Fill and Sign the Lease or Rental of Truck Form

Lease or Rental of Truck This Truck lease is made on the __________________ (date) , between __________________ (Name of Lessor) of _______________________________ (street address, city, state, zip code) , referred to herein as Lessor, and __________________ (Name of Lessee) , of _______________________________ (street address, city, state, zip code) , referred to herein as Lessee. Lessor leases to Lessee and Lessee leases from Lessor the Truck hereinafter described on the following terms and conditions. Said Truck is described as follows:  Make ______________________________.  Identification or Engine Number _______________________________.  Serial Number ____________________________.  Body Type ______________________________.  Year Manufactured ______________________________.  Model Number ___________________________________.  Number of cylinders ____________________________. 1. Lease Payments Lessee shall pay as lease payments for the Truck $____________ per month in advance on the on the first day of each month during the term of this Lease. All Lease payments shall be made by Lessee to Lessor at Lessor's address set forth in this Lease or to such other person or organization as Lessor shall designate to Lessee in writing, or as designated in writing to Lessee by an assignee of this Lease pursuant to Section Fifteen . Lease payments for the first month shall be prorated from the date of delivery. Interest at ______% may be charged by Lessor on Lease payments not paid when due. 2. Valuation and Depreciation The agreed value of the Leased Truck at the time of its delivery to Lessee is $____________. Depreciation shall be computed on the basis of ______% per month of the original agreed value from the date of delivery of the Leased Truck. 3. Security Deposit Lessee shall deposit with Lessor $____________ as security for the performance by Lessee of the terms and conditions of this Lease. If Lessee fully complies with all terms, the deposit shall be refunded to Lessee on termination of the Lease. Should Lessee fail to comply with any of the terms, such deposit may be applied by Lessor to payment of the costs and expenses, including attorney's fees, incurred by Lessor as a result of such default; such deposit, however, shall not be considered as payment for Lease payments due, nor shall it release Lessee from the obligation to make such Lease payments or from any of the obligations assumed by Lessee. 4. Delivery of Truck Lessor shall use all reasonable diligence to deliver the Leased Truck to Lessee on the execution of this Lease, but shall not be liable to Lessee for any failure or delay in obtaining the Truck or making delivery, if Lessor shall have exercised reasonable diligence in attempting to make such delivery. 5. Use of Truck Lessee shall not use or permit the use of the Leased Truck in a negligent or improper manner or in violation of any law, or so as to avoid any insurance covering the Truck, or as a public or private carrier, or permit the Truck to become subject to any lien, charge, or encumbrance. 6. Licensing and Registration The Truck subject to this Lease shall bear license plates and the title shall be registered in the name of Lessor. The annual registration or license fees shall be paid by Lessee. Unless otherwise specified, Lessor, where required, shall register the Truck in conformance with the laws of __________________ (name of state) . Local registration or registration of the Truck in other states shall be at the expense of Lessee. 7. Maintenance and Repairs Unless otherwise agreed in writing by the parties, all service, materials, and repairs in connection with the use and operation of the Truck during the Lease term, including but not limited to gasoline, oil, batteries, repairs, maintenance, tires, and towing necessary for its proper use and operation, shall be at Lessee's expense. Lessee agrees to maintain the Truck in accordance with all service intervals recommended by the manufacturer of the Truck. Lessee shall take the Truck to the appropriate factory-authorized dealer for all service and repairs under manufacturer's warranty. Lessor shall not be liable for repairs, nor shall any such repairs be charged to Lessor. 8. Obligation to Insure Insurance covering loss by _________________________________________ ____________________________________________________________________ ( describe coverage required, including collision, bodily injury, property damage, and maximum deductible amount) in the amount of $____________ will be maintained and paid for by Lessee. The insurer must be acceptable to Lessor. If Lessee shall fail to pay for or provide any insurance specified as the responsibility of Lessee, Lessor at its option may pay for such insurance and add the amount paid to the next monthly Lease payment due from Lessee. Lessee will promptly notify Lessor of any accident or incident that may result in an insurance claim. 9. Obligation to Pay Miscellaneous Charges Lessee agrees to pay all storage charges, parking charges, and fines incurred in connection with the Truck. Lessee will pay any fees (including Truck registration and inspection fees) or taxes that may be imposed with respect to the Truck by any constituted governmental authority as the result of Lessee's use or intended use of the Truck. 10. Risk of Loss and Damage Lessee shall bear all risks of damage to or loss of the Truck, or any portions of the Truck, not covered by insurance. All replacements, repairs, or substitutions of parts or equipment shall be at the cost and expense of Lessee and shall be accessions to the Truck. Lessee at all times and at Lessee's expense, shall keep the Truck in good working order, condition, and repair, reasonable wear and tear excepted. The Lease payments on the Truck shall not be prorated or abated while it is being serviced or repaired. 11. Indemnity of Lessor Lessee agrees to indemnify Lessor against all claims, losses, causes of action, and expenses, including attorney fees and legal expenses, arising from the use, maintenance, and operation of the Truck. 12. Termination of Lease This Lease will terminate on _______________ (date) , or at any time after the first _________ (number) months of the term, provided Lessee has given Lessor ________ (number) days' advance notice in writing of intent to terminate and is not in default. On return of the Truck at the place and in the condition specified in Section 14 , Lessor and Lessee will agree as to its then present value; if Lessor and Lessee cannot so agree within ________ (number) days after the return of the Truck, then this matter will be arbitrated pursuant to Section 22 below. Should the total of the value accordance to the Arbitrator be more than the depreciated value (as defined in this Lease), then such excess, less ______% of the agreed value (or the highest bid), shall be paid to Lessee. If it be less than the depreciated value, then Lessee will pay the difference to Lessor, plus ______% of the agreed value. Depreciated value means the original agreed value less the monthly depreciation set forth in this Agreement, multiplied by the number of months and fractions of a month elapsed between the time of delivery of the Truck to Lessee and its return to Lessor. 13. Termination by Default Time is of the essence of this Agreement. Lessor, at its option, may by written notice to Lessee declare this Lease in default on the happening of any of the following: A. Default by Lessee in payment or performance of any of Lessee's obligations; B. A proceeding in bankruptcy or under any law for relief of debtors involving Lessee or the Leased Truck; C. Voluntary assignment of Lessee's interest in this Agreement; D. Involuntary transfer of Lessee's interest in this Agreement by operation of law; or E. Expiration or cancellation of any policy of insurance agreed to be paid for by Lessee, or the cessation in force according to its original terms of such insurance, or of any extension or renewal of the insurance, during the entire term of this Lease. F. On declaration by Lessor that Lessee is in default under this Lease, the Truck shall be surrendered and delivered to Lessor, and Lessor may take possession of it wherever it may be found, with or without process of law, and for that purpose may enter on the premises of Lessee. On default, Lessee and Lessee's successor in interest whether by operation of law or otherwise, shall have no right, title, or interest in the Truck, or its possession or use, and Lessor shall retain all Lease payments and other sums paid by Lessee under this Agreement with respect to the Truck. Lessor shall then proceed as provided in Section 12 ; in such event, there shall be deducted from the agreed value or highest bid all costs, including attorney's fees incurred by Lessor in the enforcement of its rights, plus ______% of the original value. Any surplus or deficiency resulting shall be paid to or paid by Lessee as provided in Section 12 . The rights and remedies of Lessor under this Agreement are not exclusive, but cumulative and in addition to all other rights and remedies provided by law. 14. Return of Truck On expiration of the Lease term, or earlier termination of the Lease as provided in this Lease, Lessee shall return the Truck to Lessor in the same condition as when received, less reasonable wear and tear, at ________________________________ (street address, city, state, zip code) , or any other location mutually agreed on by the parties. 15. Assignment Lessee agrees not to assign, transfer, sublet, pledge, or encumber any of its rights under this Lease, or the Lease itself. Lessee consents to and authorizes Lessor's assignment of all rentals, charges, and other amounts payable by Lessee to Lessor, or to become payable under this Agreement. If Lessor so assigns the sums agreed to be paid by Lessee to ______________________ ( name of financing organization) , the rights of assignee to receive the sums shall be free from all defenses, setoffs, and counterclaims of every kind that Lessee may be entitled to assert against Lessor, but Lessee may separately assert such claims against Lessor. Notwithstanding such assignment, assignee shall not assume any of the obligations of Lessor. This Lease and the rights and interests of Lessee are subordinate to any security Agreement executed by Lessor and any such assignment covering the Truck. 16. Waiver Failure of Lessor in any one or more instances to insist on the performance of any of the terms of this Lease, or to exercise any right or privilege conferred in this Lease, or the waiver of any breach of any terms of this Lease shall not subsequently be construed as a waiver of such terms, which shall continue in force as if no such waiver had occurred. 17. Limitation of Warranties There are no warranties, expressed or implied, by Lessor to Lessee, except as contained in this Agreement, and Lessor shall not be liable for any loss or damage to Lessee, nor to anyone else, of any kind and however caused, whether by any Truck, its repair, maintenance, or equipment, or its failure, or by interruption of service or use of any Leased Truck. 18. 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. 19. Governing Law This Agreement shall be governed by, construed, and enforced in accordance with the laws of the State of _____________. 20. 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. 21. 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. 22. 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. 23. 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. 24. 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. 25. Construction of Instrument This Agreement is one of leasing only and Lessee does not acquire any right, title, or interest to the Leased Truck other than the right of possession accorded a Lessee. WITNESS our signatures as of the day and date first above stated. ________________________ _________________________ (P rinted Name of Lessor) (P rinted Name of Lessee) ________________________ ________________________ (Signature of Lessor) (Signature of Lessee)