Contract for the Lease of Personal Property
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					                         Contract for the Lease of Personal Property

        Contract made on the (date), between (Name of Lessor), a corporation organized and
existing under the laws of the state of ______________, with its principal office located at
(street address, city, state, zip code), referred to herein as Lessor, and (Name of Lessee), a
corporation organized and existing under the laws of the state of ______________, with its
principal office located at (street address, city, state, zip code), referred to herein as Lessee.

       Whereas, Lessor and Lessee (sometimes referred to herein as the Parties) have
entered into an Asset Purchase Agreement, a copy of which is attached hereto as Exhibit A
and made a part hereof by reference; and

       Whereas, the Parties desire to enter into this Contract to last until the consummation of
said Asset Purchase Agreement;

      Now, therefore, for and in consideration of the mutual covenants contained in this
Agreement, and other good and valuable consideration, the parties agree as follows:

I.     Lease of Personal Property
       A.     Lease.
              Lessor hereby demises and leases to Lessee and Lessee hereby takes and rents
       from Lessor that certain personal property described in Exhibit B attached hereto and
       incorporated herein by reference, together with all additions and substitutions thereto
       (hereinafter called the Property).

       B.      Term.
               The initial term of the Lease shall begin on the (date), and shall terminate on the
       Closing Date of that certain Asset Purchase Agreement between the parties dated
       (date), or upon the termination of said Asset Purchase Agreement whichever shall first

       C.      Repairs
               All repairs, maintenance, replacement or reconstruction of whatever kind or
       nature to the Property are to be made by Lessee at Lessee's expense. If Lessee fails to
       make such repairs or replacements promptly or within fifteen (15) days of occurrence,
       Lessor may, at its option, make such repairs or replacements and Lessee shall repay the
       costs thereof to Lessor on demand. If the Asset Purchase Agreement is terminated,
       Lessee shall deliver up the Property to the Lessor in good condition, ordinary wear and
       tear excepted.

       D.     Assignment and Subleasing
              Lessee shall not have the right to assign this Lease nor sublet the Property in
       whole or in part without first procuring the written consent of the Lessor. After any
       consent to assignment or sublease, Lessee shall remain fully liable for payment of rent
       and other covenants and obligations of the Lessee herein contained.

       E.      Indemnity.
               Lessee agrees to indemnify and hold harmless Lessor from any liability arising
       out of Lessee's use of the Property during the term of this Contract.

II.    Relationship of Parties
       It is understood and agreed that the relationship of the parties hereto is strictly that of
Lessor and Lessee and that the Lessor has no ownership in the Lessee's enterprise and the
Contract shall not be construed as a joint venture or partnership. The Lessee is not and shall
not be deemed to be an agent or representative of the Lessor.

III.    Contract Binding on Assigns
        All covenants, conditions, agreements and undertakings contained in this Contract shall
extend to and be binding on the respective heirs, successors and assigns of the respective
Shared By:
Description: The Consumer Credit Protection Act requires disclosure in various types of financial transactions. Title I, the Truth in Lending Act (TILA), requires full disclosure of credit terms by a creditor prior to entering into consumer loans or "credit sales" of property or services. The Consumer Leasing Act subsequently enacted as a subchapter of the Truth in Lending Act, requires lessors to meet similar disclosure requirements prior to entering into consumer leases. However, a consumer lease means a contract in the form of a bailment or lease for the use of personal property by a natural person primarily for personal, family, or household purposes, for a period exceeding four months and for a total contractual obligation not exceeding $25,000. We are assuming that this lease of is not covered the this Act and therefore such disclosures are not necessary.
PARTNER William Glover
I received my B.B.A. from the University of Mississippi in 1973 and my J.D. from the University of Mississippi School of Law in 1976. I joined the firm of Wells Marble & Hurst in May 1976 as an Associate and became a Partner in 1979. While at Wells, I supervised all major real estate commercial loan transactions as well as major employment law cases. My practice also involved estate administration and general commercial law. I joined the faculty of Belhaven College, in Jackson, MS, in 1996 as Assistant Professor of Business Administration and College Attorney. While at Belhaven I taught Business Law and Business Ethics in the BBA and MBA programs; Judicial Process and Constitutional Law History for Political Science Department); and Sports Law for the Department of Sports Administration. I am now on the staff of US Legal Forms, Inc., and drafts forms, legal digests, and legal summaries. I am a LTC and was Staff Judge Advocate for the Mississippi State Guard from 2004-2008. I now serve as the Commanding Officer of the 220th MP BN at Camp McCain near Grenada, MS. I served on active duty during Hurricanes Dennis (July, 2005), Katrina (August, 2005) and Gustav in 2008. I played football at the University of Mississippi in 1969-1971 under Coach John Vaught. I am the author of the Sports Law Book (For Coaches and Administrators) and the Sports Law Handbook for Coaches and Administrators (with Legal Forms),