Terms and Conditions of Lease Package

BETWEEN

A. Owner:

West Coast Fine Art

3639 Midway Drive, Suite B#360

San Diego, CA 92110

AND

B. Lessee

THE PARTIES AGREE TO THE FOLLOWING:

Article 1. Definitions

“Owner”: The Party who owns, is Owner or custodian of the Item being leased.
“Lessee”: The Party who hires the Item in question pursuant to this contract.
“Item”: The Item leased out as described in articles 2 and 3.

Article 2. Item

The Owner leases out to the Lessee who accepts the following Item(s):

(10) Pieces of Artwork

 (2) 30x40 inch gallery-wrapped canvases valued at $410 per canvas

(6) 24x36 inch gallery-wrapped canvases valued at $315 per canvas

(2) 16x20 inch gallery-wrapped canvases valued at $180 per canvas

Article 3. Condition of the Item

The artwork is in good condition with some small nicks and scratches on canvases

Article 4. Intention– Lending – Sub-letting

The Lessee can neither lend nor sub-let the Item without the Owner’s express written authorization.

The Lessee agrees not to use the Item for any illegal purposes or in a manner that is contrary to moral and social standards.

Article 5. Duration of Lease

This lease contract is agreed upon a length of 12 months.

This period starts on July 1, 2020 at 12:01 a.m. And ends on June 30, 2021 at 11:59 p.m.

Lessee has the option to continue the lease on a month to month basis, at the monthly cost listed below, for up to 12 months.  Either party can terminate this lease agreement at any time after the initial 12 month term so long as a minimum of 15 days notice is given to the other party.

Article 6. Cost for Lease

The cost of lease is $430.00 for the first month, then $220.00 per month.

The first month is payable upon signing of this contract, and must be paid, at the latest, by the beginning of the hire period.

At the end of the contract, in the event that the Item is returned late, the Lessee shall pay the Owner a further sum equivalent to 10% of the total cost of the hire, plus the per day cost of renting the Item, for each supplementary day until the Item is returned.

The lease cost of the said Item includes any applicable taxes and transport fees.

Article 7. Maintenance, Damage and Theft

1. The Lessee will use, maintain and take care of the Item in a careful and responsible manner.

2. The Lessee will be held liable for any damages he/she causes to the leased Item. His/her liability will not exceed the potential residual value of the Item, as defined in good faith or contractually.

3. In the event of the Lessee not returning the leased Item, he/she will be liable to pay the Owner the residual value of the Item as contractually defined in Article 2. In order to cover some of the repossession costs, an increase in the overall payment equal to 10% of the lease (excluding tax) is required, as well as late payment interest at the legal rate, taking effect 30 days after the Owner has given formal notice. In the event that the Owner defaults upon his obligations, the Lessee is authorized to claim similar compensation.

4. In the event that the Lessee returns the Item in a bad and/or poorly maintained condition (which cannot be described as the result of normal lease use), requiring special cleaning or attention (e.g. dry cleaning of an item of clothing), the Lessee will be liable to pay the cost of cleaning or potential maintenance carried out by a professional specialist. This service provider will be chosen by the Lessee within a period of 10 working days, or, if need be, after formal notice is given by the Owner.

Article 8. Liability

The Lessee states that he/she has, and is presumed to have, all the information and skills necessary for careful and normal use of the leased Item; it is his/her responsibility to supplement his/her knowledge if necessary.

Similarly, he/she states that he/she has the authorization, licenses and legal capacity to have or use the Item.

The Lessee is the sole custodian of the Item during the Lease Contract, he/she undertakes as such to exercise effective and exclusive control of the Item.

The Lessee is therefore the sole person responsible, apart from the Owner, for any damage that the Item could cause to the Lessee or a third party.

The Lessee expressly recognizes that he/she is the custodian of the Item leased for the full duration of the contract and, should the case arise, beyond this time, until the return of the Item to the Owner is accomplished.

Consequently, the Owner assumes no liability during the lease period for the Item leased, in particular regarding its incorrect, imprudent or illegal use.

Article 9.  Attorney Fees

In the event of any litigation or other legal proceeding between the parties arising from this Agreement, the prevailing party shall be entitled to recover, in addition to any other relief awarded or granted, its reasonable costs and expenses (including attorney fees) incurred in the proceeding.

Article 10. General

10.1     All notices, demands or consents required or permitted under this Agreement shall be in writing and shall be delivered personally or sent by certified or registered mail to the respective parties at the addresses defined on the first page of this Agreement, or at such other address as shall be given by either party to the other in writing.

10.2     No waiver, amendment or modification of any provisions of this Agreement shall be effective unless in writing and signed by the party against whom such waiver, amendment or modification is sought to be enforced.  No failure or delay by either party in exercising any right, power or remedy under this Agreement, except as specifically provided in this Agreement, shall operate as a waiver of any such right, power or remedy.

10.3     The validity, construction and performance of this Agreement shall be governed by the internal laws of the State of California without regard to provisions regarding conflicts of law.

10.4     The Owner and the Lessee understand and acknowledge that violation of their respective covenants and Agreements may cause the other irreparable harm and damage, that may not be recovered at law, and each agrees that the others remedies for breach may be in equity by way of injunctive relief, as well as for damages and any other relief available to the non-breaching party, whether in law or in equity.

10.5     If any provisions of this Agreement are held by a court of competent jurisdiction to be invalid under any applicable statute or rule of law, they are to that extent to be deemed omitted and the remaining provisions of this Agreement shall remain in full force and effect.

10.6     This Agreement, including the attached Exhibits, constitutes the entire Agreement between the Owner and the Lessee concerning this transaction, and replaces all previous communications, representations, understandings, and Agreements, whether verbal or written between the Owner and Lessee or any official or representative of either of them.

10.7     Any dispute relating to the interpretation or performance of this Agreement shall be resolved at the request of either party through binding arbitration.  Arbitration shall be conducted in San Diego County, California in accordance with the then-existing rules of the American Arbitration Association.  Judgment upon any award by the arbitrators may be entered by any State or Federal Court having jurisdiction.  The Owner and the Lessee intend that this Agreement to arbitrate be irrevocable.

            Captions and section headings used in this Agreement are for convenience only and are not a part of this Agreement and shall not be used in construing it.

                        In witness whereof, the Owner and the Lessee have executed this Agreement as of the day and year first written above.