Waiver of Defects: Lessee acknowledges receipt of the equipment described in this contract in good working condition and repair. Lessee acknowledges and declares that lessee has examined the hitch, bolts, safety chain, hauling tongue, together with all other devices and materials used to connect the equipment to lessee's towing motor vehicle and declares that lessee understands their use and has received all of such equipment in a secure condition. Lessee promises to return all of this equipment to lessor's premises before the return time specified in this contract, and during lessor's regular business hours, in as good a working condition and state of repair as it now is, subject to reasonable wear and tear. In addition to any other liability, lessee shall be liable for all damage to or loss of the equipment occurring because it was not returned within lessor's regular business hours.

Repairs: In case of the mechanical failure of the leased equipment for any cause, lessee at lessee's expense shall return it to lessor's premises. Lessee particularly understands that without lessor's specific authorization lessee has no authority to incur any expense for lessor's account.

Liability: Lessee shall be liable for all damage to the leased equipment arising from any accident or act caused by the failure of any hitch, bolt, chain, hauling tongue, or any other device or material used in hitching the equipment to the towing vehicle or to other equipment being towed, regardless of who shall furnish such hitch, bolt, chain, hauling tongue and/or other device or material, and regardless of who shall hitch the equipment. Lessee shall be liable for the return of all of the leased equipment and for all damages to and/or loss of, regardless of whether the same shall be due to lessee's negligence or fault or to any other causes. Lessee shall possess and operate the leased equipment in strict conformity with all applicable laws and regulations. Lessee covenants and agrees to keep the lessor harmless and free from any and all liability arising out of the use, maintenance and/or return of the leased equipment. Lessee shall indemnify and hold lessor free from all damages to third persons and/or their property caused by the negligence of lessee in possessing and/or operating the leased equipment.

Subletting: Neither the whole nor any part of the equipment leased, shall be sublet or assigned by lessee.

Return: Lessee agrees to return the leased equipment to the lessor strictly in accordance with the provisions as to time and place of return set out in this contract.

Title: Title now is and at all times shall remain and be vested only in the lessor. In the event the equipment is levied upon by marshal, sheriff or constable by reason of execution, garnishment, or attachment, or for any reason whatsoever, then in that event this lease immediately terminates, and the lessor may retake the equipment with or without notice and with or without legal process, and may use all force necessary to do so; and the lessee expressly waives all damages, to persons or to property, whether real or personal, so caused, if any, by lessor in the process of taking the equipment.

Notice of Nonwaiver: The failure by the lessor at any one or more times to insist on strict performance by the lessee, of the conditions and/or terms of this agreement shall not be construed as a waiver of lessor's right to demand strict compliance, and time is expressly made the essence of this contract.

Retaking: If by reason of any breach of this contract by lessee, or if by reason of the termination of this lease or the insolvency of the lessee, or if by any other contemplated reason, it becomes necessary for the lessor to retake the equipment, then it shall be permissible for the lessor, and it and its agents are authorized, to go upon the lessee's property and/or remove all of lessee's employees and/or impediments of whatever kind with or without notice and with or without legal process, and retake the equipment, using all necessary force to do so; and the lessee expressly waives for itself and its employees all damages and/or loss, if any, to persons or property, whether real or personal, suffered and/or caused by reason of the retaking by the lessor. Should legal assistance be necessary, whether or not action is instituted by the lessor, to recover any sums due under this agreement and/or to recover the equipment, then in that event the lessee agrees to pay, in addition to all costs and expenses incurred by lessor in such collection or retaking, reasonable attorney fees, which fees shall in no event be less than $_____.

Waiver of Exemptions: The lessee expressly waives all rights in and to any and all exemption laws as set forth in the laws of the state of _________, which are within the powers of the lessee to waive.