SECTION ONE: TERMS
The terms of this agreement commence on the date an authorized director of AAR LLC (or its authorized Equipment Librarian) executes and signs this agreement. The term ends on either the date the loaned equipment is returned in good condition, or in the case of loss or damage to the equipment, on the date in which AAR LLC has received appropriate remedy as outlined in section three (3) below.
SECTION TWO: INDEMNITY
Borrower shall indemnify AAR LLC against, and hold AAR LLC harmless from, any and all claims, actions, suits, proceedings, costs, expenses, damages, and liabilities, including reasonable attorney fees arising out of, connected with, or resulting from the property subject to this agreement, including, but not limited to the selection, delivery, use, operation, or return of such property.
SECTION THREE: LOSS OR DAMAGE
Borrower assumes and shall bear the entire risk of loss, theft, destruction, or damage of or to any part of the equipment from any cause whatsoever, and no such loss shall release the borrower of his/her obligation under this agreement in the event of loss or damage. Borrower, at the sole option of AAR LLC, shall (a) at borrower’s expense, repair the equipment to the satisfaction of AAR LLC; or (b) at borrower’s expense, and to the satisfaction of AAR LLC, replace the equipment with similar or like equipment in good condition and repair and of comparable value, or (c) make payment to AAR LLC the estimated replacement value amounts specified in the table above.
SECTION FOUR: ASSIGNABILITY
Without AAR LLC’s prior written consent, borrower shall not assign, transfer, pledge, or otherwise dispose of the equipment, or sublet or lend the equipment, or responsibility for same.
SECTION FIVE: LOCATION AND MAINTENANCE
At borrower’s own risk, borrower shall use or permit the use of the equipment solely at the location specified in this agreement, or if none is specified, at borrower’s address set forth above, and such equipment shall not be relocated without AAR LLC’s prior written consent. Borrower, at borrower’s expense, shall maintain the equipment in good repair, condition, and functional order, shall not use the equipment unlawfully, and shall not alter the equipment without AAR LLC’s prior written consent.
SECTION SIX: RETURN OF EQUIPMENT
On the return date indicated above, or on demand by AAR LLC, the borrower, at borrower’s expense, shall return the equipment in good repair (ordinary wear and tear excepted) to the Equipment Librarian at the AAR LLC Warehouse, or reasonably, to another location as specified by AAR LLC.
SECTION SEVEN: PERSONAL PROPERTY
The equipment is, and shall at all times be and remain, property of AAR LLC, and borrower shall have no right, or interest. Additions or improvements to the equipment of any kind or nature made by borrower shall become component parts of the equipment, and be governed by the terms of this agreement.
SECTION EIGHT: DEFAULT AND REMEDIES
- Borrower shall be in default if borrower:
- Fails to abide by the terms in this agreement or any covenant contained in this agreement, or any other instrument or document executed in connection with this agreement;
- Commits or fails to commit any act that results in jeopardizing the rights of AAR LLC or causes AAR LLC to deem itself insecure as to its rights.
- If borrower is in default under this agreement, AAR LLC, with written notice to borrower, shall have the right to exercise concurrently or separately, the following remedies:
- Visit borrower’s premises and without any court order and with possible involvement of law enforcement and having made a good faith attempt at notice to borrower, repossess and remove the equipment; any such repossession shall not constitute a termination of this agreement unless AAR LLC so notifies borrower in writing, and AAR LLC shall have the right, at its option, to loan the equipment to any other person or persons on such terms and conditions as AAR LLC shall determine in good faith to share the Burning Flipside community’s property.
In the event sub-section B1 is exercised, there shall be due from borrower, and borrower will immediately pay to AAR LLC the estimated fair market value of the equipment, plus all costs and expenses of AAR LLC in repossessing, releasing, transporting, repairing, selling, or otherwise handling the equipment.
SECTION NINE: MISCELLANEOUS
This instrument constitutes the entire agreement between AAR LLC and borrower and is irrevocable for its term and it shall not be amended, altered, or changed except by a written agreement signed by the parties. If more than one borrower is named in this agreement, the liability shall be joint and several. If any portion of this agreement is deemed to be invalid, it shall not affect the rest of this agreement. Headings or titles to the paragraphs of this agreement are solely for the convenience of the parties and not an aid to the interpretation of this agreement.