This Lease of Personal Property can be used by individual for renting or leasing out a
piece of personal property, and not real estate. The agreement contains the material
terms and conditions of the lease including provisions regarding payment,
indemnification, termination and the term of the lease. This document is useful to
individuals or businesses seeking to lease personal property and can be customized to
fit the needs of the drafting parties.
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
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 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.
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 first (1) day of each month and thereafter, during the entire term of
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the Lease pursuant to __________________________ _____________________ Code. 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 Leased Property hereunder.
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
any security law, rule or regulation enacted or promulgated by the United States of America
as provided under to § __________ _____________________ Code.
a. If either Party defaults in the performance of any of its obligations hereunder and fails to
rectify such default within three (3) days as per §_________________
_____________________ Code 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 _______ (__) days as per §
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________________ _____________________ Code. 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 _____ hereof,
Lessee may terminate this Lease at any time on such _______ (___) days as per §
__________________________ Code, 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