EQUIPMENT LEASE AGREEMENT
(ORGANISATION NAME) (Lessee)
1. Parties - This is a Lease Agreement between ______________ ("Lessor"), a company organized under the laws of ______________, and (Organisation Name) ("(ORGANISATION NAME)"), a nonprofit religious corporation organized under the laws of …….., pursuant to which Lessor agrees to lease [e.g., “certain video equipment”] owned by Lessor to (ORGANISATION NAME), and (ORGANISATION NAME) agrees to hire such equipment from Lessor.
2. Leased Equipment - The items listed below are the items that are the subject of this agreement (the "Leased Equipment"). The list of Leased Equipment may be amended from time to time in a writing signed by both parties.
- [list items]
3. Term and Termination
a. The term of this Lease Agreement shall be for a period of one year, beginning ______ and ending on _____________.
b. Upon expiration of this Agreement, (ORGANISATION NAME) will pay the costs of shipping the Leased Equipment to ___________.
c. Either party may terminate this Lease Agreement without cause by giving thirty (30) days written notice to the other party. The parties shall deal with each other in good faith during the 30-day period after which any such notice has been given. Upon any such early termination, (ORGANISATION NAME) will relinquish possession of the Leased Equipment to Lessor and (ORGANISATION NAME) will have no further obligation to make payments under this Agreement. If Lessor requests termination, Lessor shall bear all costs of removing the Leased Equipment from the location where it is being utilized by (ORGANISATION NAME). If (ORGANISATION NAME) requests termination, at Lessor's option (ORGANISATION NAME) shall either turn over possession at the location where the Leased Equipment is being utilized, or bear the cost of returning the Leased Equipment to _____________.
4. Payments - In consideration for the use of the Leased Equipment, for so long as this Agreement remains in force, (ORGANISATION NAME) agrees to pay Lessor the sum of __________ per month. The first such payment will be due on ____________, and thereafter payments will be due on or before the 15th day of each month, with the twelfth and final payment to be made on or before _____________. Payments will be made by _______ [bank wire transfer to X account, etc.]
5. Use of Leased Equipment - The Leased Equipment will be used by ___________ [prime (ORGANISATION NAME) staff position] based in __________, or by other professionals designated as appropriate. (ORGANISATION NAME) shall otherwise have unrestricted use of the Leased Equipment during the term of this Agreement, at whatever locations (ORGANISATION NAME) may desire. (ORGANISATION NAME) shall be responsible for all transportation costs and import/export duties or other local property taxes that may be assessed with respect to the Leased Equipment (except as noted in paragraph 3.c. above).
6. Maintenance - Lessor shall be responsible for any and all routine maintenance required by the Leased Equipment during the term of this Agreement. Any such required maintenance shall be performed at the location where (ORGANISATION NAME) is using the Leased Equipment.
7. Insurance - For the term of this Agreement, Lessor shall continue in force its current property insurance covering damage, destruction, or theft of the Leased Equipment. A copy of such insurance policy shall be attached to this Agreement. (ORGANISATION NAME) shall reimburse Lessor for the premium cost of such insurance coverage, up to a maximum of ___________. In the event of a covered loss under such insurance policy, (ORGANISATION NAME) shall bear the cost of the policy deductible. (ORGANISATION NAME) agrees to assume the risk of any damage or destruction to the Leased Equipment that is not covered under such insurance policy.
8. Notices - Any notice or other communication to be given under this Agreement shall be in writing and shall be sent to the parties at the following addresses:
[Lessor Name and contact information]
[(ORGANISATION NAME) name and contact information]
a. This document constitutes the entire agreement between the parties, and supersedes any earlier statement or understanding. No changes or additions to the terms of the Agreement shall be valid unless in writing and signed by both parties.
b. This Agreement will be governed by the laws of ………………………………….
c. If there is any dispute concerning the performance of this Agreement that cannot be settled by negotiation, the parties agree first to try in good faith to settle the dispute by mediation under the ……………………….. (Name of Arbitration entity). Thereafter, any remaining controversy shall be settled by arbitration in accordance with the ………………….Arbitration, and judgment upon the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof. The arbitration shall be conducted in …………………, or in such other location mutually agreed to by the parties.
AGREED TO this _____ day of _________, in _______________, by:
LESSOR (ORGANISATION NAME)
[INSERT NAME AND TITLE] [INSERT NAME AND TITLE]