Lease of Equipment with Option to Purchase by pellcity27

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									                     Lease of Equipment with Option to Purchase

        Lease Agreement made on the (date), between (Name of Lessee) of (street
address, city, state, zip code), referred to herein as Lessee, and (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
Lessee.
      For and in consideration of the mutual covenants contained in this Agreement,
and other good and valuable consideration, the parties agree as follows:
1.     Lease of Equipment
      Lessor leases to Lessee the Equipment described in Exhibit A attached hereto
and made a part hereof (the Equipment), for the period of (number) months
commencing from the date of shipment by Lessor and upon the following conditions and
agreements.
2.      Delivery and Return of Property
        Lessor shall ship Equipment to (street address, city, state, zip code), with freight
prepaid. At the end of the term of the Lease, Lessee shall return the Equipment, with
freight prepaid, to Lessor at the place from which Equipment was shipped in as good
condition as exists at the commencement of the term, reasonable wear and tear
excepted. The Equipment shall be subject to inspection by Lessor before returned to
Lessor and if a reasonable price for restoring the Equipment to such condition cannot
be agreed upon, the disagreement will be handled by Arbitration as described in
Section 14 below.

3.      Rent
        Lessee shall pay as rent $____________, which includes interest at ____% at
the office of Lessor at (street address, city, state, zip code), in (number) successive
monthly installments of $______________ each, payable in advance on the first day of
the month beginning with (date), plus $_______________to be paid as the last
payment.

4.      Title to Equipment
        Unless the Equipment is purchased by Lessee as provided below and until full
payment of such purchase price in cash, and any interest due, the Equipment and all its
parts shall retain its character as personal property and the title to the Equipment shall
not pass to Lessee but shall remain in Lessor. Lessee shall not remove, conceal, or
otherwise interfere with the title or ownership plate of Lessor affixed to the Equipment
until and unless the Equipment is purchased and full payment is made as provided in
this Agreement.

5.     Option to Purchase
       Lessor hereby grants to Lessee the option to purchase the Equipment at any
time during the term of this Lease upon payment of $______________. If Lessee
exercises this option, all of the rental payments made pursuant to this Agreement shall
be applied to the purchase price, and the balance of the purchase price shall be paid in
cash. The parties agree that THERE ARE NO EXPRESS WARRANTIES OTHER THAN
THOSE APPEARING IN THIS AGREEMENT AND THERE ARE NO IMPLIED WARRANTIES,
EITHER OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, IN
CONNECTION WITH EITHER THE LEASE OF THE EQUIPMENT OR ANY EXERCISE OF
THE OPTION TO PURCHASE UNDER THIS AGREEMENT.

6.     Repossession
       If Lessee shall sell, assign, or attempt to sell or assign the Equipment or any
interest in the same, or if Lessee defaults in any of the covenants, conditions, or
provisions of this Lease, it is agreed that Lessor may immediately and without notice
take possession of the Equipment wherever found and may remove and keep or
dispose of the Equipment, and any unpaid rentals shall at once become due and
payable. If any step is taken by legal action or otherwise by Lessor to recover
possession of the Equipment or otherwise enforce this Agreement or to collect moneys
due under this Agreement, then Lessee shall reimburse Lessor for its expenses and
charges incurred for such purpose, including reasonable attorney's fees.

7.      Use and Location of Equipment
        Lessee shall use the Equipment only at (street address, city, state, zip code),
and shall not at any time remove the Equipment from that place except in returning the
Equipment to Lessor or except as may be permitted by Lessor in writing. Lessee shall
use the Equipment at all times in a workmanlike manner and in such manner as will not
injure the same except by the ordinary wear and tear of the Equipment when in good
workmanlike use. Lessee shall at its own e
								
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