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Assignment of Equipment
ASSIGNMENT OF EQUIPMENT made this ________ day of ________ [Month] 20 __, between ________ [Name] of ________ [Address], hereinafter referred to as "Assignor", and ________ [Name] of ________ [Address], hereinafter referred to as "Assignee".
Assignment is as follows:
01. The Assignor hereby transfers and assigns to ________ [Corporation/Individual] all rights and use to the Equipment described in Schedule A [omitted] annexed to this Assignment and made a part of it.
01. The Assignor hereby transfers and assigns to ________ [Corporation/Individual] all rights and use to the Equipment described in Schedule A [omitted] annexed to this Assignment and made a part of it. This Assignment of Equipment will start on ________ [Date] and end on ________ [Date].
02. Repairs to and Maintenance of Equipment. During the term of this Assignment and any extension thereof, Assignee will maintain the Equipment and keep it in good repair at Assignee's sole expense, normal wear and tear and depreciation excepted.
03. Insurance. All risk of loss of the Equipment or damage to it shall be borne by Assignee. Assignee, at Assignee's sole expense, shall obtain insurance against loss or damage to the Equipment by reason of fire and by reason of the other risks included in the standard extended coverage provisions of casualty insurance in amounts agreeable to Assignor. The policies shall be issued by insurance companies qualified to do business in the state in which the Equipment is located. Losses, if any, shall be payable to Assignor. The insurance policies or satisfactory evidence of insurance shall be delivered to Assignor. Assignee's failure to obtain or maintain insurance shall constitute a default under this Assignment, and, in such event, Assignor or [bank], as Assignor's assignee, may obtain the insurance, and the cost of the insurance so obtained shall be additional rent, due and payable by Lessee on demand.
04. Limitation on Assignee's Right to Assign, Lease, or Sublet Equipment. Assignee may not assign this Assignment of Equipment or sublet any of the Equipment without Assignor's consent in writing and upon such terms as Assignor shall require.
05. Representations. Neither party has made any representations nor promises, other than those contained in this Assignment or in some further writing signed by the party making the representation or promise.
06. Separability. The illegality or invalidity of any provision of this Assignment shall not affect the validity of the balance of this Assignment.
07. This Assignment binds and benefits both parties and any successors. This document, including any attachments, is the entire Assignment between the parties.
08. Further Instruments. Assignor will execute and deliver to Assignee any further instruments and do such further acts as are necessary to effectuate this Assignment, within reasonable request.
09. Indemnification. Assignor will indemnify and hold Assignee harmless against any claim or damage (including reasonable lawyer fees) arising out of Assignor's default in performing the terms of the Assignment for the period prior to the Effective Date.
10. Applicable Law. The laws of [state] shall be applied in construing this Assignment regardless of where it is executed or where the Equipment that is the subject matter of this Assignment is located.
IN WITNESS WHEREOF, the parties have signed this Assignment of Equipment on the date set forth above.
ACKNOWLEDGEMENT BY NOTARY PUBLIC
State of ________)
On ________, before me, ________, Notary Public, personally appeared ________, who proved to me on the basis of satisfactory evidence to be the person(s) whose names(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies) and that by his/her/their signatures on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
I certify under the PENALTY OF PERJURY under the laws of the State of _________ that the foregoing paragraph is true and correct.
WITNESS my hand and official seal.
Name of Notary
My Commission Expires