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Agreement to Lease Equipment - Without Warranty

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Agreement to Lease Equipment - Without Warranty Powered By Docstoc
					This is an agreement to lease equipment pursuant to the specific terms and conditions
as negotiated by the parties. This agreement contains indemnification, rent, and
disclaimer clauses, but does not have a warranty provision. This template document
contains both standard clauses and opportunities for the use of optional terms and
conditions making it fully customizable to fit the needs of the contracting parties. This
form is useful to individuals or businesses seeking to lease equipment without a
warranty.
               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, the Lessor is the sole owner of that certain equipment describe in Exhibit A.

WHEREAS, the 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
The Lessor agrees to lease to the Lessee, and the Lessee agrees to lease and rent from the Lessor, the
equipment more fully described in Exhibit A, (the “Equipment”), on the terms and conditions of this
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. The Equipment shall remain personal
property even if installed in or attached to real property.

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




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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.

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:

     a. 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 Agreement.

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.

				
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Description: This is an agreement to lease equipment pursuant to the specific terms and conditions as negotiated by the parties. This agreement contains indemnification, rent, and disclaimer clauses, but does not have a warranty provision. This template document contains both standard clauses and opportunities for the use of optional terms and conditions making it fully customizable to fit the needs of the contracting parties. This form is useful to individuals or businesses seeking to lease equipment without a warranty.