Bulk Tank Agreement (Kentucky) | SealMaster IN & KY

Bulk Tank Lease Agreement
JDB Manufacturing dba SealMaster Louisville

First Name

Company Name

Last Name

Today's Date

Asset #

Location where asset will be stationed

THIS AGREEMENT, created on the above date, by and between JDB Manufacturing dba SealMaster Louisville, herein after called "Lessor," and the aforementioned individual and entity, hereinafter called "Lessee," WITNESSETH:

That Lessor, in consideration of the agreements of Lessee herein contained, does hereby let and lease unto Lessee a SealMaster bulk tank, belonging to Lessor, and subject to the conditions and restriction hereinafter contained.

The following are agreed to as condition of the Lease hereby granted, all which Lessee covenants and agrees to observe, keep and perform (please check each box to confirm understanding and agreement):

The SealMaster equipment shall at all times remain and be the sole and exclusive property of Lessor, and Lessee shall have no right of property therein; but only the right to use the same upon and under the conditions herein contained.

Lessee agrees to place tank in a pre-leveled area, with tank rails supported in accordance with Lessor's instruction.

Lessee further agrees to provide and pay for all equipment required to properly unload tank at time of installation and re-load tank at the time of termination of this lease.

Said equipment is to be used solely for SealMaster Blacktop Sealer and /or other products sold by SealMaster, and it is mutually understood and agreed that the products of no other manufacturer may be stored in said equipment, and any such misuse of the machinery voids this Agreement immediately.

Said equipment shall be used only by Lessee itself, or by operators in its direct employ, and housed only at the location of Lessee at the aforementioned address.

If Lessee shall move said operations to another place, Lessor shall consent that the equipment, at the expense of Lessee, may be moved to such other location and used by Lessee, provided fifteen (15) days advance notice is given to Lessor and confirmation received from Lessor by Lessee.

The equipment shall not be transferred, delivered, or sublet to any other person, firm, or corporation and neither this Agreement, nor this Lease shall be assigned by Lessee by its own act or by operation of law.

Lessor and its agents and employees shall at all times have free access to the equipment for the purpose of inspecting it or determining the nature and extent of its use.

Lessee shall at all times and at its own expense keep the equipment in good and efficient working order and condition, i.e., the engine, hydraulics, and mechanical components shall be routinely checked for signs of wear. At least annually, storage tanks are to be completely emptied and thoroughly cleaned.

At no time shall the Lessee permit anyone to injure, deface, and/or remove any plate, date, serial numbers, or other inscriptions now or hereinafter impressed or affixed to the equipment by Lessor.

At all times, until re-delivery of the equipment to Lessor, Lessee shall pay all taxes, assessments, and public charges which may be levied or assessed in respect to said machinery or any interest therein upon whomsoever the same may be imposed or assessed.

Lessee agrees to provide or extend present insurance coverage to include proper liability, fire, and extended coverage insurance for equipment while on Lessee's possession; and in the absence of such proper and complete coverage, it is mutually agreed that Lessee assumes full and complete responsibility for all liability, damage and/or other claims involving said equipment or its use while equipment is in Lessee's possession.

The Lease hereby granted with respect to said equipment shall continue until such time as terminated by Lessor or Lessee. It is expressly understood by and between the parties that Lessor shall have the right to repossess said machinery at any time deemed advisable by said Lessor.

Should Lessee commit any breach or default in the observance of any one or more of the agreements or conditions herein contained on the part of Lessee, to be made, kept, or performed, or if Lessor shall have the automatic right to terminate forthwith the said Lease. In addition, should Lessee become bankrupt or make an assignment for creditors, or if a receiver shall be appointed for it, the Lease hereby granted shall there upon cease and terminate.

Should Lessee become bankrupt or make an assignment for creditors, or if a receiver shall be appointed for it, the Lease hereby granted shall there upon cease and terminate.

Upon the termination in any manner whatsoever of the Lease, Lessee shall forthwith deliver such equipment to Lessor complete and in good condition and order, reasonable wear and tear alone accepted.

Upon the termination in any manner whatsoever of the Lease, Lessee shall also pay to Lessor such sum as may be necessary to cover replacement of any broken or missing parts for such machinery.

Lessee agrees to remove all sealer or other coating materials during weather below 32°F. In the event any damage is sustained to the equipment as the result of material being left in machinery throughout winter months or where temperature is 32°F or below, Lessee agrees to restore said machinery to satisfactory operating condition as acceptable by Lessor.

If Lessee shall fall behind over sixty (60) days on payment of its account, Lessor shall have the right to delay any shipments to Lessee for Lessee's account. If this condition is not corrected within thirty (30) days, Lessor may cancel this entire Agreement.

Upon termination in any manner whatsoever of this lease hereby granted in respect to such equipment hereby leased, Lessor is hereby authorized to enter upon any premises where such machinery or any part thereof may be and to take possession of and remove such machine.

Upon termination in any manner whatsoever of this lease hereby granted in respect to such equipment hereby leased, it is mutually agreed that at such termination, in the event said equipment is not willingly released to Lessor, all resulting legal fees, court costs and other expenses necessary to recover Lessor's property will be borne solely by Lessee.

Any notice hereunder, including notice of termination may be given to Lessor by mail addressed to it at: 1010 East Sumner Avenue, Indianapolis, IN 46227

This document contains the complete Agreement between the parties and cannot be modified except in writing approved by Lessee and SealMaster. This shall be binding upon the parties hereto, their respective legal representatives, heirs, successors, and assigns.

This Agreement has been made in the State of Kentucky and shall be interpreted and construed in accordance with the laws of that state.

The undersigned certifies that he/she is an authorized representative of applicant with both the power and authority to sign this agreement.

The undersigned agrees that affixing his/her electronic signature to this Agreement is the same as affixing his/her manual handwritten signature for the purposes of validity, enforceability, and admissibility.

IN WITNESS WHEREOF, JDB Manufacturing dba SealMaster Louisville and Lessee have executed this Agreement as of the year and date first above indicated. A copy of this agreement will be provided to the Lessee once finalized.

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Bulk Tank Lease Agreement JDB Manufacturing dba SealMaster Louisville

Bulk Tank Lease Agreement
JDB Manufacturing dba SealMaster Louisville