LEASE
OF EQUIPMENT
1. PARTIES.
THIS LEASE DEED is made at___on this ___ day of
___ BETWEEN ___aged___, residing at___hereinafter
referred to as the LESSOR (which expression shall
unless it is repugnant to the context or meaning
thereof, be deemed to mean and include her heirs,
legal representatives, successors and assigns) of
the ONE PART; AND___aged___, residing at
___hereinafter referred to as the LESSEE (which
expression shall unless it be repugnant to the
context or meaning thereof, be deemed to mean and
include its successors and permitted assigns) of
the OTHER PART
2. LEASE OF
EQUIPMENT. For and in consideration of the
covenants and agreements hereinafter contained,
to be kept and performed by lessee, lessor has
leased and does hereby lease to lessee the
personal property known and described as follows:
hereafter designated as equipment, to have and to
hold the same unto Lessee for the period of______
months commencing from ____.
3. DELIVERY AND
RETURN OF PROPERTY. Lessor shall deliver
equipment to ____ , freight prepaid. At the end
of the term thereof Lessee shall return equipment
freight prepaid to Lessor at the place from which
equipment was shipped in as good condition as
exists at the commencement of the term,
reasonable wear and tear in respect thereto
expected.
4. RENT.
Lessee shall pay as rent for the leasing the sum
of Rs______ at the office of Lessor at ______ in
________ monthly installments of________ each,
payable in advance on the first day of the month
beginning with ___________, plus ________ to be
paid as the last payment.
5. RESERVATION
OF TITLE. Equipment and all parts thereof
shall, unless a purchase thereof is made as is
herein provided and until full payment of such
purchase price and all interest which may be due
thereon is made in cash to the Lessor, retain its
character as personal property and the title
thereto shall not pass to Lessee but shall remain
in Lessor.
6. REPOSSESSION.
If Lessee shall sell, assign or attempt to sell
or assign, equipment or any interest therein, or
if Lessee defaults in any of the covenants,
conditions or provisions of this Lease, it is
agreed that Lessor may immediately and without
notice take possession of equipment wheresoever
found and to remove and keep or dispose of the
same and any unpaid rentals shall at once become
due and payable.
7. LOCATION AND
USE. Lessee shall use equipment only in
_______ and shall not at any time remove the same
________ from the place _________ except in
returning the same to Lessor or except as may be
permitted by Lessor by consent thereto in
writing.
8. INDEMNIFICATION
OF LESSOR. Lessee shall and does hereby agree
to protect and save Lessor harmless against any
and all losses or damage to equipment by fire,
flood, explosion, tornado or theft and Lessee
shall and does hereby assume all liability to any
person whomsoever arising from the location,
condition or use of equipment, and shall
indemnify Lessor of and from all liability, claim
and demand whatsoever arising from the location,
condition, or use of equipment whether in
operation or not, and growing out of any cause,
and from every other liability, claim and demand
whatsoever during the term of this Lease or
arising while equipment is in the possession of
Lessee. Lessee also agrees to promptly reimburse
Lessor, in cash, for any and all personal
property taxes levied against equipment and paid
by Lessor.
9. TIME OF
ESSENCE. Time is the essence of this
agreement.
10. NO
ASSIGNMENT. Neither this Lease and agreement
nor any right or interest thereunder shall be
assigned by Lessee in any respect whatsoever.
11. CHOICE OF
LAW. This Lease and agreement shall be deemed
to have been executed and entered into in the
Republic of India and shall be construed,
enforced and performed in accordance with the
laws thereof.
12. EXCLUSION
OF ORAL STATEMENTS. This instrument contains
all of the agreements of the parties. No oral or
other statements shall be binding on either of
the parties hereto.
13. GUARANTEE.
All parts of this equipment are guaranteed
against defective parts or workmanship for a
period of ninety (90) days from date of delivery
and any parts returned to factory freight prepaid
will be replaced free of charge if found
defective.
- IN WITNESS
WHEREOF the Lessor and the Lessee have
signed this lease on the date mentioned
above.
- Signed Sealed
and Delivered by the
- withinnamed
"LESSOR" Mr.______
- in the
presence of ______________
- Signed Sealed
and Delivered by the
- withinnamed
"LESSEE" Mr.______
- in the
presence of ______________
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