Borrower's Agreement


CENTRAL MICHIGAN UNIVERSITY (University) agrees to lend to    

, (Borrower), the following University-owned equipment: (List equipment below). 

Additionally, the University and Borrower agree as follows:

LOAN PERIOD
The University agrees to lend and Borrower agrees to borrow the equipment identified above and listed below from (mm/dd/yyyy) to .
COST TO BORROWER
The University's monetary charge to the Borrower in connection with use of University's equipment identified above will be:
(check one)
None (equipment lent to Borrower free of charge)
$  payable to Central Michigan University through the following department / office: 

RISK OF LOSS OR DAMAGE
Borrower assumes all risks of loss and damage to the borrowed equipment for any cause and agrees that the equipment will be returned to the University at the end of the Loan Period in as good condition as when received, normal wear and tear excepted.  Normal wear and tear are defined by the University.  Returned condition is assessed and determined by the University.  If the Borrower is unable to return the equipment in as good condition as when received, normal wear and tear excepted, the Borrower will be financially liable for a dollar amount determined by the University up to but not exceeding the replacement value listed for the equipment. 
DISCLAIMER OF WARRANTIES
The University does not warrant the fitness, merchantability, design, condition, capacity, suitability, or performance of the equipment identified above. The University makes no express or implied warranties and lends the equipment "AS IS" and "WITH ALL FAULTS."
INDEMNITY

For and in consideration of the use of said University-owned equipment and the mutual promises contained herein, the Borrower agrees to indemnify, hold harmless, and defend the University, its employees and agents, from all claims, liabilities, damages, losses, expenses of every kind whatsoever (including attorney fees), whether to persons or property, or for any other losses arising from the use or handling, or in any way connected with said equipment or any part thereof, from whatever cause arising.


Date:(mm/dd/yyyy) Borrower  
Date:(mm/dd/yyyy) CENTRAL MICHIGAN UNIVERSITY