Personal Property Lease Agreement
A personal property lease agreement is a document that is drafted when an individual gives property owned by him to another individual on lease for personal use. The parties entering into the agreement are referred to as the lessor and the lessee. There are various terms and conditions mentioned in the contract which are required to be followed by both the parties.
Sample Personal Property Lease Agreement
This personal property agreement has been drafted and entered into this day of 10th of June 2012 between Norman Creed referred to as the lessor and Jack Ripper referred to as the lessee. As per the agreement the lessor leases his property to the lessee for personal use.
The property is a 500 square feet apartment located at:
90 Aspen High Street, New York, New Jersey 4509.
Both the parties need to agree to the following terms and condition:
- Possession: The lessor will give the possession of the property to the lessee from the agreement starting date of 12th of June 2012.
- Security deposit: The lessee needs to submit a security deposit of $4000. The amount is refundable and any damage being caused to the property will be deducted from the security deposit amount.
- Purpose of use: The lessee can use the property only for the purpose of residing. He cannot use the property for any other use.
- Rent: The lessee has to pay a monthly rent of $500 for the property. Three consecutive defaults in paying the rent will result in cancellation of the agreement.
- Term: The agreement is valid for a term of three years. In case of termination before the term end date, either of parties has to serve notice period of one month.
- Sublet: The lessee cannot sublet the property.
Signature of the lessor: ________________ Signature of the lessee: ____________
Category: Lease Agreements