WHEREAS, Lender is the owner or holder of certain item that being, listed and posted under the platform of Goodinforent.
The description and the value of the item is specified more in detail in Exhibit A (this shall form part of this Agreement)
WHEREAS, Goodinforent is not a party to this Agreement and any provisions that may constitute any form of liabilities hereof are not binding. Furthermore, the following provisions set forth in this Agreement will neither constitute moral nor legal obligation to Goodinforent.
WHEREAS, All the provisions, agreements and arrangements set forth herein shall only bind the undersigned Lender and Borrower.
WHEREAS, Lender is desirous of renting the item to Borrower under the terms and conditions provided herein; and
WHEREAS, Borrower is desirous of renting the item from Lender under the terms and conditions as provided herein;
NOW, THEREFORE, the covenants and obligations provided herein and other good and valuable consideration set forth herein is hereby acknowledged, the parties hereto hereby agree as follows:
Ownership of Property
Lender warrants that the item under herein Agreement is Lender’s own, sole and exclusive property. The Borrower fully understands that he/she shall have no right of ownership and constitutes no legal interest in such item, except as expressly provided in this Agreement.
Any improvements made to the item shall become the property of the Lender. In contrast, the improvements instituted in the item are subject for reimbursement, if the improvements constitute more than the declared value of the item in herein Agreement.
Use of the Property
- Borrower shall use item in the ordinary course and take care it with the diligence required by nature of the item.
- Borrower shall only use the property in accordance of its designed and its intended to be used.
- Borrower shall not injure or damage the item, except for ordinary and reasonable wear and tear.
The item herein Agreement shall be identified or marked by the Lender. The markings or other labels made by the Lender constitutes that the item is owned by the Lender. The Borrower shall not remove any such identifying markings without the prior consent of the Lender.
Condition of the Item
The Borrower stipulates, represents and warrants that he/she has examined the item, and that at the commencement of the Agreement the item was in good order, in a safe, clean and in operable condition.
Disclaimer of Warranties
- The Borrower recognizes that the property is being received as is and with all faults.
- Lender makes no representation, promises, or any form of warranties.
Risk of Loss
The Borrower shall bear all risk of loss to the property unless the loss occurs while in the possession of the Lender. Loss or damage to the property shall not discharge the Borrower from his/her obligations under this Agreement.
Return of Property
Upon the termination of this Agreement, the Borrower shall surrender the item in as good state and condition as they were at the commencement of this Agreement, except as to the damages of ordinary and reasonable wear and tear.
Joint and individual obligations
If there is more than one Borrower, each shall be individually, completely and severally responsible for the performance of all obligations under herein Agreement.
The Borrower hereby understand and agreed not to part with or assigns the item without the written consent of Lender.
This writing contains and constitutes the entire agreement between the Lender and Borrower. In any event, this Agreement is subject for modification provided that it is in the form of written agreement signed by both Lender and Borrower. No modification, waiver or amendment shall be valid unless in writing and signed by the parties hereto.
If any part of this Agreement shall, for any reason be invalid or unenforceable, the remaining part of this Agreement shall be enforced to the utmost extent recognized by law.