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MELGES 15 

EQUIPMENT LEASE 


This Equipment Lease (this “Lease”) is between Melges Boat Works Inc. and Melges Watersports Center (the “Lessors”), N598 Zenda Rd, Zenda WI 53195 & 2550 N. Banana River Drive Merritt Island, FL 32952, and the “Lessee” and states the agreement of the parties as follows: 

EQUIPMENT SUBJECT TO LEASE. The Lessor shall lease the equipment listed on the attached Exhibit A (the “Equipment Schedule”). The place of delivery of the equipment is the Melges Watersports Center 2550 N. Banana River Drive Merritt Island, Florida 32952. 

LEASE TERM. This Lease shall begin on the event date and terminate at the conclusion of the event. 

PAYMENT TERMS. The total lease payment is $650/day, plus tax. Lease payment will be due and payable upon reservation.  

RISK OF LOSS OR DAMAGE. The Lessee assumes all risks of loss or damage to the equipment from any cause, and agrees to return it to the Lessors in the condition received from the Lessors, with the exception of pre existing conditions and normal wear and tear consistent with the intended use of the equipment. 

INDEMNITY OF LESSORS FOR LOSS OF DAMAGES. If the equipment is damaged or lost (other than through action of the Lessors, a pre existing condition or normal wear and tear consistent with the intended use), the Lessors shall have the option of requiring the Lessee to repair the equipment to a state of good working order, or replace the equipment, which equipment shall become the property of the Lessors and subject to this Lease. 

LIABILITY AND INDEMNITY. Liability for injury, disability and death of workers and other persons caused by operating, handling or transporting the equipment during the term of the Lease is the obligation of the Lessee. The Lessee shall indemnify and hold the Lessors harmless from and against all such liability, except to the extent caused by the negligence or misconduct of the Lessors. Lessee may purchase workers compensation and/or an accident policy, but in no event will Lessors be responsible for any injuries/medical expense, indemnity, disability or death to Lessee’s crew, staff or employees. Lessee by the arrangement of Lessee shall maintain liability insurance of at least $300,000, which shall be arranged through the Lessee as set forth above.

DEPOSIT. The Lessee authorizes Melges Watersports Center to charge and/or place a hold on your credit card of $1,000. This amount shall be retained by the lessor as partial compensation for failing to return said rental craft in as good condition, ordinary wear and tear excluded, as when received; for reimbursement of articles damaged, missing or broken equipment; or to be applied to the rental charges upon return of the craft by lessee. The foregoing shall not limit lessor's ability to seek its further damages at law or equity.

CARE AND OPERATION OF EQUIPMENT. The equipment may only be used and operated in a reasonable and proper manner consistent with the intended use of racing in the MELGES 15 Class. Its use must comply with all laws, ordinances and regulations relating to the possession, use or maintenance of the equipment, including registration and/or licensing requirements, if any. 

OPERATING EXPENSES. All expenses incurred during the term of this lease are the responsibility of the Lessee, including, all fees for regatta, docking, launching, mooring, and transport. 

MAINTENANCE AND REPAIR. The Lessee shall maintain the equipment in good repair and operating condition, allowing for the condition of the equipment on the date of delivery to the Lessee and for reasonable wear and tear consistent with the intended use of the equipment. The Lessee shall pay all costs required to maintain the equipment in such operating conditions. Such costs shall include labor, material, parts and similar items. The Lessee shall ensure the boat and sails are always stored dry, boat level, bailers open and any water able to drain out of the bailers. Cover properly installed and boat tied down properly. Use of the boat should follow common practices noted in the Melges 15 tuning guide and Melges 15 manual. 

RETURN OF EQUIPMENT. At the end of the Lease term, the Lessee shall be obligated to return the equipment to the Lessors at the Lessee’s expense. The place of return shall be the Melges Watersports Center. Unless otherwise stated by the Lessors, the equipment shall be returned clean, dry, all sails dry and folded, mast down and prepped for transport with all equipment staged with the boat. Do not place any equipment on top of the boat without padding under it to protect the gelcoat surface. The Lessors shall inspect the equipment with the Lessee to sign off on the return. Any known damage to the equipment shall be clearly communicated to the Lessors. 

ACCEPTANCE OF EQUIPMENT. The Lessee shall inspect each item of equipment delivered pursuant to the Lease. The Lessee shall immediately notify the Lessors of any discernible discrepancies between such item of equipment and the description of the equipment in the Equipment Schedule. If the Lessee fails to provide such notice of discernible discrepancies before accepting delivery of the equipment, the Lessee will be presumed to have accepted the equipment as specified in the Equipment Schedule. 

OWNERSHIP AND STATUS OF EQUIPMENT. The equipment will be deemed to be personal property, regardless of the manner in which it may be attached to any other property. The Lessors shall be deemed to have retained title to the equipment at all times, unless the Lessors transfers the title by sale. The Lessee shall immediately advise the Lessors regarding any notice of any claim, levy, lien or legal process issued against the equipment. 

DEFAULT. The occurrence of any of the following shall constitute a default under this Lease: 

A. The failure to make a required payment under this Lease when due.

B. The violation of any other provision or requirement that is not corrected within 14 day(s) after written notice of the violation is given. 

C. The insolvency or bankruptcy of the Lessee. 

RIGHTS ON DEFAULT. If the Lessee is in default under this Lease, without notice to or demand on the Lessee, the Lessors may take possession of the equipment as provided by law, deduct the costs of recovery (including attorney fees and legal costs), repair and related cost, and hold the Lessee responsible for any deficiency. The Lessors shall be obligated to re-lease the equipment, or otherwise mitigate the damages from the default, only as required by law. 

NOTICE. All notices required or permitted under this Lease shall be deemed delivered when delivered in person or by pre paid registered mail to the appropriate party at the address shown for that party at the beginning of the Lease. 

COMMITMENT. Through payment the Lessee is committing to the assigned dates in this contract. If for some unknown reason the Lessee cannot use the equipment upon the committed dates the funds are deemed non-refundable. 

CONFIDENTIALITY. This is a private agreement between the Lessee and the Lesser. Any further discussion with outside parties will result in an additional 50% penalty fine. 

ASSIGNMENT. The Lessee shall not assign or sublet any interest in this Lease or the equipment or permit the equipment to be used by anyone other than the Lessee or Lessee’s employees, without Lessors’s prior written consent. 

ENTIRE AGREEMENT AND MODIFICATION. This Lease constitutes the entire agreement between the parties. No modification or amendment of this Lease shall be effective unless in writing and signed by both parties. This Lease replaces any and all prior agreements between the parties. 

GOVERNING LAW. This Lease shall be constructed in accordance with the laws of the State of Wisconsin. 

SEVERABILITY. If any portion of this Lease shall be held to be invalid or unenforceable for any reason, the remaining provisions shall continue to be valid and enforceable. If a court finds that any provision of this Lease is invalid or unenforceable, but that by limiting such provision, it would become valid and enforceable, then such provision shall be deemed to be written, construed and enforced as so limited. 

WAIVER. The failure of either party to enforce any provision of the Lease shall not be construed as a waiver or limitation of that party’s right to subsequently enforce and compel strict compliance with every provision of this Lease. 

CERTIFICATION. Lessee certifies that the application, statements, trade references and financial reports submitted to Lessors are true and correct and any material misrepresentation will constitute a default under this Lease. 

ARBITRATION. Any controversy or claim relating to this Lease, including the construction or application of this Lease, will be settled by binding arbitration under the rules of the American Arbitration Association, with arbitration to be in Wisconsin and any judgment grated by the arbitrator(s) may be enforced in any court of proper jurisdiction. 


EXHIBIT A 

EQUIPMENT SCHEDULE 

1 x MELGES 15 Sailboat complete with standing and running rigging 

1 x Mainsail 

1 x jib 

1 x asymmetrical spinnaker. 

1 x Full deck cover 

1 x Road trailer or Beach dolly with tie down strap/s 

1 x Daggerboard 

1 x Rudder, tiller and tiller extension 

1 x Foil bag

1 x Vakaros Instrument with mount

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