Lease of the Breeding Services of a Stallion
Lease Agreement made (date), between (Name of Lessor), a corporation
organized and existing under the laws of the state of ______________, with its principal
office located at (street address, city, state, zip code), referred to herein as Lessor, and
(Name of Lessee), of (street address, city, state, zip code), referred to herein as
Whereas, Lessee is engaged in the business of breeding and raising
thoroughbred race horses; and
Whereas, Lessee desires to Lease from Lessor, Lessor's thoroughbred stallion
(Name of Stallion), to stand for breeding services;
Now, therefore, for and in consideration of the mutual covenants contained in this
Agreement, and other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, Lessor leases to Lessee, and Lessee hires from Lessor,
Lessor's thoroughbred stallion (Name of Stallion), hereinafter called Stallion, to stand for
breeding services at Lessee's breeding ranch located at (street address, city, state, zip
code), on the following terms:
The term of this Lease shall be for a period beginning on the effective date stated
above, and ending not later than (date), or as otherwise provided for in this Lease
Lessee shall pay a fee of $__________ for the stud services of the Stallion,
payable as follows: (specify, such as in advance), subject to the provisions of Section 4
of this Agreement.
3. Care of and Service by Stallion
Lessee covenants that the Stallion shall not service in excess of (number) mares
during the breeding season described in this Lease Agreement, and further agrees to
provide suitable breeding facilities, furnish proper feed, sufficient water, and medical
and veterinary care as required, in a manner consistent with good thoroughbred horse
breeding practices in (Name of County), (Name of State), at Lessee's own expense.
4. Live Foal Guarantee
If the Stallion should not get with foal (percentage) of the producing thoroughbred
mares that are properly bred and returned for second trial, the Stallion will be returned
for breeding to Lessee during the next breeding season, at the option of Lessee.
5. Uses of Stallion
Lessee covenants not to use the Stallion for any purpose other than breeding as
provided for in this Lease Agreement.
6. Sublease or Assignment
Lessee shall not assign this Lease Agreement, or any interest in this Lease
Agreement, nor sublet the Stallion or in any manner permit the use of the Stallion for
any purpose other than as set forth in this Lease Agreement.
A. Lessee shall, at Lessee's own expense, at all times during the term of this
Lease Agreement, maintain in force a policy or policies of insurance, written by
one or more responsible insurance carriers acceptable to Lessor, which shall
insure Lessor against any and all liability for injury to or death of persons or loss
or damages to their property occurring in or about the premises on which the
Stallion shall be used for breeding.
B. The liability under the insurance required in Paragraph A of this Section
shall not be less than (dollar amount) for any one person injured or killed, (dollar
amount) for any one accident, and (dollar amount) for property damage, including
any damage to Lessee's mares or other horses or personal property of any kind.
Lessor shall pay all personal property taxes previously or after the effective date
of this Agreement levied on the Stallion, including any taxes levied during the term of
this Lease Agreement, and Lessee shall pay all personal property taxes levied on any
increase produced by the Stallion.
9. Risk of Loss
Lessee shall bear any and all risk of loss from the death of or any harm to the
Stallion unless such loss is caused by the gross negligence of Lessor, Lessor's agents
or employees, in which case Lessor shall bear such loss.
10. Permission to Inspect
Lessee shall permit inspection by Lessor at any and all times and follow strictly
all reasonable instructions of Lessor with respect to the feeding, care, handling, and
breeding of the Stallion.
11. Redelivery of Stallion
At the termination of this Lease Agreement, Lessee shall redeliver the