Lease Terms
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:
Definitions
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 or 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 Water Softener Residential, Drinking Water System Residential, Water Softener Commercial and Drinking Water System Commercial, which as an approximate value of $2,000.00.
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.
Lease
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 this Agreement.
Term
3. The Agreement commences on the date below and will continue until the second date below:
Rent
4. The rent, inclusive of sales tax will be paid in installments of the following amount each month, in advance, beginning on the date below and will be paid on the first day of each succeeding month throughout the Term (the "Rent").
Use of Equipment
5. The Lessee will use the Equipment in a good and careful manner and will comply with all of the manufacturer'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.
6. The Lessee will use the Equipment for the purpose for which it was designed and not for any other purpose.
7. 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.
Warranties
8. The Equipment will be in good working order and good condition upon delivery.
9. The Equipment is of merchantable quality and is fit for the purposes it is ordinarily used.
Loss and Damage
10. 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.
11. If the Equipment is lost or damaged, the Lessee will continue paying Rent, will provide the Lessor with prompt notice of such loss or damage and will, if the Equipment is repairable, put or cause the Equipment to be put in a state of good repair, appearance and condition.
12. In the event of Total Loss of the Equipment, the Lessee will provide the Lessor with prompt 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
13. The Equipment is the property of the Lessor and will remain the property of the Lessor.
14. The Lessee will not encumber the Equipment or allow the Equipment to be encumbered or pledge the Equipment as security in any manner.
15. The Lessor warrants that the Lessor has the right to lease the Equipment according to the terms in the agreement.
16. 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 or the Lessee's unrestricted use of the Equipment for the purpose for which the Equipment was designed.
Surrender
17. At the end of the Term or upon earlier termination of this Agreement, the Lessee will make the Equipment available for pick up at the Service Address of the Lessee. 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.
Insurance
18. No insurance coverage for the Equipment is required under this Agreement.
Indemnity
19. 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.
Default
20. 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 provide for in this Agreement when such amount is due 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 it under the Federal bankruptcy law of the United States 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.
Remedies
21. On the occurrence of an Event of Default, the Lessor will be entitled to pursue any one or more of the following (the "Remedies"):
a. Commence legal proceedings to recover the Rent and other obligations accrued before and after the Event of Default.
b. Take possession of the Equipment, without demand or notice, wherever same may be located, without any court order or other process of law. The Lessee waives any and all damage occasioned by such taking of possession.
c. Terminate this Agreement immediately upon written notice to the Lessee.
d. Pursue any other remedy available in law or equity.
Additional Clauses
22. Renter is responsible for the full two year contract. Early termination of the contract for any reason, requires full payment of the remainder of the contract. For example: Contract date begins, June 1, 2023 and ends June 1, 2025. Request by renter to remove softener on June 1 2024 results in one year of rent being paid to Indy Soft Water.
23. Renter is responsible for any damages to equipment including but not limited to thunderstorms, damage in garage by auto, damage caused by renter trying to make changes or repairs to equipment, freezing of softener, outside contractor not Indy Soft Water attempting to service equipment or modify plumbing and damaging equipment.
24. Indy Soft Water is responsible to maintain and repair water treatment equipment – up to the level of soft water, or drinking water TDS test satisfactory. We are not responsible for aged plumbing connected to the softener malfunctioning, other contractors disconnecting and not reconnecting, or reconnecting improperly our equipment, or other repairs that subsequently impact the performance of our equipment. A service fee may be applied in these circumstances.
Entire Agreement
25. 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
26. Service of all notices under this Agreement will be delivered personally or sent by registered mail or courier to the following addresses:
Lessor: Indianapolis Soft Water, Inc., 4148 W. 99th St., Carmel, IN 46032
Interest
27. Interest payable on any overdue amounts under this Agreement will be at a rate of 10.00 percent per annum or at the maximum rate allowed under applicable legislation, whichever is lower.
Interpretation
28. Headings are inserted for the convenience of the Parties only and are not to be considered with interpreting this Agreement. Words in the singular mean and include the plural and vice versa. Words in this masculine mean and include the feminine and vice versa.
Governing Law
29. It is the intention of the Prtiest o this Agreement that this Agreement and the performance under this Agreement, and all suits and special proceedings und this Agreement, be construed in accordance with and governed, to the exclusion of the law of any other forum, by the laws of the State of Indiana (the "State"), without regard to the jurisdiction in which any action or special proceeding may be instituted.
Severability
30. If there is a conflict between any provision of this Agreement and the applicable legislation of the State of Indiana (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.
31. In the event that any of the provisions of this Agreement are held to be invalid or unenforceable in whole or in part, those provisions to the extent enforceable and all other provisions will nevertheless continue to be valid and enforceable as though the invalid or unenforceable parts had not been included in this Agreement and the remaining provisions had been executed by both Parties subsequent to the expungement of the invalid provision.
General Terms
32. This Agreement maybe executed in counterparts. Facsimile signatures are binding and are considered to be original signatures.
33. Time is of the essence in this Agreement.
34. 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.
35. 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 its control including, but not limited to Acts of God, Government restrictions, wars, insurrections, natural disasters, such as earthquakes, hurricanes or floods, tornadoes, and/or any other cause beyond the reasonable control of the Party whose performance is affected.
Notice to Lessee
36. NOTICE TO THE LESSEEThis is a lease. You are not buying the Equipment. Do not sign this Agreement before you read it. You are entitled to a completed copy of this Agreement when you sign it.
