Sample Equipment Lease Agreement

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Sample Equipment Lease Agreement
This contract agreement for Equipment Lease (“Lease”) between _________________________
(the “Lessor”) and _________________________ (“Lessee”) is made and entered into upon the
following date: ____/____/____ with an expiration date of ____/____/____.
The following described equipment shall be Leased by Lessor to Lessee:
______________________________________________________________________________
1. The monthly rent for the Equipment will be paid in installments in advance for $_____ per month, starting
on ____/____/____, followed by a payment on the first day of each succeeding month for the duration of
this Lease Agreement. Any installment payment that is not made and received by the tenth day of the
month will be considered overdue and Lessor may charge a late fee equal to one percent per month on
any overdue amount. If there is rent due for a partial month it will be prorated accordingly.
2. The Lessee will pay a security deposit of $_____ prior to taking possession of the Equipment. Following
the Lessee meeting all the obligations of this Lease the security deposit will be refunded in full.
3. The Lessee will use the Equipment in a reasonable and proper manner and will comply with all Federal,
State and County laws and regulations relating to the use and maintenance of the Equipment.
4. All other warranties, explicit or implied, including but not limited to merchantability and fitness for a
particular use the Lessor disclaims, except that the Lessor has the complete right to lease the Equipment
as described above.
5. Lessee, at his or her own expense, will keep the Equipment in good repair, condition and working order
and will provide all parts and devices that are required to maintain the Equipment in good mechanical
working order.
6. The Lessee assumes and will bear the entire risk of loss and damage to the Equipment from any and all
causes whatsoever. No loss or damage to the Equipment or any part thereof will the Lessee not be
responsible for under the terms of this Lease Agreement which is in full effect and force until the
expiration date stated above has been reached. In the event that there is loss or damage to Equipment of
any kind, Lessee will at Lessor’s option: Place the Equipment in good repair, condition and working order
or replace the Equipment with the same in good repair and working condition or pay the Lessor the full
replacement cost of the Equipment.
7. Following the expiration or earlier termination of this Lease, Lessee will return the Equipment to Lessor in
good repair, condition and working order, while ordinary wear and tear that results from proper use will
be excepted, Lessee shall deliver the Equipment at Lessee’s cost to a place designated by Lessor within
the county in which the Equipment was delivered to Lessee.
8. The Lessee shall continuously maintain and pay for all risk insurance against the loss of and damage to the
Equipment for nothing less than the full replacement cost of the Equipment and naming the Lessor as the
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