Birchills Sculptures agree to rent said piece of artwork for an agreed term commencing from the date of signing of the lease.
The customer shall pay Birchills Sculptures the agreed sum as rent for the artwork for the initial term, payable in advance of the completed installation of artwork at customers premises.
The artwork shall at all times be the sole and exclusive property of Birchills Sculptures. The customer shall have no rights or property interest in the artwork, except for the right to display the artwork in its intended manner. No photographs of its use other than for display on the customers premises shall be allowed except for the written consent of Birchills Sculptures. The customer recognizes the copyright interests of Birchills Sculptures in the property and shall not infringe or allow an infringement of Birchills Sculptures rights.
The customer shall maintain the artwork in good condition and shall be responsible for all costs of repair and replacement.
If repairs are required, they are only to be completed by Birchills Sculptures at any agreed cost to the customer.
The customer shall be responsible for the cost of transportation of artwork to the customer’s premises prior to installation, and again back to Birchills Sculptures designated point of return following expiration of the lease period.
The customer shall obtain insurance and maintain such insurance to the value of the leased artwork in regard to fire, theft, natural disasters and liability and will pay over the proceeds of such insurance to Birchills Sculptures upon the receipt of such proceeds.
The customer recognizes the security interests of Birchills Sculptures in the leased artwork and will cooperate in the filing of any forms necessary for Birchills Sculptures to perfect such security interests. Recognizing that artwork is portable and the security interests of the customer could easily be impaired, the customer grants Birchills Sculptures permission to enter its premises to obtain the artwork upon the end of the lease term or upon default of the terms of this agreement by the customer.
A default in payment of more than thirty (30) days by the customer or violation of any other term of the agreement shall accelerate the full obligation of the lease and shall allow Birchills Sculptures to retake possession of the artwork.
The customer will hold Birchills Sculptures harmless against any claims by third parties stemming from its possession and use of the leased artwork.
The agreement may be continued by notice of Birchills Sculptures to the customer in writing thirty (30) days prior to the expiration of the initial lease term; Birchills Sculptures shall then have fifteen (15) days to respond if a lease is acceptable on the current terms or if it wishes to change the terms or not release the artwork. The customer may have an option to purchase the artwork above described. This option is entirely at the discretion of Birchills Sculptures.