This Lease Purchase Agreement and Disclosure State (this “Agreement”) is made and entered into on {{Current Date}} (a copy of which has been furnished to Customer as evidenced by Customer’s signature as it appears below), by and between {{Manufacturer Name}} (or its successors or assigns) having its principal place of business at {{Manufacturer Address Street}}, {{Manufacturer Address City}}, {{Manufacturer Address State}} {{Manufacturer Address Postal Code}}, in hereinafter referred to as Lessor and {{Customer First Name}} {{Customer Last Name}}, whose address is {{Delivery Address Street}}, {{Delivery Address City}}, {{Delivery Address State}}, {{Delivery Address Postal Code}} hereinafter referred to as Customer. For and in consideration of the mutual covenants and agreements hereinafter set forth, Lessor hereby leases to Customer and Customer hereby leases from Lessor that certain portable warehouse and equipment described in paragraph 1(b) set out below.
1. Lease Purchase Terms and Conditions.
(a) Security Deposit. If no security deposit required, terms for security deposit are void.
(b) Leased Property. The property to be leased, the subject of this Agreement, is described as follows and is hereinafter referred as “Leased Property:” {{Product Condition}}{{Product Size}}{{Product Style}}
(c) Payment Amounts and Miscellaneous Fees.
Ownership and Early Purchase Option.
If Customer makes all lease payments and adheres to this agreement, Customer will acquire ownership of the property.
Customer may opt to purchase the Property at any time after the first Lease Payment is received for a price equal to {{Lease Payoff Percent}}percent of the difference between the Total of Scheduled Lease Payments and the Total Amount the Customer has paid on the account (not including additional fees and taxes), plus sales tax. Customer will acquire ownership of the property only upon adherence to the conditions of the Customer’s Purchase Option, of the Lease Ownership, to include payment of any additional fees that may have been assessed during the term of this Agreement.
(d) Cash Sale Price. The cash sale price of the Lease Property is {{Quote Subtotal}} + Sales Tax (the “Cash Sale Price”).
(e) Condition of Leased Property. The Leased Property is {{Product Condition}}.
(f) Other Fees. There are no official fees, registration, certificate of title or other license fees.
(g) Term. The term of this Agreement shall be for 1 month beginning on the date of delivery and expiring 1 month from the date of delivery. You may renew this Agreement for {{Lease Payments Remaining}} consecutive terms of 1 month each by making a lease payment (as defined herein) in advance for each additional month Lessee chooses to lease the Property. The Lessor and Lessee agree that this is an executory contract for Bankruptcy purposes.
(h) Tax. Sales Tax and the total payment amount shown above may change to reflect any sales tax rate changes enacted by applicable governmental taxing authorities. Customer is responsible for all applicable property tax due.
(i) Ownership and Early Purchase Options. The leased property is owned by RTO Solutions, LLC DBA The Shed Rental Spot. The Customer will not acquire ownership of the leased property until the Customer has made the total number of payments necessary to fulfill the contract or the Customer exercises the early purchase option. If Customer makes the regularly scheduled {{Payment # Months}} monthly payments (plus Balloon Payment of remaining 3 in NC) and otherwise complies with the term of this Agreement, Customer will acquire ownership of the Leased Property. At any time after the Customer has made the initial three (3) payments, Customer may purchase the Leased Property for the Cash Sale Price less {{Lease Payoff Percent}} percent of all the monthly payments Customer has made (exclusive of taxes, reinstatement, and other charges), plus any outstanding sales tax.
(j) Optional Damage Benefit. If the Customer chooses this option, the Customer will not be liable if the Property is lost or damaged due to fire, flood, theft, storm or any other act of God. The Customer must be current on all Lease and other payments to a legitimate ODB claim. Customer must provide a police report within 48 hours of the theft of the Property to file a legitimate ODB claim. The ODB will not cover any damages or loss due to moisture, scratches mysterious disappearance, vandalism, or abandonment by negligence or intentional acts of Customer or any related party. The ODB can be cancelled at any time by not paying the associated fee. In order to cancel the ODB, 30 days of written notice from the Lessor is required.
(k) Pickup Fee. Pickup fee is $300 plus $4.00 per mile To & From {{Company Name}} nearest lot.
(l) Risk of Loss. Unless and until the Customer obtain ownership of the property, the Customer is liable for all destruction, loss, theft and damage to the Property in excess of normal wear and tear. The Customer is responsible to the Lessor for the fair market value of the Property, if and as of the time, the Property is lost, stolen, or destroyed before ownership of the Property is transferred to the Customer. If the Customer chooses to purchase the Optional Damage Benefit, the Customer’s liability for loss or damage may be partially or fully covered. If the Customer does not choose the ODB, then the Customer must, at their own expense, obtain insurance on the Property for its cash price and the policy must name the Lessor as a lost payee. A certificate of insurance stating this must be presented to the Lessor prior to delivery of the Property.
(m) Maintenance. Customer shall be responsible for maintaining the Leased Property in good condition, in order to maintain warranty coverage, reasonable wear and tear expected. The Lessor must be notified immediately if the Leased Property is damaged.
(n) Alterations. Customer shall not permit the Leased Property to be altered for the construction of shelves, addition of equipment and accessories or the placing of signs thereon and shall not permit the Leased Property to be tied or otherwise affixed to any real estate in such a manner that the same cannot be removed without damage to the Leased Property, or disconnection of utilities or other services.
(o) Warranties. Leased Property is warranted by Manufacturer against defects in material and workmanship for a period of 5years. All pre-owned products are sold “AS-IS”. ANY PRODUCT SOLD “AS IS” HAS NO WARRANTY PERIOD. LESSOR HAS NOT MADE ANY EXPRESS WARRANTIES OR GUARANTEES HEREIN REGARDING THE LEASED PROPERTY. FURTHER, LESSOR EXPRESSLY DISCLAIMS ALL IMPLIED WARRANTIES, INCLUDING ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.
2. Termination. Customer may voluntarily terminate this Agreement at the end of any term of lease with no penalty by requesting that the Lessor pick up the
Property. Customer must pay the Lease and any other charges due through the date of return. Upon termination, the Customer agrees to return the Property in
the same condition it was in on the date of delivery, with exception to normal wear and tear. If any object such as a pool, garden, vehicle, equipment, etc.
prohibits the Property from being repossessed, the Customer will pay any cost incurred by the Lessor in moving the obstruction to retrieve the Property. In the
event the Lessor incurs costs and expenses enforcing the terms of this Agreement because of the breach thereof by the Customer or by agents, servants or
employees of the Customer, the Lessor shall recover from and the Lessee shall pay to the Lessor, all of the Lessor’s costs and expenses by reason thereof,
including, but not limited to, the Lessor’s reasonable attorney’s fees. Any past due Lease Payments shall still be owed upon termination and the Customer will
continue to owe Lease Payments until the Property is returned. In the event the Customer files bankruptcy and the Customer includes this property in
bankruptcy, the Customer is advised that the lease must be assumed or rejected in it’s entirety as an unexpired lease/executory contract.
3. Reinstatement. If Customer fails to make a timely Lease Payment, this Agreement is automatically terminated. If this lease expires and the Customer requests
that the Property be picked up, the Customer may reinstate the Agreement for the same or comparable property within 60 days of the expiration date by paying
any Lease Payments and any other charges that are due. If the Customer has paid 50% or more of the total cost of the Lease, then the reinstatement period shall
be increased to 120 days after the date of return of the Property.
4. Forbidden Acts. The Customer shall not sell, mortgage, pawn, pledge, encumber, hock or dispose of the Property. The Customer cannot move the Property
from the address mentioned in this Agreement without the Lessor’s written consent. The Customer cannot assign their rights in this Agreement without prior
written consent of the Lessor. The Customer cannot provide false or misleading information in this Agreement. Each of these acts is a breach of this Agreement
and will award the Lessor immediate right to repossession of the Property.
5. Access to Leased Property. Lessor shall have the right to examine and inspect the Leased Property at all reasonable times. Lessor shall have the right to
remove the Leased Property in the event of non-payment and/or default under this Agreement. Customer shall not obstruct access to the Leased Property so
as to prevent removal in the event of termination. In the event of such removal of the Leased Property by Lessor, Customer shall be responsible for all charges
incurred by Lessor as a result of such removal. By signing below, Customer and Landlord agree to give agents of Shed Rental Spot full access to the Leased
Property by means of unlocking and opening gates and any other actions necessary to access the Leased Property.
6. Arbitration Agreement. In the event a dispute emerges between both parties where the amount in controversy exceeds $25,000, both parties will waive their
right to litigate these issues in court and instead will resolve their dispute through binding arbitration. All claims brought under this section are subject to the
Federal Arbitration Act and must be brought by Consumer in an individual capacity and not as a plaintiff or class member in any class or representative action.
Consumer specifically waives his/her right to trial by jury and waives his/her right to participate in a class-action lawsuit for any and all actions arising out of
or as a result of this rental agreement or the property.
a. Arbitration Procedure: Both parties agree to enter arbitration through the American Arbitration Association and abide by the Commercial Arbitration
Rules of the American Arbitration Association. Arbitration proceedings shall be completed within 120 days from the date an arbitrator is appointed. This time
may be extended by the arbitrator in the interests of justice. The parties may agree to extend this time in writing. The arbitration shall be conducted by one
arbitrator. If the parties cannot agree on the selection of an arbitrator within 20 days of commencement of an arbitration proceedings by service of a demand for
arbitration, the arbitrator will be selected by the American Arbitration Association pursuant to the terms of this agreement.
b. Governing Law: The laws of the State where the property is delivered will be applied in the proceedings, without regard to principles of conflict of laws.
c. Award: Both parties agree to abide by any award issued by the arbitrator and the judgements of any court with jurisdiction may be entered on the award.
d. Arbitration Costs: The costs of the arbitration will be split by the parties unless otherwise determined by the arbitrator. The parties will be responsible
for their own litigation fees. The arbitrator may award any fees or costs to the prevailing party pursuant to applicable statues or case law in the jurisdiction.
7. Other Charges. Customer shall pay to Lessor a charge of $25.00 on any insufficient funds check. Customer shall also pay to Lessor a $15.00 late
fee for each payment which is not paid within 15 days of the date such payment is due and owing.
8. Attorney’s Fees. In the event legal action is necessary for any reason by or against Lessor or its assignees, and where Lessor or its assignees are the prevailing
party in such action, Customer shall be liable for and agrees to pay all legal and attorney expenses and fees incurred by Lessor, provided, however, that such
legal and attorney expenses and fees shall not exceed 15% of the unpaid amount owing to Lessor.
9. Security Interest. Customer shall keep the Leased Property free from all liens or other encumbrances and shall notify Lessor immediately if any lien,
attachment, or other claim is filed against the Leased Property. To further secure Customer’s obligations to Lessor under this Agreement, Customer hereby
grants Lessor a purchase money security interest in the Leased Property.
10. Execution of Agreement.
By signing this Agreement, the Lessee agrees that:
a. Lessee has read and understand this Agreement
b. Lessee has been given a signed and legible copy with all the blanks filled in.
c. Lessee has received the Property in good condition.
d. Lessee hereby acknowledges the Lessor has the right to assign this Agreement to a third-party.
e. Lessee agrees that the Lessor can contact your employer and other references in order to reach you.
f. The Lessee agrees that we can contact you on Twitter, Facebook, or other social media regarding your account.
BANKRUPTCY NOTIFICATIONS: Should you file bankruptcy during any part of the life of the LEASE to own agreement, your attorney MUST be advised of
the following: This LEASE agreement meets the requirements of a LEASE to own lease in this state. Such lease will be required to be Assumed or Rejected by you the Customer. The true and proper placement of the Customers” debt to the Lessor will be in the UNEXPIRED LEASES AND EXECUTORY CONTRACTS category. Lessor’ LEASED property is NOT considered to be the personal asset, personal property, secured property, or secured asset of the Customers. Any listing of such could compel Lessor to file for relief of automatic stay in order to recover Lessor’s LEASED property.
My signature below indicates I have reviewed this page ensuring the indicated options and diagram is accurate for intended construction of my product order. I understand that additional changes after submission of this document may incur additional costs.
I, the customer(s), have read and acknowledged the conditions of delivery, product size, and setup. I understand there will be extra charges if these conditions are not as described, and agree to pay for all charges in full upon delivery of the portable product(s). I confirm the above information to be correct and am the stated person above.
By signing below you consent to use electronic communications, electronic records, and electronic signatures rather than paper documents for the forms provided. You understand that your electronic signature is legally binding, just as if you had signed a paper document. Your consent to use electronic signatures and documents applies only to material related to your purchase agreement for {{Company Name}}. If you prefer to use paper signatures, you may request this document to be printed. You have the right to receive a paper copy of these documents at no cost as well. Please call us at {{Dealer Contact Phone}} to request a paper copy.
By signing below I agree to the terms and conditions set forth in this purchase agreement.