1. THIS EQUIPMENT RENT TO OWN AGREEMENT ( this “Agreement” dated this day________, BETWEEN:
FiberSource of Greenville SC
2. The Agreement commences on this date.
3. The monthly instalments and all other charges totaling of $______ will be paid each month, beginning on this date.
4. The residual value of the equipment is $_____.
5. The Lessee will use the Equipment in a good manner and will comply with all of the manufacturer’s requirements, including calibration and recommendations.
6. The Lessee will use the Equipment for the purpose for which was designed and not for any other purpose.
7. The Lessee will not alter or modify the Equipment.
8. The Lessee will, at it’s own, keep the Equipment in good condition. Normal wear and tear is expected.
9. The Equipment will be in good working order and condition upon delivery.
10. No insurance coverage is required under this Agreement.
11. The occurrence of any one or more of the following events will constitute an event of default, under this Agreement:
a. The Lessee fails to pay any amount for this Agreement when such amount is due 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 of files for or has bankruptcy proceedings instituted against it under the Federal bankruptcy law of the United States or another competent jurisdiction.
12. Service of all notices under this Agreement will be delivered personally or sent by registered mail or email to the following addresses:
Lessor: 7034 Augusta Road Greenville SC 29605, (864) 277-7200
13. Interest payable on any overdue amounts under this Agreement will be at rate of 10% per annum or at the maximum allowed under applicable legislation.
14. Time is the essence of this Agreement.
15. 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 control including Acts of God, Government restrictions, wars, insurrections, natural disasters, such as earthquakes, hurricanes or floods and or any other cause beyond the reasonable control of the Party whose performance is affected.
16. Signature of the Lessee_____________