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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 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 Upon expiration of this Lease, Lessee shall return the Leased Property to Lessor in good repair, ordinary wear and tear excepted. SECTION TEN INDEMNITY Lessee will indemnify Lessor against, and hold Lessor harmless from, all claims, actions, proceedings, damages, and liabilities, including attorneys’ fees, arising from or connected with Lessee’s possession, use, or operation of the Leased Property. SECTION ELEVEN APPLICABLE LAW This Lease and the construction thereof shall be governed by the laws of the State of __________. SECTION TWELVE NOTICES Any notices to be given under this Lease shall be given by mailing such notices to Lessor at _______________________________ [INSERT LESSOR’S STREET address], City of __________ State of __________, and to Lessee at _________________________________________ [INSERT LESSEE’S STREET address], City of __________ State of __________. Dated __________ _____________________________________________ Signature _____________________________________________ Signature © Copyright 2013 Docstoc Inc. 4
"Personal Property Lease Agreement"