Docstoc Legal Agreements
This Lease of Personal Property can be used by individuals for renting or leasing out a
piece of personal property, and not real estate. The agreement sets forth the material
terms of the lease including provisions regarding payment, indemnification, termination and
the term of the lease. It contains numerous standard clauses as well as opportunities for
customization to fit the needs of the parties. This document is useful to individuals or
businesses located in Idaho seeking to lease personal property.
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LEASE OF PERSONAL PROPERTY
This Lease of Personal Property (hereinafter the “Lease”) is made on _____ [Month] _____
[Date], 20_____ [Year] by and between ________________________________ [Instruction:
Insert the name of lessor], residing at _______________________________ [Instruction:
Insert the address of lessor] (hereinafter “Lessor”) and ________________________________
[Instruction: Insert the name of lessee], residing at _______________________________
[Instruction: Insert the address of lessee] (hereinafter “Lessee”). Lessor and Lessee may
individually be referred to as “Party” and collectively as “Parties”.
WHEREAS Lessor is the sole owner and wishes to Lease the personal property described in
Exhibit A attached hereto and made a part hereof, all of which is hereinafter the “Leased
Property”;
WHEREAS, Lessee wishes to lease the Leased Property from Lessor on the terms and
conditions contained herein.
NOW THEREFORE the Parties agree upon the following terms and conditions:
1. Term.
The term of this Lease shall commence on _____ [Month] _____ [Date], 20_____ [Year]
and end on _____ [Month] _____ [Date], 20_____ [Year] [Instruction: Insert the period
for which this Lease is to be enforced i.e. commencement and ending date]. Lessee shall
have the right, subject to the consent of the Lessor, to extend the term of this Lease for the
period of ________ (___) [Instruction: Insert the period of time e.g., eleven (11)] months
after the expiration of the above term by giving written notice thereof to Lessor at least
________ (___) [Instruction: Insert the period of time e.g., Ten (10)] days before the end
of the above term on the same provisions as set forth herein.
2. Lease Payments.
In consideration for the leasing of the above described Leased Property, Lessee agrees to pay
to Lessor for use of such Leased Property a sum of ________ ($___) [Instruction: Insert the
amount of rent e.g., fifty dollars only ($ 50)] per month, the first payment of which is
payable on or before the first (1) day of each month and thereafter, during the entire term of
the Lease pursuant to Section 5, Chapter 20, Title 55 of 2011 Idaho Code. Such payme