TERMS & CONDITIONS
SECTION ONE –TERM
The term of this lease is for a minimum of twelve months and commences on the date the equipment described is delivered to the lessee’s premises. At the end of the twelve month period the lease will continue in place until a one month notice period to remove the goods
is given to the lesser.
SECTION TWO - RENT
Lessee shall pay the rent payments shown above, the first of which shall be due on the commencement date of this lease, and subsequent payments shall be due each period thereafter on a billing date established by lesser. Rent payments shall be due whether or not lessee has received any notice that such payments are due.
SECTION THREE - MAINTENANCE
This rental agreement provides for the lessor to fully maintain the cooler with regular services and filter changes every six months. The Lessee will not restrict the Lessors access to the equipment in any way that will inconvenience the Lessor in his attendances to service and maintain the equipment. The amount payable per year is determined in part by the services per year specified and therefore any additional services over and above the number specified may be invoiced separately by the lessor. Any repairs during the rental period are to be undertaken by the Lessor at no charge provided they are not caused by misuse, wilful damage or neglect of the equipment. The Lessee will maintain the equipment in a clean, healthy and hygienic condition and will not tamper with, damage or remove the equipment from the nominated premises.
SECTION FOUR - INDEMNITY
Lessee shall indemnify lessor against, and hold lessor harmless from, any and all claims, actions, suits, proceedings, costs, expenses, damages, and liabilities, including reasonable attorney fees arising out of, connected with, or resulting from the property subject to this lease, including, but not limited to the manufacture, selection, delivery, use, operation, or return of such property. The Lessee will be liable for any injury, loss or damage to any person or property arising out of or in any way connected with the use of the equipment at all times whilst the equipment is located on the premises of the Lessee. The lessee hereby
indemnifies the Lessor in respect of any claim, action or proceeding made or taken against the Lessor in connection with or arising out of, or in any way incidental to injury, loss or damage connected with the useof the equipment irrespective of any negligence of the Lessor.
SECTION FIVE - LOSS OR DAMAGE
Lessee assumes and shall bear the entire risk of loss, theft, destruction, or damage of or to any part of the equipment (“loss or damage”) from any cause whatsoever, whether or not covered by insurance, and no such loss shall release lessee of its obligation under this agreement inthe event of loss or damage.Lessee, at the sole option of lessor, shall
(a) at lessee’s expense, repair the equipment to the satisfaction of lessor;
(b) at lessee’s expense, and to the satisfaction of lessor, replace the equipment with similar or like equipment in good condition and repair and of comparable value, with clear title thereto in lessor; or (c) make payment to lessor the total of the amounts specified below:
A) All rental payments past due or currently owed to lessor under this lease, including unpaid taxes; and
B) All future rental payments that would accrue over the remaining term of this lease.
On lessor’s receipt of the payment specified by subsections (1) and (2) above, lessee shall be entitled to whatever interest lessor may have in such equipment, as is, where is, without warranty express or implied.The parties agree that the sum of the amount required by subsections
(1) and (2) will equal the total amount payable to lessor in the event of “loss or damage.”
SECTION SIX – INSURANCE
Lessee shall provide, maintain, and pay for insurance against the loss or theft of or damage to the equipment, for its full replacement value ,naming lessor as a loss payee and public liability and property damage insurance naming lessor as an additional insured
SECTION SEVEN - ASSIGNABILITY
Without lessor’s prior written consent, lessee shall not (a) assign, transfer, pledge, or otherwise dispose of this lease,the equipment, or any interest therein or (b) sublet or lend the equipment or permit it to be used by anyone other than lessee or lessee’s employees / family / friends
SECTION EIGHT - LOCATION
At lessee’s own risk, lessee shall use or permit the use of the equipment solely at the location specified in this lease, or if none is specified, at lessee’s billing address set forth above, and such equipment shall not be moved without lessor’s prior written consent.
SECTION NINE - TITLE; PERSONAL PROPERTY
The equipment is, and shall at all times remain, property of lesser, and lessee shall have no right, title, or interest except as expressly set forth in this lease. The equipment is and shall at all times be and remain personal property although the equipment or any part of it may now bear hereafter become in any manner affixed or attached to real property or any improvements.
SECTION TEN - DEFAULT AND REMEDIES
A) Lessee shall be in default under this lease if lessee shall:
1) Fail to pay any rent, the payments on any other lease or indebtedness of lessee to lessor arising independently of this lease, or other amount required in this lease within 14 days after the rent becomes due and
2) Fail to perform or observe according to its terms any covenant contained in this lease, or any other instrument or document executed in connection with this lease;
3) Become insolvent (however defined), cease business as a going concern, make an assignment for the benefit of creditors, or cause a petition for receiver or in bankruptcy to be filed by or against lessee (including a petition for reorganization or an arrangement);
4) Commit or fail to commit any act that results in jeopardising the rights of lessor or causes lessor to deem itself insecure as to its rights.
B) If lessee is in default under this lease, lessor, with or without notice to lessee, shall have the right to exercise concurrently or separately, and without any election of remedies to be deemed made, the following remedies:
1) Elect that the rental payments due be accelerated and the entire amount of rental be due immediately;
2) Terminate this lease;
3) Enter on lessee’s premises and without any court order or other process of law repossess and remove the equipment, whether with or without notice to lessee; any such repossession shall not constitute a termination of this lease unless lessor so notifies lessee in writing, and lessor shall have the right, at its option, to lease the equipment to any other person or persons on such terms and conditions as lessor shall determine;
4) Sell the equipment to the highest bidder at public or private sale, at which sale lessor may be the purchaser.In the event either sub-section 3 or 4 is exercised, there shall be duefrom lessee, and lessee will immediately pay to lessor, the difference between the total amount of rentals to be received from any third personor the purchase price at such sale, as the case may be, and the total unpaid rental provided to be paid, together with the estimated fair market value of the equipment for the original lease termination date, plus all costs and expenses of lessor in repossessing, releasing, transporting,
repairing, selling, or otherwise handling the equipment.
SECTION ELEVEN - NOTICES AND DEMANDS
Service of all notices under this agreement shall be sent by Australian regular mail addressed to the party involved at its respective address set forth above or to such other address as the parties may hereafter substitute by written notice.