Equipment Rental Agreement (Long form - Comprehensive)
1. Introduction. Equipment rental agreement made in [city] on [date] between [name], with offices at [address] (Company), and [name], located at [address] (Undersigned).
2. Description of Rental Equipment. Company rents to Undersigned the Equipment described in Schedule A [omitted] annexed to this Equipment Rental Agreement and made a part of it.
3. Term of Agreement. The term of this Agreement is for [number] [days] [weeks] [months] [years] commencing on [date] and terminating on [date].
4. Extension of Term. The term of this Equipment Rental Agreement may be extended for an additional term of [number] [days] [weeks] [months] [years] starting with the termination date set out in Paragraph 3 of this Lease and ending on [date], provided Undersigned notifies the Company of Undersigned's intention to extend the term by registered or certified mail, return receipt requested, posted no later than [specify period] before the original term ends.
5. Rental. Undersigned will pay the Company the rental for each piece of Equipment set out in Schedule A, including all increases in the rental during the extended term of this Agreement, which rental is also set out in Schedule A. The rent is to be paid in daily/weekly/ monthly installments of ........ dollars ($........) each during the term, of ........ dollars ($........) thereafter until the term ends, and, if the term is extended in accordance with Paragraph 4, in monthly installments of ........ dollars ($........) during the daily/weekly? monthly additional term. The first daily/weekly/monthly payment is due on [date], and payments are due thereafter on the [number] day/week of each month.
6. Defenses, Setoffs, Claims Against the Company's Assignee. In the event the Company assigns all or any part of the monies due under this Agreement to [bank], [bank's] right to receive those sums shall not be subject to any defense, setoff, or counterclaim that the Undersigned may have against the Company but shall be subject to any defense the Company or the Undersigned has against [bank].
8. Ownership of Equipment. All the Equipment rented to the Undersigned and all equipment, attachments, accessories, and modifications placed on or made to the Equipment by the Company or the Undersigned, as well as all repairs to the Equipment, are the Company's property.
9. Indicia of the Company's Ownership. The Company may stencil or otherwise affix the Company's name on all or any part of the Equipment together with language stating that the Equipment is owned by the Company and rented to the Undersigned.
10. Title to Equipment Unencumbered. The Company warrants that the Company is the sole owner of the Equipment listed in Schedule A and that at the time of delivery to the Undersigned and during the term of this Agreement and any extensions of the term the Equipment will be free of all liens and encumbrances except as permitted by Paragraph 6. The Company also warrants that during the term of this Agreement and any extension of the term the Company will not sell, lease, assign, or dispose of the Equipment except as permitted by Paragraph 6 and will do nothing to interfere with the Undersigned's use and enjoyment of the Equipment.
11. Delivery of Equipment. All the Equipment listed on Schedule A shall be delivered to the Undersigned on or before [date] at [address]. The Company shall not be liable for any losses the Undersigned may suffer by reason of late delivery. However, the Undersigned's obligation to pay rent for any piece of Equipment shall not start until the Undersigned receives delivery of that Equipment. Further, if any piece of Equipment is not received by [date], the Undersigned, at the Undersigned's option, may cancel this Equipment Rental Agreement insofar as it relates to that piece of Equipment.
12. Repairs to and Maintenance of Equipment. During the term of this Agreement and any extension of the term, the Company will maintain the Equipment and keep it in good repair at its own expense, normal wear and tear and depreciation excepted.
13. Insurance. All risk of loss of the Equipment or damage to it shall be borne by the Company. The Company, at the Company's sole expense, shall obtain insurance against loss or damage to the Equipment by reason of fire and by reason of the other risks included in the standard extended coverage provisions of casualty insurance in amounts agreeable to the Company. The policies shall be issued by insurance companies qualified to do business in the state in which the Equipment is located.
[Alternative paragraph]
13. Insurance. All risk of loss of the Equipment or damage to it shall be borne by the Undersigned. The Undersigned, at the Undersigned's sole expense, shall obtain insurance against loss or damage to the Equipment by reason of fire and by reason of the other risks included in the standard extended coverage provisions of casualty insurance in amounts agreeable to the Company. The policies shall be issued by insurance companies qualified to do business in the state in which the Equipment is located. Losses, if any, shall be payable to the Company. The insurance policies or satisfactory evidence of insurance shall be delivered to the Company. The Undersigned's failure to obtain or maintain insurance shall constitute a default under this Agreement, and, in such event, the Company or [bank], as the Company's assignee, may obtain the insurance, and the cost of the insurance so obtained shall be additional rent, due and payable by the Undersigned on demand.
14. Damage to Equipment. The Undersigned's obligation to pay rent will continue even though all or part of the Equipment is damaged. The Undersigned, pursuant to Paragraph 12, shall repair or have the Equipment repaired. If the damage to the Equipment is covered by insurance carried by the Undersigned or the Company pursuant to Paragraph 13 or if the Company has any right to reimbursement for such damage by third parties, the Company will assign the Company's right to the proceeds of the policies or the Company's rights against the third parties to reimburse the Undersigned for the cost of making the repairs.
15. Loss of Equipment. If the Equipment or any part of it is stolen, destroyed, or damaged beyond repair, the Undersigned will promptly pay the unpaid rental on such Equipment for the balance of the term of this Agreement, exclusive of any extensions unless the term has been extended in accordance with Paragraph 4. Upon receipt of this payment by the Company, the Company will assign to the Undersigned the Company's rights to the proceeds of any policies of insurance for such loss or the Company's rights for reimbursement from third parties for such...
(Excerpt)
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