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
occur.
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
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