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We agree to maintain said machinery and equipment in the same condition as when delivered to us by Gibson Machinery LLC, usual wear and tear expected.
The receipt and acceptance by us of said equipment will constitute acknowledgement that said property has been accepted and found in good, safe and serviceable condition, and fit for use.
We agree to pay Gibson Machinery LLC for any parts damaged or missing and for all loss and damages occasioned by fire, theft, flood, accident, explosion, wreck, an act of God or any other causes that may occur while the equipment is in our possession and until such machinery has been returned into the possession of and accepted by the Gibson Machinery LLC company.
The leased machinery and equipment shall not be transferred, delivered, or sub-let to any other person, corporation or entity without the prior written consent of Gibson Machinery LLC, and any attempt to transfer, deliver or sub -let without such consent, shall be void and of no effect.
Title to the machinery and equipment shall at all times be and remain in Gibson Machinery LLC, and Lessee shall have no
authority to transfer or encumber the same.
Lessee agrees to indemnify and save harmless Gibson Machinery LLC, against and from any and all claims of liability for any and all loss, damage, injury or other casualty to persons or property caused or occasioned in any manner by reason of installation or use of the machinery and equipment. Gibson Machinery LLC, shall in no event be liable for any injury, delays or damages, direct or indirect resulting from or by reason of the use or condition of any of the machinery and equipment.
If the Lessee shall fail to perform any of the terms or conditions of this Rental Agreement, or shall become insolvent or if a sale, mortgage, removal, subletting, lien or encumbrances of or upon the machinery and equipment, or any part thereof , or any assignment of this Rental Agreement be made or attempted by Lessee, or if any execution or attachment be ma de thereon, Gibson Machinery LLC, in addition to any other remedies, shall have the right to terminate this Rental Agreement by notice to the Lessee, and shall have such rights notwithstanding that previous breaches or defaults may have been waived by Gibson Machinery LLC. The termination of this Rental Agreement will not release the Lessee from any obligation or liability existing hereunder or arising or occasioned by reason of such breach or default, and shall be without prejudice to any other right or remedies of Gibson Machinery LLC.
Lessee acknowledges and agrees that Gibson Machinery LLC has made no representations or agreement not contained herein, and that Gibson Machinery LLC, has made no warranties whether express or implied not contained herein.
All matters affecting the interpretation of this Rental Agreement and the rights of the parties hereunder shall be governed by the laws of the State of Ohio.
Lessee shall carry comprehensive general liability policy and written contractual liability insurance with the respect to the machinery and equipment in amounts not less than $500,000 with respect to injuries with respect to one person, and $1 million with respect to injuries sustained in any one accident and $500,000 with respect to any property damage. Such insurance shall name Gibson Machinery LLC, as an additional insured under said policies.
Insurance and Duties of Lessee in Case of Accident: Lessee, at its sole expense, shall keep the equipment and accessories insured at all times when the same are in its possession or under its control for the replacement value thereof including ALL RISK physical damage coverage, with loss payable clauses for the benefit of Lessor. Lessee shall carry, at its expense, Public Liability Insurance for Bodily Injury and contractual liability of the Lessee to hold the Lessor harmless from any claim of bodily injury or property damage arising in connection with the equipment. Lessor may require Lessee to obtain greater amounts of insurance coverage, in which case Lessor shall advise Lessee in writing of the amounts and coverages required. Lessee shall name Lessor as an ADDITIONAL INSURED and LOSS PAYEE and deliver to Lessor certificates giving evidence of the insurance coverage required herein, which certificates shall require the insurer to give Lessor 10 days notice before canceling or changing the coverage provided therein. Lessee covenants and agrees that it will comply with all provisions and condition s of the insurance policy or policies covering equipment and its accessories and the use or operation thereof. Every accident involving the equipment and/or its accessories, no matter how trivial, must be reported to Lessor immediately and in no event later than 24 hours after the occurrence thereof. Lessee will, and will cause its agents, employees and drivers to fully cooperate with Lessor and the insurer or insurers in all matters arising out of any accident, including the investigation of the accident and the prosecution or defense of legal proceedings.
Competent Operation by Lessee: Lessee agrees to provide competent and experienced personnel to direct operation of the equipment. Lessee further agrees to use said equipment in accordance with manufacturer’s instructions operation/maintenance manual located in the cab and agrees not to exceed the manufacturer’s rated load capacity for such or similar equipment. Lessee expressly agrees that counterweight in excess of the manufacturer’s specifications shall not be used.
Excuse of Performance: Lessee hereby waives all claims against Lessor for any delays or loss of materials by reason of any shutdown, or failure of the equipment of any reason.
Terms of Payment: Full payment for all charges is due upon billing, unless otherwise noted on page one.
Conformance to all Laws: Lessee agrees to use the equipment in strict compliance with all applicable rules, laws, regulations, and orders.
Lifting Lugs: Lessee assumes all liability for the adequacy of design or strength of any lifting lug or device embedded in or attached to any object.