Reformer Rental Agreement

Reformer Rental Agreement

Effective Date: August 23, 2024

Parties:

Lessor: Pilates Direct, located at 4/7 Salisbury Road, Castle Hill NSW 2154.

Lessee: The individual who accepts this rental agreement.

(Hereinafter collectively referred to as the "Parties")

Agreement:

In consideration of the mutual agreements and promises contained herein, which are acknowledged as sufficient, the Lessor agrees to lease the Equipment to the Lessee, and the Lessee agrees to lease the Equipment from the Lessor under the terms specified below:

Definitions:

  • "Casualty Value" refers to the market value of the Equipment at the end of the Term or the value it would have had at the end of the Term in the event of a Total Loss. The Casualty Value will not exceed the original purchase price of the Equipment and may be less than this amount.

  • "Equipment" means the Pioneer Pilates PP-06 Foldable Reformer Package or the PP-07 Foldable Reformer Package, with approximate values of $2,390 and $2,590 respectively.

  • "Total Loss" refers to any loss or damage that is irreparable or would require repair costs exceeding the market value of the Equipment.

Lease:

The Lessor agrees to lease the Equipment to the Lessee, and the Lessee agrees to lease the Equipment from the Lessor as per the terms of this Agreement.

Term:

The lease commences on the date of initial delivery and continues on a weekly basis for a minimum period of 12 weeks. The Agreement may be terminated by either party with 14 days' written notice.

Rent and Deposit:

  • The weekly rent of $39.00 will be paid starting from the delivery date and subsequently on the same day each week during the Term (referred to as "Rent").

  • The Lessee will provide a deposit of $300.00 (referred to as "Deposit") plus shipping costs prior to taking possession of the Equipment. The Deposit will be refunded at the end of the Term, minus any applicable fees, provided the Lessee fulfils all obligations under this Agreement.

Residual Value:

The Residual Value of the Equipment at the Agreement's acceptance is $2,390.00 and $2,590.00 respectively. If the Lessee opts to purchase the Equipment, a different Residual Value may be negotiated at that time.

Purchasing the Equipment:

The Lessee may purchase the Equipment at the end of the Term by paying:

  1. The Residual Value of the Equipment.
  2. Any missed payments.
  3. Any applicable fees, taxes, and expenses associated with the purchase.

Delivery of Equipment:

The Lessor will deliver the Equipment to the Lessee at the address provided at the time of the original order, at the Lessor’s risk.

Use of Equipment:

The Lessee agrees to use the Equipment properly and in accordance with the Lessor’s guidelines and applicable laws. The Equipment must be used for its intended purpose. Modifications or attachments to the Equipment require prior written consent from the Lessor, provided they do not damage the Equipment’s functionality or value.

Repair and Maintenance:

  • The Lessee will maintain the Equipment in good condition, with normal wear and tear excepted.

  • If the Equipment is not returned in good condition, the Lessor may make necessary repairs and deduct the costs from the Deposit or require the Lessee to cover these costs.

  • The Lessee may, but is not obligated to, pursue any warranty claims against the supplier or manufacturer of the Equipment.

Warranties:

  • The Equipment will be in good working order and condition upon delivery.

  • The Equipment is of merchantable quality and suitable for its intended use.

Loss and Damage:

  • The Lessee is responsible for any loss, theft, damage, or destruction of the Equipment.

  • In the event of damage, the Lessee must continue paying Rent and notify the Lessor immediately. If repairable, the Equipment must be restored to good condition.

  • For Total Loss, the Lessee must notify the Lessor and pay all outstanding Rent and the Casualty Value, transferring ownership of the Equipment to the Lessee.

Ownership, Right to Lease, and Quiet Enjoyment:

  • Ownership of the Equipment remains with the Lessor unless the Lessee has paid the Residual Value, any missed payments, and related costs or in case of Total Loss.

  • The Lessee will not encumber the Equipment.

  • The Lessor has the right to lease the Equipment and will not interfere with the Lessee’s use of the Equipment if no default has occurred.

Surrender:

At the end of the Term or earlier termination, the Lessee must make the Equipment available for pickup. Failure to do so will result in the Lessee paying any unpaid Rent and the Casualty Value, transferring ownership to the Lessee.

Insurance:

Insurance for the Equipment is not required under this Agreement.

Indemnity:

The Lessee will indemnify the Lessor against any claims, actions, damages, or liabilities arising from the use of the Equipment.

Default:

An "Event of Default" occurs if:

  1. The Lessee fails to pay amounts due within seven days or breaches obligations under the Agreement.
  2. The Lessee becomes insolvent or undergoes bankruptcy proceedings.
  3. A writ of attachment is placed on the Equipment and not resolved within 10 days.

Remedies:

Upon an Event of Default, the Lessor may:

  1. Declare all Rent immediately due.
  2. Apply the Deposit to any outstanding amounts.
  3. Initiate legal action for recovery.
  4. Repossess the Equipment without notice.
  5. Terminate the Agreement.
  6. Pursue other legal remedies.

Assignment:

The Lessee may not assign this Agreement or their interest in the Equipment without prior consent from the Lessor. Unauthorized assignments will entitle the Lessor to remedies and damages.

Entire Agreement:

This Agreement represents the complete agreement between the Parties, superseding any prior agreements or representations.

Address for Notices:

Notices should be delivered personally or sent by registered mail or courier to:

  • Lessor: Pilates Direct, 4/7 Salisbury Road, Castle Hill  NSW  2154
  • Lessee: Address provided at the time of the original order.

Payment:

All amounts are in Australian dollars unless otherwise agreed.

Interpretation:

Headings are for convenience only and do not affect the Agreement's interpretation. Singular terms include the plural, and vice versa. Gendered terms include all genders.

Governing Law:

This Agreement is governed by Australian law, and the Parties submit to the exclusive jurisdiction of Australian courts.

Severability:

If any provision conflicts with New South Wales legislation, the Act will prevail, and the Agreement will be amended as necessary. Provisions required by the Act are incorporated.

General Terms:

  • The Agreement may be executed in counterparts.
  • Time is of the essence.
  • The Agreement binds and benefits the Parties' heirs, executors, administrators, successors, and assigns.
  • Neither Party is liable for delays due to uncontrollable circumstances, including government restrictions, wars, natural disasters, or other causes beyond reasonable control.

Notice to Lessee:

NOTICE: This is a lease, not a purchase. Review the Agreement carefully before accepting. You are entitled to a copy upon acceptance.