This equipment and leasehold improvements lease agreement long template has 21 pages and is a MS Word file type listed under our production & operations documents.
Sample of our equipment and leasehold improvements lease agreement long template:
EQUIPMENT AND LEASEHOLD IMPROVEMENTS LEASE AGREEMENT This Equipment and Leasehold Improvements Lease Agreement (the "Agreement") is effective [DATE], BETWEEN: [YOUR COMPANY NAME] (the "Lessor"), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] AND: [COMPANY NAME] (the "Lessee"), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] WHEREAS Lessor as seller and the Lessee as purchaser have entered into an asset purchase agreement concurrently herewith (hereinafter, the "Asset Purchase Agreement") pursuant to which the Lessee has purchased certain assets of Lessor relating to its [STATE/PROVINCE] Business; WHEREAS pursuant to the Asset Purchase Agreement, Lessor has entered into various leases with the Lessee concurrently herewith and therewith (the "Premises Leases") pursuant to which Lessor has leased to the Lessee the locations operated by Lessor in the [STATE/PROVINCE] and identified in each of the Premises Leases (the "Locations"); WHEREAS the Asset Purchase Agreement contemplates that Lessor shall, as part of such transaction, lease the equipment and leasehold improvements used by Lessor in the Locations to the Lessee; NOW THEREFORE, THE PARTIES HERETO AGREE AS FOLLOWS: EQUIPMENT AND LEASEHOLD IMPROVEMENTS Lessor hereby leases to the Lessee, and the Lessee hereby rents from Lessor, for the term of this lease, the equipment detailed in Schedule A hereto (hereinafter called the "Equipment") and the leasehold improvements detailed in Schedule B hereto (hereinafter called the "Improvements"), itemized in each case for each Location. LOCATION AND IDENTIFICATION OF EQUIPMENT When not in active use, the Equipment shall be located at, and its movements shall at all times be controlled from, the address of each Location where it is currently found, as identified in Schedule A hereto, and neither the Equipment nor the Improvements shall be removed from such Location without the prior written consent of Lessor. Neither the Equipment nor the Improvements shall be located in leased premises (other than pursuant to the Premises Leases) unless the owner and any lessor thereof waive any right, title and interest they may have as such in the Equipment and Improvements in favor of Lessor. The Lessee will not change or remove any insignia or lettering which is on the Equipment or Improvements at the time of delivery thereof or which is thereafter placed thereon by Lessor, and at any time during the term of this lease, upon Lessor's request, Lessee will affix to the Equipment or Improvements (as the case may be), in a prominent place and manner such markings as may be supplied by Lessor. LESSEE'S INSPECTION, CONCLUSIVE PRESUMPTIONS Lessee acknowledges as between Lessor and the Lessee, that the Lessee has fully inspected the Equipment and Improvements and that the Lessee is satisfied with and has accepted the Equipment and Improvements. The taking of possession of the Equipment and Improvements by the Lessee shall be conclusive evidence that they were in good order and condition. USE AND MAINTENANCE, ALTERATIONS AND ADDITIONS Lessee shall use the Equipment solely in the conduct of the [STATE/PROVINCE] Business and in a careful and proper manner, and shall not part with possession of or enter into any sub-lease with respect to the Equipment or Improvements or any part thereof or assign this lease or its interest hereunder without Lessor's prior written consent. The Lessee at its own cost and expense shall keep the Equipment and Improvements in good repair, condition and working order and shall furnish any and all parts and labor required for that purpose. The Lessee shall not make any material alterations to the Equipment or Improvements without Lessor's prior written consent. All accessories, parts and replacements for or which are added to or become attached to the Equipment or Improvements shall immediately become the property of Lessor and shall be deemed incorporated in the Equipment and subject to the terms of this lease as if originally leased hereunder. LOSS AND DAMAGE Subject to the following, the Lessee hereby assumes and shall bear the entire risk of loss of and damage to the Equipment and Improvements from any and every cause whatsoever, except where such loss or damage occurs while the Equipment or Improvements are leased or have been sold to a third party pursuant to section 4 hereof. No reparable damage to the Equipment or Improvements or any part thereof shall impair any obligation of Lessee under this lease, which shall continue in full force and effect. In the event of damage of any kind whatever to any item of the Equipment or any of the Improvements (unless the same is damaged beyond repair), Lessee shall at its own expense place the same in good repair condition and working order. If the Equipment or Improvements are, or any item thereof is, determined by Lessor to be lost, stolen, destroyed or damaged beyond repair, Lessee shall immediately pay Lessor therefore in cash an amount equal to (i) the depreciated value of the Equipment or Improvements (as the case may be) as of the date of such loss, theft or damage less (ii) any insurance proceeds or salvage value recovered by Lessor in respect of the Equipment or Improvements. Upon such payment this lease shall terminate with respect to such item of the Equipment or Improvements (as the case may be). INDEMNITY Lessee shall indemnify and save Lessor harmless from any and all liability arising out of the ownership, selection, possession, leasing, renting, operation control, use, maintenance, delivery and/or return of the Equipment and Improvements, but shall be credited with any amounts received by Lessor with respect thereto from liability insurance procured by Lessee. INSURANCE Lessee shall keep the Equipment and Improvements insured against all risks of loss or damage from every cause whatsoever for not less than the replacement cost new of the said Equipment or Improvements without consideration for depreciation and shall carry public liability insurance, both personal injury and property damage; covering the Equipment and Improvements; and Lessee shall be liable for all deductible portions of all required insurance. All insurance policies shall provide that any breach of the conditions for insurance thereunder by the Lessee shall not be opposable to Lessor in its capacity as co-insured under the said policy. All said insurance should be in form and amount and with companies satisfactory to Lessor. All insurance for loss or damage shall provide that losses, if any, shall be payable to Lessor, and all such liability insurance shall be in the joint names of Lessor and Lessee. Lessee shall pay the premiums therefore and deliver to Lessor the policies of insurance or duplicates thereof, or other evidence satisfactory to Lessor of such insurance coverage. Each insurer shall agree by endorsement upon the policy or policies issued by it or by independent instrument furnished to Lessor, that it will give Lessor [NUMBER] days' prior written notice of the effective date of any alteration or cancellation of such policy. The proceeds of such insurance payable as a result of loss of or damage to the Equipment or Improvements shall be applied, at the option of Lessor, (a) toward the replacement; restoration or repair of the Equipment or Improvements which may be lost, stolen, destroyed or damaged, or (b) toward payment of the obligations of Lessee hereunder. Lessee hereby irrevocably appoints Lessor as Lessee's attorney-in-fact to make claim for, receive payment of, and execute and endorse all documents, check or drafts received in payment for loss or damage under any said insurance policy.
