4.5. SR 01-17-2012 - Laserfiche WebLink

Home Browse Search

East Side Oil Company Equipment Lease Agreement This equipment lease agreement is made this day of , in the year of 20_ between East Side Oil Company, (ESOC) of St. Cloud, Minnesota and (Lessee) of .Minnesota. 1. Lease of the Equipment. ESOC leases to Lessee, for installation and use upon the premises located at ,now occupied by Lessee, the equipment set forth below: Permanent ID/Serial # stamped on tank is 1-1990 Gallon double wall UL tank $16,235.75 - Signage $1,417.86 - Vents and Gages $ 279.70 - Cover & assembly parts $ 2,300 Note: This is replacement value if equipment were to be damaged, lost or stolen: $20,233.31 Rent. Lessee need not pay rent for the equipment so long as Lessee continues to recycle oil with ESOC. 3. Disclaimer of Warranties. ESOC hereby expressly disclaims any warranties or representations, express or implied of merchantability or fitness for a particular purpose. 4. Repair and Maintenance. At its expense, Lessor shall maintain the equipment in good working order and repair. 5. Title to the Equipment. Title to the equipment shall at all times remain in ESOC. The equipment is and shall remain personal property, in espective of its use or manner of attachment to realty and Lessee agrees that it will not permit the equipment to be permanently attached to the realty without ESOC's prior written consent. 6. Liens; Assignments; Claims. Lessee shall: • Keep the equipment free and clear of all liens, encumbrances and security interests and shall not remove it from the premises described in paragraph 1 of this lease agreement or do or permit anything to be done which might operate to prejudice ESOC's title; • Not transfer, deliver or sublet the equipment to any other person or corporation without prior written consent of ESOC; • Not assign any rights hereunder to any other person or corporation without prior written consent of ESOC; • Comply with all laws, ordinances and regulations applicable to the equipment and the use thereof; and • Indemnify and save ESOC harmless from all claims, suits and liabilities of every character whatsoever arising from the operation and use of the equipment. 7. Interstitial Space. Lessee will monitor the interstitial space reading; keep proper documentation in accordance with the Minnesota Statues and the Minnesota Pollution Control Agency. A copy of such readings must be faxed or mailed to ESOC on a monthly basis.