Equipment Rental Agreement Terms
The security deposit will be returned to the Rentee at the termination of this Rental Agreement, subject to the option of the Renter to apply it against Rental charges and damages. Any amounts refundable to the Rentee shall be paid at the time his Rental Agreement is terminated. The security deposit shall not bear interest.
The Rentee assumes all risks of loss or damage to the equipment from any cause, and agrees to return it to the Renter in the condition received from the Renter, with the exception of normal wear and tear.
Risk of Loss or Damage
The equipment shall be located as noted below and shall not be removed from this location without the Renter's prior written consent.
Location of Equipment
Care and Operation of EquipmentThe equipment may only be used and operated in a careful and proper manner. The Rentee shall allow only those persons who have read the operator's manual, viewed the operator training video, if available, and in the Rentee's judgment, received adequate training to operate the equipment. The Rentee specifically assumes the duties of adequately training and warning all operators regarding the proper use and risks associated with the foreseeable use of the equipment. The Rentee acknowledges that it has received a complete list of additional available operators' manuals, maintenance manuals and training videotapes, which are made available to the Rentee by the distributor at no cost.
The Rentee shall competently perform all maintenance, repairs and service required or recommended by the manufacturer or required to keep the equipment functioning properly. The cost for this maintenance shall be borne by the Rentee except such costs, which result from applicable warranty coverage paid by manufacturer. The Rentee shall store the equipment in a secure, enclosed area when not in use. The Renter shall have the right to inspect the equipment during Rentee's normal business hours.
Maintenance, Repair and Storage
If the Rentee is not in default upon the expiration of this Rental Agreement, the Rentee shall have the option to purchase the items of equipment at the end of the Rental Agreement term for the price specified. A credit of 50% of the on time Rental payments will be applied against the purchase option price. The Rentee shall exercise this option by providing written notice to the Renter of such intent at least 15 days prior to the end of the rental agreement term.
Option to Purchase
The Rentee shall inspect each item of equipment delivered pursuant to this Rental Agreement. The Rentee shall immediately notify the Renter of any discrepancies between such item if 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.
Acceptance 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 Renter shall be deemed to have retained title to the equipment at all times, unless the Renter transfers title by sale. The Rentee shall immediately advise the Renter regarding any notice of any claim, levy, lien, or legal process issued against the equipment.
Ownership Status of Equipment
If the equipment is damaged or lost, the Renter 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 Renter and subject to this Rental Agreement.
Indemnity of Renter for Loss or Damages
Liability for injury, disability, and death of workers and other persons caused by operating, handling, or transporting the equipment during the term of this Lease is the obligation of the Rentee, and the Rentee shall indemnify and hold the Renter harmless from and against all such liability.
Liability and Indemnity
Rentee certifies that the application, statements, trade reference, and financial reports submitted to Renter are true and correct and any material misrepresentation will constitute a default under this Rental Agreement.
If any portion of this Rental 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 Rental 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.
The Rentee shall insure the equipment in an amount sufficient to cover the replacement cost of the equipment.
During the term of this Agreement, Rentee shall maintain insurance coverage in the amounts as follows, evidenced by an Insurance Certificate forwarded from Rentee's insurance company.
Certificate Holder - Turf Equipment, Inc.
Turf Equipment & Irrigation, Inc.
1630 Gladiola St, Salt Lake City, UT 84104-6242
Minimum Liability - $500,000 CSL
Worker's Compensation Insurance as required by applicable law.
Physical Damage Coverage - insured for value specified in equipment schedule
Turf Equipment, Inc. is required to be named Additional Insured and Loss Payee.
30 cancellation notice
Rights of Default
If the Rentee is in default under this Rental Agreement, without notice to or demand on the Rentee, the Renter 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 Renter shall be obligated to re-rent the equipment, or otherwise mitigate the damages from the default, only as required by law.