12 05a EQUIPMENT LEASE

• Jurisdiction: Arkansas
• Library: Arkansas Form Book - Complete (2023 Ed.)

12-05A EQUIPMENT LEASE

EQUIPMENT LEASE

THIS AGREEMENT ("Lease") made between [lessor name] (the Lessor) and [lessee name] (the Lessee) WITNESSETH:

1. LEASE OF EQUIPMENT. Lessor hereby leases to Lessee, and Lessee hereby leases from Lessor, the equipment described in Exhibit A, attached hereto and made a part hereof as though fully set forth herein word for word, [together with any other items of equipment described in additional exhibits, lettered consecutively, which may hereafter be attached thereto and incorporated herein by reference,] upon the terms and conditions set forth in this Lease, as supplemented with respect to each item of equipment by the terms and conditions set forth in the exhibit identifying such item of equipment. [The items of additional equipment, if any, to be leased under this agreement shall be those hereafter purchased by Lessor and delivered to Lessee. on or before the delivery of each item of additional equipment to Lessee, Lessor and Lessee shall execute an exhibit with respect to such item or items of equipment, setting forth a description of such item or items of equipment, the date and place of delivery, the rental period, the monthly rental, the first rental payment date, and such other information deemed necessary or appropriate. Except as specifically modified with respect to any item of equipment by the terms and conditions set forth in the appropriate exhibit identifying such item of equipment, all of the terms and conditions of this Lease shall govern the rights and obligations of Lessor and Lessee. Whenever reference is made herein to "this Lease," it shall be deemed to include, as required, the various exhibits identifying all items of equipment or the appropriate exhibit or exhibits identifying one or more particular items of equipment.]

2. LEASE TERM. The term of this Lease shall be for a period of [term of lease] years from and after the date hereof. With respect to additional items of equipment hereafter included by additional exhibit hereto, the term applicable to each such additional exhibit shall be stated therein and, if not stated therein, shall be for the balance of the term of this agreement.

3. RENTAL. Lessee shall pay to Lessor, as rental for the use of the equipment leased hereunder, the sum of $[rental amount] per month, payable monthly in advance, the first of such monthly rental payments being due on the [day] day of [month], with a like monthly rental payment being due on the same day of each succeeding month thereafter throughout the term of this Lease. [With respect to additional items of equipment included hereunder, the rental shall be such as is stated in such additional exhibit or exhibits, and if not so stated, such additional item or items of equipment shall be deemed included in the monthly rental required by this paragraph.]

4. TITLE TO EQUIPMENT. Title to each item of equipment leased hereunder shall remain in the Lessor during the term of the appropriate period of rental. All items of equipment shall at all times be and remain personal property regardless of how the same may be affixed to the realty. The Lessor shall be permitted to display notice of its ownership of the equipment by...