Personal Property Lease Agreement - Template Form Pro · EN-CA-law

PERSONAL PROPERTY LEASE AGREEMENT

THIS PERSONAL PROPERTY LEASE AGREEMENT (the "Agreement") is made and entered into effective as of ________.

BETWEEN:

________

________

(hereinafter the "Lessor")

- AND -

________

________

(hereinafter the "Lessee")

(the Lessor and the Lessee are hereinafter collectively referred to as the "Parties" and individually as a "Party")

RECITALS

WHEREAS the Lessor is the lawful owner of, and has good and marketable title to, certain tangible personal property (hereinafter the "Property");

AND WHEREAS the Lessor is willing to lease such Property to the Lessee (the terms "lease" and "rent" shall be used interchangeably herein);

AND WHEREAS the Lessee desires to lease and make use of the Property, subject to the terms and conditions set out in this Agreement;

NOW THEREFORE, in consideration of the premises and the mutual covenants and agreements contained herein, and for other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged by each Party), the Parties agree as follows:

Article 1 — DEFINITIONS AND INTERPRETATION

1.1 In this Agreement, headings are inserted for convenience of reference only and shall not affect the interpretation hereof. Words importing the singular include the plural and vice versa, and words importing gender include all genders.

1.2 A reference to a statute includes all regulations made thereunder and any amendment, consolidation, or re-enactment thereof in force from time to time.

1.3 All references to currency are to lawful money of Canada unless otherwise expressly stated.

1.4 The Parties acknowledge that this Agreement may create a security interest within the meaning of the applicable provincial Personal Property Security Act, and the Lessor may register a financing statement to perfect any such interest.

Article 2 — LEASE OF PROPERTY

2.1 The Lessor hereby leases to the Lessee, and the Lessee hereby leases from the Lessor, the following Property:

________

2.2 The Property is more particularly identified by the following serial number(s), model number(s), or other identifying particulars:

________

2.3 Title to and ownership of the Property shall at all times remain vested in the Lessor. This Agreement does not transfer to the Lessee any right, title, or interest in or to the Property other than the right to use the same in accordance with this Agreement. The Lessee shall not sell, assign, sublease, encumber, pledge, or otherwise dispose of the Property or any interest therein.

Article 3 — CONDITION OF PROPERTY

3.1 The Property is leased on an "as is, where is" basis. The Lessee acknowledges having had a full and fair opportunity to inspect the Property prior to taking possession and accepts the Property in its present condition, described as follows:

________

3.2 Except as expressly set out herein, and to the extent permitted by applicable law, the Lessor makes no representation, warranty, or condition, express or implied, statutory or otherwise, as to the merchantability, fitness for a particular purpose, or condition of the Property.

Article 4 — LEASE TERM

4.1 The lease of the Property shall commence on ________ and, subject to the other terms of this Agreement (including the Termination provisions hereinafter), shall terminate on ________ (the "Term").

Article 5 — FEE AND PAYMENT

5.1 The fee for the lease of the Property shall be a one-time lump-sum payment.

5.2 The Lessee shall pay to the Lessor the amount of $________ (________) to lease the Property, which amount shall be due and payable on ________.

5.3 All amounts payable under this Agreement are exclusive of any applicable goods and services tax, harmonized sales tax, or other applicable taxes, which shall be borne by the Lessee where required by law.

5.4 Payment shall be made by the following method: ________.

5.5 The Lessee may be required to provide a refundable security deposit in the amount of $________, which shall be returned to the Lessee upon the return of the Property in accordance with this Agreement, less any amounts properly applied for damage or unpaid sums.

Article 6 — DELIVERY

6.1 Possession of the Property shall be made available to the Lessee at the agreed-upon location specified below (the "Delivery"). The Lessee acknowledges receipt of the Property upon Delivery.

6.2 The Lessee agrees to be responsible to take possession of the Property at the following location:

________

6.3 The Delivery date and time shall be: ________, or as soon thereafter as is practicable and mutually agreed upon by the Parties. In the event Delivery cannot be made as scheduled due to unforeseen circumstances or reasons beyond the control of either Party, the affected Party shall promptly notify the other and the Parties shall make reasonable efforts to arrange an alternative Delivery time.

6.4 The Lessee shall bear any additional costs incurred due to changes in the agreed Delivery schedule caused by the Lessee's acts, omissions, or requests.

6.5 The risk of loss, theft, damage, or destruction of the Property shall pass to and remain with the Lessee from the time of Delivery until the Property is returned to the Lessor in accordance with this Agreement.

Article 7 — USE OF PROPERTY

7.1 The intended use of the Property shall be as follows:

________

7.2 The Lessee shall use the Property solely for its intended use, consistently with the foregoing, and shall not use the Property for any unlawful purpose, in any manner contrary to applicable law, or in any manner that may cause damage to the Property.

7.3 The Lessee shall comply with all applicable federal, provincial, and municipal laws, regulations, and by-laws in connection with its possession and use of the Property.

Article 8 — MAINTENANCE, CARE, AND DAMAGE

8.1 The Lessee agrees to maintain the Property in good condition and repair throughout the Term.

8.2 The Lessee shall be liable to the Lessor for any loss of or damage to the Property beyond normal wear and tear. For greater certainty, the Lessee shall be responsible for the acts and omissions of any third parties to whom the Lessee permits access to the Property and who cause damage to the same.

8.3 The Lessee shall promptly notify the Lessor of any damage to, malfunction of, or loss or theft of the Property.

Article 9 — RETURN OF PROPERTY

9.1 At the end of the Term, or upon earlier termination of this Agreement, the Lessee shall return the Property to the Lessor in the same condition as it was received, save and except for normal wear and tear, at the following location:

________

9.2 Where the Property is not returned within fourteen (14) days following the end of the Term or earlier termination, the Lessor may, in addition to any other remedy available at law or in equity, charge the Lessee a daily fee equal to a reasonable pro-rated rental value until the Property is returned.

Article 10 — INSURANCE

10.1 The responsibility for maintaining insurance coverage on the Property during the Term shall be borne by ________.

10.2 The Party responsible for insurance shall maintain coverage in an amount not less than the full replacement value of the Property and shall, upon request, provide the other Party with evidence of such coverage.

Article 11 — LIABILITY AND INDEMNITY

11.1 The Lessee shall indemnify and hold harmless the Lessor from and against any and all claims, demands, losses, damages, liabilities, costs, and expenses (including reasonable legal fees) arising out of or in connection with the Lessee's possession, use, operation, or storage of the Property, except to the extent caused by the negligence or wilful misconduct of the Lessor.

11.2 Nothing in this Agreement shall limit or exclude either Party's liability for death or personal injury caused by negligence, fraud, or any other liability that cannot lawfully be limited or excluded.

Article 12 — TERMINATION

Either Party may terminate this Agreement as follows:

(1) if the other Party commits a material breach of any of the terms of this Agreement which is incapable of being cured, or which is capable of being cured but has not been cured within fourteen (14) days after written notice of such breach;

(2) if the other Party becomes unable to perform its obligations hereunder, including any payment or performance obligation, or becomes insolvent or bankrupt; or

(3) by mutual written agreement of the Parties.

Any termination shall not affect any rights or obligations accrued to either Party under this Agreement or at law, and shall not affect any rights or remedies otherwise available to either Party. Upon termination, the Lessee shall return the Property to the Lessor in the same condition as it was received, save and except for normal wear and tear, within fourteen (14) days following such termination.

Article 13 — FORCE MAJEURE

Neither Party shall be liable for any failure or delay in the performance of its obligations under this Agreement (other than an obligation to pay money then due) to the extent such failure or delay is caused by events beyond its reasonable control, including acts of God, fire, flood, epidemic, pandemic, governmental order, labour disruption, or other event of force majeure.

Article 14 — NOTICES

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Article 15 — ASSIGNMENT

The Lessee shall not assign, transfer, or otherwise deal with this Agreement or any of its rights or obligations hereunder without the prior written consent of the Lessor. This Agreement shall enure to the benefit of and be binding upon the Parties and their respective heirs, executors, administrators, successors, and permitted assigns.

Article 16 — ENTIRE AGREEMENT, AMENDMENT, AND SEVERABILITY

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Article 17 — GOVERNING LAW AND DISPUTE RESOLUTION

17.1 This Agreement shall be governed by and construed in accordance with the laws of the Province of ________ and the federal laws of Canada applicable therein.

17.2 The Parties irrevocably attorn to the exclusive jurisdiction of the courts of the Province of ________ with respect to any dispute arising out of or in connection with this Agreement.

EXECUTION

The Parties have executed this Agreement as of the date first written above.

LESSOR

Name: ________

Signature: _________________________

Date: ________

Witness Name: ________

Witness Signature: _________________________

LESSEE

Name: ________

Signature: _________________________

Date: ________

Witness Name: ________

Witness Signature: _________________________