Hi, I'm looking into free leasing one of my friends horses. My friend said she'd make up the free lease agreement but, I want to make sure that both our butts are covered in the lease, so, I have been looking at tons of different leases and took bits and pieces from each to try and come up with a lease agreement/ guide line. I would like to know if I'm missing something in it or something should be worded differently. As I said before, my main goal is to cover both of our butts. Thank you!
Free Lease Agreement For ‘________________’
This Document is NOT a Bill of Sale
This agreement dated ________________ is made by and between ________________ (herein referred to as ‘the Owner’) residing at _____________________________________ with phone number ___________________ and (herein referred to as ‘the Lessee’) residing at ______________________________________ for the Free Lease of one horse as described and identified below:
Horse’s Name: _________________________
Years Foaled: _________________
Jockey Club Registration Number if applicable:__________________
Owner on Record: __________________________________________
Owner agrees to lease the horse described and identified herein to the Lessee for ZERO Dollars ($0.00) per month.
Owner warrants that he/she is the lawful owner of said horse and has the right to Free Lease said horse.
Owner is responsible for retrieving the horse with a minimum of two weeks (2 weeks) notice by Lessee that Lessee wishes to return said horse to Owner.
Lessee warrants that he/she will provide the said horse with care above and beyond that which the state of ___________ deems minimal humane treatment of an Equine. This care includes paying for board and providing food, water, and shelter for _____________; regular maintenance of the said horse’s hooves via regular barefoot trims or farriery, and regular grooming, administrations of deworming medications, health care including annual inoculations and teeth floating, exercise, nutrition and displays of kindness necessary to maintain the said horse in his/her current state of physical and emotional health which Owner warrants, and said horse’s Veterinarian will concur, is excellent.
Lessee warrants that she/he does not have the right to sell, lend, sub-lease, move, or otherwise dispose of the said horse.
Lessee warrants that she is aware of the substantial risk of personal injury that can be sustained while riding or working around horses and agrees to hold Owner harmless of all liability of any injury to persons or property caused by the horse while the said horse is in the Lessee’s care.
If said Horse should, at any time, become missing, lost, seriously injured, sick or dead, the Lessee shall immediately notify Owner by telephone. In the event that the Owner cannot be reached, an emergency contact of the Owners choosing, shall be notified and make a decision on the owners behalf.
The Lessee shall not be held liable for any medical, veterinary or clinical costs for injuries, sickness or death outside of the Lessee's control.
Limitations and Use of Horse
Lessee covenants, warrants, and agrees NOT to use the horse for any purpose(s) other than those set forth here: __________________________________________________ __________________________________________________ __________________________________________________ __________________________________________________ _______________
Owner warrants that, to the best of Owner’s knowledge, this Horse is suitable for the stated purpose; further, that all relevant conditions of the horse, both physical, mental and/or behavior specific, which would be relevant to use for these particular purposes and which are known or reasonably should be know by Owner have been fully disclosed by Owner to Lessee prior to the execution of this agreement.
Risk of Loss and Insurance
Lessee assumes risk of loss or injury to said horse. Lessee has the option of obtaining a life and loss-of-use insurance policy on said Horse in the mutually agreed upon amount of $______ , listing Owner as Loss Payee and Owner shall not hold any other further claims against the lessee and Owner will accept the insurance as adequate compensation.
The term of this Lease Agreement is renewable automatically every month, however, Lessee may terminate this agreement with a minimum of two weeks notice to the Owner at any time. Owner reserves the right to retrieve the horse with a minimum of two weeks notice to Lessee.
Warranty of Health and Soundness
Prior to execution of this agreement, Lessee has the right to have the horse examined by a veterinarian or other agent of Lessee’s choosing, said examination and elements contained therein to be at the sole discretion of Lessee. Lessee is responsible for all costs relevant to said examination. Lessee has the right to request copies of the horse’s veterinarian examination and access to prior Xrays, ultrasound and/or other diagnostic or imaging tests of any kind performed on Horse by Owner. Owner shall fully cooperate with Lessee in authorizing the release of said records from the relevant providers to Lessee. Provision and review of these records, and approval of same, is a condition precedent to Lessee’s obligation of further performance of this Agreement. This warranty of Heath and Soundness is not given in lieu of any warranty of quality, condition or otherwise, said warranties surviving concurrently. Lessee HAS ( ) / HAS NOT ( ) had a pre-purchase veterinary examination, at LESSEE’S expense, performed on said horse.
Purchase of Horse by Lessee
At the end of this Lease Agreement, date stated above, Lessee has the option of purchasing said Horse for the mutually agreed upon amount of $ (terms of sale to be determined on separate Equine Sales Contract).
Modification of Lease
No modification of this lease shall be binding unless in writing and executed by the parties hereto.