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Rental Terms & Condition
RITE-WAY RENTALS & RADIATORS LTD.
1. MASTER AGREEMENT: The Lessee and Lessor acknowledge and agree that the terms and conditions contained in this agreement shall govern the rental of any and all equipment by the Lessee from the Lessor, and the term "Equipment" as used herein shall refer to all such equipment. Except as otherwise expressly agreed by the Lessor and Lessee in writing, in the event of a conflict between the terms and conditions contained in this agreement and any terms or conditions set out in any purchase order, acceptance or other document the Lessee and Lessor agree that the terms and conditions set out in this agreement shall govern.
2. THE RENTAL PERIOD: The rental period with respect to each piece of Equipment shall commence on and include the day of actual delivery of the Equipment to the Lessee or the Lessee's agent, inlcuding any public carrier taking same for transit to the Lessee. The rental period shall end on and include the day of actual delivery of the Equipment to the Lessor, another Lessee of the Lessor or an agent of either, including any public carrier taking same for transit to the Lessor or such other Lessee. At the end of the rental period the Lessor shall provide and the Lessee shall obtain an Off Rent number. The Lessee is responsible for the Equipment until it has been returned to the Lessor's yard.
3. PAYMENT: The rentals due under this Lease shall be paid monthly, weekly, or daily (as the case may be) in advance to the office of the Lessor at the address designated on the reverse hereof. The rental for the rental period is payable before delivery of the Equipment to the Lessee or the latter's agent or carrier. Overdue rental payments shall bear interest at 2% per month calculated and compounded monthly for an effective annual interest rate of 24%. We can and will report information about your account to credit bureaus. Late payments, missed payments, or other defaults on your account may be reflected in your credit report.
4. INSPECTION: Before the Equipment is delivered to the Lessee, the Lessee may require an inspection thereof by proper authorities, and if the Equipment is not in satisfactory condition, the cost of inspection shall be paid by the Lessor. If the Lessee does not inspect the Equipment before it is delivered, then the Lessee is conclusively deemed to have accepted that the Equipment is in good condition and running order, without broken or worn out parts, and in clean and unmarred condition.
5. MAINTENANCE, OPERATIONS AND REPAIRS: The Lessee shall not remove, alter, or disfigure or cover up any numbering, lettering or insignia displayed upon any Equipment, and shall ensure that no Equipment is subjected to careless or needlessly rough usage, and shall, at the Lessee's own expense, maintain and ultimately return to the Lessor the Equipment and its appurtenances, together with any tools and accessories pertaining thereto, the whole in good repair and running order. Without limiting the generality of the foregoing, the Lessee shall, at the Lessee's own expense, during the term of this Lease, pay the cost of:
a) all fuel and lubricants required to operate the Equipment;
b) all repairs required to be made to the Equipment in order to keep it in good and proper operating condition in accordance with the operator's manual; and
c) replacing broken or worn out parts.
In addition, the maintenance of tires and tubes on all Equipment so equipped is the responsibility of the Lessee. Repairs to and/or replacement of tires and tubes will be charged to the Lessee, as will any service calls to the location of the Equipment if the Equipment is not brought into the Lessor's yard. No allowance will be made for any downtime or inconvenience caused to the Lessee by failure of any tires, tubes, wheels and/or associated with Equipment.
6. DAMAGE TO EQUIPMENT: The Lessee shall indemnify and hold harmless the Lessor against all loss and damage to the Equipment during the rental period and the appraisal for any such loss or damage shall be based on the replacement cost of Equipment without deduction for depreciation that shall be kept in effect from the time the Equipment is shipped by the Lessor until it is returned to the Lessor or delivered to another Lessee of the Lessor.
7. LIABILITY OF LESSEE: The Lessee shall indemnify and hold harmless the Lessor against all loss, expenses, penalties, damages, condemnations and legal costs which the Lessor may suffer or may be required or condemned to pay for personal injuries (including death) and/or property damages suffered by any person by reason of the Equipment or the operation, handling, transportation or use thereof by or while in the hands of the Lessee or the latter's employees, agents or carriers. The Lessee shall remain responsible for the Equipment until it has been returned to the Lessor. The Lessee shall maintain at the Lessee's own expense, public liability and all risk property insurance in adequate amounts to fully cover this indemnity. The Lessee hereby renounces all claims which he (it) may have against the Lessor for any loss or damage which he (it) may suffer, either directly or indirectly, by reason of the condition of the Equipment or its suitability for the work it may be required to perform.
8. TITLE: Title to the Equipment shall at all times be and remain vested in the Lessor and nothing contained in this Lease shall be deemed to have the effect of conferring upon the Lessee any right or title whatsoever in or to the Equipment, other than that of Lessee. The Lessee shall not incur or permit to exist any lien or other encumbrance on or with respect to the Equipment. The Lessee shall give the Lessor immediate notice in case of any of the Equipment is levied upon or from any cause becomes liable to seizure.
9. TERMINATION OF LEASE: Should the Lessee fail to make any payment for more than 30 days after it becomes due, or becomes bankrupt, insolvent, or have a receiver appointed, or fail to maintain and operate or to return the Equipment as provided in this Lease, or violate any other provision hereof the Lessor may terminate this lease, re-take possession of the Equipment without becoming liable for trespass, and recover all rentals due, full damages for any injury to and all expenses incurred in obtaining the return of the Equipment. Should the Lessor fail to ship the Equipment in good and running order, the Lessee may, upon giving the Lessor notice, terminate the lease and recover any amount paid by him (it) to the Lessor hereunder. All outstanding obligations shall survive termination of the Lease.
10. SUBLETTING AND LOCATION: None of the Equipment shall be sublet by the Lessee, nor shall he (it) assign or transfer any interest in this Lease without the previous written consent of the Lessor. The Equipment shall be used only at the location shown on the face of this Lease.
11. SUBROGATION: In the event of any loss or damage to the Equipment, Lessor will have the right of subrogation with respect to any right of the Lessee to recover against any person, firm or corporation. Lessee will execute and deliver whatever instruments and papers are required and do whatever else is necessary to secure such rights. Lessee will cooperate fully with Lessor and/or its insurer(s) in the prosecution of those rights and will neither take nor suffer any action to prejudice Lessor's rights with respect thereto.
12. DAMAGE WAIVER: Unless the Lessor has declared this contract as eligible for damage waiver protection on the front hereof, the Lessee has an optional damage waiver respecting accidental damage or mechanical breakdown to the equipment and shall pay, in addition to the applicable rental charge, a waiver fee equal to the percentage specified on the front hereof of the gross rental charge. Upon such waiver fee being paid by the Lessee to the Lessor, then the Lessor waives its right of indemnity with respect to accidental damage to the Equipment against the Lessee or the Lessee's insurance to the extent and only to the extent of the first $2500.00 of indemnity.
Damage waiver does not apply to damage cause by the following:
a) A third party;
b) Misuse of the Equipment;
c) Using the wrong grade of fuel or failure to oil or lubricate, maintain, or properly operate Equipment;
d) Loss, theft, malicious, or non-accidental damage;
g) Leaving a piece of Equipment or an accessory unlocked, outdoors or indoors, without supervision, and freely accessible to anyone;
h) Transporting the Equipment by failing to anchor or secure it properly to prevent its falling or moving about;
i) Overloading or exceeding the rated capacity of the equipment.
13. LESSEE IS A CORPORATION: When the Lessee (Renter) is a corporation or is other that the person signing this contract on the Lessor's behalf, the person signing this contract represents and warrants that he/she has the authority of the Lessee to execute the agreement on the Lessee's behalf and to pledge the credit of the Lessee and where applicable that the person signing this contract is a duly appointed signing officer of the Lessee properly authorized in that behalf. The person signing the contract agrees to be jointly and severally liable with the Lessee for the performance and/or payment of all the Lessee's obligations under this contract.
14. WARRANTIES: Lessor makes no warranties, either express or implied, as to any matter whatsoever, including, without limitation, the condition of the Equipment, its merchantability or fitness for a particular purpose, or that it is suited for the Lessee's intended use. The aggregate liability of Lessor hereunder, if any, shall be limited to the amount paid to it by Lessee under this Lease. This Lease represents the entire agreement between the parties with respect to the Equipment.