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(c) Lessor has no duty to furnish substitute equipment if the inoperable
Equipment is out of service (i) because of damage resulting from the negligence
of, or misuse of the equipment by, Lessee or Lessee’s agents or employees or (ii)
for repair or maintenance of special equipment or accessories for which Lessor is
not responsible.
(d) Substitute equipment is subject to all of the terms and conditions of
this Agreement while in Lessee’s service.
Title to Equipment
2.03. Title to all Equipment leased under this Agreement will remain in Lessor.
Lessee will acquire no right, title, equity or other interest in any leased
Equipment.
Registration
2.04. All Equipment leased under this Agreement will remain at all times under
the registered ownership of Lessor according to the public record of each state
where the Equipment is principally used.
ARTICLE 3 - PAYMENTS BY LESSEE
Rent
3.01. Lessee agrees to pay Lessor $____________ per month during the term
of this Agreement. Rental payments must be made at Lessor’s place of business
or at any other place of business as Lessor or an assignee of the rent may direct.
Rental payments are payable monthly on the ____ day of each month during the
term of this Agreement.
Late Rental Payments
3.02. Past due rental payments shall bear interests at the rate of 5% per year
until paid. Lessee shall promptly pay any such interest upon receipt of an invoice
therefor from Lessor.
ARTICLE 4 - OPERATION AND MAINTENANCE
Ordinary Use
4.01. Lessee promises to operate the Equipment only in the normal and
ordinary course of Lessee’s business, and not in violation of any law, rule,
regulation, statute or ordinance. Lessee promises to indemnify and hold Lessor
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Free Equipment Leases Template