This Agreement is made and entered into as of DA TE by and between the
COMPA NY NAME, having its place of business at ADDRESS
(hereinafter referred to as “COMPANY”)
Intrepid Control Systems, Inc., a Michigan corporation, having its place of business at 5700 18 Mile Road, Sterling
Heights, MI 48314
(hereinafter referred to as “INTREPID”)
The COMPANY agrees to lease Equipment from INTREPID under the following terms:
1. LEASE PERIOD. Equipment is rented on a monthly basis with a 2 month minimum rental period or a minimum amount of
$1000.00 whichever is larger. The rental period shall commence on the date INTREPID ships Equipment to the Customer and shall in
all cases extend until the date equipment is received at INTREPID.
2. LEASE. Customer shall pay INTREPID monthly during the LEASE Period the Monthly LEASE fee of 10% the list price of the
Equipment together with all sales and use taxes imposed thereon. All amounts due hereunder shall be due within 30 days after the
date of the INTREPID invoice. In the event that any LEASE Period terminates as to an item of Equipment after the one month
minimum LEASE, the rental fee charged for any fraction of a month shall be prorated as follows: Equipment on rent 1 -15 days shall
be charged 50% of the Monthly LEASE Fee. Equipment on rent 16-30 days shall be charged 100% of the Monthly LEASE Fee. In the
event that the LEASE Period for an item of Equipment is less than the Anticipated LEASE Period indicated, C ustomer shall forfeit and
pay INTREPID any discounts granted upon the length of the Anticipated LEASE Period. Unless Customer notifies INTREPID to the
contrary within 72 hours after receipt of this document it shall be conclusively presumed that the Equipment was delivered to
Customer and is in good operating condition.
3. OPTION TO BUY. After leasing the Equipment for a single 18 month period, Intrepid will transfer the ownership to the Customer.
3. SHIPPING AND HANDLING. Shipment will be made as specified by Customer and at C ustomer’s expense.
4. TAXES. Customer shall pay all taxes and other governmental charges assessed in connection with the LEASE, use or possession of
Equipment including, without limitation, any and all sales and/or use taxes and personal property taxes (other than taxes on
INTREPID’s net income).
5. WARRANTY; TELOGY LIABILITY. INTREPID hereby warrants to C ustomer only that each item of Equipment, when shipped, will be
in good operating condition. Customer’s damages for any breach by INTREPID of such warranty with respect to an item of Equipment
shall be limited to the direct damages caused by a defective operating condition which could not reasonably have been discove red by
Customer after the delivery to it of such item, but in no event shall exceed the total rental fees paid by Cu stomer for the item. THE
FOREGOING WARRANTY IS THE EXC LUSIVE WARRANTY AND IS IN LIEU OF ANY ORAL REPRESENTATION AND ALL OTHER
WARRANTIES AND DAMAGES.
6. SAFEKEEPING, DAMAGE AND LOSS. The COMPANY shall bear the entire risk of loss, theft, damage or destruc tion from any cause
whatsoever of the property, and the COMPANY shall not be relieved of the obligation to pay LEASE or from any other obligation
under this agreement. The COMPANY shall be responsible for and pay to INTREPID on demand the new replacement cost of any lost
or materially damaged Equipment (including accessories),as well as the cost of restoring any Equipment that is returned with
extraordinary wear and tear or damage within 30 days after invoice.
7. DELINQUENT PAYMENTS; DEFAULT. The COMPANY shall pay to INTREPID a late charge on any late payment from the due date
thereof until the date paid at the lesser of 1.5% per month (equal to 18% per annum) or the maximum rate permitted by law. Up on
any default or breach by the COMPANY, INTREPID shall hav e the right to terminate this Agreement, take immediate possession of
the Equipment and recover from the COMPANY in any action to enforce INTREPID’s right hereunder, all amounts due hereunder,
together with INTREPID’s costs and reasonable attorney’s fees.
8. RETURN. Property shall be returned to INTREPID by prepaid insured shipment to the INTREPID address listed below. The
COMPANY shall return Equipment and Accessories to INTREPID in good operating condition, normal wear and tear excepted. The
COMPANY shall properly pack for shipment all Equipment being returned and shall be responsible for any damage caused during the
return shipment. All cables, accessories, operating manuals and other items provided with the Instrument shall be returned with the
Equipment. A complete list of such items is included with the shipping documents. It is required that the COMPANY return all
Equipment clean and without cosmetic defects. The Equipment should be fully functional with the software version provided at
delivery. Upon return to INTREPID, INTREPID technicians will perform a complete functional and cosmetic review of the Equipment.
You will be notified of any missing accessories by letter and given two weeks to find and return those items. If it is deemed
necessary by our technicians, INTREPID will repair any cosmetic or functional damage, calibrate the Equipment and acquire missing
accessories. You are responsible to reimburse INTREPID for all accessories, manuals, parts, labor, service, calibration, main tenance
and materials required to return the Equipment to the condition described herein.
Please Return Equipment to:
INTREPID CONTROL SYSTEMS
5700 18 Mile Road
Sterling Heights, MI 48154
9. MISCELLANEOUS. All rates and prices shall be subject to change by INTREPID at a ny time without notice. The invalidity of any of
the within terms and conditions shall not affect the validity of any other terms and conditions. The COMPANY shall furnish such
financial and business information about the COMPANY and shall execute such financing statements and other documents as
INTREPID may from time to time request. The rights of INTREPID and the COMPANY hereunder shall be governed by the laws of the
State of Michigan. The above terms and conditions are the only terms and conditions upon which INTREPID is willing to lease the
Equipment. Any additional or different terms in any order or other response by the COMPANY shall be deemed objected to by
INTREPID without need of further notice of objection, and shall be of no effect or in any way b inding upon INTREPID. No waiver of
any breach or default by customer shall waive any other breach or default.
RESPONSIBLE REPRESENTATIVE OF THE COMPANY