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Equipment Lease Agreement Word Text Document Format
Equipment Lease Agreement
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:
- EQUIPMENT: Lessor hereby leases to Lessee the following equipment: ___________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
- Rental Payment. As rent for the Equipment, Lessee shall pay to the University; the rental payments set forth per the payment schedule (the “Payment Schedule”) set forth in Exhibit B, attached hereto and incorporated herein by reference. The first rental payment shall become due and payable as of the Effective Date. Rental payments shall be made at the address set forth herein or such other requests in writing.
- Security Deposit. To secure performance of Lessee’s obligations under this Agreement, Lessee shall the sum of ______________ (___________) as a security deposit (the “Security Deposit”). Upon the return of the Equipment to the University in good working order, without damage, the University shall refund the Security Deposit to the Lessee.
- Loss and Damage.
- Lessee hereby assumes and shall bear the entire risk of loss and damage to the Equipment from any and every cause whatsoever. No loss or damage to the Equipment or any part thereof shall impair any obligation of Lessee under this Lease which shall continue in full force and effect through the term of the Lease.
- In the event of loss or damage of any kind whatever to the Equipment, Lessee shall, at Lessor’s option:
- Place the same in good repair, condition and working order; or
- Replace the same with like equipment in good repair, condition and working order; or
- Pay to Lessor the replacement cost of the Equipment.
- Surrender. Upon the expiration or earlier termination of this Lease, Lessee shall return the Equipment to Lessor in good repair, condition and working order, ordinary wear and tear resulting from proper use thereof alone excepted, by delivering the Equipment at Lessee’s cost and expense to such place as Lessor shall specify within the city or county in which the same was delivered to Lessee.
- ENTIRE AGREEMENT: This Agreement constitutes the entire agreement between the Parties and supersedes any prior understanding or representation of any kind preceding the date of this Agreement. There are no other promises, conditions, understandings or other agreements, whether oral or written, relating to the subject matter of this Agreement. This Agreement may be modified in writing and must be signed by both Lessor and Lessee.
- CUMULATIVE RIGHTS: Lessor’s and Lessee’s rights under this Agreement are cumulative, and shall not be construed as exclusive of each other unless otherwise required by law.
- WAIVER: The failure of either party to enforce any provisions of this Agreement shall not be deemed a waiver or limitation of that party’s right to subsequently enforce and compel strict compliance with every provision of this Agreement. The acceptance of rent by Lessor does not waive Lessor’s right to enforce any provisions of this Agreement.
- NOTICE: Any notice required or otherwise given pursuant to this Agreement shall be in writing and mailed certified return receipt requested, postage prepaid, or delivered by overnight delivery service to:
- INDEMNIFICATION: Except for damages, claims or losses due to Lessor’s acts or negligence, Lessee, to the extent permitted by law, will indemnify and hold Lessor and Lessor’s property, free and harmless from any liability for losses, claims, injury to or death of any person, including Lessee, or for damage to property arising from Lessee using and possessing the Equipment or from the acts or omissions of any person or persons, including Lessee, using or possessing the Equipment with Lessee’s express or implied consent.
IN WITNESS WHEREOF, the parties have caused this Agreement to be executed the day and year first above written.
(Position, if applicable)
(Position, if applicable)
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