LEASE TO OWN AGREEMENT.
This Lease Agreement (hereinafter referred to as the “Agreement”) is made and entered on this ____ day of _____ 2020 (the “Effective Date”), between __________, Address ____________ (hereinafter referred to as the “Lessor”), and _________, Address ____________ (herein referred to as the “Lessee”). See attached copy of the Lessee’s Driving License.
NOW THEREOF, in consideration of the mutual covenants and promises made by the Parties hereto, the Parties covenant and agree as follows:
- TERM.
The initial term of this Agreement shall be for a period Fifteen Months, commencing on the Effective Date herein.
- SCOPE.
- The Lessor shall transfer their Truck to the Lessee for a lease to own arrangement as governed under the terms of this Agreement. A copy of the truck’s registration and specification details have been attached.
- The Lessee shall be responsible for any maintenance costs of the truck during the tern of this Agreement and be responsible for insurance deductibles in a case of a car accident involving the truck during the term of this Agreement.
- Payment.-The cost of the Truck is ____________ Dollars. The Lessee shall pay Four Thousand Dollars ($4,000) down payment on the Effective Date herein, and make monthly payments of One Thousand Five Hundred Dollars ($1,500). Monthly payments must be made on or before the ___ Day of each month.
- Non-payment.-The Lessor shall take back truck in the event that the Lessee fails to make monthly payments as stipulated in this Agreement.
- TERMINATION/CANCELLATION.
The Parties agree that either Party can terminate/cancel this Agreement at any time issuing a ____ day written notice on the same. If the Lessee fails to make monthly payments within the stipulated time, the Lessor shall terminate this Agreement and take immediate possession of the Truck, the Lessee shall forfeit any amount paid.
- MODIFICATION.
This Agreement contains the entire Agreement between the Parties relating to the subject matter hereof and supersedes any and all prior agreements or understandings, written or oral, between the parties related to the subject matter hereof. No modification of this Agreement shall be valid unless made in writing and signed by both parties hereto.
- GOVERNING LAW AND JURISDICTION.
- This Agreement shall be governed by and construed in accordance with the laws of the ____________ [State/Country]. Exclusive jurisdiction and venue shall be in _____________ [State/Country].
- This Agreement shall be binding upon and inure to the benefit of the Lessor and the Lessee and their respective successors and assigns, provided that the Lessee may not assign any of their obligations under this Agreement without the Lessor’s prior written consent.
- Each party represents and warrants to the other that such party has acted in good faith, and agrees to continue to so act, in the negotiation, execution, delivery, performance, and any termination of this Agreement.
IN WITNESS WHEREOF, this Agreement has been executed by the parties as of the Effective Date:
LESSOR.
NAME: ___________________________________________________
DATE: ____________________________________________________
SIGNATURE: ______________________________________________
CONTACT INFORMATION: __________________________________
LESSEE.
NAME: ____________________________________________________
DATE: _____________________________________________________
SIGNATURE: _______________________________________________
CONTACT INFORMATION: __________________________________
At Legal writing experts, we would be happy to assist in preparing any legal document you need. We are international lawyers and attorneys with significant experience in legal drafting, Commercial-Corporate practice and consulting. In the last few years, we have successfully undertaken similar assignments for clients from different jurisdictions. If given this opportunity, The LegalPen will be able to prepare the legal document within the shortest time possible. You can send us your quick enquiry ( here )
