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HomeMy WebLinkAboutDELLENBACH - CONTRACT - LEASE PURCHASE AGREEMENT - 2003 CHEVROLET 0469MOTOR VEHICLE Lessor: Lessee: LEASE AGREEMENT DE•i.-LLNLiiCtI wflokS C J.1'Y t)b i i' CCLL,I,^, ; CLOSED -END 1'f' �x 221R [ 271061:i�C7 Cc)X �SU MONTHLY PAYMENTS Fiti)LLTT;S CC) 80527 ft i_:01 cu 80 '1 DL# Lease Arranger (if applicable): State: Date DL issued: Lessee: Lease Date I I DL# xx��cc State 1 DESCRIPTION OF LEASED VEHICLE: Phew ❑ Used Date DL Make C1xfVk()L'i' Year %ic. Model U1J VI No. Body Styler'V . (ifknown) Beginning Mileage z Additional Description: DEFINITIONS: "You," "your" and "Lessee" mean each person or legal antihi ininN„ era Lease - -- -- -s a`nT •„ •• � ­ v, -- r-„- �uabu dyreemenr as the "Lessee." "We," helped arrange this Lease, but is not a party to the actual SLease contract. Disclosuresent dna its sn this Lease are maasside on behalf oft ens. The Lease rLesgsorr and any Leasif one is e Arranger. 3. AGREEMENT m LEASE: You agree to lease the motor vehicle described in section 1 ("Vehicle") from us according to the terms included on all three pages of this lease agreement oLease"). The Federal Consumer Leasing Act Disclosures are also contract terms of this Lease agreement except for sections 7, 8 b and 10 which are made for disclosure purposes only. ( ) Federal Consumer Leasing Act Disclosures 4. Amount Due 5. Monthly Payments at Lease Signing Your first Monthly Payment of $ 686.97 or Deli very (Itemized Below)* s due on, G ri • y followed by payments of $ due on the �0i day of each month beginning u-29—Or The total of your $ 6y6 • •37 Monthly Payments is $ i tr 6'7.1`3 6. Other Charges 7. Total of Payments (not part of your Monthly Payment) (The amount you will Disposition Fee (if you do have paid by the end of not purchase the Vehicle) $ N/A the Lease) Total 8. « Itemization of Amount Due at Lease Signing or Delivery (a) Amount Due At Lease Signing or Delivery: (b) How th A (1) Capitalized Cost Reduction (2) First Monthly Payment (3) Refundable Security Deposit (4) Title fees (5) Registration fees (6) (7) (8) (9) Total $ N/A $ e� t $ NV r $ 16461.28 e mount Due at Lease Signing or Delivery Will Be Paid: $ CY/H b8 _ � (1) Net trade-in allowance $ N%A (2) Rebates and noncash credits �/A (3) Amount to be paid in cash U U • `t • 6 Total (4) $ 69,a . ti 7 N/h N/A N/A $ yb. 9. Your Monthly Payment is Determined as Shown Below: (a) Gross Capitalized Cost. The agreed upon value of the Vehicle ($ 2t 18 '" �U ) and any items you pay over the Lease Term (such as service contracts, insurance and any outstanding prior credit or lease balance) ......$ 2 � ZOO UG If.................... you want an itemization of this amount, please initial here: (Lessee initials) (b) Capitalized Cost Reduction. The amount of any net trade-in allowance, rebate, noncash credit or cash you pay that reduces the Gross Capitalized Cost ........................ A c) Adjusted Capitalized Cost. The amount used in calculating your Base Monthly Payment.......................................................... x � Qjj' (d) Residual Value. The value of the Vehicle at the end of the Lease used in calculating your Base Monthly Payment .............................. - (e) Depreciation And Any Amortized Amounts. The amount charged for the Vehicle's decline in value through normal use and for other items paid over the Lease Term .............. 1.31 ULt. Uf) (f) Rent Charge. The amount charged in addition to The Depreciation And Any Amortized Amounts ................................................ " (g) Total of Base Monthly Payments. The Depreciation And Any Amortized Amounts plus the Rent Charge ................................ +.. s • zo (h) Lease Payments. The number of payments in your Lease. This is also the number of months in your Lease ("Lease Term") .... + (i) Base Monthly Payment............................................................................................................................................................... • > (j) Monthly Sales/Use Tax................................................................................................................................................................. + (k) (I) ............ + (m) Total Monthly Payment ...................................................... + ............................................................ m . — ................................... — N 10. Early Termination. You may have to pay a substantial charge if you end this Lease early. The charge may be up to several thousand dollars The actual charge will depend on when the Lease is terminated. The earlier you end the Lease, the greater this charge is likely to be. 11. Excessive Wear and Use. You m4uiibe charged for excessive wear based on our standards for r- --' miles per year at the rate of J per mile (EXCESS MILEAGE CHARGE). 12. Purchase Option at End of Lease Term. 0 You do not have an option to purchase the Vehicle at the end of the Lease Termffy. ou have an option to purchase the Vehicle at the end of the Lease Term for $ �•w, w gnu iui iwrodyu in excess of plus the following additional costs and fees: This purchase option price does not include official fees such as for taxes, tags, licenses and registration, which you will also be required to pay. warranties, Other Important Terms. See your Lease documents for additional information on early termination, purchase options and maintenance responsibilities, warranties, late and default charges, insurance and any security interest, if applicable. "e" means estimate PA Notice: If you do not meet your contract obligations, you may lose the Vehicle and the right to use it under this Lease. AK, OR and SD Notice: If this Lease is for a consumer purpose, then this Lease is CONSUMER PAPER. 14. DESCRIPTION OF TRADE-IN: Make: Year: Model: Outstanding Prior Credit or Lease Balance on Trade -In (if any) $ Consumer or Business Purpose True lease/Initial term over 4 months M EXIPP - ©1997 Bankers Systems, Inc.. St. Cloud, MN Form MVL-CE-MP 10/25/2001 Page 1 of 3 MOTOR VEHICLE LEASE AGREEMENT CLOSED -END MONTHLY PAYMENTS 27. TITLING, OFFICIAL FEES AND TAXES: You understand and agree that this agreement is a lease only. We own the Vehicle, and it will be titled in our name or in the name of our assignee. You have no ownership interests in the Vehicle except for any future options to purchase provided in this Lease. You agree to pay all title, registration, license, sales, use, excise, personal property, ad valorem, inspection, testing and all other taxes, fees and charges imposed by government authorities in connection with the Vehicle and this Lease during the Lease Term, except our income taxes. If such amounts are assessed for a period during the Lease Term, you will pay them even if they become due after the Lease Term. We may, at our discretion, determine the timing and procedures for payment of these amounts. You will promptly pay these amounts as they come due unless otherwise indicated in this Lease. The actual total of official fees and taxes that you pay may be higher or lower than our estimate depending on the tax rates in effect or the value of the Vehicle at the time a fee or tax is assessed. The total ESTIMATED amount you will pay for official and license fees, registration, title, and taxes over the entire term of the Lease, whether included with your Monthly Payments or assessed otherwise, is 28. ADDITIONAL FEES AND CHARGES: In addition to the other amounts promised in this Lease, you agree to pay the following: (a) SECURITY DEPOSIT: If included in the itemized Amount Due At Lease Signing or Delivery section (section 8(a)(3)), you will give us a refundable Security Deposit in the amount indicated. It may be used to pay any amount that you do not pay when due. After all your obligations are paid under this Lease, we will return any remaining amount to you. Unless prohibited, you will not be entitled to interest on your Security Deposit or to any other benefit, increase or profits that accrue to us as a result of holding the Security Deposit. No Security Deposit will be collected if this is a consumer -purpose Lease governed by the law of West Virginia. (b) VEHICLE RETURN FEE: You will pay us a Vehicle Return Fee of $ if this Lease is terminated before the end of the scheduled Lease Term and the Vehicle is returned to us or to our agents. This Fee will not apply if the Lease ends early by your purchase of the Vehicle. (c) DISPOSITION FEE: You will pay us a Disposition Fee of $ when you return the Vehicle at the end of the scheduled Lease Term. This Fee will not apply if the Lease ends early or if you buy the Vehicle at the end of the Lease Term (if you have that option). (d) LATE CHARGE: Unless prohibited, you will pay us a Late Charge of for any Monthly Payment that is not paid in full within days after it is due. 29. VOLUNTARY ADDITIONAL PROTECTIONS: You may buy any of the following VOLUNTARY protection plans. They are not required as part of this Lease and will NOT be a factor in our decision to lease the Vehicle to you. (a) SERVICE CONTRACT: You may, but are not required to, purchase a Service Contract to cover The Service Contract will be in effect for 31. NOTICES: Unless otherwise required by law, you agree that any notice we provide you will be reasonable and sufficient if it is sent by first class mail, addressed to you at the address given in this Lease or to your last known address as reflected in our records. You will notify us in writing within 30 days of any change in your address or where the Vehicle is garaged. 32. WARRANTIES: The Vehicle is subject to the following express warranties that apply to this Lease: ❑ (a) The standard written manufacturer's warranty. This warranty is made by the manufacturer and NOT by the Lessor. ❑ (b) By signing this Lease, you acknowledge receiving a copy of the above written warranties. YOU UNDERSTAND THAT WE (THE LESSOR) MAKE NO EXPRESS OR IMPLIED WARRANTIES OTHER THAN THOSE DESCRIBED IN SUBSECTION (b) OF THIS SECTION (IF ANY). EXCEPT AS REQUIRED BY LAW, LESSOR MAKES NO IMPLIED WARRANTY OF MERCHANTABILITY AND NO WARRANTY THAT THE VEHICLE IS FIT FOR A PARTICULAR PURPOSE. Except as provided above, you will take the Vehicle AS IS and WITH ALL FAULTS. We do not exclude any warranties of merchantability and fitness for a particular purpose if this Lease: (a) is subject to Massachusetts law; (b) is for a consumer or agricultural purpose subject to West Virginia law; (c) is for a new consumer vehicle subject to Vermont law; or (d) is for a consumer purpose subject to Connecticut law. 33. OPTION TO PURCHASE BEFORE THE END OF THE LEASE TERM: You have the option to purchase the Vehicle any time after months of this Lease as long as we have not declared the Lease to be in default. You must give us at least 30 days prior notice of your intent to purchase. The Vehicle sale price will be the sum of: (a) All officials' fees, taxes and other costs incurred for the purchase (or to prepare the Vehicle for purchase) and all other fees and charges then due or past due under the Lease; and (b) 34. OPTION TO PURCHASE AT THE END OF THE LEASE TERM: The Purchase Option at End of Lease Term section in the Federal Consumer Leasing Act Disclosures (section 12) describes your option to purchase the Vehicle at the end of the scheduled Lease Term (if any) and the Vehicle's purchase price. If you have the option, it is available only if we have not already declared the Lease to be in default. You also must give us at least 30 days prior notice of your intent to purchase. 35. ASSIGNMENTS AND TRANSFERS: We may sell, assign or in any other way transfer our rights and responsibilities in the Vehicle and this Lease. YOU WILL NOT SUBLEASE THE VEHICLE, ASSIGN, PLEDGE OR PERMIT A SECURITY INTEREST TO BE CREATED IN, OR IN ANY OTHER WAY TRANSFER YOUR INTERESTS OR RESPONSIBILITIES IN THE VEHICLE AND IN THIS LEASE. We may, at our discretion, give you permission to make a transfer that is otherwise prohibited. Such permission must be given in writing prior to any transfer. and will provide up to 36. PRIMARY USE OF THE VEHICLE: You intend to use the Vehicle of coverage. primarily for personal, family or household purposes unless you initial below: The charge is $ for this coverage. The Vehicle will be used primarily Your signature below means you want the described Service Contract for business, commercial or and that you received and reviewed a copy of it. If no coverage or Lessee Initials agricultural purposes. charge is given above, you have declined any such coverage we offered. 37. ENTIRE AGREEMENT: This Lease contract contains your and our Lessee signature Lessee Signature entire agreement. There are no unwritten agreements regarding this Lease contract. Any change to this Lease contract must be in writing and signed by (b) CREDIT INSURANCE: Credit life and credit disability (accident and you and by us. health or accident and sickness) insurance are not required as part of this Lease and will NOT be a factor in our decision to lease the Vehicle to you. If you want such insurance from or through us, we will ��( Lessee Sign obtain it for you (if you qualify for coverage). We are quoting below Lessee Signature' ature ONLY the coverages that you have chosen to purchase. Credit Life: Insured ❑ Single ❑ Joint Prem. $ Term Credit Disability: Insured ❑ Single ❑ Joint Prem. $ Term Your signature below means you want (only) the insurance coverage(s) quoted above. If none are quoted, you have declined any coverages we offered. A description of these coverages may be found in the insurance information we provided to you separately. Lessee Signature Lessee Signature (c) GAP WAIVER OR GAP COVERAGE: You are liable for the early termination charges in section 24 if this Lease ends early because the Vehicle is stolen and not recovered, or is lost or destroyed, or is damaged and we determine that it cannot or should not be repaired. On such termination, the amount of insurance proceeds we receive from or through you for the Vehicle may not be enough to pay the early termination charges. This difference is generally referred to as the "Gap" amount. You may, but are not required to, purchase a Gap Waiver or Gap Coverage Contract ("Gap Product") to help cover the "Gap" amount subject to the specific conditions and limitations in the separate Gap Product. The Gap Product will be in effect for the entire scheduled Lease Term and will provide up to of coverage. The Gap 38. LESSEE SIGNATURE(S): YOU AGREE TO ALL THE PROVISIONS ON PAGES 1 THROUGH 3 OF THIS LEASE. YOU HAVE READ PAGES 1 THROUGH 3 OF THIS LEASE AND ACKNOWLEDGE RECEIVING A COMPLETED COPY OF THIS LEASE. Lessee: Date: Title (business leases): Lessee: 1%�J( Date: Title (business leases): 39. LESSOR SIGNATURE: By signing below, Lessor agrees to the terms and conditions of this Lease and provides: (a) Lessee DL Inspection. The Lessor inspected each Lessee's driver's license and compared and verified the signature on each license with a signature of each Lessee, written in Lessor's presence. Lessor believes that each Lessee providing such information is currently licensed to drive by the state of his/her residence. Product fee is $ (b) Assignment. Lessor assigns this Lease and all rights and title to the Your signature below means you want the described Gap Waiver or Vehicle to the Assignee identified below (if any): Coverage Contract for the stated additional fee and that you received Assignee Name: and reviewed a copy of it. If no coverage or fee is given above, you have Address: declined any such coverage that we offered. This assignment, is subject to any separate Assignment Agreement Lessee :Sgn:a:t,_�r,Lessee Signature between the Lessor and Assignee. Lessor: 30. INDEMNITY: To the fullest extent permitted by law and unless otherwise prohibited by law, you agree to indemnify and hold us harmless and our '2�X a Date: successors and assigns from all liability, claims, losses, demands, damages Title of all kinds, expenses, (including reasonable legal fees and expenses, unless prohibited), fines and penalties we suffer or incur resulting from the possession, operation, condition, maintenance or use of the Vehicle during the Lease Term. Consumer or Business Purpose True lease/Initial term over 4 months M pe 01997 Bankers Systems, Inc., St. Cloud, MN Form MVL-CE-MP 10/25/2001 Page 3 of 3 CLOSED -END MONTHLY PAYMENTS MOTOR VEHICLE LEASE AGREEMENT 15. GENERAL TERMS: You agree that the law of the state where this 2 contract is signed will govern this Lease, unless prohibited. If any part of this t Lease cannot be enforced, the rest of the Lease will still be enforceable. 1 16. VEHICLE USE: You agree: (a) to allow the Vehicle only to be operated by licensed drivers for lawful purposes and in a lawful manner; (b) to operate the Vehicle only as recommended by the manufacturer; (c) not to use the Vehicle as a taxi or for other public or private hire or delivery; (d) not to use t the Vehicle in a way that causes the cancellation or suspension of any warranty, insurance or other similar Vehicle protection agreement; (e) not to take the Vehicle out of the state where you reside for more than 30 t consecutive days without our prior written approval; and (f) not to take the Vehicle out of the United States without our prior written approval. 17. MAINTENANCE AND OPERATING COSTS: You agree to keep the t Vehicle in the same condition as when you received it, except for reasonable wear and mileage. You agree to service and maintain it as recommended by the manufacturer and as needed to keep it in good operating condition. You also agree to maintain the Vehicle so that any warranties or similar agreements remain effective and so that it passes all inspections required by law. You are responsible for paying all costs of the Vehicle's service, repair and maintenance and all the costs of its operation, including the costs of gas, oil, parking and storage, etc. You agree to make the Vehicle available to us for inspection during the Lease Term at any reasonable time and location that we request. 18. REQUIRED INSURANCE: You are liable for any injury, death or damage arising out of the use of the Vehicle. You agree to provide at least the following insurance coverage ("Required Insurance") on the Vehicle at all times during this Lease: (a) LIABILITY for bodily injury or death of others in an amount of at least $100,000 per person and $300,000 per occurrence; (b) LIABILITY for property damage to others in an amount of at least $50,000; and (c) COLLISION and COMPREHENSIVE (including fire and theft coverage) with a deductible not to exceed $500. You agree to provide the insurance at your own expense with a duly licensed insurer of your choice who is reasonably acceptable to us. Your choice of insurance provider will not affect the credit decision or interest rate. This insurance may be provided through existing policies that you own or control. You also agree to name us or our assignee as loss payee and additional insured. The insurance policy must provide for at least 10 days advance notice to us of any cancellation or other material change in coverage. At our request, you will promptly provide us with written proof of insurance. You will promptly contact us in writing if any of the insurance provider information changes. You authorize us to endorse your name on any check we receive for insurance proceeds. NOTICE: Liability insurance coverage for bodily injury and motor vehicle damage caused to others is not included in this Lease. 19. DAMAGE TO THE VEHICLE AND INSURANCE CLAIMS: You will notify us in writing immediately after any loss to person or property occurs involving the Vehicle in any way. You will also notify us in writing immediately upon receiving notice of any demand, claim or suit involving the Vehicle in any way. You agree to fully cooperate with us and with your insurer in any investigation, suit or other action resulting from the use or control of the Vehicle. You agree to repair or compensate us for any loss or damage to the Vehicle that occurs during this Lease. If the Vehicle is damaged, we will decide if it is repairable and if it should be repaired. If the Vehicle is repaired, you will apply to the costs of repair any insurance proceeds you receive for its loss or damage. You understand that you must pay for any loss or damage that is not paid by insurance proceeds. You also must keep making any payments as they come due during this Lease even if the Vehicle is damaged or unusable for a period of time. The THEFT, LOSS OR UNREPAIRABLE DAMAGE section describes what happens if we decide that the Vehicle cannot or should not be repaired. 20. THEFT, LOSS OR UNREPAIRABLE DAMAGE: If the Vehicle is stolen and not recovered, or is lost or destroyed, or is damaged and we determine that it cannot or should not be repaired, then we will decide whether to continue or terminate this Lease. If it is continued, you agree to accept a reasonable substitute vehicle of similar value, condition, mileage and accessories to replace the original Vehicle. If we terminate the Lease under this section, the event will be treated as an early termination and you will be required to pay the amounts described in the EARLY TERMINATION section. On such early termination, you agree to release to us all insurance or other proceeds you receive for damages or loss to the Vehicle (including any premium refunds on the Required Insurance) up to the amount you owe us. 21. DEFAULT: You will be in default on this Lease if any one of the following occurs (except as prohibited by law): (a) You fail to make any payment when it is due; (b) You fail to perform any material obligation that you have undertaken in this Lease (which includes doing something you have agreed not to do); (c) The Vehicle is seized, confiscated or levied upon by legal or governmental process; (d) You fail to provide the Required Insurance on the Vehicle or fail to provide proof of such coverage after we request it; (e) Anything else happens that creates a default according to applicable law. If this Lease is in default, we may exercise our remedies against any or all Lessees. 22. REMEDIES: If this Lease is in default, we may take any one or more of the following actions. If the law requires us to do so, we will give you notice and wait any period of time required before taking these actions. We may: (a) Terminate this Lease and your rights to use the Vehicle; (b) Take any reasonable action to correct your default or to prevent our loss (including, for example, purchasing insurance that you agreed to provide). Any amount we pay will be added to the amount you owe us and will be immediately due; (c) Require you to return the Vehicle and any related records or make them available to us in a reasonable manner; (d) Take back the Vehicle by legal process or self help, but in doing so, we may not breach the peace or violate the law; (e) Use any other remedy available to us in this Lease or by law. You agree that, subject to your right to recover such property, if any, we may take possession of personal property left in or on the Vehicle when we take back the Vehicle. You agree to repay us for any reasonable amounts we pay to correct or cover your default, unless prohibited by law. You also agree to reimburse us for any costs and expenses we incur in the Vehicle's return and disposition or resulting from early termination, unless prohibited by law. This amount includes, for example, our court costs and reasonable attorneys' fees. Your responsibility to pay for our attorneys' fees is subject to any limitations provided by the applicable state law. If this Lease is subject to Colorado law, the fee will not exceed 15% of the unpaid debt if the Lease is for consumer purposes, unless otherwise directed by the court. If this Lease is subject to Georgia law, the fees are recoverable up to 15°% of the amount owing. If this Lease is subject to Ohio law, you will not be responsible to pay for our attorneys' fees. Other limitations may apply in other states. By choosing any one or more of these remedies, we do not give up our right to use another remedy. By deciding not to use any remedy should this Lease be in default, we do not give up our right to use that remedy if the same kind of default happens again. 3. LEASE TERMINATION: This Lease will end ("terminate") when one of he following events occurs, whichever happens first: (a) You choose to end he Lease early and return the Vehicle to us; (b) You choose to buy the Vehicle (if you have that option); (c) You return the Vehicle at the end of the scheduled Lease Term; (d) We terminate the Lease because the Vehicle is stolen and not recovered, or is lost or destroyed, or is damaged and we determine that it cannot or should not be repaired or replaced; (e) We erminate the Lease due to your default. On termination, you will pay the amounts agreed in this Lease. You are not entitled to keep the Vehicle past the end of the scheduled Lease Term or the date of early ermination without our prior consent. 24. EARLY TERMINATION: This section applies if the Lease terminates before the end of the scheduled Lease Term. It does not apply if you choose o buy the Vehicle before the end of the scheduled Lease Term. On early termination, you will return the Vehicle to us. You will deliver it to our address or to another reasonable location at our request. (a) Early Termination Liability. On early termination, you agree to pay us: (1) A VEHICLE RETURN FEE, if any (section 28(b)); (2) All accrued and unpaid amounts that are due or past due at that time (including amounts described in the REMEDIES section); (3) The amount by which the "Adjusted Lease Balance" is greater than the "Realized Value" of the Vehicle. (If the Realized Value is greater than the Adjusted Lease Balance, this amount will be applied as a credit toward your liability) and; (4) All official fees and taxes imposed in connection with the Lease termination. (b) Determining the Adjusted Lease Balance. Your early termination liability under this section will be calculated using the "Adjusted Lease Balance" The Adjusted Lease Balance at the beginning of this Lease is equal to the Adjusted Capitalized Cost (section 9(c)). Each Base Monthly Payment will be allocated first to the Rent Charge and then to reduce the Adjusted Capitalized Cost in a way that is similar to the amortization of a loan. Section 9(f) gives the total Rent Charge that we will earn over the scheduled Lease Term. The Rent Charge portion of any Base Monthly Rent Payment is calculated by multiplying (a) the then Adjusted Lease Balance minus one Base Monthly Payment by (b) the constant rate which over the Lease Term reduces the Adjusted Lease Balance to the Vehicle's Residual Value (section 9(d)) by allocating each Base Monthly Payment as described above. These calculations are made on the assumption that all Base Monthly Payments are made on the exact due date and that each year has 12 months of 30 days each. (c) Determining the Realized Value. If the law so requires, we will send you a notice and wait any required period of time before taking action to establish the Vehicle's Realized Value. Unless otherwise required by law, the Realized Value will be determined in one of the following ways: (1) by a written agreement between you and us reached within 15 days of the Vehicle's return, (2) by the professional appraisal of an independent third party agreed to by you and us and obtained at your expense within 15 days of the Vehicle's return (or a longer period, if all parties so agree or if the law so requires). The appraisal shall be of the Vehicle's wholesale value and shall be final and binding on both you and us; or (3) if it is not determined within 15 days of the Vehicle's return, we will determine the Realized Value in accordance with accepted practices in the automobile industry for determining the wholesale value of used vehicles by obtaining a wholesale cash bid for the purchase of the Vehicle or by disposing of the Vehicle in an otherwise commercially reasonable manner. If a bid procedure is used, you may have the right to submit a cash bid which we will consider along with any other offers we may receive. We do not have to sell the Vehicle but will use the highest offer amount we receive in calculating your liability. The Realized Value will be zero if the Vehicle is not returned to us. If this Lease is governed by Nevada law, you may submit to us a written bid for the purchase of the Vehicle at any time before we establish its Realized Value. 25. SCHEDULED TERMINATION: Unless this Lease ends under another section of this agreement, you will return the Vehicle to us on the last day of the scheduled Lease Term. You agree to return it to our address or to another reasonable location that we may request. You may return the Vehicle up to 15 days before the last day of the scheduled Lease Term at your option and for your own convenience, without any adjustment (charges or credits) for an "early" return. On termination under this section, you agree to pay us: (a) A DISPOSITION FEE, if any, described in section 28(c); (b) An EXCESS WEAR CHARGE and an EXCESS MILEAGE CHARGE, if any, described in the EXCESS WEAR AND MILEAGE section; and (c) All other amounts then due or past due under this Lease. These amounts are due and payable at the time you return the Vehicle or as soon thereafter that they can be determined unless otherwise provided by law. You will also pay us for all reasonable losses and expenses we incur if you fail to return the Vehicle at the end of the scheduled Lease Term. 26. EXCESS WEAR AND MILEAGE: When you return the Vehicle at the end of the scheduled Lease Term, you agree to pay an EXCESS WEAR CHARGE for any excessive wear to the Vehicle. The EXCESS WEAR CHARGE will be equal to the actual or estimated costs of repair, or the estimated loss in its value, because of any excessive wear (even if we do not repair the Vehicle). Excessive wear includes: (a) mechanical damage, failure or defect, (b) exterior parts, grilles, bumpers, trim, paint and glass that are dented, scratched, chipped, discolored or otherwise damaged, missing or worn beyond ordinary use, (c) interior parts, upholstery, dashboard, carpeting or trunk liner that are stained, torn, burned or otherwise damaged, missing or worn beyond ordinary use, (d) accessories, tools and equipment included with the Vehicle when delivered that are missing, damaged or not in proper working order; (e) tires that are unsafe, have less than 1/8 inch tread at the shallowest point or are not a part of a matching set of four, (f) any other part or condition that causes the Vehicle to be unsafe or unlawful to use, (g) any other damage or wear that together cost more than $50 to repair or replace. We will notify you of the amount of these charges and provide any other related information as may be required by law. The charges will be due as soon as the amount is determined unless otherwise provided by law. When you return the Vehicle at the end of the scheduled Lease Term, you agree to pay any EXCESS MILEAGE CHARGE as described in section 11, Excessive Wear and Use. Consumer or Business Purpose True lease/Initial term over 4 months 0 1997 Bankers Systems, Inc.. St. Cloud, MN Form MVL-CE-MP 10/25/2001 Page 2 of 3