Minnesota Lease Of Personal Property

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                             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 Minnesota 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 “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.




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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 ______ (__) [Instruction: Insert the period before which rent
   must be paid payment e.g., first (1st)] day [Prodigy Comment: Relevant state laws will be
   searched and incorporated here] of each month, and thereafter, during the entire term of
   the Lease. 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




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   any security law, rule or regulation enacted or promulgated by the United States of America.
   [Prodigy Comment: State laws will be referred for this clause]


6. Termination.
   a. If either Party defaults in the performance of any of its obligations hereunder and fails to
       rectify such default within ______(__) [Instruction: Insert number of days required to
       rectify the fault upon receiving notice e.g., Thirty (◊ 30)] days [Prodigy Comment:
       State laws will be referred for this clause] 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           ______(__)
       [Instruction: Insert number of days required to rectify the fault upon receiving
       notice e.g., Thirty (◊ 30)] days [Prodigy Comment: State laws will be referred for this
       clause] period. 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 ______(__) [Instruction: Insert
       number of days required by Lessee to give notice for termination e.g., Thirty (◊ 30)]
       days [Prodigy Comment: State laws will be referred for this clause] 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




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       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
   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 (◊



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   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.


10. Governing Law.
   This Lease shall be deemed to have been executed and entered into in the State of Minnesota
   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]



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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.


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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Description: 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 Minnesota seeking to lease personal property.
This document is also part of a package Essential Minnesota Legal Documents 144 Documents Included