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Equipment Lease Agreement 1

Equipment Lease Agreement 1
Equipment Lease Agreement 1
Equipment Lease Agreement
This Equipment Lease Agreement (the “Agreement”) is made and entered on
_____________________________________________, ___________, by and between
_________________________________________ (“Lessor”) and
_______________________________________ (“Lessee”) (collectively referred to as
the “Parties”).
The Parties agree as follows:
1. EQUIPMENT: Lessor hereby leases to Lessee the following equipment:
(the “Equipment”).
2. LEASE TERM: The lease will start on __________________________ (begin date)
and will end on _________________________ (end date) (Lease Term).
3. LEASE PAYMENTS: Lessee agrees to pay to Lessor as rent for the Equipment the
amount of $_________ (“Rent”) each month in advance on the first day of each month at:
__________________________________________________ (address for rent payment)
or at any other address designated by Lessor. If the Lease Term does not start on the first
day of the month or end on the last day of a month, the rent will be prorated accordingly.
4. LATE CHARGES: If any amount under this Agreement is more than _____ days
late, Lessee agrees to pay a late fee of $________.
5. SECURITY DEPOSIT: Prior to taking possession of the Equipment, Lessee shall
deposit with Lessor, in trust, a security deposit of $__________ as security for the
performance by Lessee of the terms under this Agreement and for any damages caused by
Lessee or Lessee’s agents to the Equipment during the Lease Term. Lessor may use part
or all of the security deposit to repair any damage to Equipment caused by Lessee or
Lessee’s agents. However, Lessor is not just limited to the security deposit amount and
Lessee remains liable for any balance. Lessee shall not apply or deduct any portion of any
security deposit from the last or any month's rent. Lessee shall not use or apply any such
security deposit at any time in lieu of payment of rent. If Lessee breaches any terms or
conditions of this Agreement, Lessee shall forfeit any deposit, as permitted by law.
6. DELIVERY: Lessee [_] shall or [_] shall not [choose one] be responsible for all
expenses and costs: i) at the beginning of the Lease Term, of shipping the Equipment to
Equipment Lease Agreement 1