Equipment Lease Agreement Template

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EQUIPMENT LEASE AGREEMENT
Between
_____________________ (Lessor)
And
(ORGANISATION NAME) (Lessee)
1.
Parties - This is a Lease Agreement between ______________ ("Lessor"), a company organized
under the laws of ______________, and (Organisation Name) ("(ORGANISATION NAME)"), a
nonprofit religious corporation organized under the laws of California, pursuant to which Lessor
agrees to lease [e.g., “certain video equipment”] owned by Lessor to (ORGANISATION NAME), and
(ORGANISATION NAME) agrees to hire such equipment from Lessor.
2.
Leased Equipment - The items listed below are the items that are the subject of this agreement (the
"Leased Equipment"). The list of Leased Equipment may be amended from time to time in a writing
signed by both parties.
-
[list items]
-
3.
Term and Termination
a. The term of this Lease Agreement shall be for a period of one year, beginning ______ and
ending on _____________.
b. Upon expiration of this Agreement, (ORGANISATION NAME) will pay the costs of shipping the
Leased Equipment to ___________.
c. Either party may terminate this Lease Agreement without cause by giving thirty (30) days
written notice to the other party. The parties shall deal with each other in good faith during
the 30-day period after which any such notice has been given. Upon any such early
termination, (ORGANISATION NAME) will relinquish possession of the Leased Equipment to
Lessor and (ORGANISATION NAME) will have no further obligation to make payments under
this Agreement. If Lessor requests termination, Lessor shall bear all costs of removing the
Leased Equipment from the location where it is being utilized by (ORGANISATION NAME). If
(ORGANISATION NAME) requests termination, at Lessor's option (ORGANISATION NAME) shall
either turn over possession at the location where the Leased Equipment is being utilized, or
bear the cost of returning the Leased Equipment to _____________.
4.
Payments - In consideration for the use of the Leased Equipment, for so long as this Agreement
remains in force, (ORGANISATION NAME) agrees to pay Lessor the sum of __________ per month.
The first such payment will be due on ____________, and thereafter payments will be due on or
before the 15th day of each month, with the twelfth and final payment to be made on or before
_____________. Payments will be made by _______ [bank wire transfer to X account, etc.]
5.
Use of Leased Equipment - The Leased Equipment will be used by ___________ [prime
EQUIPMENT LEASE AGREEMENT
Between
_____________________ (Lessor)
And
(ORGANISATION NAME) (Lessee)
1.
Parties - This is a Lease Agreement between ______________ ("Lessor"), a company organized
under the laws of ______________, and (Organisation Name) ("(ORGANISATION NAME)"), a
nonprofit religious corporation organized under the laws of California, pursuant to which Lessor
agrees to lease [e.g., “certain video equipment”] owned by Lessor to (ORGANISATION NAME), and
(ORGANISATION NAME) agrees to hire such equipment from Lessor.
2.
Leased Equipment - The items listed below are the items that are the subject of this agreement (the
"Leased Equipment"). The list of Leased Equipment may be amended from time to time in a writing
signed by both parties.
-
[list items]
-
3.
Term and Termination
a. The term of this Lease Agreement shall be for a period of one year, beginning ______ and
ending on _____________.
b. Upon expiration of this Agreement, (ORGANISATION NAME) will pay the costs of shipping the
Leased Equipment to ___________.
c. Either party may terminate this Lease Agreement without cause by giving thirty (30) days
written notice to the other party. The parties shall deal with each other in good faith during
the 30-day period after which any such notice has been given. Upon any such early
termination, (ORGANISATION NAME) will relinquish possession of the Leased Equipment to
Lessor and (ORGANISATION NAME) will have no further obligation to make payments under
this Agreement. If Lessor requests termination, Lessor shall bear all costs of removing the
Leased Equipment from the location where it is being utilized by (ORGANISATION NAME). If
(ORGANISATION NAME) requests termination, at Lessor's option (ORGANISATION NAME) shall
either turn over possession at the location where the Leased Equipment is being utilized, or
bear the cost of returning the Leased Equipment to _____________.
4.
Payments - In consideration for the use of the Leased Equipment, for so long as this Agreement
remains in force, (ORGANISATION NAME) agrees to pay Lessor the sum of __________ per month.
The first such payment will be due on ____________, and thereafter payments will be due on or
before the 15th day of each month, with the twelfth and final payment to be made on or before
_____________. Payments will be made by _______ [bank wire transfer to X account, etc.]
5.
Use of Leased Equipment - The Leased Equipment will be used by ___________ [prime
(ORGANISATION NAME) staff position] based in __________, or by other professionals designated
as appropriate. (ORGANISATION NAME) shall otherwise have unrestricted use of the Leased
Equipment during the term of this Agreement, at whatever locations (ORGANISATION NAME) may
desire. (ORGANISATION NAME) shall be responsible for all transportation costs and import/export
duties or other local property taxes that may be assessed with respect to the Leased Equipment
(except as noted in paragraph 3.c. above).
6.
Maintenance - Lessor shall be responsible for any and all routine maintenance required by the
Leased Equipment during the term of this Agreement. Any such required maintenance shall be
performed at the location where (ORGANISATION NAME) is using the Leased Equipment.
7.
Insurance - For the term of this Agreement, Lessor shall continue in force its current property
insurance covering damage, destruction, or theft of the Leased Equipment. A copy of such insurance
policy shall be attached to this Agreement. (ORGANISATION NAME) shall reimburse Lessor for the
premium cost of such insurance coverage, up to a maximum of ___________. In the event of a
covered loss under such insurance policy, (ORGANISATION NAME) shall bear the cost of the policy
deductible. (ORGANISATION NAME) agrees to assume the risk of any damage or destruction to the
Leased Equipment that is not covered under such insurance policy.
8. Notices - Any notice or other communication to be given under this Agreement shall be in writing
and shall be sent to the parties at the following addresses:
[Lessor Name and contact information]
[(ORGANISATION NAME) name and contact
information]
9.
Miscellaneous
a. This document constitutes the entire agreement between the parties, and supersedes any
earlier statement or understanding. No changes or additions to the terms of the Agreement
shall be valid unless in writing and signed by both parties.
b. This Agreement will be governed by the laws of ………………………………….
c. If there is any dispute concerning the performance of this Agreement that cannot be settled by
negotiation, the parties agree first to try in good faith to settle the dispute by mediation under
the ……………………….. (Name of Arbitration entity).
Thereafter, any remaining controversy
shall be settled by arbitration in accordance with the ………………….Arbitration , and judgment
upon the award rendered by the arbitrator(s) may be entered in any court having jurisdiction
thereof. The arbitration shall be conducted in …………………, or in such other location mutually
agreed to by the parties.
AGREED TO this _____ day of _________, in _______________, by:
LESSOR
(ORGANISATION NAME)
_________________________
__________________________
[INSERT NAME AND TITLE]
[INSERT NAME AND TITLE]

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