In order to use certain Site Services, Client must provide account information for at least one valid payment method. Lessees’ are charged a fee for payment processing and administration as described herein. Payment must be made either by electronic funds transfer or by credit card. The rent owed by Lessee to Lessor will be paid in monthly installments of _, including tax if applicable, in advance, beginning on the Start Date (one (1) business day after delivery of equipment) and will be paid on the 1st (first) day of each succeeding month throughout the Term (the “Rent”). If needed, equipment will be substituted with equal or greater valued units, per client’s approval. Once payment is secured and both Parties execute this Agreement, Lessor will prepare Equipment for transmittal which may take up to twenty-two (22) business days. Until termination or expiration is commissioned by either Party, the term will continue on a month to month basis.Ĭoncurrently with the execution of this Agreement, Lessee shall submit to the Lessor the Initial Rent Payment along with Freight Payment prior to equipment going into production. The term of this Rental Agreement commences on the Effective Date and will continue for a minimum of six (6) consecutive months, as determined between the Parties. (No return fee will be charged to Lessee) Upon expiration or termination of this Rental Agreement, Lessee agrees that the Equipment will be shipped back to Global Fitness, by Global Fitness in good working condition, ordinary wear and tear excepted. Upon completion of Minimum Rental Period, the Rental Agreement is terminable by Lessee upon submitting a thirty (30) days prior written notice to Lessor in accordance with the notice method listed below. The Lessor hereby rents to Lessee, and Lessee rents from the Lessor, the Equipment for a minimum period of no less than six (6) consecutive months. And the Lessee agrees to lease the Equipment from the Lessor in accordance with the terms set out in this Agreement. The Lessor agrees to lease the Equipment to the Lessee. “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.“Minimum Rental Period” means a period of six (6) consecutive months.“Initial Rent Payment” means the first months lease payment, to be paid in advance as is all future payments.“Freight Payment” means the nonrefundable, initial cost to ship leased equipment to the Lessee.“Force Majeure” means any act of God, strikes, lockouts or other industrial disturbances, acts of the public enemy, acts of terrorism, wars, blockades, insurrections, riots, epidemics, landslides, lightning, earthquakes, fires, storms, floods, washouts, arrest and restraints of governments and people, civil disturbances, and explosions.“Equipment” means the commercial grade fitness equipment that is owned by Lessor and which has an approximate value of _.“Effective Date” means the date to which both parties of signed this Agreement. The Casualty Value may be less than but will not be more than the original purchase price of the Equipment. “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 terms used in this agreement shall have their normal or common meaning, except that the following capitalized terms shall have the following meanings for the purpose of this Agreement. In consideration of the mutual covenants and promises in this Agreement, the receipt and sufficiency f 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: To the extent that, as part of providing the Service, Global Fitness will provide commercial fitness equipment in exchange for consideration given by Lessee to allow the purchase of said products.Lessor is the rental company which facilities the sale or lease of commercial fitness equipment.Lessee is interested in obtaining or leasing commercial fitness equipment from Lessor.By entering into this Agreement, You agree to the terms and conditions to this Agreement, as may be altered from time to time by Global Fitness without notice. (“Global Fitness”, “We”, “Us”, or “Lessor”), collectively called “Parties”. THIS RENTAL AGREEMENT (“Agreement”) as of the effective date, is a contract between you (“You” or “Lessee”) and Global Fitness Inc.
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