1. The following definitions are used but not otherwise defined:
a. “Replacement Value” means the market value of the Equipment at the end of the Term or when in relation to a Total Loss, the market value the Equipment would have had at the end of the Term but for the Total Loss. The Replacement Value may be less than but will not be more than the original purchase price of the Equipment.
b. “Equipment” means the actual piece of gear, the tool, or object that will be leased to “Renter” from the “Lessee”.
c. “Total Loss” means any loss or damage that is not repairable or that would cost more to repair than the market value of the Equipment.
d. “Renter” or “Lessee” means the person who is paying for the service of leasing a piece of Equipment from the Lessor
f. “The Parties” is the collective term for the Lessee and the Lessor.
g. “Pick-up Day” is the day when the Renter when leases the Equipment.
h. “Return Day” is the day when the Renter returns all the Equipment leased from the Lessor.
2. The Lessor agrees to lease the Equipment to the Renter, and the Renter agrees to lease the Equipment from the Lessor in accordance with the terms set out here
3. The Agreement commences on the Pick-up Day and will continue until the Return Day (the “Term”) established in the Quote.
4. The rent for the Equipment will be paid prior to the Renter taking possession of the Equipment.
DELIVERY OF EQUIPMENT
5. The Renter will, at the Renter’s own expense and risk, pick up, transport, and return the Equipment from 207-111 West Broadway, Vancouver, British Columbia, v5y 1p4. Unless, prior delivery services with the Lessor are agreed upon.
USE OF EQUIPMENT
6. The Renter will use the Equipment in a good and careful manner and will comply with all of the manufacturer’s requirements and recommendations respecting the Equipment and with any applicable law, whether local, state or federal respecting the use of the Equipment, including, but not limited to, environmental and copyright law.
7. The Renter will use the Equipment for the purpose for which it was designed and not for any other purpose.
8. Unless the Renter obtains the prior written consent of the Lessor, the Renter will not alter, modify or attach anything to the Equipment unless the alteration, modification or attachment is easily removable without damaging the functional capabilities or economic value of the Equipment.
9. The Equipment will be in good working order and good condition upon delivery.
10. The Equipment is of merchantable quality and is fit for the following purpose: Video, Film or Photographic Shoot, Recording, Studio, or Set.
LOSS AND DAMAGE
11. To the extent permitted by law, the Renter will be responsible for risk of loss, theft, damage or destruction to the Equipment from any and every cause.
12. If the Equipment is lost or damaged, the Renter will continue paying Rent, will provide the Lessor with prompt written notice of such loss or damage and will, if the Equipment is repairable, put or cause the Equipment to be put in a state of good repair, appearance and condition.
13. In the event of Total Loss of the Equipment, the Renter will provide the Lessor with prompt written notice of such loss and will pay to the Lessor all unpaid Rent for the Term plus the Casualty Value of the Equipment, at which point ownership of the Equipment passes to the Lessee.
OWNERSHIP, RIGHT TO LEASE AND QUIET ENJOYMENT
14. The Equipment is the property of the Lessor and will remain the property of the Lessor.
15. The Renter will not encumber the Equipment or allow the Equipment to be encumbered or pledge the Equipment as security in any manner.
16. The Lessor warrants that the Lessor has the right to lease the Equipment according to the terms in this Agreement.
17. The Lessor warrants that as long as no Event of Default has occurred, the Lessor will not disturb the Renter’s quiet and peaceful possession of the Equipment or the Renter’s unrestricted use of the Equipment for the purpose for which the Equipment was designed.
18. At the end of the Term or upon earlier termination of this Agreement, the Renter will return the Equipment at the Lessee’s cost, expense and risk to the Lessor by delivering the Equipment to 207-111 West Broadway, Vancouver, British Columbia, v5y 1p4. If the Renter fails to return the Equipment to the Lessor at the end of the Term or any earlier termination of this Agreement, the Renter will pay to the Lessor any unpaid Rent for the Term plus the Replacement Value of the Equipment plus 10% of the Replacement Value, at which point ownership of the Equipment will pass to the Renter.
19. No insurance coverage for the Equipment is required under this Agreement.
20. The Renter will report and pay all taxes, fees, and charges associated with the Equipment, with the use of the Equipment, and with revenues and profits arising out of the use of the Equipment, including, but not limited to, sales taxes, property taxes, and license and registration fees. The Renter will pay any and all penalties and interest for failure to pay any tax, fee or charge on or before the date on which the payment is due. The Renter will pay any and all penalties and interest for failure to report required information to any taxing authority with jurisdiction over the Lessee or the Equipment. If the Renter fails to do any of the foregoing, the Lessor may, but is not obligated to, do so at the Renter’s expense.
21. Notwithstanding any other provision of this Agreement, the Renter will not be required to pay any tax, fee or charge if the Renter is contesting the validity of same in the manner prescribed by the legislation governing the imposition of same, or in the absence of a prescribed form, in a reasonable manner. However, the Renter will indemnify and reimburse the Lessor for damages and expenses incurred by the Lessor arising from or related to the Renter’s failure to pay any tax, fee or charge, regardless of whether the Renter is contesting the validity of the same or not.
22. If the Renter fails to pay any and all taxes, fees, and charges mentioned in this Agreement and the Lessor, on behalf of the Renter, pays the same, the Renter will reimburse the Lessor for the cost upon notification from the Lessor of the amount.
23. The occurrence of any one or more of the following events will constitute an event of default (“Event of Default”) under this Agreement:
a. The Renter fails to pay any amount provided for in this Agreement when such amount is due or otherwise breaches the Renter’s obligations under this Agreement.
b. The Renter becomes insolvent or makes an assignment of rights or property for the benefit of creditors or files for or has bankruptcy proceedings instituted against it under the Federal bankruptcy law of Canada or other competent jurisdiction.
c. A writ of attachment or execution is levied on the Equipment and is not released or satisfied within 10 days.
24. On the occurrence of an Event of Default, the Lessor will be entitled to pursue any one or more of the following remedies (the “Remedies”):
a. Declare the entire amount of the Rent for the Term immediately due and payable without notice or demand to the Lessee.
b. Apply the Deposit toward any amount owing to the Lessor.
c. Commence legal proceedings to recover the Rent and other obligations accrued before and after the Event of Default.
d. Take possession of the Equipment, without demand or notice, wherever same may be located, without any court order or other processes of law. The Renter waives any and all damage occasioned by such taking of possession.
e. Terminate this Agreement immediately upon written notice to the Renter.
f. Pursue any other remedy available in law or equity.
25. The Renter will not assign this agreement, the Renter’s interest in this agreement or the Renter’s interest in the equipment without the prior consent of the Lessor.
26. If the Renter assigns this Agreement, the Renter’s interest in this Agreement or the Renter’s interest in the Equipment without the prior written consent of the Lessor, the Lessor will have recourse to the Remedies and will be entitled to all damages caused by the assignment.
ADDRESS FOR NOTICE
27. Service of all notices under this Agreement will be delivered personally or sent by registered mail or courier to the following addresses:
Lessor: Workshop Media Inc, 207-111 West Broadway, Vancouver, British Columbia, v5y 1p4
Lessee: The Renter shall provide his address and contact information when requesting a quote.
28. Interest payable on any overdue amounts under this Agreement will be at a rate of 18.00 percent per annum or at the maximum rate allowed under applicable legislation, whichever is lower.
29. It is the intention of the Parties to this Agreement that this Agreement and the performance under this Agreement, and all suits and special proceedings under this Agreement, be construed in accordance with and governed, to the exclusion of the law of any other forum, by the laws of the Province of British Columbia without regard to the jurisdiction in which any action or special proceeding may be instituted.
30. This Agreement may be executed in counterparts. Facsimile signatures are binding and are considered to be original signatures.
31. Time is of the essence in this Agreement.
32. This Agreement will extend to and be binding upon and inure to the benefit of the respective heirs, executors, administrators, successors and assigns, as the case may be, of each Party to this Agreement.
33. 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 its control including, but not limited to 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.
NOTICE TO LESSEE
34. NOTICE TO THE RENTER: This is a lease. You are not buying the Equipment. You are entitled to a completed copy of this Agreement.
35. Value other than Rent paid or being paid to Lessor: Lessee is responsible for GST on rental price.