EQUIPMENT RENTAL AGREEMENT
PARTIES TO THIS AGREEMENT: The Renter, one the one hand, is the submitting party or parties, who agree to enter into this Equipment Rental Agreement (herein “Subscription”, “Agreement”, “Subscription Agreement”) by the act of submitting their information, including and not limited to their name, address, phone number, email, credit card number, credit card expiry, business name, business address, shipping address, through a website or phone system (herein “Submission”), to Frylow Sales Inc., on the other hand, a California limited liability company. The Renter shall comprise of both, together and separate, the individual person whose name is submit as the authorized name on the credit card, as well as the business entity, if any, that is submit to FSI within the Submission.
TERMS AND CONDITIONS: Renter (designated by the information provided by the Submission) agrees to rent the property described in the Submission, and identified by serial codes as necessary (the ‘Equipment’) from FSI for a minimum period of twelve (12) months (the “Minimum Subscription Term”) beginning on the date of the Submission pursuant to this Subscription Agreement. After the 12 months Minimum Subscription Term, the Subscription will continue on a month-to-month basis until either (i) the Subscription is terminated by FSI or Renter; (ii) the Renter agrees to purchase the Equipment at the MACR depreciated value after one (1) year or first (1st) year depreciation is deducted on fair market value of the equipment on a five (5) year equipment depreciation schedule; or (iii) the Renter enters into an additional subscription term with FSI for the Equipment. Any additions or deletions to the Equipment must be confirmed by FSI and in writing and may result in modifications to Renter’s monthly rental payment and/or additional charges.
RENTER’S TOTAL MONTHLY PAYMENT which is due each month on the date of the Submission and is made up of Base Rent as agreed to within the Submission.
CHECKS RETURNED OR CREDIT CARD CHARGES DECLINED FOR ANY REASON are subject to a $40.00 administrative charge for each instance the check or credit card charges are declined. FSI will attempt to charge the Renter for the Base Rent each month on the date of the Submission, and in the event, the charges are declined, FSI will attempt to charge the Renter each twenty-four (24) hour period after, for four (4) consecutive (24) hour periods.
DOCUMENTATION FEE: Renter’s will be charged a documentation fee of $150 for the origination and execution of the Agreement, at the time of the Submission, in addition to the first month of the Base Rent collected by FSI.
DELIVERY: FSI shall deliver the Equipment to the address specified in accordance with the aforementioned Subscription Agreement as provided in the Submission by the Renter. Renter grants FSI permission to enter the premises for the purposes of delivering and picking up the Equipment. FSI shall have no liability for damages resulting from any delay in delivery or pick up of the Equipment.
ADDITIONAL TRANSPORTATION CHARGE: Renter agrees to pay FSI any additional pick up or delivery charges that must be made to complete this transaction, and deliver the Equipment to the Renter. These charges, if any, will be calculated and provided to the Renter at the time of the Submission.
RESPONSIBILITY FOR MAINTAINING THE EQUIPMENT: FSI inspects the Equipment prior to delivery to ensure that it is free of material defects. Renter is responsible for maintaining the Equipment in good condition, subject to ordinary wear, and for any damage, loss or destruction. Any damage to the Equipment will be charged to the Renter at the fair market value of replacement or repair of the Equipment, including materials, parts, and labor. Renter will not remove any item of Equipment from the delivery address without FSI’s prior written approval.
IF RENTER FAILS TO RETURN THE EQUIPMENT AS REQUIRED, RENTER WILL BE LIABLE TO FSI FOR AN AMOUNT UP TO THE REPLACEMENT COST OF THE PROPERTY PLUS HANDLING FEES IN ADDITION TO ALL OTHER PAYMENTS, CHARGES DUE UNDER THIS AGREEMENT, AN LEGAL FEES REQUIRED TO COLLECT ANY AMOUNT DUE TO FSI.
Renter agrees to indemnify, defend and hold FSI and harmless from any and all liabilities, claims, suits, losses, damages, costs and expenses, including, interest, penalties, and reasonable attorneys’ fees, asserted against or incurred by FSI and as a result of any claim that the Equipment caused personal injury. The renter also agrees to unconditionally discharge FSI, its managers, officers, directors, employees, and agents from any and all claims or suits for damages suffered by Renter as a result of the use of or personal injury caused by Equipment.
CANCELLATION: Renter may cancel the Equipment Rental Agreement at any time prior to within thirty (30) days following the commencement of the Subscription Term, in accordance with FSI’s Warranty and Return policy, available online at FSI’s website (https://frylow.online/warranty-returns/). Cancellation of the Equipment Rental Agreement within thirty (30) business days of the commencement of the Subscription Term will result in a cancellation fee not to exceed one month’s rent, and the Documentation Fee taken FSI will not be refunded. Refund of any other monies owed to Renter after cancellation will be made by check and require approximately twenty-one (21) days to process. Renter understands that there is a no cancellation policy past thirty (30) days following the commencement of the Equipment Rental, and Renter will remain liable to perform all obligations under this Agreement.