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Personal Property Lease - Legal Forms
| Personal Property Lease Form. This is a Legal Forms form and can be used in Leases And Tenancies . |
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PERSONAL PROPERTY LEASE SECTION ONE LEASE _____________________________ (Lessor), of _______________________________________ (Address), engaged in the business of ____________________________, referred to as Lessor in this agreement, leases to _____________________(Lessee), of ________________________________ (Address), engaged in the business of ________________________________, referred to as Lessee in this agreement,____________________________________ (describe personal property or refer to personal property described in separate schedule), on the following terms: SECTION TWO TERM The term of this lease shall be _______________________ beginning _________________ (Date), and ending __________________ (Date). SECTION THREE 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 _________________ ($__________), payable in monthly installments as follows: the sum of _________________ ($__________) upon the execution of this lease, receipt of which is acknowledged, in payment of rent for the period from ________________ (Date), to _________________ (Date), the sum of _________________ ($__________) on __________________ (Date) and the sum of _________________ ($__________), on the _________, day of each succeeding month thereafter during the term of this lease. Any past due payment of rent will bear interest at the rate of __________ percent per year. All payments subsequent to this lease will be made at the principal place of business of Lessor at ______________________________________ (Address) or such other place as shall be designated by written notice from Lessor to Lessee, unless Lessor shall assign this lease or the right to receive the rentals under the lease, in which case rentals shall be paid to Lessors assignee, if any, after written notice of such assignment has been given to Lessee by Lessor. 2001 © American LegalNet, Inc. SECTION FOUR USE Lessee shall use the property leased 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. _____________ (where appropriate, add: such property shall be used only for the purpose of _______________ (Prescribe Use in Detail)). If at any time during the term of this lease Lessor supplies Lessee with labels, plates, or ether markings stating that the property is owned by Lessor, Lessee shall affix and keep them in a prominent place on the property. SECTION FIVE INSPECTION BY LESSEE Lessee shall inspect the property within _______________ 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. SECTION SIX 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. SECTION SEVEN ALTERATIONS ______________________________ (Lessee agrees that it will make no alterations in the leased property without obtaining prior written permission from Lessor or, where appropriate: Lessee is given the right to make alterations, additions, or improvements to the property, so long as its value is not reduced thereby). 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. SECTION EIGHT MAINTENANCE AND REPAIR Lessee, at its own cost and expense, shall keep the property leased 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 leased property, and shall see that the property is not subjected to careless or needlessly rough usage. 2001 © American LegalNet, Inc. SECTION NINE LOSS AND DAMAGE Lessee assumes all risk of loss of and damage to the property leased from any cause. No loss or damage to the property leased 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 leased, Lessee at the option of Lessor shall: (A) Place the property in good repair; (B) Replace the property with like property in good repair, which property shall then become subject to this lease; or (C) Pay Lessor therefor in cash the Stipulated Loss Value as set forth in Schedule __________ or as in any subsequent schedules which may be made a part of this lease. Upon such payment this lease shall terminate with respect to the property so paid for and Lessee then shall become entitled to the property, as the owner of such property. SECTION TEN RETURN OF LEASED PROPERTY On expiration or earlier termination of this lease, with respect to the leased property, Lessee shall (unless Lessee has paid Lessor in cash the Stipulated Loss Value of the property pursuant to Section Nine above) 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 Lessees 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 Lessees 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 leased property are subject to Lessees option to purchase it as set out in this agreement. SECTION ELEVEN INSURANCE Lessee, at its own expense, will maintain the leased property insured for such risks and in such amounts as Lessor may require with carriers acceptable to Lessor, will maintain a loss payable endorsement i
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