What’s in the box
- New Torque VKR with Dip
- Warranty Registration Card
- * Check dimensions to ensure deliverable
You are protected with the Manufacturer's Warranty. All claims must be filed directly with the Manufacturer.
THIS RENTAL AGREEMENT (“Agreement”) as of the effective date, is a contract between you (“You” or “Lessee”) and Global Fitness Inc. (“Global Fitness”, “We”, “Us”, or “Lessor”), collectively called “Parties”. By entering into this Agreement, You agree to the terms and conditions to this Agreement, as may be altered from time to time by Global Fitness without notice.
In consideration of the mutual covenants and promises in this Agreement, the receipt and sufficiency f which consideration is hereby acknowledged, the Lessor leases the Equipment to the Lessee, and the Lessee leases the Equipment from the Lessor on the following terms:
The terms used in this agreement shall have their normal or common meaning, except that the following capitalized terms shall have the following meanings for the purpose of this Agreement.
2.LEASE TERMS OF EQUIPMENT.
The Lessor agrees to lease the Equipment to the Lessee. And the Lessee agrees to lease the Equipment from the Lessor in accordance with the terms set out in this Agreement. The Lessor hereby rents to Lessee, and Lessee rents from the Lessor, the Equipment for a minimum period of no less than six (6) consecutive months. Upon completion of Minimum Rental Period, the Rental Agreement is terminable by Lessee upon submitting a thirty (30) days prior written notice to Lessor in accordance with the notice method listed below.
Upon expiration or termination of this Rental Agreement, Lessee agrees that the Equipment will be shipped back to Global Fitness, by Global Fitness in good working condition, ordinary wear and tear excepted. (No return fee will be charged to Lessee)
The term of this Rental Agreement commences on the Effective Date and will continue for a minimum of six (6) consecutive months, as determined between the Parties. Until termination or expiration is commissioned by either Party, the term will continue on a month to month basis.
Concurrently with the execution of this Agreement, Lessee shall submit to the Lessor the Initial Rent Payment along with Freight Payment prior to equipment going into production. Once payment is secured and both Parties execute this Agreement, Lessor will prepare Equipment for transmittal which may take up to twenty-two (22) business days. If needed, equipment will be substituted with equal or greater valued units, per client’s approval.
The rent owed by Lessee to Lessor will be paid in monthly installments of _____, including tax if applicable, in advance, beginning on the Start Date (one (1) business day after delivery of equipment) and will be paid on the 1st (first) day of each succeeding month throughout the Term (the “Rent”).
Payment must be made either by electronic funds transfer or by credit card. Lessees’ are charged a fee for payment processing and administration as described herein. In order to use certain Site Services, Client must provide account information for at least one valid payment method.
Lessee hereby authorizes Lessor to run credit card authorizations on all credit cards provided by Lessor, to store credit card and banking or other financial details as Lessee’s method of payment for Services, and to charge Lessee’s credit card for the monthly installment amount. Credit cards and PayPal accounts and, if applicable, bank accounts in most countries will be charged by Lessor. If Lessee does not complete an on-time payment through credit card information, Lessor may assess a late payment charge equal to five (5) percent of total amount per month on any overdue amount.
5.USE OF EQUIPMENT
The Lessee will use the Equipment in a good and careful manner and will comply with all of the manufacturer’s requirements and recommendations respecting the Equipment and with any applicable law, whether local, state or federal respecting the use of the Equipment, including, but not limited to, environmental and copyright law.
The Lessee will use the Equipment for the purpose for which it was designed and not for any other purpose.
Unless the Lessee obtains the prior written consent of the Lessor, the Lessee 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.
6.REPAIR AND MAINTENANCE OF EQUIPMENT
The Lessee will, at the Lessee’s own expense, keep the Equipment in good repair, appearance, and condition, normal and reasonable wear and tear excepted. The Lessee will supply all parts that are necessary to keep the Equipment in such state.
If the Equipment is not in good repair, appearance, and condition when it is returned to the Lessor, the Lessor 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 Lessor will make the said repairs within a reasonable time of taking possession of the Equipment and will give the Lessee written notice of and invoices for the said repairs. Upon receipt of such invoices, the Lessee will immediately reimburse the Lessor for the actual expense of those repairs.
The Lessee may, but is not obligated to, enforce any warranty that the Lessor has against the supplier or manufacturer of the Equipment. The Lessee will enforce such warranty or indemnity in its own name and at its own expense.
Renter must notify the Company promptly in the event any of the equipment breaks down. The Company will arrange for repair or replacement (at the Company’s option) of the broken equipment within seven (7) business days after receipt of notification.
The Equipment will be in good working order and good condition upon delivery. The Equipment is of merchantable quality and is fit for the following purpose:
8.LOSS AND DAMAGE
To the extent permitted by law, the Lessee will be responsible for risk of loss, theft, damage or destruction to the Equipment from any and every cause.
If the Equipment is lost or damaged, the Lessee will continue paying Rent, will provide the Lessor with prompt written notice of such loss or damage and will, if the Equipment is repairable, put to cause the Equipment to be put in a state of good repair, appearance and condition.
In the event of Total Loss of the Equipment, the Lessee will provide the Lessor with prompt written notice of such loss and will pay to the Lessor all unpaid Rent for the Term plus the Casualty Value of the Equipment, at which point ownership of the Equipment passes to the Lessee.
9.OWNERSHIP, RIGHT TO LEASE, AND QUIET ENJOYMENT
The Equipment is, and at all times shall remain, the sole and exclusive property of the Lessor; and the Lessee shall have no right, title or interest therein or thereto except as expressly set forth in this agreement.
The Lessee will not encumber the Equipment or allow the Equipment to be encumbered or pledge the Equipment as security in any manner.
The Lessor warrants that the Lessor has the right to lease the Equipment according to the terms in this Agreement.
The Lessor warrants that as long as no Event of Default has occurred, the Lessor will not disturb the Lessee’s quiet and peaceful possession of the Equipment or the Lessee’s unrestricted use of the Equipment for the purpose for which the Equipment was designed.
No insurance coverage for the Equipment is required under this Agreement.
The Lessee will report and pay all taxes, fees and charges associated with the Equipment, with the use of the Equipment, and with revenues and profits arising out of the use of the Equipment, including, but not limited to, sales taxes, property taxes, and license and registration fees. The Lessee will pay any and all penalties and interest for failure to pay any tax, fee or charge on or before the date on which the payment is due. The Lessee will pay any and all penalties and interest for failure to report required information to any taxing authority with jurisdiction over the Lessee or the Equipment. If the Lessee fails to do any of the foregoing, the Lessor may, but is not obligated to, do so at the Lessee’s expense.
Notwithstanding any other provision of this Agreement, the Lessee will not be required to pay any tax, fee or charge if the Lessee is contesting the validity of same in the manner prescribed by the legislation governing the imposition of the same, or in the absence of a prescribed form, in a reasonable manner. However, the Lessee will indemnify and reimburse the Lessor for damages and expenses incurred by the Lessor arising from or related to the Lessee’s failure to pay any tax, fee or charge, regardless of whether the Lessee pays the same, the Lessee will reimburse the Lessor for the cost upon notification from the Lessor of the amount.
If the Lessee fails to pay any and all taxes, fees and charges mentioned in this Agreement and the Lessor, on behalf of the Lessee, pays the same, the Lessee will reimburse the Lessor for the cost upon notification from the Lessor of the amount.
In addition to the recognition that Lessor is not a party to any contract between Lessee, you hereby release Lessor, our Affiliates, and our respective officers, directors, agents, subsidiaries, joint ventures, and employees from claims, demands, and damages (actual and consequential) of every kind and nature, known and unknown, arising out of or in any way connected with any dispute you have with another User, whether it be at law or in equity. This does not apply to any claims against Lessor for breach of this Agreement.
TO THE EXTENT APPLICABLE, YOU HEREBY WAIVE THE PROTECTIONS OF CALIFORNIA CIVIL CODE § 1542 (AND ANY ANALOGOUS LAW IN ANY OTHER APPLICABLE JURISDICTION) WHICH SAYS: “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.”
The occurrence of any one or more of the following events will constitute an event of default (“Event of Default”) under this Agreement:
On the occurrence of an Event of Default, the Lessor will be entitled to pursue any one or more of the following remedies (“Remedies”):
Upon written demand by the Lessor, the Lessee will execute and deliver to the Lessor documents required by the Lessor to protect the Lessor’s interest in the Equipment including, but not limited to, the documents necessary to file a UCC financing statement.
Global Fitness can customize this Torque Fitness VKR to match your sports team or corporate colors. Past clients include Under Armor, Facebook, and several NFL teams.