This Equipment Lease (this “Lease”) is made effective as of _________________, between Blackbox Studios, LLC (the “Lessor”), 3120 Latrobe Drive, Suite 250, Charlotte, North Carolina 28211
EQUIPMENT SUBJECT TO LEASE. The Lessor shall lease the equipment listed on the attached Exhibit “A”.
PAYMENT TERMS. The total lease payment, based on a rate as detailed in Lessor’s cost of use, is due and payable prior to the rental, at the time any rented equipment is picked up or before it leaves the studio for delivery. Charges will be computed from the effective date of this Lease until the equipment is returned.
CANCELLATION: Should the Lessee need to cancel a confirmed rental order or release booked crew, payment will be due per the following terms:
Cancellation within 7 days of confirmed rental order: 25% of total rental value or labor confirmed, plus any expenses incurred by Lessor
Cancellation within 48 hours of confirmed rental order: 50% of the total rental value or labor confirmed, plus any expenses incurred by Lessor
Cancellation within 24 hours of confirmed rental order: 100% of the total rental value, or labor confirmed, plus any expenses incurred by Lessor
BLACKBOX CREW: Blackbox Studios’ contractors work on a 10 consecutive hour day. Time worked in excess of 10 hours will be billed at time and a half, unless expressly stated and negotiated ahead of time. All labor and expenses incurred will be billed by Blackbox Studios, with proper support for any and all job related expenses and purchases.
INSURANCE. The Lessee shall insure the equipment in an amount sufficient to cover the replacement cost of the equipment, general liability, and rented vehicles if any fitting or exceeding the requirements below:
COI needs to cover Blackbox Studios, LLC as additional insured/loss payee for rented equipment.
Blackbox Studios, LLC
3120 Latrobe Dr. Suite 250
Charlotte NC 28211
704 442 1028
Coverage for general liability minimum: $1,000,000
Rented vehicle coverage minimum: $ 50,000 (If any rented)
Should the Lessee not have or be able to obtain a certificate of insurance, the lessee may request a one-time insurance coverage purchase from Blackbox Studios for the cost of repair or replacement value of items damaged beyond repair. Insurance coverage will be available for purchase at a rate of 10% of the rental value of the order. With this purchase, the Lessor will assume liability for any injury caused directly by equipment malfunction but will not include liability for any injury NOT directly caused by equipment rented from Blackbox Studios, LLC.
TAX. Sales and/or use tax, if required, is included.
SERVICE CHARGE. (Applies to pre-approved credit accounts only/payable in 30 days) If any Lease installment is not paid within 30 day(s) after the due date, the Lessee shall pay to the Lessor a service charge of For every 30 days an invoice remains outstanding, a 5% charge will be added to the balance due.
NON-SUFFICIENT FUNDS. The Lessee shall be charged $50.00 for each check that is returned to the Lessor for lack of sufficient funds.
LEASE TERM. This Lease shall begin on the above effective date and shall terminate on _________________, unless otherwise terminated in a manner consistent with the terms of this Lease.
CARE AND OPERATION OF EQUIPMENT. The equipment may only be used and operated in a careful and proper manner. Its use must comply with all laws, ordinances, and regulations relating to the possession, use, or maintenance of the equipment, including registration and/or licensing requirements, if any.
ALTERATIONS. Lessee shall make no alterations to the equipment without the prior written consent of the Lessor. All alterations shall be the property of the Lessor and subject to the terms of this Lease.
MAINTENANCE AND REPAIR. The Lessee shall maintain, at the Lessee’s cost, the equipment in good repair and operating condition, allowing for reasonable wear and tear. Such costs shall include labor, material, parts, and similar items.
LESSOR’S RIGHT OF INSPECTION. The Lessor shall have the right to inspect the equipment during Lessee’s normal business hours.
PICKUP AND RETURN OF EQUIPMENT. Unless otherwise arranged and stated on the equipment rental invoice, the Lessee shall be responsible for pickup and return of equipment to the Lessor at the Lessee’s expense within standard operating hours, 9am-6pm Monday-Friday, unless otherwise expressly stated. Lessor is obligated to return the equipment to the Lessor at the Lessee’s expense within these hours, or arrangements may be made for an after hours pickup or drop-off for an additional charge.
ACCEPTANCE OF EQUIPMENT. The Lessee shall inspect each item of equipment delivered pursuant to this Lease. The Lessee shall immediately notify the Lessor of any discrepancies between such item of equipment and the description of the equipment in the Equipment Schedule. If the Lessee fails to provide such notice in writing within 1 day after the delivery of the equipment, the Lessee will be conclusively presumed to have accepted the equipment as specified in the Equipment Schedule.
OWNERSHIP AND STATUS OF EQUIPMENT. The equipment will be deemed to be personal property, regardless of the manner in which it may be attached to any other property. The Lessor shall be deemed to have retained title to the equipment at all times, unless the Lessor transfers the title by sale. The Lessee shall immediately advise the Lessor regarding any notice of any claim, levy, lien, or legal process issued against the equipment.
DEFAULT. The occurrence of any of the following shall constitute a default under this Lease:
A. The failure to make a required payment under this Lease when due.
B. The violation of any other provision or requirement that is not corrected within 2 day(s) after written notice of the violation is given.
C. The insolvency or bankruptcy of the Lessee.
D. The subjection of any of Lessee’s property to any levy, seizure, assignment, application or sale for or by any creditor or government agency.
