Docstoc Legal Agreements
This Lease of Personal Property can be used by individuals for renting or leasing out a
piece of personal property, and not real estate. The agreement sets forth the material
terms of the lease including provisions regarding payment, indemnification, termination and
the term of the lease. It contains numerous standard clauses as well as opportunities for
customization to fit the needs of the parties. This document is useful to individuals or
businesses located in Virginia seeking to lease personal property.
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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 the “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
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:
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 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 ($50)] per month, the first payment of which is payable at
the beginning of term of Lease, and thereafter, on or before the first (1st) day of every month
during the entire term of the Lease pursuant to [STATUTE]. Such payment shall be made at
Lessor’s address or any other address designated by Lessor.
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 the Leased Property
Lessee shall and does hereby agree to protect and hold Lessor harmless against any and all
losses or damage to the Leased P