Common use of Damage to Equipment Clause in Contracts

Damage to Equipment. Lessee shall immediately notify Maxim of any damage to the Equipment . All repairs to the Equipment occasioned by damage during the term hereof shall be at the expense of Lessee (excluding latent manufacturing defects in the Equipment), including, but not limited to, fire, flood, theft, comprehensive losses, collision and/or rollover and Acts of God. All repairs must be authorized by Maxim. All repairs must meet manufacturer specifications and the Equipment must be certified by the manufacturer. If, upon Lessee's return of the Equipment, Maxim determines that the Equipment has been subject to damage or excess wear and tear, improper usage or usage in excess of that permitted hereby, Lessee agrees to pay Maxim immediately upon demand the amount necessary to restore the Equipment to the same condition as when initially leased, ordinary wear and tear from normal use excepted. All risk of loss or damage to the Equipment, accidental or otherwise, shall be borne exclusively by Lessee. Maxim and Lessee acknowledge and agree that the replacement value of the Equipment set forth on the respective Equipment Order Form shall be deemed the value of the Equipment in order to establish the amount of the loss or damage thereto. It is understood that no rent, whether previously paid or due, shall apply to or offset the amounts due from Lessee for such loss or damage to the Equipment. The Lease term and rental period for the particular Equipment shall continue to run until all repairs to such Equipment are fully completed to the sole satisfaction of Maxim, the rent and repair expenses are fully paid (excluding latent manufacturing defects in the Equipment), and the Equipment is returned to Maxim in the same condition as initially leased to Lessee, ordinary wear and tear excepted.

Damage to Equipment. Lessee shall immediately notify Maxim of any damage to the Equipment . All repairs to the Equipment occasioned by damage during the term hereof shall be at the expense of Lessee (excluding latent manufacturing defects in the Equipment), including, but not limited to, fire, flood, theft, comprehensive losses, collision and/or rollover and Acts of God. All repairs must be authorized by MaximXxxxx. All repairs must meet manufacturer specifications and the Equipment must be certified by the manufacturer. If, upon LesseeXxxxxx's return of the Equipment, Maxim determines that the Equipment has been subject to damage or excess wear and tear, improper usage or usage in excess of that permitted hereby, Lessee Xxxxxx agrees to pay Maxim immediately upon demand the amount necessary to restore the Equipment to the same condition as when initially leased, ordinary wear and tear from normal use excepted. All risk of loss or damage to the Equipment, accidental or otherwise, shall be borne exclusively by Lessee. Maxim and Lessee Xxxxxx acknowledge and agree that the replacement value of the Equipment set forth on the respective Equipment Order Form shall be deemed the value of the Equipment in order to establish the amount of the loss or damage thereto. It is understood that no rent, whether previously paid or due, shall apply to or offset the amounts due from Lessee for such loss or damage to the Equipment. The Lease term and rental period for the particular Equipment shall continue to run until all repairs to such Equipment are fully completed to the sole satisfaction of Maxim, the rent and repair expenses are fully paid (excluding latent manufacturing defects in the Equipment), and the Equipment is returned to Maxim in the same condition as initially leased to Lessee, ordinary wear and tear excepted.