WET State Equipment Lease Agreement

This Agreement is entered into by and between Prescott Farm Innovations LLC (“Lessor” hereinafter) and _______________________, (“Lessees” hereinafter) for the purposes herein stated.

IN CONSIDERATION OF the mutual covenants and promises in thes Agreement, the receipt and sufficiency of which consideration is hereby acknowledged, the Lessor leases the Equipment to the Lessee, and the Lessee leases the Equipment from the Lessor on the following terms:

Lease and Term

  1.  The Lessee agrees to lease each WET Stake notification device to the Lessor for $0.00 as long as the Lessor has either :
  1. A, paid in full, service agreement for each WET Stake notification device.
  2. Intends to purchase a service agreement for following watering season, and completes payment for the service when the service payment is due.

Return of Equipment

  1. The Lessee agrees to return the Equipment at Lessee’s cost and expense within 1 month of of the end of the service agreement if they no longer intend to use the Equipment for the following service season.

Deposit

  1.  Lesee shall pay to Lessor the deposit amount listed on the invoice provided to Lessee. If all conditions of this Lease are met, the deposit(s) listed on the invoice and paid by the Lessee will be refunded in full by the Lessor at the termination of this Lease through a method chosen by the Lessor. If the Equipment is not returned then the deposit will be forfeited to Lessor and Lessor shall have the right to sue Lessee for additional damages.

Warranties

  1.  The Lessor warrants the Equipment shall be in good working order upon delivery.

 The Lessee guarantees satisfaction. In the event the Lessee is not satisfied within 30 days of using the Equipment, they may return (at Lessee’s expense) the Equipment for a full refund of the deposit and service fee.

 In the event of Equipment failure, the Lessor will promptly send a replacement device and provide a return method for the Equipment at Lessor’s expense. If the Lessee fails to return the defective Equipment or it is determined that the Equipment was damaged through improper use the Lessee shall be liable for repair or replacement costs. The Lessor is not responsible for water damaged property due to Equipment failure. The Lessee should always implement a failsafe backup to prevent water damage to surrounding area when flood irrigating. The Equipment is intended for assistance with watering, not for flood prevention.

    LESSOR DISCLAIMS ANY AND ALL OTHER WARRANTIES, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, EXCEPT THAT LESSOR WARRANTS THAT LESSOR HAS THE RIGHT TO LEASE THE EQUIPMENT, AS PROVIDED IN THIS LEASE.

Loss and Damage

  1.  After delivery, the Lessee shall be liable for lost or damaged Equipment beyond normal wear and tear. Upon notice of lost or damaged Equipment by Lessee, the Lessor will repair or replace the lost or damaged Equipment at the cost of the Lessee. The Lessee agrees to return or dispose of damaged Equipment in a manner specified by the Lessor, to allow Lessor to recover Equipment costs and/or prevent the release of proprietary information.

Insurance

  1.  There is no insurance provided for lessed equipment.

Taxes

  1.  Taxes are only paid on equipment purchases and the service agreement fee but not equipment deposits.  

Equipment Use

  1.  The Lessee will use Equipment only as demonstrated by Lessor, in accordance with product documentation, or as described on the website www.WETStake.com. The Lessee is also responsible for ensuring compliance of correct use for any employee or other person using the leased Equipment.

Equipment Tampering

  1.  The Lessee agrees not to open or unseal any part of the Equipment unless specifically instructed to do so by the Lessor or Lessor representative. The Lessee is responsible for preventing any employee or other person from tampering with the Equipment. The Lessee is liable for any Equipment damage or the release of proprietary information due to intentional tampering of the leased Equipment.

Lessor’s Indemnification

  1. Lessee shall indemnify, protect and hold harmless the Lessor, its agents, servants, successors and assigns from and against all losses, damages, injuries, claims, demands and expenses, including legal expenses, of whatever nature, arising out of the use, condition or operation of any item of leased Equipment, regardless of where, how and by whom operated. Lessee shall assume the settling of, and the defense of any suits or other legal proceedings brought to enforce all such losses, damages, injuries, claims, demands and expenses and shall pay all judgments entered in the suit or other legal proceedings. The indemnifications and assumptions of liability and obligation herein provided shall continue in full force and effect notwithstanding the termination of this Agreement, whether by expiration of time, by operation of law or otherwise for any such claims made or accruing during the term of this Lease.

Assignment and Sublease

  1. Lessee may not assign or sublease the Equipment without the written consent of Lessor.

Lessee’s Default

  1. Time is of the essence under this Agreement and any of the following events shall constitute defaults on the part of Lessee hereunder:
  2. failure of Lessee to pay any service agreement or other amount owing related to the Equipment within fifteen (15) days in which same became due;
  3. any breach or failure of Lessee to observe or perform any of its obligations under this Lease;
  4. insolvency of bankruptcy of Lessee or assignment for the benefit of creditors;
  5. any other act of Lessee which causes Lessor to deem itself insecure in the prospect of payment or performance of any contract term.

    Upon the occurrence of any default, Lessor may exercise this option without notice to or demand on the Lessee and thereupon all Equipment and rights of Lessee therein shall be surrendered unto Lessor; upon default, Lessor may take possession of the Equipment where found with or without process of law in court, may enter upon Lessee’s property (whether owned or leased) without liability for suit, action, or other proceedings by Lessee and remove same; hold, sell, lease or otherwise dispose of the Equipment or keeping of any of them as Lessor so chooses without affecting the obligation of Lessee as provided by this Agreement; collect all unpaid payments due without prejudice to Lessor’s right to regain possession of the Equipment

Ownership

  1. The Equipment is, and shall at all times be and remain, the sole and exclusive property of Lessor; and the Lessee shall have no right, title or interest therein or thereto except as expressly set forth in this Lease.

Governing Law

  1. This Lease shall be construed and enforced according to laws of the State of Idaho. The parties agree that Jefferson County, Idaho is an appropriate forum for any legal proceedings.

Attorney Fees

  1. Lessee shall pay all attorney fees or court costs incurred by Lessor in enforcing this Agreement.

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Lessee Name                                        Date

_________________________________   __________

Lessor Prescott Farm Innovations LLC. Rep.     Date