MSTLSE USC-MA 03.13 Ricoh
®
and the Ricoh Logo are registered trademarks of Ricoh Company, Ltd. Page 2 of 4
INDICATED ON ANY SCHEDULE TO THIS LEASE AGREEMENT. All
Payments to us are “net” and unconditional and are not subject to set off,
defense, counterclaim or reduction for any reason. You agree that you will
remit payments to us in the form of company checks (or personal checks in
the case of sole proprietorships), direct debit or wires only. You also agree
that cash and cash equivalents are not acceptable forms of payment for this
Lease Agreement or any Schedule and that you will not remit such forms of
payment to us. Payment in any other form may delay processing or be
returned to you. Furthermore, only you or your authorized agent as
approved by us will remit payments to us.
4. Product Location; Use and Repair. You will keep and use the Product only at the
Product Location shown in the applicable Schedule. You will not move the
Product from the location specified in the applicable Schedule or make any
alterations, additions or replacements to the Product without our prior written
consent, which consent will not be unreasonably withheld. At your own cost and
expense, you will keep the Product eligible for any Manufacturer’s certification as
to maintenance and in compliance with applicable laws and in good condition,
except for ordinary wear and tear. You shall engage Ricoh, its subsidiaries or
affiliates, or an independent third party (the “Servicer”) to provide maintenance
and support services pursuant to a separate agreement for such purpose
(“Maintenance Agreement”). You may make alterations, additions or
replacements (collectively, “Additions”) and add Software to the Product
provided that such Additions and Software do not impair the value or originally
intended function or purpose of the Product and is not subject to any lien or
security interest in favor of any other party; provided, further, that you remove
such Additions and Software at your own cost and expense at the expiration or
termination of the applicable Schedule. All Additions and Software which are not
removed at the expiration or termination of the applicable Schedule will become
part of the Product and our property at no cost or expense to us. We may inspect
the Product upon proper notice to the customer at any reasonable time during
normal working hours.
5. Taxes and Fees. To the extent not prohibited by applicable law and unless and to
the extent you are exempt and provide a valid exemption certificate to us, in
addition to the payments under this Lease Agreement, you agree to pay all taxes
(other than property taxes), assessments, fees and charges governmentally
imposed upon our purchase, ownership, possession, leasing, renting, operation,
control or use of the Product. If we are required to pay upfront sales or use tax
and you opt to pay such tax over the term of the lease and not as a lump sum at
lease inception, then you agree to pay us a “Sales Tax Administrative Fee” equal
to 3.5% of the total tax due per year, to be included as part of the Payment. A
valid sales and use tax exemption certificate must be provided to us within ninety
(90) days of the first invoice to receive a credit/waiver of sales tax.
6. Warranties. We transfer to you, without recourse, for the term of each Schedule,
any written warranties made by the Manufacturer or Software Supplier (as
defined in Section 10 of this Lease Agreement) with respect to the Product leased
or rented pursuant to such Schedule. YOU ACKNOWLEDGE THAT YOU
HAVE SELECTED THE PRODUCT BASED ON YOUR OWN JUDGMENT
AND YOU HEREBY AFFIRMATIVELY DISCLAIM RELIANCE ON ANY
ORAL REPRESENTATION CONCERNING THE PRODUCT MADE TO
YOU. However, if you enter into a Maintenance Agreement with Servicer with
respect to any Product, no provision, clause or paragraph of this Lease Agreement
shall alter, restrict, diminish or waive the rights, remedies or benefits that you
may have against Servicer under such Maintenance Agreement. WE MAKE NO
WARRANTY, EXPRESS OR IMPLIED, AS TO ANY MATTER
WHATSOEVER, INCLUDING, BUT NOT LIMITED TO, THE IMPLIED
WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A
PARTICULAR PURPOSE. The only warranties, express or implied, made to you
are the warranties (if any) made by the Manufacturer and/or Servicer to you in
any documents, other than this Lease Agreement, executed by and between the
Manufacturer and/or Servicer and you. YOU AGREE THAT,
NOTWITHSTANDING ANYTHING TO THE CONTRARY, WE ARE NOT
RESPONSIBLE FOR, AND YOU WILL NOT MAKE ANY CLAIM AGAINST
US FOR, ANY CONSEQUENTIAL, SPECIAL, OR INDIRECT DAMAGES.
7. Loss or Damage. You are responsible for any theft of, destruction of, or damage
to the Product (collectively, “Loss”) from any cause at all, whether or not insured,
from the time of Product acceptance by you until it is delivered to us at the end of
the term of the Schedule. You are required to make all Payments even if there is a
Loss. You must notify us in writing immediately of any Loss. Then, you shall be
responsible to either (a) repair the Product so that it is in good condition and
working order, eligible for any Manufacturer’s certification, (b) pay us the
amounts specified in Section 12 below, or (c) replace the Product with equipment
of like age and capacity.
8. Liability and Insurance. You agree to maintain insurance, through self-insurance
or otherwise, to cover the Product for all types of loss, including, without
limitation, theft, in an amount not less than the full replacement value and you
will name us as an additional insured and loss payee on your insurance policy. In
addition, you agree to maintain comprehensive public liability insurance, which,
upon our request, shall be in an amount acceptable to us and shall name us as an
additional insured. Such insurance will provide that we will be given thirty (30)
days advance notice of any cancellation. Upon our request, you agree to provide
us with evidence of such insurance in a form reasonably satisfactory to us. If you
fail to maintain such insurance or to provide us with evidence of such insurance,
we may (but are not obligated to) obtain insurance in such amounts and against
such risks as we deem necessary to protect our interest in the Product. Such
insurance obtained by us will not insure you against any claim, liability or loss
related to your interest in the Product and may be cancelled by us at any time.
You agree to pay us an additional amount each month to reimburse us for the
insurance premium and an administrative fee, on which we or our affiliates may
earn a profit. In the event of loss or damage to the Product, you agree to remain
responsible for the Payment obligations under this Lease Agreement until the
Payment obligations are fully satisfied.
9. Title; Recording. We are the owner of and will hold title to the Product (except
for any Software). You will keep the Product free of all liens and encumbrances.
Except as reflected on any Schedule, you agree that this Lease Agreement is a
true lease. However, if any Schedule is deemed to be intended for security, you
hereby grant to us a purchase money security interest in the Product covered by
the applicable Schedule (including any replacements, substitutions, additions,
attachments and proceeds) as security for the payment of the amounts under each
Schedule. You authorize us to file a copy of this Lease Agreement and/or any
Schedule as a financing statement, and you agree to promptly execute and deliver
to us any financing statements covering the Product that we may reasonably
require; provided, however, that you hereby authorize us to file any such
financing statement without your authentication to the extent permitted by
applicable law.
10. Software or Intangibles. To the extent that the Product includes Software, you
understand and agree that we have no right, title or interest in the Software, and
you will comply throughout the term of this Lease Agreement with any license
and/or other agreement (“Software License”) entered into with the supplier of the
Software (“Software Supplier”). You are responsible for entering into any
Software License with the Software Supplier no later than the Effective Date;
provided, however, if you do not enter into the Software License, then we may
choose not to lease such Software to you under this Lease Agreement.
11. Default. Each of the following is a “Default” under this Lease Agreement and all
Schedules: (a) you fail to pay any Payment or any other amount within thirty (30)
days of its due date, (b) any representation or warranty made by you in this Lease
Agreement is false or incorrect and/or you do not perform any of your other
obligations under this Lease Agreement or any Schedule and/or under any other
agreement with us or with any of our affiliates and this failure continues for thirty
(30) days after we have notified you of it, (c) a petition is filed by or against you
or any guarantor under any bankruptcy or insolvency law or a trustee, receiver or
liquidator is appointed for you, any guarantor or any substantial part of your
assets, (d) you or any guarantor makes an assignment for the benefit of creditors,
(e) any guarantor dies, stops doing business as a going concern or transfers all or
substantially all of such guarantor’s assets, or (f) you stop doing business as a
going concern or transfer all or substantially all of your assets.
12. Remedies. If a Default occurs, we may do one or more of the following: (a) we
may cancel or terminate this Lease Agreement and/or any or all Schedules; (b) we
may require you to immediately pay to us, as compensation for loss of our
bargain and not as a penalty, a sum equal to: (i) all past due Payments and all
other amounts then due and payable under this Lease Agreement or any Schedule;
and (ii) the present value of all unpaid Payments for the remainder of the term of
each Schedule plus the present value of our anticipated value of the Product at the
end of the initial term of any Schedule (or any renewal of such Schedule), each
discounted at a rate equal to 3% per year to the date of default, and we may
charge you interest on all amounts due us from the date of default until paid at the
rate of 1.5% per month, but in no event more than the maximum rate permitted by
applicable law. We agree to apply the net proceeds (as specified below in this
Section) of any disposition of the Product to the amounts that you owe us; (c) we
may require you to deliver the Product to us as set forth in Section 14; (d) to the
extent not prohibited by applicable law, we or our representative may peacefully
repossess the Product without a court order (it being agreed that we will provide
you with written notice of Default prior to initiating recovery of the Product and
will endeavor to contact you telephonically to schedule a convenient time to
recover the Product); (e) we may exercise any and all other rights or remedies
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Customer Initials