Personal Property Lease Agreement - Template Form

PERSONAL PROPERTY LEASE AGREEMENT

This PERSONAL PROPERTY LEASE AGREEMENT made effective as of ________,

BETWEEN:

________

________

(hereinafter the "Lessor")

-AND-

________

________

(hereinafter the "Lessee")

(hereinafter collectively referred to as the "Parties" or individually as "Party")

WHEREAS the Lessor has personal property (hereinafter the "Property");

AND WHEREAS the Lessor is willing to lease such personal property to the Lessee (the terms lease and rent shall be hereinafter used interchangeably);

AND WHEREAS the Lessee desires to make use of the Lessor's personal property, subject to the terms herein;

NOW THEREFORE, in consideration of the promises and the mutual covenants contained herein, and for other valuable consideration (the receipt and adequacy of which is hereby acknowledged), the Parties hereto agree as follows:

Article 1 - PERSONAL PROPERTY

The Lessor hereby acknowledges that they have leased to the Lessee, and the Lessee acknowledges receipt of the following property:

________

Article 2 - LEASE TERM

The Lessor agrees to lease the Property to the Lessee as of ________, and subject to any other terms herein, including the Termination clause hereinafter, such lease shall terminate on ________.

Article 3 - FEE

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

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

Article 4 - DELIVERY

Delivery of the leased personal property shall be made to the Lessee at the agreed-upon location specified in this Agreement (hereinafter "Delivery"). The Lessee acknowledges receipt of the leased personal property.

The Lessee agrees to be responsible to pick up the Property at the following location:

________

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

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

Article 5 - DAMAGE AND USE OF PROPERTY

The intended use of the Property shall be as follows:

________

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

The Lessee shall be liable to the Lessor for any damage caused to the Property beyond normal wear and tear.

Article 6 - MAINTENANCE AND CARE

The Lessee agrees to maintain the Property in good condition. The Lessee shall be responsible for any damage to the Property beyond normal wear and tear. For greater certainty, the Lessee shall be responsible for any third parties having access to the Property and have caused damage to the same.

Article 7 - RETURN OF PROPERTY

At the end of the term of this Agreement, the Property shall be returned to the Lessor, which the Lessee agrees to make available at the end of the term herein.

Article 8 - INSURANCE

The responsibility for insurance coverage on the Property shall be borne by the Lessor.

Article 9 - 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 cannot be cured within fourteen (14) days or which should have been cured within fourteen (14) days after written request, but such has not been cured;

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

(3) mutual agreement.

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Article 10 - ENTIRE AGREEMENT

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Article 11 - GOVERNING LAW

The Parties acknowledge and agree that this Agreement shall be governed by and construed in accordance with the laws of the Province of Ontario, and any applicable federal law.

EXECUTION

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

Name: ________

Signature: _________________________

Name: ________

Signature: _________________________