Terms and Conditions

Welcome to LeasV

1. DEFINITIONS AND INTERPRETATION

• "Vehicle" refers to the specific motor vehicle identified in the attached "Vehicle Schedule."

• "Lease Term" refers to the period defined in the Vehicle Schedule.

• "Event of Default" includes any breach of payment, failure to maintain the vehicle, or insolvency.

• "Purchase Option" refers to the Lessee’s right to acquire title upon satisfaction of all financial and contractual obligations.

2. LEASE OF VEHICLE

The Lessor agrees to lease the Vehicle to the Lessee for the Lease Term, and the Lessee agrees to accept the Vehicle in its current condition, subject to the inspection report provided at handover.

3. PAYMENT OBLIGATIONS

3.1 Rent: The Lessee shall pay the weekly rental fee as set out in the Vehicle Schedule. 3.2 Security Deposit: A refundable bond shall be held by the Lessor. The Lessor may, at its sole discretion, apply this bond to any outstanding arrears, damages, or cleaning fees upon the termination of this Agreement. 3.3 Late Payments: Any payment not received by the due date shall attract a late payment fee. Interest may accrue on overdue amounts at the rate of [Insert]% per annum.

4. OWNERSHIP AND PPSR

4.1 Title: The Lessor retains absolute legal and beneficial title to the Vehicle at all times during the Lease Term. 4.2 PPSR Registration: The Lessee acknowledges that the Lessor will register a Purchase Money Security Interest (PMSI) on the PPSR. The Lessee agrees to provide all necessary assistance to perfect this security interest. 4.3 No Encumbrance: The Lessee shall not sell, pledge, sublease, or grant any security interest over the Vehicle.

5. MAINTENANCE, SERVICING, AND REPAIR

5.1 Servicing Standards: The Lessee must maintain the Vehicle in accordance with the manufacturer’s logbook schedule. 5.2 Authorized Repairers: All services and repairs must be performed by a manufacturer-authorized repairer. The Lessee must provide tax invoices as proof of compliance within [48] hours of service. 5.3 Wear and Tear: The Lessee is liable for the cost of all consumables (tyres, brakes, wiper blades) and any damage exceeding "reasonable wear and tear." 5.4 Roadside Assistance: The Lessee is solely responsible for maintaining an active roadside assistance policy. The Lessor is not liable for any costs associated with breakdown, recovery, or towing. 5.5 Immobilization: Should the Vehicle become immobilized due to accident or mechanical failure, the Lessee’s obligation to pay the weekly Rental Fee continues without abatement.

6. LESSEE LIABILITY AND INDEMNITIES

6.1 General Liability: The Lessee assumes 100% liability for the Vehicle from the point of possession. This liability applies regardless of fault, including theft, vandalism, or "Acts of God." 6.2 Operational Indemnity: The Lessee indemnifies the Lessor against all claims, costs, or damages arising from the use of the Vehicle, including third-party personal injury or property damage. 6.3 Infringements: The Lessee is strictly liable for all traffic, parking, and toll infringements. An administrative fee will be charged for each notice processed by the Lessor. 6.4 Consequential Loss: In the event of a total loss, the Lessee shall pay the Lessor the market value of the Vehicle plus any costs incurred in recovery or disposal.

7. BREACH, TERMINATION, AND REPOSSESSION

7.1 Events of Default: Breach of any provision (including missed payments or unauthorized use) entitles the Lessor to immediately terminate the Agreement. 7.2 Right of Entry: Upon termination, the Lessee grants the Lessor an irrevocable license to enter the premises where the Vehicle is stored to repossess the Vehicle, using all necessary force permitted by law. 7.3 Accelerated Debt: Upon default, the Lessor may demand the immediate payment of all remaining rental fees due for the duration of the Lease Term.

8. OPTION TO PURCHASE

8.1 Option Exercise: Upon successful completion of the Lease Term and payment of all dues, the Lessee may exercise the Option to Purchase. 8.2 Pre-conditions: The Option is only exercisable if the Lessee is in full compliance with all terms of the Agreement. 8.3 Residual Payment: Upon exercise, the Lessee shall pay a nominal residual amount as defined in the Vehicle Schedule to acquire title to the Vehicle.