Home Agreements Model Format of Equipment Lease

Model Format of Equipment Lease

February 19, 2019

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Model Format of Equipment Lease

Equipment Lease

This Equipment Lease (“Lease”) is made effective as of ____________ (Date), by and
between _________________ (“Lessor”) and _____________________ (“Lessee”).

The agreement of the parties is as follows:

1. Equipment subject to Lease. Lessor shall lease the Equipment (“Equipment”) listed in
Exhibit 1.

2. Payment Terms. The Lessee shall make ___ payments of Rs.________, for a total amount of Rs.________. Payments shall be due on the first day of each month, with the first payment due on __________________. The lease payments shall be due
without further notice to Lessee of any payment being due.

3. Late Charge. A late charge of 5% of the payment shall be due if any Lease payment is not received within 10 days of the due date. In addition, interest will be charged at the rate of 1.5% per month, or 18% per year, on any unpaid balances.

4. Insufficient Check Charge. Lessee shall be charged Rs.___ for each check that is returned to the Lessor for lack of sufficient or collectible funds or for any other reason whatsoever.

5. Security Deposit. Lessee shall pay a security deposit of two payments or Rs. _______, at the time 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 applying it against Lease charges and damages. Any amounts refundable to the Lessee shall be paid at the time this Lease is terminated. The security deposit shall bear interest at an annual rate of 6% from the date paid to the Lessor until the date refunded, based on the total amount of the security deposit………

Note: This is just the part of the agreement. To get it drafted completely by legal experts, kindly contact the expert team of Aapka Consultant by clicking here

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