SECTION 1
Term of Rental
The term of this Agreement shall be for the period outlined in Details above unless terminated earlier as provided herein.
SECTION 2
Rent
Renter agrees to pay to Owner as rent for the Equipment the total sum outline in the Description above payable on or before the Commencement Date. Any use of the Equipment not agreed on in this Agreement shall be assessed to Renter at the rate of two times the normal rental rates of Owner unless agreed on prior to the extended use of the Equipment. If there is extended use of the Equipment in addition to the two times rental rate, Renter agrees to pay interest in the amount of twenty-one percent (21%) per annum until the amount due for the extended use of the equipment is paid in full. In addition, Renter further agrees to pay all costs, expenses and reasonable attorney fees incurred by Owner in collecting payment for the extended use of the Equipment as described herein.
SECTION 3
Location of Equipment
Renter, without prior written consent of Owner, shall not allow the property to be removed from any authorized county(ies) in Wyoming as indicated on the first page of this Agreement.
SECTION 4
Care of Equipment
Renter shall use the Equipment in a careful and proper manner and shall comply with all laws, ordinances, and regulations relating to the possession, use, or maintenance of the Equipment, and Renter acknowledges and agrees that it is qualified and capable of doing so without need of further instruction or assistance from Owner.
SECTION 5
Alterations
Renter agrees that it shall make no alterations to the Equipment. If Renter makes any alterations to the Equipment, Renter shall be responsible for all damages, costs, materials, and labor incurred by Owner to restore the Equipment to its original condition or to replace the Equipment if necessary.
SECTION 6
Maintenance and Repair
Renter, at its own cost and expense, shall keep the Equipment in good repair and working order, ordinary wear and tear excepted. Renter shall be responsible to ensure that the Equipment contains fuel, oil and any and all other materials to keep the Equipment in good running condition while in Renter’s possession.
Renter shall not use the Equipment in any careless or rough manner which causes, or would reasonably be expected to cause, abnormal wear and tear on the Equipment. Renter will be responsible for all costs and repairs associated with abnormal wear and tear on the Equipment. The term “abnormal wear and tear” means any wear and tear on the Equipment which does not normally occur in the normal use of similar equipment in the Counties of Lincoln, Teton, and Sublette, State of Wyoming. In all situations Renter shall be responsible for all body and structural damage to the Equipment, which is expressly deemed abnormal wear and tear under this Agreement.
SECTION 7
Return of Equipment
On or before the Termination Date, Renter shall return the Equipment to Owner in good repair, excepting ordinary wear and tear, to Owner at Owner’s ordinary place of business in the County of Lincoln, State of Wyoming, or in such other place and time as Owner may direct.
SECTION 8
Risk of Loss or Damage
Renter assumes all risk of loss of and damage to the property from any cause, excepting ordinary wear and tear. In the event of loss or damage to the Equipment, Renter shall immediately notify Owner of such loss or damage and be responsible to promptly pay Owner the greater of the following:
(a) The cost to repair and restore the Equipment to its original condition as of the Commencement Date; or
(b) The high book fair market value to purchase the Equipment as of the Commencement Date in an arm’s length retail transaction.
SECTION 9
Obligation to Insure
Renter, at renter’s own expense, shall keep the Equipment insured for such risks and in such amounts as the high book fair market value of the Equipment. The insurance shall make the loss payable endorsement in favor of Owner, affording Owner such additional protection as Owner may require.
SECTION 10
Security Deposit
Owner acknowledges that Renter has deposited with Owner a security deposit in the amount set forth on the first page of this Agreement, which is in addition to the rent required hereunder. The parties hereto agree that such security deposit shall be security for performance of Renter’s obligations under this Agreement. Such security deposit, at Owner’s absolute and sole election, may be applied to satisfy any obligation that may be in default without excusing Renter from performance of such obligation. Any portion of such security deposit that has not been so applied by Owner will be returned to Renter at the termination of all repairs, extended use, costs and other sums set forth in this Agreement have been determined.
SECTION 11
Indemnity of Owner
Renter shall indemnify and hold Owner harmless from and against all claims, actions, proceedings, costs, damages and liabilities, including attorney fees, arising out of, connected with, or resulting from use of the Equipment, including, but not limited to, the use, possession, or return of the Equipment. This indemnification will apply not only to third parties making claims against Owner and Renter, but also to Renter making any claims against Owner.
SECTION 12
Assumption of Risk
Renter agrees that Renter is over the age of eighteen (18) years old and has a valid driver’s license and any and all other permits, licenses and approvals required to operate the Equipment, and that Renter shall not allow any other person to possess, use or operate the Equipment. Renter further agree that Renter is familiar with all of the obvious, inherent and hidden dangers of using the Equipment. Renter expressly and voluntarily assumes any and all risks, whether obvious, inherent or hidden associated in any manner with the use of the Equipment. Renter represents and warrants that Renter has not relied in any manner upon Owner and/or Owner’s employees, agents or representatives for instructions or guidance in the use in the Equipment. Renter acknowledges and agrees that Owner is renting the Equipment with no warranties expressed or implied, including, without limitation, any warranty of fitness for a particular purpose or warranty as to the safety of the Equipment.
In the event of any litigation between Renter and Owner, Renter expressly agrees to waive any and all defenses to Owner’s defense of assumption of the risk and that in the event of any litigation, Renter will not attempt to prevent or make any claims asserting that the doctrine of the assumption of the risk does not apply in the litigation. Renter represents and warrants that Renter is assuming all risks associated with the use of the Equipment. In the event Renter does set forth any allegations or defenses attempting to set aside Owner’s reliance upon the doctrine of assumption of the risk, Renter agrees and states that they will pay all attorney fees occurred by Owner and any and all damages assessed against Owner in the litigation in which Renter attempts to claim that the doctrine of assumption of the risk prevents Renter from making a claim against Owner.
Renter and/or his agent specifically assumes the inherent, whether known or hidden risk, in the use of the Equipment, whether those risks are known or unknown, and is legally responsible for any and all damage, injury or death to himself or other persons or property that results from the inherent risk in the use of the Equipment as stated within this Agreement. Owner is not required to eliminate, alter or control the inherent risk within the use of the Equipment as stated herein. Owner is not required to keep in good repair or modify the Equipment in any manner and Renter takes the Equipment “AS IS,” with any known or unknown defects and assumes all of the risks associated with them.
SECTION 13
Jurisdiction, Venue and Choice of Law
This Agreement is entered into in the County of Lincoln, State of Wyoming. Any and all claims by either party shall be brought in the County of Lincoln, State of Wyoming, and both parties expressly and specifically agree to the personal jurisdiction of all courts located within the County of Lincoln, State of Wyoming. The parties hereby state that any and all claims must be brought within the County of Lincoln, State of Wyoming, and that they hereby consent and agree that any disputes between the parties shall be heard only by a court located in the County of Lincoln, State of Wyoming. In the event an action is brought in any other forum, whether being federal, state or local of another jurisdiction, the parties expressly agree to the removal and change of the disputed matter to the County of Lincoln, State of Wyoming, upon written request by one or both parties. In the event an action is filed in any other forum, the party filing the action in another jurisdiction and/or forum shall be responsible for all costs, including attorney fees incurred by the other party to have the matter transferred by the County of Lincoln, State of Wyoming. The laws of the State of Wyoming will control on the construction, interpretation and enforcement of this Agreement.
SECTION 14
Interest, Costs and Attorneys’ Fees
If there is a breach of this Agreement by Renter, then Renter shall be responsible for all costs, expenses and attorney fees associated with the breach incurred by Owner. If there is any claim made by Renter against Owner, Renter shall be responsible for all attorney fees incurred by Owner in defending any actions or prosecuting any action against Renter.
If any and all sums owing under this Agreement are not paid on or before the Commencement Date, then they shall accrue interest in the amount of twenty-one percent (21%) per annum from the date of the Commencement Date until paid in full. This interest rate will accrue on all amounts, whether set forth within this Agreement or amounts that are found owing at a later time, including, without limitation, amounts relating to the extended use of the Equipment or damage done to the Equipment. If there is an action filed by Owner against Renter for a breach of this Agreement, the amounts of the judgment entered in favor of Owner against Renter shall accrue interest in the amount of twenty-one percent (21%) and shall relate back to the Commencement Date.
SECTION 15
Credit Card Charges
Renter agrees that if Renter has provided a credit card to Owner for a security deposit or for any other reason pursuant to this Agreement, then Owner may make charges against said credit card for any amounts owing under this Agreement, including, without limitation, for rental amounts, damages and/or extended use of the Equipment. Renter specifically agrees that Owner may immediately charge any and all amounts due to Renter’s credit card and Renter waives any defenses against these amounts being charged to such credit card.