LEASE OF
PERSONAL PROPERTY
1. PARTIES.
This agreement is made _______________ between _______________, of
______________, herein called "Lessor," and
____________________________, of ________________________________, herein
called "Lessee."
2. LEASE OF EQUIPMENT. For and in consideration of the covenants
and agreements hereinafter contained, to be kept and performed by lessee,
lessor has leased and does hereby lease to lessee the personal property known
and described as follows: _____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
hereafter designated as “equipment,” to have
and to hold the same unto Lessee for the period of ______ months commencing
from _________________________________.
3. DELIVERY AND RETURN OF PROPERTY. Lessor shall deliver equipment to
______________________________, freight prepaid. At the end of the term thereof Lessee shall return equipment
freight prepaid to Lessor at the place from which equipment was shipped in as
good condition as exists at the commencement of the term, reasonable wear and
tear in respect thereto expected.
4. RENT.
Lessee shall pay as rent for the leasing the sum of $_____________ at
the office of Lessor at _______________ in ________________ monthly
installments of ______________ each, payable in advance on the first day of the
month beginning with ____________________, plus ________________ to be paid as
the last payment.
5. RESERVATION OF TITLE. Equipment and all parts thereof shall,
unless a purchase thereof is made as is herein provided and until full payment
of such purchase price and all interest which may be due thereon is made in
cash to the Lessor, retain its character as personal property and the title
thereto shall not pass to Lessee but shall remain with Lessor.
6. REPOSSESSION. If Lessee shall sell, assign or attempt to sell or assign,
equipment or any interest therein, or if Lessee defaults in any of the
covenants, conditions or provisions of this Lease, it is agreed that Lessor may
immediately and without notice take possession of equipment whereinsoever found
and to remove and keep or dispose of the same and any unpaid rentals shall at
once become due and payable.
7. LOCATION AND USE. Lessee shall use equipment only in __________________ (Location
of Use) and shall not at any time remove the same _____________________
(Equipment) from the place ___________________________ (Location of Equipment)
except in returning the same to Lessor or except as may be permitted by Lessor
by consent thereto in writing.
8. INDEMNIFICATION OF LESSOR. Lessee shall and does hereby agree to
protect and save Lessor harmless against any and all losses or damage to
equipment by fire, flood, explosion, tornado or theft and Lessee shall and does
hereby assume all liability to any person whomsoever arising from the location,
condition or use of equipment, and shall indemnify Lessor of and from all
liability, claim and demand whatsoever arising from the location, condition, or
use of equipment whether in operation or not, and growing out of any cause, and
from every other liability, claim and demand whatsoever during the term of this
Lease or arising while equipment is in the possession of Lessee. Lessee also agrees to promptly reimburse
Lessor, in cash, for any and all personal property taxes levied against
equipment and paid by Lessor.
9. TIME OF ESSENCE. Time is the essence of this agreement.
10. NO ASSIGNMENT. Neither this Lease and agreement nor any right or interest
thereunder shall be assigned by Lessee in any respect whatsoever.
11. CHOICE OF LAW. This Lease and agreement shall be deemed to have been executed
and entered into in the State of ___________________ and shall be construed,
enforced and performed in accordance with the laws thereof.
12. EXCLUSION OF ORAL STATEMENTS. This instrument contains all of the
agreements of the parties. No oral or
other statements shall be binding on either of the parties hereto.
13. GUARANTY.
All parts of this equipment are guaranteed against defective parts or
workmanship for a period of ninety (90) days from date of delivery and any
parts returned to factory freight prepaid will be replaced free of charge if
found defective.
By ____________________________ By
_________________________
Lessor
Lessee
___________________ ___________________
Title
Title
