Equipment Lease Page 3
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Rates for labor, power, and machinery contributed by the
tenant shall be agreed upon before repairs are made or
construction is started.
V. ARBITRATION OF DIFFERENCES
Any differences between the parties as to their rights or
obligations under this lease that are not settled by mutual
agreement after thorough discussion, shall be submitted for
arbitration to a committee of three disinterested persons,
one selected by each party and the third by the two thus
selected. The committee's decision shall be accepted by
both parties.
Compensation for Improvements Table
Proportion to be Contributed by Renter
Estimated
Total Value of
Rate of
Type of
Date to be
Total Cost
Unskilled
Renter's Contrib.
Annual
Improvement
Completed
(dollars)
Material
Labor
Mach.
(dollars)*
Depreciation
$
%
%
%
$
%
$
$
$
$
$
$
$
$
$
$
*To be recorded when improvement is completed.
Executed in duplicate on the date first above written:
(renter)
(owner)
(renter's spouse)
(owner's spouse)
STATE OF
SS:
COUNTY OF
On this______day of_________A.D., 19____ before me, the undersigned, a Notary Public in said State, personally
appeared_________________________________________________________________________________
____________________________________________,_________________________________________, and
_____________________________________________________________________________________,
to me known to be the identical persons names in and who executed the foregoing instrument, and acknowledged that they
executed the same as their voluntary act and deed.
Notary Public__________________________________
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