Equipment Lease Agreement (Page 2 of 6) in pdf

Equipment Lease Agreement Page 2

(c)

Lessor has no duty to furnish substitute equipment if the inoperable

Equipment is out of service (i) because of damage resulting from the negligence

of, or misuse of the equipment by, Lessee or Lessee’s agents or employees or (ii)

for repair or maintenance of special equipment or accessories for which Lessor is

not responsible.

(d)

Substitute equipment is subject to all of the terms and conditions of

this Agreement while in Lessee’s service.

Title to Equipment

2.03. Title to all Equipment leased under this Agreement will remain in Lessor.

Lessee will acquire no right, title, equity or other interest in any leased

Equipment.

Registration

2.04. All Equipment leased under this Agreement will remain at all times under

the registered ownership of Lessor according to the public record of each state

where the Equipment is principally used.

ARTICLE 3 - PAYMENTS BY LESSEE

Rent

3.01. Lessee agrees to pay Lessor $____________ per month during the term

of this Agreement. Rental payments must be made at Lessor’s place of business

or at any other place of business as Lessor or an assignee of the rent may direct.

Rental payments are payable monthly on the ____ day of each month during the

term of this Agreement.

Late Rental Payments

3.02. Past due rental payments shall bear interests at the rate of 5% per year

until paid. Lessee shall promptly pay any such interest upon receipt of an invoice

therefor from Lessor.

ARTICLE 4 - OPERATION AND MAINTENANCE

Ordinary Use

4.01. Lessee promises to operate the Equipment only in the normal and

ordinary course of Lessee’s business, and not in violation of any law, rule,

regulation, statute or ordinance. Lessee promises to indemnify and hold Lessor

Equipment Lease Agreement Page 2