Bike Stockton Lending Agreement
THIS LENDING AGREEMENT (this “Agreement”) is effective as of the date the Lendee agrees to the Terms of Use presented in the Bike Stockton App. In consideration of the mutual promises contained herein and such other adequate consideration, the parties, Lendee and Bike Stockton (Lender) hereto agree to the following terms and conditions as well as the previous terms listed in the Bike Stockton Terms of Use (Sections 2 through 5) wherein the Lendee was referred to as “RIDER” or “You” or Your”.
1. Lending.
Lender hereby agrees to lending to Lendee, and Lendee hereby agrees to lending from Lender, upon the terms and conditions specified in this Agreement one electric pedal assist bike (together with all parts,including the LOCK, BASKET, BATTERY, CHARGER, BATTERY KEY and all replacements, repairs, additions, accessions and accessories incorporated therein and/or affixed thereto, collectively, the “Bike Stockton Bike”). The initial Installment Payment specified under Section 3 FEES shall be due immediately on the Bike Stockton day of the lendees Bike Stockton Bike collection and shall be charged by Lender or Lender’s to Lendee’s Method of Payment provided by Lendee to Lender. Thereafter, subsequent Installment Payments shall be processed to the Lendees method of payment every 30 days until such time as the Bike Stockton Bike is returned to the Lender. Lendee shall provide Lender at least one (1) Valid Method of Payment which shall remain valid throughout the term of this Agreement, and Lendee hereby expressly authorizes Lender or Lender’s Payment Processor to charge all of the installments and fees due under Section 3 FEES. In the event that charges by Lender or Lender’s Payment Processor against a Valid Method of Payment is declined by the issuer thereof, Lender shall so notify Lendee and Lendee shall arrange for alternative payment in any other form of payment acceptable to Lender in Lender’s sole discretion within three (3) business days after the date of such notice. If Lendee fails to timely provide and maintain with Lender (or Lender’s Payment Processor) during the term of this Agreement at least one (1) valid Method of Payment in accordance with the requirements of this Section 1, Lender shall have the right to terminate this Agreement by written notice to Lendee, in which event, Lendee shall immediately return the Bike Stockton Bike to Lender in substantially the same condition it was in when Lendee took possession of the Bike Stockton Bike and in no event shall Lender be obligated to refund to Lendee the Refundable Deposit, the Initial Installment Payment or any other Installment Payments that may have been paid by Lendee to Lender prior to the date of such return of the Bike Stockton Bike to Lender. Notwithstanding anything in this Agreement to the contrary, (i) Lendee shall remove any customization done on the Bike Stockton Bike and restore the Bike Stockton Bike to its original condition (the “Restoration”) (i.e., removing any special components or accessories not installed by Lender) prior to Lendee’s return of such Bike Stockton Bike to Lender. 2. ADDITIONAL INFORMATION; IDENTITY CHECK AND ADDRESS VERIFICATION. Lender may at any time, in its discretion, require additional documentation from Lendee, for the purpose of determining Lendee’s identity and address and Lendee agrees to provide such documentation in a timely fashion following Lender’s request.. Examples of additional documentation include Drivers License or other State Identification Card, Passport or Utility Bill or Pay Stub. In addition, if at any time the Lendee’s address changes, Lendee shall provide Lender with written notice of Lendee’s updated address promptly following such change of address. In the event Lendee refuses to provide such information, Lender may elect to terminate this Agreement by written notice to Lendee and Lendee shall return the Bike Stockton Bike within three (3) business days to Lender in substantially the same condition it was in when Lendee took possession of the Bike Stockton Bike.
3. FEES.
(a) Lending Fee: Lendee agrees to pay the Refundable Deposit if applicable with and in addition to the first (1st) 30 Day Installment Payment due upon the day of the Bike Stockton Bike collection. i. Lendee eligible for Incentive Cards: Refundable Deposit $0.00, First Installment $49.00 ii. Lendee ineligible for Incentive Cards: Refundable Deposit $149.00, First Installment $49.00 (b) Lost Key Fee: There shall be a lost key fee of $50.00 in the event that the Lendee loses the Battery Key. If lost, the Lendee must either keep the bike and charge with the battery housed in the Bike Stockton Bike, or, return the Bike Stockton Bike to the lender for a replacement Bike Stockton Bike if inventory allows and at the sole discretion of the Lender.. (c) Loss due to Theft or Damage: In the event that the bike is lost due to theft or damage of the Stockton Bike the Lendee forfeits the refundable deposit if applicable or may lose access to the Bike Stockon program.
4. CONDITION OF EQUIPMENT.
The Bike Stockton Bike is as is at the time of delivery to Lendee. Upon receipt of the Bike Stockton Bike, Lendee shall inspect the same. Lendee shall be deemed to have inspected the Bike Stockton Bike and acknowledged that the Bike Stockton Bike is in good and acceptable condition, unless Lender shall have received written notice of any defect or damage immediately following Lendee’s receipt of the Bike Stockton Bike.
5. MAINTENANCE.
Lendee shall be responsible for keeping the Bike Stockton Bike in good working condition and repair and Lendee shall not detach or otherwise remove any parts from, or make any material alterations to, the Bike Stockton Bike. Lendee shall pay promptly all taxes and assessments due and payable for the Bike Stockton Bike or with respect to Lendee’s use of the Bike Stockton Bike and Lendee shall not use the Bike Stockton Bike illegally.
6. BIKE STOCKTON MAINTENANCE SERVICE.
Lendee agrees to turn in the Bike Stockton Bike to representatives of Bike Stockton at a location of the Lenders choosing (such locations, individually and collectively, the “Bike Stockton Maintenance Location”) once every 30 days for basic inspection and routine maintenance services associated with normal wear and tear to the Bike Stockton Bike, that may include, wheel truing, brake adjustment, chain tensioning, lubrication, wipe down, free assessments, adjusting and tightening of headset and other bolts,provided, however, (i) Lender reserves the right, in its sole discretion, to terminate the lending agreement during such inspections. In the absence of a 30 day maintenance inspection, the Lender may request the Lendee to provide photographic images of the Bike Stockton Bike through the Bike Stockton App to confirm the condition of the Bike Stockton Bike. Lendee is limited to one maintenance visit per 30 day period.
7. DAMAGE; LOSS.
Subject to the fee schedule (set forth in Section 3) Lendee shall be fully and exclusively responsible for any loss, damage (other than normal wear and tear) or destruction to the Bike Stockton Bike from any cause, and in the event of any such theft, loss or damage, Lendee shall remain fully responsible for the loss of the Refundable Deposit if applicable.
8. LOCKING AND STORAGE.
Lendee is expected to always secure the bike with provided locking equipment at any time they are to leave the bike unattended. Bike Stockton Bike should always be secured with the lock to bike rack or appropriate public infrastructure. When Bike is parked for longer term periods at Lendee’s residence or place of work, the Bike should be stored in locations with limited to no public access.
9. THEFT.
Subject to the fee schedule (set forth in Section 3) Lendee shall be fully and exclusively responsible for any theft of the Bike Stockton Bike, and in such event, Lendee shall remain fully responsible for the loss of the Refundable Deposit if applicable. Lendee must complete and share with the Lender a police report related to the theft incident within three days of the theft incident. Following a full review of the incident and at the sole discretion of the Lendor, another Bike Stockton Bike may be lent to the Lendee requiring an additional payment of a new Refundable Deposit if applicable.
10. CANCELLATION.
Lendee may cancel this Agreement at any time, without penalty, by returning the Bike Stockton Bike, to Lender in good working condition and otherwise in the condition required by this Agreement, normal wear and tear excepted. Lendee will receive a refund of the deposit, if applicable, within 7 business days of the Bike Stockton Bike return. Previous installment payments are not refundable. If Lendee fails to return the Bike to Lender within seven days of failed monthly payment or notice of cancellation or termination, Lendee is in dereliction of this Lending Agreement and Lender is entitled to seek alternate means of collection including the filing of a police report for possession of stolen property.
Effective Date: June 27th, 2024
