Fillable EQUIPMENT LEASE AGREEMENT

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EQUIPMENT LEASE AGREEMENT

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EQUIPMENT LEASE AGREEMENT
This Equipment Lease Agreement (the “Agreement”) is made and entered on
(mm/dd/yyyy), by and between (“Lessor”)
and (“Lessee”), collectively referred to as the “Parties”.
The Parties agree as follows:
1. EQUIPMENT. Lessor hereby leases to Lessee the following equipment (the "Equipment"):
2. LEASE TERM. The lease will start on (mm/dd/yyyy) and will end on
(mm/dd/yyyy) (end date), the “Lease Term”.
3. LEASE PAYMENTS. Lessee agrees to pay to Lessor as rent for the Equipment the amount
of $ (“Rent”) each month in advance on the first day of each month at
______________________________ (address for rent payment) or at any other address
designated by Lessor. If the Lease Term does not start on the first day of the month or end
on the last day of a month, the rent will be prorated accordingly.
4. LATE CHARGES. If any amount under this Agreement is more than days late, Lessee
agrees to pay a late fee of $ .
5. SECURITY DEPOSIT. Prior to taking possession of the Equipment, Lessee shall deposit
with Lessor, in trust, a security deposit of $ as security for the performance by
Lessee of the terms under this Agreement and for any damages caused by Lessee or
Lessee’s agents to the Equipment during the Lease Term. Lessor may use part or all of the
security deposit to repair any damage to Equipment caused by Lessee or Lessee’s agents.
However, Lessor is not just limited to the security deposit amount and Lessee remains liable
for any balance. Lessee shall not apply or deduct any portion of any security deposit from
the last or any month's rent. Lessee shall not use or apply any such security deposit at any
time in lieu of payment of rent. If Lessee breaches any terms or conditions of this
Agreement, Lessee shall forfeit any deposit, as permitted by law.
6. DELIVERY. Lessee ☐ SHALL ☐ SHALL NOT (check one) be responsible for all expenses
and costs: i) at the beginning of the Lease Term, of shipping/delivering the Equipment to
Lessee’s premises and ii) at the end of the Lease Term, of shipping/delivering the
Equipment back to Lessor’s premises.
7. GOVERNING LAW. This Agreement shall be governed by and construed in accordance
with the laws of the State of .
Page 2 of 5
8. NOTICE. Any notice required or otherwise given pursuant to this Agreement shall be in
writing and mailed certified return receipt requested, postage prepaid, or delivered by
overnight delivery service to:
LESSEE: .
LESSOR: .
Either party may change such addresses from time to time by providing notice as set forth
above.
9. USE OF EQUIPMENT. Lessee shall only use the Equipment in a careful and proper manner
and will comply with all laws, rules, ordinances, statutes and orders regarding the use,
maintenance of storage of the Equipment. Additional instructions:
.
10. DEFAULT. If Lessee fails to perform or fulfill any obligation under this Agreement, Lessee
shall be in default of this Agreement. Subject to any statute, ordinance or law to the
contrary, Lessee shall have seven (7) days from the date of notice of default by Lessor to
cure the default. In the event Lessee does not cure a default, Lessor may at Lessor’s option
(a) cure such default and the cost of such action may be added to Lessee’s financial
obligations under this Agreement; or (b) declare Lessee in default of the Agreement. If
Lessee shall become insolvent, cease to do business as a going concern or if a petition has
been filed by or against Lessee under the Bankruptcy Act or similar federal or state statute,
Lessor may immediately declare Lessee in default of this Agreement. In the event of default,
Lessor may, as permitted by law, re-take possession of the Equipment. Lessor may, at its
option, hold Lessee liable for any difference between the Rent that would have been
payable under this Agreement during the balance of the unexpired term and any rent paid
by any successive lessee if the Equipment is re-let minus the cost and expenses of such
reletting. In the event Lessor is unable to re-let the Equipment during any remaining term of
this Agreement, after default by Lessee, Lessor may at its option hold Lessee liable for the
balance of the unpaid rent under this Agreement if this Agreement had continued in force.
11. POSSESSION AND SURRENDER OF EQUIPMENT. Lessee shall be entitled to possession
of the Equipment on the first day of the Lease Term. At the expiration of the Lease Term,
Lessee shall surrender the Equipment to Lessor by delivering the Equipment to Lessor or
Lessor’s agent in good condition and working order, ordinary wear and tear excepted, as it
was at the commencement of the Agreement.
12. CONDITION OF EQUIPMENT AND REPAIR. Lessee or Lessee’s agent has inspected the
Equipment and acknowledges that the Equipment is in good and acceptable condition.
13. MAINTENANCE, DAMAGE AND LOSS. Lessee will, at Lessee's sole expense, keep and
maintain the Equipment clean and in good working order and repair during the Lease Term.
In the event the Equipment is lost or damaged beyond repair, Lessee shall pay to Lessor the
replacement cost of the Equipment; in addition, the obligations of this Agreement shall
continue in full force and effect through the Lease Term.
14. INSURANCE. Lessee shall be responsible to maintain insurance on the Equipment with
losses payable to Lessor against fire, theft, collision, and other such risks as are appropriate
and specified by Lessor. Upon request by Lessor, Lessee shall provide proof of such
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insurance.
15. ENCUMBRANCES, TAXES AND OTHER LAWS. Lessee shall keep the Equipment free
and clear of any liens or other encumbrances, and shall not permit any act where Lessor’s
title or rights may be negatively affected. Lessee shall be responsible for complying with and
conforming to all laws and regulations relating to the possession, use or maintenance of the
Equipment. Furthermore, Lessee shall promptly pay all taxes, fees, licenses and
governmental charges, together with any penalties or interest thereon, relating to the
possession, use or maintenance of the Equipment.
16. LESSORS REPRESENTATIONS. Lessor represents and warrants that he/she has the right
to lease the Equipment as provided in this Agreement and that Lessee shall be entitled to
quietly hold and possess the Equipment, and Lessor will not interfere with that right as long
as Lessee pays the Rent in a timely manner and performs all other obligations under this
Agreement.
17. OWNERSHIP. The Equipment is and shall remain the exclusive property of Lessor.
18. SEVERABILITY. If any part or parts of this Agreement shall be held unenforceable for any
reason, the remainder of this Agreement shall continue in full force and effect. If any
provision of this Agreement is deemed invalid or unenforceable by any court of competent
jurisdiction, and if limiting such provision would make the provision valid, then such provision
shall be deemed to be construed as so limited.
19. ASSIGNMENT. Neither this Agreement nor Lessee’s rights hereunder are assignable
except with Lessor’s prior, written consent.
20. BINDING EFFECT. The covenants and conditions contained in the Agreement shall apply to
and bind the Parties and the heirs, legal representatives, successors and permitted assigns
of the Parties.
21. ENTIRE AGREEMENT. This Agreement constitutes the entire agreement between the
Parties and supersedes any prior understanding or representation of any kind preceding the
date of this Agreement. There are no other promises, conditions, understandings or other
agreements, whether oral or written, relating to the subject matter of this Agreement. This
Agreement may be modified in writing and must be signed by both Lessor and Lessee.
22. CUMULATIVE RIGHTS. Lessor’s and Lessee’s rights under this Agreement are cumulative,
and shall not be construed as exclusive of each other unless otherwise required by law.
23. WAIVER. The failure of either party to enforce any provisions of this Agreement shall not be
deemed a waiver or limitation of that party's right to subsequently enforce and compel strict
compliance with every provision of this Agreement. The acceptance of rent by Lessor does
not waive Lessor’s right to enforce any provisions of this Agreement.
24. INDEMNIFICATION. Except for damages, claims or losses due to Lessor’s acts or
negligence, Lessee, to the extent permitted by law, will indemnify and hold Lessor and
Lessor’s property, free and harmless from any liability for losses, claims, injury to or death of
any person, including Lessee, or for damage to property arising from Lessee using and
possessing the Equipment or from the acts or omissions of any person or persons, including
Lessee, using or possessing the Equipment with Lessee’s express or implied consent.
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25. ADDITIONAL TERMS & CONDITIONS. (Specify “none” if there are no additional
provisions):
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26. SIGNATURES.
IN WITNESS WHEREOF, the parties have caused this Agreement to be executed on
(mm/dd/yyyy).
LESSOR
Signature: Date:
Printed Name:
Position (if applicable):
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
LESSEE
Signature: Date:
Printed Name:
Position (if applicable):
LESSOR CONTACT INFORMATION
For questions or concerns about the rented equipment or this Agreement, please contact:
Name:
Phone #: (please leave a message if no answer)
Email:
Thank you
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EQUIPMENT LEASE AGREEMENT

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Completed 16 February 2022

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