LESSOR: Luther College Entrepreneurship Club
Location – The PROPERTY shall not be removed from the school address of the LESSEE. Any change in address during the school year must be forwarded to the LESSOR. This includes, but is not limited to, transferring to another school, temporarily studying internationally and discontinuing the LESSEE’s education at Luther College.
Use – The LESSEE shall comply with all laws and college regulations relating to the use and operation of the PROPERTY. Affixing labels or any related material(s) is prohibited and will result in a $10.00 fine upon pickup.
Inspection – The LESSOR retains the right to inspect the PROPERTY, upon reasonable notice, for any reason deemed appropriate by the LESSOR.
Maintenance – At the LESSOR’s option, the PROPERTY will be repaired or replaced upon mechanical failure. The LESSOR is not responsible for damages, repair, or replacement necessitated through neglect or misuse of the PROPERTY by the LESSEE or person(s) given access to the PROPERTY by the LESSEE.
Surrender – On the pickup day determined by the agreed-upon term of lease, the LESSEE will return the PROPERTY cleaned, defrosted and in good working condition. Failure to return the PROPERTY, or returning the PROPERTY damaged beyond repair, will result in the LESSEE being obligated for the local retail price, plus tax, for the replacement of the PROPERTY.
Default – If the LESSEE terminates this lease agreement before pickup date, the LESSEE will not be refunded the portion of the rental fee paid for the months remaining on the lease. No additional charge will be assessed to the LESSEE.
Assign – The LESSEE may not assign or sublet their right in this lease or in the PROPERTY.
Ownership – The PROPERTY is the exclusive property of the LESSOR and the LESSEE shall have no right, title, or interest in the PROPERTY, except as expressly stated in this lease agreement. The LESSOR retains the right to remove the PROPERTY upon misuse or neglect of the PROPERTY by the LESSOR or by any person given access to the PROPERTY by the LESSEE.