Equipment Lease Agreement
This Equipment Lease (this “Lease”) is made effective as of the date of signature on the quote, between CoreRecon, LLC. (the “Lessor”), 711 North Carancahua Street Suite 300, Corpus Christi, Texas 78401, and CoreRecon client/potential client. (the “Lessee”), and states the agreement of the parties as follows:
EQUIPMENT SUBJECT TO LEASE. The Lessor shall lease the equipment listed on the attached quote/s.
PAYMENT TERMS. The Lessee shall make monthly payments as addressed in the quote for each piece of equipment that is being leased. Payments shall be due on the first day of each month, with the first payment due within the 30-days of that said month. The lease payments shall be due whether or not the Lessee has received notice of payment due.
TAX. Sales and/or use tax, if required, is included.
SERVICE CHARGE. If any Lease installment is not paid within 30 days (s) after the due date, the Lessee shall pay to the Lessor a service charge of $25.00 for every month that the payment is late.
NON-SUFFICIENT FUNDS. The Lessee shall be charged $50.00 for each check that is returned to the Lessor for lack of sufficient funds.
LEASE TERM. This Lease shall begin on the above effective date and shall terminate at end of the computer/Security/IT support contract unless otherwise terminated in writing 30 days prior to the end of terms of this Lease.
CARE AND OPERATION OF EQUIPMENT. The equipment may only be used and operated in a careful and proper manner. Its use must comply with all laws, ordinances, and regulations relating to the possession, use, or maintenance of the equipment, including registration and/or licensing requirements if any.
MAINTENANCE AND REPAIR. The Lessor shall maintain, at the Lessor’s cost, the equipment in good repair and operating condition, allowing for reasonable wear and tear. Such costs shall include labor, material, parts, and similar items.
LESSOR’S RIGHT OF INSPECTION. The Lessor shall have the right to inspect the equipment during Lessee’s normal business hours.
RETURN OF EQUIPMENT. At the end of the lease term, the Lessee shall be obligated to return the equipment to the Lessor at the Lessee’s expense within 30 days.
OPTION TO PURCHASE. If the Lessee is not in default under this Lease, the Lessee shall have the option to purchase items of equipment at the end of the lease term for the MSRP pricing of such items or after 18 months of leasing. The Lessee shall exercise this option by providing written notice to the Lessor of such intent prior to the end of the lease term.
ACCEPTANCE OF EQUIPMENT. The Lessee shall inspect each item of equipment delivered pursuant to this Lease. The Lessee shall immediately notify the Lessor of any discrepancies between such item of equipment and the description of the equipment in the Equipment Schedule. If the Lessee fails to provide such notice in writing within 5 days (s) after the delivery of the equipment, the Lessee will be conclusively presumed to have accepted the equipment as specified in the Equipment Schedule.
OWNERSHIP AND STATUS OF EQUIPMENT. The equipment will be deemed to be personal property, regardless of the manner in which it may be attached to any other property. The Lessor shall be deemed to have retained title to the equipment at all times unless the Lessor transfers the title by sale. The Lessee shall immediately advise the Lessor regarding any notice of any claim, levy, lien, or legal process issued against the equipment.
RISK OF LOSS OR DAMAGE. The Lessee assumes all risks of loss or damage to the equipment from any cause and agrees to return it to the Lessor in the condition received from the Lessor, with the exception of normal wear and tear, unless otherwise provided in this Lease.
INDEMNITY OF LESSOR FOR LOSS OR DAMAGES. Unless otherwise provided in this Lease, if the equipment is damaged or lost, the Lessor shall have the option of requiring the Lessee to pay for the cost of repairing the equipment to a state of good working order OR pay the full cost of equipment according to MSRP Pricing.
LIABILITY INSURANCE. The Lessor shall be responsible for maintaining liability insurance regarding the equipment.
CASUALTY INSURANCE. The Lessee shall ensure the equipment in an amount sufficient to cover the replacement cost of the equipment.
TAXES AND FEES. During the term of this Lease, the Lessee shall pay all applicable taxes, assessments, and license and registration fees on the equipment.
DEFAULT. The occurrence of any of the following shall constitute a default under this Lease:
- The failure to make a required payment under this Lease when due.
- The violation of any other provision or requirement that is not corrected within 30 day(s) after written notice of the violation is given.
- The insolvency or bankruptcy of the Lessee.
- The subjection of any of Lessee’s property to any levy, seizure, assignment, application, or sale for or by any creditor or government agency.
RIGHTS ON DEFAULT. In addition to any other rights afforded the Lessor by law, if the Lessee is in default under this Lease, without notice to or demand on the Lessee, the Lessor may take possession of the equipment as provided by law, deduct the costs of recovery (including attorney fees and legal costs), repair, and related costs, and hold the Lessee responsible for any deficiency. The rights and remedies of the Lessor provided by law and this Agreement shall be cumulative in nature. The Lessor shall be obligated to re-lease the equipment, or otherwise mitigate the damages from the default, only as required by law.
NOTICE. All notices required or permitted under this Lease shall be deemed delivered when delivered in person or by mail, postage prepaid, addressed to the appropriate party at the address shown for that party at the beginning of this Lease.
ENTIRE AGREEMENT AND MODIFICATION. This Lease constitutes the entire agreement between the parties. No modification or amendment of this Lease shall be effective unless in writing and signed by both parties. This Lease replaces any and all prior agreements between the parties.
GOVERNING LAW. This Lease shall be construed in accordance with the laws of the State of Texas.
SEVERABILITY. If any portion of this Lease shall be held to be invalid or unenforceable for any reason, the remaining provisions shall continue to be valid and enforceable. If a court finds that any provision of this Lease is invalid or unenforceable, but that by limiting such provision, it will become valid and enforceable, then such provision shall be deemed to be written, construed, and enforced as so limited.
WAIVER. The failure of either party to enforce any provision of this Lease shall not be construed as a waiver or limitation of that party’s right to subsequently enforce and compel strict compliance with every provision of this Lease.
CERTIFICATION. Lessee certifies that the application, statements, trade references, and financial reports submitted to Lessor are true and correct and any material misrepresentation will constitute a default under this Lease.
DISPUTE RESOLUTION. The parties will attempt to resolve any dispute arising out of or relating to this Agreement through mediation before arbitration. If the matter is not resolved through mediation, the parties will resolve the dispute using the below Alternative Dispute Resolution (ADR) procedure.
Any controversies or disputes arising out of or relating to this Agreement will be resolved by binding arbitration under the rules of the American Arbitration Association, and any judgment may be entered upon it by any court having proper jurisdiction.