TERMS OF COMMERCIAL RENTAL AGREEMENT
- ROLE OF H2O COOLERS – Aqua Extreme LLC referred to herein as (VENDOR, “We”, “Us”) is the equipment vendor. You (the customer) want to acquire the equipment stated on your rental contract from Us.
- LOCATION OF THE EQUIPMENT – The equipment will be used only at the location specified on the face of this Agreement and You shall not remove the equipment from such location or return it to Us without consent of vendor.
- TRIAL – RENTAL may include a free TRIAL period (stated in your order details). RENTAL may be cancellation without penalty at any time during the trial period by notifying the VENDOR electronically or via phone. If VENDOR is not notified by customer of their intention to cancel prior to the end of the TRIAL period, the RENTAL agreement will go into immediate effect upon the expiration of the TRIAL period.
- TERM – Unless stated otherwise, all commercial rental agreements will be for a TERM of 60 MONTHS. The Rental will not begin until We sign it, and once it starts it will continue for the entire Rental Term stated on the front of this agreement. You agree to pay all amounts due, without any right to reduction or set-off.
- LATE PAYMENT PENALTY – If We do not receive your payment by its due date, there will be a late fee of $20.00 or 15% of the late amount, whichever is more.
- RENEWAL –
- REMEDIES FOR DEFAULT – If you do not pay Us as agreed or fail to perform any other term of this Rental, You agree that We may repossess the equipment and/or sue You for all past due rent and other charges and for all rent due in the future to the end of the Rental Term. You must also pay our legal, collection and other costs and interest on all monies due to us. If we do not repossess the equipment, we may also directly sue you for the
“residual’’ (end of term) equipment value.
- CHOICE OF LAW – H2O COOLERS, RENTAL CUSTOMER (YOU) AND ALL GUARANTORS CONSENT TO THE JURISDICTION AND VENUE OF ANY LOCAL, STATE, OR FEDERAL COURT LOCATED WITHIN THE STATE OF NEW YORK AND WAIVE ANY OBJECTIONS TO IMPROPER VENUE OR FORUM NON CONVENIENS TO THE CONDUCT OF ANY PROCEEDING IN ANY SUCH COURT. ACTION MAY ALSO BE BROUGHT IN ANY OTHER COURT OR COMPETENT JURISDICTION WHERE THE CUSTOMER RESIDES.
- TRUE LEASE AND FINANCE LEASE – This is a “true lease’’ and not a loan or installment sale. We will retain the title to the equipment at all times. If this is later determined not to be a “true lease’’, you grant Us a security interest in the equipment.
- PAYMENT OF TAXES – You are responsible for all local sales taxes related to the Rental and the equipment.
- INDEMNIFICATION – You accept all risks of loss, injury or damage caused by the equipment and shall indemnify Us for all liabilities, claims, suits, damages and losses arising from the same. This indemnity will continue even after this Rental has ended.
- INSURANCE – You must keep it insured against all risks of loss in an amount equal to the replacement cost and will have Us listed on the policy as the “loss payee”.
- ASSIGNMENT – You may not assign (transfer) the Rental or your rights to anyone else. You may not rent the equipment to anyone. We may sell or transfer our interests to another person or company, who will then have all of our rights but none of our obligations. Those obligations will continue to be ours. The rights We pass on to the new person or company will not be subject to any defenses, claims or set-offs you may assert against Us. Any action by You against Us must be commenced within one year after the cause of action arises or be forever barred.
8747 20th Ave.
Brooklyn, N.Y. 11214
Tel : 1-212-680-4245
Fax : 1-800-915-0446