This Equipment Lease Agreement is between a company who leases equipment (Lessor) and a party who desires to lease equipment (Lessee). This agreement sets forth a detailed description of the leased equipment, lease term and amount of monthly installments. It also sets out who will be responsible for equipment maintenance, insurance and transportation costs.
EQUIPMENT LEASE AGREEMENT
THIS AGREEMENT (the “Agreement”), made this________ day of ___________________, 20 _____ by and between _____________________________________________________ of _______________________________________________________________ (“Lessor”) and ________________________________________________________________________ of _______________________________________________________________ (“Lessee”) both hereinafter collectively referred to as "the parties".
In accordance with the terms and conditions of this Agreement, Lessor hereby leases to Lessee, and Lessee hereby leases from Lessor, the following described equipment (the "Equipment"):
Term and Termination
The term of this Lease shall commence on the date above written and shall continue for a period of _____________________ months.
Either party may terminate this Agreement without cause by giving thirty (30) days written notice to the other party. Upon the expiration or earlier termination of this Agreement, Lessee shall return the Equipment to Lessor in good repair, condition and working order, ordinary wear and tear resulting from proper use thereof alone excepted, by delivering the Equipment at Lessee's cost and expense to such place as Lessor shall specify within the city or county in which the same was delivered to Lessee.
In consideration for the use of the Equipment, Lessee shall pay in installments of $ ________ each month, beginning on _____________________ and on the first day of each succeeding month for the term of this Agreement. Any installment payment not made by the _______ day of the month shall be considered overdue and in addition to Lessor's other remedies, Lessor may levy a late payment charge equal to _____________________ per month on any overdue amount.
Lessee shall pay a security deposit in the amount of $ ___________________________ prior to taking possession of the Equipment. This security deposit will be refunded to Lessee promptly following Lessee's performance of all obligations under this Agreement.
The Equipment will be used by Lessee at whatever locations Lessee may desire. Lessee shall be solely responsible for all transportation costs and import/export duties or other local property taxes that may be assessed with respect to the Equipment.
Lessee shall use the Equipment in a careful and proper manner and shall comply with and conform to all applicable laws, ordinances and regulations in any way relating to the possession, use or maintenance of the Equipment.
Lessor shall be responsible for any and all routine maintenance of the Equipment during the term of this Agreement.
For the term of this Agreement, Lessor shall continue in force its insurance covering damage, destruction, or theft of the Equipment.
LESSOR DISCLAIMS ANY AND ALL OTHER WARRANTIES, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE.
Lessee shall indemnify Lessor against, and hold Lessor harmless from, any and all claims, actions, suits, proceedings, costs, expenses, damages and liabilities, including reasonable attorney's fees and costs, arising out of, connected with, or resulting from Lessee's use of the Equipment, including without limitation the manufacture, selection, delivery, possession, use, operation, or return of the Equipment.
Any notice or other communication to be given under this Agreement shall be in writing and shall be sent to the parties at the following addresses:
This Agreement constitutes the entire agreement between the parties, and supersedes any earlier statement or understanding. No changes or additions to the terms of the Agreement shall be valid unless in writing and signed by both parties.
This Agreement will be governed by the laws of the state of __________________
AGREED TO this _____ day of ___________________in ______________________ by:
[INSERT NAME AND TITLE] [INSERT NAME AND TITLE]