EQUIPMENT LEASE
This Equipment Lease (this "Lease") is made
effective as of __________________, between Joseph L. Wilkerson (the "Lessor"), P.O. Box 219, Farmville, VA 23901, and _________________________ (the
"Lessee"),
_________________________, ___
__________, and states the agreement of the parties as follows:
EQUIPMENT SUBJECT TO LEASE.
The Lessor shall lease the equipment
listed on the attached Exhibit "A".
PAYMENT TERMS. The total lease
payment, based on a rate of $___________ per ______________ of use, is due and payable on the first of each month. Charges will be computed from the effective
date of this Lease until the equipment is returned or purchased.
SERVICE CHARGE. If any Lease installment is not paid within 10 day(s) after the
due date, the Lessee shall pay to the Lessor a service charge of $25.00.
NON-SUFFICIENT FUNDS. The Lessee shall be charged $25.00 for each check that
is returned to the Lessor for lack of
sufficient funds.
SECURITY DEPOSIT. In addition to
the lease payment charge, the Lessee shall pay
a security deposit equal to one month’s lease payment at the time that this
Lease is signed. This deposit will be
returned to the Lessee at the termination of this Lease, subject to the option
of the Lessor to apply it against Lease
charges and damages. Any amounts
refundable to the Lessee shall be paid at the time this Lease is terminated.
RISK OF LOSS OR DAMAGE.
The Lessee assumes all risks of loss or
damage to the equipment from any cause, and agrees to return it to the Lessor in the condition received from the Lessor,
with the exception of normal wear and tear.
LEASE TERM. This Lease shall
begin on the above effective date and shall continue for __________________.
LOCATION OF EQUIPMENT. The
equipment shall be located at _________________________,
_________________________, ___ __________, during the lease term, and shall not
be removed from that location without the Lessor's prior written consent.
CARE AND OPERATION OF EQUIPMENT.
The equipment may only be used and operated in a careful and proper
manner. Its use must comply with all laws, ordinances, and regulations
relating to the possession, use, or maintenance of the equipment, including
registration and/or licensing requirements, if any.
ALTERATIONS. Lessee shall make no alterations to the equipment
without the prior consent of the Lessor. All alterations shall be the property of the
Lessor and subject to the terms of this Lease.
MAINTENANCE AND REPAIR.
The Lessee shall maintain the equipment
in good repair and operating condition, allowing for reasonable wear and
tear.
The Lessee shall pay all costs required to maintain the
equipment in good operating condition.
Such costs shall include labor, material, parts, and similar items.
LESSOR'S RIGHT OF INSPECTION.
The Lessor shall have the right to
inspect the equipment during Lessee's normal business hours.
RETURN OF EQUIPMENT. At the
end of the Lease term, the Lessee shall be
obligated to return the equipment to the Lessor.
OPTION TO RENEW. If the Lessee is not in default
upon the expiration of this lease, the Lessee shall have first option to lease
the equipment on such terms as the parties may agree at that time.
OPTION TO PURCHASE. If the Lessee is not in default
under this Lease, the Lessee shall have the option to purchase items of
equipment at the end of the specified lease term for the price specified for
such items of equipment in the attached Equipment Schedule. The Lessee shall exercise this option by
providing written notice to the Lessor of such
intent at least 60 day(s) prior to the end of the lease term.
ACCEPTANCE OF EQUIPMENT.
The Lessee shall inspect each item of
equipment delivered pursuant to this Lease.
The Lessee shall immediately notify the Lessor
of any discrepancies between such item of equipment and the description of the
equipment in the Equipment Schedule. If
the Lessee fails to provide such notice before accepting delivery of the
equipment, the Lessee will be conclusively presumed to have accepted the
equipment as specified in the Equipment Schedule.
OWNERSHIP AND STATUS OF EQUIPMENT.
The equipment will be deemed to be personal property, regardless of the
manner in which it may be attached to any other property. The Lessor
shall be deemed to have retained title to the equipment at all times, unless
the Lessor transfers the title by sale.
The Lessee shall immediately advise the
Lessor regarding any notice of any claim, levy,
lien, or legal process issued against the
equipment.
WARRANTY. The Lessor
makes no warranties, express
or implied, as to the equipment leased. The Lessee
assumes the responsibility for the condition of the equipment.
INDEMNITY OF LESSOR FOR LOSS OR DAMAGES.
If the equipment is damaged or lost, the Lessor
shall have the option of requiring the Lessee
to repair the equipment to a state of good working order, or replace the
equipment with like equipment in good repair, which equipment shall become the
property of the Lessor and subject to this Lease.
LIABILITY AND INDEMNITY.
Liability for injury, disability, and
death of Lessee and other persons caused by operating, handling, or
transporting the equipment during the term of this Lease is the obligation of
the Lessee, and the Lessee shall indemnify and hold the Lessor
harmless from and against all such liability.
CASUALTY INSURANCE. The Lessee shall insure the equipment in an amount
sufficient to cover the replacement cost of the equipment.
TAXES AND FEES. During the term
of this Lease, the Lessor shall pay all taxes,
assessments, and license and registration fees on the equipment if necessary.
DEFAULT. The occurrence
of any of the following shall constitute a default
under this Lease:
A. The failure to make a required payment
under this Lease when due.
B. The violation of any other provision or
requirement that is not corrected within 30 day(s) after written notice of the
violation is given.
C. The insolvency
or bankruptcy of the Lessee.
D. The subjection
of any of Lessee's property to any levy, seizure, assignment,
application or sale for or by any creditor or government agency.
RIGHTS ON DEFAULT. If the Lessee is in default
under this Lease, without notice to or demand on the Lessee, the Lessor may take possession of the equipment as
provided by law, deduct the costs of recovery (including attorney fees and
legal costs), repair, and related costs, and hold the Lessee responsible for
any deficiency. The Lessor shall be
obligated to re-lease the equipment, or otherwise mitigate
the damages from the default, only as required
by law.
NOTICE. All notices
required or permitted under this Lease shall be deemed delivered when delivered
in person or by mail, postage prepaid, addressed to the appropriate party at
the address shown for that party at the beginning of this Lease.
ASSIGNMENT. The Lessee shall not assign or sublet any interest in
this Lease or the equipment or permit the equipment to be used by anyone other
than the Lessee or Lessee's employees, without Lessor's prior written consent.
ENTIRE AGREEMENT AND MODIFICATION.
This Lease constitutes the entire agreement between the parties. No modification or amendment of this Lease
shall be effective unless in writing and signed by both parties. This Lease replaces any and all prior
agreements between the parties.
GOVERNING LAW. This Lease shall
be construed in accordance with the laws of the State of Virginia.
SEVERABILITY. If any portion
of this Lease shall be held to be invalid or unenforceable for any reason, the
remaining provisions shall continue to be valid and
enforceable. If a court finds
that any provision of this Lease is invalid or unenforceable, but that by limiting
such provision, it would become valid and enforceable, then such provision
shall be deemed to be written, construed, and enforced as so limited.
WAIVER. The failure of
either party to enforce any provision of this Lease shall not be construed as a
waiver or limitation of that party's right to subsequently enforce and compel
strict compliance with every provision of this Lease.
CERTIFICATION. Lessee certifies that the application, statements,
trade references, and financial reports submitted to Lessor
are true and correct and any material misrepresentation
will constitute a default under this Lease.
ARBITRATION. Any controversy or claim relating to this Lease,
including the construction or application of
this Lease, will be settled by binding arbitration
under the rules of the American Arbitration
Association, and any judgment granted
by the arbitrator(s) may be enforced in any
court of proper jurisdiction.
Lessor:
_________________________
____________________________________________________
_________________________
Lessee:
_________________________
____________________________________________________
_________________________
EXHIBIT A
Equipment Schedule
Equipment Description: _________________________
Lease End Purchase Price: $0.00