SeniorMart Equipment Lease Agreement

This Equipment Lease Agreement ("Agreement") is entered into (See Appendix 1) between SeniorMart ("Lessor") and (See Appendix 1) ("Lessee") (collectively, the "Parties").

1. Equipment Leased

Lessor agrees to lease the following equipment to Lessee: (Specify Equipment Details).

2. Lease Term

The lease begins on (See Appendix 1) and continues until (See Appendix 1) unless terminated earlier under this Agreement.

3. Lease Payments

Lessee agrees to pay (See Appendix 1) as rent for the equipment.

4. Late Charges

If any payment is more than one (1) day late, Lessee agrees to pay a late fee of (See Appendix 1) per day until the balance is paid in full.

5. Security Deposit

• Lessee shall pay a security deposit of (See Appendix 1) before taking possession of the equipment.
• The deposit is held as security for performance under this Agreement and potential damage to the equipment.
• If damages exceed the deposit, Lessee remains liable for the full cost of repairs.
• The security deposit cannot be used to pay the final month's rent.
• The deposit will be refunded upon return of the equipment in good condition, subject to inspection.

6. Defaults

Lessee will be considered in default if they:

• Fail to make payments on time.
• Breach any terms of this Agreement.
• Become insolvent or file for bankruptcy.

Lessor may:

• Provide seven (7) days' notice to cure the default.
• Take legal action or repossess the equipment if the default is not cured.
• Hold Lessee liable for any outstanding rent and damages.

7. Possession and Return of Equipment

• Lessee will receive possession of the equipment on the first day of the lease.
• At the end of the lease, Lessee must return the equipment in good working condition, with normal wear and tear excepted.

8. Use of Equipment

Lessee must:

• Use the equipment properly and lawfully.
• Comply with all laws, regulations, and ordinances regarding its use and maintenance.

9. Condition of Equipment and Repair

• Lessee acknowledges that the equipment is in good condition during the lease.
• Any issues must be reported immediately upon receipt.

10. Maintenance, Damage, and Loss

• Lessee is responsible for keeping the equipment clean and in good working order.
• If the equipment is lost or damaged beyond repair, Lessee must pay the full replacement cost.
• The lease remains in effect even if the equipment is lost or damaged.

11. Insurance

• Lessee must maintain insurance coverage for the equipment against fire, theft, and damage.
• The insurance policy must list Lessor as the loss payee.

12. Compliance with Laws and Taxes

Lessee agrees to:

• Keep the equipment free from liens or encumbrances.
• Pay all applicable taxes, fees, and permits related to the equipment’s use.

13. Lessor’s Representations

Lessor represents that:

• They have legal authority to lease the equipment.
• Lessee has the right to quiet possession as long as they comply with the Agreement.

14. Ownership

The equipment remains the sole property of the Lessor at all times.

15. Severability

If any part of this Agreement is found to be invalid, the remaining terms shall remain in full effect.

16. Assignment

Lessee may not assign this Agreement without Lessor’s prior written consent.

17. Binding Effect

This Agreement applies to and binds the Parties, their heirs, successors, and assigns.

18. Governing Law

The laws of the State of California govern this Agreement.

19. Notices

All notices must be in writing and sent via certified mail or overnight delivery to:

Lessor:
SeniorMart
15791 Rockfield Blvd, Suite E
Irvine, CA 92618

Lessee:
(See Appendix 1)

20. Entire Agreement

This Agreement supersedes all prior agreements and constitutes the entire understanding between the Parties. Any modifications must be in writing and signed by both Parties.

21. Cumulative Rights

The rights of both Lessor and Lessee under this Agreement are cumulative and not exclusive.

22. Waiver

Failure to enforce any part of this Agreement does not waive the right to enforce it later.

23. Indemnification

Lessee agrees to indemnify and hold Lessor harmless from any claims, damages, or liabilities related to using the equipment, except when caused by Lessor’s negligence.

Senior Mart Rent-to-Own Program – Own the Equipment You Rent!

At Senior Mart, we make it easy for you to own the equipment you rent through our Rent-to-Own program. If you decide to purchase the item during your rental period, you’ll only pay the difference between the retail price and the rental fees & deposit you’ve already paid.

How It Works

✔ Flexible Ownership – Start with a rental and convert it to a purchase anytime
✔ Simple Payment Process – Pay the remaining balance after deducting rental fees & deposit
✔ Convenient Options – Complete your purchase over the phone or in-store
✔ Clear Terms – Your rental contract includes pricing details and how to transition to ownership

📞 Have Questions? Call us at 949.340.9100 to learn more about Rent-to-Own and how to keep the equipment you love!