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Vehicle Lease Agreement 2

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Vehicle Lease Agreement 2 Page 2
Vehicle Lease Agreement 2
Article III
Consideration: In consideration for leasing the vehicle(s), the Lessee agrees to pay the
Lessor $ per vehicle for the term of the lease, and the Lessee further agrees
to bear all costs of maintenance, operation, and repair of leased vehicle(s) described in
Exhibit 1. The Lessee agrees to hold Lessor harmless for any damages arising out of
the use, maintenance, or operations of the leased vehicle by the Lessee or any third
party for any purpose whatsoever, with the Lessee’s responsibilities more fully
described hereinafter.
Article IV
Routine Maintenance and Operation Expenses: The Lessee assumes the full and sole
responsibility for maintaining the Lessor's equipment at a high level of cleanliness,
safety, and mechanical soundness. The Lessee agrees to pay all charges for gasoline,
oil, parts, services used or supplied for the vehicle during the term of this Lease and
shall indemnify the Lessor against all liability on such account. Lessor shall not be
required to furnish any services, parts/materials, facilities or personnel to make any
repairs to or maintain the vehicle(s); this is clearly and entirely the responsibility of the
Lessee. The Lessee shall have a Preventive Maintenance Program/Schedule that, at a
minimum, meets manufacturer guidelines and recommendations for maintaining
vehicles. The Lessee must document and track all vehicle maintenance activities in a
Preventive Maintenance Record format. The Preventive Maintenance Guidelines
published by the Public Transportation Division or any subsequent Maintenance
Program/Record issued by the division is available electronically upon request. The
Lessor may require periodic reports on operation or maintenance activities.
The Lessor, the Public Transportation Division, the Federal Transit Administration, or
any agent thereof, shall have the right to conduct periodic maintenance inspections for
the purpose of confirming the existence, condition, and the proper maintenance of the
leased equipment.
Article V
Liability and Insurance: The Lessee assumes all liability regarding the provision of
passenger service while utilizing the leased vehicle(s) and agrees to indemnify the
Lessor for any losses incurred by the Lessee, or its management, or Board of Directors
because of tortuous conduct occurring in the course of the operation of leased
vehicle(s). The Lessee will cover its activities and vehicle(s) with insurance sufficient to
protect the Lessee, their management and Board of Directors, the Lessor, the Public
Transportation Division, and the Federal Transit Administration from any loss
whatsoever, in regard to vehicle(s).
The Lessee shall provide a copy of the insurance policy to the Lessor. On an annual
basis, proof of adequate insurance shall be provided to the Lessor, the Public
Transportation Division or any agent thereof.
Liability Insurance: North Carolina law requires continuous liability coverage to be in
effect on the vehicle(s) during the entire time it is registered and the license plate is in
your possession. The insurance must be provided by a company that is licensed to do
business in the state of North Carolina. The law is designed to compensate accident
victims for property losses and personal injuries and is designed for the Lessee’s
Vehicle Lease Agreement 2