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TERMS IN OUR RENTAL CONTRACT

  1. Lease. Lessor hereby leases to Lessee and Lessee hereby rents form Lessor all the material, equipment and other property (Equipment) described on the reverse side or on any attached, schedule (Schedule) upon the terms and conditions set forth herein (Lease).
  2. Term. The term of this lease shall commence upon the receipt of the Equipment by Lessee and shall terminate upon the date of the redelivery of the equipment to Lessor.
  3. Inspection of Equipment. Lessee has examined the Equipment and has found same to be in first-rate mechanical condition. Lessee undertakes to return the same in such condition, reasonable wear and tear excepted. Any claim of defect must be asserted in writing to Lessor within 72 hours of receipt of equipment. Failure to claim defect within such period shall be deemed an irrevocable waiver thereof.
  4. Risk of Loss. Any loss, damage, theft or destruction of any item of Equipment shall be borne by Lessee including, without limitation, damage caused by freezing. No such loss, damage, theft or destruction of the equipment, in whole or part, shall impair the obligations of Lessee under this Lease, all of which shall continue in full force and effect. Lessee will be billed for any item of equipment destroyed or damaged beyond reasonable repair and will pay for same or component parts hereof at replacement cost. ALL EQUIPMENT SHALL BE DRAINED BY LESSEE IN COLD WEATHER TO AVOID FREEZING.
  5. Recovery of Equipment. If at any time, Lessor has reason to believe that the Equipment is in danger of theft or damage or that Lessee has failed or refuses to take proper care of the Equipment of if Lessee shall have failed to make any payment provided for herein when due, Lessor shall have the right without notice to Lessee to forthwith remove the Equipment and Lessee agrees to indemnify Lessor for any expenses incurred by Lessor in connection with such removal, including without limitation, reasonable attorneys fee and cost of any legal proceedings.
  6. Indemnification. Lessee assumes liability for, and hereby agrees to indemnify, protect and keep harmless Lessor from and against any and all liabilities, obligation, losses, damages, injuries, claims, demands, penalties, actions, costs and expenses, (including reasonable Attorneys fees, of whatsoever kind and nature, arising out of the use, condition including but not limited to, Intent and other defects and whether or not discoverable by Lessee or Lessor) or operation of any item of equipment, regardless of where, how and by whom operated or any failure o the part of the Lessee to perform or comply with any conditions of this Lease. The provisions of this paragraph (6) shall continue in full force and effect notwithstanding the expiration or other termination of this Lease. Lessee is and independent contractor and nothing contained in this Lease shall authorize Lessee or any other person to use or operate any item of Equipment so as to impose any liability or obligation on Lessor. It is understood that the Equipment contained herein is leased with no guarantees or warranties except that it is in proper operating condition. The Lessee hereby agrees to hold lessor harmless and to indemnify and defend lessor from any claims howsoever arising including claims brought by Lessee's employees or the employees or Lessee's subcontractors arising out of the care, custody, control, operation or supervision of the equipment leased by lessor to lessee or lessee's subcontractor.
  7. Insurance. Lessee shall obtain and provide lessor with a certificate of insurance naming lessor as additional insured in the amount of $500,000 for combined single limit bodily injury/property damage coverage and all risk equipment property damage coverage in the amount of the full value of the equipment described in the schedule. lessee agrees to continue rental payments until insurance claims are paid in full. All such insurance shall be in form and with companies satisfactory to Lessor and shall provide that losses, if any, shall be payable to Lessor.
  8. Defects and Repairs. Lessor shall in no event be subject to liability to lessee for any claim for delay or arising out of loss of use of the Equipment by reason of defect therein, breakdown or maladjustment. On Receipt of notice, thereof in writing Lessor within reasonable time will repair or replace any item of equipment requiring same. All repairs or adjustments are to be performed by Lessor except when written permission is given by it to the servicing, repair or adjustment of the Equipment by others. Such repair and adjustments are to be performed by Lessor except when written permission is given by it to the servicing, repair or adjustment of the Equipment by others. Such repair and adjustment will be performed by Lessor free of charge in all instances where required due to ordinary wear and tear. When in Lessor's judgment said defect, breakdown or maladjustment is due to neglect or abuse of the Equipment by Lessee, such service will be billed to Lessee at prevailing rates.
  9. Rental Payments. The rent for the Equipment shall be the amount stated and shall be due and payable without any discount, abatement or reduction upon closing of the rental contract. Payment for repairs or service performed by Lessor pursuant to paragraph 7 above shall be due and payable upon completion of repairs. The receipt of any check or other item on account of any rental payment will not be considered as payment thereof until such check or other item is honored when presented for payment. ALL TRANSPORTATION CHARGES FOR SHIPMENT OF THE EQUIPMENT BY LESSOR TO LESSEE OR FOR THE RETURN OF THE EQUIPMENT FROM LESSEE TO LESSOR SHALL BE BORNE BY LESSEE. All such amounts shall be payable at the office of lessor or its assigns (or at such other place as lessor may from time to time designate in writing).
  10. No Offset. All rental and other payments due hereunder shall be paid by lessee irrespective of any set-off, counter-claim, recoupment, defense or other right which Lessee may have against the supplier of the Equipment or any other party.
  11. Warranties. LESSOR, NOT BEING THE MANUFACTURER OF THE EQUIPMENT NOR THE MANUFACTURER'S AGENT, MAKES NO EXPRESS OR IMPLIED WARRANTY OF ANY KIND WHATSOEVER WITH RESPECT TOE THE EQUIPMENT, INCLUDING BUT NOT LIMITED TO THE MERCHANTABILITY OF THE EQUIPMENT OR ITS FITNESS FOR ANY PARTICULAR PURPOSE, THE DESIGN OR CONDITION OF THE EQUIPMENT, COMPLIANCE OF THE EQUIPMENT WITH THE REQUIREMENTS OF ANY LAW, RULE, SPECIFICATION OR CONTRACT PERTAINING THERETO, THE QUALITY OR CAPACITY OF THE EQUIPMENT, THE WORKMANSHIP IN THE EQUIPMENT, PATENT INFRINGEMENT, OR LATENT DEFECTS. Lessee will be subrogated to Lessor's claims, if any, against the manufacturer or supplier of the Equipment for breach of any warranty with respect to the Equipment and, upon written request from lessee, Lessor shall take all reasonable action requested by Lessee to enforce any such warranty which is enforceable by Lessor in its own name, provided that (a) Lessee is not in default under this Lease and (b) Lessor shall not be obligated to resort to litigation to enforce any such warranty unless lessee shall pay all expenses in connection therewith. Notwithstanding the foregoing, Lessee's obligations to make the payments due under this Lease shall be and are absolute and unconditional. All proceeds of any such warranty recovery from the manufacturer or supplier of the equipment shall first be used to repair the affected Equipment.
  12. Title to Equipment. Title to each item if Equipment shall remain with lessor at all times and lessee shall have no right, title or interest therein except as expressly set forth in this Lease. Lessee, at its expense, will protect and defend Lessor's title to the equipment and will keep the Equipment free and clear from any and all claims, liens, encumbrances and legal processes of Lessee's creditors and other persons. Lessor assumes n liability and makes no representations as to the treatment by Lessee of this Lease or the rental or other payments for financial statement or tax purposes.
  13. Assignment by Lessee. Without Lessor's prior written consent, Lessee may not (a) assign, transfer, pledge, hypothecate or otherwise dispose of this Lease or any interest therein or (b) sublet or lend the Equipment or permit same to be used or operated by anyone other that Lessee or Lessee's employees.
  14. Taxes and Requirements of Law. Lessee will keep the Equipment free and clear of all levies, liens and encumbrances and, as additional rent during the term of this Lease, shall pay all assessments, license fees, taxes (including sales, use, excise, personal property, ad Val Orem, stamp, documentary and other taxes) and all other governmental charges, fees, fines or penalties whatsoever, whether payable by Lessor or Lessee, on or relating to the Equipment or the sue, registration, rental, shipment, transportation, delivery, ownership or operation thereof, and on or relating to this Lease and any Schedules executed in connection herewith, and Lessee shall file all returns required therefore and furnish copies thereof to Lessor at its request, provided however, that the foregoing shall not include any federal, state or city income or franchise taxes of Lessor. Lessee shall comply with and conform to any municipal, state and federal laws and regulations relating to the use and operation of said equipment.
  15. Remedies of Lessor. Upon the occurrence of any default and at any time thereafter (subject to any applicable grace provision), Lessor may without any further notice exercise on or more of the following remedies, as Lessor in its sole discretion may elect: (a) declare the entire amount of all unpaid rentals for the balance of the term under this Lease to be immediately due and payable; (b) terminate this lease as to any or all items or Equipment; (c) take possession of and remove the equipment wherever found, and for this purpose enter upon any premises of Lessee and remove the equipment, without any liability for suit, action, or other proceeding by the Lessee; (d) cause Lessee at its expense to promptly return the Equipment to Lessor; (e) use, hold, sell, lease or otherwise dispose of the equipment or any item thereof on the premises of Lessee or any other location without affecting the obligations of Lessee as provided in this lease; (f) proceed by appropriate action either in law or equity, or submit such claim to arbitration in New York City (pursuant to the Rules and Regulations of the American Arbitration Association) to enforce performance by Lessee of the applicable covenants of this Lease or to recover damages for the breach thereof. LESSEE WAIVES ANY AND ALL RIGHTS TO NOTICE AND TO A JUDICIAL HEARING WITH RESPECT TO THE REPOSSESSION OF THE EQUIPMENT BY LESSOR IN THE EVENT OF A DEFAULT HEREUNDER BY LESSEE. Lessee shall also be liable for and shall pay to Lessor (a) all expenses incurred by Lessor in connection with Lessee defaults and the enforcement of any of Lessor's remedies, including all expenses of repossession, storing, shipping, repairing and selling the equipment, and (b) reasonable attorney's fees which are agreed shall be either (i) 30% of the total unpaid rental for the balance of the term of this lease or, at Lessor's election, (ii) the attorney's fees actually incurred if greater than 30% of the total unpaid rental including legal fees and expenses incurred in hearings or proceedings to determine reasonable fees and expenses - as shall be determined by the court or in arbitration. Lessor and Lessee acknowledge the difficulty in establishing a value for the unexpired lease term and owing to such difficulty agree that the provision of this paragraph represent an agreed measure of damages and are not to be deemed a forfeiture or penalty. In the event that Lessee causes Lessor to be made a party to any action under this lease, Lessee shall pay to Lessor all reasonable attorney's fees unless Lessee prevails upon its cause of action against Lessor."
  16. Severability. Any provision of this lease which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition and unenforceable without invalidation the remaining provisions hereof. To the extent permitted by applicable law, Lessee hereby waives any provision of law which prohibits or renders unenforceable any provisions hereof in any respect.
  17. Modification. No modification of this Lease shall be valid or effective for any purpose unless in writing and signed by Lessor and Lessee.
  18. Construction. This lease shall in all respects be governed by and constructed in accordance with the laws of the State of New York.
  19. Parties. The provisions of this lease shall be binding upon, and inure to the benefit of the assigns, representatives and successors of the Lessor and Lessee. If there is more that one lessee named in this lease, the liability of each shall be joint and several.
  20. Lessee Authorization. The undersigned hereby warrants that he is acting and entering into this contract with the authority of said Lessee.
  21. Damage and Theft. Lessee is responsible for all damage to leased equipment and must provide evidence of insurance for the value of the leased equipment against the "all risk perils" including theft coverage. Any deductible cannot be more than $1,000, and lessee is responsible for payment of such deductible to the lessor.
  22. Insurance Requirement. Equipment will not be released to Lessee until he has furnished evidence of insurance in accordance with foregoing paragraph naming lessor as loss payee with a waiver of subrogation clause in favor of lessor.
  23. Security Deposit. Lessor may, but shall not be obligated to, apply any security deposited by Lessee for Lessee's faithful performance of the obligations of this Lease to cure any default of Lessee hereunder, in which event Lessee shall promptly restore the security deposit to the full amount specified on the reverse side. Upon termination of this Lease and all renewals hereof, if Lessee has fulfilled all the terms and conditions hereof, Lessor shall return to Lessee any remaining balance of the security deposited.
  24. Purchasing Rights. Lessee may purchase the rented equipment only at the price offered by Lessor. However, no rental fees accrued or paid, until date of purchase, can be considered or applied toward payment of such purchase. Lessor reserves the right to collect and keep all rental fees, accrued or paid, to the date of purchase of equipment by Lessee, or, to refuse the sale of the equipment to Lessee, demand its return, and collect from Lessee all rental fees and other associated costs due, such as, damages, tickets, fuel, etc.
  25. Extending/Closing of Contract. In the event Lessee is unable, or fails to appear in person within the time frame required, to authorize the extension or closing of the contract, then Lessor is authorized to use the credit card submitted by Lessee for deposit, at the inception of the rental contract, and to charge all applicable earned rental fees or any other related charges to that same credit card.

 

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