Rental Purchase Agreement entered into this day ____________________ 20_____ between Shawnee Rentals, located at address shown above, hereinafter referred to as “Lessor” and
Address: ____________________________________________________ County: ____________________ with a Tax Rate of _______ %
City: ____________________ State: ____________________ Zip code: ____________________
Home or primary #: ____________________ Cell #: ____________________ Other # (specify): ____________________
Herein after referred to as “Consumer”.
(A) The building to be leased by the Lessor to the Consumer, the subject of this agreement, is described as follows:
Size: ____________________ Style: ____________________ Color: ____________________
(B) The property is (check one) New (___) or Used (___) / Serial #: ____________________
(C) The term of this agreement is for one month. Consumer may renew agreement for consecutive terms of one month by making rental payments in advance for each month that Consumer wishes to rent storage building.
(D) Throughout the rental contract, Consumer is responsible for the cash payoff value of the property if it is stolen, damaged, or destroyed unless Consumer chooses to purchase optional Liability Damage Waiver at a monthly cost of $___________. Consumer Accepts (___) or Declines (___) this coverage by initialing his/her choice _____. If Consumer chooses to purchase this coverage, Consumer will not be responsible for damage to the property by fire, theft, flood, and other acts of God if Consumer has paid all regular lease payments and this fee, and if damage is not due to willful acts or gross negligence on part of Consumer or Consumer’s family or agents.
(E) The cash price of the property to be leased as of the date on this contract is $____________ and the length in months of contract is ____.
(F) The monthly rental payment is $_________ plus sales tax of $_______ equal to $_________ Plus optional Liability Damage Waiver fee of $_________ for a total monthly payment of $____________ .
(G) Total rental cost of this contract in ______ months is $____________ not including sales tax, late fees, damage waiver, or other fees.
(H) Total cost of lease services over _____ months is $__________
(I) A late charge of $15.00 applies to any payment received more than five days after due date.
NOTICE TO CONSUMER
You are renting this property and will not own it until you make all the monthly payments or until you use the early purchase option. You do not have the right to keep the property if you fail to make the monthly payments or use the early purchase option. Your failure to make monthly payments means the lessor may repossess the property, but you may have a right of return as explained on page 2, section 3 of this agreement.
1. The first and last of ______ monthly rental payments, the sum of $________ plus sales tax of $________ plus (optional) Liability Damage Waivers of $________ for a total of $________ is required for delivery of the building. After paying an additional _______ months rent for a total of ________ monthly payments.
Consumer will acquire possession of the rented property. Alternately, Consumer may choose to purchase rented property at any time by paying early payoff amount in a single payment.
2. Consumer may terminate this agreement without penalty by voluntarily surrendering the rented property upon expiration of any monthly lease term.
3. If for any reason this agreement is terminated, Consumer shall have the right to reinstate without losing any rights by payment of all past due rental payments, cost of pickup, redelivery, and refurbishment within thirty (30) days of termination date, unless Consumer has paid more than two-thirds of payments necessary to acquire ownership, in which case within ninety (90) days. Lessor may provide Consumer a substitute building of comparable value.
4. Consumer may not assign any rights under this contract to any third party without Lessor’s consent.
5. Consumer shall not permit the leased property to be altered for the construction of shelves, addition of equipment and accessories or the placing of signs thereon, nor be affixed to any real estate in such a manner that property cannot be removed without damage. Consumer shall not permit the leased property to be used for any unlawful purpose, nor for housing any animal. Property must always remain accessible to Lessor.
6. Consumer is responsible for maintaining the property during the duration of the lease.
7. Consumer understands that Lessor is not in the warehouse business, and therefore has no custody, control, possession or dominion over the contents of the rented building and does not agree to provide protection for the storage building or the contents thereof. Consumer agrees not to move building from property of original delivery without notification and consent of the Lessor. Consumer incurs all costs associated with moving building. Consumer must take all steps necessary to safeguard all property stored in rented building. Lessor shall in no way be liable to Consumer or any other person or entity by reason of loss, damage, or destruction of contents of building.
8. Consumer agrees to promptly remove all Consumer’s personal belongings and property at the termination of this agreement, whether caused by Consumer’s failure to remit two (2) consecutive payments or by lapse of time, and Consumer further agrees to permit Lessor to enter upon Consumer’s property at a reasonable time of day to retrieve building. Consumer agrees that if personal property is not removed from storage building after termination of this agreement, and if Lessor takes possession of the building containing Consumer’s personal property, Lessor will have a lien on said personal property for all past due rental payments, late fees, and reasonable costs associated with removal of building from Consumer’s property.
9. The parties agree that the Consumer has examined the leased property, knows the condition thereof, and has agreed to lease same “as is” and that the Lessor has made no representation, warranties, or promises of any kind as to the condition quality, or suitability of the leased property.
10. If Consumer takes possession of the rented property by satisfying terms of this agreement, Consumer shall have the right to any remaining warranty offered by the original manufacturer of the portable storage building.
11. This agreement may only by modified or altered in paper writing signed by both parties.
12. By executing this agreement, Consumer agrees that: (l) Consumer has read and understands this agreement, and (2) Consumer has received a signed and legible copy containing all relevant information.
IN WITNESS WHEREOF, having read and understood the terms of the contract, the parties have affixed their signatures as of the date first written above:
Lessor: Shawnee Rentals LLC
Consumer Signature:___________________________ Driver’s License#____________________________
Vendor Signature:______________________________ Estimated delivery date:______________________
Additional Customer Information:
1) The initial opening payment covers the first month’s rent. The consumer will receive an invoice due approximately a month after delivery. A preaddressed envelope will be included for payments, or they can pay by phone using a credit or debit card. Any payments received more than 5 days after the due date incur a late fee of $15.00 per month.
2) Consumer is renting the building, not paying installments. There is no “paying down of the principal,” as this is a rental agreement, and not a loan. The agreement is for one month at a time, and by making monthly rental payments, the customer automatically extends the agreement an additional month. A percentage of each payment is applied to the price of the building, the balance is rental fees. Any monies paid ahead of the purchase price will be divided as stated above, However, when making the final purchase price, all monies are applied to the building; no rental fees are taken out of that price.
3) The contract balance is the total rental amount the consumer will pay over the entire contract period. The purchase price is the remaining balance on the price of the building plus taxes. This is a one-time cash payoff, and cannot be broken into multiple payments. The consumer can buyout the contract by paying this purchase price at any time.
4) The liability Damage Waiver is strongly recommended although state laws may not require it. If consumer does not have this coverage and anything happens to the building while it is on their property, they are responsible for the cash payoff value of the building. The monthly charge is $5 for a building up to $3000. Buildings between $3000 and $6000 are $8 a month. Any buildings over that will be $10 a month. This is not a replacement guarantee, just protection from having to payoff a barn that has been destroyed by an accident or act of God. Shawnee Rentals does not protect or guarantee from damage any of the contents stored in the building. Consumer is responsible for maintaining property during lease.
5) The building may not be moved without notification of and permission from Shawnee Rental LLC. Consumer cannot sublet or resell this contract to anyone else without permission. A contract transfer document is required if another party wishes to take over the existing contract.
6) Consumer cannot physically modify the building from its’ original purchase condition, (wiring, shelving, signs, attaching to other buildings, additions, etc.) without permission from Shawnee Rental LLC. No illegal activity is allowed in the building, no pets, and it must always remain accessible. If building is placed at a location that is inaccessible to delivery trucks because of or during inclement weather, mud, etc. and damages occur to property during repossession of the building, the consumer is responsible for those damages. _________ (Customer initial)
7) Consumer can cancel contract at any time. If the terms of this contract have not been breached in any way, payments are up to date and the building is in good condition, the second monthly payment that they had paid will be refunded.
8) Consumer is required to remove all belongings from the building if the contract is cancelled and scheduled for pick up. If not removed, the contents may be, at the dealers’ discretion, repossessed with the building and property will be held for one week. The contents will then be sold or discarded.
9) When all payments have been completed, or the purchase option has been paid, the consumer will receive a written payoff receipt from Shawnee Rentals LLC. as proof that the building is now theirs and the terms of the contract have been completed.
IN WITNESS WHEREOF, having read and understood the information above, the parties have affixed their signatures as of the date written below:
Customer Signature:______________________________________ Date:____________________________