Equipment Lease Agreement

EQUIPMENT LEASE AGREEMENT

THIS EQUIPMENT LEASE AGREEMENT (“Agreement”) is made on [Date],
BETWEEN:
[Lessor Name], of [Lessor Address] (“Lessor”)
AND
[Lessee Name], of [Lessee Address] (“Lessee”).

RECITALS

WHEREAS, Lessor is the owner of certain equipment and desires to lease such equipment to Lessee;
AND WHEREAS, Lessee desires to lease the equipment from Lessor on the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the mutual covenants and promises herein contained, the parties agree as follows:

1. EQUIPMENT DESCRIPTION

The equipment subject to this Agreement is as follows:

• Description: [Equipment Description]
• Make/Model: [Make/Model]
• Serial Number: [Serial Number]
• Condition: [Condition of Equipment]
  (Collectively, the “Equipment”)

2. LEASE TERM

1. The lease term shall begin on [Start Date] and shall:
   • End on [End Date]; OR
   • Continue on a month-to-month basis until terminated by either party with [Notice Period Days] days’ written notice.

3. RENT AND PAYMENT TERMS

1. Lessee shall pay Lessor rent in the amount of [Rental Amount] per [week/month/other period].
2. Payment is due on or before the [Due Date] of each [period].
3. Late payments may incur a late fee of [Late Fee Amount] after [Number of Days Late] days.

4. SECURITY DEPOSIT

1. Lessee shall pay a security deposit of [Security Deposit Amount] upon execution of this Agreement.
2. The security deposit shall be held by Lessor as security for the performance of Lessee’s obligations and may be applied to unpaid rent, damages (excluding reasonable wear and tear), or other defaults.
3. Any remaining deposit shall be returned to Lessee within [Number of Days] days after the end of the lease term.

5. USE AND MAINTENANCE

1. Lessee shall use the Equipment only for lawful purposes and in accordance with manufacturer instructions.
2. Lessee shall not sublease, assign, or transfer the Equipment without Lessor’s prior written consent.
3. Lessee is responsible for routine maintenance and care of the Equipment during the lease term.
4. Lessee shall immediately notify Lessor of any damage, loss, or malfunction.

6. OWNERSHIP

1. The Equipment shall remain the sole property of Lessor.
2. Lessee shall have no right, title, or interest in the Equipment except as lessee under this Agreement.

7. INSPECTION

1. Lessor may, upon reasonable notice, inspect the Equipment during normal business hours to ensure proper use and maintenance.

8. INSURANCE

1. [Optional: Lessee shall maintain insurance coverage for the Equipment in the amount of [Insurance Amount] naming Lessor as an additional insured/loss payee.]

9. RETURN OF EQUIPMENT

1. Upon expiration or termination of this Agreement, Lessee shall return the Equipment to Lessor at [Return Location], in the same condition as received, reasonable wear and tear excepted.
2. If Equipment is not returned, or is returned damaged (beyond reasonable wear and tear), Lessee shall be liable for the cost of repair or replacement.

10. INDEMNIFICATION

1. Lessee agrees to indemnify and hold harmless Lessor from any claims, damages, losses, or expenses arising from Lessee’s use or possession of the Equipment.

11. DEFAULT AND TERMINATION

1. If Lessee fails to pay rent or breaches any other term, Lessor may terminate this Agreement upon [Notice Period Days] days’ written notice.
2. Upon termination, Lessee shall immediately return the Equipment.

12. LIMITATION OF LIABILITY

1. Lessor shall not be liable for any indirect, incidental, or consequential damages arising out of Lessee’s use of the Equipment.

13. NOTICES

1. All notices under this Agreement shall be in writing and delivered to the parties at their respective addresses stated above (or such other address as either party may provide in writing).

14. GOVERNING LAW

1. This Agreement shall be governed by and construed in accordance with the laws of [Governing Law State/Country].

15. ENTIRE AGREEMENT

1. This Agreement constitutes the entire agreement between the parties regarding the subject matter hereof and supersedes all prior agreements or understandings.
2. Any amendments or modifications must be in writing and signed by both parties.

16. SEVERABILITY

1. If any provision of this Agreement is found to be invalid or unenforceable, the remaining provisions shall remain in full force and effect.

17. COUNTERPARTS

1. This Agreement may be executed in counterparts, each of which shall be deemed an original.

Disclaimer

This document is a template and may not be suitable for all situations. The parties should consult with legal counsel before signing this agreement.

SIGNATURES

IN WITNESS WHEREOF, the parties have executed this Equipment Lease Agreement as of the date first written above.

LESSOR:
Name: ___________________________
Signature: ______________________
Date: ___________________________

LESSEE:
Name: ___________________________
Signature: ______________________
Date: ___________________________