Please state the name of the owner of the property(lender), referred to herein as "OWNER" and Please state the name of the borrower of the property, referred to as "BORROWER," agree:
Please state the name of the owner of the property(lender) is the owner of the following personal property:
Please describe the property lent
OWNER herewith bails to BORROWER the personal property described above, for a period of Please state length of loan, for the purpose of Please state purpose of borrowing. BORROWER agrees to return the same to OWNER in good condition, ordinary wear and excepted.
THIS IS A BAILMENT WITHOUT PAYMENT FROM BORROWER TO OWNER FOR THE LENDING.
BORROWER acknowledges an opportunity to review the personal property bailed, and ACCEPTS THE SAME "AS IS," "WITH ALL FAULTS" and WITHOUT WARRANTY. BORROWER HAS ASCERTAINED THAT THE BAILED PROPERTY IS FIT FOR THE PURPOSE THAT BORROWER DESIRES TO USE THE BAILED PROPERTY.
OWNER is not a "merchant" as the same is defined in the Uniform Commercial Code. Include the following if The property will be insured: By the owner
OWNER has procured insurance for physical damage upon the bailed items, and, accordingly informs BORROWER of the subrogation rights of the insuror of OWNER. THE INSURANCE OBTAINED MAY NOT COVER BORROWER FOR ANY PURPOSE. Include the following if The property will be insured: By the borrower
The BORROWER shall at all times maintain insurance coverage for all insurable perils on the personal property bailed herein in a minimum amount of State required limits of insurance, and OWNER shall be named as a loss payee and co-insured thereon. OWNER may obtain such coverage for BORROWER, and at BORROWER's expense, if the same is not obtained and proof thereof given to OWNER.
The BORROWER agrees to indemnify and hold harmless OWNER from any and all liability which may accrue as a result of BORROWER'S use of the bailed property.
The OWNER may terminate this bailment prior to the expiration of the same which is specified herein for cause, including but not limited to:
a. the intentional misuse or neglect of the bailed property;
b. the use of the bailed property in contravention of any statute or administrative regulation;
c. other objectively reasonable cause.
Said termination shall be effective immediately upon Please state the name of the owner of the property(lender)'s election to do so.
Please state the name of the owner of the property(lender)
Please state the name of the borrower of the property