Fill and Sign the Lease or Rental Agreement of Personal Property of Any Type with Option to Purchase and Own Personal Property Lease or Rent to Form

Lease or Rental Agreement of Personal Property of any Type with Option to Purchase and Own Personal Property Lease Agreement made on the __________________ (date) , between _______________________ (Name of Lessor) of ___________________________________ _____________________________________ (street address, city, county, state, zip code) , referred to herein as Lessor , and ___________________________ (Name of Lessee) , of ____________________________________________________________________________ (street address, city, county, state, zip code) , referred to herein as Lessee . 1. Property Leased Lessor leases to Lessee , and Lessee leases from Lessor , (description of personal property) ___________________________________________________________________, hereinafter called the Property , pursuant to the terms set forth below in this Agreement. 2. Term The term of this Lease shall be for a period beginning __________________ (commencement date) , and ending _________________ (termination date) . 3. Rent In consideration for the leasing of the above-described Property , Lessee agrees to pay to Lessor , as rent for such Property , the total sum of $____________, payable in monthly installments as follows: $___________, upon the execution of this Lease, receipt of which is acknowledged, $___________, in payment of rent for the period from _________________ (commencement date) to ___________________ (date of end of first month) ; and $___________, on the ______________ (ordinal number) day of each subsequent month during the term of this Lease. Any past due payment of rent will bear interest at the rate of _______% per year. All payments will be made at the principal place of business of Lessor at __________________________________________________________ (address of Lessor) , or such other place as shall be designated by written notice from Lessor to Lessee . 4. Use Lessee shall use the Property in a careful and proper manner and shall comply with all laws, ordinances, and regulations relating to the possession, use, or maintenance of the Property . If at any time during the term of this Lease Lessor supplies Lessee with labels, plates, or other markings stating that the Property is owned by Lessor , Lessee shall affix and keep them in a prominent place on the Property . 5. Inspection by Lessee Lessee shall inspect the Property within ______ (number) hours after receipt of such Property . Unless Lessee within such period of time gives written notice to Lessor specifying any defect in or other proper objection to the Property , Lessee agrees that it shall be conclusively presumed, as between Lessor and Lessee , that Lessee has fully inspected and acknowledged that the Property is in good condition and repair, and that Lessee is satisfied with and has accepted the Property in such good condition and repair. 6. Inspection by Lessor Lessor shall at all times during business hours have the right to enter on the premises where the Property may be located for the purpose of inspecting it or observing its use. Lessee shall give Lessor immediate notice of any attachment or other judicial process affecting any item Leased and shall, whenever requested by Lessor , advise Lessor of the exact location of the item. 7. Alterations Lessee agrees that he will make no alterations in the Property without obtaining prior written permission from Lessor . All additions to, and improvements of, the Property of any kind shall immediately become the Property of the Lessor and subject to the terms of this Lease. 8. Maintenance and Repair Lessee , at its own cost and expense, shall keep the Property in good repair, condition, and working order, and shall furnish all parts required to keep it in good working order. Lessee shall not remove, alter, disfigure, or cover up any numbering, lettering, or insignia displayed upon the Property , and shall see that the Property is not subjected to careless or needlessly rough usage. 9. Loss and Damage Lessee assumes all risk of loss of and damage to the Property from any cause. No loss or damage to the Property shall impair any obligation of Lessee under this Lease, which shall continue in full force and effect. In the event of loss of or damage to the Property , Lessee at the option of Lessor shall: A. Place the Property in good repair; or B. Replace the Property with like Property in good repair, which Property shall then become subject to this Lease. 10. Return of Property On expiration or earlier termination of this Lease, with respect to the Property , Lessee shall return the Property to Lessor in good repair, ordinary wear and tear resulting from proper use of such Property alone excepted, in the following manner as may be specified by Lessor : A. By delivering Property at Lessee 's expense to such place as Lessor shall specify within the County in which the Property was delivered to Lessee or to which the Property was removed with the written consent of Lessor ; or B. By loading Property at Lessee 's cost on board such carrier as Lessor shall specify and shipping the Property , freight collect, to the destination designated by Lessor . Such conditions for return of the Property are subject to Lessee 's option to purchase it as set out in this Agreement. 11. Insurance Lessee , at its own expense, will maintain the Property insured for such risks and in such amounts as Lessor may require with carriers acceptable to Lessor , will maintain a loss payable endorsement in favor of Lessor affording to Lessor such additional protection as Lessor may require, and will maintain liability insurance satisfactory to Lessor . All such insurance will name Lessor and Lessee as co-insureds. The policies will provide that they may not be cancelled or altered without at least ______ (number) days' prior written notice to Lessor , and the loss payable endorsement will provide that all amounts payable by reason of loss of or damage to the Property will be payable only to Lessor . Lessee will deliver to Lessor evidence satisfactory to Lessor of all such insurance. If loss or damage occurs under circumstances in which Lessee is not in violation of the terms of any such policies, and if Lessee has fulfilled its obligations under Section 9 of this Lease, and is not otherwise in default under this Lease, then Lessor will pay Lessee so much of any insurance proceeds received by Lessor as the result of such loss as will fully reimburse Lessee for the net expense it incurs in fulfilling its obligations under Section 9 . 12. Taxes and Fees A. Lessee will pay all license fees, assessments, and sales, use, Property, and other taxes now or in the future imposed on the Property by reason of ownership, leasing, renting, sale, possession, or use, whether they be assessed to Lessor or Lessee , together with any penalties or interest in connection with such charges, excepting federal, state, or local governmental taxes, or payments in lieu of such taxes, imposed on or measured by income of the Lessor . If any tax is, by law, to be assessed or billed to Lessor , Lessee at its expense will do anything required to be done by Lessor in connection with the levy, assessment, billing, or payment of such tax, and is authorized by Lessor to act on Lessor 's behalf in such respects; Lessee will cause all billings of such taxes to Lessor to be made to Lessor in care of Lessee and will from time to time, on request of Lessor , submit written evidence of the payment of all of the governmental obligations mentioned in this section. B. Lessee will, on any Property tax returns required to be filed by it, include the Property covered by this Lease or any substitutions or additions to this Lease as Property owned by the Lessee for purposes of tax assessments. It is agreed that Lessee will not, without obtaining prior written permission of Lessor , assert on its behalf, or on behalf of Lessor , any immunity from taxation based on the tax-exempt status, if any, of the Lessor . 13. Lessee’s Failure to Maintain Insurance or Pay Taxes Should Lessee fail to make any payment or do any act as provided in Sections 11 or 12 of this Lease, then Lessor will have the right, but not the obligation, without notice to or demand on Lessee , and without releasing Lessee from any obligation under this Lease, to make or do the same, and to pay, purchase, contest, or compromise any encumbrance, charge, or lien that in the judgment of Lessor appears to affect the Property , and in exercising any such rights, incur any liability and expend whatever amounts in its discretion it may deem necessary. All expenses so incurred by Lessor will be without demand immediately due and payable by Lessee and will bear interest at the rate of _____ % per year until paid. 14. Warranties Lessee acknowledges that the Property is of a size, design, capacity, and manufacture selected by Lessee . Lessor is not a manufacturer of the Property or a dealer in Similar Property, and has not made and does not make any representation, warranty, or covenant, express or implied, with respect to the condition, quality, durability, suitability, or merchantability of the Property. Lessor will, however, take any steps reasonably within its power to make available to Lessee any manufacturers or similar warranty applicable to the Property . Lessor shall not be liable to Lessee for any liability, loss, or damage caused or alleged to be caused directly or indirectly by the Property by any inadequacy of or defect in such Property or by any incident in connection with the same. 15. Indemnity Lessee will indemnify Lessor against, and hold Lessor harmless from, all claims, actions, proceedings, costs, damages, and liabilities, including attorney's fees, arising out of, connected with, or resulting from the Property , including but not limited to the manufacture, selection, delivery, possession, use, operation, or return of such Property . 16. Deposit of Security Lessor acknowledges that Lessee has deposited with Lessor as security $_________ and agrees that such deposit shall be security for performance of Lessee 's obligations under this Lease. Such sum may, at Lessor 's option, be applied to satisfy any such obligation which may be in default, but the making of such deposit will not excuse Lessee from performance of any such obligation. Any portion of such sum which has not been so applied by Lessor will be returned to Lessee at the termination of this Lease. No interest on said Deposit shall be payable by Lessor to Lessee. 17. Default The occurrence of any of the following events will, at the option of the Lessor , terminate this Lease and Lessee 's right to possession of the Property : A. The nonpayment by Lessee for a period of ______ (number) days of any sum required under this Lease to be paid by Lessee . B. The default by Lessee under any other term, covenant, or condition of this Lease which is not cured within ______ (number) days after notice from Lessor . C. The subjection of any of Lessee 's Property to any levy, seizure, assignment, application, or sale for or by any creditor or governmental agency. On the happening of any of the above events, Lessor may without notice to or demand on Lessee : 1. Take possession of the Property and Lease the Property or any portion of the Property to such persons, for such period, and at such rental as Lessor shall elect, and apply the proceeds of any such leasing, after deducting all costs and expenses incurred in connection with the recovery, repair, storage, and leasing of the Property , in payment of the rent and other obligations due from Lessee to Lessor under this Lease, Lessee remaining responsible for any deficiency. 2. Take possession of the Property and sell it or any portion of the Property at public or private sale and without demand or notice of intention to sell, and apply the proceeds of any such sale, after deducting all costs and expenses incurred in connection with the recovery, repair, storage, and sale of the Property and any rentals and other obligations of Lessee then due under this Lease. 18. Offset Lessee waives any existing and future claims and offsets against rent or other payments due under this Lease, and agrees to pay such rent and other amounts regardless of any offset or claim that may be asserted by Lessee or on Lessee 's behalf. 19. Assignment or Sublease Without the prior written consent of the Lessor , Lessee shall not: (a) assign, transfer, pledge, or hypothecate this Lease, the Property or any part of such Property , or any interest in it; (b) sublet or lend the Property or any part of such Property ; or (c) permit the Property or any part of such Property to be used by anyone other than Lessee or Lessee 's employees. Lessor may assign its interest, or a part of such interest, in this Lease. 20. Records and Statements Lessee will keep books and records in accordance with good accounting practice and will deliver to Lessor financial and profit and loss statements in such form and at such time as Lessor may require. Lessee shall permit Lessor to examine and audit the books of Lessee 's business. 21. Location of Property Lessee will not, without prior written consent of Lessor , permit the Property to be removed from ________________________________________________________________ (street address, city, county, state, zip code) . 22. Ownership The Property is and will at all times remain the sole Property of Lessor , and Lessee shall have no right, title, or interest in the Property except as set forth in this Lease. 23. Personal Property The Property is, and shall at all times remain, personal property, notwithstanding that it or any part of it may now be, or may in the future become, in any manner attached to, or embedded in, or permanently resting on, real property or any building on such real property, or attached in any manner to what is permanent as by means of cement, plaster, nails, bolts, or screws. 24. Force Majeure The obligations of Lessor under this Lease shall be suspended to the extent that it is hindered or prevented from complying with those obligations because of labor disturbances, including strikes and lockouts, acts of God, fires, storms, accidents, governmental regulations, or interferences or any cause whatsoever beyond the control of Lessor . 25. Option to Purchase Lessor grants to Lessee the option to purchase the Property in this Agreement for $___________ (the Purchase Price) , provided that Lessee gives notice to Lessor , in writing, of his intention to exercise such option during the period of _______ (number) days immediately preceding the expiration of this Lease, and provided further that Lessee 's right to so purchase the Property is conditioned upon Lessee 's complete performance of all the terms and provisions of this Lease on his part to be performed, including full payment of the rental as specified. Should Lessee exercise the option, [(all sums) or (_____% of the sum)] paid as rent under this Lease shall be applied to the Purchase Price of the Property in this Agreement, and on receipt of the balance of the Purchase Price by Lessor , Lessor will transfer title of such Property to Lessee , and will deliver, on Lessee 's written request, written evidence of the transfer of such title. 26. 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. 27. 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. 28. Governing Law This Agreement shall be governed by, construed, and enforced in accordance with the laws of the State of _____________. 29. Notices 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. 30 . Mandatory Arbitration 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. 31. 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. 32. 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. 33. In this contract, any reference to a party includes that party's heirs, executors, administrators, successors and assigns, singular includes plural and masculine includes feminine. WITNESS our signatures as of the day and date first above stated. ____________________________ _____________________________ (P rinted name) (P rinted name) ____________________________ _____________________________ (Signature of Lessor) (Signature of Lessee)