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AGREEMENT OF LEASE IN RESPECT OF MOVABLE ASSETS


THIS LEASE is made on _____________

BETWEEN

  1. HS Fitness Private Ltd (Hereinafter referred to as the "Lessor", which expression shall include successors and permitted assigns) having its registered office at Gurgaon

AND

  1. ________________ (Hereinafter referred to as the "Lessee" which expression shall include successors and permitted assigns) residing at ________________________________________________________

  2. In the pursuance of the business of the Lessor, the following agreement in to be mutually entered by both parties which creates legal binding obligations from the time of signature of both parties, the relationship being governed by the clauses set forth in this agreement.


WHERE IN IT IS MUTUALLY AGREED TO AND ENTERED INTO:

1. INTERPRETATION AND PRELIMINARY


  1. The headings of the clauses in this agreement are for the purpose of convenience and reference only and shall not be used in the interpretation of nor modify nor amplify the terms of this agreement nor any clause hereof.

  2. Unless a contrary intention clearly appears the following terms shall have the meanings assigned to them hereunder and cognate expressions shall have corresponding meanings, namely –


  1. Effective Date” means the same day as the Effective Date of the Contract which is the day of the signing of this contract.

  2. Leased assets” means the existing movable assets that are leased to the lessee in pursuance of this contract, currently owned by the lessor which is to be used by the lessee.

  3. Lessor” means HS Fitness Private Ltd who is in the business of leasing out fitness equipment that includes Treadmills, Elliptical Bikes, and Exercise Bikes.

  4. Lessee” means _____________________who has taken the products as accepted by both parties from the Lessor for a fixed duration as specified below for considerations to be paid to the Lessor.

  5. Parties” means the lessor and the lessee;

  1. If any provision in a definition is a substantive provision conferring rights or imposing obligations on any Party, notwithstanding that it is only in the definition clause, effect shall be given to it as if it were a substantive provision in the body of the agreement;

  2. In regards to the number of days/duration for which this contract stands, the same shall be reckoned inclusively of the first and inclusively of the last day;

  3. Where figures are referred to in numerals and in words, if there is any conflict between the two, the words shall prevail;

  4. The rent for a minimum of four (4) weeks is mandatory and the amount will not be repaid if the customer terminates the contract with the four (4) weeks.

  5. The expiration or termination of this agreement shall not affect such of the provisions of this agreement as expressly provided that they will operate after any such expiration or termination till the obligation of both parties have been fulfilled as laid down by this agreement;





2. LEASE OF EQUIPMENT

For and in consideration of the covenants and agreements hereinafter contained, to be kept and performed by lessee, lessor has leased and does hereby lease to lessee the personal property known and described as follows:

Equipment Name

EAN- Number

Duration

Starting Date

Completion Date

















RENT AMOUNT DUE FOR EQUIPMENT (NON-REFUNDABLE)

Rs. /-

REFUNDABLE DEPOSIT

Rs. /-

TRANSPORTATION COST

Rs. /-


TOTAL AMOUNT DUE TO LESSOR

Rs /-


In words: _________________________________________________________________________________________________________________________________________ONLY;

MODE OF PAYMENT - CASH CARD – Last 4 digit of Card:________

Here after designated as “equipment,” to have and to hold the same unto Lessee for the respective periods as described and mutually agreed to above commencing from the Effective Date.



3. DELIVERY

The equipment’s agreed to be leased will be delivered to the lessee place, the total price mentioned above being inclusive of transportation charges. On the expiration/termination of contract, the equipments leased will be picked up by the lessor.


4. CONDITION OF LEASED ASSETS

a. The lessee hires the leased assets on the basis that same are leased on an “as is” basis and in the condition in which they are delivered to the lessee at the Effective Date and the lessor gives no representation or warranty as to the nature, condition, fitness for purpose, merchantability or suitability of the leased assets.

b. The lessee shall not be entitled to cancel this lease or withhold, defer or reduce any rental or other amount payable by it in terms hereof by reason of any defect or deficiency in or damage to the leased assets save as may be provided for in the Contract.

c. The lessee undertakes to take reasonable care of the leased equipment. All wear and tear and regular maintenance issue to be taken care by HS Fitness Private Ltd. But any major/substantial physical damage will be responsible of the lessee and they will have to pay for the repairing cost. The lessor reserves the right to declare whether or not the damage is substantial. In the case there is substantial damage to the equipment, the lessee undertakes to compensate the lessor for these damages to be evaluated at market rate for the parts damaged. The money for compensation will be deducted from the deposit/security amount made by the lessee.


d. Damages cost to beard by customer if there is any damage in the following parts:

  1. Display Broken: Rs.3000

  2. Belt tiered: Rs.1500

  3. Missing keys: Rs.400

  4. Broken Deck: Rs.2000

e. Safety instruction need to be followed strictly, any damages accordingly will be beard by customer.

f. The machine can be used only for home use purpose and the customers are prohibited to any commercial use of the equipments.

g. If the equipments are to be moved from the mentioned address then a prior 3 days notice should be given to HS Fitness Pvt Ltd.

5. OWNERSHIP


a. Ownership of the leased assets shall at all times remain vested in the lessor and neither the lessee nor any person on its behalf shall at any stage before or after the expiry of this lease or the termination of the Contract become the owner of the leased assets or be entitled to retain the possession, use or enjoyment of such leased assets.

b. The lessee shall not in any way deal with the leased assets, and in particular but without limiting the generality of the a foregoing, shall not sell, offer for sale, pledge, sublet, lend or part with possession with the leased assets.

c. The lessee shall keep the leased assets free from any lien, charge or encumbrance and shall not permit any other person to acquire any right in or to the leased assets.

REPOSSESSION

If there is any balance of amount to be paid by the customers, it has to be adjusted from the deposit amount. If Lessee shall sell, sub-rent, assign or attempt to sell or assign, equipment or any interest therein, or if Lessee defaults in any of the covenants, conditions or provisions of this Lease, it is agreed that Lessor may immediately possession of the equipment from the customers place without any advance notice. If the customer defaults with the repayment or if he/she involves in any of the above mentioned activities than the HS Fitness Private Ltd or it’s employees has absolute right to take any legal actions against the default or fraudulent customers. This action may include filing a police complaint in the police station.

6. RISK


a. Risk in and to the leased assets shall pass to the lessee upon the Effective Date or upon delivery of the leased assets whichever is the later, and shall remain on the lessee until such time as the leased assets are returned to the lessor.

b. If the leased assets or any portion thereof are lost, damaged or destroyed, the lessee shall forthwith will notify the lessor of the same immediately and the problem will be resolved in 2 working days. The lease period will be extended if the internal problem of the machine is not solved within 2 working days.

c. Under no circumstance the lessor is allowed to repair or attempt to repair the lease property.

d. Customer (if required) should consult his physician for the use of our equipment and HS Fitness Pvt Ltd is just provider of fitness equipment on rent and do not take any responsibility of any physical problem a customer who faces any injury after usage of the equipment.

 e. If customer gets injured during usage of our equipment, still the responsibility is solely on the customer to take care and follow the safety instruction before usage of the equipments to avoid any injury.



7. INDEMNITY

The lessee hereby indemnifies and holds the lessor harmless against all damage, loss, injury, claims, fines or penalties of whatsoever nature and howsoever arising which may be suffered by or instituted against or imposed on the lessor in respect of or in connection with the leased assets or the use, possession or enjoyment thereof by the lessee.

8. CESSION Save as provided for in the Contract, the lessee shall not cede any of its rights nor delegate any of its obligations under this Lease Agreement to any third Party nor shall the lessee enter into any sublease of the leased assets.

9. SECURITY DEPOSIT

The security deposit will be deducted if the customer violates any of the clause/ conditions mentioned in this agreement. The security deposit will be refunded only via cheque.

10. TERMINATION AND RENEWAL

The rights conferred by the lessor on the lessee for the use of the equipment ends at the expiration of the time period provided for in this agreement and in case the lessee wishes to extend the term of the agreement, it is governed by the rules so provided for in this Agreement.

11. TERMINATION AND RENEWAL

11.1 In case the lessee wishes to extend the term of the contract, he will communicate the same to the lessor at the expiration of the contract within two (2) days of such expiration or before the expiration of the contract. . The lessor reserves the right to agree or disagree to the request for renewal of contract. In case the lessor denies the same, the contract continues to stand terminated and the equipment’s will be picked up by the lessor.

11.2 In the case the lessor agrees to such renewal, a mail to this effect outlining terms as set forth by the lessor which constitute an offer will be sent by the lessor to the lessee, and upon acceptance of these terms by the lessee, the lessee will communicate in the affirmative to the lessor via mail, and transfer the due amount to the lessor within five (5) days of such affirmative communication.

11.3 If the payment is unpaid five (5) days from the end of the lease period, without notice then fine of Rs.100 for every (3) days will be charged. In case the lessor wants to discontinue the lease after that then a rent amount will be deducted from the security deposit pro-rata basis.

11.4 No oral communication for renewal shall be accepted. In case E-mail communication is not accessible, letters shall be resorted to.


Notice of Termination:

  1. The customers will be notified (via e-mail, texts, and calls) at-least (4) days before termination of the contract.

  1. The employees of HS Fitness will be available only on weekend to pick up the equipment’s. In case the customers are not available during the pick-up dates, they are supposed to inform HS Fitness, three (3) days in advance via e-mail, texts or calls; else rent charges will be applicable according to pro-rata basis.



DATE
For: LESSOR


Sd/-
PLACE
WITNESS SIGNATURE
For: LESSEE


Sd/-