Lease Agreement of Personal Property - Free Legal Form
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Lease of Personal Property
1. Parties. This agreement is made [Month], [Day], 20__ between [Name], of [Address], herein called "Lessor," and [Name], of [Address], 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 [Start Date].
3. Delivery & Return of Property. Lessor shall deliver equipment to [Delivery Address], 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 rent for leasing the equipment the sum of $__ payable in monthly installments of $___. Rent shall be delivered to the [home / office] of Lessor at [Address], payable in advance on the first day of the month beginning with [Start Date], in addition to $__ due as the [first / last] payment.
5. Reservation of Title. Equipment and all parts thereof shall remain personal property of the Lessor. The title shall not be transferred to the Lessee unless the Lessee purchases the equipment and is herein provided and until full payment of such purchase price and all interest which may be due thereon is paid to the Lessor.
6. Repossession. If Lessee shall sell, assign or attempt to sell or assign, the equipment or any interest therein, or if Lessee defaults in any of the covenants, conditions or provisions of this Lease Agreement, it is agreed that Lessor may immediately and without notice take possession of equipment wheresoever found and to remove and keep or dispose of the same and any unpaid rentals shall at once become due and payable.
7. Location & Use. Lessee shall use equipment only at [Address] and shall not at any time remove the equipment from [Address] except in returning the same to Lessor or except as may be permitted by Lessor by written consent.
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, natural disaster, acts of God, vandalism, 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. No Assignment. Neither this Lease and agreement nor any right or interest thereunder shall be assigned by Lessee in any respect whatsoever.
10. Time of Essence. Time is the essence of this agreement.
11. Choice of Law. This Lease and agreement shall be deemed to have been executed and entered into in the State of [State] and shall be construed, enforced and performed in accordance with the laws thereof.
12. Exclusion of Oral Agreements. This instrument contains all of the agreements of the parties. No past, present, or future 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.