Checklist for Equipment Lease

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					                     Checklist for Equipment Lease

1.   Complete names of parties.
2.   Complete addresses of parties.
3.   Effective date of lease.
     A.     Date of execution of lease.

     B.     Place of execution of lease.

     C.     Execution.

     D.     Capacity of signatories.
4.   Stipulations of fact.

     A.     Intended business activity of lessee.

     B.     Inventory of property leased.

     C.     Preparation of exhibit(s) or schedule(s).

     D.     Depreciation schedule to establish change in value over term
            of lease.

     E.     Initial condition of property.

     F.     Arbitration procedure.
5.   Stipulations of law.

     A.     Recital that document intended to be lease.

     B.     Recital of title to property.

     C.     Limitation on assignments.

     D.     Limitation of encumbrances on property.

     E.     Prohibition of annexation to real property.

     F.     Rights of parties following breach of lease.

     G.     Choice of law.
     H.    Severability of invalid provisions.

     I.    Limitation of waivers.

     J.    Modifications of lease terms.

     K.    Prohibition of racial discrimination.

     L.    Suspension of obligations of lessor.

     M.    Limitation of warranties.

     N.    Party entitled to applicable investment tax credits.
6.   Consideration.

     A.    Amount of lease payments.

     B.    Place where lease payments to be made.

     C.    Time when lease payments due.
7.   Effect of late payments:

     A.    Late charges.

     B.    Interest charges.

     C.    Event of default.
8.   Insurance:

     A.    Acceptable to lessor:

     B.    Paid by lessor.
     C.    Paid by lessee.

     D.    Loss-payable to lessor.

     E.    Notice to lessor of nonpayment.

     F.    Event of default if not paid by lessee.

     G.    Payment of license and incidental fees:

     H.    Paid by lessor.
     I.    Paid by lessee.
     J.    Notice to lessor of nonpayment.

     K.    Event of default if not paid by lessee.

     L.    Payment of taxes:

     M.    Paid by lessor.

     N.    Paid by lessee.

     O.    Notice to lessor of nonpayment.

     P.    Event of default if not paid by lessee.
9.   Performance.
     A.    Time and place of delivery of property.
     B.    Installation of property:

     C.    Responsibility of lessor.

     D.    Responsibility of lessee.

     E.    Lessor to assist lessee.

     F.    Without charge.

     G.    Lessee to compensate lessor.

     H.    Limitations on use of property.

     I.    Property to be used in conformance with law.

     J.    Limitations on location of property.

     K.    Specifications for care of property.

     L.    Provision for operators of leased equipment.

     M.    Lessor's right to attach identification to property.

     N.    Lessee's record of production.

     O.    Liability for repairs and maintenance.
            P.     Supervision of repairs and maintenance.

            Q.     Instruction by lessor in repairs and maintenance.

            R.     Limitation on alterations.

            S.     Lessor's right to inspect property.

            T.     Lessor's right to inspect lessee's books.

            U.     Return of property at termination of lease:

            V.     At lessor's expense.

            W.     At lessee's expense.

            Y.     Events constituting defaults.
      10.   Duration and termination of lease.

            A.     Initial term.

            B.     Automatic renewal.

            C.     Optional renewal.

            D.     Optional early termination.
            E.     Lessor's summary termination for misuse of property.
11.         Risk of loss.

            A.     Lessee's inspection of property before acceptance.

            B.     Liability for damages to property.

            C.     Liability for damages to third parties.

            D.     Indemnification of less
Description: This form is a template for an equipment lease checklist. Developing a good checklist will ensure that you ask the right questions and cover potential issues before you sign the contract. This checklist covers term, renewal options, indemnities, transfer, tenant improvements, subleases and more.
PARTNER William Glover
I received my B.B.A. from the University of Mississippi in 1973 and my J.D. from the University of Mississippi School of Law in 1976. I joined the firm of Wells Marble & Hurst in May 1976 as an Associate and became a Partner in 1979. While at Wells, I supervised all major real estate commercial loan transactions as well as major employment law cases. My practice also involved estate administration and general commercial law. I joined the faculty of Belhaven College, in Jackson, MS, in 1996 as Assistant Professor of Business Administration and College Attorney. While at Belhaven I taught Business Law and Business Ethics in the BBA and MBA programs; Judicial Process and Constitutional Law History for Political Science Department); and Sports Law for the Department of Sports Administration. I am now on the staff of US Legal Forms, Inc., and drafts forms, legal digests, and legal summaries. I am a LTC and was Staff Judge Advocate for the Mississippi State Guard from 2004-2008. I now serve as the Commanding Officer of the 220th MP BN at Camp McCain near Grenada, MS. I served on active duty during Hurricanes Dennis (July, 2005), Katrina (August, 2005) and Gustav in 2008. I played football at the University of Mississippi in 1969-1971 under Coach John Vaught. I am the author of the Sports Law Book (For Coaches and Administrators) and the Sports Law Handbook for Coaches and Administrators (with Legal Forms),