This net equipment lease 2 template has 7 pages and is a MS Word file type listed under our production & operations documents.
Sample of our net equipment lease 2 template:
NET EQUIPMENT LEASE This Net Equipment Lease (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] Lease No. [NUMBER] EQUIPMENT AND RENT Lessor hereby leases and Lessee hereby rents from Lessor, at a total rent for the term of this lease of [AMOUNT], which Lessee agrees to pay to Lessor as hereinafter set forth, the following personal property (hereinafter called "Equipment"): (Describe fully, giving name of manufacturer, model, serial no.) TERM This lease, upon the rents, promises, terms and conditions set forth herein, is for a term of [NUMBER] months, commencing on the date (the "Commencement Date") that Equipment is delivered to Lessee or shipped via common or other carrier for delivery to Lessee, whichever shall be earlier. PURCHASE AND DELIVERY OF EQUIPMENT Lessee hereby directs that Equipment (which Lessee has requested Lessor to purchase) be shipped via common or other carrier to Lessee at, City of [COUNTRY], Province of [STATE/PROVINCE]. PAYMENT OF RENT Lessee agrees to pay Lessor the total rent specified above in monthly payments as follows: consecutive payments each of [AMOUNT]; then consecutive payments each of [AMOUNT]; then The foregoing payments shall be made as follows: TIME: Upon signing this lease, Lessee shall pay Lessor the sum of [AMOUNT], constituting the payment in advance of the Security Deposit of [AMOUNT] and the [DATE] of monthly payments of rent stated above. On the Commencement Date, Lessee shall commence, and on the corresponding date of each month thereafter shall continue making the remaining monthly payments in the order and amounts stated above, until the total rent shall have been paid in full. LOCATION AND IDENTIFICATION OF EQUIPMENT Equipment shall be located at the address to which Equipment is to be shipped as set forth in Section 3, and shall not be removed from such location without the prior written consent of Lessor. Lessee will not change or remove any insignia or lettering which is on Equipment at the time of delivery thereof or which is thereafter placed thereon indicating Lessor's ownership thereof, and at any time during the term of this lease, upon request of Lessor, Lessee will affix to Equipment, in a prominent place, labels, plates or other marking supplied by Lessor stating that Equipment is owned by Lessor. LESSEE'S INSPECTION, CONCLUSIVE PRESUMPTIONS Lessor shall not be liable for loss or damage occasioned by any cause, circumstance or event of whatsoever nature, including but not limited to failure of or delay in delivery, delivery to the wrong place, delivery of improper Equipment or property other than Equipment, damage to Equipment, governmental regulations, strike, embargo or any other cause, circumstance or event, whether of like or unlike nature. Lessee shall inspect Equipment within [NUMBER] business days after its arrival at the address set forth in Section 3. Unless within said [NUMBER] business days Lessee gives written notice to Lessor, specifying any defect in or other proper objection to Equipment, Lessee agrees that it shall be conclusively presumed, as between Lessor and Lessee, that Lessee has fully inspected Equipment, that Equipment is in full compliance with the terms of this lease and in good condition and repair, and that Lessee is satisfied with and has accepted Equipment in case Lessee gives such written notice with respect to any item of Equipment, Lessee shall on demand by Lessor, pay Lessor any amounts theretofore paid or owing by Lessor in respect of the purchase of such item of Equipment and upon such payment Lessee shall be subrogated to Lessor's claim if any against the manufacturer or other supplier thereof and Lessee shall become entitled to such item as-is-where-is, without warranty, express or implied by the Lessor with respect to any matter whatsoever, and Lessee shall indemnify and save Lessor harmless from any and all liability to the manufacturer or other supplier thereof. USE AND MAINTENANCE, ALTERATIONS AND ADDITIONS Lessee shall use Equipment solely in the conduct of its business and in a careful and proper manner and shall not part with possession of or enter into any sub-lease with respect to Equipment or any part thereof or assign this lease or its interest hereunder without the prior written consent of Lessor. Lessee at its own cost and expense shall keep Equipment in good repair, condition and working order and shall furnish any and all parts and labour required for that purpose. Lessee shall not make any material alterations to Equipment without the prior written consent of Lessor. All equipment accessories, parts and replacements for or which are added to or become attached to Equipment shall immediately become the property of Lessor and shall be deemed incorporated in Equipment and subject to the terms of this lease as if originally leased hereunder. LOSS AND DAMAGE Lessee hereby assumes and shall bear the entire risk of loss of and damage to Equipment from any and every cause whatsoever. No loss of or damage to Equipment 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 Equipment (unless the same is damaged beyond repair), Lessee, at the option of Lessor, shall at Lessee's expense place the same in good repair condition and working order; or replace the same with like Equipment of the same make and of the same or a later model, and in good repair condition and working order. If Equipment, or any item thereof, is determined by Lessor to be lost, stolen, destroyed or damaged beyond repair, Lessee shall immediately pay Lessor therefor in cash an amount equal to the aggregate amount of unpaid total rent for the balance of the term of this lease or the amount of such unpaid total rent allocated by Lessor to the item or items involved, as the case may be. Upon such payment this lease shall terminate with respect to Equipment or items thereof so paid for, and Lessee thereupon shall become entitled thereto as-is-where-is, without warranty, express or implied, with respect to any matter whatsoever. 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 Equipment, but shall be credited with any amounts received by Lessor with respect thereto from liability insurance procured by Lessee. INSURANCE Lessee shall keep Equipment insured against all risks of loss or damage from every cause whatsoever for not less than the replacement cost new of said leased equipment without consideration for depreciation and shall carry public liability insurance, both personal injury and property damage; covering Equipment; and Lessee shall be liable for all deductible portions of all required insurance. 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
