Terms and Conditions

IN CONSIDERATION OF the mutual covenants and promises in this Agreement, the receipt and sufficiency of which consideration is hereby acknowledged, the Lessor leases the Equipment to the Lessee, and the Lessee leases the Equipment from the Lessor on the following terms:

1. Definitions
2. The following definitions are used but not otherwise defined in this Agreement:
   1. “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.
   2. “Equipment” rented:
      7. 
         which has an approximate value of $__________. This price is calculated by the rate of $_______ per week, at a quantity of _______ weeks.
   3. “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.
3. Lease
4. The Lessor agrees to lease the Equipment to the Lessee, and the Lessee agrees to lease the Equipment from the Lessor in accordance with the terms set out in this Agreement.
5. Term
6. The Agreement commences on __________________, 2020 and will continue until April 30, 2020 (the “Term”).
7. Rent
8. The rent will be paid in the full amount of $____________ in advance, beginning on April 1, 2020. Lessee will not receive any money in return unless they return the equipment early. All rentals are based on full weeks (no daily rates will be returned)
9. Delivery of Equipment
10. The Lessee will, at the Lessee’s own expense and risk, pick up and transport the Equipment from 142 RT 111 Hampstead, NH 03841.
11. Repair and Maintenance of Equipment
12. The Lessee will, at the Lessee’s own expense, keep the Equipment in good repair, appearance and condition, normal and reasonable wear and tear excepted. The Lessee will supply all parts that are necessary to keep the Equipment in such a state.
13. If the Equipment is not in good repair, appearance and condition when it is returned to the Lessor, the Lessor 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 Lessor will make the said repairs within a reasonable time of taking possession of the Equipment and will give the Lessee written notice of and invoices for the said repairs. Upon receipt of such invoices, the Lessee will immediately reimburse the Lessor for the actual expense of those repairs.
14. The Lessee must return the item by 4/30 the latest. If Lessee does not return by 4/30, Lessee card on file will be charged $4 per pound (example: two 15 lbs. dumbbells = $120)
15. Warranties
16. The Equipment will be in good working order and good condition upon pickup.
17. The Equipment is of merchantable quality and is fit for the following purpose: Gym equipment (includes but is not limited to barbells, dumbbells, bumper plates, clips, benches, kettlebells, handled bands, glute bands, plates)
18. Loss and Damage
19. To the extent permitted by law, the Lessee will be responsible for risk of loss, theft, damage or destruction to the Equipment from any and every cause.
20. If Lessee does not return by 4/30, Lessee card on file will be charged $4 per pound.
21. Ownership, Right to Lease and Quiet Enjoyment
22. The Equipment is the property of the Lessor and will remain the property of the Lessor.
23. The Lessee will not encumber the Equipment or allow the Equipment to be encumbered or pledge the Equipment as security in any manner.
24. The Lessor warrants that the Lessor has the right to lease the Equipment according to the terms in this Agreement.
25. The Lessor warrants that as long as no Event of Default has occurred, the Lessor will not disturb the Lessee’s quiet and peaceful possession of the Equipment or the Lessee’s unrestricted use of the Equipment for the purpose for which the Equipment was designed.
26. Surrender
27. At the end of the Term or upon earlier termination of this Agreement, the Lessee will return the Equipment at the Lessee’s cost, expense and risk to the Lessor by delivering the Equipment to 142 RT 111 Hampstead, NH 03841. If the Lessee fails to return the Equipment to the Lessor at the end of the Term or any earlier termination of this Agreement, the Lessee will pay to the Lessor 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 Lessee.
28. If Lessee returns items early, Lessee will be refunded weekly amount only. There are no daily rates to be returned.
29. Insurance
30. No insurance coverage for the Equipment is required under this Agreement.
31. Default
32. The occurrence of any one or more of the following events will constitute an event of default (“Event of Default”) under this Agreement:
    1. The Lessee fails to pay any amount provided for in this Agreement when such amount is due or otherwise breaches the Lessee’s obligations under this Agreement.
    2. The Lessee 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 another competent jurisdiction.
    3. A writ of attachment or execution is levied on the Equipment and is not released or satisfied within 10 days.
33. Remedies
34. On the occurrence of an Event of Default, the Lessor will be entitled to pursue any one or more of the following remedies (the “Remedies”):
    1. Declare the entire amount of the Rent for the Term immediately due and payable without notice or demand to the Lessee.
    2. Apply the Deposit toward any amount owing to the Lessor.
    3. Commence legal proceedings to recover the Rent and other obligations accrued before and after the Event of Default.
    4. Take possession of the Equipment, without demand or notice, wherever same may be located, without any court order or other process of law. The Lessee waives any and all damage occasioned by such taking of possession.
    5. Terminate this Agreement immediately upon written notice to the Lessee.
    6. Pursue any other remedy available in law or equity.
35. Address for Notice
36. Interest
37. Interest payable on any overdue amounts under this Agreement will be at a rate of _________ percent per annum or at the maximum rate allowed under applicable legislation, whichever is lower.
38. Governing Law
39. 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 New Hampshire (the “State”), without regard to the jurisdiction in which any action or special proceeding may be instituted.
40. General Terms
41. This Agreement may be executed in counterparts. Facsimile signatures are binding and are considered to be original signatures.
42. Time is of the essence in this Agreement.
43. 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.
44. 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.
45. Notice to Lessee

NOTICE TO THE LESSEE: 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.