Personal Property Lease Agreement
A personal property lease agreement is one in which one party leases out their personal property to another party. The agreement sets out all the terms and conditions for the personal property lease.
Sample Personal Property Lease Agreement
This agreement is made on the 25th of March 2012 between Mr. Robert Mathews who is the owner and Mr. Lee Peal who is the lessee for the lease of equipment owned by the lessor.
Details of Lessor
Mr. Robert Mathews
#1, Swansea, West Glamorgan,
Details of Lessee
Mr. Lee Peal
Details of leased property: The lessor is leasing out two large industry based printers that bear model no XYZ123 and ABC456 respectively.
Terms of personal property lease agreement
- The owner of the printers mentioned above is willing to lease them to the lessee from the 1st of April 2012 on the basis of the security deposit of 1000 pounds received on the date of agreement.
- The owner of the personal property agrees to lease the property on the condition that the lessee will deposit the monthly rental of 200 pounds every month on or before the 7th into the bank account of the owner without fail.
- The lessee will only be able to make use of the property until the completion of the lease period and cannot claim any ownership on it in any way.
- Any repairs and maintenance of the printers will be the responsibility of the lessee during the lease agreement period.
- The lessee is bound to ensure that the printers are used with due diligence and without any misuse which may result in major repairs cost. In any situation where the printers fail to work due to the negligence of the lessee in any form the lessee will be liable to compensate the owner with the market value of the printers.
Signature of lessor:
Signature of lessee:
Category: Lease Agreements