Lease of Personal Property
This Lease of Personal Property can be used by individual for renting or
ocstoc Legal Agreements
leasing out a piece of personal property, and not real estate.
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Attorney Drafted
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LEASE OF PERSONAL PROPERTY
This Lease of Personal Property (hereinafter the “Lease”) is made on _____ [Month] _____
[Date], 20_____ [Year] by and between ________________________________ [Instruction:
Insert the name of lessor], residing at _______________________________ [Instruction:
Insert the address of lessor] (hereinafter “Lessor”) and ________________________________
[Instruction: Insert the name of lessee], residing at _______________________________
[Instruction: Insert the address of lessee] (hereinafter “Lessee”). Lessor and Lessee may
individually be referred to as “Party” and collectively as “Parties”.
WHEREAS Lessor is the sole owner and wishes to Lease the personal property described in
Exhibit A attached hereto and made a part hereof, all of which is hereinafter the “Leased
Property”;
WHEREAS, Lessee wishes to lease the Leased Property from Lessor on the terms and
conditions contained herein.
NOW THEREFORE the Parties agree upon the following terms and conditions:
1. Term.
The term of this Lease shall commence on _____ [Month] _____ [Date], 20_____ [Year]
and end on _____ [Month] _____ [Date], 20_____ [Year] [Instruction: Insert the period
for which this Lease is to be enforced i.e. commencement and ending date]. Lessee shall
have the right, subject to the consent of the Lessor, to extend the term of this Lease for the
period of ________ (___) [Instruction: Insert the period of time e.g., eleven (11)] months
after the expiration of the above term by giving written notice thereof to Lessor at least
________ (___) [Instruction: Insert the period of time e.g., Ten (10)] days before the end
of the above term on the same provisions as set forth herein.
2. Lease Payments.
In consideration for the leasing of the above described Leased Property, Lessee agrees to pay
to Lessor for use of such Leased Property a sum of ________ ($___) [Instruction: Insert the
amount of rent e.g., fifty dollars only ($ 50)] per month, the first payment of which is
payable on or before the last (30/31) day of each month and thereafter, during the entire term
of the Lease pursuant to Section 20, Article 16, Chapter 47 of 2011 North Dakota Code. Such
payment shall be made at Lessor’s address or any other address designated by Lessor.
3. Tax.
Except as may be otherwise provided herein, Lessor shall be liable for all taxes assessed
against the Leased Property or upon the possession or use thereof during the term hereof, and
shall be liable for sales and use taxes applicable to the rental of Leased Property hereunder.
4. Indemnification.
Lessee shall and does hereby agree to protect and hold Lessor harmless against any and all
losses or damage to Leased Property, including by fire, flood, explosion, earthquake, tornado,
or theft and Lessee shall and does hereby assume all liability to any person whomsoever
arising from the Leased Property, condition, or use of Leased Property, and shall indemnify
Lessor of and from all liability, claim, and demand whatsoever arising from the Leased
Property, condition, or use of Leased Property whether in operation or not, and growing out
of any cause, and from every other liability, claim, and demand whatsoever during the term
of this Lease or arising while Leased Property is in the possession of Lessee.
5. Maintenance and Repair.
Lessee shall exercise due care in the use and maintenance of the Leased Property, keeping it
in good repair and in a condition equivalent in all respects to that in which it was received by
Lessee. Lessor may inspect the Leased Property at all other reasonable times, but all
inspections of the Leased Property by Lessor shall be subject to any restriction imposed by
any security law, rule or regulation enacted or promulgated by the United States of America
as provided under to §13:16:47 of 2011 North Dakota Code.
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6. Termination.
a. If either Party defaults in the performance of any of its obligations hereunder and fails to
rectify such default within fourteen (14) days as per §26:16:47 of 2011 North Dakota
Code after the aggrieved Party has given the defaulting Party notice thereof, the
aggrieved Party may, at its option, by notice to the defaulting Party, terminate this Lease
effective as of the end of such fourteen (14) days as per § 26:16:47 of 2011 North Dakota
Code. If Lessee terminates this Lease hereunder, Lessor shall repay to Lessee any
unearned rent theretofore paid.
b. Without affecting Lessee’s right to terminate this Lease under paragraph 6(a) hereof,
Lessee may terminate this Lease at any time on such thirty (30) days as per § 15:16:47 of
2011 North Dakota Code, prior written notice and on the payment of an amount equal to
the rent due and payable up to the effective date of such termination, but otherwise
without liability to Lessor. In the event the date of such termination is on a date other
than the last day of the rental period set forth in the paragraph hereof titled “Term”, the
rental for such partial period shall be prorated on a daily basis, up to the effective date of
such termination.
c. Without affecting his right to terminate this Lease under paragraph 6(a) hereof, Lessor
may terminate this Lease at any time on such ______ (__) [Instruction: Insert number
of days required by Lessee to give notice for termination e.g., Thirty (◊ 30)] days
prior written notice. In the event the date of such termination is on a date other than the
last day of the rental period set forth in the paragraph hereof titled “Term”, the rental for
such partial period shall be prorated on a daily basis, up to the effective date of such
termination.
7. Return of Leased Property. [Instruction: Choose any one clause below]
Within ______ (__) [Instruction: Insert number of days required by Lessee to remove
and return Leased Property e.g., Ten (◊10)] days of the termination or expiration of this
Lease, Lessee shall, at its sole expense, promptly remove and return the Leased Property
from the premises of the Lessee. Lessee indemnifies and holds Lessor harmless for all loss or
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damage to such premises or other property of Lessor arising from the acts of Lessee in so
removing and returning the Leased Property. The Leased Property shall be returned to Lessor
in as good condition as when received, except for:
a. reasonable wear and tear resulting from any lawful use hereunder; and
b. any loss or damage against which Lessee has indemnified Lessor.
[Comment: This clause is favorable for Lessor]
Or
Within ______ (__) [Instruction: Insert number of days required by Lessee to remove
and return Leased Property e.g., Ten (◊ 10)] days of the termination or expiration of this
Lease, Lessor shall, at its sole expense, promptly remove the Leased Property from the
premises of the Lessee. Lessor indemnifies and holds Lessee harmless for all loss or damage
to such premises or other property of Lessee arising from the acts of Lessor in so removing
and returning the Leased Property. The Leased Property shall be returned to Lessor in as
good condition as when received, except for:
a. reasonable wear and tear resulting from any lawful use hereunder; and
b. any loss or damage against which Lessor has indemnified Lessee.
[Comment: This clause is favorable for Lessee]
8. Delivery and Transportation Expenses.
The Leased Property shall be delivered by Lessee to Lessor at the address designated by the
Lessor within ______ (__) [Instruction: Insert number of days for delivery e.g., Ten (◊
10)] days of the termination or expiration of this Lease. All transportation and packaging
charges relating to the Leased Property shall be at the sole expense of Lessee.
9. Assignment.
Neither this Lease nor any right or interest hereunder shall be assigned by Lessee in any
respect whatsoever. Lessee shall not assign, transfer, or hypothecate any of his rights under
this Lease or in the Leased Property, except with the prior approval of Lessor. Lessor will not
unreasonably withhold such approval.
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10. Governing Law.
This Lease shall be deemed to have been executed and entered into in the State of North
Dakota and shall be construed, enforced, and performed in accordance with the laws thereof.
11. Exclusion of Oral Statements.
This instrument contains all of the agreements of the Parties. No oral or other statements
shall be binding on either of the Parties hereto.
12. Notices and Approvals.
Except as otherwise provided herein, all notices and approvals hereunder shall be in writing
and, except as each Party may change its address pursuant hereto, addressed to the Parties as
follows:
If to Lessor to: _____________________________________
_____________________________________
_____________________________________
_____________________________________
If to Lessee to: _____________________________________
_____________________________________
_____________________________________
_____________________________________
[Instruction: Insert the to be used addresses for notification purposes]
13. ENTIRE AGREEMENT.
This document constitutes the entire agreement between the Lessor and Lessee. This
Agreement cannot be modified except in writing and must be signed by all Parties. Neither
Lessor nor Lessee has made any promises or representations, other than those set forth in this
Agreement and those implied by law.
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IN WITNESS WHEREOF, the said Parties hereto have hereunto set their hands and seals as of
the date first here above written.
____________________________________ ____________________________________
[Instruction: Insert the signature of Lessor] [Instruction: Insert the signature of Lessee]
____________________________________ _____________________________________
[Instruction: Insert printed name of Lessor] [Instruction: Insert printed name of Lessee]
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EXHIBIT-A
DESCRIPTION OF PERSONAL PROPERTY
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Note: Carefully read and follow the Instructions and Comments contained in this document for
your customization to suit your specific circumstances and requirements. You will want to
delete the Instructions and Comments from open bracket (“[“) to close bracket (“]”) after
reading and following them. You (or your attorney) may want to make additional modifications
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practicing in your state, and be reasonable.
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