EQUIPMENT
LEASING AGREEMENT
This equipment lease
("Lease") is made and effective [s-Date], by and between:
[s-Name] (the
"Lessor")
[s-Address]
And
[r-Name] (the
"Lessee")
[r-Address]
1. Lessor
hereby leases to Lessee, and Lessee hereby leases from Lessor, the
following described equipment (the "Equipment"):
__________________________________________________________
2. The term
of this Lease shall commence on ______________ and shall expire on
_____________.
3. The
monthly rent for the Equipment shall be paid in advance in
installments of $ [amount] each month, beginning on [date], and on
the first day of each succeeding month throughout the term hereof, at
[location], or at such other place as Lessor may designate from time
to time. Any installment payment not made by the tenth (10th) 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
[number] percent per month on any overdue amount. Rent for any
partial month shall be prorated.
4. Lessee
shall pay a security deposit in the following amount prior to taking
possession of the Equipment: $ [amount]. The security deposit will
be refunded to Lessee promptly following Lessee's performance of all
obligations in this Lease.
5. Lessee
shall use the Equipment in a careful and proper manner and shall
comply with and conform to all national, state, municipal, police and
other laws, ordinances and regulations in any way relating to the
possession, use or maintenance of the Equipment.
6. 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, except that lessor warrants that lessor has
the right to lease the equipment, as provided in this lease.
7. Lessee, at
its own cost and expense, shall keep the Equipment in good repair,
condition, and working order and shall furnish any and all parts,
mechanisms and devices required to keep the Equipment in good
mechanical working order.
8. Lessee
hereby assumes and shall bear the entire risk of loss and damage to
the Equipment. No loss or damage to the Equipment or any part
thereof shall impair any obligation of Lessee under this Lease, which
shall continue in full force and effect through the term of the
Lease. In the event of loss or damage of any kind whatever to the
Equipment, Lessee shall, at Lessor's option: Place the same in good
repair, condition and working order; or replace the same with like
equipment in good repair, condition and working order; or pay to
Lessor the replacement cost of the Equipment.
9. Upon the
expiration or earlier termination of this Lease, 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.
10. Lessee
shall procure and continuously maintain and pay for all risk
insurance against loss of and damage to the Equipment for not less
than the full replacement value of the Equipment, naming Lessor as
loss payee, and combined public liability and property damage
insurance with limits as approved by Lessor, naming Lessor as
additionally named insured and a loss payee. The insurance shall be
in such form and with such company or companies as shall be
reasonably acceptable to Lessor, shall provide at least thirty (30)
days advance written notice to Lessor of any cancellation, change or
modification, and shall provide primary coverage for the protection
of Lessee and Lessor without regard to any other coverage carried by
Lessee or Lessor protecting against similar risks. Lessee shall
provide Lessor with an original policy or certificate evidencing such
insurance. Lessee hereby appoints Lessor as Lessee's attorney in
fact with power and authority to do all things, including, but not
limited to, making claims, receiving payments and endorsing
documents, checks or drafts necessary or advisable to secure payments
due under any policy of insurance required under this Agreement.
11. Lessee
shall keep the Equipment free and clear of all levies, liens and
encumbrances. Lessee, or Lessor at Lessee's expense, shall report,
pay and discharge when due all license and registration fees,
assessments, sales, use and property taxes, gross receipts, taxes
arising out of receipts from use or operation of the Equipment, and
other taxes, fees and governmental charges similar or dissimilar to
the foregoing, together with any penalties or interest thereon,
imposed by any state, federal or local government or any agency, or
department thereof, upon the Equipment or the purchase, use,
operation or leasing of the Equipment or otherwise in any manner with
respect thereto and whether or not the same shall be assessed against
or in the name of Lessor or Lessee. However, Lessee shall not be
required to pay or discharge any such tax or assessment so long as it
shall, in good faith and by appropriate legal proceedings, contest
the validity thereof in any reasonable manner which will not affect
or endanger the title and interest of Lessor to the Equipment;
provided, Lessee shall reimburse Lessor for any damages or expenses
resulting from such failure to pay or discharge.
12. In case
of failure of Lessee to procure or maintain said insurance or to pay
fees, assessments, charges and taxes, all as specified in this Lease,
Lessor shall have the right, but shall not be obligated, to effect
such insurance, or pay said fees, assignments, charges and taxes, as
the case may be. In that event, the cost thereof shall be repayable
to Lessor with the next installment of rent, and failure to repay the
same shall carry with it the same consequences, including interest at
ten percent (10%) per annum, as failure to pay any installment of
rent.
13. 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.
14. If
Lessee fails to pay any rent or other amount herein provided within
ten (10) days after the same is due and payable, or if Lessee fails
to observe, keep or perform any other provision of this Lease
required to be observed, kept or performed by Lessee, Lessor shall
have the right to exercise any one or more of the following remedies:
To declare the entire amount of rent hereunder immediately due and
payable without notice or demand to Lessee; to sue for and recover
all rents, and other payments, then accrued or thereafter accruing;
to take possession of the Equipment, without demand or notice,
wherever same may be located, without any court order or other
process of law; to terminate this Lease; to pursue any other remedy
at law or in equity.
Lessee hereby waives
any and all damages occasioned by such taking of possession.
Notwithstanding any repossession or any other action which Lessor may
take, Lessee shall be and remain liable for the full performance of
all obligations on the part of the Lessee to be performed under this
Lease. All of Lessor's remedies are cumulative, and may be exercised
concurrently or separately.
15. Neither
this Lease nor any interest therein is assignable or transferable by
operation of law. If any proceeding under the Bankruptcy Act, as
amended, is commenced by or against the Lessee, or if the Lessee is
adjudged insolvent, or if Lessee makes any assignment for the benefit
of his creditors, or if a writ of attachment or execution is levied
on the Equipment and is not released or satisfied within ten (10)
days thereafter, or if a receiver is appointed in any proceeding or
action to which the Lessee is a party with authority to take
possession or control of the Equipment, Lessor shall have and may
exercise any one or more of the remedies set forth in Section 14
hereof; and this Lease shall, at the option of the Lessor, without
notice, immediately terminate and shall not be treated as an asset of
Lessee after the exercise of said option.
16. The
Equipment is, and shall at all times be and remain, the sole and
exclusive property of Lessor; and the Lessee shall have no right,
title or interest therein or thereto except as expressly set forth in
this Lease.
17. If
Lessor shall so request, Lessee shall execute and deliver to Lessor
such documents as Lessor shall deem necessary or desirable for
purposes of recording or filing to protect the interest of Lessor in
the Equipment including, but not limited to a UCC financing
statement.
18. Lessee
shall not assign this Lease or its interest in the Equipment without
the prior written consent of Lessor.
19. The
invalidity or unenforceability of any provision in this Agreement
shall not cause any other provision to be invalid or unenforceable.
20. This
Lease shall be construed and enforced according to laws of the State
of [state name].
This instrument
constitutes the entire agreement between the parties on the subject
matter hereof and it shall not be amended, altered or changed except
by a further writing signed by the parties hereto.
The parties hereto
have executed this Lease as of the day and year first above written.
Lessee:
__________________________________________________________
By:
______________________________________________________________
Name/Title
Lessor:
__________________________________________________________
