EQUIPMENT RENTAL AGREEMENT
THIS EQUIPMENT RENTAL AGREEMENT (this "Agreement") dated
Game OVR Entertainment LTD of 1 Hebert Rd unit 129t, St Albert, Alberta, T8N 2E7
- AND -
(the Owner and Renter are collectively the "Parties")
IN CONSIDERATION OF the mutual covenants and promises in this Agreement, the receipt and sufficiency of which consideration is hereby acknowledged, the Owner leases the Equipment to the Renter, and the Renter leases the Equipment from the Owner on the following terms:
The following definitions are used but not otherwise defined in this Agreement:
a) "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.
b) "Equipment" means
1 HTC Vive Headset
2 HTC Vive Controllers
1 Deluxe Audio Strap
1 Removable head PU Leather pad
1 Removable face PU Leather pad
1 HDMI Cord
2 Lighthouse base stations
2 Lighthouse Brackets with anchors
2 power cables for lighthouses
1 Carrying case for HTC Vive hardware
1 3 in 1 Cable
2 USB charging cables
1 Bottle of cleaner
1 Lens Cleaning Cloth
1 Microfibre cloth
1 Sealed Gaming PC
1 Computer power cablec) "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.
- The Owner agrees to lease the Equipment to the Renter, and the Renter agrees to lease the Equipment from the Owner in accordance with the terms set out in this Agreement.
- The Agreement commences on the date and time the equipment is delivered and ends once the equipment is returned, inspected and found to be in good condition. (the "Term").
- The rental for the Equipment (the "Rent") will be paid prior to the renter taking possession of the Equipment.
- The security deposit for the equipment (the "Deposit") will be held on a valid credit card for the term.
Delivery of Equipment
- The Owner will, at the Owner's own expense and risk, deliver the Equipment to the Renter at the agreed-upon drop site, at a time confirmed by both the renter and owner. Visual contact is required at both drop-off and pick up.
Use of Equipment
a) The Renter will use the Equipment in a good and careful manner and will comply with all of the manufacturer's and owner's requirements and recommendations respecting the Equipment and with any applicable law, respecting the use of the Equipment, including, but not limited to, environmental and copyright law.
b) Equipment is to be used only at the renter's residence.
c) The Renter will use the Equipment for the purpose for which it was designed and not for any other purpose.
d) Unless the Renter obtains the prior written consent of the Owner, 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.
Repair and Maintenance of Equipment
- The Renter will, at the Renter's own expense, keep the Equipment in good repair, appearance and condition, normal and reasonable wear and tear excepted.
- If the Equipment is not in good repair, appearance and condition when it is returned to the Owner, the Owner may make such repairs or may cause such repairs to be made as are necessary to put the Equipment in a state of good repair, appearance and condition, normal and reasonable wear and tear excepted. The Owner will make the said repairs within a reasonable time of taking possession of the Equipment. The amount of said repair will be deducted from the renter's security deposit and the owner will give the Renter written notice and invoice for the said repairs.
- Equipment will be used for personal, family or household purposes.
a)The Equipment will be in good working order and good condition upon delivery.
b) Renter will have 3 hours after delivery to notify the owner in writing and images of any defects or product damage. If the equipment is returned in a damaged or defective state the renter will assume responsibility.
Loss and Damage
- To the extent permitted by law, the Renter will be responsible for the risk of loss, theft, damage or destruction to the Equipment from any and every cause.
- If the equipment is lost or damaged, the renter will be responsible for the full original rental period and any costs associated with repairing or replacing the equipment.
- In the event of Total Loss of the Equipment, the Renter will provide the Owner with prompt written notice of such loss and will pay to the Owner the full original rental period for the Term plus the Casualty Value of the Equipment.
Ownership, Right to Lease and Quiet Enjoyment
- The Equipment is the property of the Owner and will remain the property of the Owner.
- The Renter will not encumber the Equipment or allow the Equipment to be encumbered or pledge the Equipment as security in any manner.
- The Owner warrants that the Owner has the right to lease the Equipment according to the terms in this Agreement.
- The Owner warrants that as long as no Event of Default has occurred, the Owner 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.
- At the end of the Term or upon earlier termination of this Agreement, the Renter will make the Equipment available for pick up at the agreed-upon drop site, at a time confirmed by both the renter and owner. Visual contact is required at pick up. If the Renter fails to make the Equipment available for pick up, the Renter will pay to the Owner the Casualty Value of the Equipment plus 10% of the Casualty Value.
- 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 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 them 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.
- On the occurrence of an Event of Default, the Owner will be entitled to pursue any one or more of the following remedies (the "Remedies"):
a) Apply the Deposit toward any amount owing to the Owner
b) Commence legal proceedings to recover obligations accrued before and after the Event of Default.
c) Pursue any other remedy available in law or equity.
d) Take possession of the Equipment, without demand or notice, wherever the equipment may be located, without any court order or other process of law. The Renter waives any and all damage occasioned by such taking of possession.
- THE RENTER WILL NOT ASSIGN THIS AGREEMENT, THE RENTER'S INTEREST IN THIS AGREEMENT OR THE RENTER'S INTEREST IN THE EQUIPMENT.
- If the Renter assigns this Agreement, the Renter's interest in this Agreement or the Renter's interest in the Equipment the Owner will have recourse to the Remedies and will be entitled to all damages caused by the assignment.
a) The Renter may renew this Agreement for an additional Term based on availability and if the Renter has given the Owner written notice of the Renter's intention to renew.
b) The renter is not in default of any of the terms under this Agreement.
c) Other than as agreed upon in writing between the Parties, the renewal will be on the same terms as this Agreement, except for this renewal clause.
Address for Notice
- Service of all notices under this Agreement will be sent through electronic mail or by phone to:
a) Owner: Game OVR Entertainment LTD
- Interest payable on any overdue amounts under this Agreement will be at a rate of 19 percent per annum or at the maximum rate allowed under applicable legislation, whichever is lower.
- 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 Alberta without regard to the jurisdiction in which any action or special proceeding may be instituted.
- This Agreement may be executed in counterparts. Facsimile signatures are binding and are considered to be original signatures
- Time is of the essence in this Agreement.
- 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.
- The owner will not be liable in damages and will 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.
- The Owner will be made blameless for any and all death, injury, loss of limb or disorder that is outside of the owner's and manufacturers control and this agreement will extend to and be binding upon respective heirs, executors, administrators, successors and assigns, as the case may be, of each Party to this Agreement.
Notice to Renter
a) This is a lease. You are not buying the Equipment.
b) Do not sign this Agreement before you read it.
c) Please retain the electronic completed copy of this Agreement when you sign it. It is your responsibility to ensure your copy is up to date and correct.
- Cash Value of Equipment: $3500
- Security Deposit held for the term: $1500
- Total Cost of Agreement:
Equipment Rental for the term: $183.75
Security Deposit held: $1500
IN WITNESS WHEREOF the parties to this Agreement have executed this Equipment Rental Agreement on