Lease Equipments with Confidence

Lessor agrees to lease to Lessee, and Lessee agrees to lease from Lessor, the equipment described in Schedule A attached to this Agreement and incorporated by reference (“Equipment”).

The lease term shall commence on the Commencement Date and continue for a period of 40 months, unless earlier terminated in accordance with this Agreement (“Lease Term’).

Lessee shall pay Lessor rental payments of $[AMOUNT] plus GST per month due in advance on the [xx] day of each month. The first rental payment is due on the Commencement Date and the last payment is due on the [xy] day of [MONTH] 20 [XY].

Lessor shall deliver the Equipment to the Delivery Address on or before [DELIVERY DATE]. Lessee’s acceptance of delivery shall constitute acknowledgment that the Equipment is in good working condition and suitable for Lessee’s intended use.

Lessee shall use the Equipment solely for lawful business purposes and in accordance with manufacturer's specifications. Lessee shall maintain the Equipment in good working condition, reasonable wear and tear excepted, and shall not alter, modify, or remove the Equipment from the premises without Lessor’s written consent.

For all repairs and maintenance the Lessee shall contact Sharp to make arrangements. The Lessee shall be responsible for paying for all maintenance and repairs of the Equipment unless the Lessee has agreed a maintenance option with Sharp. The Lessor shall not be responsible for major repairs resulting from damage caused by Lessee’s negligence or misuse.

The Customer w

1. insure and keep the Equipment insured against loss, theft or damage by fire, breakdown or accident and such other risks as Crown may require for an amount equal to the full insurable value/ full replacement value of the Equipment and will insure and keep Lessor insured against all liability arising in respect of the Equipment. All such insurance will be with a reputable insurer in the name of Lessor as owner and the Customer as lessee for their respective interests;

2. promptly pay all premiums and other moneys in respect of such insurance policies and provide Crown with an original “certificate of currency of insurance” if required;

3. permit the Lessor to receive all insurance moneys, and agrees that such moneys may be applied at Crown’s option:

   1. in making good any loss or damage to the Equipment or in replacing the Equipment with equipment of a similar age and condition and any Equipment repaired or replaced pursuant to this sub-clause shall for all purposes be deemed to be the Equipment rented under this agreement and shall be subject to all the terms of this Agreement;

   2. in payment of moneys payable under this Agreement notwithstanding that the time for payment may not have arrived and in that event the Lessor shall be under no obligation to make good such loss or damage or replace such Equipment;

4. not do anything or permit anything to be done which might prejudice any such insurance.

Risk of loss or damage to the Equipment shall pass to Lessee upon delivery. Lessee shall be liable for any loss, theft, damage, or destruction of the Equipment, regardless of cause.

If Lessee fails to make any payment when due or breaches any other provision of this Agreement, Lessor may, at its option: (a) terminate this Agreement immediately, (b) retake possession of the Equipment, (c) pursue all available legal remedies, and (d) hold Lessee liable for all costs and expenses, including reasonable attorney’s fees.

Upon expiration or termination of this Agreement, Lessee shall return the Equipment to Lessor at [RETURN ADDRESS] in the same condition as received, reasonable wear and tear excepted. If the Equipment is not returned or is returned in damaged condition, Lessee shall pay the replacement value.

Title to the Equipment shall remain with Lessor at all times. This Agreement does not constitute a sale or transfer of ownership of the Equipment.

[OPTIONAL: Upon completion of the lease term and payment of all amounts due, Lessee may purchase the Equipment for $[PURCHASE PRICE].]

This Agreement shall be governed by the laws of New Zealand. Any disputes arising under this Agreement shall be resolved in the courts of New Zealand. This Agreement (including the Terms and Conditions refer to Schedule B attached to this Agreement) constitutes the entire agreement between the parties and may only be modified in writing signed by both parties.