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Nebraska Agreement to Lease Equipment - Without Warranty

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Nebraska Agreement to Lease Equipment - Without Warranty Powered By Docstoc
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                             This is an agreement to lease equipment pursuant to the specific terms and conditions as
                             negotiated by the parties. It contains numerous standard provisions as well as
                             opportunities for customization to address the specific needs of the parties. The agreement
                             contains payment, indemnification and insurance provisions. However, it also contains a
                             disclaimer of warranties and expressly states that the equipment is leased "as is" and with
                             all faults. This document is useful for individuals or businesses located in Nebraska
                             seeking to lease equipment without a warranty.
             ®




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                AGREEMENT TO LEASE EQUIPMENT (WITH WARRANTY)


THIS AGREEMENT TO LEASE EQUIPMENT ("Lease Agreement") is made and effective
on       ______     [Month]      ____      [Date],    20____      [Year],        by    and       between
_____________________________ [Instruction: Insert the name of the person owning the
equipment/lessor], located at __________________________________________ [Instruction:
Insert    the     address   of   the    Lessor]   (hereinafter   referred   to    as   "Lessor")    and
_______________________________ [Instruction: Insert the name of Lessee], located at
__________________________________ [Instruction: Insert the address of the Lessee]
(hereinafter referred to as "Lessee"). Lessor and Lessee may be individually referred to as
“Party” and collectively as “Parties”.


WHEREAS, the Lessor is the sole owner of that certain equipment describe in Exhibit A;


WHEREAS, the Lessee wishes to lease the equipment from the Lessor in accordance with the
term of this Agreement;


WHEREAS, each party is duly authorized and capable of entering into this Agreement;


NOW, THEREFORE, in consideration of the mutual covenants and promises hereinafter set
forth, the Parties hereto agree as follows:


1. Lease
     The Lessor agrees to lease to the Lessee, and the Lessee agrees to lease and rent from the
     Lessor, the equipment more fully described in Exhibit A, (the “Equipment”), on the terms
     and conditions of this Agreement.


2. Term and Payment
     See the attached Exhibit B.




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3. Shipping [Instruction: choose any one clause from below]
   Lessee shall be responsible for shipping the Equipment to Lessee's premises.
                                                 OR
   Lessor shall be responsible for shipping the Equipment to Lessee's premises.


4. Use
   Lessee shall use the Equipment in a careful manner, shall make all necessary repairs at
   Lessee's expense, and shall comply with all laws relating to its possession, use or
   maintenance, and shall not make any alterations, additions, or improvements to the
   Equipment without Lessor's prior written consent. All additions, repairs, or improvements
   made to the Equipment shall belong to Lessor.


5. Disclaimer of Warranties and Claims; Limitation of Remedies
   LESSOR, NOT BEING THE MANUFACTURER OF THE EQUIPMENT NOR THE
   MANUFACTURER'S AGENT, MAKES NO EXPRESS OR IMPLIED WARRANTY OF
   ANY KIND WHATSOEVER WITH RESPECT TO THE EQUIPMENT, INCLUDING,
   BUT NOT LIMITED TO, THE MERCHANTABILITY OF THE EQUIPMENT OR ITS
   FITNESS FOR ANY PARTICULAR PURPOSE; THE DESIGN OR CONDITION OF THE
   EQUIPMENT; THE QUALITY OR CAPACITY OF THE EQUIPMENT; THE
   WORKMANSHIP IN THE EQUIPMENT; COMPLIANCE OF THE EQUIPMENT WITH
   THE REQUIREMENT OF ANY LAW, RULE, SPECIFICATION, OR CONTRACT
   PERTAINING THERETO; PATENT INFRINGEMENT; OR LATENT DEFECTS.
   LESSEE LEASES THE EQUIPMENT "AS IS" AND WITH ALL FAULTS. Lessee
   accordingly agrees not to assert any claim whatsoever against Lessor for loss of anticipatory
   profits or consequential damages. Lessor shall have no obligation to install, erect, test,
   service, or maintain the Equipment. Lessee shall look to the manufacturer and/or seller for
   any claims related to the Equipment.


   IF THE EQUIPMENT IS NOT PROPERLY INSTALLED, DOES NOT OPERATE AS
   REPRESENTED OR WARRANTED BY THE SUPPLIER OR MANUFACTURER, OR IS
   UNSATISFACTORY             FOR     ANY     REASON,        REGARDLESS    OF     CAUSE     OR



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   CONSEQUENCE, LESSEE'S ONLY REMEDY, IF ANY, SHALL BE AGAINST THE
   SUPPLIER OR MANUFACTURER OF THE EQUIPMENT AND NOT AGAINST
   LESSOR.


   LESSOR HEREBY ACKNOWLEDGES THAT ANY MANUFACTURER'S AND/OR
   SELLER'S WARRANTIES ARE FOR THE BENEFIT OF BOTH LESSOR AND LESSEE.
   NOTWITHSTANDING THE FOREGOING, LESSEE'S OBLIGATIONS TO PAY THE
   RENTALS OR OTHERWISE UNDER THIS LEASE SHALL BE AND ARE ABSOLUTE
   AND UNCONDITIONAL. TO THE EXTENT PERMITTED BY THE MANUFACTURER
   OR SELLER, AND PROVIDED LESSEE IS NOT IN DEFAULT UNDER THIS LEASE,
   LESSOR SHALL MAKE AVAILABLE TO LESSEE ALL MANUFACTURER AND/OR
   SELLER WARRANTIES WITH RESPECT TO EQUIPMENT.


6. Ownership
   The Equipment is, and shall remain, the property of Lessor, and Lessee shall have no right,
   title, or interest therein or thereto except as expressly set forth in this Lease. The Equipment
   shall remain personal property even if installed in or attached to real property.


7. Surrender
   Lessee acquires no ownership rights in the Equipment and has no option to purchase the
   same. Upon the expiration or termination of this Lease Agreement, or in the event of a
   default pursuant to Paragraph 12 hereof, Lessee, at its expense, shall return the Equipment in
   good condition and shall perform any required repair work; however, it is understood and
   agreed that ordinary wear and tear resulting from proper use thereof alone is expected and
   expectable. Lessor shall deliver the Equipment, packed and ready for shipment, to such place
   or carrier as Lessor may specify.


8. Loss and Damage
   Lessee shall bear the entire risk of loss, theft, damage, or destruction of the Equipment from
   any cause whatsoever, and no loss, theft, damage, or destruction of the Equipment shall




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   relieve Lessee of the obligation to pay rent or to comply with any other obligation under this
   Lease.
   In the event of loss or damage of any kind whatsoever to the Equipment, Lessee shall, at
   Lessor's option:
   a) Place the same in good repair, condition, and working order; or
   b) Replace the same with like equipment in good repair, condition, and working order; or
   c) Pay to Lessor the replacement cost of the Equipment.


9. Insurance
   _________________________________________ [Instruction: Insert Lessor or Lessee or
   Both Parties as applicable] shall have an obligation to obtain, continuously maintain, and
   pay for:
   [Instructions and Comments: There exist no federal including Consumer Leasing Act or
   state laws making mandatory for Lessee or Lessor to maintain any specific insurances.
   However, it is advisable for Lessors to include appropriate insurances from below:]
   a. All risk insurance against loss of and damage to the Equipment for not less than the full
       replacement value of the Equipment, naming _________ [Instruction: Insert Lessor
       legal/entity name to whom the claim from a loss is to be paid] as loss payee, and;
   b. Combined public liability and property damage insurance with limits as approved by
       ________ [Instruction: Insert Lessor or Lessee or them as applicable], naming
       ____________ [Instruction: Insert the other Party or them as applicable] as named
       insured and a loss payee.
   c. Commercial General Liability.
   d. Lessor named as “Additional Insured” with regards to General Liability.
   e. Waiver of Subrogation concerning Workers Compensation


   The insurance shall be in such form and with such company or companies as shall be
   reasonably acceptable to Lessor, shall provide at least ___________ (___) [◊Thirty (30)]
   advance written notice to Lessor of any cancellation, change or modification, and shall
   provide primary coverage for the protection of Lessee and Lessor without regard to any other
   coverage carried by Lessee or Lessor protecting against similar risks. Lessee shall provide



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   Lessor with an original policy or certificate evidencing such insurance. Lessee hereby
   appoints Lessor as Lessee's attorney in fact with power and authority to do all things,
   including, but not limited to, making claims, receiving payments and endorsing documents,
   checks, or drafts necessary or advisable to secure payments due under any policy of
   insurance required under this Agreement.


10. Taxes
   Lessee shall keep the Equipment free and clear of all levies, liens and encumbrances. Lessee,
   or Lessor at Lessee's expense, shall report, pay and discharge when due all license and
   registration fees, assessments, sales, use and property taxes, gross receipts, taxes arising out
   of receipts from use or operation of the Equipment, and other taxes, fees and governmental
   charges similar or dissimilar to the foregoing, together with any penalties or interest thereon,
   imposed by any state, federal or local government or any agency, or department thereof,
   upon the Equipment or the purchase, use, operation, or leasing of the Equipment or otherwise
   in any manner with respect thereto and whether or not the same shall be assessed against or
   in the name of Lessor or Lessee. However, Lessee shall not be required to pay or discharge
   any such tax or assessment so long as it shall, in good faith and by appropriate legal
   proceedings, contest the validity thereof in any reasonable manner which will not affect or
   endanger the title and interest of Lessor to the Equipment; provided, Lessee shall reimburse
   Lessor for any damages or expenses resulting from such failure to pay or discharge.


11. Indemnity
   Lessee shall indemnify Lessor against, and hold Lessor harmless from, any and all claims,
   actions, suits, proceedings, costs, expenses, damages, and liabilities, including reasonable
   attorney's fees and costs, arising out of, connected with, or resulting from Lessee's possession
   or use of the Equipment, including without limitation the manufacture, selection, delivery,
   possession, use, operation, or return of the Equipment. Such indemnification shall survive the
   expiration, cancellation, or termination of this Lease.




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12. Default
   If the Lessor or the Lessee is in default under the lease contract, the party seeking
   enforcement may reduce the other party's claim to judgment, or otherwise enforce the lease
   contract by self-help or any available judicial or non-judicial procedure, including
   administrative proceeding, arbitration, or the like.


   By Lessor:
   Lessor shall be in default of this Lease if:
   a. Lessor fails to deliver the Equipment in conformity to the lease contract; or


   b. Repudiates the lease contract.


   By Lessee:
   Lessee shall be in default of this Lease if:
   a. Lessee wrongfully rejects or revokes acceptance of Equipment; or


   b. Lessee shall fail to make any payment due under the terms of this Lease for a period of
       ___________ (___) [◊ Ten (10)] days from the due date thereof; or


   c. Lessee shall fail to observe, keep, or perform any other provision of this Lease; or


   d. Lessee has made any misleading or false statement in connection with, application for, or
       performance of this Lease; or


   e. The Equipment or any part thereof shall be subject to any lien, levy, seizure, assignment,
       transfer, bulk transfer, encumbrance, application, attachment, execution, sublease, or sale
       without prior written consent of Lessor, or if Lessee shall actually or constructively
       abandon the Equipment or permit any other entity or person to use the Equipment without
       the prior written consent of Lessor, or


   f. Lessee dies or ceases to exist; or



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   g. Any proceeding under the Bankruptcy Act, as amended, is commenced by or against the
       Lessee, or if the Lessee is adjudged insolvent, or if Lessee makes any assignment for the
       benefit of his creditors, or if a writ of attachment or execution is levied on the Equipment
       and is not released or satisfied within a period of ___________ (___) [◊Ten (10)] days
       thereafter, or if a receiver is appointed in any proceeding or action to which the Lessee is
       a party with authority to take possession or control of the Equipment.


13. Remedies
   To Lessor:
   1. If Lessee is in default under the Lease contract the Lessor may:
       a. cancel the lease contract;
       b. proceed respecting Equipment not identified to the lease contract;
       c. withhold delivery of the Equipment and take possession of Equipment previously
           delivered;
       d. stop delivery of the Equipment by any bailee;
       e. dispose of the Equipment and recover damages, or retain the Equipment and recover
           damages, or in a proper case recover rent;
       f. exercise any other rights or pursue any other remedies provided in the lease contract.


   2. If a Lessor does not fully exercise a right or obtain a remedy to which the Lessor is
       entitled as per the foregoing, the Lessor may recover the loss resulting in the ordinary
       course of events from the Lessee's default as determined in any reasonable manner,
       together with incidental damages, less expenses saved in consequence of the Lessee's
       default.


   3. If a Lessee is otherwise in default under a lease contract, the Lessor may exercise the
       rights and pursue the remedies provided in the lease contract which may include a right to
       cancel the lease.




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   To Lessee:


   1. If Lessor is in default under the Lease contract the Lessee may:

       a. cancel the lease contract;

       b. recover so much of the rent and security as has been paid and is just under the
             circumstances;

       c. cover and recover damages as to Equipment affected whether or not it has been
             identified to the lease contract, or recover damages for non delivery;

       d. exercise any other rights or pursue any other remedies provided in the lease contract.

       e.    if the Equipment has been identified, recover it; or

       f. in a proper case, obtain specific performance or replevy the Equipment.

   2. If a Lessor is otherwise in default under a lease contract, the Lessee may exercise the
       rights and pursue the remedies provided in the lease contract, which may include a right
       to cancel the lease.

   3. If a Lessor has breached a warranty, whether express or implied, the Lessee may recover
       damages.

14. Modification

   The parties hereby agree that this document contains the entire agreement between the parties
   and this Agreement shall not be modified, changed, altered, or amended in any way except
   through a written amendment signed by all of the parties hereto.




15. Notice
   Any notice required or permitted under this Lease or under state law shall be deemed
   sufficiently given or served if sent by United States certified mail, return receipt requested,
   addressed as follows:


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   If to Lessor to:                            _____________________________________
                                               _____________________________________
                                               _____________________________________
                                               _____________________________________


   If to Lessee to:                            _____________________________________
                                               _____________________________________
                                               _____________________________________
                                               _____________________________________


Lessor and Lessee shall each have the right from time to time to change the place notice is to be
given under this paragraph by written notice thereof to the other party.


16. Validity
   If any provision of this agreement is held to be invalid, such invalidity shall not affect the
   validity or enforceability of any other provision of this agreement.


17. Assignment
   Lessee shall not assign this Lease or its interest in the Equipment without the prior written
   consent of Lessor.


18. Headings
   Headings used in this Lease are provided for convenience only and shall not be used to
   construe meaning or intent.


19. Governing law
   This Agreement shall be governed, construed and interpreted by, through and under the Laws
   of the State of Nebraska.




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IN WITNESS WHEREOF, the parties hereto have hereunto set their hands and seals as of the
date first here written




______________________________________________
                          [Lessor] Signature


______________________________________________
                          Name of Lessor


______________________________________________
                          [Lessee] Signature


______________________________________________
                          Name of Lessee




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                                             EXHIBIT A
                [Instruction: Insert description of equipment to be leased]


                                   EQUIPMENT DESCRIPTION
Sl.No     Manufacturer                Model                   Quantity    Serial Number
  1            ABC                     K27                        10           NA




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                                            EXHIBIT B
                        [Instruction: Insert Term and payment plan]
                                        Term and Payment
         Number of          Rental          Lease               Payable         End of lease
S.NO      payment         amount +         term in        __________ Monthly     provision
                          applicant        months        __________ Quarterly
                            taxes                          __________ Others




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Description: This is an agreement to lease equipment pursuant to the specific terms and conditions as negotiated by the parties. It contains numerous standard provisions as well as opportunities for customization to address the specific needs of the parties. The agreement contains payment, indemnification and insurance provisions. However, it also contains a disclaimer of warranties and expressly states that the equipment is leased "as is" and with all faults. This document is useful for individuals or businesses located in Nebraska seeking to lease equipment without a warranty.
This document is also part of a package Essential Nebraska Legal Documents 145 Documents Included