Schedule: For the purposes of this Lease “schedule” means this Schedule and any documents with additional terms that from part of this lease.
Guarantor: For the purposes of this Lease “Guarantor” means a person or corporate entity that guarantees the Consumer’s obligations under this Lease.
Guarantee: Is as described in the attached Schedule.
Security Deposit: For the purposes of this Lease “Security Deposit” is the refundable part of the initial payment made by the Consumer upon signing this lease. The Security Deposit will be returned without interest upon termination of the term of this lease and return of the Vehicle in a condition acceptable to the Leasing Company. The Leasing Company may deduct from the Security deposit any money owed to the Leasing Company, or any cost or expenses incurred by the Leasing Company including without limitation, legal expenses in connection with this Lease.
Insurance: The Consumer shall throughout the term of this Lease obtain and Maintain insurance on the Vehicle for its full replacement value against theft, fire, collision, and any other risks or perils and for additional amounts. The Leasing Company shall be named as an insured in all policies with respect to damage or loss of the Vehicle. Such insurance shall have deductible as approved by the Leasing Company. The Consumer shall pay all insurance premiums and give to the Leasing Company certified copies of all insurance policies and of all renewals as they come into effect. The Consumer shall pay all insurance premiums and give the Leasing Company certified copies of all insurance policies and of all renewals as they come into effect. The Consumer will not allow such insurance to be altered or voided without the prior written consent of the Leasing Company. At the Leasing Company’s option the proceeds of insurance premiums and give to the Leasing Company certified copies of all insurance policies and of all renewals as they come into effect. The Consumer shall pay all insurance premiums and give to the Leasing Company certified copies of all insurance policies and of all renewals as they come into effect. The Consumer will not allow such insurance to be alerted or voided without the prior written consent of the Leasing Company. At the Leasing Company’s option the proceeds of insurance Leasing company’s attorneys, or its assigns, at the Leasing Company’s option, to make claims an due for, receive payment of or to execute and endorse all releases, document, cheques or drafts for all loss or damage or returned premiums, which will be charged back to the Consumer and are due an payable immediately be the Consumer to the Leasing Company. The Leasing Company shall not be required to obtain and maintain insurance on the Vehicle. Further insurance requirements are as stated on the attached Schedule.
Excess Kilometers: The Vehicle may be driven during the term of this Lease for a specified number of kilometers as stated on the attached Schedule. If the specified number of kilometers is exceeded there will be an additional cost to the Consumer calculated at the rate per kilometer of the specified limit as stated on the Schedule.
Overholding: If the Consumer fails to return the Vehicle to the Leasing Company on the scheduled termination date, the Leasing Company may at its option, allow the Lease to continue on a month to month bases, in which case the Consumer shall pay to the Leasing Company the monthly payment as set out in the Lease and other such amounts as the Leasing Company requires.
Purchase Option: If the Consumer is not in default and has agreed to an end of lease purchase option under Section 6(a), then the Consumer is entitled to purchase the Vehicle at the Scheduled Termination of this Lease. The Purchase Price shall be the Termination Value of the Vehicle (residual value). This value is a reasonable approximation of the anticipated actual fair market value of the Vehicle at scheduled Termination of the Lease, plus all applicable taxes.
Non Purchase Option: If the Consumer has agreed to a return of the Vehicle at the Scheduled Termination of this Lease, then the Consumer is required to return the Vehicle of the Leasing Company and pay (a) all costs under Section 5(c) less all payments made therefor up to the time of return of the vehicle: (b) excess kilometerage charge: (c) cost of repairs for excess wear and tear, if any; and (d) late payment charges.
Return of Vehicle: The Consumer agrees that it will immediately deliver the Vehicle to the Leasing Company’s place of business or as the Leasing Company may direct the Consumer, upon the Scheduled Termination of earlier termination of this Lease. When delivered the Vehicle will be inspected by the Lease Company. The Vehicle shall be, excepted for reasonable wear and tear, in the same condition as it was when it was originally delivered to the Consumer.
Scheduled Termination: The Scheduled Termination is at the end of the last month under Section (3f) of this Lease. If the Consumer returns the Vehicle at the Scheduled Termination, and the Consumer has not breached any terms, the only money owed to the Leasing Company shall be any excess kilometerage charge and any cost of repairs because of excessive wear and tear, if applicable.
Taxes: The Consumer agrees to pay when due, all taxes in connection with this Lease including without limitation any taxes, levies or fees imposed on the Leasing Company with respect to the Vehicle.
Early Termination, or Termination by Breach of the Lease: The Consumer does not have any right to terminate this Lease before the Scheduled Termination. The Leasing Company has the right to terminate this Lease in the event of loss or destruction of the Vehicle, or if the Consumer fails to comply with any of the terms in the Lease including without limitation, failure to accept delivery of the Vehicle, failure to pay monthly payments according to the Lease, failure to maintain insurance according to the Lease, Failure to comply with vehicle safely laws, failure to maintain the Vehicle in good order, or any other breach of the Lease, if the Leasing Company Terminates the Lease before the Scheduled termination, the Leasing Company may recover all costs, expense, and lost profits as a result of a breach by the Consumer.
Deliver Receipt: The Consumer by signing this Lease and the attached Schedule of the Delivery agrees that the Vehicle has been inspected, and is as described in the Lease, and the Vehicle is in good operating order and condition.
Warranties: The Leasing Company by signing this Lease and the attached Schedule of the Delivery agrees that the Vehicle has been inspected, and is as described in the Lease, and the Vehicle is in good operating order and condition.
Use: The Consumer must not allow unlicensed drivers to drive the Vehicle, use or allow the Vehicle to be used illegally, improperly, for hire or as a public conveyance. The Vehicle must not be used to pull trailers that exceed the manufactures trailer towing recommendations. The Consumer will not remove the Vehicle from Canada Without the written consent of the Leasing Company, and will not alter, mark or install any equipment in the Vehicle without the written consent of the Leasing Company.
Fines, Liens and Encumbrances: The Consumer shall keep the Vehicle free of all fines, liens and encumbrances, the Leasing Company may do so. Any money paid out by the Leasing Company will be charged back to the Consumer, plus any costs associated with removing any fines, liens and encumbrances.
License, Registration, Inspections: The Consumer agrees to pay all fees and charges for transfer of title, registration, licensing, inspections and testing required by any government authority during the term of this Leasing Agreement.
Ownership: The Consumer and the Leasing Company agree that this Lease is intended to be a true Lease for all purposes included, without limitation, income and other tax and personal property security and credit and credit laws. The Leasing Company is the owner of the Vehicle and retains all benefits of ownership.
Assignment by Consumer: The consumer shall not assign the Lease, or transfer any interest in the Vehicle.
Assignment by Leasing Company: The Leasing Company has the right to assign this Lease. Upon such assignment it will notify the Consumer of the assignment.
Indemnification of Leasing Company: The consumer agrees to indemnify and protect the Leasing Company and anyone to whom this Lease is assigned from all loss, damage, injuries, claims, demands, and expenses arising out of the condition, maintenance and operation of the Vehicle. The Consumer agrees to promptly pay the Leasing Company for any such loss, damage, claim, demand and expenses.
Consumer Obligations: At all time the Consumer agrees to pay all costs for the use, maintenance and operation of the Vehicle.
Notice: Any notice required or permitted to be given under the terms of this Lease shall be in writing and shall be sufficiently given if deliver by hand or sent by mail, postage repaid to the address on the face of his Lease of the Consumer or the Leasing Company.
Entire Agreement: This Lease and its attached Schedules contain the entire agreement between the Consumer and the Leasing Company. No other agreements exist either verbal or written. Changes to this agreement must be agreed to and signed by both Consumer and the Leasing Company.