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Rental Agreement Copy
The Lessor provides furniture rental services to its clients and has agreed, on being approached by the Lessee, to allow the Lessee to take lease of furniture from the Lessor, on the terms and conditions contained herein below.
NOW, THE PARTIES HEREBY AGREE AS FOLLOWS:
1. TERM AND TERMINATION
1.1 Lessee agrees to rent from the Lessor, in accordance with the terms and conditions of this Agreement, all of the furniture and items described in the Schedule of this Agreement (“Leased Property”) for a minimum period of ___6__ months (“Lease Term”) commencing on _____Order date________.
1.2 If the Leased Property is not returned at the end of the Lease Term, the lease shall be extended from month to month on the terms and conditions stated on this Agreement until either Party sends the other Party written notice of termination at least fifteen (15) days prior to the intended termination date.
1.3 Notwithstanding anything contained anywhere in this Agreement, the Lessor shall have the right to terminate the Agreement during the Lease Term and repossess the Leased Property by giving a 15 days’ notice to the Lessee.
2. MONTHLY CHARGES/ RENTAL FEES
2.1 Lessee agrees to pay Lessor the monthly rent of Tk.______Bill Amount________ (Taka) against lease of the Leased Property. All monthly charges are due on the ___1ST ____ day of each month without further notice.
2.2 For each payment not received by Lessor within five (7) days after the due date, Lessee will be charged a late fee in the amount of Tk. ___1% of total bill_____ for per day delay. This late payment charge shall be in addition to Lessor’s other remedies that the Lessor may have under this Agreement or in law in the event of default.
2.3 Monthly rental fees for the Leased Property do not include delivery/transportation fee, setup/installation/assemble or return fees. If the Lessee requires any of the services as mentioned above, separate charges will be applicable for the same.
3. SECURITY DEPOSIT
3.1 Lessee shall also pay a refundable security deposit of Tk.______1 month's rental fee______ (Taka _____________) to the Lessor which shall be payable before the Leased Property is delivered to the Lessee.
3.2 It is being expressly understood that the security deposit shall not be considered an advance payment of monthly rental fees or a measure of Lessor’s damage in case of default by Lessee. Upon the occurrence of default by Lessee or breach by Lessee under this Agreement, Lessor may, without prejudice to any other remedy, use the security deposit to the extent necessary to make good any arrears of rent and/or any damage, injury, expense or liability caused to Lessor by the default or breach of the Lessee. Any remaining balance of the security deposit shall be returned within fifteen (15) business days by Lessor to Lessee after the Leased Property is returned to Lessor in good condition.
3.3 Lessor will not be required to keep the security deposit separate from its own funds and Lessee will not be entitled to interest on the security deposit.
4. RESPONSIBILITIES OF LESSEE
4.1 It is the Lessee’s responsibility to maintain the Leased Property, to keep it in good condition, and to return it to Lessor at the end of the Lease Term or otherwise as required by this Agreement in the same condition as when received by Lessee, ordinary wear excepted. The Leased Property shall not be removed from the address to which it is delivered without Lessor’s prior written consent. If the Lessee fails to return the Leased Property as required, the Lessee will be liable to the Lessor for its full retail value in addition to all other payments and charges identified in this Agreement.
4.2 Lessee shall bear all risks of loss of and damage to Leased Property from any cause; occurrence of such loss or damage shall not relieve Lessee of any obligation hereunder. Lessee will be liable to the Lessor for the full retail value of the Leased Property which is damaged beyond repair.
4.3 The Lessee shall be responsible for inspecting the Leased Property upon delivery to ensure that it is delivered in good condition. It is the Lessee’s sole responsibility to notify Lessor, immediately following Lessee’s required inspection, of any damage to the Leased Property. If Lessee fails to notify Lessor of damaged Leased Property at the time of delivery, then Lessee shall be fully responsible for repayment to Lessor of an amount equal to the decrease in value of the damaged Leased Property.
4.4 Lessee, at its own cost and expense, shall maintain and keep the Leased Property in good repair, condition and working order, shall use the Leased Property lawfully, and shall not alter the Leased Property without Lessor’s prior written consent.
4.5 It is understood that this transaction is a lease and not a conditional sale or financing agreement. Lessee may not grant a security interest of any kind in the Leased Property. Lessee shall keep the Leased Property free and clear from all levies, attachments, liens and encumbrances. In the event that any person other than Lessor attempts to create or assert an interest in the Leased Property, Lessee shall give Lessor immediate notice thereof and shall take such action as Lessor requires and shall indemnify Lessor from any loss caused thereby.
5.1 In the event of Lessee’s default by failing to pay any monthly payment when due or by failing to comply with any other term or condition of this Agreement and Lessee’s failure to cure said default within five (5) days of the default, Lessor shall have the right to terminate the Agreement immediately and repossess the Leased Property, wherever located, without legal process. Lessee’s obligations to pay the due monthly rental fees and/or any other charges to the Lessor under this Agreement shall survive any such termination. Lessee agrees to pay all Lessor’s costs of enforcing the provisions of this Agreement, including reasonable attorney’s fees, in addition to all other amounts and damages for which Lessee is responsible under this Agreement.
6. EARLY TERMINATION
6.1 Early termination of this Agreement before expiry of the Lease Term by Lessee, or by Lessor upon Lessee’s default, will result in the following charges: (i) forfeiture of Lessee’s security deposit (ii) fifty percent (50%) of the remaining current unpaid portion of the Lease Term. All past due charges are due and payable in full.
7. DISCLAIMER OF WARRANTIES
7.1 Lessor makes no warranty, express or implied, to anyone, as to the fitness, merchantability, design, condition, capacity, performance or any other aspect of the Leased Property or its material or workmanship. There is no warranty that the Leased Property are free of any and all defects. Lessor further disclaims any liability for loss, damage, or injury to Lessee or third parties as a result of any defects, latent or otherwise, in the Leased Property. These defects do not constitute a breach on the part of the Lessor.
8. LIMITATION OF LIABILITY
8.1 In no event shall the Lessor’s total liability for all claims of any kind arising from this Agreement exceed the total of the monthly rental fees actually paid by the Lessee to the Lessor.
9.1 The Lessee shall indemnify the Lessor against and hold the Lessor harmless against any and all claims, actions, suits, proceedings, costs, expenses, damages and liabilities, including reasonable attorney’s fees and costs, arising out of, connected with, or resulting from the Agreement and/or the Lessee’s use of the Leased Property.
10.1 Without Lessor’s prior written consent, Lessee shall not (i) assign, transfer, pledge, or otherwise dispose of the Leased Property or any interest therein, or (ii) sublet or lend Leased Property or permit it to be used by anyone. Notwithstanding any assignment by Lessor, providing Lessee is not in default hereunder, Lessee shall quietly enjoy use of the Leased Property, subject to the terms and conditions of this lease.
11. GOVERNING LAW AND DISPUTE RESOLUTION
11.1 This Agreement shall be construed in accordance with and governed by the laws of the Bangladesh.
11.2 If any dispute arises between the Parties under this Agreement, the Parties shall try to resolve the matter amicably. In case the dispute cannot be resolved through amicable settlement, the Courts of Bangladesh shall have the exclusive jurisdiction to deal with all disputes and differences under this Agreement.
12.1 No delay or failure by the Lessor to exercise any right under this Agreement, and no partial or single exercise of any right, shall constitute a waiver of that or any other right, unless otherwise expressly provided herein. A waiver of default shall not be a waiver of any other or subsequent default.
13. ENTIRE AGREEMENT; MODIFICATION
13.1 This Agreement along with the Schedule contains the entire understanding between the Lessor and Lessee. No modification of this Agreement shall be effective unless in writing and executed by the Parties.
14. JOINT AND SEVERAL LIABILITY
14.1 If more than one Lessee is named in this Agreement, the liability of each shall be joint and several.
15. BINDING EFFECT
15.1 The provisions of this lease shall be binding upon and inure to the benefit of the Parties hereto and their respective heirs, successors, and assigns.
IN WITNESS WHEREOF the Partners hereto subscribe their respective hands thereunder on the date month and year above first mentioned. The mode of ordering can be through web portal, Facebook (Text Message) or in call order. The Lessee would be liable in ensuring the terms to be agreed when the order is place and deposit is confirmed.
The Lessor is liable to make the terms of this agreement public in its media of communication or ordering/invoicing platforms.