Equipment Lease Agreement
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6EQUIPMENT LEASE AGREEMENT
AUTO SPIN USA LP (“Lessor”), hereby leases to_____________________
(“Lessee”), whose address is _____________________________________ , the
equipment described as follows:
The equipment described in Exhibit “A” attached hereto (hereinafter called
“Equipment”).
This Equipment Lease Agreement (“Agreement”) is made on the following terms
and conditions:
ARTICLE I - TERM
This Agreement becomes effective with respect to the Equipment on the
date that the Equipment is delivered by Lessor to Lessee set forth below, and will
continue
for
an
initial
term
of__________________
ending
on__________________
(
) months (the “Initial Term”).
Lessee may
terminate this Lease with a 30 day written notice to Lessor; provided, however, in
the event Lessee terminates this Lease, prior to the end of the Initial Term,
Lessee herein will be responsible for the remaining rental payments due and
payable hereunder until the end of the Initial Term. After the Initial Term, this
Lease shall continue on a month-to-month basis until such time as Lessee gives
Lessor 30 days notice of termination.
ARTICLE 2 - EQUIPMENT
Acceptance
2.01. If Lessee places the leased Equipment in service, Lessee acknowledges,
by that act, that the Equipment complies with Lessee’s specifications.
Substitution and Disabled Equipment
2.02. (a)
Lessor, at its sole election, may furnish substitute equipment, at no
extra charge to Lessee, for any Equipment that is temporarily inoperable because
of mechanical failure. The substitute equipment will be, as nearly as practicable,
the same size and appearance as the leased Equipment, except that no special
alterations need be made.
(b)
If furnished at the election of Lessor, the substitute Equipment will
be furnished to Lessee whenever possible at the place at which the leased
Equipment was disabled. After repair, the disabled Equipment shall be returned
to Lessee at the facility of Lessor from which the disabled Equipment was
originally provided.
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