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BETWEEN MOCO CONTAINER STORAGE registered under the provisions of the Registration of Business Names Act Cap 317 of the Laws of Barbados and having its principal place of business situate c/o Crane & Equipment Ltd. Bond No. 8 Lower Estate in the parish of Saint Michael in Barbados (hereinafter called “the Lessor” which expression shall where the context so admits include the Lessor’s successors in the title) of the ONE PART and your name and address confirmed in the form provided (hereinafter called the Lessee) of the OTHER PART. WITNESSETH as follows:
SECURITY DEPOSIT & MONTHLY PAYMENTS & REFUND / CANCELLATION
1. The Lessor lets and the Lessee takes on lease from the Lessor upon the terms and conditions hereinafter mentioned the Container and equipment hereinafter mentioned and more particularly described in the schedule hereto (hereinafter called “The Container”) for the term of 1 month commencing on the 1st payment date.
2. The Lessee shall pay to the Lessor a deposit representing the last month’s rent together with the sum for the first month’s rent in advance. On the same day of each month the rental payment is to be paid to the Lessor. Punctual payment shall be of the essence of this lease and the Lessee shall be deemed to have repudiated this Lease if any rental or part thereof shall remain unpaid for more than 7 days after becoming due. All payments for rental shall be paid to the Lessor at the Lessor’s address as stated above or at such other address as the Lessor may from time to time specify in writing AND PAYMENTS MADE BY POST OR OTHERWISE SHALL BE AT THE SOLE RISK OF THE LESSEE. If the agreement is cancelled prior to the container leaving the lessor’s premises then the full initial payment will be refunded to the lessee.
3. The Lessee shall throughout the said term: (1) punctually pay all amounts of rent payable hereunder; (2) pay to the Lessor interest on overdue rent at the rate of 10% per annum until payment thereof such interest to run and be calculated from day to day and to accrue after as well as before any judgment; (3) keep the Container in good repair (fair wear and tear only excepted) and replace all damaged or broken parts with parts of equal quality and value and in default of so doing permit the Lessor to take possession of the Container for the purpose of having repairs carried out and to repay the Lessor the full cost of such repairs and the Lessor shall have a lien on the Container and any property therein until such repayment but the exercise of such lien shall not prevent the accrual of rent hereunder; (4) punctually obtain all permissions, if required, in respect of any premises on which the Container may from time to time be placed or kept and punctually pay all fees or rents to the relevant authority or person in relation to same; ACCESS TO PROPERTY (5) permit the Lessor and any person authorised by the Lessor at all reasonable times to enter upon the premises on which the Container is for the time being placed or kept for the purpose of inspecting and examining the condition of the Container; (6) keep the Container at all times in the possession and control of the Lessee and not remove the same from the Delivery Location without the consent in writing of the Lessor; (7) promptly notify the Lessor of any change in the Lessee’s address and upon request by the lessor promptly notify the Lessor of the whereabouts of the Container; DUE CARE & ATTENTION OF PROPERTY (8) indemnify the Lessor against loss of or damage to the Container or any part thereof from whatever cause arising and whether or not such loss or damage results from the negligence of the Lessee; (9) obtain all necessary licences, permits and permissions for the use of the Container and not use the Container or permit the same to be used contrary to law for the time being in force; (10) indemnify the Lessor against all claims and demands made upon the Lessor by reason of any loss injury or damage suffered by any person from the presence of the container or the use thereof; (11) in the event of default by the Lessee hereunder pay to the Lessor all expenses (including legal costs, debt collection commission and any other expenses on a full indemnity basis) incurred by or on behalf of the Lessor in ascertaining the whereabouts of taking possession of preserving insuring and storing the Container and of any legal proceedings by or on behalf of the Lessor to enforce the provisions of the lease; (12) ensure that in so far as the Container is affixed to any land or building the Container shall be capable of being removed without material injury or damage to the said land or building and that all such steps shall be taken as are necessary to prevent title of the Container from passing to the owner of the said land or building; BREACH OF CONTRACT
4. The Lessee shall not: (1) sell assign sub-let pledge mortgage charge encumber or part with possession of or otherwise deal with the Container or any interest therein nor create nor allow to be created any lien on the Container whether for repairs or otherwise and in the event of any breach of this sub-clause by the Lessee the Lessor shall be entitled (but shall not be bound) to pay to any third party such sum as is necessary to procure the release of the Container from any charge or encumbrance or lien and shall be entitled to recover such sum from the Lessee forthwith; (2) sell mortgage charge demise sub-let or otherwise dispose of any land or building on which the container is kept or enter into any contract to do any of the aforesaid things without giving the Lessor at least six weeks’ prior notice in writing and the Lessee shall in any event procure that any such sale mortgage charge demise sub-lease or other disposition as the case may be is made subject to right of the Lessor to repossess the Container at any time (whether or not any part shall become affixed to the said land or building) and for that purpose to enter upon such land or building and sever the Container or any part thereof affixed thereto;
5. As between the Lessor and the Lessee and their respective successors in title the Container hereby demised shall remain personal property and shall continue in the ownership of the Lessor notwithstanding that the same may have been affixed to any land or building. The Lessee shall be responsible for any damage caused to any such land or building by the affixing of the Container (or any part thereof) thereto or the removal of the Container therefrom (whether such affixing or removal be effected by the Lessor or the Lessee) and shall indemnify the Lessor against any claim made in respect of such damage. LOST OR STOLEN PROPERTY
6. Where the Container or any part thereof is lost, stolen, destroyed or damaged by the negligence or wrongful act of a third party the Lessee shall immediately notify the Lessor thereof shall not compromise any claim without the consent of the Lessor shall allow the Lessor to take over the conduct of any negotiations (except in relation to claims of the Lessee for personal injuries loss of use of the Container or loss or damage to the property of the Lessee unconnected with the Container) and shall at the expense of the Lessee take such proceedings (in the sole name of the Lessee or jointly with the Lessor) as the Lessor shall direct holding all sums recovered together with any monies recovered by the Lessee under any policy of insurance taken out by the Lessee on trust for the Lessor and paying or applying as the Lessor directs such part thereof as is necessary to discharge the Lessee’s liability to the Lessor at the date of such payment and to compensate the Lessor for the loss or destruction of or damage to the Container any surplus being retainable by the Lessee for the Lessee’s own benefit. FAIR WEAR & TEAR OF PROPERTY
7. The Lessee shall not be liable for fair wear and tear of the Container.
8. (1) if the Lessee shall make default on payment of any of the sums payable hereunder or shall fail to observe or perform any of the other terms and conditions of this lease whether express or implied or if the Lessor shall on any reasonable ground consider itself insecure the Lessor may without prejudice to any pre-existing liability of the Lessee to the Lessor by notice in writing left at or sent by pre-paid post to the abovementioned address of the Lessee or any business address of the Lessee or the Lessee’s last known address determine this lease and upon such notice being so served sent or left this lease shall for all purposes determine and thereafter the lessee shall no longer be in possession of the Container with the consent of the Lessor and subject to the provisions hereinafter contained and any pre-existing liability of the Lessee hereunder neither party shall have any rights against the other; (2) if distress or execution shall be levied or threatened upon the Container or upon the Lessee’s property or if the Lessee shall abandon the Container or if the Lessor shall be unable to contact the Lessee for a period of 14 consecutive days then this lease shall automatically and without notice determine and subject to the provisions hereinafter contained and any pre-existing liability of the Lessee hereunder neither party shall have any rights against the other. (3) where the Lease is determined or comes to an end pursuant to the provisions contained in this clause and the Lessor suffers loss as a result of being unable to re-let the Container at a rental as much as that payable under this lease for the whole period between the date of such determination or coming to an end and the date on which this lease would have expired by effluxion of time if it had not been determined or come to an end as aforesaid the Lessor shall be entitled to recover the amount of such loss from the Lessee. EXPIRATION, TERMINATION OR RENEWAL OF AGREEMENT
9. Upon the expiration or earlier termination of this lease the Lessee shall hold the Container available for collection by the Lessor or its agents and the Lessor or its agents may without notice retake possession of the Container and may for that purpose enter upon any land or buildings on or in which the Container is or is believed by the Lessor or its agents to be situated and if the Container or any part thereof is affixed to such land or buildings the Lessor shall be entitled to sever the same therefrom and to remove the Container or part thereof so severed and the Lessee shall be responsible for all damage caused to the land or buildings caused by such removal.
10. If the Lessee having observed and performed all of the covenants and conditions of this lease shall desire to renew this lease and shall give notice of such desire not less than (1) week prior to the expiration of the term hereby granted the Lessee shall be entitled to a new lease of the Container for the term of one month commencing on the date of expiration of this lease at a rent not to exceed (10%) more than the rent contained in this lease per month but otherwise on the same terms and conditions as those herein contained excluding the right of renewal as aforesaid.
11. Any liability the Lessor might otherwise incur and any right or immunity the Lessee might otherwise possess in respect of any conditions warranties or representations relating to the condition of the Container or its merchantable quality or suitability of fitness for the particular or any purpose for which it is or may be required whether express or implied and whether arising under this lease or under any prior agreement or in oral or written statements made by or on behalf of any person in the course of negotiations in which the Lessee or the Lessee’s representative may have been concerned prior to this lease are hereby excluded. No liability shall attach to the Lessor either in contract or in tort for loss injury or damage sustained by reason of any defect on the Container whether such defect be latent or apparent on examination and the Lessor shall not be liable to indemnify the Lessee in respect of any claim made against the Lessee by a third party for any such loss injury or damage. INSPECTION AND USE OF PROPERTY
12. The Lessor shall be entitled to assign this lease or any right or rights hereunder including the right conferred on the Lessor to enter upon land or buildings to inspect the Container and to sever and repossess the same and any assignment of this lease by the Lessor shall be deemed to include an assignment of the Lessor’s rights to enter sever and repossess.
13. In this lease “The Container” shall include all additions and accessions thereto and all replacements and renewals thereof whether made before or after the date of this lease.
14. The Container shall remain the property of the Lessor and the Lessee shall have no right or interest therein otherwise than as lessee.
15. The Lessee shall not use the Container for any illegal purpose nor shall the Lessee use the Container for the storage of any dangerous goods or items or for any other reason which could cause the Lessor’s insurers to cancel the Lessor’s policy of insurance or refuse to honour any claims for damage to or arising from the use of the Container. GENERAL TERMS OF AGREEMENT
16. (1) the rental fee shall be paid (monthly) in advance at the lessor’s address hereinabove set out in the parties clause or such other place as the Lessor may from time to time direct. (2) in the event that the Lessee makes any of the payments due hereunder by cheque and such cheque is returned or not honoured by the Lessee’s Bank the lessee shall be required to pay an additional $50.00 fee for each such cheque. (3) the Container shall be transported by the Lessor or the Lessor’s duly authorised agents only to and from such locations as the Lessee may direct and the cost of such transportation shall be paid by the lessee to the Lessor at the time of transportation and the Lessee hereby acknowledges that only the Lessor or the Lessor’s duly authorised agents are permitted to transport the Container. (4) the Lessee shall not alter the exterior of the Container or place any signs thereon without the permission in writing of the Lessor and the Lessor shall be entitled to refuse such permission as the Lessor may in its absolute discretion deem fit. (5) the Lessee shall promptly notify the Lessor of any damage to the Container or any part thereof and any repairs for such damage, which is not as a result of fair wear and tear, shall be paid by the Lessee to the Lessor. (6) the Lessee hereby acknowledges that the Lessee is wholly responsible for the security of the Container and the insurance of any contents stored therein by the Lessee. (7) in the opinion of the Lessor the Container shall require repairs as a result of fair wear and tear and the Lessor shall be entitled to remove the Container to carry out such repairs and replace it with another Container of similar size features and quality. (8) the Lessee shall ensure that the area surrounding the site or location on which the Container is placed is maintained in a tidy manner and that nothing shall prohibit free access to and from the Container by the Lessor pursuant to the terms of the Agreement. REPOSSESSION POLICY DUE TO BREACH OF CONTRACT
17. (1) the Lessee acknowledges that in the event of the failure of the Lessee to pay any of the sums due by the Lessee within (7) days after they become due and payable the Lessor shall be entitled to take possession of the Container and any of the Lessee’s contents therein and the Lessor shall have a lien over the Lessee’s said contents until all the sums due as aforesaid have been paid in full. (2) the Lessor shall not be liable to the Lessee or any third party for damage to any contents in the Container as a result of the Lessor exercising the Lessor’s right to take possession of the Container for any breaches by the Lessee of the conditions or covenants contained herein.
18. If the Lessee has not committed any breaches of the terms of this Agreement and the rental period has been determined it shall be the responsibility of the Lessee to ensure that the Container is cleared of all property which is not the property of the Lessor failing which the Lessor shall be at liberty to dispose of any such property as the Lessor may in its absolute discretion deem fit.
19. If the Lessor shall take possession of the Container as a result of any breach by the Lessee of the terms and conditions of this Agreement then the Lessee shall have seven days after the Lessor takes possession to remedy such breach (as to which time shall be of the essence) failing which the Lessor shall be at liberty to dispose of any and all of the contents in the Container as it shall in its absolute discretion deem fit without being liable to the Lessee or any third party for any loss or damage arising out of the taking of possession of the Container and such disposal of contents.
20. In the event that the lessee requires the Container to be placed at a location or site which is not owned by the Lessee the Lessee shall provide to the Lessor written authorisation or permission by the owner of the said location or site together with such Owner’s confirmation that the Lessor shall be entitled to access to the said location or site pursuant to the terms of this Agreement.
21. No relaxation forbearance delay or indulgence by the Lessor in enforcing any of the terms and conditions of this lease or the granting of time by the Lessor to the Lessee shall prejudice affect or restrict the rights and powers of the Lessor hereunder nor shall any waiver by the Lessor of any breach hereof operate as a waiver of any subsequent or any continuing breach hereof.
22. The invalidity or unenforceability of any provisions of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect.