Docstoc Legal Agreements
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 Iowa seeking to
lease equipment without a warranty.
DISCLAIMERS: ALL INFORMATION AND FORMS ARE PROVIDED “AS IS” WITHOUT ANY WARRANTY OF ANY KIND, EXPRESS, IMPLIED, OR
OTHERWISE, INCLUDING AS TO THEIR LEGAL EFFECT AND COMPLETENESS. They are for general g uidance and should be modified by you or your
attorney to meet your specific needs and the laws of your state. Use at your own risk. Docstoc, its employees or contractors who wrote or modified any
form, are NOT providing legal or any other kind of advice and are not creating or entering into an Attorney-Client relationship. The information and forms
are not a substitute for the advice of your own attorney. Use of this document and our service are deemed to be your acknowledgement and agreement to
the following: The disclaimers and links on this page and the back page(s); our Terms of Service (http://www.docstoc.com/popterm.aspx?page_id=15), and
read more here (http://www.docstoc.com/popterm.aspx?page_id=114) for additional disclaimers and more. You also agree that if you are not the person
using the document and services that you will provide such person(s) who will be with these front and back disclaimer pages. This document is not
approved, endorsed by, or affiliated with any State, or governme ntal or licensing entity.
Entire document copyright © Docstoc®, Inc., 2010 - 2013. All Rights Reserved
AGREEMENT TO LEASE EQUIPMENT (WITH WARRANTY)
THIS AGREEMENT TO LEASE EQUIPMENT (the “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 the “Parties”.
WHEREAS, Lessor is the sole owner of that certain equipment describe in Exhibit A;
WHEREAS, Lessee wishes to lease the equipment from Lessor in accordance with the term of
WHEREAS, each party is duly authorized and capable of entering into this Lease Agreement;
NOW, THEREFORE, in consideration of the mutual covenants and promises hereinafter set
forth, the Parties hereto agree as follows:
Lessor agrees to lease to Lessee, and Lessee agrees to lease and rent from Lessor, the
equipment more fully described in Exhibit A, (the “Equipment”), on the terms and
conditions of this Lease Agreement.
2. Term and Payment
See the attached Exhibit B.
3. Shipping [Instruction: choose any one clause from below]
Lessee shall be responsible for shipping the Equipment to Lessee's premises.
Lessor shall be responsible for shipping the Equipment to Lessee's premises.
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.
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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
CONSEQUENCE, LESSEE'S ONLY REMEDY, IF ANY, SHALL BE AGAINST THE
SUPPLIER OR MANUFACTURER OF THE EQUIPMENT AND NOT AGAINST
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.
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 Agreement. The
Equipment shall remain personal property even if installed in or attached to real property.
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
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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
relieve Lessee of the obligation to pay rent or to comply with any other obligation under this
In the event of loss or damage of any kind whatsoever to the Equipment, Lessee shall, at
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.
_________________________________________ [Instruction: Insert Lessor or Lessee or
Both Parties as applicable] shall have an obligation to obtain, continuously maintain, and
[Instructions and Comments: There exists no federal law, 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
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.
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)]
days advance written notice to Lessor of any cancellation, change, or modification, and shall
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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
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 Lease Agreement.
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.
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 Agreement.
If Lessor or Lessee is in default under the Lease Agreement, the party seeking enforcement
may reduce the other party's claim to judgment, or otherwise enforce the Lease Agreement
by self-help or any available judicial or non-judicial procedure, including administrative
proceeding, arbitration, or the like.
Lessor shall be in default of this Lease Agreement if:
a. Lessor fails to deliver the Equipment in conformity to the Lease Agreement; or
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b. Repudiates the Lease Agreement.
Lessee shall be in default of this Lease Agreement 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 Agreement 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
d. Lessee has made any misleading or false statement in connection with, application for, or
performance of this Lease Agreement; 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
g. Any proceeding under the Bankruptcy Act, as amended, is commenced by or against
Lessee, or if 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 Lessee is a
party with authority to take possession or control of the Equipment.
1. If Lessee is in default under the Lease Agreement the Lessor may:
a. cancel the Lease Agreement;
b. proceed respecting Equipment not identified to the Lease Agreement;
c. withhold delivery of the Equipment and take possession of Equipment previously
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;
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f. exercise any other rights or pursue any other remedies provided in the Lease
2. If Lessor does not fully exercise a right or obtain a remedy to which Lessor is entitled as
per the foregoing, Lessor may recover the loss resulting in the ordinary course of events
from Lessee's default as determined in any reasonable manner, together with incidental
damages, less expenses saved in consequence of Lessee's default.
3. If Lessee is otherwise in default under the Lease Agreement, Lessor may exercise the
rights and pursue the remedies provided in the Lease Agreement which may include a
right to cancel the Lease Agreement.
1. If Lessor is in default under the Lease Agreeement Lessee may:
a. cancel the Lease Agreement;
b. recover so much of the rent and security as has been paid and is just under the
c. cover and recover damages as to Equipment affected whether or not it has been
identified to the Lease Agreement, or recover damages for non delivery;
d. exercise any other rights or pursue any other remedies provided in the Lease
e. if the Equipment has been identified, recover it; or
f. in a proper case, obtain specific performance or replevy the Equipment.
2. If Lessor is otherwise in default under the Lease Agreement, Lessee may exercise the
rights and pursue the remedies provided in the Lease Agreement, which may include a
right to cancel the Lease Agreement.
3. If Lessor has breached a warranty, whether express or implied, Lessee may recover
The parties hereby agree that this document contains the entire agreement between the parties
and this Lease Agreement shall not be modified, changed, altered, or amended in any way
except through a written amendment signed by all of the parties hereto.
Any notice required or permitted under this Lease Agreement 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.
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.
Lessee shall not assign this Lease Agreement or its interest in the Equipment without the
prior written consent of Lessor.
Headings used in this Lease Agreement are provided for convenience only and shall not be
used to construe meaning or intent.
19. Governing law
This Lease Agreement shall be governed, construed and interpreted by, through and under
the Laws of the State of Iowa.
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IN WITNESS WHEREOF, the parties hereto have hereunto set their hands and seals as of the
date first here written;
Name of Lessor
Name of Lessee
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[Instruction: Insert description of equipment to be leased]
Sl.No Manufacturer Model Quantity Serial Number
1 ABC K27 10 NA
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[Instruction: Insert Term and payment plan]
Term and Payment
Number of Rental Lease term Payable End of lease
amount + in months provision
S.NO payment applicant __________ Monthly
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