satisfied within ten (10) days thereafter, or if a receiver is appointed in any proceeding or action to which the Lessee is a party with authority to take possession or control of the Equipment, Lessor shall have and may exercise any one or more of the remedies set forth in Section "Surrender", above; and this Lease shall, at the option of the Lessor, without notice, immediately terminate and shall not be treated as an asset of Lessee after the exercise of said option.
The Equipment is, and shall at all times be and remain, the sole and exclusive property of Lessor.
Neither this Agreement nor Lessee's rights hereunder are assignable except with Lessor's prior, written consent.
Lessee shall be responsible to maintain insurance on the Equipment with losses payable to Lessor against fire, theft, collision, and other such risks as are appropriate and specified by Lessor. Upon request by Lessor, Lessee shall provide proof of such insurance.
20. Entire Agreement
This Agreement constitutes the entire agreement between the Parties and supersedes any prior understanding or representation of any kind preceding the date of this Agreement. There are no other promises, conditions, understandings or other agreements, whether oral or written, relating to the subject matter of this Agreement. This Agreement may be modified in writing and must be signed by both Lessor and Lessee.
21. Governing Law
This Lease shall be construed and enforced according to laws of the Province of Ontario.