Lease Agreement for Equipment

This Equipment(s)Lease Agreement (hereinafter referred to as the “Agreement”) is entered

into by and between …… (hereinafter referred to as the “Lessor”) and GITAM (Deemed to
be University) (hereinafter referred to as the “Lessee”). The Lessor and the Lessee will
collectively be referred to as the “Parties” and individually as “Party”. The Agreement shall
be effective from the date as prescribed (hereinafter referred to as the “Effective Date”).

WHEREAS the Lessee is an educational institution established in Visakhapatnam, Andhra

Pradesh along with its branches at Bengaluru, Karnataka and Hyderabad, Telangana also.
Lessee is conducting the Shore Fest 2023 at its Visakhapatnam campus and offers to pay
Rental for the Lease (defined below) of Equipment(s) (defined below) in ownership/lawful
possession of the Lessor at the terms as specified in the Agreement.

WHEREAS the Lessor is involved in the business of …. Lessor accepts the offer to Lease
(defined below) of Equipment(s) (defined below) owner/lawfully possessed by the Lessor in
exchange of Rental at the terms as specified in the Agreement.

1. LEASE:

The Lessor hereby agrees to lease to Lessee the ……. (Hereinafter referred to as the
“Equipment(s)”). The Lessee hereby agrees to take on the Lease from Lessor, subject to the
terms of this Lease Agreement.

2. DEFINITIONS

2.1 Bank or Financial Institutions means (i) any financial institution with its principal place
of business registered in India, but excluding any such branch of the Financial Institution
located outside India, and (ii) any such financial institution with its principal place of
business registered not in India, but the branch of such financial institution located in India.

2.2 Breach refers to failure to meet any of the obligations mentioned in this Agreement by
Parties.

2.3 Date of Delivery means the date agreed for the delivery of Equipment by the Lessor.

2.4 Default refers to any default in payment of Rental by the Lessee or any other amount due
under the Agreement by either Parties.

2.5 Delivery means transfer of Equipment(s) from possession of Lessor to the Lessee on Date
of Delivery at Place of Delivery.

2.6 Governing Law means the laws applicable to the Agreement which are laws applicable to
the State of Andhra Pradesh and laws of India.
2.7 Place of Delivery means the location where the Equipment is to be delivered by the
Lessor.

2.8 Schedule includes the any list or lists of documents attached as a schedule under this
Agreement hereon.

3. TERM:

This Agreement shall be for a term of xx (xx in words) months, which shall commence on the
Effective Date and shall, unless terminated as provided in this Agreement, terminate on ….
(Hereinafter referred to as the “Term”). The Term may be extended by the Lessee after a
written or oral acceptance from the Lessor (hereinafter referred to as the “Extended Term”).

4. RENTAL:

In consideration of the above, the Lessee shall pay to the Lessor, the Lease rent at the rate
specified in the Schedule xx for the entire Term of the Lease including the Extended Term, if
any.

5. DELIVERY:

5.1 The Equipment(s)hereunder leased, will be delivered by the Lessor to the location
specified by Lessee (hereinafter referred to as the “Place of Delivery”) on the date agreed
thereafter (hereinafter referred to as the “Date of Delivery”).

5.2 Lessee shall not be responsible for any damage incurred to the Equipment(s)during the
delivery.

6. REPRESENTATIONS & WARRANTIES:

6.1 The Lessor represents that the Equipment(s) to be delivered on the Date of Delivery at the
Place of Delivery are in a working condition and is without any defect contrary to the
Equipment(s)’s functioning and further warrants that if there any such defect, the same shall
be replaced or exchanged as soon as possible after the notice is sent by the Lessee.

6.2 The Lessor warrants that they are the owner of Equipment(s) leased and/or has the right
to lease the same. The Lessor further warrants that the ownership of the Equipment(s) is free
of all encumbrances which may interfere with or is contrary to the Lessee’s right to enjoy the
Equipment(s) as prescribed in the Agreement.

6.3 The Lessor agrees that Lessee shall be entitled to the benefits of the manufacturer's
warranties in respect of the Equipment(s).

6.4 The Parties acknowledge and agree the Equipment(s)shall be leased and accepted AS IS
with all defects.

6.5 Neither party shall be liable to the other party for any indirect or consequential damages.
7. TITLE, IDENTIFICATION, OWNERSHIP OF EQUIPMENT:

7.1 No right, title or interest in the Equipment(s)shall pass to Lessee by virtue of the
Agreement. Conditioned upon Lessee's compliance with and fulfilment of the term of
conditions of this Agreement, the Lessee shall have the right to have and retain possession
and use of the Equipment(s)for the full term of lease including the Extended Term.

7.2 Lessor and Lessee hereby confirm that their intent is that the Equipment(s)shall at all
times remain the property of the Lessor.

7.3 Lessee further agrees and undertakes not to sell, assign, sublet, pledge, hypothecate the
Equipment(s).

8. INDEMNITY:

8.1 Lessee agrees to comply with all laws, regulations and orders relating to the possession,
operation, and use of the Equipment(s)and assumes all risks and liabilities arising from or
pertaining to the usual course of possession, operation or use of the Equipment(s)

8.2 Lessee does hereby agree to indemnify and keep indemnified and hold safe and harmless
the Lessor from and covenants and undertakes to defend Lessor against any and all claims,
costs, expenses, damages and liabilities whether civil or criminal, of any nature whatsoever,
arising from or pertaining to the use, possession or operation of the Equipment(s)to limit of
its use for the Term including the Extended Term of the Agreement.

8.3 Any fees, taxes or other lawful charges paid by Lessor upon failure of Lessee to make
such payments, shall become immediately due to make such payments from Lessee to Lessor.

8.4 Lessee further covenants and undertakes to indemnify and keep indemnified the Lessor
against loss of Equipment(s)by seizure by any person including the Lessor for any reason
whatsoever, or resulting from any form of legal process during the Term including the
Extended Term of the Agreement.

8.5 Lessee further agrees to indemnify and keep indemnified the Lessor against all risks and
liabilities whether civil or criminal, arising from the possession, use, operation or storage of
the Equipment(s)and for injuries or deaths of persons or damage to property during the Term
including the Extended Term of the Agreement.

8.6 Any fees, taxes or other lawful charges paid by Lessee upon failure of Lessor to make
such payments, shall become immediately due to make such payments from Lessor to Lessee.

8.7 Lessor agrees to indemnify the Lessee against any loss or damage occurring to the Lessee
owing to the failure or delay in replacing or exchanging the Equipment(s) as specified in
clause 6.1.
9. USE & INSPECTION:

9.1 Lessee will cause the Equipment(s)to be operated in accordance with manufacturers’
manuals or instructions, if any, and in so far as applicable by competent and duly qualified
personnel only and in accordance with applicable government regulations, if any.

9.2 Lessor shall have the right during the normal business hours on any working day to enter
upon Lessee's premises or elsewhere after obtaining prior permission from the Lessee for the
purpose of confirming the existence, condition and proper maintenance of the Equipment(s).

10. REPAIRS, LOSS AND DAMAGE:

During the term of the Lease and any renewal thereof, Lessee, at its own cost and expenses
will keep all Equipment(s) in good repair, condition and working order and shall furnish all
parts, mechanisms, devices and servicing required thereof. All such parts, mechanisms and
devices shall immediately be deemed part of such Equipment(s) for all purposes hereof and
shall become the property of the Lessor. In the event, any item of Equipment(s) is lost, stolen
or destroyed or damaged beyond repair for any reason, Lessee shall promptly pay the Lessor
the pending Rental and the costs of injury or damage owing to Equipment(s)’s loss to the
Lessor.

11. FURTHER ASSURANCE:

11.1 Lessor hereby covenants that the Equipment(s)is the absolute property of the Lessor
and undertakes not to sell or transfer the same to any party except as to hypothecate,
mortgage or create a charge in favour of a Bank or Financial Institution. The Lessor shall
inform the Lessee of any such mortgage or hypothecation.

11.2 Lessee further irrevocably stipulates that at no time during the period of this lease
agreement will the Lessee attempt to capitalise the leased asset on Lessee's balance sheet and
Lessee and Lessor irrevocably agree that ownership of the Equipment(s)during the tenure of
the lease as specified herein and inclusive of any renewal options that the parties hereto may
concur to indisputably vests with the Lessor.

11.3 The Lessor does hereby agree to indemnify and keep indemnified and hold safe and
harmless the Lessee from and against any loss or damage caused to or suffered by the Lessee
on account of any action taken by the Bank or Financial Institution for non-satisfaction or
breach of the conditions of the loan granted by the Bankers to the Lessor. In case of Lessor's
failure to make payment of principal and/or interest of the loan and on being called upon by
the Bank or Financial Institution to pay to them all or any instalments of rental and the Lessee
making such payment the Lessor agrees that such payment to the Bankers or Financial
Institution made by the Lessee of the sums due under this Agreement, shall be considered as
having been paid to the Lessor, towards the Lessor's dues hereunder. In that event, the Bank
shall have no right of recourse to possession of Equipment(s)so long as the Lessee meets with
lease rental payments falling due under this Agreement.
11.4 The Lessor hereby agrees to inform its Bankers about this arrangement and obtain
their confirmation to the same.

12. SURRENDER:

Upon expiration or earlier termination of the Lease, Lessee shall surrender to the Lessor the
said Equipment(s) in good repairable condition and working order, other than normal wear
and tear resulting from the proper use of the Equipment(s) and damage not caused by the
negligence of the Lessee.

13. BREACH, DEFAULT & REMEDY:

13.1 “Breach” refers to failure to meet any of the obligations mentioned in this Agreement by
Parties.

13.2 Breach does not qualify either party to seek consequential, indirect or punitive damages.
Remedy for breach is limited to restitution and specific performance of this agreement.
Specific performance cannot be mandated where it is made impossible as per Clause 14.

13.3 “Default” refers to any default in payment of Rental by the Lessee or any other amount
due under the Agreement by either Parties.

13.4 Remedy for Default is limited to specific performance and claim monetary relief against
any loss or damage owing to the Default.

14. FORCE MAJEURE:

Either Party cannot be held liable for their failure to act in case of any National Emergency,
Natural Calamity, Act of God or any other obstruction beyond the scope of their control,
which leads to the impossibility of performance of duties.

15. WAIVER:

None of the conditions or provisions of this Agreement shall be held to have been waived by
any act or knowledge on the part of either Party, except by an instrument in writing signed by
such Party waiving the right or its authorised agents. Further, the waiver by either Party of
any right or the failure to enforce at any time any of the provisions of this Agreement, or any
related rights, shall not be deemed to be a waiver of any other rights or any Breach or failure
of performance of the other party.

16. NOTICES:

Any notices or demands required to be given herein shall be given to the Parties hereto in
writing and by post or by hand delivery at the address set forth or to such other addresses as
the Parties hereto may hereafter substitute by written notice given in the manner prescribed
herein above

17. JURISDICTION:

The rights and obligations under the Agreement fall within the civil jurisdiction of the
Visakhapatnam District Court.

18. AMENDMENT PROCEDURE:

Amendment of any terms of the Agreement shall be done by serving a notice to the other
Party in writing. Any new terms will be enforceable only after the other Party agrees to them
in writing.

19. CONFIDENTIALITY:

The Parties shall maintain strict confidentiality of the information communicated in

pursuance of this Agreement. The information shall not be shared to any person who does not
belong to either Party’s organisation. Any loss or damage which occurs due to the disclosure
of such information by either Party shall be indemnified by the other Party.

20. GRIEVANCE REDRESSAL:

Any grievance arising to the Lessor, from the rights and obligations of the Agreement, shall
first be referred for redressal, to the Pro-Vice Chancellor of GITAM (Deemed to be
University).

21. ARBITRATION:

All disputes, differences, claims and questions, whatsoever, which shall arise either during
the subsistence of this Agreement or afterwards between the Parties and/or their respective
representatives under the Agreement shall be referred to the arbitration of 1 (one) Arbitrator,
to be appointed by mutual consent of each Party and such arbitration shall be in accordance
with and subject to the provisions of the Arbitration and Conciliation Act, 1996 or any
statutory modification or re-enactment thereof for the time being in force.

22. ENTIRE AGREEMENT:

The Entire Agreement is contained in this document. No other correspondence between the
Parties can be used to create legal obligations. The Agreement is a cumulation of all terms
negotiated between the Parties and is final.
BY EXECUTION HEREOF, THE SIGNOR HEREBY CERTIFIED THAT HEREBY
CERTIFIES THAT THEY HAVE READ THIS AGREEMENT AND THEY ARE DULY
AUTHORISED TO EXECUTE THIS AGREEMENT ON BEHALF OF THE LESSEE By
execution hereof, the signor hereby certifies that he has read this Agreement and that he is
duly authorised to execute this Agreement on behalf of the Lessee.

IN WITNESS WHEREOF each of the parties hereto has caused this agreement to be
executed in duplicate on this… (date) by its duly authorised officers.

Signed for and on behalf of: In the presence of:

Witness No. 1

Witness No. 2

Signed for and on behalf of:

For………………………………………

For………………………………………

In the presence of:

Witness No. 1

Witness No. 2
 Schedule 1

List of Equipment

Equipment Locatio Renta Equipmen Securit Rental Rate Total

Description n of Use l t ID if any y Cost