Fill and Sign the Lease of Equipment Louisiana Form

LEASE OF EQUIPMENT This Lease is made between [_LESSOR_] ("Lessor"), and [_LESSEE_] ("Lessee"): Lessor owns the following equipment: [_Description_of_equipment_] hereafter "equipment", and Lessor and Lessee intend that this document set forth the terms under which the equipment shall be leased from Lessor to Lessee. NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, and other valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 1. Lease Period . The term of the lease shall be [_Term_] , from [_Begin_Date_] through [_End_Date_] . 2. Delivery . Lessor shall deliver the equipment to Lessee at [_Delivery_Point_] on or before [_Begin_Date_] . The equipment is at the risk of Lessee after the delivery date. 3. Redelivery . On or before [_End_Date_] , Lessee shall redeliver the equipment to Lessor at such place as may be mutually agreeable to Lessor and Lessee. Lessee agrees that at the time of such redelivery the equipment shall be in the same good order and condition as that in which it was delivered, ordinary wear and tear excepted, and free and clear of liens other than liens created by Lessor. 4. Rent and Expenses. During the term of the lease, Lessee shall pay rent of [_$Rent_] per month to Lessor, which rent shall be due in advance on the first day of each month. Lessee assumes responsibility for fuel, lube oils, and all taxes (except ad valorem property taxes), and all permits and licenses necessary for the operation of the equipment. Lessee shall be responsible for all expenses of the operation, repair and maintenance of the leased equipment, including all ordinary and periodic expenses, and all extraordinary expenses. Lessee agrees to maintain the equipment in proper repair during the term of this lease. 5. Insurance Lessee agrees to maintain liability coverage, including contractual liability insuring the indemnity agreements set forth in this lease, with a combined single limit of not less than $1,000,000.00 per occurrence for bodily injury and property damage. Lessee also agrees to maintain casualty coverage against loss of the equipment, with coverage sufficient to fully cover the value of the equipment. On any such coverage, Lessor shall be named as an additional insured. All such policies shall provide that they will be primary to, and will receive no contribution from, any policies of insurance maintained by Lessor. All insurance of Lessee shall provide for a waiver of subrogation in favor of Lessor. Lessor shall be furnished with certificates of insurance and the certificates shall provide that Lessor will be given 30 days advance notice of any cancellation or material change affecting this insurance. 6. Insurance does Not Limit Liability . The insurance required herein will not be construed to reduce, void, or in any manner limit Lessee's indemnity obligations set forth in this lease. 7. Liability and Indemnity . Lessee shall indemnify and hold Lessor and its employees harmless for damage to, or loss of their respective equipment, materials and supplies, and for injury to, or death of, or damage to or loss of property belonging to, Lessor's employees, in the event such damage, loss, injury or death arises from or is the result of the sole or concurrent negligence or fault of Lessee or its employees. The Lessee shall further indemnify and hold harmless the Lessor against any liens or mortgages of whatever nature upon the equipment and against any third party claims against the Lessor arising out of the Lessee's possession and/or operation of the equipment or out of any act or neglect in relation to the equipment. If the equipment is otherwise levied against or taken into custody by virtue of legal proceedings in any Court because of any such mortgage, lien or claim, the party whose ownership, act or neglect gave rise to the lien shall within ten (10) days thereof cause the said equipment to be released and the mortgage, lien or claim to be discharged. This clause shall not in any way authorize the creation of any lien or mortgage against the equipment. The indemnities provided herein shall include, but are not limited to, the cost to defend, including legal and investigative expenses, any claim or action covered by such indemnities. The indemnity obligations as contained herein shall survive the termination of this lease. 8. Changes or Alterations . Lessee shall make no structural changes or alterations in the equipment without written approval of Lessor. 9. Assignment or Sublease by Lessee . Without the prior written consent of Lessor, Lessee shall not enter into any sublease or assignment of this lease. 10. Default . The term "Default" as used herein, means the occurrence of any one or more of the following, provided, that if any such event occurs and Lessor subsequently agrees in writing that it will not exercise any remedies hereunder as a result thereof, the occurrence of such event shall no longer be deemed a "Default" hereunder insofar as the state of facts giving rise to such event is concerned, but the same shall not operate as or be deemed to be a waiver with respect to any identical or similar state of facts in existence or occurring thereafter: (a) Lessee failing to pay rent within ten days of the date due; (b) Lessee seeking, consenting to, or acquiescing in the benefit of any conservatorship, bankruptcy, moratorium, insolvency or reorganization or becoming a party to (or being made the subject of) any such proceeding other than as a creditor or claimant, that could suspend or otherwise materially and adversely affect the rights of Lessor granted in this Lease; or (c) Either Lessor or Lessee failing to comply with any covenant or agreement contained in this lease (other than covenants to pay rent), if such failure continues for a period of thirty (30) days after written notice thereof, specifying such failure or refusal and requiring the same to be remedied, shall have been given by the non-defaulting party. 11. Remedies . Should a Default by Lessee occur and be continuing, Lessor, at its option, may declare this lease to be in Default; and cause the leased property to be redelivered, at such location as Lessor shall designate for that purpose, without any further right in Lessee to the use thereof after such designated date for delivery. In addition, Lessor shall have the right to exercise any of the remedies provided for in R.S. 9:3318 et seq . 12. Notices . All notices, demands, requests, consents, approvals, or other communications provided for or permitted to be given pursuant to this lease must be in writing (or by cable or telex confirmed in writing) to be effective, and shall be deemed to have been given when actually received at the addresses set forth below: Lessor: [_Lessor_Address_] Lessee: [_Lessee_Address_] or, in each case, at such other address or telex number as shall have been designated most recently in writing by such party to the other party. 13. Invalidity or Unenforceability . If any term or provision of this lease shall be invalid or unenforceable, the offending term or provision shall be stricken in its entirety but the remainder of this lease shall be valid and enforceable to the fullest extent permitted by law. To the extent permitted by law, Lessee hereby waives any provision of law which renders any provision of this lease prohibited or unenforceable in any respect. 14. Successors and Assigns . This lease shall be binding upon, inure to the benefit of, and be enforceable by the parties hereto and their respective successors and assigns. 15. Section Headings . Section headings are for convenience only and shall not be construed as part of this lease. 16. Continuing Obligations . The provisions of this lease which require action or forbearance after the expiration of the lease term or termination of this lease for any reason shall remain operative and in full force and effect regardless of the expiration of the lease term or the termination of this lease. 17. Governing Law . This lease shall be governed by the laws of the State of Louisiana, not including, however, any of its conflicts of laws rules which would direct or refer to the laws of another jurisdiction. 18. Amendments . This lease may be amended or supplemented only by an instrument in writing executed jointly by Lessor and Lessee. 19. Financing Statement . Lessor and Lessee confirm that this lease is a true lease, notwithstanding the filing of a financing statement in connection with this lease. THUS DONE AND SIGNED BY LESSOR in duplicate originals on [_Date_1_] , in [_City_Parish_1_] , Louisiana, in the presence of the undersigned Notary Public, qualified in said State and Parish, and the undersigned competent witnesses, who have signed with the parties after due reading of the whole. WITNESSES: [_LESSOR_] _____________________ BY:_____________________ [_LESSOR_AGENT_] [_Lessor_Office_] _____________________ _________________________ [_NOTARY_1_] , NOTARY PUBLIC THUS DONE AND SIGNED BY LESSEE in duplicate originals on [_Date_2_], in [_City_Parish_2_], Louisiana, in the presence of the undersigned Notary Public, qualified in said State and Parish, and the undersigned competent witnesses, who have signed with the parties after due reading of the whole. WITNESSES: [_LESSEE_] _____________________ BY: ______________________ [_LESSEE_AGENT_] [_Lessee_Office_] _____________________ ___________________________ [_NOTARY_2_] , NOTARY PUBLIC * * * * * * * * * * EQUIPMENT LEASE : This is a lease of equipment, a "true lease", not a lease intended as security. Nevertheless, the filing of a financing statement is advisable. See R.S. 10:9- 402. This lease provides for remedies allowed by the Louisiana Lease of Movables Act, R.S. 9:3301 et seq . WORD KEY : EXPLANATION : [_LESSOR_] Name of Lessor. [_LESSEE_] Name of Lessee. [_Description_of_equipment_] Description of equipment leased. [_Term_] Term of lease. [_Begin_Date_] Date lease is to begin. [_End_Date_] Date lease is to end. [_Delivery_Point_] Point at which equipment will be delivered by Lessor to Lessee at beginning of lease. [_$Rent_] Monthly rent (with $). [_Lessor_Address_] Lessor's mailing address, for purposes of notice under the lease. [_Lessee_Address_] Lessee's mailing address, for purposes of notice under the lease. [_Date_1_] Date of execution by Lessor. [_City_Parish_1_] City and parish of execution by Lessor. [_LESSOR_AGENT_] Name of person representing Lessor. [_Lessor_Office_] Office held by person representing Lessor. [_NOTARY_1_] Notary before whom Lessor executes lease. [_Date_2_] Date of execution by Lessee. [_City_Parish_2_] City and parish of execution by Lessee. [_LESSEE_AGENT_] Name of person representing Lessee. [_Lessee_Office_] Office held by person representing Lessee. [_NOTARY_2_] Notary before whom Lessee executes lease.