QRS 101 Home System Booking Terms

QRS 101 Home System Booking Terms:

Upon completion of the booking, the Lessor leases the Equipment to the Lessee, and the Lessee leases the Equipment from the Lessor on the following terms:

Definitions:

"Equipment" means QRS-101 Home System which has an approximate value of $3,650.00.

"Casualty 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 casualty value may be less than but will not be more than the original purchase price of the Equipment.

"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.

Lease:

The Lessor agrees to lease the Equipment to the Lessee, and the Lessee agrees to lease the Equipment from the Lessor in accordance with the terms set out in this Agreement.

Rent and Deposit:

The rent for the Equipment, inclusive of sales tax, will be either $175.00 for a term of 15 days, or $250.00 for a term of 30 days, or $475.00 for a term of 60 days, or $895 for a term of 120 days. 

The Lessee will pay a deposit of $400.00 (the "Deposit") before taking possession of the Equipment. The Lessor will refund the Deposit to the Lessee at the end of the Term provided that the Lessee has performed all of the Lessee's obligations under this Agreement.

Purchasing the Equipment:

The Lessee has the option to purchase the Equipment at the end of the Term by paying the following amounts:

The agreed upon sales price less the rent.

Delivery of Equipment:

The Lessor will, at the Lessor's own expense and risk, deliver the Equipment to the Lessee at the Lessee's designated address.

Use of Equipment:

The Lessee 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. The Lessee will use the Equipment for the purpose for which it was designed and not for any other purpose. Unless the Lessee obtains the prior written consent of the Lessor, the Lessee 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.

Loss and Damage:

To the extent permitted by law, the Lessee will be responsible for risk of loss, theft, damage or destruction to the Equipment from any and every cause. If the Equipment is lost or damaged, the Lessee 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. In the event of Total Loss of the Equipment, the Lessee 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:

The Equipment is the property of the Lessor and will remain the property of the Lessor. 

Surrender:

At the end of the Term or upon earlier termination of this Agreement, the Lessee will return the Equipment at the Lessee's cost, expense and risk to the Lessor by delivering the Equipment to 8611 ROLAND ST, STE B, BUENA PARK, CA 90621. If the Lessee fails to return the Equipment to the Lessor at the end of the Term or any earlier termination of this Agreement, the Lessee will pay to the Lessor any unpaid Rent for the Term plus the Casualty Value of the Equipment plus 10% of the Casualty Value, at which point ownership of the Equipment will pass to the Lessee.

Indemnity:

The Lessee will indemnify and hold harmless the Lessor against any and all claims, actions, suits, proceedings, costs, expenses, damages and liabilities, including attorney's fees and costs, arising out of or related to the Lessee's use of the Equipment.

Default:

The occurrence of any one or more of the following event will constitute an event of default ("Event of Default")

1. The Lessee fail to pay any amount provided for in this Agreement when such amount is due or otherwise breaches the Lessee's obligations under this agreement.