Equipment Lease


This form can provide the owner and renter with a guide for developing
Farm Machinery, Building
an agreement to fit their individual situation. This form is not intended
to take the place of legal advice pertaining to contractual relationships
Or Equipment Lease
between the two parties. Because of the possibility that a lease
agreement may be legally considered a partnership under certain
conditions, seeking proper legal advice is recommended when
North Central Regional
developing such an agreement.
Publication No. 215
This lease is entered into this
day of
,19 ___, between
owner, of
spouse, of
hereafter known as "the owner," and hereafter known as "the renter."
renter, of
spouse, of
and agreed that this lease shall not be deemed to be nor
The owner hereby leases to the tenant, to use for
intended to give rise to a partnership relation.
agricultural and related purposes, the following described
E. Transfer of property. If the owner should sell or
otherwise transfer title to the property, he/she will do so
subject to the provisions of this lease.
F. Right of entry. The owner reserves the right to inspect
the property at any reasonable time to: a) consult with
situated in
County (Counties),
the renter; b) make repairs, improvements, and
(State) with all improvements thereon except as follows:
inspections; and c) (after notice of termination of the
lease is given) do any customary seasonal work, none
of which is to interfere with the renter in carrying out
regular farm operations.
A. Time period covered. The provisions of this agreement
G. No right to sublease. The owner does not convey to the
shall be in effect for ____ year(s), commencing on the
renter the right to lease or sublet any part of the
____ day of _________, 19___.
property or to assign the lease to any person or persons
This lease shall continue in effect from year to year
thereafter unless written notice of termination is given
H. Binding on heirs. The provisions of this lease shall be
by either party to the other at least ____days prior to
binding upon the heirs, executors, administrators, and
expiration of this lease or the end of any year of
successors of both owner and renter in like manner as
upon the original parties, except as provided by mutual
B. Review of lease. A written request is required for a
written agreement.
general review of the lease or for consideration of
I. If the renter fails to pay the rent due or fails to keep the
proposed changes by either party, at least ____days
agreements of this lease, all costs and attorney fees of
prior to the final date for giving notice to terminate the
the owner in enforcing collection or performance shall
lease as specified in II.A.
be added to and become a part of the obligations
C. Amendments and alterations. Amendments and
payable by the renter hereunder.
alterations to this lease shall be in writing and shall be
J. Additional provisions.
signed by both the owner and renter.
D. No partnership intended. It is particularly understood


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