Harrell & Hall Enterprises, Inc.
d/b/a H&H Rent To Own
43 Airpark Court
Alabaster, AL 35007
Lease/Purchase Agreement and Disclosure Statement
This Agreement made and entered on 06/02/2023, by and between Harrell & Hall Enterprises, Inc. d/b/a H & H Rent To Own, having its principal place of business at 43 Airpark Court, Alabaster, AL 35007, herein referred to as “H&H” and NAME EMAIL ADDRESS , herein referred to as “Lessee”. Lessee acknowledges receipt of a copy of this Agreement as evidenced by Lessee’s signature as it appears below.
For and in consideration of the mutual covenants and agreements between the parties herein after set forth, H & H hereby leases to Lessee and Lessee hereby leases from H&H that certain portable warehouse and equipment described in section 1(a) set forth below.
1. The following information is hereby disclosed to the Lessee pursuant to Alabama Code §8-25-1 et seq. and comprises the terms and conditions of this Agreement.
(a) The property to be leased pursuant to this Agreement is described as follows: 8×8 | | CW/CW, (the“leased property”).
(b) The cash price of the leased property is with due at signing of this Agreement, and to be applied to the principal.
(c) The leased property is .
(d) The term of this Agreement is for one month.
(e) Lessee may renew this Agreement for consecutive one month terms (less end of contract deposits) by making rental payments in advance for each additional month Lessee desires to rent the property.
(f) The monthly rental payment is plus state/county sales/rental tax for a total of .
An advance monthly payment is due and has been made upon execution of this Agreement. Payments made hereafter are due 30 days after the delivery date and each succeeding month in accordance with a monthly invoice to be provided to the Lessee. Should Lessee fail to pay any monthly invoice within 15 days of invoice due date (“termination date”), H&H reserves the right to take possession of the leased property. Lessee agrees to pay a late charge of $30.00 for each payment received after the payment due date as set forth on the monthly invoice. Lessee also agrees to pay a returned check or non-sufficient funds fee of $50.00.
(g) If Lessee makes () monthly rental payments for a total of plus tax, and otherwise complies with the terms and conditions of this Agreement, Lessee will acquire ownership of the leased property. After Lessee has made the first rental payment, Lessee may purchase the leased property for the cash price as set forth in section 1(b) herein above plus sales tax less % of all rental payments Lessee has made (exclusive of taxes, reinstatement and other charges).
(h) Lessee will not own the leased property until Lessee has made the total number of payments necessary to acquire ownership as set forth in section 1.
(i) It is agreed that title to said property shall remain in H&H until such payment is made.
(j) The total of payments does not include other charges such as late charge, default pickup or reinstatement fees.
(k) Lessee is responsible for payment to H&H of the fair market value of the leased property if it is lost, stolen, damaged or destroyed before title passes to Lessee.
(l) Lessee is responsible for maintaining the leased property in the condition in which it existed upon delivery and during the lease term(s). Reasonable wear and tear to be excepted.
(m) Lessee shall not permit the leased property to be altered for the construction of shelves, addition of equipment and accessories or the placing of signs thereon and shall not permit the leased property to be tied, or otherwise affixed to any real estate in such a manner that the same cannot be removed without damage to the leased property.
2. First and last payments in the amount of to be held by H&H as security for the performance of all terms of this Agreement including, but not limited to, the payment of a re-delivery charge.
3. Upon the expiration of any lease term, Lessee may terminate this Agreement without penalty by voluntarily surrendering the leased property. In the event of termination, Lessee agrees to return the leased property to H&H in the same condition it was in on the date of delivery, normal wear and tear excepted.
4. In the event of termination by Lessee or by H&H, Lessee will still owe H&H any past-due rental payments. If Lessee fails to make a timely rental payment, which otherwise would effectuate a termination of this Agreement, Lessee shall have the right to reinstate this Agreement without losing any rights or options by payment of all past due rental charges, the reasonable cost of pickup, re-delivery, any refurbishing, and any applicable late fee(s) within five (5) days of the termination date.
5. The leased property shall be kept at the address shown above. The leased property may not be moved from this address without H&H’s written consent.
6. Lessee may not assign any of the Lessee’s rights under this Agreement to any third party without written consent of H&H. H&H may assign its rights hereunder.
7. H&H shall have the right to examine and inspect the leased property at reasonable times.
8. Notwithstanding anything contained in this Agreement to the contrary, H&H shall not be liable to the Lessee, or any other person, entity, firm or corporation by reasons of the loss of damage to or destruction of, any contents kept in thy leased property whether due to the negligence of H&H; its agent(s) , servant(s) or employee(s), or otherwise, but in any event the liability of H&H shall not exceed the present value of the leased property in question. Lessee will indemnify and save harmless H&H, its agent(s) and employee(s) from any claim of Lessee, or any other person, including attorney fees, growing out of the installation, maintenance and use of said leased property. In this regard, the Lessee warrants and guarantees to H&H that no property in excess of said limit of liability shall be placed, or stored, in the leased property other than at the sole peril of Lessee.
9. Notice is hereby given to any holder of this instrument or any interest therein that to the extent this instrument may be deemed to be a consumer credit contract, the rights of any such holder, if any are subject to all claims and defenses which the debtor could assert against the seller of goods and services obtained pursuant thereto, but with the recovery by the debtor being limited to the amount paid by the debtor hereunder.
10. Lessee agrees to promptly remove all of Lessee’s personal belongings and property at the termination of this Agreement, whether such termination is caused by Lessee default or by lapse of time, and H&H may elect that any personal property not so removed at such termination by Lessee is deemed abandoned by Lessee and same shall become the property of H&H without payment or offset therefor. If H&H shall not so elect, H&H may remove such personal belongings and property from the premises of the leased property and store same at Lessee’s risk and expense.
11. In the event H&H shall incur costs and expenses enforcing the terms of this Agreement due to the breach thereof by Lessee or by Lessee’s agent(s), servant(s) or employee(s), H&H shall recover from Lessee, and Lessee shall pay to H&H, all of H&H’s cost and expenses by reason thereof, including, but not limited to, H&H’s reasonable attorney fees. In the event Lessee pays the amount in arrears after H&H has made the trip to repossess the leased property, Lessee shall pay H&H, in addition to the payments in arrears, the sum of $200.00 as reimbursement for expenses.
12. The parties agree that Lessee has examined the leased property, knows the condition thereof, and has agreed to lease same in an “as is” condition and that H&H has made no representations, warranties, or promises of any kind or nature, either expressly or impliedly, as to the condition, quality, suitability or fitness of purpose of the leased property.
13. This Agreement sets forth the entire agreement of the parties and may not be changed except in a writing signed by both parties.
14. By executing this Agreement, Lessee agrees that:
(a) Lessee has read and understands this Agreement;
(b) Lessee has been given a signed and legible copy of this Agreement with all blanks filled
(c) Lessee has received the leased property in good condition.
15. In the event Lessee files bankruptcy and Lessee includes the leased property in the bankruptcy, Lessee will voluntarily surrender the leased property back to H&H. .. (initial)
16. If Lessee fails to make one (1) payment of , Lessee is deemed to have voluntarily surrendered the leased property to H&H, In this event, Lessee is subject to the preceding terms and conditions as outlined in this Agreement.
17. H&H shall provide Lessee with a written receipt for each payment made by cash or money order.
18. If at any time before the title to the leased property passes to Lessee, the leased property is destroyed, or is deemed to be unusable in the sole discretion of H&H, then Lessee shall immediately pay to H&H a sum equal to the cash price less payments made, less security deposit.
Note: H&H is not responsible for any damage to Lessee’s property or adjoining property owners while delivering the leased property.
Rental Contract Disclosure
ANNUAL PERCENTAGE RATE:
(the cost of your credit)
(the dollar amount the credit will cost you)
(the amount of credit provided to you on your behalf)
TOTAL OF PAYMENTS:
(the amount you will have paid if all payments made as scheduled)
||Social Security Number:
||Drivers License #: