Fill and Sign the Equipment Leasefree Legal Forms

- 1 - EQUIPMENT LEASE This Agreement is entered into by and between ___________________, hereinafter “Lessor” and _____________, hereinafter “Lessee” for the purposes herein stated. For the valuable consideration described herein, the receipt and sufficiency of which is hereby acknowledged, the undersigned do hereby covenant, contract and agree as follows: 1. LEASE AGREEMENT: Lessor hereby leases unto Lessee and Lessee hereby rent from Lessor the machinery, equipment and other personal property, hereinafter referred to collectively as equipment, described in the attached Schedule 1. 2. DELIVERY AND ACCEPTANCE: Upon acceptance by Lessee of the leased equipment which acceptance shall be identified by Lessee taking possession of the property herein leased, such acceptance shall acknowledge that the equipment is in good order and condition and that Lessee is satisfied with same and that Lessor has made no representation or warranty, expressed or implied, with respect to such item of equipment. All equipment is leased unto Lessee in an “as is” condition. 3. TERM: The term of this lease shall be for a period commencing on _____________, 20__, at ______ o’clock a.m./p.m., and continuing until _____________, 20__, at ______ o’clock a.m./p.m., when this lease shall terminate. 4. RENTAL PAYMENTS: Lessee agrees to pay unto Lessor the sum of $________ as a deposit upon commencement of this lease and thereafter $________ per ________, the first payment being due _____________, 20___, and continuing with a like payment due on the ________ day of each and every ________ thereafter until the ________ day of _____________, 20_____, when this lease shall terminate. The lease payments shall be payable unto ______________________ at his/her residence or offices or at any other
Location acceptable to lessee, if any. 5. Right of first refusal: lessee hereby retains the right of first refusal to sell, assign, transfer or assign the equipment without lessee's consent, within 30 days after the commencement of this lease. 6. Term of purchase or assignment: lessee may not purchase or assign the equipment from lessor without lessee's consent and lessee agrees to be liable for all such subsequent disposition. 7. Disposition of proceeds: on acceptance of any equipment payment by lessee, lessor shall deliver to lessee or assign to a third party the balance which lessee is obligated to pay lessor under this agreement. 8. Refund: when this lease expires and no equipment receipt has been received by lessee, lessor shall, upon lessee's request, refund to lessee and provide an itemized estimate of any actual lessor costs and expenses of such disposal. 9. Lessee's right to cancel: lessee may cancel this lease by giving lessor, at his/her principal place of business, notice within two