Equipment Lease


EQUIPMENT LEASE

This Agreement is entered into by and between _____________________, hereinafter “Lessor” and ___________________________, hereinafter “Lessees” for the purposes herein stated.

For Ten Dollars ($10.00) and other valuable considerations, the receipt and sufficiency of which is hereby acknowledged, the undersigned do hereby covenant, contract and agree as follows:

1.  LEASE AGREEMENT:  Lessor hereby leases unto Lessees and Lessees hereby rent from Lessor the machinery, equipment and other personal property, hereinafter referred to collectively as equipment, described in the attached Schedule 1.

2.  DELIVERY AND ACCEPTANCE:  Upon acceptance by Lessees of the leased equipment which acceptance shall be identified by Lessees taking possession of the property herein leased, such acceptance shall acknowledge that the equipment is in good order and condition and that Lessees are satisfied with same and that Lessor has made no representation or warranty, expressed or implied, with respect to such item of equipment.  All equipment is leased unto Lessees in an “as is” condition.

3.  TERM:  The term of this lease shall be for a period of twelve months commencing on ____________, 20___ , and continuing until __________, 20 ___. On _______________, 20___ , this lease shall terminate.

4.  RENTAL PAYMENTS:  Lessees agrees to pay unto Lessor the sum of ______________________ Dollars ($ ____________) as a deposit upon commencement of this lease and thereafter ________________ ($ ______) per month beginning _____________, 20___ and continuing with a like payment due on the ____ day of each and every month thereafter until the 15th day of _______________, 20 ____, when this lease shall terminate. The lease payments shall be payable unto _________________________ at his residence or offices or at any other place as Lessor directs. Lease payments shall not be considered paid until received by Lessor.

5.  TITLE TO EQUIPMENT:  Lessor represents that he owns all equipment leased herein free and clear of all liens.

6.  USE OF LEASED PROPERTY:  Lessees may use the leased property at its location located at _____________________, _____________________, and in no other place. If the leased property is moved from the premises located at ______________________________, Lessees shall be in default and Lessor may, at his option, terminate this lease and demand all lease payments through the end of the term of this lease and regain possession of the equipment leased.

7.  MAINTENANCE AND REPAIR:  All maintenance and repair costs to the leased equipment shall be paid by Lessees and Lessor is hereby relieved from any responsibility to maintain or repair said equipment, all said equipment being leased in an “as is” condition.

8.  INSURANCE AND RISK OF LOSS:  Lessees shall acquire and maintain insurance on the leased property in the amount of at least ______________ dollars with Lessor as Lost Payee during the term of this lease and provide Lessor with proof of same.

9.  DAMAGE TO EQUIPMENT; DESTROYED OR STOLEN EQUIPMENT:  Notwithstanding any loss, theft, destruction or damage of any item of leased equipment or property, the monthly rental as contained herein shall continue to be paid by Lessees and Lessees shall be responsible for repairing any damaged item of leased equipment at its cost.

10.  TAXES AND LICENSES:  All taxes, license fees and other expenses associated with the lease equipment shall be paid by Lessees.

11.  LESSOR’S INDEMNIFICATION:  Lessees shall indemnify, protect and hold harmless the Lessor, its agents, servants, successors and assigns from and against all losses, damages, injuries, claims, demands and expenses, including legal expenses, of whatever nature, arising out of the use, condition or operation of any item of leased equipment, regardless of where, how and by whom operated.  Lessees shall assume the settling of, and the defense of any suits or other legal proceedings brought to enforce all such losses, damages, injuries, claims, demands and expenses and shall pay all judgments entered in the suit for other legal proceedings. The indemnifications and assumptions of liability and obligation herein provided shall continue in full force and effect notwithstanding the termination of this agreement, whether by expiration of time, by operation of law or otherwise for any such claims made or accruing during the term of this lease.

12.  ASSIGNMENT AND SUBLEASE:  Lessees may not assign or sublease the equipment without the written consent of Lessor.

13.  ASSIGNMENT BY LESSOR TO BANK:    Lessor shall be entitled to assign this lease or any portion thereof to any bank or other financial institution as security of any loan which he may desire to take.

14.  LESSOR’S WARRANTY:  Lessor makes no warranties unto Lessees for the sale of the equipment all equipment being leased in its “as is” condition.

15.  LESSEES’ DEFAULT:  Time is of the essence under this agreement and any of the following events shall constitute defaults on the part of Lessees hereunder:

(a)  failure of Lessees to pay installment of rental within fifteen (15) days in which same became due;

(b)  any breach or failure of Lessees to observe or perform any of its obligations under this lease;

(c)  insolvency of bankruptcy of Lessees or assignment for the benefit of creditors;

(d)  any other act of Lessees which will allow Lessor to deem itself insecure and the prospect of payment.

Upon the occurrence of any default Lessor may exercise this option without notice to or demand on the Lessees and thereupon all equipment and rights of Lessees therein shall be surrendered unto Lessor; upon default, Lessor may take possession of the equipment where found with or without process of law in court, may enter upon the leased premises without liability for suit, action, or other proceedings by Lessees and remove same; hold, sell, lease or otherwise dispose of the equipment or keeping of any of them as Lessor so chooses without effecting the obligation of Lessees as providing by this agreement; collect all unpaid lease payments due without prejudice to Lessor’s right to regain possession of the equipment.

16.  PURCHASE AGREEMENT:  Lessees agrees that at the end of the twelve month lease period that they shall purchase the leased equipment from Lessor for the purchase price of _________ dollars less the deposit and all lease payments previously made which sum shall be payable by the ____ day of ____________, 20 ____. If Lessees fail to purchase the equipment and pay the purchase price on or before _________________, 20_____ , Lessees shall be in breach of their contract to purchase and Lessor may sue Lessees for all damages resulting from Lessees’ breach of contract.  In the event Lessees pay the purchase price by _________________, 20_____ , Lessor shall convey all leased equipment unto Lessees free and clear of all liens.

17.  LANDLORD’S WAIVER:  This agreement is conditioned upon a Landlord’s waiver being executed wherein the Landlord releases any right it may have to retain equipment on its leased premises upon default by Lessees.

WITNESS our signatures this the ____ day of ___________, 20 ____.

LESSOR:                                                       Lessees:

________________________        ____________________________

________________________        ____________________________

  

STATE OF _______________________

COUNTY OF _____________________

PERSONALLY came and appeared before me, the undersigned authority in and for the jurisdiction aforesaid, the within named ___________________ in the above and foregoing instrument of writing, who acknowledged to me that he signed and delivered the above and foregoing instrument of writing on the day and in the year and for the purposes therein mentioned.

GIVEN under my hand and official seal of office on this the ____ day of _____________, 20 ____.

____________________________

Notary Public

My Commission Expires:

______________________ 

 

STATE OF ________________________

COUNTY OF ______________________

PERSONALLY came and appeared before me, the undersigned authority in and for the jurisdiction aforesaid, the within named ___________________ in the above and foregoing instrument of writing, who acknowledged to me that he signed and delivered the above and foregoing instrument of writing on the day and in the year and for the purposes therein mentioned.

GIVEN under my hand and official seal of office on this the ____ day of _______________, 20 ____.

_________________________

Notary Public

My Commission Expires:

______________________

 STATE OF _______________________

COUNTY OF _____________________

PERSONALLY came and appeared before me, the undersigned authority in and for the jurisdiction aforesaid, the within named ___________________ in the above and foregoing instrument of writing, who acknowledged to me that he signed and delivered the above and foregoing instrument of writing on the day and in the year and for the purposes therein mentioned.

GIVEN under my hand and official seal of office on this the ____ day of _________________, 20 ____.

__________________________

Notary Public

My Commission Expires:

__________________________

 State Specific Lease Forms

—-For State Specific Lease Forms you can download in Word Format go to

http://www.uslegalforms.com/landlordtenant/