Lease and Buy Agreement
It is an agreement between a leasing company and a customer. The leasing company is responsible for the items to be leased and provides no warranty upon the goods, and the sole warranty shall be that offered, if any, by the manufacturers and sellers of the leased equipment. This is a lease agreement intended to help a customer buy a large item. It is set up as an installment loan, with leasing provisions, and will work fine as long as the customer makes the payments. And the agreement provides for repossession, late payments, and collection costs.
The lease and buy agreement contains;
- name of the company
- name of the customer
- location of the item
- duration of the payment
- amount to pay
The customer will not be able to remove the item unless with the approval of the leasing company. And all expenses of delivery; set up and taxes of the leased goods shall be paid directly by thecustomer and shall maintain insurance coverage upon the leased property acceptable to leasing company, which approval shall not be unreasonably withheld. He or she is responsible for the maintenance for the leased items and keeping it in good condition. However, if the customer is not able to meet the due date of the duration of payment or ten (10) days after deadline, the leasing company gains their rights onto the item and they can enter the customer’s premises. And upon default, the customer agrees to pay any and all costs of collection including attorney’s fees incurred by leasing company.
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Lease and Buy Agreement
______________________, referred to as LEASING COMPANY and ______________________, referred to as CUSTOMER, agree:
CUSTOMER shall lease from LEASING COMPANY the following items:
LEASING COMPANY shall purchase the items set forth above as CUSTOMER’S agent. LEASING COMPANY provides no warranty upon the goods, and the sole warranty shall be that offered, if any, by the MANUFACTURERS and sellers of the leased equipment. The equipment shall be located at:
and may not be moved without prior approval of LEASING COMPANY.
All expenses of delivery, set up and taxes of the leased goods shall be paid directly by CUSTOMER to the providers of such services.
CUSTOMER shall maintain insurance coverage, at its expense, upon the leased property with broad form coverage through an insurance carrier authorized to transact business in the State of ________ acceptable to LEASING COMPANY, which approval shall not be unreasonably withheld.
CUSTOMER agrees to pay LEASING COMPANY the total sum of $____ (_______________&___/100 dollars) in consideration of the lease of the equipment, to be paid in ____ installments due ______________, with the first payment due on __________________.
Upon the failure of CUSTOMER to pay any installment due, or to comply with the provisions of this lease agreement, the LEASING COMPANY may accelerate the payment of all remaining sums due. The CUSTOMER shall pay all taxes and levies upon the equipment.
Any payment late by 10 days will incur a late charge of 5% of the face amount of that payment as described above.
Upon default the LEASING COMPANY may take possession of the leased items, and may enter the premises of CUSTOMER to do so.
CUSTOMER shall have the option to purchase the leased equipment at the conclusion of the term of the lease, provided that all payments have been made, for the sum of $________(______________& ___/100 dollars). Should CUSTOMER decline to exercise this option, CUSTOMER shall return the equipment, at its expense, to LEASING COMPANY.
The customer shall be responsible for all maintenance upon the leased items, and shall keep the equipment in good operating condition.
Upon default, CUSTOMER agrees to pay any and all costs of collection including attorney’s fees incurred by LEASING COMPANY. CUSTOMER shall not move the leased items without the prior approval of LEASING COMPANY.
CUSTOMER agrees to execute financing statements or other documents reasonably required by LEASING COMPANY.
Lease and Buy Agreement
This review list is provided to inform you about this document in question and assist you in its preparation. This is a lease agreement intended to help a customer buy a large item. It is set up as an installment loan, with leasing provisions, and will work fine as long as the customer makes the payments. The simplicity of the agreement will make it easier for the Seller to entice the Buyer into buying. The agreement provides for repossession, late payments, collection costs, and the like.
1. Make multiple copies. Each signatory should get one. Keep one in the related file.