Stationary bike for your indoor workouts. Try before you buy!
Item Owner : Tree Hugger Mom
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THIS RENTAL AGREEMENT (herein referred to as the "Agreement") is made on the day of , 2021 by and between (herein referred to as "Borrower") and (herein referred to as "Lender").
WHEREAS, Lender is the owner or holder of certain item that being, listed and posted under the platform of Goodinforent.
The property is described as follows: (herein referred to as "Item").
The description and the value of the item is specified more in detail in Exhibit A (this shall form part of this Agreement)
WHEREAS, Goodinforent is not a party to this Agreement and any provisions that may constitute any form of liabilities hereof are not binding. Furthermore, the following provisions set forth in this Agreement will neither constitute moral nor legal obligation to Goodinforent.
WHEREAS, All the provisions, agreements and arrangements set forth herein shall only bind the undersigned Lender and Borrower.
WHEREAS, Lender is desirous of renting the item to Borrower under the terms and conditions provided herein; and
WHEREAS, Borrower is desirous of renting the item from Lender under the terms and conditions as provided herein;
NOW, THEREFORE, the covenants and obligations provided herein and other good and valuable consideration set forth herein is hereby acknowledged, the parties hereto hereby agree as follows:
The Rental term begins on and shall terminate on. The Borrower shall surrender the item upon termination of this Agreement, unless the Lender and the Borrower have extended this agreement or signed a new agreement.
The term rent shall mean all monetary obligations owed by the Borrower to the Lender under the terms of this Agreement, except for security deposit, if any.
The total rent for the term is $. The amount paid herein agreement is further provided more in detail inExhibit B (this shall form part of this Agreement)
Ownership of Property
Lender warrants that the item under herein Agreement is Lender’s own, sole and exclusive property. The Borrower fully understands that he/she shall have no right of ownership and constitutes no legal interest in such item, except as expressly provided in this Agreement.
Any improvements made to the item shall become the property of the Lender. In contrast, the improvements instituted in the item are subject for reimbursement, if the improvements constitute more than the declared value of the item in herein Agreement.
Use of the Property
The item herein Agreement shall be identified or marked by the Lender. The markings or other labels made by the Lender constitutes that the item is owned by the Lender. The Borrower shall not remove any such identifying markings without the prior consent of the Lender.
Condition of the Item
The Borrower stipulates, represents and warrants that he/she has examined the item, and that at the commencement of the Agreement the item was in good order, in a safe, clean and in operable condition.
Disclaimer of Warranties
Risk of Loss
The Borrower shall bear all risk of loss to the property unless the loss occurs while in the possession of the Lender. Loss or damage to the property shall not discharge the Borrower from his/her obligations under this Agreement.
The Borrower shall indemnify the Lender in the amount of $ for any claims and damages constituted in the item. An additional amount of $ shall further form as a compensation to the Lender for any disputes that arises from this Agreement.
Return of Property
Upon the termination of this Agreement, the Borrower shall surrender the item in as good state and condition as they were at the commencement of this Agreement, except as to the damages of ordinary and reasonable wear and tear.
If the Borrower maintains in possession of the item for any period after the termination of this Agreement, the Borrower shall pay to the Lender an amount of $ for each day, that causes the delay in returning the item. Wittingly or unwittingly, any delay hereof shall constitute the liability under herein provision.
Joint and individual obligations
If there is more than one Borrower, each shall be individually, completely and severally responsible for the performance of all obligations under herein Agreement.
The Borrower hereby understand and agreed not to part with or assigns the item without the written consent of Lender.
This writing contains and constitutes the entire agreement between the Lender and Borrower. In any event, this Agreement is subject for modification provided that it is in the form of written agreement signed by both Lender and Borrower. No modification, waiver or amendment shall be valid unless in writing and signed by the parties hereto.
This Agreement shall be governed, interpreted and construed by, under the Laws of the State of
If any part of this Agreement shall, for any reason be invalid or unenforceable, the remaining part of this Agreement shall be enforced to the utmost extent recognized by law.
IN WITNESS WHEREOF, the parties have executed this Agreement on the date of , 2021 with full acknowledgement of the contents and provisions, hence the parties set forth their signatures with intent of being legally bound thereof.
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