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Personal Property Lease
1. Gatherings. This agreement is established on [Month], [Day], 20_ between [Name], of [Address], herein referred to as the “Lessor,” and [Name], of [Address], hereby referred to as the “Lessee.”
2. Equipment leasing Lessor has leased and does hereby lease to lessee the personal property known and described as follows in exchange for and in consideration of the covenants and agreements hereby included, to be preserved and executed by lessee:
henceforth referred to as equipment, to have and retain the same for Lessee for the duration of________ months beginning on [Start Date].
3. Property Delivery and Return The lessor is responsible for delivering the equipment to [Delivery Address] freight prepaid. Lessee should return equipment freight prepaid to Lessor at the location from where equipment was sent at the conclusion of the term in the same condition as it existed at the start of the term, with acceptable wear and tear anticipated.
4. Rent. Lessee shall pay $_ in rent for leasing the equipment, payable in $__ monthly instalments. Rent must be delivered to Lessor’s [home / office] at [Address], and shall be payable in advance on the first day of the month commencing with [Start Date], in addition to the [first / final] payment of $ .
5. Title Reservation The equipment and any components thereof shall remain the Lessor’s personal property. The title shall not be transferred to the Lessee until the Lessee acquires the equipment as stipulated herein and until the Lessor receives full payment of the purchase price and any interest payable thereon.
6. Foreclosure If Lessee sells, assigns, or attempts to sell or assign the equipment or any interest therein, or if Lessee breaches any of the covenants, conditions, or provisions of this Lease Agreement, it is agreed that Lessor may immediately and without notice take possession of the equipment and remove, keep, or dispose of it, and any unpaid rentals shall immediately become due and payable.
7. Use and location. Lessee must use the equipment exclusively at [Address] and shall not remove the equipment from [Address] except to return it to Lessor or as allowed by Lessor in writing.
8. Lessor’s Indemnification Lessee shall and does hereby agree to protect and save Lessor harmless against any and all losses or damage to equipment caused by fire, natural disaster, acts of God, vandalism, or theft, and Lessee shall and does hereby assume all liability to any person whatsoever 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. Lessee additionally undertakes to immediately refund Lessor in cash for any and all personal property taxes imposed on equipment and paid by Lessor.
9. There is no assignment. Lessee shall not assign in any way this Lease and agreement, nor any right or interest arising therefrom.
10.Time is of the essence. The essence of this arrangement is time.
11. Law Selection. This Lease and agreement are assumed to have been made and entered into in the State of [State] and are to be interpreted, enforced, and performed in accordance with the laws of that state.
12.Oral Agreements are not permitted. This document covers all of the parties’ agreements. No oral or other statements made in the past, present, or future shall be binding on any of the parties hereto.
13. Guarantee. For a period of ninety (90) days from the date of delivery, all parts of this equipment are guaranteed against faulty components or workmanship, and any parts returned to manufacturer freight prepaid will be replaced free of charge if proven defective.