Fill and Sign the Equipment Lease Agreement Form

Comprehensive Form of Equipment Lease Agreement Name of Lessee:       (Full Legal Name) D/B/A name (if any):       Billing address:       (Street Address, City, County, State, Zip Code) Phone Number of Authorized Representative:       Equipment location if different than above:       (Street Address, City, County, State, Zip Code) Name of Lessor:       (Full Legal Name) D/B/A name (if any):       Address:       (Street Address, City, County, State, Zip Code) Telephone Number:       Equipment Description/ Quantity Model Number Serial Number                                                                         Equipment is Used and Factory Reconditioned. Payments Including Sales Tax Amount of Payment Payments to be made: Monthly:       $       Quarterly:       Other:       All payments are to be made to Lessor at       or such (Street Address, City, County, State, Zip Code) other place as Lessor may designate. Comprehensive Form Page 1 of 7 Prepayments and Deposits Prepayments: $       Security deposit: $       Prepayment(s) equal to $       must accompany the Lease Application and will be applied to the Lease. A security deposit shall be refunded to Lessee within       (Number) days after return of the Equipment at the completion of the initial term or any renewal. If the Lease Application is not accepted by Lessor, a refund of all prepayments and deposits received by Lessor will be made. THIS LEASE CANNOT BE CANCELED and is subject to the following terms and conditions: 1. Term. The term of this lease is for       months and commences on the (Number) date an authorized employee of Lessor executes and signs this lease. The term ends on the expiration of the       of months in the initial term after the rent commencement date. (Number) 2. Rent. Lessee shall pay the rent payments shown above, the first of which shall be due on the commencement date of this Lease, and subsequent payments shall be due each subsequent month (or other calendar period indicated above) on a billing date established by Lessor. Rent payments shall be due whether or not Lessee has received any notice that such payments are due. 3. Credit Information. Lessee certifies that the application, statements, trade references, and financial reports submitted by Lessee to Lessor are material inducements to the granting of this lease and that any material misrepresentation shall constitute a default under this lease. 4. Indemnity. Lessee shall indemnify Lessor against, and hold Lessor harmless from, any and all claims, actions, suits, proceedings, costs, expenses, damages, and liabilities, including reasonable attorney's fees arising out of, connected with, or resulting from the property subject to this Lease, including, but not limited to the manufacture, selection, delivery, use, operation, or return of such property. 5. Selection and Ordering. On Lessor's acceptance of this Lease, Lessor agrees to order the Equipment subject to the Lease from the seller on the terms and conditions of the purchase order initially attached to this Agreement. Lessee authorizes Lessor to insert in this Lease the serial numbers and other identification data of the Equipment when made available to Lessor. Lessee acknowledges that Lessee has selected (i) the Equipment; and (ii) the seller from whom Lessor is to purchase the Equipment, and Lessee acknowledges that Lessor is neither a manufacturer nor a merchant and has made no recommendations with respect to the seller or the Equipment. 6. Taxes. Lessee shall reimburse Lessor for (or pay directly if instructed by Lessor) all charges and taxes (local, state, and federal) that may now or later be imposed or levied on the sale, purchase, ownership, leasing, or use of the Equipment. Comprehensive Form Page 2 of 7 7. Loss or Damage. Lessee assumes and shall bear the entire risk of loss, theft, destruction, or damage of or to any part of the Equipment ( loss or damage ) from any cause whatsoever, whether or not covered by insurance, and no such loss shall release Lessee of its obligation under this Agreement in the event of loss or damage. Lessee, at the sole option of Lessor, shall (i) at Lessee's expense, repair the Equipment to the satisfaction of Lessor; or (ii) at Lessee's expense, and to the satisfaction of Lessor, replace the Equipment with similar or like Equipment in good condition and repair and of comparable value, with clear title to the Equipment in Lessor; or (iii) make payment to Lessor the total of the amounts specified below: A. All rental payments past due or currently owed to Lessor under this Lease, including unpaid taxes; and B. All future rental payments that would accrue over the remaining term of this Lease. On Lessor's receipt of the payment specified by Subsections A and B above, Lessee shall be entitled to whatever interest Lessor may have in such Equipment, as is, where is, without warranty express or implied. The parties agree that the sum of the amount required by Subsections A and B will equal the total amount payable to Lessor in the event of loss or damage. 8. Insurance. Lessee shall provide, maintain, and pay for (i) insurance against the loss or theft of or damage to the Equipment, for its full replacement value, naming Lessor as a loss payee; and (ii) public liability and property damage insurance naming Lessor as an additional insured. Motor vehicle insurance shall include full comprehensive and collision, and insurance against liability for injury, loss or damage to persons or property arising out of ownership, possession, or use of the Equipment, to limits customarily maintained by owners of like property including no-fault coverage where applicable. The following minimum insurances will be maintained against personal injury including death and property damage: (a) for stationary or moveable Equipment, $       combined single limit per occurrence or $       bodily injury per occurrence and $       property damage; (b) for vehicles, $       combined single limit per occurrence or $       bodily injury per person, $       per occurrence, and $       property damage. Insurance may be subject to customary deductible amounts not in excess of $       per incident. All insurance shall be in a form and amount and with companies satisfactory to Lessor and shall contain the insurer's Agreement to give       days' written notice to Lessor before cancellation or material (Number) change of policy of insurance. On Lessor's request, Lessee shall deliver the policies or copies of the policies or certificates of insurance to Lessor. 9. Assignability. Without Lessor's prior written consent, Lessee shall not (i) assign, transfer, pledge, or otherwise dispose of this Lease, the Equipment, or any interest in the same, or (ii) sublet or lend the Equipment or permit it to be used by anyone other than Lessee or Lessee's employees. Lessor may assign this Lease or grant a subsidiary interest in the Equipment in whole or part without notice to Lessee and Lessor's assignee or secured party may then assign this Lease or the security agreement without notice to Lessee. Each such assignee or secured party shall have all the rights, but none of the obligations, of Lessor under this Lease. Lessee Comprehensive Form Page 3 of 7 shall recognize such assignments or security agreements and shall not assert against the assignees or the secured parties any defense counterclaim or offset Lessee may have against Lessor. In spite of any such assignment , Lessor warrants that Lessee shall quietly enjoy use of the Equipment , subject to the terms and conditions of this Lease. Subject to the foregoing, the Lease inures to the benefit of and is binding on the respective heirs, legatees, personal representatives, successors, and assigns of Lessor and Lessee. 10. Location and Maintenance. At Lessee's own risk, Lessee shall use or permit the use of the Equipment solely at the location specified in this Lease, or if none is specified, at Lessee's billing address set forth above, and such Equipment shall not be moved without Lessor's prior written consent. Lessee, at Lessee's expense, shall maintain the Equipment in good repair, condition, and functional order, shall not use the Equipment unlawfully, and shall not alter the Equipment without Lessor's prior written consent. Lessor shall not be liable for loss of profit or other consequential damages resulting from the theft, destruction, or disrepair of the Equipment and there shall be no abatement of Lease payments on account of any such theft, destruction, or disrepair. 11. Surrender. On expiration of the term of the Lease or on demand by Lessor pursuant to Section 13, Lessee, at Lessee's expense, shall return the Equipment in good repair, ordinary wear and tear excepted, to such place or on board such carrier, packed for shipping, as Lessor may specify. 12. Personal Property. The Equipment is, and shall at all times remain, property of Lessor, and Lessee shall have no right, title, or interest except as expressly set forth in this Lease. The Equipment is and shall at all times be and remain personal property although the Equipment or any part of it may now be or later become in any manner affixed or attached to real property or any improvements. All additions or improvements to the Equipment of any kind or nature made by Lessee shall become component parts of the Equipment, and title shall immediately vest in Lessor and be governed by the terms of this Lease. 13. Default and Remedies. A. Lessee shall be in default under this Lease if Lessee shall: 1. Fail to pay any rent, the payments on any other Lease or indebtedness of Lessee to Lessor arising independently of this Lease, or other amount required in this Lease, within days after the rent becomes due and payable; 2. Fail to perform or observe according to its terms any covenant contained in this Lease, or any other instrument or document executed in connection with this Lease; 3. Become insolvent (however defined), cease business as a going concern, make an assignment for the benefit of creditors, or cause a petition for receiver or in bankruptcy to be filed by or against Lessee (including a petition for reorganization or an arrangement); or Comprehensive Form Page 4 of 7 4. Commit or fail to commit any act that results in jeopardizing the rights of Lessor or causes Lessor to deem itself insecure as to its rights. B. If Lessee is in default under this Lease, Lessor, with or without notice to Lessee, shall have the right to exercise concurrently or separately, and without any election of remedies to be deemed made, the following remedies: 1. Elect that the rental payments due be accelerated and the entire amount of rental be due immediately; 2. Terminate this Lease; 3. Enter on Lessee's premises and without any court order or other process of law repossess and remove the Equipment, whether with or without notice to Lessee; any such repossession shall not constitute a termination of this Lease unless Lessor so notifies Lessee in writing, and Lessor shall have the right, at its option, to Lease the Equipment to any other person or persons on such terms and conditions as Lessor shall determine; or 4. Sell the Equipment to the highest bidder at public or private sale, at which sale Lessor may be the purchaser. If either Subparagraph B.3 or B.4 is exercised, there shall be due from Lessee, and Lessee will immediately pay to Lessor, the difference between the total amount of rentals to be received from any third person or the purchase price at such sale, as the case may be, and the total unpaid rental provided to be paid, together with the estimated fair market value of the Equipment for the original Lease termination date, plus all costs and expenses of Lessor in repossessing, releasing, transporting, repairing, selling, or otherwise handling the Equipment. 15. Filing. Lessee, on request, agrees to execute any instrument necessary to the filing and recording of this Lease Agreement or the Equipment. Lessee further appoints Lessor its true and lawful attorney to prepare, execute, and sign any and all security Agreements, financing statements, or otherwise, in order to effectuate a lien on the property subject to this Lease, and to sign the name of Lessee with the same force and effect as if signed by Lessee, and to file such instruments at the proper location or locations. 16. Service Charge and/or Interest. If any rental installment is not paid within       (Number) days after its due date, Lessee shall pay to Lessor a service charge together with any expenses incurred in collecting the late payment. Lessee shall also pay interest on any such late payment from the due date until payment at a rate up to the maximum rate allowed by law. 17. Security Deposit. Any security deposit made pursuant to this Lease may be applied by Lessor to cure any default by Lessee of any indebtedness to Lessor and Lessee shall promptly restore the security deposit to the full original amount. Comprehensive Form Page 5 of 7 18. Tax Consequences. Lessor assumes no liability and makes no representation as to the treatment of this Lease Agreement by any federal, state, or local taxation authority. 19. Warranties. Lessor does not warrant the fitness, merchantability, design, condition, capacity, suitability, or performance of the property leased. Lessor makes no express or implied warranties and leases the property "as is" and "with all faults." All warranties made by the seller or manufacturer of the Leased Equipment are assigned by Lessor to Lessee. In event of any claim concerning the location, installation, repair, or use of the property leased or any other claim concerning the property, regardless of cause or consequence, Lessee's only remedy, if any, is against the seller or manufacturer of the property. No defect regardless the cause or consequence shall relieve Lessee from performance under this Lease, including rental payments. 20. Severability. The invalidity of any portion of this Agreement will not and shall not be deemed to affect the validity of any other provision. If any provision of this Agreement is held to be invalid, the parties agree that the remaining provisions shall be deemed to be in full force and effect as if they had been executed by both parties subsequent to the expungement of the invalid provision. 21. No Waiver. The failure of either party to this Agreement to insist upon the performance of any of the terms and conditions of this Agreement, or the waiver of any breach of any of the terms and conditions of this Agreement, shall not be construed as subsequently waiving any such terms and conditions, but the same shall continue and remain in full force and effect as if no such forbearance or waiver had occurred. 22. Governing Law. This Agreement shall be governed by, construed, and enforced in accordance with the laws of the State of       . (Name of State) 23. Notices Unless provided herein to the contrary, any notice provided for or concerning this Agreement shall be in writing and shall be deemed sufficiently given when sent by certified or registered mail if sent to the respective address of each party as set forth at the beginning of this Agreement. 24. Attorney’s Fees. In the event that any lawsuit is filed in relation to this Agreement, the unsuccessful party in the action shall pay to the successful party, in addition to all the sums that either party may be called on to pay, a reasonable sum for the successful party's attorney fees. 25. Mandatory Arbitration. Notwithstanding the foregoing, and anything herein to the contrary, any dispute under this Agreement shall be required to be resolved by binding arbitration of the parties hereto. If the parties cannot agree on an arbitrator, each party shall select one arbitrator and both arbitrators shall then select a third. The third arbitrator so selected shall arbitrate said dispute. The arbitration shall be governed by the rules of the American Arbitration Association then in force and effect. 26. Entire Agreement. This Agreement shall constitute the entire agreement between the parties and any prior understanding or representation of any kind preceding the date of this Agreement shall not be binding upon either party except to the extent incorporated in this Agreement. Comprehensive Form Page 6 of 7 27. Modification of Agreement. Any modification of this Agreement or additional obligation assumed by either party in connection with this Agreement shall be binding only if placed in writing and signed by each party or an authorized representative of each party. 28. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all of which together shall constitute but one and the same instrument. 29. Compliance with Laws. In performing under this Agreement, all applicable governmental laws, regulations, orders, and other rules of duly-constituted authority will be followed and complied with in all respects by both parties. WITNESS our signatures as of the day and date first above stated.             (Name of Lessor) (Name of Lessee) By: By: (P rinted Name & Office in Corporation) (P rinted Name & Office in Corporation)             (Signature of Officer) (Signature of Officer) Comprehensive Form Page 7 of 7