EQUIPMENT LEASING AGREEMENT

BETWEEN

____________________________________________________

(THE “LESSOR”)

AND

______________________________________________________

(THE “LESSEE”)

__________________________________________________________________________________

THIS AGREEMENT is made on the …………..day of……….20……., by the Lessor and Lessee (collectively referred to as “Parties” or individually as “Party”) and includes that Party’s successors and assigns.

In consideration of covenants and agreements contained in this agreement, and other good and valuable consideration, the receipt of which is hereby acknowledged, Parties agree to the following terms and conditions and to be bound thereby:

  1. CONTRACT DURATION 

The Equipment shall be leased from the execution date for twenty-four (24) months. 

  1. EQUIPMENT (MEDICAL/SAFETY TRAINING PRODUCTS)

The Lessor hereby agrees to rent the Lessee the following (“Equipment”):

Name:___________________________________Serial Number_________________________________

Make: ___________________________________Model: ______________________________________

Year: ____________________________________Color: ______________________________________

  1. CONTRACT SUM 

The Lessee shall pay the Lessor $300 (contract sum) for leasing the Equipment, which shall be due on the 1st day of each month.

  1. FORM OF PAYMENT

The contract sum shall be paid through the following method;

_____________________________________________________________________________________

  1. SECURITY DEPOSIT

The Lessee shall pay a security deposit of $ _______________at the time that this Lease is signed. This deposit will be returned to the Lessee at the termination of the Lease, subject to the option of the Lessor to apply it against Lease charges and damages. Any amounts refundable to the Lessee shall be paid at the time this Lease is terminated.

However, Lessor is not limited to the security deposit amount, and Lessee remains liable for any balance. The Lessee shall not apply or deduct any portion of any security deposit from the last or month’s contract sum. Lessee shall not use or apply any such security deposit at any time in place of the payment of the contract sum. If Lessee breaches any terms or conditions of this Agreement, Lessee shall forfeit any deposit, as permitted by law.

  1. PENALTY

A late payment fee of $35 shall be charged for payments made one to five (1-5) days past the due date. If the payment delays for (six to nineteen) 6-19 days, an additional $100 fee shall be charged. All late fees will be due, and all Equipment must be returned in acceptable condition, or additional fees will apply where the payment delay reaches the twentieth (20th) day.

  1. LESSORS REPRESENTATIONS

Lessor represents and warrants that they have the right to lease the Equipment as provided in this agreement and that Lessee shall be entitled to hold and possess the Equipment quietly. Lessor will not interfere with that right as long as Lessee performs all their obligations under this agreement.

  1. WARRANTIES

The Equipment herein is in an “as is” condition, and Lessor has not made and does not hereby make any representation, warranty, or covenant expressed or implied concerning the condition, quality, durability, capability, or suitability of the Equipment or against any patent or latent defects therein.

  1. INSPECTION

Lessor and Lessee acknowledge that the Equipment has been inspected, and the Lessee accepts the Equipment as being in good condition, not including the manufacturer’s defects.

  1. LIABILITY OF THE PARTIES

The Lessee hereby indemnifies and holds harmless the Lessor and any party who may claim through the Lessor against any claims, loss, or damage arising from the use of the Equipment or this agreement unless otherwise expressed.

  1. INSURANCE

Lessee shall be responsible for maintaining insurance on the Equipment with losses payable to Lessor against fire, theft, collision, and other such risks as are appropriate and specified by Lessor. Upon request by Lessor, Lessee shall provide proof of such insurance.

  1. ENCUMBRANCES, TAXES, AND OTHER LAWS

Lessee shall keep the Equipment free and clear of any fines, liens, claims, or other encumbrances and shall not permit any act where Lessor’s title or rights may be negatively affected. Lessee shall be responsible for complying with and conforming to all laws and regulations relating to the Equipment’s possession, use, or maintenance. Furthermore, Lessee shall promptly pay all taxes, fees, licenses, and governmental charges, together with any penalties or interest thereon, relating to the Equipment’s possession, use, or maintenance.

  1. USE OF EQUIPMENT

The Lessee shall only use the Equipment carefully and only for the purposes for which it is intended and comply with all laws, rules, ordinances, statutes, and orders regarding the Equipment’s use, maintenance, or storage.

  1. MAINTENANCE OF EQUIPMENT

Lessee agrees, at its expense, to maintain the Equipment in good condition and per all manufacturers and warranty requirements. Lessee shall be responsible for all expenses that shall result as a part of the normal wear and tear of the Equipment Lessee also agrees to comply with the Lessor’s requirements of maintenance of the Vehicle.

  1. RISK OF LOSS

Lessee assumes and agrees to bear the entire risk of loss, theft, damage, or destruction of the Equipment from any cause whatsoever. In the event of such occurrence to the Equipment, Lessee shall give Lessor prompt notice of the occurrence and thereafter will reimburse or place the Equipment in good repair, condition, and working order. In addition, the obligations of this agreement shall continue in full force and effect through the Lease Term. For damages, the LESSOR shall have the choice to either;- 

  • Cover maintenance
  • Do the repairs 
  1. PURCHASE OPTION AT THE END OF LEASE TERM

This agreement includes an option to purchase the leased Equipment. If all payments are up to date at the 25th month, the Equipment becomes the Lessee’s property.

  1. RETURN OF THE EQUIPMENT

Upon the expiration or termination of this agreement, the Lessee will return the Equipment in the same condition it was in at the beginning of the term. Ordinary wear and tear are accepted. Lessee shall pay any applicable end-of-lease costs.

  1. NON-ASSIGNMENT

The Lessee shall not transfer or assign this agreement without the Lessor’s consent. However, the Lessor may transfer or assign this agreement or subcontract its obligations hereunder at any time without the Lessee’s consent. 

  1. DISPUTE RESOLUTION

Mediation shall resolve any dispute under this agreement. Parties shall act in good faith to resolve the dispute. Nothing in this section shall be construed as limiting the Court’s jurisdiction. In the event of litigation, the prevailing Party will be entitled to its legal fees, including, but not limited to, its attorneys’ fees.

  1. TERMINATION
  • Either Party may terminate this agreement at any time upon breach of the contract by the other Party or if the Parties agree to the termination in writing. Breach of this agreement that would result in termination includes but is not limited to payment made twenty (20) days from the due date, two late payments in a six (6) month period, or failure to properly maintain the Equipment.
  • Otherwise than for breach or consent, a Party may terminate this agreement upon giving the other Party no less than thirty (30) days’ notices in writing. The other Party reserves the right to charge costs that have already been incurred if this provision is breached.
  • The termination of this agreement shall not discharge the liabilities accumulated by either Party.
  • Any Clauses intended by the Parties or this agreement to survive the termination of this agreement shall survive the termination of this agreement by whatever cause.
  1. FORCE MAJEURE

For this agreement, “Force Majeure” means an event which a diligent Party could not have reasonably avoided in the circumstances, which is beyond the control of a Party and includes, but is not limited to, war, riots, civil disorder, earthquake, storm, flood or adverse weather conditions, strikes, lockouts or other industrial action, terrorist acts, confiscation or any other action by government agencies.

A Party’s failure to fulfill its obligations due to Force Majeure shall not be considered as a breach of this agreement, provided that the Party has taken all reasonable precautions, due care, reasonable alternative measures, and minimal delay all to carry out the terms of this agreement.

  1. CONFIDENTIALITY

The Lessee shall not disclose, directly or indirectly to any other person, any information concerning this agreement, whether such information is stated to be confidential or not, without the Lessor’s written permission.

  1. GENERAL PROVISIONS
  • The provisions of this agreement are severable. If any provision is held to be invalid or unenforceable, it shall not affect the validity or enforceability of any other provision.
  • This agreement constitutes the entire agreement between the Parties. It supersedes all prior oral or written agreements or understandings between the Parties concerning the subject matter of this agreement. If any ambiguity is found in the agreement or various documents forming this agreement, the Lessor shall issue any necessary clarification or instruction. The Parties will exercise utmost good faith in this agreement.
  • Parties may alter this agreement subject to a written document signed by all Parties.
  • Except where otherwise provided, failure by either Party to enforce any of these terms or conditions shall not be a waiver of their right to enforce them.
  • This agreement may be executed in counterparts, each of which shall be an original, all of which shall constitute the same instrument.
  • All documents annexed to this agreement shall be subject to the terms under this agreement, provided that the Parties append their signatures on the documents.
  • The article and section headings in this agreement are for convenience; they form in no part of this agreement and shall not affect its interpretation.
  • Any reference to the singular includes the plural and vice versa and the male gender includes the female gender and vice versa.
  • Parties shall be served through the following addresses; either Party may change their addressees by reasonable written notice given to the other Party.

LESSOR: ___________________________________________

     ___________________________________________

LESSEE: ___________________________________________

                ___________________________________________

  • This agreement shall be construed and enforced in accordance with the laws of the State of Florida.

IN WITNESS WHEREOF, the Parties have executed this agreement, as set below.

Signed by the duly authorized representative of the LESSOR:Signature: ……………………………………………. Name: …………………………………………….…… Designation: ………………………………………… Date:…………………………………………….……… Signed by the LESSEE
Signature:
Name:
Date:…………………………………………….……
 
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