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                                        LEASE OF PERSONAL PROPERTY

 

 

                1.  PARTIES.  This agreement is made ________,19__ between

        _______________, of ______________, herein called "Lessor," and

        ______________, of ________________, herein called "Lessee."

 

                2.  LEASE OF EQUIPMENT.  For and in consideration of the

        covenants and agreements hereinafter contained, to be kept and

        performed by lessee, lessor has leased and does hereby lease to

        lessee the personal property known and described as follows:

 

 

 

        hereafter designated as equipment, to have and to hold the same

        unto Lessee for the period of______ months commencing from

        ___________________.

 

                3.  DELIVERY AND RETURN OF PROPERTY.  Lessor shall

        deliver equipment to_______________________ , freight

        prepaid.  At the end of the term thereof Lessee shall return

        equipment freight prepaid to Lessor at the place from which

        equipment was shipped in as good condition as exists at the

        commencement of the term, reasonable wear and tear in respect

        thereto expected.

 

                4.  RENT.  Lessee shall pay as rent for the leasing the

        sum of $_____________ at the office of Lessor at________________

        in ________________      monthly installments of________ each,

        payable in advance on the first day of the month beginning

        with___________, plus ________         to be paid as the last

        payment.

 

                5.  RESERVATION OF TITLE.  Equipment and all parts

        thereof shall, unless a purchase thereof is made as is herein

        provided and until full payment of such purchase price and all

        interest which may be due thereon is made in cash to the Lessor,

        retain its character as personal property and the title thereto

        shall not pass to Lessee but shall remain in Lessor.

 

                6.  REPOSSESSION.  If Lessee shall sell, assign or

        attempt to sell or assign, equipment or any interest therein, or

        if Lessee defaults in any of the covenants, conditions or

        provisions of this Lease, it is agreed that Lessor may

        immediately and without notice take possession of equipment

        wheresoever found and to remove and keep or dispose of the same

        and any unpaid rentals shall at once become due and payable.

 

                7.  LOCATION AND USE.  Lessee shall use equipment only in

        _______________________ and shall not at any time remove the same

        ______________________  from the place ________________________

        except in returning the same to Lessor or except as may be

        permitted by Lessor by consent thereto in writing.

 

                8.  INDEMNIFICATION OF LESSOR.  Lessee shall and does

        hereby agree to protect and save Lessor harmless against any and

        all losses or damage to equipment by fire, flood, explosion,

        tornado or theft and Lessee shall and does hereby assume all

        liability to any person whomsoever arising from the location,

        condition or use of equipment, and shall indemnify Lessor of and

        from all liability, claim and demand whatsoever arising from the

        location, condition, or use of equipment whether in operation or

        not, and growing out of any cause, and from every other

        liability, claim and demand whatsoever during the term of this

        Lease or arising while equipment is in the possession of Lessee.

        Lessee also agrees to promptly reimburse Lessor, in cash, for any

        and all personal property taxes levied against equipment and paid

        by Lessor.

 

                9.  TIME OF ESSENCE.  Time is the essence of this

        agreement.

 

                10.  NO ASSIGNMENT.  Neither this Lease and agreement nor

        any right or interest thereunder shall be assigned by Lessee in

        any respect whatsoever.

 

                11.  CHOICE OF LAW.  This Lease and agreement shall be

        deemed to have been executed and entered into in the State of

        ____________ and shall be construed, enforced and performed in

        accordance with the laws thereof.

 

                12.  EXCLUSION OF ORAL STATEMENTS.  This instrument

        contains all of the agreements of the parties.  No oral or other

        statements shall be binding on either of the parties hereto.

 

                13.  GUARANTY.  All parts of this equipment are

        guaranteed against defective parts or workmanship for a period

        of ninety (90) days from date of delivery and any parts returned

        to factory freight prepaid will be replaced free of charge if

        found defective.

 

        [Lessor]                                [Lessee]

 

 

 

        By____________________________          By____________________

 

        _______________________[Title]          ________________[Title]