Transit Vehicles Lease Agreement - Free Download
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Transit Vehicles Lease Agreement
1. LEASE AGREEMENT. This Lease is by and between __________ (hereinafter
referred to as “Lessee”) and _______ (hereinafter referred to as “Lessor”).
2. TERM. This lease is for a term of approximately __ continuous months,
beginning _____ and ending __________. If the Lessor extends the
___________ Agreement, this Lease shall automatically be extended for an
identical period of time.
3. COMPENSATION. In consideration for the provision of the Vehicles listed in
Exhibit A, Lessee shall be responsible to Lessor for an annual payment amount
equal to ___ effective ______ through _______. The lease payment during any
extensions shall be prorated on a month-to-month basis if the extension is less
than twelve consecutive months.
4. USEAGE. Lessee shall lease the Vehicles for use in Lessor’s ______systems to
provide transportation services to the general public, visitors, and people with
special needs, such as the elderly and disabled, as outlined in the _____
5. VEHICLE. Lessor hereby leases to Lessee the Vehicles and equipment more
fully described in Exhibit A, attached hereto and by reference incorporated
6. REGISTRATION AND TAXES. Lessor shall maintain ownership interest in each
Leased Vehicle and provide valid registration. Lessor shall be responsible for
determining taxes and/or all license fees due and shall pay all taxes, license fees
and other charges and expenses whatsoever with respect to each Vehicle.
7. LESSOR AND LESSEE DUTIES. Lessor and Lessee will have the following
duties which it agrees will be faithfully executed during the term of this Lease:
a. Lessor will maintain and service the Vehicles during the Lease Term as
needed to keep Vehicles in good operating condition. Lessee will keep the
Vehicle free from physical damage. Lessor will pay for all operating
expenses for the Vehicles during the Lease Term, including, but not limited
to, the cost of fuel, lubrication and oil parts, labor, storage, parking, towing,
tolls and all other costs associated with operating the Vehicles unless
otherwise noted in the __Operations and Management Agreement.
b. Lessee will not subject the Vehicles to more than normal wear and tear.
If, upon scheduled Lease termination, Lessor’s appraiser, as required by
applicable law, determines that the vehicles have been subject to excess
wear and tear, Lessee will be responsible and liable for the cost to restore
the vehicle to the required condition, subject to the Lessee’s right to obtain
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Transit Vehicles Lease Agreement