Four-Year Lease Agreement
Central Alabama Electric Cooperative members choosing to lease power protection devices will need to sign the lease agreement below. It is included here for information purposes. You will be provided with a completed copy to sign, along with a warranty, after selecting your equipment.
Central Alabama Electric Cooperative
Lease of Surge Protector Equipment
THIS LEASE is made the __________ day of _______,_____.
THE PARTIES to this lease are the lessor, ___________, whom is over the age of eighteen years (hereinafter known as the “lessee”).
THE SURGE PROTECTION DEVICE being leased is a single-phase power protection device, which will be mounted on lessee’s electric meter and will be owned and maintained by Central Alabama Electric Cooperative, Inc. (hereinafter known as CAEC for the term of the lease.)
THE TERM of this lease is a minimum period of forty-eight (48) months commencing on the date of installation of the device. Thereafter, the lease will be continued from month to month until terminated by either of the parties.
THE LEASE PAYMENTS which lessee agrees to make are $_________ per month. Lessee will make all payments as a part of lessee’s monthly electric bill. Lessee understands that he/she may discontinue this lease within the first forty-eight (48) months following installation, only by paying CAEC an amount equal to the monthly lease payment times the remaining months of the initial term (48 Payments), whichever amount is less. If lessee closes its account with CAEC during the forty-eight (48) month period, such amount will be added to lessee’s final electric bill.
CAEC reserves the right to remove the surge protector device from lessee’s meter if lessee fails to pay the monthly lease amount set forth herein and in such case CAEC will bill lessee for the remaining charges due as set forth above.
Lessee further understands that it is its responsibility to see that the service equipment at its home meets all local and national Electric Code requirements for service grounding. CAEC will test the ground rod at installation and will install additional ground rods as required.
EFI (maker of the surge protectors) warrants the Surge Protector devices. These warrantees are attached to this Agreement and are made a part hereof by reference.CAEC MAKES NO WARRANTIES as part of this Agreement on the date first written above.
Signature of “Lessor” Signature of “Lessee”