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ARTICLE 5 - BREACH OR DEFAULT
If Lessee breaches or defaults on any of the obligations of this Agreement,
Lessor may immediately, without notice or demand, take possession of the
Equipment. In order to repossess the Equipment, Lessor is entitled to enter any
premises where the Equipment is located. If Lessee’s breach or default
continues for 10 days after written notice has been mailed to Lessee, Lessor may
terminate the lease of Equipment. In lieu of taking possession of the Equipment,
or of terminating the lease, Lessor may declare immediately due and payable all
rent then unpaid for the entire remainder of the term for the Equipment, in which
event Lessee must pay such unpaid rent on demand.
ARTICLE 6 - RETURN OF PROPERTY ON TERMINATION
Lessee will promptly return the leased Equipment to Lessor at the end of
the term for the Equipment as specified in this Agreement. The Equipment must
be returned to Lessor at the location designated by Lessor.
ARTICLE 7 - GENERAL PROVISIONS
Attorney’s Fees
7.01. Lessee shall pay Lessor all of Lessors costs and expenses, including
reasonable attorney’s fees, incurred in collecting amounts due from Lessee or in
enforcing any rights of Lessor under this Agreement.
Assignment
7.02. Lessee may not assign this Agreement or any of Lessee’s rights under this
Agreement without the prior written consent of Lessor. Lessee may not sublease
any of the Equipment, or permit others to use them, without the prior written
consent of Lessor. Lessors consent to an assignment or sublease does not
release Lessee from any obligation under this Agreement. Any attempted
assignment or sublease by Lessee without prior written consent shall be void and
will confer no rights on the intended assignee or sublessee.
Modification
7.03. Modifications or amendments to this Agreement are valid only when made
in a writing that is signed by all contracting parties. Oral agreements purporting
to modify or amend this Agreement are void and of no effect.
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Free Equipment Leases Template