TRUCK LEASE AGREEMENT
This Truck Lease Agreement (hereinafter the “Agreement”) is entered into and made effective as of _______________________________ (“Effective Date”) by and between M24 Trucking LLC (hereinafter the “Lessor”) AND __________________________ (hereinafter the “Lessee”). The Parties agree as follows:
- LEASED TRUCK DESCRIPTION
The following truck is subject to this Agreement: 2014 Reefer Trailer.
In consideration for receipt of the Truck, the Lessee shall pay M24 Trucking LLC $ 1,000 bi-weekly every Friday by direct deposit which equals $ 2,000 per month and a grand total of $ 72,000 every 3 years. The first payment is due on 26 November 2021. The Lessee will not be required to pay any security deposit.
This Agreement shall commence on _________________________ and be effective for a period of 3 years. If the Lessee fails to pay any amount due under this Agreement or comply with any of the covenants contained in this Agreement, the Company may terminate this Agreement upon thirty (30) days written notice and exercise any remedies under applicable law.
Lessee must maintain Automobile Liability Insurance in the form of any applicable bodily injury and property damage coverage, and collision and comprehensive insurance as required by _______________ law. Proof of insurance or the insurance card must be provided to the Company upon request. The Lessee is responsible for insuring the Truck based on its full value. The Company will be named as the registered owner and as ‘Additional Insured’ and loss payee in the insurance policy.
During the term of this Lease, the Lessee shall pay all applicable taxes, assessments, and license and registration fees on the Truck. Lessee agrees to pay all fines, tickets, or penalties incurred in connection with the operation of the vehicle during the term of this Agreement.
The Company is responsible for normal wear and tear. However, the Lessee may be charged for excessive wear based on the Company’s specifications and generally accepted standards for normal use. Excessive wear and tear includes, but is not limited to: damaged body panels, damaged glass, lights, fender, paint, dysfunctional accessories, extremely worn tire thread, any damage to the interior, and any mechanical damage that interferes with the safe and lawful operation of the truck.
Lessee agrees, at its expense, to maintain the Truck in good condition, repair maintenance, and running order and in accordance with all manufacturers and warranty requirements. Lessee shall be responsible for all expenses that result as part of the normal wear and tear of the automobile. Lessee agrees to comply with the Company’s requirements of maintenance of the Truck such as, but not limited to, tire rotation and replacement of the air lifter, replacement of hoses, clamps, belts, spark plugs, and oil changes.
At the end of the Lease the Truck may be returned to the care of the Company. Lessee shall pay any applicable end-of-lease costs.
If a court holds any provision of this Agreement to be illegal, invalid, of unenforceable, the remaining provisions shall remain in full force and effect and the Parties will amend this Agreement to give effect to the stricken clause to the maximum extent possible.
- ENTIRE AGREEMENT AND MODIFICATION
This Lease constitutes of the entire agreement between the Parties. No modification or amendment of this Lease shall be effective unless in writing and signed by both parties.
Lessee agrees to indemnify and hold harmless the Company from any loss and shall keep the Truck free from encumbrances, fines, lines, claims, and expenses resulting from the maintenance and use of the Truck.
- GOVERNING LAW
This Lease shall be construed and governed by the Laws of ___________________
IN WITNESS WHEREOF, the parties affix their signatures as follows:
Lessee’s name: _________________________
Company Rep’s name: _________________________
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