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Neurodiagnostic Equipment Leasing Agreement
Dwight Crane Ltd.
Equipment Lease Form DCR 309
3 of 7
Initial:
13. LOSS AND DAMAGE
Lessee hereby assumes and shall bear the entire risk of loss and damage to the Equipment from any and every
cause whatsoever. Lessee’s use of the Equipment hereunder from the date that the Equipment is delivered to the
Lessee until the date that either the Lessor has picked up the Equipment from the Lessee or the Lessee has
returned the Equipment to the Lessor at the Lessor’s designated return location, except to the extent arising out of
or resulting from the gross negligence or willful misconduct of Lessor, its employees, agents, contractors or
representatives or any mechanical defect or malfunction of the Equipment, or a breach by Lessor of any
representation, warranty or any other provision contained herein, provided such mechanical defect could not have
been ascertained during Lessee’s daily inspections. No loss or damage to the Equipment or any part thereof shall
impair any obligation of Lessee under this Lease each of which shall continue in full force and effect.
In the event of loss or damage of any kind whatsoever to the Equipment for which Lessee is responsible
hereunder, Lessee at the option of Lessor shall:
(a) Place the same in good repair, condition and working order, or,
(b) Replace the same with like Equipment in good repair, condition and working order, or,
(c) If same is determined by Lessor to be lost, stolen, destroyed or damaged beyond repair, pay Lessor in
cash the greater of the replacement cost or the actual fair market value of the Equipment with all existing
upgrades. Upon such payment this Lease shall terminate with respect to the equipment so paid for and Lessee
thereupon shall be entitled to the Equipment as-is, where-is, without warranty expressed or implied with respect
to any matter whatsoever.
14. SURRENDER
Upon the expiration or earlier termination of this Lease, Lessee shall return each piece of Equipment to Lessor
(unless Lessee has paid Lessor the replacement cost or fair market value, pursuant to paragraph 13 herein) in good
repair, condition and working order, ordinary wear and tear resulting from proper use thereof alone excepted.
15. INSURANCE
Lessee shall keep the Equipment insured against all risks of loss or damage from every cause whatsoever for not
less that the full replacement value thereof as determined by Lessor with deductible not to exceed $5,000.00; and
shall carry liability insurance with limits of not less than $5,000,000.00 covering the Equipment. All insurance shall
be in form and amount and with Companies approved by Lessor. Lessee agrees to provide Lessor with a Certificate
of Insurance prior to receiving Equipment and showing Lessor as Loss Payee with respect to Equipment and as
Additional Insured on the liability coverage. The Certificate shall include a waiver of subrogation in favour of
Lessor with fifteen days’ notice from the insurer or agent in the event any policy is to be cancelled or materially
changed. The proceeds of the "All-Risks" insurance, at the option of Lessor, shall be applied towards the
replacement, restoration or repair of the Equipment or, toward payment of the obligations of the Lessee
hereunder. Lessee appoints Lessor as Lessee’s attorney to make claim for, receive payment of, and execute and
endorse all documents, cheques or drafts for loss or damage under any insurance policy.
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Neurodiagnostic Equipment Leasing Agreement