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Equipment Lease

Equipment Lease

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Published by: Legal Forms on Jan 19, 2008
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09/15/2010

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Equipment Lease
THIS LEASE MADE
as of between , of (the “Lessee”) and , of (the“Lessor”)
Lessor hereby leases to Lessee, and Lessee hereby leases from Lessor the property described in Schedule “A” hereto together withall replacement parts, additions, repairs and accessories incorporated therein and/or affixed thereto (the “Equipment”) on thefollowing terms and conditions:
1.
Term
. This lease is for a term of months, beginning , and ending .
2.
Rentals
. Lessee shall pay to Lessor rentals aggregating, plus applicable taxes, of which is herewith paid in advance and the balance of the rental is payablein equal, successive, monthly rental payments of each, of which the first is due , and theothers on the same date of each month thereafter, untilfully paid. Rental payments shall be made at the addressof Lessor first above noted or at such place as Lessor’sassigns shall notify Lessee in writing.
3.
Place of Use
: The Equipment shall be kept at , inthe State of , until Lessor in writing permits itsremoval.
4.
Repairs
: Lessor shall not be obligated to make anyrepairs or replacements; Lessee shall not incur for Lessor’s account or liability any expense therefor withoutLessor’s written consent. Lessee shall effect and bear theexpense of all necessary repairs, maintenance andreplacements.
5.
Operators
. Lessee shall cause the Equipment to beoperated by competent employees only, and shall pay allexpenses of operation.
6.
Liability
. Lessee shall indemnify and save Lessor harmless against and from all loss, damage, expense or  penalty arising from any claim or action on account of  personal injury or damage to property occasioned by theoperation, handling or transportation of the Equipmentduring the rental period, but shall be credited with anyamounts received by Lessor from insurance procured atLessee’s expense. Damage for any injury to theEquipment shall be based on the then true and reasonablemarket value of the Equipment irrespective of rentalstheretofore paid or agreed.
7.
 
Insurance
. Lessee, at its expense, shall keep theEquipment insured at the full value thereof and for theterm hereof against fire, theft, collision and extendedcoverage and against such other risks and in suchamounts as Lessor may specify, with losses, if any, payable to Lessor. Lessee shall, on request of Lessor,deliver to Lessor the policies or evidence of insurancesatisfactory to Lessor, together with receipts for  premiums paid thereunder. If Lessee fails to insure asaforesaid, then Lessor may place insurance as Lessor deems advisable and Lessee will be obligated to pay the premium on demand.
8.
Taxes and Laws
. Lessee shall comply with and conformto all laws and regulations relating to the ownership, possession, use or maintenance of the Equipment, andsave Lessor harmless against actual or assertedviolations, and pay all costs and expenses of everycharacter occasioned by or arising out of such use, and pay promptly when due all taxes and other public chargesagainst or upon the Equipment, as additional rentaltherefor.
9.
Title
. All Equipment shall remain personal property, andtitle thereto shall remain in Lessor exclusively. Lesseeshall keep the Equipment free from any and all liens andclaims, and shall do or permit no act or thing wherebyLessor’s title or rights may be encumbered or impaired.Upon expiration or termination hereof, the Equipmentshall be returned unencumbered to Lessor by Lessee atLessee’s sole expense and in the same condition as whenreceived by Lessee, reasonable wear and tear resultingfrom proper use thereof alone excepted. Lessee shall payrent at the above rate until all Equipment arrives atLessor’s premises.
10.
Inspection
. Unless Lessee notifies Lessor within 48hours after delivery of the Equipment, stating details of any defects, Lessee shall be conclusively presumed tohave inspected and accepted it. Lessee shall, whenever requested, advise Lessor of the exact location of theEquipment and shall give Lessor immediate notice of anyattachment or other judicial process affecting theEquipment, and indemnify and save Lessor harmlessfrom any loss or damage caused thereby. Lessor may, for the purposes of inspection, at all reasonable times enter upon any job, building or place where the Equipment islocated, and may remove the Equipment forthwith,without notice to Lessee, if the Equipment is, in theopinion of Lessor, being used beyond its capacities or inany manner improperly cared for or abused.
11.
Non-Waiver
. Time is of the essence. Lessor’s failure atany time to require strict performance by Lessee of any of the provisions hereof shall not waive or diminishLessor’s right thereafter to demand strict compliancetherewith or with any other provision. Waiver of anydefault shall not waive any other default.
12.
No Warranty
. There are no representation, warranties or conditions, express or implied, statutory or otherwise,other than those herein contained. No oral agreement,guaranty, promise, condition, representation or warrantyshall be binding; all prior conversations, agreements or representations related hereto and/or to the Equipmentare integrated herein. No modification hereof shall be
 
 binding unless in writing signed by Lessor.
13.
Possession
. Lessor covenants to and with Lessee thatLessor is the lawful owner of the Equipment free from allencumbrances and that, conditioned upon Lessee’s performing the conditions hereof, Lessee shall peaceablyand quietly hold, possess and use the Equipment duringsaid term without hindrance.
14.
Default
. In the event of Lessee’s default hereunder or  becoming insolvent, or if Lessee ceases doing business asa going concern or if a petition is filed by or againstLessee under the Bankruptcy Act, or a proposal,arrangement or re-organization under the FederalBankruptcy Code or similar federal or state statute, or if Lessee attempts to remove or sell or transfer or encumber or sublet or part with the possession of Equipment, (a) allsums due and to become due hereunder shall, at theoption of Lessor or any assignee of Lessor, become payable forthwith; (b) Lessor and/or its agents maywithout notice or liability or legal process enter into any premises of or under control or jurisdiction of Lessee or any agent of Lessee where the Equipment may be or byLessor is believed to be, and repossess the Equipment,disconnecting and separating all thereof from any other  property and using all force necessary or permitted byapplicable law so to do, Lessee hereby expressly waivingall further rights to possession of the Equipment and allclaims for injury suffered through or loss caused by suchrepossession; and (c) Lessor may sell the Equipment or may re-lease the Equipment for a term and a rentalwhich may be equal to, greater than, or less than therental and term herein provided. Any proceeds of suchsale, received within 60 days after repossession, or anyrental payments received under a new lease made withinsuch 60 days for the period prior to the expiration of thislease, less Lessor’s expenses of taking possession,storage, reconditioning and sale or re-leasing, shall beapplied on Lessee’s obligations hereunder, and Lesseeshall remain liable for the balance of the unpaidaggregate rental set forth above. Lessee’s liability shallnot be reduced by reason of any failure of Lessor to sellor re-let within such 60 days. Lessee will pay all costs,charges and expenses incurred in retaking possession of the Equipment hereby leased, and if this Lease is placedin the hands of a solicitor for collection or enforcement,15% of the amount due hereunder shall be added and payable by Lessee for collection charges if not prohibited by law.
15.
Assignments
. Neither this lease nor Lessee’s rightshereunder shall be assignable except with Lessor’swritten consent; the conditions hereof shall bind any permitted successors and assigns of Lessee. If Lessor assigns the rents reserved herein or all or any of Lessor’sother rights hereunder, assignee’s rights shall beindependent of any claim, defense or offset of Lesseeagainst Lessor; Lessee on receiving notice of any suchassignment shall abide thereby and make payment asmay therein be directed. Following such assignment theterm “Lessor” shall be deemed to include or refer toLessor’s assignee.
16.
Miscellaneous
. Lessee will not change or remove anyinsignia or lettering on the Equipment and shallconspicuously identify each item of the Equipment bysuitable lettering thereon to indicate Lessor’s ownership.This lease is irrevocable for the full term hereof and for the aggregate rentals herein reserved, and the rent shallnot abate by reason of termination of Lessee’s right of  possession and/or the taking of possession by Lessor or for any other reason, and delinquent installments of rental shall bear interest at the rate of 1% per month(12% per annum). All notices relating hereto shall bemailed registered to Lessor or Lessee at its respectiveaddress above shown or at any later address last knownto the sender. Lessee waives all rights under allexemption laws. Lessee acknowledges receipt of a truecopy of this Equipment Lease. Lessor’s rights hereunder are cumulative and not alternative. Title shall remain inLessor until the purchase price is fully paid in cash. The provisions of this Lease shall enure to the benefit of and be binding upon the respective heirs, executors,administrators, successors and assigns of the partieshereto, except as herein otherwise provided. If Lessee is acorporation, this lease is executed by authority of itsBoard of Directors.
17.
Purchase Option
. At any time after , if Lessee has paid in full all rentals owing hereunder and be not thenin default hereunder, Lessee shall have the option to purchase the Equipment upon giving written notice notless than 30 days prior to expiration of the original termhereof. The purchase price shall be .
18.
Governing Law
. This Offer shall be governed by andconstrued in accordance with the laws of the State of 
IN WITNESS WHEREOF
the parties hereto have executed this Lease as of the date first above written.WitnessWitnessPage 2

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