Taxicab Vehicle Lease Agreement - Free Download | Page 6
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Taxicab Vehicle Lease Agreement Page 6
misconduct, or driving under the influence of (or while intoxicated by)
alcohol, any drug (whether or not prescribed by a physician), or any
controlled substance, of an authorized driver of the Vehicle, or unauthorized
us of the Vehicle by a third party. LESSEE agrees that in the event of a
collision, LESSEE is responsible to take all reasonable measures to minimize
any additional damage to the Vehicle. Any such additional damage will be
fully the responsibility of LESSEE. LESSEE’s liability for damage to the Vehicle
shall in no case exceed the fair market value of the Vehicle at the time of the
occurrence plus any and all out-of-pocket expenses incurred by COMPANY
with respect to such collision, such as towing and storage charges. In the
event of any payment(s) hereunder, COMPANY shall be subrogated to all of
LESSEE’s rights of recovery therefore against any person or organization, and
LESSEE shall execute and deliver instruments and papers and do whatever
else is necessary to secure such rights.
d. LESSEE further agrees to pay a deposit equal to $10.00 per day,
each time a lease payment is due, until such time as the cumulative amount
of such deposits equal $2,500.00. AS long as the deposit equals or exceeds
$2,500.00, COMPANY will pay LESSEE 5% simple annual interest on the
deposit balance. Such deposit shall be held by COMPANY for the sole purpose
of covering any and all damage to the Vehicle or loss of equipment from the
Vehicle while it is on LESSES’s custody. LESSEE shall be entitles to a return
of the balance of all sums of the LICENSE on deposit with COMPANY subject
to the prescribed deductions for damage to the Vehicle or deduction for dpts
(the “Net Deposit”) no sooner than thirty (30) days after the cancellation of
this Agreement. In order to receive such return of the Net Deposit, LESSEE
must make written demand therefore upon COMPANY. Within five (5) days
after receipt of such written demand, but in no case sooner than thirty (30)
days after cancellation. COMPANY must make the Net Deposit available for
pick up by the LESSEE at COMPANY’s principal office. That day is hereinafter
referred to as “due date”. If COMPANY fails to refund the Net Deposit on or
before the due date, then the Net Deposit shall bear interest at eighteen
percent (18%) per annum beginning on the day after due date and
continuing until the Net Deposit is paid by COMPANY to the LESSEE.
Notwithstanding anything to the contrary stated herein, if the LESSEE fails to
make a written demand to COMPANY for the refund of the Net Deposit within
one (1) year of the cancellation of this Agreement, then the Net Deposit shall
be deemed to be forfeited by the LESSEE and shall become the exclusive
property of COMPANY.
e. It is understood and agreed in the event COMPANY, for any business
reason, deems it necessary or advisable to institute a general increase in the
fees for the use of the Vehicle, the amount of said fees as specified in this
Agreement may be increased by COMPANY by a maximum of 5% during any
contract term, upon forty-five (45) days written notice to LESSEE.
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Taxicab Vehicle Lease Agreement