This Lease, by and between Park City Equipment Rental (“Lessor”), a Utah limited liability company, having its principal place of business at 477 Saddle View #25, Park City, UT 84060, and name on contract (“Lessee”)
*Day rate are based on 8 hours run time. Hour overage will be charged accordingly.
*Weekend rates- Saturday and Sunday are based on 8 hour run time. Hour overage will be charged accordingly.
* Machine will be delivered with a full take of fuel. Fuel will be charged at $10 per gallon.
For and in consideration of the mutual covenants and promises hereinafter set forth, the parties hereto agree as follows:
1. Lease. Lessor hereby leases to Lessee, and Lessee hereby leases from Lessor, all machinery and equipment (collectively, the “Leased Property”): Listed on page one of contract
2. Term of Lease. The term of this lease commences upon the date of execution of this lease agreement and continues to the earlier of: agreed upon date on front page of contract or (2) a declaration by the Lessor of an Event of Default hereunder by the Lessee.
3. Rental Payments. The rent for the Leased Property is listed on page one of contract, payable in one (1) installment. A one-day rental rate for Leased Property shall mean a runtime hour meter which consists of 8 hours of use within a 24 hour period. If Leased Property is ran more than 8 hours within a 24 hour period, additional fees shall be prorated based on the additional hours of use within the 24 hour period multiplied by the daily rate. A deposit in the amount of the rental fee shall be due and payable prior to rental and the remainder balance shall be due and payable immediately following return of Leased Property. All rental payments are due at the Lessor’s offices at [address of lessor], or to such other person and at such other place and time as Lessor may from time to time designate in writing.
4. Lessee’s Use of the Leased Property. Lessee shall use the Leased Property in a careful and proper manner and shall comply with and conform to all laws, ordinances and regulations which relate in any manner to the possession, use or maintenance of the Leased Property. Upon Lessor’s demand, Lessee shall prominently affix to the Leased Property labels, plates or other markings supplied by Lessor, stating that the Leased Property is owned by Lessor.
5. Lessee’s Inspection of the Leased Property. Lessee shall inspect the Leased Property immediately upon after receiving it. Unless Lessee gives written notice to the Lessor within this time, specifying any defect or other objection to the Leased Property, Lessee agrees that it shall be conclusively presumed, as between the Lessee and Lessor, that the Lessee has fully inspected and acknowledged that the Leased Property is in good condition and repair, and the Lessee is satisfied therewith and has accepted the Leased Property in such good condition and repair.
6. Lessor’s Right to Inspect the Leased Property. Lessor shall have the right during normal business hours to enter into and upon the premises where the Leased Property is located for the purpose of inspecting it or observing its use.
7. Alterations Prohibited. Lessee shall not make any alterations, additions or improvements to the Leased Property, without the prior written consent of the Lessor. All additions and improvements made to the Leased Property shall belong to and become the property of the Lessor upon the expiration of the lease.
8. Lessee’s Obligation to Repair. Lessee, at his/her/its own cost and expense, shall keep the Leased Property in good repair, condition and working order and shall furnish any and all parts, mechanisms and devices required to keep the equipment in good mechanical and working order.
9. Risk of Loss. Lessee hereby assumes and agrees to bear the entire risk of loss and damage to the Leased Property from any cause whatsoever. No loss or damage to the Leased Property or any part thereof shall impair or lessen any of Lessee’s obligations under this lease, which shall continue in full force and effect.
In the event of loss or damage of any kind whatever to the Leased Property, the Lessee shall, at Lessor’s sole option:
(i) Place the Leased Property in good repair, condition and working order; or
(ii) Replace the Leased Property with like property in good repair, condition and working order; or if the Leased Property is stolen, destroyed or damaged beyond repair, pay the Lessor in cash or its equivalent liquidated damages in the amount of the full replacement value or fair market value, whichever is greater, of the Leased Property.
10. Surrender of Leased Property. Upon the expiration of the lease, with respect to any item of the Leased Property, the Lessee shall return it to Lessor in good repair, condition and working order, ordinary wear and tear excepted, in the following manner:
(a) By delivering the item of Leased Property at Lessee’s cost and expense to such place as Lessor shall specify; or
(b) By loading the item of Leased Property at Lessee’s cost and expense on board such carrier as Lessor shall specify and shipping it, freight collect, to the place designated by Lessor.
11. Insurance. Lessee shall keep the Leased Property insured against all risks of loss or damage from every cause whatsoever for not less than the full replacement value thereof as determined by Lessor; and shall carry public liability and property damage insurance covering the Leased Property. All of the aforesaid insurance shall be in form and amount and with companies approved by Lessor, and shall be in the joint names of Lessor and Lessee. Lessee shall pay the premiums therefor and deliver the policies, or duplicates thereof, to Lessor. The proceeds of the insurance, at the option of Lessor, shall be applied: (a) toward the replacement, restoration or repair of the Leased Property, or (b) toward payment of the obligations of Lessee hereunder. Lessee hereby appoints Lessor as Lessee’s attorney-in-fact to make claim for, receive payment of, and execute and endorse all documents, checks or drafts for, loss or damage under any said insurance policy.
12. Taxes. Lessee shall keep the Leased Property free and clear of all levies, liens and encumbrances and shall pay all license fees, registration fees, assessments, charges and taxes (municipal, state, and federal) which may now or hereafter be imposed upon the ownership, leasing, renting, sale, possession or use of the Leased Property, excluding, however, all taxes on or measured by Lessor’s income.
13. Lessor’s Payment. In the event of the Lessee’s failure to procure or maintain insurance as aforesaid, or to pay said fees, assessments, charges and taxes as aforesaid, Lessor shall have the right, but not the duty, to obtain such insurance, or pay such fees, assessments, charges and taxes, as the case may be. In that event, the cost thereof, including reasonable attorney’s fees, shall be repayable to Lessor immediately upon payment by Lessor, and failure to repay the same shall carry with it the same consequence, including interest at Twelve percent (12%) per annum, as failure to pay any installment of rent.
14. WARRANTIES. LESSOR MAKES NO WARRANTIES, EITHER EXPRESS OR IMPLIED, AS TO ANY MATTER WHATSOEVER, INCLUDING, WITHOUT LIMITATION, THE CONDITION OF THE LEASED PROPERTY, ITS MERCHANTABILITY OR ITS FITNESS FOR ANY PARTICULAR PURPOSE.
15. 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’s fees, arising out of, connected with, or resulting from the Leased Property, including without limitation the manufacture, selection, delivery, possession, use, operation or return of the Leased Property.
16. Security. As security for the prompt and full payment of the rent, and the faithful and timely performance of all provisions of this lease, and any extension or renewal thereof, on its part to be performed, Lessee has pledged and deposited with Lessor the amount of $_________________. If any default shall be made in the performance of any of the covenants on the part of the Lessee herein contained with respect to any item or items of the Leased Property, Lessor shall have the right, but not the duty, to apply the security to the curing of such default. Any such application by Lessor shall not be a defense to any action by Lessor arising out of said default; and, upon demand, Lessee shall restore the security to the full amount set forth above. Upon the expiration of this lease, or any extension or renewal thereof, provided Lessee has paid all of the rent herein called for and fully performed all of the other provisions of this lease on its part to be performed, Lessor will return to Lessee any then remaining balance of the security.
17. Default. If Lessee with regard to any item or items of Leased Property fails to pay any rent or other amount herein provided with ten (10) days after the same is due and payable, or if Lessee with regard to any item or items of Leased Property fails to observe, keep or perform any other provision of this lease required to be observed, kept or performed by Lessee, Lessor shall have the right to exercise any one or more of the following remedies:
(a) To declare the entire amount of rent hereunder immediately due and payable as to any or all items of Leased Property, without notice or demand to Lessee;
(b) To sue for and recover all rents, and other payments, then accrued or thereafter accruing, with respect to any or all items of Leased Property;
(c) To take possession of any or all items of equipment, without demand or notice, wherever same may be located, without any court order or other process of law. Lessee hereby waives any and all damages occasioned by such taking of possession. Any such taking of possession shall not constitute a termination of this lease as to any or all items of Leased Property unless Lessor expressly so notifies Lessee in writing;
(d) To terminate this lease as to any or all items of Leased Property; and
(e) To pursue any other remedy at law or in equity, including those set forth in the Uniform Commercial Code.
Notwithstanding any such repossession, or any other action that Lessor may take, Lessee shall be and remain liable for the full performance of all obligations on the part of Lessee to be performed under this lease.
All such remedies are cumulative, and may be exercised concurrently or separately.
18. Lessor’s Expenses. Lessee shall pay Lessor all costs and expenses, including reasonable attorney’s fees, incurred by Lessor in exercising any of its rights or remedies hereunder or in enforcing any of the terms, conditions, provisions hereof.
19. PROHIBITION UPON ASSIGNMENT. WITHOUT THE PRIOR WRITTEN CONSENT OF LESSOR, LESSEE SHALL NOT: (A) ASSIGN, TRANSFER, PLEDGE OR HYPOTHECATE THIS LEASE, THE LEASED PROPERTY OR ANY PART THEREOF, OR ANY INTEREST THEREIN, OR (B) SUBLET OR LEND THE LEASED PROPERTY OR ANY PART THEREOF, OR PERMIT THE LEASED PROPERTY OR ANY PART THEREOF TO BE USED BY ANYONE OTHER THAN LESSEE OR LESSEE’S EMPLOYEES. CONSENT TO ANY OF THE FOREGOING PROHIBITED ACTS APPLIES ONLY IN THE GIVEN INSTANCE; AND IS NOT A CONSENT TO ANY SUBSEQUENT LIKE ACT BY LESSEE OR ANY OTHER PERSON.
Subject always to the foregoing, this lease inures to the benefit of, and is binding upon the heirs, legatees, personal representatives, successors and assigns of the parties hereto.
20. Lessor’s Assignment. All rights of Lessor hereunder may be assigned, pledged, mortgaged, transferred, or otherwise disposed of, either in whole or in part, without notice to Lessee. If Lessor assigns this lease or the rentals due or to become due hereunder or any other interest herein, whether as security for any of its indebtedness or otherwise, no breach or default by Lessor hereunder or pursuant to any other agreement between Lessor or Lessee, should there be one, shall excuse performance by Lessee of any provision hereof. No such assignee shall be obligated to perform any duty, covenant or condition required to be performed by Lessor under the terms of this lease.
21. Ownership. The Leased Property is, and shall at all times be and remain, the sole and exclusive property of Lessor; and the Lessee shall have no right, title, or interest therein or thereto except as expressly set forth in this lease.
22. Personal Property. The Leased Property is, and shall at all times be and remain, personal property notwithstanding that the Leased Property or any part thereof may not be, or hereafter become, in any manner affixed or attached to, or imbedded in, or permanently resting upon, real property or any building thereof, or attached in any manner to what is permanent as by means of cement, plaster, nails, bolts, screws or otherwise.
23. Interest. Should Lessee fail to pay any part of the rent herein reserved or any other sum required by Lessee to be paid to Lessor, within ten (10) days after the due date thereof, Lessee shall pay unto the Lessor interest on such delinquent payment from the expiration of those ten (10) days until paid at the rate of Twelve percent (12%) per annum.
24. Offset. Lessee hereby waives any and all existing and future claims, and offsets, against any rent or other payments due hereunder; and agrees to pay the rent and other amounts hereunder regardless of any offset or claim that may be asserted by Lessee or on its behalf.
25. Non-Waiver. No covenant or condition of the lease can be waived except by the written consent of the Lessor. Forbearance or indulgence by Lessor in any regard whatsoever shall not constitute a waiver of the covenant or condition to be performed by Lessee to which the same may apply, and, until complete performance by Lessee of said covenant or condition, Lessor shall be entitled to invoke any remedy available to Lessor under this lease or by law or in equity despite said forbearance or indulgence.
26. Entire Agreement. This instrument constitutes the entire agreement between Lessor and Lessee; and it shall not be amended, altered or changed except by a written agreement signed by the parties hereto.
27. Notices. Service of all notices under this agreement shall be sufficient if given personally or mailed to the party involved at its respective address hereinbefore set forth, or at such address as such party may provide in writing from time to time. Any such notice mailed to such address shall be effective when deposited in the United States mail, duly addressed and with postage prepaid.
28. Titles. The titles to the paragraphs of this lease are solely for the convenience of the parties, and are not an aid in the interpretation of the instrument.
29. Time. Time is of the essence of this lease and each and all of its provisions.