NETWORK EQUIPMENT LEASE AGREEMENT This Agreement ("Agreement, contract or lease") is made between the the client listed on the signed quote (CLIENT/ Lessee) and GTI, (GreenLynk Technologies inc), Montgomery AL. (Lessor). Lessor and Lessee are collectively referred to as the "Parties" and individually as a "Party." WHEREAS, GTI is a provider of IT Support, Network Services & Equipment; WHEREAS, CLIENT desires to contract with GTI for the provision of GTI’s Managed Network Equipment; NOW THEREFORE, for and in consideration of the premises contained herein and good and valuable consideration, receipt of which is hereby acknowledged, the parties agree as follows: PERIOD OF SERVICEThis Lease shall be effective as of the date on the quote and shall be for the term listed on the quote unless terminated earlier in accordance with this Agreement. Upon the expiration of the lease term, Lessee shall promptly return the Leased Equipment to Lessor in the same condition as received, except for reasonable wear and tear. CONTINUANCE / AUTOMATIC RENEWALThis Agreement will not automatically renew at the end of the Agreement. If desired by Lessee, a new lease can be entered into and a new unit installed to replace the old unit.
LEASE PAYMENTS Lessee shall pay Lessor a monthly lease fee, as listed on the quote, per the monthly invoice sent to the lessee. If Lessee fails to make a payment within 30 days of the due date, Lessor may, at its discretion, charge a late fee or take any other action permitted by law.
OWNERSHIP AND MAINTENANCE The Leased Equipment shall at all times remain the property of Lessor, even at the end or termination of the lease. Lessee shall not acquire any right, title, or interest in the Leased Equipment, except as expressly provided in this Agreement. Lessee shall use the Leased Equipment in a careful and proper manner and shall be responsible for any loss, damage, or destruction, except for normal wear and tear.
REPAIRS AND MAINTENANCE Lessor shall be responsible for all repairs and maintenance of the Leased Equipment, provided that such repairs and maintenance are necessary due to normal wear and tear. Lessee shall promptly notify Lessor of any issues or damage to the Leased Equipment and shall not attempt to repair, configure or modify the equipment without prior written consent from Lessor. All normal repairs and maintenance shall be performed at no additional expense to the lessee. Damage caused by abuse will be repaired or replaced at Lessee's expense. Damage caused by acts of God (power surge, lightning, storm damage, etc..) will be repaired or replaced at Lessor's expense.
REQUIREMENTS
GTI Provides equipment leases only to its managed services clients. A current and active GTI managed services support agreement is required in order to lease equipment from GTI. If at any time the client’s GTI Managed Services Agreement expires or is terminated, this equipment lease is terminated and all equipment leased to the lessee must be returned to GTI at the time of termination.
WARRANTIES Lessor provides a warranty for problems due to normal use for the term of this lease. Lessor does not provide warranties, express or implied, regarding the Leased Equipment, including but not limited to warranties of merchantability or fitness for a particular purpose. Lessor shall not be liable for any damages or losses arising from the use of the Leased Equipment.
TERMINATION GTI (Lessor) shall have the right to terminate this Agreement under any of the following conditions: § If one of the parties shall be declared insolvent or bankrupt. § If a petition is filed in any court and not dismissed in ninety days to declare one of the parties bankrupt and/or for a reorganization under the Bankruptcy Law or any similar statute § If a Trustee in Bankruptcy or a Receiver or similar entity is appointed for one of the parties § If the CLIENT does not pay GTI within thirty days (30) days from receipt of GTI's invoice and/or otherwise materially breaches this Agreement GTI may at its discretion terminate this contract with penalties.
Client (Lessee) shall have the right to terminate this Agreement under any of the following conditions: § If GTI fails to perform its obligations under this Agreement and such failure continues for a period of thirty days after written notice of the default. § Client may at any time buy out the lease and cease using GTI network equipment. Buyout will be 80% of the remaining monthly payments remaining in the lease term. This buyout option must be given to GTI 30 days prior to the date Client wishes to buy out the lease. The buyout payment must be made prior to the end of service date and all other end of contract terms in this contract still apply. Also, all outstanding invoices must be paid in full. All leased equipment must be returned to GTI at that time.
The Leased Equipment shall at all times remain the property of Lessor. Lessee shall not acquire any right, title, or interest in the Leased Equipment, except as expressly provided in this Agreement. Upon termination, all hardware and software owned by Lessor will be surrendered and returned to GTI at end at the time of lease termination. GTI technicians will be granted ample access to the equipment and network to remove these items. This removal can take place as early as 5 business days prior to the new termination date and is at GTIs discretion.
By signing the quote for services emailed to you for electronic signature, you agree to all of the terms above.
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