1. That if lessee prior to the expiration of the rental period shall desire an extension beyond the date specified above, lessee agrees to notify the lessor in writing or by wire, at his [or her] own expense, of such desire at least _________ days before the expiration of the rental period, and to forward promptly to the lessor on approval of such extension, the full amount of rent for the extended period computed at the applicable rate, in which event all other terms and conditions of this rental agreement shall remain in full force and effect for the duration of the extended period. The lessor has the right to refuse to grant any extension in the lease period.

2. That the lessee will have his [or her] insurance policies properly endorsed so as to afford full protection to [her or] himself, the lessor and the trailer; and will comply in all respects with all conditions in the policy so made applicable to the trailer and/or the use of it, and will obey all federal, state, and municipal laws, rules, and regulations which are or may become applicable with reference to the operations, use and/or return of the trailer and that the lessee will provide to the lessor certificate of insurance covering the trailer for public liability and for comprehensive loss and fire loss, and naming the lessor as loss payee. In the event that this is not presented at the signing of the lease, the lessor will purchase appropriate insurance to be charged to the lessee's account.

3. Lessee agrees to pay any and all taxes, assessments or other charges levied or assessed on or with respect to the equipment or its use or value and to provide permits and licenses, if any, necessary for installation or operation of it.

4. That the lessee is completely responsible for damage to or loss of any part of the trailer, including tires, tools, equipment and accessories from any cause (excepting ordinary wear and tear) during the rental period and prior to the return to the lessor.

5. If lessee should fail to pay any rental, taxes or other sums as provided here when the same shall be due, or if the lessee should commit a breach of any of its obligations, or if a receiver shall be appointed for lessee or any proceeding be instituted by or against lessee under the Bankruptcy Act (including any proceeding for reorganization or arrangement) or if lessee should otherwise become financially embarrassed, lessor at its option may by notice to the lessee declare the entire unpaid rental and all taxes and other sums payable by lessee under this agreement to be immediately due and payable, and in addition to and without prejudice to any other remedies, may without court order or other legal process and without notice to lessee, enter upon lessee's premises and repossess and move the equipment. Such repossession shall not constitute a termination of this lease unless lessor so notified lessee in writing. Lessor at its option may (1) lease the repossessed equipment or any part of it to any third party upon such terms and conditions as lessor may determine, or (2) sell the equipment, or any part of it, at public or private sale after _________ days' notice to lessee. The net proceeds of such leasing or sale, less lessor's expenses incurred in connection with it, including attorney's fees, shall be applied to the total unpaid rental and other sums payable by lessee under this agreement, and lessee shall be obligated to pay lessor any deficiency. If the amount obtained by lessor or its assigns upon a subsequent lease or sale of the property is less than the balance of unpaid rental and all other amounts due under this agreement plus the expense incurred in repossessing, removing, repairing, storing, and disposing of property, lessee shall pay the amount of such deficiency. Lessee shall pay all costs and counsel fees incurred in collecting, or attempting to collect, any sums owed under this lease or in securing possession of property and costs of reconditioning the property.