EQUIPMENT LEASE AGREEMENTS
Please read the Terms of our Equipment Lease/Rental Agreements (Sample Document)
You can Download the document HERE
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EQUIPMENT RENTAL AGREEMENT
THIS EQUIPMENT RENTAL AGREEMENT (this “Agreement”) dated this ________________ day of ________, ________.
BETWEEN:
Futra Solutions, Inc of 4523 30th St W, Suite A116 Bradenton, FL 34207
(the “Owner”)
OF THE FIRST PART
– AND –
The Client
(the “Renter”)
OF THE SECOND PART
(the Owner and Renter are collectively the “Parties”)
IN CONSIDERATION OF the mutual covenants and promises in this Agreement, the receipt and sufficiency of which consideration is hereby acknowledged, the Owner leases the Equipment to the Renter, and the Renter leases the Equipment from the Owner on the following terms:
Definitions
The following definitions are used but not otherwise defined in this Agreement:
- “Casualty Value” means the market value of the Equipment at the end of the Term or when in relation to a Total Loss, the market value the Equipment would have had at the end of the Term but for the Total Loss. The Casualty Value may be less than but will not be more than the original purchase price of the Equipment.
- “Equipment” means Router/Firewall Combo, Wifi AP, etc
Installed Equipment with installation labor which has an approximate value of ~ $XXX.XXX. - “Total Loss” means any loss or damage that is not repairable or that would cost more to repair than the market value of the Equipment.
Lease
The Owner agrees to lease the Equipment to the Renter, and the Renter agrees to lease the Equipment from the Owner in accordance with the terms set out in this Agreement.
Term
The Agreement commences on June 1, 2018 and will continue until June 1, 2020 (the “Term”).
Rent
The rent will be paid in installments of $17.50 each month (excluding tax), beginning on August 28, 2018 and will be paid on the 28th day of each succeeding month throughout the Term (the “Rent”).
Delivery of Equipment
The Owner will, at the Owner’s own expense and risk, deliver the Equipment to the Renter.
Use of Equipment The Renter will use the Equipment in a good and careful manner and will comply with all of the manufacturer’s requirements and recommendations respecting the Equipment and with any applicable law, whether local, state or federal respecting the use of the Equipment, including, but not limited to, environmental and copyright law. The Renter will use the Equipment for the purpose for which it was designed and not for any other purpose. Unless the Renter obtains the prior written consent of the Owner, the Renter will not alter, modify or attach anything to the Equipment unless the alteration, modification or attachment is easily removable without damaging the functional capabilities or economic value of the Equipment.
Repair and Maintenance of Equipment
The Renter will, at the Renter’s own expense, keep the Equipment in good appearance and condition, normal and reasonable wear and tear excepted. If the Equipment is not in good appearance and condition when it is returned to the Owner, the Owner may make such repairs or may cause such repairs to be made as are necessary to put the Equipment in a state of good repair, appearance and condition, normal and reasonable wear and tear excepted. The Owner will make the said repairs within a reasonable time of taking possession of the Equipment and will give the Renter written notice of and a minimum fee of $150 USD (depending on value) for the said repairs.
Loss and Damage
To the extent permitted by law, the Renter will be responsible for risk of loss, theft, damage or destruction to the Equipment from any and every cause. If the Equipment is lost or damaged, the Renter will continue paying Rent, will provide the Owner with prompt written notice of such loss or damage and will, if the Equipment is repairable, put or cause the Equipment to be put in a state of good repair, appearance and condition. In the event of Total Loss of the Equipment, the Renter will provide the Owner with prompt written notice of such loss and will pay to the Owner all unpaid Rent for the Term plus the Casualty Value of the Equipment, at which point ownership of the Equipment passes to the Renter. If the Renter has purchase a Replacement Coverage clause from the Owner, this covers all unpaid Rent and Equipment during the term of contract after Total Loss, Equipment Repair or replacement.
Ownership, Right to Lease and Quiet Enjoyment
The Equipment is the property of the Owner and will remain the property of the Owner. The Renter will not encumber the Equipment or allow the Equipment to be encumbered or pledge the Equipment as security in any manner. The Owner warrants that the Owner has the right to lease the Equipment according to the terms in this Agreement. The Owner warrants that as long as no Event of Default has occurred, the Owner will not disturb the Renter’s quiet and peaceful possession of the Equipment or the Renter’s unrestricted use of the Equipment for the purpose for which the Equipment was designed.
Surrender
At the end of the Term or upon earlier termination of this Agreement, the Renter will make the Equipment available for pick up at their main office which is located at 123 Ave W, Tampa, FL 33626. If the Renter fails to make the Equipment available for pick up, the Renter will pay to the Owner any unpaid Rent for the Term plus the Casualty Value of the Equipment plus 10% of the Casualty Value, at which point ownership of the Equipment will pass to the Renter.
Insurance
No insurance coverage for the Equipment is required under this Agreement. For Loss of Equipment or repair is needed, A fee of $150 is needed for replacement per device damaged that’s repairable. Replacement Coverage can be added for additional $3/ per device every month.
Taxes
The Renter will report and pay all taxes, fees and charges associated with the Equipment, with the use of the Equipment, and with revenues and profits arising out of the use of the Equipment, including, but not limited to, sales taxes, property taxes, and license and registration fees. The Renter will pay any and all penalties and interest for failure to pay any tax, fee or charge on or before the date on which the payment is due. The Renter will pay any and all penalties and interest for failure to report required information to any taxing authority with jurisdiction over the Renter or the Equipment. If the Renter fails to do any of the foregoing, the Owner may, but is not obligated to, do so at the Renter’s expense.
Default
The occurrence of any one or more of the following events will constitute an event of default (“Event of Default”) under this Agreement:
- The Renter fails to pay any amount provided for in this Agreement when such amount is due or otherwise breaches the Renter’s obligations under this Agreement.
- Breaking the lease before the 2-year term is completed.
- After the 2-year term, if no written intention of ending such contract, then it is switched to an automated monthly status.
- The Renter becomes insolvent or makes an assignment of rights or property for the benefit of creditors or files for or has bankruptcy proceedings instituted against it under the Federal bankruptcy law of the United States or other competent jurisdiction.
- A writ of attachment or execution is levied on the Equipment and is not released or satisfied within 15 days.
Remedies
On the occurrence of an Event of Default, the Owner will be entitled to pursue any one or more of the following remedies (the “Remedies”):
- Declare the entire amount of the Rent for the Term immediately due and payable without notice or demand to the Renter.
- Apply the Deposit toward any amount owing to the Owner.
- Commence legal proceedings to recover the Rent and other obligations accrued before and after the Event of Default.
- Take possession of the Equipment, without demand or notice, wherever same may be located, without any court order or other process of law. The Renter waives any and all damage occasioned by such taking of possession.
- Terminate this Agreement immediately upon written notice to the Renter.
- Pursue any other remedy available in law or equity.
Assignment
THE RENTER WILL NOT ASSIGN THIS AGREEMENT, THE RENTER’S INTEREST IN THIS AGREEMENT OR THE RENTER’S INTEREST IN THE EQUIPMENT WITHOUT THE PRIOR WRITTEN CONSENT OF THE OWNER. If the Renter assigns this Agreement, the Renter’s interest in this Agreement or the Renter’s interest in the Equipment without the prior written consent of the Owner, the Owner will have recourse to the Remedies and will be entitled to all damages caused by the transfer to the extent that the damages could not reasonably be prevented by the Owner.
Renewal
After the original term, the agreement will automatically renew for an additional month indefinitely. At which point the pricing may be adjusted to the current rental rate of such equipment. The Renter may renew this Agreement for an additional Term if the Renter has given the Owner 30 days written notice of the Renter’s intention to renew for an additional 1 or 2-year term and if the Renter is not in default of any of the terms under this Agreement. The written notice must be received before the end of the current term. Other than as agreed upon in writing between the Parties, the renewal will be on the same terms as this Agreement, except for this renewal clause. Additional Clauses
This lease has a 2 year minimum term. After the two years term (ending in June 2020), this lease will be from month to month. If Our Client wants to terminate the lease. They will provide 30 day notice before the next billing cycle and we will pick up the equipment at a set time. If the lease is broken before the 2 years minimum is met. Our Client will have to pay a penalty of $350 plus tax for breach of contract. Upon acceptance of this contract, a deposit of 2 months of lease is required before programming / or maintenance. (A separate installation fee is required)
Address for Notice
Service of all notices under this Agreement will be delivered by email, personally or sent by registered mail or courier to the following addresses: Owner: Futra Solutions, Inc, 4523 30th St W, Suite A116 Bradenton, FL 34207
Renter: Our Client, 123 Ave W Tampa, FL 33626
Governing Law
It is the intention of the Parties to this Agreement that this Agreement and the performance under this Agreement, and all suits and special proceedings under this Agreement, be construed in accordance with and governed, to the exclusion of the law of any other forum, by the laws of the State of Florida (the “State”), without regard to the jurisdiction in which any action or special proceeding may be instituted.
General Terms
This Agreement may be executed in counterparts. Facsimile signatures are binding and are considered to be original signatures. Time is of the essence in this Agreement. This Agreement will extend to and be binding upon and inure to the benefit of the respective heirs, executors, administrators, successors and assigns, as the case may be, of each Party to this Agreement. Neither Party will be liable in damages or have the right to terminate this Agreement for any delay or default in performance if such delay or default is caused by conditions beyond its control including, but not limited to Acts of God, Government restrictions, wars, insurrections, natural disasters, such as earthquakes, hurricanes or floods and/or any other cause beyond the reasonable control of the Party whose performance is affected. Lighting Strikes, Fire or Liquid Damage is NOT included.
Notice to Renter
NOTICE TO THE RENTER: This is a lease. You are not buying the Equipment. Do not sign this Agreement before you read it. You are entitled to a completed copy of this Agreement when you sign it. The wording of the lease may be modified for clarity, you will be sent a modify copy when such clarification is made. The pricing and equipment are not modifiable unless both party sign an amendment. This admitted is then attached to this contract.
IN WITNESS WHEREOF the parties to this Agreement have executed this Equipment Rental Agreement on this ________________ day of ________, ________.
______________________________
Futra Solutions, Inc
Our Client
Per: ____________________ (c/s)
Please Sign Below if Replacement Coverage is desired.
Our Client
Per: ____________________ (c/s)