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4100.BLD
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1993-01-06
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133 lines
#4100
@001 Please state the name of the owner of the property(lender):
@002 Please state the name of the borrower of the property:
@410 Please describe the property lent:
@411 Please state length of loan:
@412 Please state purpose of borrowing:
#4101/#4102/ The property will be insured:
By the owner
By the borrower
By neither, or contract does not state
#if#4102
@419/@419 State required limits of insurance:
$ 500,000
KEY IN VALUE
#endif
#4103 Do you desire to have an indemnity clause?
#4104
#end control section
#4100
/* Para. 4100: Bailment, general form */
BAILMENT AGREEMENT
@001, referred to herein as "OWNER" and @002, referred to as
"BORROWER," agree:
@001 is the owner of the following personal property:
@410
OWNER herewith bails to BORROWER the personal property described
above, for a period of @411, for the purpose of @412. 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.
#4101
/* Para. 4101: BAILMENT: Owner insures*/
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.
#4102
/* Para. 4102: INSURANCE BY 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 @419, 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.
#4103
/* Para. 4103: Indemnity */
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.
#4104
/* Para. 4104: Conclusion- bailment */
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 @001's
election to do so.
Dated: ________________________________
_______________________________________________
@001
______________________________________________
@002