Capitalized words not defined below refer to terms appearing on page 1 of this Lease.
Lessee includes each Lessee and Co-Lessee named on page 1 of this Lease.
Lessor includes the Lessor named on page 1 of this Lease.
Lease includes this document as well as all schedules, addenda, amendments, and ancillary documents, which may be added from time to time.
The Lessor hereby leases the Equipment described above to the Lessee. This Lease cannot be canceled or terminated by the Lessee.
This Lease is for an original term set out above and commences on the Lease Commencement Date.
The Lessee acknowledges the following:
The Lessee may be obtaining software and/or data-related services (collectively, the “Service”) from a service provider chosen solely by the Lessee.
The Service is provided by an independent service provider, not the Lessor.
All issues, obligations, and liabilities related to the Service and the Service Fee are the responsibility of the Lessee and are to be resolved with the service provider.
The name branded at the top of the first page of the Lease may be that of the Vendor, Service Provider, or a combination thereof, and not necessarily the Lessor. These parties are independent and arm’s-length from the Lessor.
The Lessee authorizes the Lessor to periodically draw payments under a pre-authorized payment plan from the Lessee’s bank account to cover the Rental Amount(s) and other due amounts.
Void Cheque Requirement: The Lessee must provide a void cheque before the Lease commences.
Bank Account Changes: The Lessee must notify the Lessor immediately of any changes to their bank account.
Revocation: Authorization may be revoked with at least 30 days’ notice and upon making alternative payment arrangements acceptable to the Lessor.
The Lessee may contact their financial institution or visit www.payments.ca for information on recourse rights or cancellation.
The Lessee confirms the following:
They directed the Lessor to purchase the Equipment.
The Equipment has been delivered, installed, and inspected, or they authorize early payment commencement.
They approve the supplier’s invoice for payment by the Lessor.
They accept and are subject to all terms of this Lease.
The first Rental Payment is due upon Lease execution, with subsequent payments due on the first day of each period.
Security Deposit: May be applied by the Lessor at any time to amounts due under the Lease.
Taxes: The Lessee will pay all applicable taxes.
Maintenance and service obligations are not included in this Lease.
The Lessor retains title to the Equipment; the Lessee holds only a right of use.
Equipment must be used for business or commercial purposes and maintained by the Lessee.
The Equipment cannot be moved or exported without written consent from the Lessor.
The Equipment is rented as-is, with no warranties provided by the Lessor. All warranties from the vendor or manufacturer are assigned to the Lessee.
Equipment remains personal or movable property, even if attached to real property.
Alterations, additions, or improvements require written consent from the Lessor.
The Lessee must comply with all applicable laws and pay all associated taxes, fees, and penalties.
Upon Lease expiration, the Lessee may:
Purchase the Equipment for the option price plus an administrative fee.
Return the Equipment in good working order at their expense.
Failure to do so may result in automatic week-to-week Lease renewal or repossession by the Lessor.
The Lessee is responsible for insuring the Equipment against loss or damage. Failure to provide proof of insurance may result in the Lessor obtaining insurance at the Lessee’s expense.
The Lessee represents that they:
Have the authority to enter into this Lease.
Are compliant with all applicable laws, including those related to anti-money laundering and sanctions.
Events of Default include, but are not limited to:
Non-payment or failure to comply with Lease terms.
Insolvency or unauthorized movement of Equipment.
Upon default, the Lessor may repossess the Equipment, terminate the Lease, and recover damages.
A default under this Lease triggers a default under any other agreements between the Lessee and the Lessor or its affiliates.
The Lessee grants a continuing security interest in the Equipment and its proceeds as collateral.
Late payments incur interest at 26.82% annually (2% monthly) and a returned payment fee of $50 or the actual bank charge, whichever is greater.
The Lessee consents to the collection, use, and sharing of personal information for credit adjudication and enforcement of the Lease.
The Lessor holds a security interest in the Equipment and its proceeds to secure the Lessee’s obligations.
The Lessee may not assign or transfer rights under this Lease without written consent from the Lessor. The Lessor may assign rights or transfer the Lease without notice to the Lessee.
This Lease is governed by the laws of the province where it is entered into. Consumer protection laws do not apply.
This Lease may be signed electronically or in counterparts, with electronic copies deemed originals.
This Lease is written in English.
Amendments must be in writing and signed by both parties.
Clerical errors do not affect Lease validity.
Indemnities and obligations survive Lease termination.
