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.
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”).
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.
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.
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.
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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.
ASSIGNMENT OR SUBLEASE
Lessee shall not assign this Lease or sublet the Leased Property to anyone without the
prior written consent of Lessor.
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].
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.
RETURN OF PROPERTY
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