Equipment Rental Agreement
THIS EQUIPMENT RENTAL AGREEMENT (this “Agreement’”) is current from the 14th of July 2022.
The Pilates Shop of 148 Pittwater Road, Gladesville, NSW 2111
The individual that will tick and accept this Agreement
(The Lessor and Lessee are collectively the “Parties”)
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. The following definitions are used but not otherwise defined in this Agreement:
a. “Casualty Value” means the market value of the Equipment at the end of the Term of 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.
b. “Equipment” means Timber Reformer Rental, Rental Bouncer, and Rental Sitting Box which has an approximate value of $3,240.00.
c. “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.
2. 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 the Agreement.
3. The Agreement commences on the date of the original delivery and will continue on a weekly basis of a minimum of 13 weeks until the Lessor or the Lessee terminates the Lease (the “Term”). This Agreement may be terminated by either the Lessor or the Lessee providing 14 days written notice to the other.
Rent and Deposit
4. The rent will we paid in instalments of $39.00 each week beginning on the day of the original delivery and will be paid on the same day of each succeeding week throughout the Term (the “Rent”).
5. The Lessee will pay a deposit of $500.00 (the “Deposit”) before taking possession of the Equipment. The Lessor will refund the Deposit, minus fees, to the Lessee at the end of the Term provided that the Lessee has performed all of the Lessee’s obligations under this Agreement.
6. At the acceptance of this Agreement, the Residual Value of the Equipment (the “Residual Value”) is agreed to be $2,790.00. However, if and when the Lessee desires to purchase the Equipment, the Lessee and the Lessor may negotiate a different residual value at that time. This negotiated value will be the “Residual Value” for any such purchase.
Purchasing the Equipment
7. The Lessee has the option to purchase the Equipment at the end of the Term by paying the following amounts:
a. the Residual Value of the Equipment;
b. any missed payments; and
c. any fees, taxes, and expenses related to the purchase of the Equipment.
Delivery of Equipment
8. The Lessor will, at the Lessor’s own risk, deliver the Equipment to the Lessee at the address provided for the original order.
Use of Equipment
9. The Lessee will use the Equipment in a good and careful manner and will comply with all of the Lessor’s requirements and recommendations respecting the Equipment and with any applicable law, whether local, state, or federal respecting the use of the Equipment, including, but not limited to, environmental and copyright law.
10. The Lessee will use the Equipment for the purpose for which it was designed and not for any other purpose.
11. Unless the Lessee obtains the prior written consent of the Lessor, the Lessee will not alter, modify, or attach anything to the Equipment unless the alteration, modification, or attachment is easily removable without damaging the functional capabilities or economic value of the Equipment.
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.
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 wear and tear excepted. The Lessor will make said repairs after taking possession of the Equipment and will give the Lessee written notice of and invoices for the said repairs. The expense of the repairs will be deducted from the Deposit or paid by the Lessee.
14. The Lessee may, but is not obliged to, enforce any warranty that the Lessor has against the supplier or manufacturer of the Equipment. The Lessee will enforce such warranty or indemnity in their own name and at their own expense.
15. The Equipment will be in good working order and good condition upon delivery.
16. The Equipment is of merchantable quality and is fit for the purposes it is ordinarily used.
Loss and Damage
17. 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.
18. If the Equipment is lost or damaged, the Lessee will continue paying Rent, will provide the Lessor with prompt written notice of such loss or damage and will, if the Equipment is repairable, put or cause Equipment to be put in a state of good repair, appearance, and condition.
19. In event of Total Loss of the Equipment, the Lessee will provide the Lessor with prompt written notice of such loss and will pay to the Lessor all unpaid Rent for the Term plus the Casualty Value of the Equipment, at which point ownership of the Equipment passes to the Lessee.
Ownership, Right to Lease, and Quiet Enjoyment
20. The Equipment is the property of the Lessor and will remain to the property of the Lessor unless the Lessee has paid to the Lessor the Residual Value; any missed payments; and any fees, taxes, and expenses related to the purchase of the Equipment, or in the event of Total Loss and the Lessee has paid to the Lessor all unpaid Rent for the Term plus the Casualty Value of the Equipment.
21. The Lessee will not encumber the Equipment or allow the Equipment to be encumbered or pledge the Equipment as security in any manner.
22. The Lessor warrants that the Lessor has the right to lease the Equipment to the terms in this Agreement.
23. 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 of the Lessee’s unrestricted use of the Equipment for the purpose for which the Equipment was designed.
24. At the end of the Term or upon earlier termination of this Agreement, the Lessee will make the Equipment ready for pick up at the address provided for the original order. If the Lessee fails to make the Equipment available for pick up, the Lessee will pay to the Lessor any unpaid Rent for the Term plus the Casualty Value of the Equipment at which point ownership of the Equipment will pass to the Lessee.
25. No insurance coverage for the Equipment is required under this Agreement.
26. The Lessee will indemnify and hold harmless the Lessor against any and all claims, actions, suits, proceedings, costs, expenses, damages, and liabilities, including attorney’s fees and costs, arising out of or related to the Lessee’s use of the Equipment.
27. The occurrence of any one or more of the following events will constitute an event of default (“Event of Default”) under this Agreement:
a. The Lessee fails to pay any amount provided for in this Agreement within seven days after due date or otherwise breaches the Lessee’s obligations under this Agreement.
b. 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 them under the bankruptcy law of Australia or another competent jurisdiction.
c. A writ of attachment or execution is levied on the Equipment and is not released or satisfied within 10 days.
28. 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”):
a. Declare the entire amount of the Rent for the Term immediately due and payable without notice or demand to the Lessee.
b. Apply the Deposit toward any amount owing to the Lessor.
c. Commence legal proceedings to recover the Rent and other obligations accrued before and after the Event of Default.
d. Take possession of the Equipment, without demand or notice, without any court order or other process of law. The Lessee waives any and all damage occasioned by such taking possession.
e. Terminate this Agreement immediately upon written notice to the Lessee.
f. Pursue any other remedy available in law or equity.
29. THE LESSEE WILL NOT ASSIGN THIS AGREEMENT, THE LESSEE’S INTEREST IN THIS AGREEMENT, OR THE LESSEE’S INTEREST IN THE EQUIPMENT WITHOUT THE PRIOR CONSENT OF THE LESSOR.
30. If the Lessee assigns this Agreement, the Lessee’s interest in this Agreement or the Lessee’s interest in the Equipment without the prior consent of the Lessor, the Lessor will have recourse to the Remedies and will be entitled to all damages caused by the assignment.
31. This Agreement will constitute the entire agreement between the Parties. Any prior understanding or representation of any kind preceding the date of this Agreement will not be binding on either Party except to the extent incorporated in this Agreement.
Address for Notice
32. Service of all notices under this Agreement will be delivered personally or sent by registered mail or courier to the following addresses:
Lessor: The Pilates Shop, 148 Pittwater Road, Gladesville, NSW 2111
Lessee: Address provided for the original order.
33. All dollar amounts in this agreement refer to Australian dollars, and all payments required to be paid under this Agreement will be paid in Australian dollars unless the Parties agree otherwise.
34. Headings are inserted for the convenience of the Parties only and are not to be considered when interpreting this Agreement. Words in the singular mean and include the plural and vice versa. Words in the masculine mean and include the feminine and vice versa.
35. This Agreement will be construed in accordance with and governed by the laws of Australia and the Parties submit to the exclusive jurisdiction of the Australian courts.
36. If there is a conflict between any provision of this Agreement and the applicable legislation of New South Wales (the “Act”), the Act will prevail and such provisions of the Agreement will be amended or deleted as necessary in order to comply with the Act. Further, any provisions that are required by the Act are incorporated into this Agreement.
37. This Agreement may be executed in counterparts.
38. Time is of the essence in this Agreement.
39. 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.
40. 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 their control including, but not limited to, 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.
Notice to Lessee
41. NOTICE TO THE LESSEE: This is a lease. You are not buying the Equipment. Do not accept this Agreement before you read it. You are entitled to a copy of this Agreement when you accept it.