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Personal Equipment Lease
1. Parties. This agreement is made this __________ day of __________ 20 __, between _______________, of ______________, hereinafter referred to as "Lessor," and ______________, of _______________, hereinafter referred to as "Lessee."
2. Lease of Equipment. For and in consideration of the covenants and agreements hereinafter contained, to be kept and performed by lessee, lessor has leased and does hereby lease to lessee the personal property known and described as follows:
hereafter designated as equipment, to have and to hold the same unto Lessee for the period of (--) months commencing from the __________ day of __________ 20 _.
3. Delivery and Return of Property. Lessor shall deliver equipment to ______________ , freight prepaid. At the end of the term thereof Lessee shall return equipment freight prepaid to Lessor at the place from which equipment was shipped in as good condition as exists at the commencement of the term, reasonable wear and tear in respect thereto expected.
4. Rent Payable. Lessee shall pay as rent for the leasing the sum of $------ at the office of Lessor at __________ in _________ monthly installments of ________ each, payable in advance on the first day of the month beginning with ___________, plus ________ to be paid as the last payment.
5. Reservation of Title. Equipment and all parts thereof shall, unless a purchase thereof is made as is herein provided and until full payment of such purchase price and all interest which may be due thereon is made in cash to the Lessor, retain its character as personal property and the title thereto shall not pass to Lessee but shall remain with Lessor.
6. Repossession. If Lessee shall sell, assign or attempt to sell or assign, equipment or any interest therein, or if Lessee defaults in any of the covenants, conditions or provisions of this Lease, it is agreed that Lessor may immediately and without notice take possession of equipment wheresoever found and to remove and keep or dispose of the same and any unpaid rentals shall at once become due and payable.
7. Location & Use. Lessee shall use equipment only in ____________ and shall not at any time remove the same ____________ from the place ____________ except in returning the same to Lessor or except as may be permitted by Lessor by consent thereto in writing.
8. Indemnification of Lessor. Lessee shall and does hereby agree to protect and save Lessor harmless against any and all losses or damage to equipment by fire, flood, explosion, tornado or theft and Lessee shall and does hereby assume all liability to any person whomsoever arising from the location, condition or use of equipment, and shall indemnify Lessor of and from all liability, claim and demand whatsoever arising from the location, condition, or use of equipment whether in operation or not, and growing out of any cause, and from every other liability, claim and demand whatsoever during the term of this Lease or arising while equipment is in the possession of Lessee. Lessee also agrees to promptly reimburse Lessor, in cash, for any and all personal property taxes levied against equipment and paid by Lessor.
9. Time of The Essence. Time is the essence of this agreement.
10. No Assignment. Neither this Lease and agreement nor any right or interest thereunder shall be assigned by Lessee in any respect whatsoever.
11. Choice of Law. This Lease and agreement shall be deemed to have been executed and entered into in the State of [State] and shall be construed, enforced and performed in accordance with the laws thereof.
12. Exclusion of Oral Statements. This instrument contains all of the agreements of the parties. No oral or other statements shall be binding on either of the parties hereto.
13. Guaranty. All parts of this equipment are guaranteed against defective parts or workmanship for a period of ninety (--) days from date of delivery and any parts returned to factory freight prepaid will be replaced free of charge if found defective.
14. Further Assurances. In connection with this Agreement and the transactions contemplated hereby, each party to this Agreement will execute and deliver any additional documents and perform any additional acts that may be necessary or appropriate to effectuate and perform its obligations under this Agreement and the transactions contemplated hereby.
IN WITNESS WHEREOF, the parties have executed this agreement the day and year as first above written at _________ (City), ________ (State).
*** If Required By State Law ***
This Section for Notary:
State of _________
County of ________ [COUNTY]
On [DATE] before me, [NAME OF NOTARY], notary, personally appeared [NAME OF PERSON(S) INVOLVED], personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(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 signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
Witness my hand and official seal.
My commission expires: _____