CAR RENTAL AGREEMENT.

THIS AGREEMENT is made this…………. day of …………….2014

BETWEEN
PASTOR OLOSUNDE FESTUS OLUGBENGA of No. 1 Fomi Street, off Ada
George Road, Port-Harcourt (hereinafter called the OWNER).
AND
MR SUNDAY ABU residing at No.18 Obi Wali Road, Rumuigbo, Port-Harcourt,
Obio/Akpor Local Government Area of Rivers State (hereinafter called the
LESSEE). 08102397537
AND
MR ADEWALE BABAYEMI residing at No.36, Woke Street, off Abacha Road,
GRA, Port-Harcourt, Obio/Akpor Local Government Area of Rivers State
(hereinafter called the 1ST GUARANTOR). 0803409438
AND

MR GODWIN OIYUNU residing at No.26 Tombia Extention, GRA Phase 2,Port-

Harcourt, Obio/Akpor Local Government Area of Rivers State (hereinafter
called the 2ND GUARANTOR). 08109773440

WHEREAS:-
1) The Owner is the bonafide owner in possession of a Volkwagen Passat
car with Registration No.AGL 777 BT Chassis No
WVWZZZ3AZRE159996 which he is desirous of leasing..

2) The Lessee is desirous of purchasing the said car but without funds to
purchase the car outright as required by the owner ;
3) It is therefore agreed that the only way of consummating the mutual
desire is the lease option.
4) The Owner, the Lessee together with his guarantors has therefore agreed
to enter into this rental agreement under the following terms and
conditions.

IT IS HEREBY AGREED AS FOLLOWS:-

(1) That the Purchase price of the car is N1,350,000.00 (One Million Three
Hundred and Fifty Thousand Naira) only, to be liquidated by the Lessee
in weekly rental of N18,000.00 (Eighteen Thousand Naira) only which
shall be paid in to the owner’s account with STANDARD
CHARTERED BANK MR OLOSUNDE FESTUS OLUGBENGA
A/C No.5000622270.
(2) That the Lessee and guarantors has inspected the car and are satisfied with
it.
(3) That the Car is leased ‘as it is’ and the Owner gives no warranty as
to it’s fitness or suitability for any particular purpose..
(4) It is hereby expressly agreed that if the Lessee defaults two times
consecutively in the payment of weekly rental this agreement shall
automatically terminate and the owner shall have the right to TAKE his
vehicle .Parties specifically exclude the provision of the Hire Purchase
Act 1965.

(5) That it is hereby expressly agreed and declared that should the Lessee
decide to return the vehicle at any to terminate this agreement he is free to
do so, provided he pays to the owner all outstanding rentals and he put
the vehicle in a good state of repairs.

(6) That the car for all intents and purposes, remains the property of the
owner until the Lessee completely liquidates the price of the car and the
owner out of goodwill decides transfer ownership thereof to the Lessee if
the Lessee conducts himself well and takes good care of the car during
the period of rental, consequently only photocopies of the original
documents shall be released to the lessee until effective transfer is made
to him, subject to the fulfillment of his payment obligation under this
agreement and good character..
(7) That the guarantor (s) hereby jointly and severally undertake to produce
Lessee in the event that he absconds with the car and or shall pay any
amount outstanding to the owner to complete payment for the car if the
Lessee absconds or uses the car in such a reckless manner which may
results in the total loss of the car.
(8) The Lessee as bailee is shall be responsible for the security, maintenance
lubricating and fueling of the car.

(9) That this is the entire agreement between the Parties on the subject matter
no other agreement, representation or discussion shall be binding on the
parties.

IN WITNESS WHEREOF the parties hereunto set their hands and seals day
and year first above written.
SIGNED,
By the within named OWNER. _________________________
PST OLOSUNDE F. OLUGBENGA

In the presence of:

NAME: ________________________________________________

ADDRESS: _____________________________________________

OCCUPATION: _________________________________________

SIGNATURE: ____________________________________

SIGNED,
By the within named LESSEE.
___________________________________
MR SUNDAY ABU
SIGNED,
By the within named 1ST GUARANTOR
________________________________
MR ADEWALE BABAYEMI

SIGNED,
By the within named 2ND GUARANTOR
________________________________
MR GODWIN OIYUNU

In the presence of:

NAME: ________________________________________________

ADDRESS: _____________________________________________

OCCUPATION: _________________________________________

SIGNATURE: ____________________________________
Prepared by:_____________________________________
A.M.AKATUGBA ESQ., LLB, LLM. BL
A.M. AKATUGBA & CO.
(LEGAL PRACTITIONERS)
Plot 7 RUMUIBEKWE HOUSING ESTATE, OPP SHELL
R.A. RUMUIBEKWE,
PORT HARCOURT.
08037375888.
080206703484