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Form #1569Lease and Buy Agreement
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Lease and buy agreement loan form.
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Lease and Buy Agreement
______________________, referred to as LEASING COMPANY and
______________________, referred to as CUSTOMER, agree:
CUSTOMER shall lease from LEASING COMPANY the following items:
_____________________________________________________________
LEASING COMPANY shall purchase the items set forth above as CUSTOMER’S
agent. LEASING COMPANY provides no warranty upon the goods, and the sole
warranty shall be that offered, if any, by the MANUFACTURERS and sellers of the
leased equipment. The equipment shall be located at:
_________________________________________________________________
and may not be moved without prior approval of LEASING COMPANY.
All expenses of delivery, set up and taxes of the leased goods shall be paid
directly by CUSTOMER to the providers of such services.
CUSTOMER shall maintain insurance coverage, at its expense, upon the leased
property with broad form coverage through an insurance carrier authorized to
transact business in the State of ________ acceptable to LEASING COMPANY, which
approval shall not be unreasonably withheld.
CUSTOMER agrees to pay LEASING COMPANY the total sum of $____
(_______________&___/100 dollars) in consideration of the lease of the
equipment, to be paid in ____ installments due ______________, with the first
payment due on __________________.
Upon the failure of CUSTOMER to pay any installment due, or to comply with
the provisions of this lease agreement, the LEASING COMPANY may accelerate the
payment of all remaining sums due. The CUSTOMER shall pay all taxes and levies
upon the equipment.
Any payment late by 10 days will incur a late charge of 5% of the face
amount of that payment as described above.
Upon default the LEASING COMPANY may take possession of the leased items,
and may enter the premises of CUSTOMER to do so.
CUSTOMER shall have the option to purchase the leased equipment at the
conclusion of the term of the lease, provided that all payments have been made,
for the sum of $________(______________& ___/100 dollars). Should CUSTOMER
decline to exercise this option, CUSTOMER shall return the equipment, at its
expense, to LEASING COMPANY.
The customer shall be responsible for all maintenance upon the leased items,
and shall keep the equipment in good operating condition.
Upon default, CUSTOMER agrees to pay any and all costs of collection
including attorney’s fees incurred by LEASING COMPANY. CUSTOMER shall not
move the leased items without the prior approval of LEASING COMPANY.
CUSTOMER agrees to execute financing statements or other documents
reasonably required by LEASING COMPANY.
Dated: _______________________________
_______________________________________
Customer
______________________________________
Leasing Company
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site. If you do not agree to the above terms, please do not proceed.
These forms are provided to assist business owners and others in understanding important
points to consider in different transactions. They are offered with the understanding
that no legal advice, accounting, or other professional service is being offered
by these documents or on this website. Laws vary in the different states. Agreements
acceptable in one state may not be enforced the same way under the laws of another
state. Also, agreements should relate specifically to the particular facts of each
situation. Therefore, it is important to consult legal counsel whenever utilizing
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Keywords: Lease and Buy Agreement, Loan Agreement
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