EQUIPMENT LEASE AGREEMENT
THIS LEASE AGREEMENT is made on ________.
BETWEEN
________, of the following address:
________
(hereinafter referred to as the "Lessor") of the one part,
AND
________, of the following address:
________
(hereinafter referred to as the "Lessee")
WHEREAS the Lessor is the title holder of the Equipment and desires to lease same to the Lessee.
In consideration of the payment of the rent and other payments for the use of the Equipment and the covenants contained herein, the receipt of which is hereby acknowledged, the Parties hereby agree as follows:
1. Definitions
In this Agreement, the following terms have the meanings herein after ascribed to them:
a. "Equipment" means the following:
________
b. "Lease Term" means the following period: ________.
c. "Material Defects" means any issue with the component or system of the Equipment which may have significant adverse impact on the value of the Equipment which is not caused by the Lessee.
d. "Schedule" means any schedule forming an addendum to this Agreement and shall for all purposes be deemed to form an integral part of this Agreement.
e. "This Agreement" means this operating lease agreement between the Lessor and the Lessee together with any modifications and amendments.
2. Lease of Equipment
The Lessee shall be entitled to the possession of the following Equipment:
________
3. Term of Lease
a. The Lessor agrees to lease the Equipment described in this Agreement together with all appurtenances for the following term: ________.
b. Such term will commence on ________.
4. Payment of Rent
The Lessee shall pay the sum of ₦________ (________) every month, with the first payment due on ________.
5. Delivery and Acceptance of Equipment
a. The Equipment shall be delivered to the Lessee at the following location:
________
b. The Lessee shall be responsible for all expenses and cost incurred for shipping or delivering the Equipment at the beginning and at the end of the Lease Term.
6. Inspection of the Equipment
a. The Lessee shall inspect the Equipment before the delivery for any Material Defects in the Equipment.
b. In the event that the Lessee discovers any Material Defects in the Equipment or has any complaints in respect thereof, such complaints and defects shall be communicated to the Lessor immediately or within a reasonable time.
c. In the event that the Lessee fails to notify the Lessor of these defects and complaints, it shall be implied that the Equipment has been delivered in perfect condition and no objections shall be raised thereafter.
7. Use and Maintenance of the Equipment
The Lessee shall only use the Equipment in the manner which was intended, in accordance with all applicable manuals and instructions and all applicable laws and regulations.
8. Title to the Equipment
The Equipment remains the property of Lessor. No right, title or interest in the Equipment shall pass to the Lessee other than the right to maintain possession and use of the Equipment during the full Lease Term.
9. Alteration of Equipment
The Lessee shall not repair or modify any part of the Equipment without obtaining the prior consent of the Lessor.
10. Covenants of the Lessee
The Lessee hereby covenants as follows:
(I) to pay all rents and any other money payable in a timely manner;
(II) to pay all taxes, fess, licenses and governmental charges, together with any penalties or interests relating to the possession or use of the Equipment;
(III) to ensure that the Equipment is operated skillfully in a proper manner by persons who are competent to operate same;
(IV) not to sell, pledge, mortgage or charge the Equipment;
(V) not to make any material design, alterations or improvements to the Equipment without the prior consent of the Lessor;
(VI) to permit the Lessor at any time upon and receipt of reasonable notice, to inspect the Equipment and carry out any repairs on the Equipment;
(VII) to take all necessary steps to ensure that the Equipment is used in accordance with all policy guidelines and manuals of the manufacturer, and shall not use the Equipment in any manner that is contrary to the laws, regulations, or bye laws for the time being in force.
11. Covenants of the Lessor
The Lessor hereby covenants as follows:
(I) that the Equipment is in good working condition;
(II) to keep and maintain the Equipment in good working order and repair during the Lease Term;
(III) that the Lessee, observing all the terms and conditions contained in this Agreement, shall have quiet and peaceable possession of the Equipment.
12. Assignment and Subletting of the Equipment
The Lessee undertakes not to let, sublet, short let or license the use of the Equipment or any part thereof without obtaining prior consent of the Lessor.
13. Return of Equipment
a. Upon the expiration of the Lease Term, the Lessee shall return the Equipment to the Lessor.
b. The Lessee deliver same to the Lessor or the Lessor's agent in the same good condition as it was at the beginning of the Lease Term with ordinary and reasonable wear and tear.
14. Events of Default
a. Any one or more of the following constitutes a breach of contract:
(I) if the Lessee defaults in paying any rent or any other payment due under this Agreement;
(II) if the Lessee fails to observe or perform any of its obligations;
(III) if the Lessee becomes bankrupt and is unable to pay its debts;
(IV) if the Lessee uses or permits of the Equipment in any manner that is contrary to the intended use and purpose of the Equipment;
(V) in the case of a breach capable of being remedied, if the Lessee fails to remedy such breach within a reasonable period upon the request of the Lessor.
b. In the event of default by the Lessee, the Lessor shall be entitled to terminate this Agreement, take immediate possession, recover all rents accrued and due at the date of the repossession of the Equipment.
15. Indemnity
a. The Lessee shall keep the Lessor indemnified against any liability, losses, damages, legal costs and any other liabilities incurred from the Lessee's use, repair, or otherwise of the Equipment.
b. The Lessor shall not be liable for any injuries, damages, penalties, claims or loses, including but not limited to legal costs or any expenses incurred by any other person caused by installation, manufacture, lease, possession repair, maintenance, use and otherwise of the Equipment.
16. No Waiver
If the Lessor fails to enforce strict performance of any part of this Agreement, this shall not be construed as a waiver of the Lessor's right to enforce same.
17. Abandonment of Lease
If at any time during the term of the lease, the Lessee abandons the lease, the Lessor shall have the right to possess and let the Equipment. The Lessee shall be liable for any outstanding rent and other payments which have become due and payable.
18. Governing Law
This Contract shall be interpreted and construed in accordance with the laws of the Federal Republic of Nigeria.
19. Jurisdiction
The Parties agree that the Nigerian courts shall have the exclusive jurisdiction to settle any dispute or claim in connection with this contract.
20. Entire Agreement
This Agreement and any other document referred to in this Agreement, constitute the entire agreement between the parties and supersedes any prior written or oral agreements made between them.
21. Notices
All notices under this Agreement shall be in writing. The notices shall be delivered personally or mailed by a certified mail to the other Party at the address written in this Agreement or attorney's address.
22. 555852822
82 2552 22 2588 825222222 85588 82 855825 25 2252825225 528288 8585 855852822 88 525225 525 882225 82 252 2552828 22 2588 825222222.
23. 528255888822
52 522 2552 22 2588 825222222 88 5285 5222225825882 225 522 525822, 252 522582525 22 2588 825222222 85588 82228252 22 82 82 22582 525 5582 222282.
24. 825222525528
5588 825222222 252 82 25285225 82 8282558 825222525528, 588 22 85885 82282825228 5 882282 525222222 8228222 252 2552828.
IN WITNESS WHEREOF the Parties hereto have executed this Agreement this day and year first written above.
SIGNED by the within named ________
in the presence of:
Name................................................................................................................
Address.............................................................................................................
Occupation........................................................................................................
Signature..........................................................................................................
SIGNED by the within named ________
in the presence of:
Name................................................................................................................
Address.............................................................................................................
Occupation........................................................................................................
Signature..........................................................................................................
EQUIPMENT LEASE AGREEMENT
THIS LEASE AGREEMENT is made on ________.
BETWEEN
________, of the following address:
________
(hereinafter referred to as the "Lessor") of the one part,
AND
________, of the following address:
________
(hereinafter referred to as the "Lessee")
WHEREAS the Lessor is the title holder of the Equipment and desires to lease same to the Lessee.
In consideration of the payment of the rent and other payments for the use of the Equipment and the covenants contained herein, the receipt of which is hereby acknowledged, the Parties hereby agree as follows:
1. Definitions
In this Agreement, the following terms have the meanings herein after ascribed to them:
a. "Equipment" means the following:
________
b. "Lease Term" means the following period: ________.
c. "Material Defects" means any issue with the component or system of the Equipment which may have significant adverse impact on the value of the Equipment which is not caused by the Lessee.
d. "Schedule" means any schedule forming an addendum to this Agreement and shall for all purposes be deemed to form an integral part of this Agreement.
e. "This Agreement" means this operating lease agreement between the Lessor and the Lessee together with any modifications and amendments.
2. Lease of Equipment
The Lessee shall be entitled to the possession of the following Equipment:
________
3. Term of Lease
a. The Lessor agrees to lease the Equipment described in this Agreement together with all appurtenances for the following term: ________.
b. Such term will commence on ________.
4. Payment of Rent
The Lessee shall pay the sum of ₦________ (________) every month, with the first payment due on ________.
5. Delivery and Acceptance of Equipment
a. The Equipment shall be delivered to the Lessee at the following location:
________
b. The Lessee shall be responsible for all expenses and cost incurred for shipping or delivering the Equipment at the beginning and at the end of the Lease Term.
6. Inspection of the Equipment
a. The Lessee shall inspect the Equipment before the delivery for any Material Defects in the Equipment.
b. In the event that the Lessee discovers any Material Defects in the Equipment or has any complaints in respect thereof, such complaints and defects shall be communicated to the Lessor immediately or within a reasonable time.
c. In the event that the Lessee fails to notify the Lessor of these defects and complaints, it shall be implied that the Equipment has been delivered in perfect condition and no objections shall be raised thereafter.
7. Use and Maintenance of the Equipment
The Lessee shall only use the Equipment in the manner which was intended, in accordance with all applicable manuals and instructions and all applicable laws and regulations.
8. Title to the Equipment
The Equipment remains the property of Lessor. No right, title or interest in the Equipment shall pass to the Lessee other than the right to maintain possession and use of the Equipment during the full Lease Term.
9. Alteration of Equipment
The Lessee shall not repair or modify any part of the Equipment without obtaining the prior consent of the Lessor.
10. Covenants of the Lessee
The Lessee hereby covenants as follows:
(I) to pay all rents and any other money payable in a timely manner;
(II) to pay all taxes, fess, licenses and governmental charges, together with any penalties or interests relating to the possession or use of the Equipment;
(III) to ensure that the Equipment is operated skillfully in a proper manner by persons who are competent to operate same;
(IV) not to sell, pledge, mortgage or charge the Equipment;
(V) not to make any material design, alterations or improvements to the Equipment without the prior consent of the Lessor;
(VI) to permit the Lessor at any time upon and receipt of reasonable notice, to inspect the Equipment and carry out any repairs on the Equipment;
(VII) to take all necessary steps to ensure that the Equipment is used in accordance with all policy guidelines and manuals of the manufacturer, and shall not use the Equipment in any manner that is contrary to the laws, regulations, or bye laws for the time being in force.
11. Covenants of the Lessor
The Lessor hereby covenants as follows:
(I) that the Equipment is in good working condition;
(II) to keep and maintain the Equipment in good working order and repair during the Lease Term;
(III) that the Lessee, observing all the terms and conditions contained in this Agreement, shall have quiet and peaceable possession of the Equipment.
12. Assignment and Subletting of the Equipment
The Lessee undertakes not to let, sublet, short let or license the use of the Equipment or any part thereof without obtaining prior consent of the Lessor.
13. Return of Equipment
a. Upon the expiration of the Lease Term, the Lessee shall return the Equipment to the Lessor.
b. The Lessee deliver same to the Lessor or the Lessor's agent in the same good condition as it was at the beginning of the Lease Term with ordinary and reasonable wear and tear.
14. Events of Default
a. Any one or more of the following constitutes a breach of contract:
(I) if the Lessee defaults in paying any rent or any other payment due under this Agreement;
(II) if the Lessee fails to observe or perform any of its obligations;
(III) if the Lessee becomes bankrupt and is unable to pay its debts;
(IV) if the Lessee uses or permits of the Equipment in any manner that is contrary to the intended use and purpose of the Equipment;
(V) in the case of a breach capable of being remedied, if the Lessee fails to remedy such breach within a reasonable period upon the request of the Lessor.
b. In the event of default by the Lessee, the Lessor shall be entitled to terminate this Agreement, take immediate possession, recover all rents accrued and due at the date of the repossession of the Equipment.
15. Indemnity
a. The Lessee shall keep the Lessor indemnified against any liability, losses, damages, legal costs and any other liabilities incurred from the Lessee's use, repair, or otherwise of the Equipment.
b. The Lessor shall not be liable for any injuries, damages, penalties, claims or loses, including but not limited to legal costs or any expenses incurred by any other person caused by installation, manufacture, lease, possession repair, maintenance, use and otherwise of the Equipment.
16. No Waiver
If the Lessor fails to enforce strict performance of any part of this Agreement, this shall not be construed as a waiver of the Lessor's right to enforce same.
17. Abandonment of Lease
If at any time during the term of the lease, the Lessee abandons the lease, the Lessor shall have the right to possess and let the Equipment. The Lessee shall be liable for any outstanding rent and other payments which have become due and payable.
18. Governing Law
This Contract shall be interpreted and construed in accordance with the laws of the Federal Republic of Nigeria.
19. Jurisdiction
The Parties agree that the Nigerian courts shall have the exclusive jurisdiction to settle any dispute or claim in connection with this contract.
20. Entire Agreement
This Agreement and any other document referred to in this Agreement, constitute the entire agreement between the parties and supersedes any prior written or oral agreements made between them.
21. Notices
All notices under this Agreement shall be in writing. The notices shall be delivered personally or mailed by a certified mail to the other Party at the address written in this Agreement or attorney's address.
22. 555852822
82 2552 22 2588 825222222 85588 82 855825 25 2252825225 528288 8585 855852822 88 525225 525 882225 82 252 2552828 22 2588 825222222.
23. 528255888822
52 522 2552 22 2588 825222222 88 5285 5222225825882 225 522 525822, 252 522582525 22 2588 825222222 85588 82228252 22 82 82 22582 525 5582 222282.
24. 825222525528
5588 825222222 252 82 25285225 82 8282558 825222525528, 588 22 85885 82282825228 5 882282 525222222 8228222 252 2552828.
IN WITNESS WHEREOF the Parties hereto have executed this Agreement this day and year first written above.
SIGNED by the within named ________
in the presence of:
Name................................................................................................................
Address.............................................................................................................
Occupation........................................................................................................
Signature..........................................................................................................
SIGNED by the within named ________
in the presence of:
Name................................................................................................................
Address.............................................................................................................
Occupation........................................................................................................
Signature..........................................................................................................
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