Docstoc

Personal Property Lease Agreement

Document Sample
Personal Property Lease Agreement Powered By Docstoc
					This Personal Property Lease Agreement is for the renting or leasing of personal
property, such as a vehicle or equipment, and not for real estate. This document sets
forth the material terms and conditions of the agreement including the rent amount, the
term of the lease, and the security deposit. It contains numerous standard clauses that
are commonly included in these types of agreements and may be customized to
address the specific needs of the contracting parties. This document should be used by
lessors and lessees of personal property.
                                LEASE AGREEMENT
                                       SECTION ONE

                DESCRIPTION OF PARTIES AND PROPERTY LEASED

       _______________________           [INSERT         Name      of        Lessor],      of
 ____________________________ [INSERT street address of Lessor], City of __________,
 State       of       ____________          (hereinafter     “Lessor”),       leases       to
 __________________________________            [INSERT     NAME      OF      LESSEE],      of
 _____________________________________________________ [INSERT address of
 Lessee], City of __________, State of ____________ (hereinafter “Lessee”), and Lessee leases
 from Lessor the following described personal property: [DESCRIBE PERSONAL
 PROPERTY LEASED; give as full and specific of description as possible, including serial
 numbers, if any]__________ (hereinafter “Leased Property”).

                                       SECTION TWO

                                     TERM OF LEASE

      The term of this Lease shall be __________ months, such term to commence on
 __________ [date], and to terminate on __________ [date], unless otherwise terminated by the
 provisions of this Lease.

                                     SECTION THREE

                                            RENT

      In consideration for the leasing of the above-described Leased Property, Lessee agrees to
 pay to Lessor as rent for such Leased Property the sum of ____________ U.S. Dollars
 ($___________) per month, the first payment of which shall be due and owing on or before
 ___________ [date], and each subsequent payment of which shall be due and owing on or
 before the __________ day of each month thereafter, during the entire term of the Lease. Such
 payments shall be made at Lessor’s address as set forth in Section One of this lease.

                                         SECTION FOUR

                                      SECURITY DEPOSIT

       Lessee shall deposit with Lessor the sum of $_____________ U.S. Dollars as a security
 deposit for the Leased Property. In the event that the Leased Property is damaged beyond
 normal wear and tear, the Lessor shall take possession of the Leased Property and have it
 repaired. Lessor may deduct the cost of repair from the Lessee’s security deposit, and at
 termination of the lease, return the security deposit to lessee, less any amount deducted.




© Copyright 2013 Docstoc Inc.                                                         2
                                        SECTION FIVE

                                MAINTENANCE AND REPAIR

      Lessee shall exercise due care in the use and maintenance of the Leased Property,
 keeping it in good repair and in equivalent condition equivalent to that in which it was received
 by Lessee, normal wear and tear excepted.

                                         SECTION SIX

                                ASSIGNMENT OR SUBLEASE

       Lessee shall not assign this Lease or sublet the Leased Property to anyone without the
 prior written consent of Lessor.

                                       SECTION SEVEN

                        DEFAULT AND REMEDIES FOR DEFAULT

       If Lessee is in default of any rental payments, as set forth in this Lease, or removes or
 attempts to remove the Leased Property from [INSERT State, city or other applicable
 geographic area]_______________, without first obtaining the written consent of Lessor, or if
 Lessor determines that the Leased Property has been unduly damaged, Lessor shall, at his or
 her option, terminate this Lease and Lessee’s right to possession of the Leased Property, and
 Lessor shall then without demand on, or notice to, Lessee, take possession of the Leased
 Property. If damaged beyond normal wear and tear exists, Lessor may have the Leased
 Property repaired, and then subtract the amount of repair from Lessee’s security deposit. If the
 amount of repair exceeds the amount of security deposit, Lessor may demand immediate
 payment of the excess. Should Lessee fail to tender immediate payment of the excess, Lessor
 reserves the right to pursue any and all legal options available under federal, state or local law
 to recover same. If the amount of repair is less than the amount of security deposit, then the
 excess shall be returned to Lessee. . In the event of conversion of the Leased Property by
 Lessee, Lessor shall have all remedies available pursuant to the State of
 ___________[INSERT name of State].

                                       SECTION EIGHT

                                  INSPECTION BY LESSOR

      Lessor shall, during Lessee’s business hours, have the right to enter the premises where
 the Leased Property is located in order to inspect the Leased Property.

                                        SECTION NINE

                                   RETURN OF PROPERTY




© Copyright 2013 Docstoc Inc.                                                            3

				
DOCUMENT INFO
Shared By:
Tags: Sales, Leases
Stats:
views:1629
posted:10/18/2007
language:English
pages:5
Description: This Personal Property Lease Agreement is for the renting or leasing of personal property, such as a vehicle or equipment, and not for real estate. This document sets forth the material terms and conditions of the agreement including the rent amount, the term of the lease, and the security deposit. It contains numerous standard clauses that are commonly included in these types of agreements and may be customized to address the specific needs of the contracting parties. This document should be used by lessors and lessees of personal property.
This document is also part of a package Real Estate Business Templates 153 Documents Included