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Furniture Lease and Rental AgreementWritten by Rizwan Butt
-------------------, referred to as the LEASING COMPANY, and
------------------, referred to as the CUSTOMER, agree:
CUSTOMER shall lease the following items from the LEASING COMPANY:
beginning on______________, 20___ and concluding on ____________, 20___ unless earlier terminated herein.
The furniture shall be used at and may not be moved to another location without the prior consent of the LEASING COMPANY. It shall be a breach of the leasing agreement for the CUSTOMER to move the leased furniture from this location.
CUSTOMER shall pay a deposit of $ ( dollars) to secure faithful performance of the obligations of the lease. The deposit may not be applied to rental herein. At the conclusion of the lease term and the performance of all obligations of the lease, LEASING COMPANY shall refund the deposit. No interest shall be paid on the deposit.
CUSTOMER shall maintain liability insurance in a minimum amount of $ ( & no/100 dollars) with a deductible not exceeding $ ( dollars) with a insurance company licensed to write such insurance in the State of . Leasing company shall be named a loss payee on the policy. Such policy shall provide for at least a 30 day cancellation notice to the LEASING COMPANY.
In the event that the CUSTOMER fails to maintain such insurance LEASING COMPANY may purchase, without notice, insurance, either for both parties or the single interest of the LEASING COMPANY. The premiums for such coverage shall be considered to be additional rental herein and shall be due and payable upon billing by the LEASING COMPANY.
The agreed value of the furniture shall be $ ( dollars). In the event of the loss or destruction of the furniture, CUSTOMER shall pay the agreed value, less depreciation to be calculated at the rate of ____ % of the agreed value per month.
The total rental for the term of this lease shall be $ ( & no/100 dollars) to be paid in equal monthly installments of $ ( dollars). Any applicable sales or use tax shall be paid by CUSTOMER as additional rental.
Any rental, or other sums due herein which are not paid when due shall accrue interest at the highest legal rate. CUSTOMER shall pay all costs of collection, including attorney's fees in the event of any breach.
CUSTOMER grants LEASING COMPANY a security interest in the leased items and any replacements, additions or accessions to the leased property. CUSTOMER herewith authorizes LEASING COMPANY to file any needed lien notices or financing statements.
In the event of failure to pay in a timely fashion or any other commercially reasonable cause, the LEASING COMPANY shall be entitled to accelerate payment of the remaining sums due under the lease.
CUSTOMER herewith consents to the entry of LEASING COMPANY into the premises where the leased items are located in the event of acceleration of the lease. No court order or bond shall be required for the entry into the premises. CUSTOMER herewith waives any requirement for court hearing for the entry into the premises.
CUSTOMER shall return the leased furniture at the conclusion of the lease in the same condition as when delivered, ordinary wear and tear excepted.
The CUSTOMER may cancel this lease on days written notice to the LEASING COMPANY. The parties agree that the damages to be suffered by the LEASING COMPANY will be difficult to ascertain, therefore, as liquidated damages, but not as a penalty, the CUSTOMER shall pay the sum of $ ( & no/100 dollars) per month or a portion thereof cancelled.
At the termination of this lease, the CUSTOMER shall be entitled to purchase the leased furniture for the sum of $ ( & no/100 dollars).
This is the entire agreement between the parties and this agreement may only be modified in a writing executed by the parties hereto.
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