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Equipment Lease Agreement 3

Equipment Lease Agreement 3
Equipment Lease Agreement 3
Revised 05/10
Equipment Lease Purchase Agreement
This Lease Agreement (this “Agreement”) is entered into by and between the State of Indiana, acting by and
through the ”), for and on behalf of _________(the “State”) and _____________(“ the
Lessor”).
WHEREAS, the State desires to lease and use certain equipment described below with the right to purchase; and
WHEREAS, the Lessor is willing to provide and maintain such equipment and convey said equipment to the
State.
NOW, THEREFORE, the parties enter into this Agreement upon the following terms and conditions:
1. Equipment Leased
a) The Equipment
Subject to the terms and conditions set forth below, the Lessor leases to the State and agrees to maintain the
following described equipment (the “Equipment”):
The Equipment shall be new unless otherwise stated in this Agreement.
b) Delivery and Installation of the Equipment
1. The Lessor shall deliver and install the Equipment so that it shall be ready for acceptance by the State
no later than ________. This date may be extended only by the mutual written consent of the parties.
2. The Equipment shall be delivered to and installed at the location designated by the State. The Lessor
shall pay shipping and delivery costs.
3. The State agrees to have the site prepared in accordance with the Lessor’s written minimum site and
environmental requirements, a copy of which are attached hereto as Attachment____.
4. Installation shall be performed by the Lessor in a professional and workmanlike manner in conformance
with all recommendations of the manufacturer, and in compliance with good construction and
engineering practices.
5. The Lessor shall schedule and coordinate the installation with the State to minimize interference with
the State’s activities in and around the facilities where the Equipment is to be located. Installation work
shall be performed during the State’s normal working hours, unless the State directs otherwise in writing
prior to the commencement of installation.
c) Acceptance of the Equipment
1. Following the delivery and installation of the Equipment, the Lessor shall certify that the Equipment
has been successfully installed and is ready for use. The State shall promptly inspect the Equipment
and shall provide its written acceptance to Lessor. The Lessor may, upon the failure of the State to
issue a written acceptance within ten (10) business days, demand a written acceptance, and the State
will be deemed to have accepted the Equipment if it has not accepted or rejected the Equipment within
ten (10) days after receipt of the Lessor’s written demand for acceptance.
Equipment Lease Agreement 3
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