HomeMy WebLinkAboutJohn Deere-4/16/2012 (2)JOHN DEERE
RENTAL AGREEMENT
Rental #
01533900
Original
Name
LESSEE WATERLOO REGIONAL AIRPOF r�T
DATE Mar 26, 2012
RENTAL TERM
BEGINS Apr 02, 2012
ENDS Nov 01, 2012
Street
or RFD
2790 LIVINGSTON LN
BRANCH/REGION
08
ACCOUNT NO.
085796
( NOTIdffe fn Jiadectireas
Fa►4offlCe useonFY
City, ST Zip
Code
WATERLOO, IA 50703
LESSOR NAME AND ADDRESS
WATERLOO IMPLEMENT, INC.
ISIUMBER;OF MONTElS
Telephone
Number
319-291-4483
2415 Sergeant Road
APPLIED DATE
'
Contact
LES Cu• ero
WATERLOO, IA 50701
PAYMENTS APPLIED
Percentage of Rental Payments Applied to
Purchase Option: 0.00
-4✓ 1 c 61. cl
Security Deposit : $ 0.00
= Estimated Rental Charge
(Rental Rate x Rental Period)
$ 3,000.00
Maximum Hours No More Than : hours/Day
Notes
+ Fees
$ 0.00
+ Taxes
$ 0.00
+ Service Charge
$ 0.00
+ Additional Charges
$ 0.00
= Additional Charges Subtotal
$ 0.00
Total Rental Charge
$ 3,000.00
EQUIPMENT WILL BE USED AT: (Name) (Address) Lessee will not remove the Equipment from
this Location Without written permission from
Lessor.
(City) (State) (ZIP Code) (County) (Phone Number)
Doc Ref No.
Qty
Model
Size & Description of Equipment
(Give Product Identification No.)
Hour Meter
Reading
Present Value
°t .,.
1
HX20 ROTARY
CUTTER
JOHN DEERE HX20 ROTARY Stock #
CUTTER
( );-
$ 27,000 00
0.00
Rental Rate PeriWeek 100.00 I MIn.Period 30.00
Insurance Loss payee name and address
$ 27,000 00
tom`'i
,;RPRE NT _
PURCHASER TYPE MARKET USE
2 Federal Govt 71 Airports
THIS RENTAL AGREEMENT IS SUBJECT TO ALL OF THE TERMS AND CONDITIONS SET OUT ON THE FOLLOWING PAGES
HEREOF. ALL OF WHICH ARE HEREBY MADE A PA F THIS RENTAL AGREEMENT.
LES Cu• ero
L S Dealer)
�
1ML
i
-4✓ 1 c 61. cl
7.
THIS RENTAL AGREEMENT IS SUBJECT TO L OF THE TERMS AND CONDITIONS SET OUT ON THE FOLLOWING PAGES
HEREOF. ALL OF WHICH A E HEREBY MADE A PART OF THIS RENTAL AGREEMENT.
Page 1 of 4
Quote Id ; 6484651
Rental # : 01533900
RENTAL A
1. General. The above-named Lessor hereby leases to the above
named Lessee the equipment listed herein ("Equipment") for the
term and with the rental payments set out above. Rental payments
shall be made to Lessor at the address shown above or to such
other person and address as Lessor may direct from time to time.
Lessee will pay the cost of transporting the Equipment from Lessor's
place of business and retuming it thereto. Such transportation shall
take place during the term hereof. Lessee agrees to remit to Lessor
the rental payments and all other amounts when due and payable,
even if Lessor does not send Lessee a bill or an invoice. Lessee
agrees that any amount due under this Rental Agreement, may, if
specified above, at the option of the Lessor, be submitted by Lessor
as a charge authorized by Lessee to the PowerPlan or Farm Plan
account of Lessee, and Lessee agrees that the terms of that account
shall thereafter apply to any accepted charges. For any payment
which is not received by its due date, Lessee agrees to pay a late
charge equal to 5% of the past due amount (not to exceed the
maximum amount permitted by law)as reasonable collection costs,
plus interest from the due date until paid at a rate of 1.5% per month,
but in no event more than the maximum lawful rate. Restrictive
endorsements on checks Lessee sends to Lessor will not change or
reduce Lessee's obligations to Lessor. If a payment is retumed to
Lessor by the bank for any reason, Lessee agrees to pay Lessor a
fee of $25.00, or the maximum amount permitted by law, whichever
Is less. Rental payments and other payments may be applied, at
Lessor's discretion, to any obligation Lessee may have to Lessor or
its assignee or any affiliate of Lessor or its assignee. If the total
of all payments made during the rental term exceeds the total of all
amounts due under the Rental Agreement by less than $25, Lessor
may retain such excess. Rental terms and conditions from all
invoices, monthly statements, or other agreements between Lessor
and Lessee are hereby incorporated into this Rental Agreement.
LESSEE'S PAYMENT OBUGATIONS ARE ABSOLUTE AND
UNCONDITIONAL, AND ARENOT SUBJECT TO
CANCELLATION, REDUCTION OR SETOFF FORANY REASON
WHATSOEVER.
2. Security Deposit, Any Security Deposit will be held by Lessor in
a non -Interest bearing account, commingled with other funds. Lessor
may apply the Security Deposit to any amounts due under the Rental
Agreement and, if Lessor does so, Lessee agrees to promptly remit
to Lessor the amount necessary to restore the Security Deposit to
the original amount. The Security Deposit will be retumed to Lessee
within thirty days of termination of the Rental Agreement and final
inspection by Lessor, provided Lessee is not in default.
3. Equipment Use. LESSOR HAS NOT MADE, AND DOES NOT
MAKE, ANY REPRESENTATION OR WARRANTY, EXPRESS
OR IMPUED, AS TO THE EQUIPMENT'S MERCHANTABILITY,
FITNESS FOR A PARTICULAR PURPOSE, SUITABILITY, OR
OTHERWISE. Lessor is the owner of the Equipment and the Lessee
has only the right to use the Equipment under the terms of this
Rental Agreement. You agree to USE THE EQUIPMENT ONLY
FOR AGRICULTURAL, BUSINESS OR COMMERCIAL PURPOSES
AND NOTFOR PERSONAL, FAMILY OR HOUSEHOLD
PURPOSES. It is contemplated that the Equipment will be operated
for not more than the Maximum Hours specified above, and Lessee
agrees to pay additional rental prorated at the applicable daily,
weekly or monthly rate for each hour the Equipment is used in
excess of the Maximum Hours. The additional rent for excess hours
shall be paid at the time the Equipment is returned or, if the
Equipment is rented for more than thirty days, on the first day of the
month following such use. If there is an hour meter fumished,Lessee
agrees to keep it connected to the Equipment and in good working
condition at all times and it is to be used as the conclusive basis of
the number of hours or operation. Lessee agrees to affix and
maintain, in a prominent place on the Equipment, any labels, plates
or other markings Lessor may provide. Lessee agrees to pay $_ if
the hour meter is damaged or rendered inoperative during the term
of this Rental Agreement Lessee shall indemnify Lessor against all
loss or damage to the Equipment while it is out of Lessor's
possession. Damage to the Equipment, shall not abate or excuse
the making of prescribed rental payments.
Page 2 of 4
Customer Name :WATERLOO REGIONAL AIRPORT ALO
GREEMENT
Lessee agrees to use and care for the Equipment in a careful and
prudent manner, to pay all operation and maintenance expenses while
the Equipment is out of the possession of Lessor, and to make, at
Lessee's sole expense, any and all repairs. Lessee agrees (a) to not
move the Equipment to another county or state without notifying Lessor
within 30 days; (b) to operate and maintain the Equipment in
accordance with all (1) laws, ordinances and regulations, (2) manuals
and other instructions issued by the manufacturer(s) and supplier(s),
and (3) insurance policy terms and requirements; (c) to perform (at
Lessee's expense) all maintenance and repairs necessary to keep the
Equipment in as good a condition as when delivered to Lessee,
reasonable wear excepted; (d) to not install any accessory or device on
the Equipment, unless it can be removed without damaging the
Equipment or in any way affecting the value, useful life, or originally
intended use of the Equipment; (e) to not represent the Equipment as
owned by Lessee or to pledge the Equipment as collateral to any
lender or other party; (f) to load, unload, transport, and secure for
transport, in accordance with all laws; (g) to acquire or purchase all
proper permits in compliance with all federal and state traffic law.
Uponany expiration or termination of this Rental Agreement, all
Equipment shall be retumed by Lessee at Lessee's sole expense and
in satisfactory condition, along with all use, maintenance and repair
records. Equipment's in satisfactory condition if it is in as good a
condition as when the Equipment was delivered it to Lessee,
reasonable wear excepted, and conforms to any maintenance
standards incorporated into the Rental Agreement. If, upon its return to
Lessor, the Equipment Is not in such good condition, Lessor may repair
it and Lessee will pay the cost of any such repairs at Lessor's regular
shop rates. If Lessee fails to retum the Equipment promptly upon any
expiration or termination of this Rental Agreement, additional rent shall
be payable by Lessee for each day the Lessee remains in possession
of the Equipment, in an amount prorated a tone and one-half times the
normal rental payment amount. Lessee agrees to keep the Equipment
free and dear of liens and encumbrances,except those in Lessor's
favor, and promptly notify Lessor if a lien or encumbrance is placed or
threatened against the Equipment.
Quote Id : 6484651
Rental # ; 01533900_
ustomer,Name :WATERLOO REGIONAL AIRPORT -ALO
RENTAL AGREEMENT
4. Risk of Loss. Lessee unconditionally assumes all risk and
liability for, all damages for injuries or death to person and property
arising out of or related (whether directly or indirectly) to the use,
rental, possession or transportation of the Equipment including any
claims Lessor was negligent, failed to wam Lessee of any risks or
dangers associated with use, possession or transportation of the
Equipment, failed to assist Lessee load, unload, transport or
inspect the Equipment before, during or after the Term of Lease.
Lessee's obligation to insure the Equipment continues until Lessee
retums the Equipment to Lessor and Lessoraccepts it. Neither Lessor,
its assigns, the wholesale distributor nor the Manufacturer shall be liable
for any special, incidental, consequential or punitive damages which
may result from any failure or use of the Equipment or for breach of this
Agreement. Until the Equipment is returned to Lessor in satisfactory
condition, Lessee is responsible for all risk of loss and damage, loss,
theft, destruction or seizure of the Equipment. Lessee must promptly
notify Lessor of any such event. In the event of any loss or damage
to the Equipment, Lessee agrees to promptly repair or replace the
Equipment to Lessor's satisfaction, at Lessee's sole cost, and the
terms of the Rental Agreement will continue to apply throughout
the Rental Agreement term.
5. Purchase Option. Upon expiration of the term of the Rental
Agreement or at any time during such term, and provided Lessee
is not in default, Lessee may elect to purchase the Equipment for
the "Total Present Value" shown above (plus applicable taxes,
including estimated property taxes) and may apply to such
purchase price the percentage specified above of all rentals
therefore paid. Such election shall be evidenced by execution of a
purchase order form supplied by Lessor, together with payment of the
remainder of the purchase price in cash or settlement for the
Equipment in some other manner agreed to in writing by the
parties. Lessor has not made and does not warrant, represent, or
otherwise make any promises related to financing the purchase
price of the Equipment. Lessee is solely responsible for securing
the purchase price of the Equipment. Upon receipt of the
remainder of the purchase price, we will transfer to you all of our
right, title and interest in the purchased equipment AS -IS, WHEREIS,
WITHOUT ANY REPRESENTATION OR WARRANTY
WHATSOEVER. The terms of the Rental Agreement continue prior
to any final transfer of Lessor's right, title and interest in the
purchased Equipment including Lessee's agreement to make
timely rental payments.
6. indemnification. Lessee shall be solely responsible for all losses,
damages, injuries, death , suits, actions, claims, attomeys' fees
and costs, ("Claims"), incurred or asserted by any person, in any
manner related to the Equipment or the use, rental, possession or
transportation thereof including any Claims Lessor was negligent.
Lessee agrees to protect, defend and indemnify and hold Lessor
harmless, from and against all Claims of any kind or nature
whatsoever, although Lessor reserves the right to control the
defense and to select or approve defense counsel. Lessee will
promptly notify Lessor of all Claims made. Lessee's liability under
this Section is not limited to the amounts of insurance required
under this Rental Agreement. This indemnity commences upon
the Rental Term Begins on Date of this Rental Agreement and
continues beyond the termination of this Rental Agreement, for
acts or omissions, which occurred during the Rental Agreement
term.Lessee waives all rights and remedies conferred upon a
lessee under Article 2A of the Uniform Commerdal Code.
Page 3 of 4
7. Addition of Accessories: Lessee will not, without the express
written consent of Lessor, install any accessories or devices on the
Equipment if such installation will impair the originally intended
function or use of the Equipment. All accessories or devices affixed
to the Equipment shall automatically become the property of
Lessor unless such accessory device can be removed without in
any way (a) diminishing the value of the Equipment, or (b) affecting
the originally intended function or use of the Equipment. Any
damage to the Equipment caused by the removal of such
accessories or devices shall be promptly repaired at Lessee's sole
expense to the satisfaction of the Lessor.
8. Compliance with Regulations: Lessee shall comply with and
conform to all laws and regulations relating to ownership,
possession, use, transportation and maintenance of the
Equipment. If applicable law requires tax retums or reports to be
filed by Lessee, Lessee agrees to promptly file such tax retums
and reports and deliver copies to Lessor. Lessee agrees to keep
and make available to Lessor all tax returns and reports for taxes
paid by Lessee. If applicable, Lessee shall include the Equipment
in its rental fleet for emissions reporting purposes and shall
accurately prepare and file all such reports in a timely manner.
9. Inspection: Lessee shall, whenever requested, advise Lessor of
the exact location of the Equipment. Lessor and its representatives
may, for the purpose of inspection, at all reasonable times, enter
upon any job, building or place where the Equipment is located.
10. Assignment: Lessor may, without notice to Lessee, assign this
Rental Agreement and all of Lessor's rights in and to the
Equipment and all rents due or to become due to Lessor
hereunder. Lessee's obligation to pay rent under this Rental
Agreement shall not as to any such assignee be subject to any
diminution arising out of any breach of any obligation hereunder or
other liability of Lessor to Lessee. Lessee may not assign this
Rental Agreement, sub -lease or allow anyone other than Lessee's
employees to use the Equipment. Lessee agrees not to assert
against Lessor's assignee any claims, offsets or defenses which
Lessee may have against Lessor.
11. Default: If (a) Lessee shall (1) fail to make rental, service, or
other payment when due, (2) attempt to sell or encumber the
equipment, (3) cease operating, (4) institute or have instituted
against him proceedings under any bankruptcy or insolvency law,
(5) make an assignment for the benefit of creditors, (6) fail to
comply with any other provisions of this Rental Agreement, (7)
merge with or consolidate into another entity; (8) sell substantially
all its assets; (9) dissolve or terminate its existence; (10) use the
Equipment in a manner Lessor deems is improper or
unreasonable; or (11) Lessee (if an individual) dies, or if, (b) any
attachment, execution, writ of process is levied against the
Equipment or any of Lessee's property, or if (c) a default occurs
under any other agreement between Lessee (or any of Lessee's
affiliates) and Lessor (or any of Lessor's affiliates); or if (d) for any
reason Lessor deems itself insecure or the Equipment unsafe: or if
(e) Lessor, in its opinion, deems Lessee's financial condition
unsatisfactory lessor may determine that Lessee is In default (An
"Event of Default").
Quote Id : 6484651
Rental # : 01533900
Customer Name WATERLOO REGIONAL AIRPORT -ALO
RENTAL AGREEMENT
12. Remedies: Upon the occurrence of an Event of Default,
Lessee shall (a) deliver the Equipment to Lessor on demand and
Lessor may enter upon any job, building or place where the
Equipment is located and take possession thereof without notice to
Lessee, and this Rental Agreement shall thereupon terminate and
be forfeited at the option of Lessor (b) AS LIQUIDATED
DAMAGES FOR LOSS OF BARGAIN AND NOT AS A PENALTY,
pay the sum of (I) all rent and other amounts then due and payable
to Lessor, plus (II) the present value of all remaining rent payments
and other amounts, discounted at the rate implicit in this Rental
Agreement, (c) pay damages for any injury to the Equipment, legal
expenses (including, without limitation, court costs and attomey's
fees), the cost of any repossession and/or removal of the
Equipment from the possession of Lessee, and all freight, storage,
transportation and other charges incurred in such removal and
retum to Lessor at its place of business. Upon the occurrence of
an Event of Default, Lessor may also exercise any other remedy
available at law or in equity. These remedies are cumulative, are in
addition to any other remedies provided for by law, and may be
exercised concurrently or separately at any time. No delay in, or
failure to, exercise or enforce any right or remedy hereunder,
whether in whole or in part, shall serve to waive, compromise,
impair or diminish any such rights or remedies.
13. Construction: This is an agreement for Equipment rental only
and nothing herein shall be construed as conveying to Lessee any
right, title or interest in or to any item of Equipment rented
hereunder except as a Lessee. This Rental Agreement supersedes
and replaces all prior understandings and communications (oral or
written) concerning the subject matter thereof. In the event of an
ambiguity in or dispute regarding the interpretation of this Rental
Agreement, interpretation shall not be resolved by any rule
providing for interpretation against the party who causes the
uncertainty to exist or against the drafting party. If a court finds any
part of this Rental Agreement to be invalid or unenforceable, the
remainder of this Rental Agreement will remain in effect. Lessee
permits Lessor to monitor and record telephone conversations
between Lessee and Lessor.
14. Guaranteed Rental — Return of Equipment: Provided the
guaranteed rental shown on the reverse side is or has been paid
Lessee may return the Equipment and terminate this Rental
Agreement on three days' notice to Lessor. In the event such
termination occurs prior to the expiration of the rental Agreement
term, Lessee agrees to (a) promptly deliver the Equipment to
Lessor at the time and place Lessor chooses; and (b) pay to
Lessor the remainder of all rental payments for the Minimum
Rental period Guaranteed by Lessee, which will all be immediately
due and payable. If this Rental Agreement is terminated for any
reason and Lessee does not retum the Equipment to Lessor,
Lessee agrees to remit to Lessor, until such time as the Equipment
is returned to Lessor in accordance with the provisions of this Section,
additional lease payments each month equal the Rental
Rate, or its monthly equivalent.
15. Replacement: Lessor may, at Lessor's option, replace the
Equipment with a similar machine at any time during the rental term.
Lessor will notify Lessee if Lessor intends to exercise this option, and
Lessee will have three (3) business days following such notice in which
to exercise the purchase option provided in this Lease or return the
Equipment to Lessor. Upon retum of the Equipment to Lessor, the rental
term hereunder shall terminate, and the parties will enter into a new
original Rental Agreement covering the replacement machine. Such
new Rental Agreement shall extend, at a minimum, for the remainder of
this Rental Agreements rental term and shall have a rental rate no
greater than the rate for rental of the Equipment hereunder.
Page 4 of 4
16. Lessee Representations and Warranties: Lessee represents,
warrants and covenants to Lessor so long as this Rental
Agreement is in effect, that: (a) execution, delivery and
performance by you of this Rental Agreement does not and will not
(1) violate any applicable law; (2) breach any order of court or other
govemmental agency, or of any undertaking Lessee is a party to or
by which Lessee is bound; (b) Lessee will comply with all
applicable laws, ordinances and regulations; (c) Lessee will not
take any action, including filing any tax or other report, that is
inconsistent with Lessor's ownership of the Equipment; (d) all
information Lessee has given to Lessor is true, accurate and
complete; (e) since the date of the most recent financial information
given to Lessor, no material adverse change in Lessee's business,
assets, or prospects has occurred. Lessee will promptly deliver to
Lessor such financial statements, reports and other information as
Lessor may request; (f) Lessee is and will remain duly organized,
validly existing and in good standing under the laws of Lessee's
jurisdiction of organization; (g) Lessee is qualified to do business
under the laws of all other jurisdictions where qualification is
required or advisable; (h)the execution, delivery and performance
by Lessee of the Rental Agreement will not breach any provision of
Lessee's organizational documents or legal authority. Lessee
acknowledges and agrees, that (1) the Equipment was selected by
Lessee; (2) the Equipment (including all manufacturer manuals and
instructions) has been delivered to, and examined by, Lessee (3)
the safe operation and the proper servicing of the Equipment were
explained to Lessee (4) Lessee received the written warranty
applicable to the Equipment and understands that the written
warranty is not a part of this Rental Agreement.
17. General; Time is of the essence of this Rental Agreement.
LESSOR AND LESSEE EACH IRREVOCABLY WAIVE ANY
RIGHT EITHER OF THEM MAY HAVE TO A JURY TRIAL.
Lessor's failure at anytime to require strict performance by Lessee
of any of the provisions of this Rental Agreement shall not waive or
diminish Lessor's right thereafter to demands strict compliance
there with or with any provision. Waiver of any default shall not
waive any other default Any alteration or modification of this
Rental Agreement shall be in writing and signed by the parties
hereto. Lessee acknowledges receipt of a signed copy hereof.
Lessee irrevocably authorizes Lessor, at any time, to (a) insert or
correct information on this Rental Agreement, induding Lessee's
correct legal name, serial numbers and Equipment descriptions; (b)
submit notices and proofs of loss for any required insurance; and
(c) endorse Lessee's name on remittances for insurance and
Equipment sale or rental proceeds.
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ASSIGNMENT
TO: JOHN DEERE
For value received I hereby assign, sell and transfer all
my right, title and interest under the above Rental Agreement to
you, your successors and assign, subject to all the terms of the
applicable John Deere Rental Sale Program which are hereby
incorporated in and made a part of hereof, I agree to coiled rentals
coming due under the Rental Agreement and account for the pay
over the same as provided in such Used Equipment Rental
Program.
"John Deere" means the John Deere Company, a division of Deere
& Company or John Deere Construction & Forestry Company with
whom the leasing dealer has executed an Authorized Dealer
Agreement
DATE:
DEALER:
SIGNED BY:
Customer's Initials
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