NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:
- Equipment. Owner hereby rents a Mathews Shot Sense system (the "Units," and each, a "Unit") to Renter and Renter hereby rents the Units from Owner subject to the terms and conditions of this Agreement.
- True Rent. The Parties intend that this Agreement shall constitute a true rent under applicable law. Owner has title to the Units at all times. Renter acquires no ownership, title, property, right, equity, or interest in the Units.
- No Setoff. Owner's obligation to pay all rent and other amounts under this Agreement is absolute and unconditional and is not subject to any abatement, counterclaim, defense, deferment, interruption, recoupment, reduction, or setoff for any reason whatsoever.
- Expiration Date. The "Expiration Date" of this Agreement is upon final settlement of all monies owed by Renter to Owner or the date the Unit is returned, whichever is later.
- Rent. The term hereof with respect to any Unit shall commence on the Commencement Date and shall expire on the Expiration Date. During the Term for any Unit, Renter shall pay Owner a fixed rent of $10.00 US dollars per Unit per day, payable in advance on accepting possession of the Units.
- Payment Mechanics. Owner shall pay all amounts due under this Agreement on the Commencement Date. Any late charges, replacement fees, repair fees, or any other fees owed to Owner shall be paid by Renter credit card on file with Owner.
- Late Charge. If Renter does not return the Units on the last day for which rent is paid, then all additional amounts payable to Owner under this Agreement shall be paid automatically from Renter credit card on file for each day the Units have not been returned, which shall be $15.00 for each day. Payment of any late charge does not excuse Renter from any default under this Agreement.
8. Renter’s Covenants. Owner agrees that until all amounts payable under this Agreement have been paid in full and all other obligations hereunder have been performed in full, Owner shall comply with the covenants in this Section 8.
8.1 Renter shall comply with all applicable law.
8.2 Renter shall keep the Units free and clear of all liens.
8.3 Renter shall not enter loan, rent, or allow use of any Unit(s) to any third-party without Owner's prior written consent, which consent may be withheld in Owner's sole discretion.
9. Renter's Use of Equipment.
9.1 No marking of any kind shall be placed on any Unit by Renter except with the prior written consent of Owner. Any such marking placed on a Unit by Renter shall be removed at Renter's expense on or before the expiration or earlier termination of the Term for such Unit. Owner shall, at Renter's expense and to Owner's satisfaction, place and maintain on each Unit any identifying marks required by Renter.
9.2 Renter shall operate each Unit exclusively to aid Renter in improving their ability to use their Archery equipment. Owner shall not operate or permit the operation of any Unit in an unsafe or improper manner.
10. Maintenance and Mandatory Modifications.
10.1 Owner, at its sole expense and consistent with standard industry practice for similar equipment, Owner's maintenance practices for its other similar equipment, and applicable insurance requirements, shall maintain, service, and repair each Unit and keep each Unit in compliance with any vendor's or manufacturer's specifications and applicable law, in serviceable and operable condition, free of broken, damaged, or missing parts, suitable for the commercial use originally intended, ordinary wear and tear excepted. All
maintenance, service, and repair of any Unit and any part thereof shall be done to standards and with parts of like kind and at least equal quality to items being maintained, serviced, or repaired.
10.2 If during the Term hereof any part of any Unit is lost, stolen, damaged beyond repair, or otherwise permanently rendered unfit for use, Renter, at its sole expense payable to Owner who shall promptly replace or cause to be replaced such part with one or more replacement parts. Owner shall cause such Unit after the replacement to be in as good an operating condition as, and have a value, remaining useful life, and utility at least equal to the value, remaining useful life, and utility of the Unit before the replacement (assuming
such Unit to have been in the condition required by the terms of this Agreement).
11. Loss.
11.1 From the Commencement Date through the expiration or earlier termination of the Term hereunder as to any Unit, Renter shall bear all risk of loss, damage, destruction, theft, taking, confiscation, or requisition, partial or complete, of or to such Unit or its use, however caused or occasioned ("Loss"). Renter shall notify Owner in writing within two (2) days of learning of any such Loss.
11.2 The "Stipulated Loss Values" for the Units are $349.99 per Unit and shall be paid in addition to any unpaid or late fees due.
12.Return of Units.
12.1 Renter shall, at its sole expense and risk, no later than the Expiration Date or the earlier termination of the Term for any Unit, return such Unit to a location that shall be designated by Owner in its sole discretion.
12.2 Renter shall cause any Unit returned under this Agreement to be in at least as good condition as when delivered to Renter. Any repairs necessary on return to restore the Units to a condition as good as when such Unit delivered to Renter and any replacement of parts required on return by their unfitness for use or damage beyond repair, shall be at Renter's sole expense.
12.3 If by the Expiration Date or the earlier termination of this Agreement for a Unit, Renter does not return such Unit to Owner in the condition required by and otherwise in accordance with the terms and conditions of this Agreement, Renter shall continue to comply with all the terms and conditions of this Agreement with respect to such Unit, including without limitation the obligation to pay daily rent for each day from the Expiration Date or the earlier termination of this Agreement for such Unit until the date on which Renter returns such Unit to Owner in the manner required under this Agreement.
13.Miscellaneous.
13.1 The headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement.
13.2 If any term or provision of this Agreement is invalid, illegal, or unenforceable in any jurisdiction, such invalidity, illegality, or unenforceability does not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in any other jurisdiction.
13.3 All rights and remedies of Owner provided in this Agreement are cumulative and not exclusive, and the exercise by Owner of any right or remedy does not preclude the exercise by Owner of any other rights or remedies that may now or subsequently be available to Owner at law, in equity, by statute, in any other agreement between the Parties, or otherwise.
13.4 Renter may not assign any of its rights or delegate any of its obligations under this Agreement without the prior written consent of Owner. Any purported assignment or delegation in violation of this Section is null and void. No assignment or delegation relieves Owner of any of its obligations under this Agreement.
13.5 This Agreement and all exhibits and schedules attached hereto, and all matters arising out of or relating hereto, whether sounding in contract, tort, or statute, are governed by, and construed in accordance with, the laws of the State of Montana, United States of America, without regard to the conflict of laws provisions thereof to the extent such principles or rules would require or permit the application of the laws of any jurisdiction other than those of the State of Montana.
13.6 Each Party irrevocably and unconditionally agrees that it will not commence any action, litigation, or proceeding of any kind whatsoever against the other Party in any way arising from or relating to this Agreement or any exhibits or schedules attached hereto, or any contemplated transaction, in any forum other than the courts of the State of Montana sitting in Missoula County. Each Party agrees that a final judgment in any such action, litigation, or proceeding is conclusive and may be enforced in other jurisdictions by suit on
the judgment or in any other manner provided by law.
13.7 This Agreement may be executed in counterparts, each of which is deemed an original, but all of which together are deemed to be one and the same agreement. A signed copy of this Agreement delivered by email or other means of electronic transmission is deemed to have the same legal effect as delivery of an original signed copy of this Agreement.
IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the
Commencement Date.