This lease is used when a lessor agrees to lease furniture or equipment to a lessee.
This document contains the material terms and conditions of the agreement including a
description of the furniture or equipment, the term of the lease, the rental rate, and the
deposit. It contains numerous standard provisions that are commonly included in lease
agreements and may be customized to fit the particular needs of the contracting parties.
This document should be when leasing furniture or equipment.
Lease of Furniture and Equipment
Agreement made on the (date), between (Name of Lessor) of (street address,
city, state, zip code), referred to herein as Lessor, and (Name of Lessee), of (street
address, city, state, zip code), referred to herein as Lessee.
Whereas, Lessor desires to lease to Lessee, and Lessee desires to lease from
Lessor, certain furniture and equipment;
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:
Lessor leases to Lessee, and Lessee leases from Lessor, the equipment and
furniture described in Exhibit A attached hereto and made a part hereof. If additions or
deletions are made to the equipment or furniture during the term of this Lease, Lessor
and Lessee shall agree upon such changes in a corrected Exhibit A. Thereafter both
parties shall sign and date a revised Exhibit A and then attach it to this Lease. Lessor
reserves the right to adjust the rent amount with respect to such additions and/or
deletions during the term of this Lease.
The term of this Lease shall commence on (date) hereinafter sometimes referred
to as the commencement date; and shall expire on (date). Lessor and Lessee are also
parties to a certain Lease for office space, hereinafter called the Office Lease, of even
date with this Lease for premises in which the Furniture and Equipment is located.
III. Rent and Deposit
The monthly rent for the Furniture and Equipment shall be payable in
installments of $_____________ each month, beginning on (date) and on the (date) of
each succeeding month throughout the term of this Lease, at (street address, city, state,
zip code), or at such other place as Lessor may designate from time to time. Any
installment payment not made by the (number) day of the month shall be considered
overdue and in addition to Lessor's other remedies, Lessor may levy a late payment
charge equal to _____% per month on any overdue amount. Rent for any partial month
shall be prorated.
Lessee shall use the Furniture and Equipment in a careful and proper manner
and shall comply with and conform to all national, state, municipal, police and other
laws, ordinances and regulations in any way relating to the possession, use or
maintenance of the Furniture and Equipment. LESSOR DISCLAIMS ANY AND ALL
OTHER WARRANTIES, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO
IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR
PURPOSE, EXCEPT THAT LESSOR WARRANTS THAT LESSOR HAS THE RIGHT TO
LEASE THE EQUIPMENT, AS PROVIDED IN THIS LEASE.
Lessee, at its own cost and expense, shall keep the Furniture and Equipment in
good repair, condition and working order and shall furnish any and all parts,
mechanisms and devices required to keep the Furniture and Equipment in good
mechanical working order.
VI. Loss and Damages
A. Lessee assumes and shall bear the entire risk of loss and damage to the
Equipment from any and every cause whatsoever. No loss or damage to the
Equipment or any part thereof shall impair any obligation of Lessee under this
Lease, which shall continue in full force and effect through the term of the Lease.
B. In the event of loss or damage of any kind whatever to the Equipment,
Lessee shall, at Lessor's option:
1. Place the Equipment in good repair, condition and working order;
2. Replace the Equipment with like equipment in good repair,
condition and working order; or
3. Pay to Lessor the replacement cost of the Equipment.
Upon the expiration or earlier termination of this Lease, Lessee shall return the
Furniture and Equipment to Lessor in good repair, condition and working order, ordinary
wear and tear resulting from proper use alone excepted, by delivering the Furniture and
Equipment at Lessee's cost and expense to such place as Lessor shall specify within
the city or county in which the same was delivered to Lessee.
Lessee shall procure and continuously maintain and pay for:
A. All risk insurance against loss of and damage to the Furniture and
Equipment for not less than the full replacement value of the Furniture and
Equipment, naming Lessor as loss payee; and
B. Combined public liability and property damage insurance with limits as
approved by Lessor, naming Lessor as additionally named insured and a loss
payee. The insurance shall be in such form and with such company or
companies as shall be reasonably acceptable to Lessor, shall provide at least
(number of days) days' advance written notice to Lessor of any cancellation,
change or modification, and shall provide primary coverage for the protection of
Lessee and Lessor without regard to any other coverage carried by Lessee or
Lessor protecting against similar risks. Lessee shall provide Lessor with an
original policy or certificate evidencing such insurance. Lessee appoints Lessor
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as Lessee's attorney-in-fact with power and authority to do all things, including,
but not limited to, making claims, receiving payments and endorsing documents,
checks or drafts necessary or advisable to secure payments due under any
policy of insurance required under this Lease.
Lessee shall keep the Furniture and Equipment free and clear of all levies, liens
and encumbrances. Lessee, or Lessor at Lessee's expense, shall report, pay and
discharge when due all license and registration fees, assessments, sales, use and
property taxes, gross receipts, taxes arising out of receipts from use or operation of the
Furniture and Equipment, and other taxes, fees and governmental charges similar or
dissimilar to the foregoing, together with any penalties or interest on the same, imposed
by any state, federal or local government, or any agency or department of such
government, upon the Furniture and Equipment or the purchase, use, operation or
leasing of the Furniture and Equipment or otherwise in any manner with respect thereto
and whether or not the same shall be assessed against or in the name of Lessor or
Lessee. However, Lessee shall not be required to pay or discharge any such tax or
assessment so long as it shall, in good faith and by appropriate legal proceedings,
contest the validity of such tax or assessment in any reasonable manner which will not
affect or endanger the title and interest of Lessor to the Furniture and Equipment;
provided, however, that Lessee shall reimburse Lessor for any damages or expenses
resulting from such failure to pay or discharge.
X. Lessorâ€™s Payment
In case of failure of Lessee to procure or maintain the insurance or to pay fees,
assessments, charges and taxes, all as specified in this Lease, Lessor shall have the
right, but shall not be obligated, to procure or maintain such insurance, or pay the fees,
assignments, charges and taxes, as the case may be. In that event, the cost of the
same shall be repayable to Lessor with the next installment of rent, and failure to repay
the same shall carry with it the same consequences, including interest at _______% per
annum, as failure to pay any installment of rent.
Lessee shall indemnify Lessor against, and hold Lessor harmless from, any and
all claims, actions, suits, proceedings, costs, expenses, damages and liabilities,
including reasonable attorney's fees and costs, arising out of, connected with, or
resulting from Lessee's use of the Furniture and Equipment, including but not limited to
the manufacture, selection, delivery, possession, use, operation, or return of the
Furniture and Equipment.
If Lessee fails to pay any rent or other amount in this Lease provided within
(number of days) days after the same is due and payable, or if Lessee fails to observe,
keep or perform any other provision of this Lease required to be observed, kept or
performed by Lessee, Lessor shall have the right to exercise any one or more of the
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A. To declare the entire amount of rent under this Lease immediately due
and payable without notice or demand to Lessee.
B. To sue for and recover all rents, and other payments, then accrued or later
C. To take possession of the Furniture and Equipment, without demand or
notice, wherever the Furniture and Equipment may be located, without any court
order or other process of law. Lessee waives any and all damages occasioned
by such taking of possession.
D. To terminate this Lease.
E. To pursue any other remedy at law or in equity. Notwithstanding any
repossession or any other action which Lessor may take, Lessee shall be and
remain liable for the full performance of all obligations on the part of the Lessee
to be performed under this Lease. All of Lessor's remedies are cumulative, and
may be exercised concurrently or separately.
Neither this Lease nor any interest in it is assignable or transferable by operation
of law. If any proceeding under the Bankruptcy Act, as amended, is commenced by or
against the Lessee, or if the Lessee is adjudged insolvent, or if Lessee makes any
assignment for the benefit of his creditors, or if a writ of attachment or execution is
levied on the Furniture and Equipment and is not released or satisfied within (number of
days) days after such levy, or if a receiver is appointed in any proceeding or action to
which Lessee is a party with authority to take possession or control of the Furniture and
Equipment, Lessor shall have and may exercise any one or more of the remedies set
forth in Section 14 of this Lease; and this Lease shall, at the option of Lessor, without
notice, immediately terminate and shall not be treated as an asset of Lessee after the
exercise of such option.
The Furniture and Equipment is, and shall at all times be and remain, the sole
and exclusive property of Lessor, and Lessee shall have no right, title or interest in or to
the Furniture and Equipment except as expressly set forth in this Lease.
XV. Additional Documents
If Lessor shall so request, Lessee shall execute and deliver to Lessor such
documents as Lessor shall deem necessary or desirable for purposes of recording or
filing to protect the interest of Lessor in the Furniture and Equipment, including but not
limited to a UCC financing statement.
The invalidity of any portion of this Agreement will not and shall not be deemed to
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affect the validity of any other provision. If any provision of this Agreement is held to be
invalid, the parties agree that the remaining provisions shall be deemed to be in full
force and effect as if they had been executed by both parties subsequent to the
expungement of the invalid provision.
XVII. No Waiver
The failure of either party to this Agreement to insist upon the performance of any
of the terms and conditions of this Agreement, or the waiver of any breach of any of the
terms and conditions of this Agreement, shall not be construed as subsequently waiving
any such terms and conditions, but the same shall continue and remain in full force and
effect as if no such forbearance or waiver had occurred.
XVIII. Governing Law
This Agreement shall be governed by, construed, and enforced in accordance
with the laws of the State of (name of state).
Unless provided herein to the contrary, any notice provided for or concerning this
Agreement shall be in writing and shall be deemed sufficiently given when sent by
certified or registered mail if sent to the respective address of each party as set forth at
the beginning of this Agreement.
XX. Mandatory Arbitration
Notwithstanding the foregoing, and anything herein to the contrary, any dispute
under this Agreement shall be required to be resolved by binding arbitration of the
parties hereto. If the parties cannot agree on an arbitrator, each party shall select one
arbitrator and both arbitrators shall then select a third. The third arbitrator so selected
shall arbitrate said dispute. The arbitration shall be governed by the rules of the
American Arbitration Association then in force and effect.
XXI. Entire Agreement
This Agreement shall constitute the entire agreement between the parties and
any prior understanding or representation of any kind preceding the date of this
Agreement shall not be binding upon either party except to the extent incorporated in
XXII. Modification of Agreement
Any modification of this Agreement or additional obligation assumed by either
party in connection with this Agreement shall be binding only if placed in writing and
signed by each party or an authorized representative of each party.
XXIII. Assignment of Rights
The rights of each party under this Agreement are personal to that party and may
not be assigned or transferred to any other person, firm, corporation, or other entity
without the prior, express, and written consent of the other party.
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This Agreement may be executed in any number of counterparts, each of which
shall be deemed to be an original, but all of which together shall constitute but one and
the same instrument.
WITNESS our signatures as of the day and date first above stated.
(Signature of Lessor) (Signature of Lessee)
(Printed Name of Lessor) (Printed Name of Lessee)
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