This is an agreement to lease equipment pursuant to the specific terms and conditions as negotiated by the parties. This agreement contains provisions regarding indemnification, rental payments, and disclaimer clauses, but does not have a warranty provision. This document is useful to individuals or businesses located in Arkansas seeking to lease equipment without a warranty and can be customized to fit the needs of the drafting parties.
Docstoc Legal Agreements This is an agreement to lease equipment pursuant to the specific terms and conditions as negotiated by the parties. This agreement contains provisions regarding indemnification, rental payments, and disclaimer clauses, but does not have a warranty provision. This document is useful to individuals or businesses located in Arkansas seeking to lease equipment without a warranty and can be customized to fit the needs of the drafting parties. ® 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 guidance and should be modified by you o r 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. 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All Rights Reserved AGREEMENT TO LEASE EQUIPMENT (WITHOUT WARRANTY) THIS AGREEMENT TO LEASE EQUIPMENT (“Lease Agreement”) is made and effective ________ [Month] __ [Date], 20__ [Year], by and between ____________________________ [Instruction: Insert the name of Lessor], located at __________________________________________ [Instruction: Insert the address of the Lessor] (“Lessor”) and _______________________________ [Instruction: Insert the name of Lessee], located at __________________________________ [Instruction: Insert the address of the Lessee] (“Lessee”). WHEREAS, Lessor is the sole owner of that certain equipment describe in Exhibit A. WHEREAS, 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 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 Lessee 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. 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 Agreement. The Equipment shall remain personal property even if installed in or attached to real property. © Copyright 2011 Docstoc, Inc. registered document proprietary, copy not 2 6. Surrender Lessee acquires no ownership rights in the Equipment and has no option to purchase same. Upon the expiration or termination this Lease Agreement, or in the event of a default pursuant to Paragraph 11 herein, 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, by delivering it, packed and ready for shipment, to such place or carrier as Lessor may specify. 7. 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 Lease Agreement. 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. 8. Insurance Lessee shall procure and continuously maintain and pay for all risk insurance against loss of and damage to the Equipment for not less than the full replacement value of the Equipment, naming Lessor as loss payee. [Instruction & Comment: Please consult an attorney registered in State if equipment relates to vehicle or medical.] 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 [Comment: these numbers are not provided by the law, but can be any number the user chooses] 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 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. © Copyright 2011 Docstoc, Inc. registered document proprietary, copy not 3 9. 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. 10. 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 Agreement. 11. Default. Lessee shall be in default of this Lease Agreement if: a) Lessee shall fail to make any payment due under the terms of this Lease Agreement for a period of ___________ (___) [◊Ten (10)] days [Comment: these numbers are not provided by the law, but can be any number the user chooses] from the due date thereof; or b) Lessee shall fail to observe, keep, or perform any other provision of this Lease Agreement; or c) Lessee has made any misleading or false statement in connection with, application for, or performance of this Lease Agreement; or d) 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 e) Lessee dies or ceases to exist; or © Copyright 2011 Docstoc, Inc. registered document proprietary, copy not 4 f) 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/her 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)] [Comment: these numbers are not provided by the law, but can be any number the user chooses] 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. 12. Remedies If Lessee is in default, Lessor, with or without notice to Lessee, shall have the right to exercise any one or more of the following remedies, concurrently or separately and without any election of remedies being deemed to have been made: a) To declare the entire amount of rent hereunder immediately due and payable without notice or demand to Lessee. b) To sue for and recover all rents, and other payments, then accrued or thereafter accruing. c) To take possession of the Equipment, without demand or notice, wherever the same may be located, without any court order or other process of law. Lessee hereby waives any and all damages occasioned by such taking of possession. d) To terminate this Lease Agreement. e) To pursue any other remedy at law or in equity. 13. Modification 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. 14. Notice 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: If to Lessor to: _____________________________________ _____________________________________ _____________________________________ _____________________________________ © Copyright 2011 Docstoc, Inc. registered document proprietary, copy not 5 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. 15. Additional Provisions ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ __________________________. 16. Validity If any provision of this Lease Agreement is held to be invalid, such invalidity shall not affect the validity or enforceability of any other provision of this Lease Agreement. 17. Assignment Lessee shall not assign this Lease Agreement or its interest in the Equipment without the prior written consent of Lessor. 18. Headings 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 Arkansas. IN WITNESS WHEREOF, the said parties hereto have hereunto set their hands and seals as of the date first here above written ______________________________________________ [Lessor] Signature ______________________________________________ © Copyright 2011 Docstoc, Inc. registered document proprietary, copy not 6 Name of Lessor ______________________________________________ [Lessee] Signature ______________________________________________ Name of Lessee © Copyright 2011 Docstoc, Inc. registered document proprietary, copy not 7 EXHIBIT A [Instruction: Insert description of equipment to be leased] EQUIPMENT DESCRIPTION S.No Manufacturer Model Quantity Serial Number © Copyright 2011 Docstoc, Inc. registered document proprietary, copy not 8 EXHIBIT B [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 taxes __________ Quarterly __________ Others © Copyright 2011 Docstoc, Inc. registered document proprietary, copy not 9
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