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Furniture Lease & Rental Agreement
AGREEMENT made on [Date] by and between [Name] of [Address], hereinafter referred to as "Company", and [Name] of [Address], hereinafter referred to as "Customer", the parties mutually agree as follows:
Customer shall lease the following items from the Company:
beginning on [Date] and concluding on [Date] unless earlier terminated herein.
The furniture shall be used at [Address] and may not be moved to another location without the prior consent of the Company. It shall be a breach of the leasing agreement for the Customer to move the leased furniture from this location.
Customer shall pay a deposit of [$------] to secure faithful performance of the obligations of the lease. The deposit may not be applied to rental herein. At the conclusion of the lease term and the performance of all obligations of the lease, Company shall refund the deposit. No interest shall be paid on the deposit.
Customer shall maintain liability insurance in a minimum amount of [$------] with a deductible not exceeding [$------] with a insurance company licensed to write such insurance in the State of [State]. Leasing company shall be named a loss payee on the policy. Such policy shall provide for at least a [--] day cancellation notice to the Company.
In the event that the Customer fails to maintain such insurance Company may purchase, without notice, insurance, either for both parties or the single interest of the Company. The premiums for such coverage shall be considered to be additional rental herein and shall be due and payable upon billing by the Company.
The agreed value of the furniture shall be [$------]. In the event of the loss or destruction of the furniture, Customer shall pay the agreed value, less depreciation to be calculated at the rate of [--%] of the agreed value per month.
The total rental for the term of this lease shall be [$------] to be paid in equal monthly installments of [$------]. Any applicable sales or use tax shall be paid by Customer as additional rental.
Any rental, or other sums due herein which are not paid when due shall accrue interest at the highest legal rate. Customer shall pay all costs of collection, including attorney's fees in the event of any breach.
Customer grants Company a security interest in the leased items and any replacements, additions or accessions to the leased property. Customer herewith authorizes Company to file any needed lien notices or financing statements.
In the event of failure to pay in a timely fashion or any other commercially reasonable cause, the Company shall be entitled to accelerate payment of the remaining sums due under the lease.
Customer herewith consents to the entry of Company into the premises where the leased items are located in the event of acceleration of the lease. No court order or bond shall be required for the entry into the premises. Customer herewith waives any requirement for court hearing for the entry into the premises.
Customer shall return the leased furniture at the conclusion of the lease in the same condition as when delivered, ordinary wear and tear excepted.
The Customer may cancel this lease on days written notice to the Company. The parties agree that the damages to be suffered by the Company will be difficult to ascertain, therefore, as liquidated damages, but not as a penalty, the Customer shall pay the sum of [$------] per month or a portion thereof cancelled.
At the termination of this lease, the Customer shall be entitled to purchase the leased furniture for the sum of [$------].
Any notice to be given or to be served upon any party hereto must be in writing and may be given by certified or registered mail, but shall be deemed to have been given and received when a certified or registered letter containing such notice, properly addressed with postage prepaid, is deposited with U.S. Mail. If notice is given in some manner other than by certified or registered mail, it shall be deemed to have been given when delivered to and received by the party to whom it is addressed, Such notices shall be given to the parties hereto at the following addresses:
If to the Company:
[city, state, zip]
If to the Customer:
[city, state, zip]
All such notices and communications shall be deemed to have been duly given when delivered by hand, if personally delivered; (--) business days after deposit in U.S. Mail, postage prepaid, if mailed; when answered back, if faxed; and when receipt is acknowledge. Any party hereto may change its address for purposes of this paragraph by written notice given in the manner provided above.
No modification of this Agreement will be effective unless it is in writing and is signed by both parties.
The parties agree to execute and deliver any other instruments necessary to effectuate this Agreement.
The paragraph headings contained herein are for convenience of reference only and are not to be used in the construction or interpretation hereof.
The invalidity or unenforceability of any portion of this Agreement shall not affect the remaining provisions and portions hereof.
This Agreement including any attachments is the entire agreement between the parties and there are no other promises or conditions in any other agreement whether oral or written.
This Agreement supersedes any prior written or oral agreements between the parties.
This Agreement shall be binding upon the parties hereto and their respective heirs, administrators, successors, and assigns.
Neither this agreement nor any right or interest thereunder shall be assigned in any respect whatsoever.
This instrument contains all of the agreements of the parties. No oral or other statements shall be binding on either of the parties hereto.
This Agreement shall be governed by the laws of the State of [State].
Time is the essence of this agreement.
IN WITNESS WHEREOF, the parties have executed this agreement the day and year as first above written at [City], [State].
This Section for Notary:
STATE OF -------)
) ss: [date]
COUNTY OF ------)
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.
[Name of Notary Public]
My commission expires: [date]