Rental Lease Agreement Terms and Conditions
PERSONAL PROPERTY LEASE
State of Missouri
BACKGROUND:
By completing payment via paypal or credit card transaction for a rental product on this website you are agreeing to abide by, and be bound to, the following terms in this document. Hereafter, whether you represent yourself or an organization, in this document, you will be referred to as “Lessee”
This Personal Property Lease Agreement (hereinafter the “Agreement”) is entered into and made effective as of the date set forth at the end of this document by and between the Lessor, DIAMOND VALLEY LLC, (hereinafter referred to as “Lessor”), of the following address:
3101A SUTTON BLVD
MAPLEWOOD, MO 63143
and the Lessee, of the address entered upon checkout as “Shipping Address”, hereafter referred to as “Customer Address”
I. RECITALS.
WHEREAS, the Lessor is the owner of the following property:
Magic: The Gathering trading cards, supplies, and accessories including, but not limited to, sleeves, pack holders, boxes, booster pack experiences, or other experiences and/or trading cards related to Magic: The Gathering.
WHEREAS, the leased property has an agreed upon value of $2,000 (two thousand US dollars).
WHEREAS, the Lessor wishes to lease the property to the Lessee on such terms as are set out in this Personal Property Lease Agreement (the “Agreement”) and the Lessee wishes to lease the property from the Lessor on said terms,
WHEREAS, this Agreement is a lease only and the Lessee will have no right, title, or interest in or to the property except for the use of the property as described herein;
WHEREAS, this Agreement shall be treated as a true lease for federal and applicable state income tax purposes with Lessor having all benefits of ownership of the property,
NOW, THEREFORE, IT IS HEREBY AGREED as follows:
II. TERM.
1. The lease term will begin on the date that the product is mailed, hereafter referred to as “Ship Date” and is for the following amount of time: two weeks (the “Term”).
2. Lessee shall have the right, as its option, to request an extension of the term of this lease for a period of time after the expiration of the lease term by requesting the extension in writing to the Lessor before the end of the above term. Lessor has sole discretion to approve or deny an extension. The extension fee will be an additional payment of 25% of product rental price originally paid, for each additional week, unless noted otherwise by the lessor at time of extension.
III. LEASE PAYMENTS.
3. Lessee shall pay upfront the amount described on the product page for the chosen rental product, hereafter referred to as “Rental Fee”.
4. Payments may be made in the following acceptable manners:
Paypal, Credit Card
5. Payments are to be made to the Lessor at the address listed above. The payment address may be changed at the discretion of the Lessor and the Lessee will be informed of such change by written notice.
6.When paying by credit card, Lessor reserves the right to keep the Credit Card on file for convenience of making ancillary charges, such as extension payments and late fees.
IV. LATE RENTAL MERCHANDISE RETURN.
7. For any rental merchandise that is not returrned within 3 days of its due date (the end of the Term), Lessee shall pay a late fee of $100 per calendar week, beginning with the day after last day of the Term and ending when the merchandise is received by the Lessor.
V. LOCATION OF PROPERTY.
8. Lessee shall be entitled to use and possession of the property on the first day of the term of this Lease and shall yield possession to Lessor on the last day of the term of this Lease, unless otherwise agreed by both parties in writing.
9. Lessor will deliver the property to the Lessee at Customer Address that is listed as the Shipping Address in the transaction data.
10. Lessee agrees not to part with or dispose of the property without the prior written consent of Lessor.
VI. USE OF PROPERTY.
11. Lessee shall use the property at all times in a workmanlike manner and shall not injure the property, except for ordinary and reasonable wear and tear.
12. Lessee shall not knowingly use the property in an environment that could be damaging to the property, such as a wet or especially dirty environment.
13. Lessee shall only use the property in the manner for which it was designed and intended to be used.
14. Lessee shall comply with all federal, state, and local laws and regulations with regard to Lessee’s possession and use of the property.
VII. TITLE TO PROPERTY.
15. Lessor shall retain title to the property.
16. Title to the property shall not pass to Lessee, and Lessee only acquires the right to use the property in the regular course of its business.
17. Lessee agrees that the property is and shall remain personal property.
18. Any improvements to the property shall become the property of Lessor.
VIII. DISCLAIMER OF WARRANTIES.
19. LESSE RECOGNIZES THAT THE PROPERTY BEING RECEIVED IS AS IS AND WITH ALL FAULTS.
20. LESSOR MAKES NO REPRESENTATIONS, PROMISES, OR WARRANTIES, EITHER EXPRESS OR IMPLIED, CONCERNING THE MERCHANTABILITY, SUITABILITY, OR FITNESS FOR A PARTICULAR PURPOSE OF THE PROPERTY.
21. LESSOR EXPRESSLY DISCLAIMS ANY AND ALL REPRESENTATIONS AND WARRANTIES, WHETHER ARISING FROM STATUTE, COMMON LAW, CUSTOM, OR OTHERWISE.
22. THIS DISCLAIMER OF ALL WARRANTIES APPLIES TO BOTH THE LEASE OF THE PROPERTY AND ANY EXERCISE OF THE OPTION TO PURCHASE THE PROPERTY.
IX. TAXES.
23. Lessor, at their own expense, shall pay all personal property taxes levied or assessed against the property.
X. RISK OF LOSS.
24. Lessee shall bear all risk of loss to the property unless the loss occurs while the property is in the possession of the Lessor or in transit to or from the Lessor. The property is considered in Lessee’s position from the moment the tracking of the shipment to the Lessee shows delivered, to the moment the return tracking has been scanned in at post office.
25. Loss or damage to the property shall not relieve Lessee of their obligations under this lease agreement, including Lessee’s obligation to continue to pay rental payments.
26. Cards, supplies, or accessories that are lost, or damaged, except for ordinary and reasonable wear and tear, will be the responsibility of the Lessee to replace, or Lessee will be billed for the items at their current market price, plus labor, if applicable.
XI. INDEMNIFICATION.
26. Lessee shall indemnify and hold Lessor harmless for any and all claims, damages, or proceedings (including all costs, expenses, and attorneys’ fees) relating to or arising out of Lessee’s use or possession of the property.
XII. DEFAULT.
27. If the Lessee fails to make any rental payments or otherwise fails to comply with the terms and conditions of this lease, Lessor may immediately and without notice take possession of the property without legal proceedings.
28. Upon Lessee’s default of their obligations under this lease agreement, any unpaid rental payments for the entire term of the lease agreement shall immediately become due and payable.
XIII. RETURN OF PROPERTY.
29. At the expiration of the term of this lease or upon default by Lessee, Lessee shall return and deliver to Lessor the property in good order and condition, ordinary wear and tear excepted.
30. The property will be returned to the following address:
4803 Forder Oaks Ct
St. Louis, MO 63129
XIV. NOTICES.
33. All notices required or permitted under this Lease shall be deemed delivered when delivered in person or by mail, postage prepaid, addressed to the appropriate party at the address shown for that party at the beginning of the Lease, or by email correspondence to diamondvalleycards@gmail.com.
XV. ASSIGNMENT.
34. The Lessee shall not assign, transfer, or sublet of any of its obligations, rights, or interests under this Agreement to any third party, whether an associated entity or not, whether in whole or in part without prior written consent of the Lessor.
XVI. TIME OF THE ESSENCE.
35. The Parties agree that time is of the essence in this lease agreement in each and every particular.
XVII. SEVERABILITY.
36. If a court holds any provision of this Agreement to be illegal, invalid, or unenforceable, the remaining provisions shall remain in full force and effect and the Parties will amend this Agreement to give effect to the stricken clause to the maximum extent possible.
XVIII. WAIVER.
37. The failure of either party to enforce any provision of this Lease shall not be construed as a waiver or limitation of that party’s right to subsequently enforce and compel strict compliance with every provision of this Lease.
XIX. ENTIRE AGREEMENT AND MODIFICATION.
38. This Lease constitutes the entire agreement between the Parties. No modification or amendment of this Lease shall be effective unless in writing and signed by both parties.
XX. GOVERNING LAW.
39. This Lease shall be construed in accordance with the laws of Missouri. Both Parties consent to jurisdiction under the state and federal courts within the state of Missouri. The Parties agree that this choice of law, venue, and jurisdiction provision is not permissive, but rather mandatory in nature.