Rental Property Lease Agreement Template

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Property Lease Agreement

 

This Lease Agreement (the "Agreement") is made and entered into on the date of ______________________________ (“Effective Date”), by and between Party A, with a mailing address of ____________________________________________________________ (the "Lessor"), and Party B, with a mailing address of ____________________________________________________________ (the "Lessee").

 

For and in consideration of the premises, and of the covenants and agreements herein contained, the Lessor hereby leases to the Lessee, and the Lessee hereby leases from the Lessor, the following described property (the "Leased Property"): ____________________________________________________________ ____________________________________________________________

 

The Leased Property is leased to the Lessee, and accepted by the Lessee, in its present condition.

 

  1. Payment. The Lessee agrees to pay to the Lessor, as rent for the Leased Property, the sum of _____________________________ Dollars (US$_______________) per _________________________ (month/year), payable in advance on the ________ day of each _________________________ (month/year) during the term of this Agreement.

The first payment is due on ______________________________ (the "Commencement Date").

If the Commencement Date is other than the first day of a month, the Lessee shall pay, as additional rent, the pro rata share of the monthly rent for the period from the Commencement Date to the last day of such month.

 

  1. Term. The term of this Agreement shall be ___________________________months, commencing on the Commencement Date and ending on ______________________________ (the "Expiration Date"), unless earlier terminated as provided herein.

 

  1. Purpose. The Lessee shall use the Leased Property only for the following lawful purposes: ____________________________________________________________ ____________________________________________________________

 

  1. Sublet. The Lessee shall not sublet all or any part of the Leased Property without the prior written consent of the Lessor, which consent shall not be unreasonably withheld.

 

  1. Assignment. The Lessee shall not assign this Agreement without the prior written consent of the Lessor, which consent shall not be unreasonably withheld.

 

  1. Security Deposit. The Lessee shall pay a security deposit of $__________ at the time that this Lease is signed. This deposit will be returned to the Lessee at the termination of the Lease, subject to the option of the Lessor to apply it against Lease charges and damages. Any amount refundable to the Lessee shall be paid at the time this Lease is terminated.

 

  1. Late Payments. For any rental payment that is not paid within 3 days of its due date, Lessee shall pay a late fee of $________________.

 

  1. Location of Property. Lessee shall be entitled to use and possession of the property on the first day of the term of this Lease and shall yield possession to Lessor on the last day of the term of this Lease, unless otherwise agreed by both parties in writing.

Lessee will pick up the property from the Lessor at the following address: ________.

It is the understanding and agreement of the parties that Lessee shall only use the property at the following location: ______________.

Lessee shall not remove the property from this location without the express written consent of Lessor.

Lessee agrees not to part with or dispose of the property without the prior written consent of Lessor.

 

  1. Use of Property. The Lessee shall keep the Leased Property in good repair and condition, ordinary wear and tear excepted, and shall comply with all laws, ordinances, rules and regulations of all governmental authorities having jurisdiction over the Leased Property. The Lessee shall not make or permit any alterations, additions or improvements in or to the Leased Property without the prior written consent of the Lessor, which consent shall not be unreasonably withheld. The Lessee shall not commit or permit any waste upon the Leased Property.

 

  1. Title to Property. Lessor shall retain title to the property.

Title to the property shall not pass to Lessee, and Lessee only acquires the right to use the property in the regular course of its business.

Lessee agrees that the property is and shall remain personal property.

Any improvements to the property shall become the property of Lessor.

 

  1. Disclaimer of Warranties. LESSE RECOGNIZES THAT THE PROPERTY BEING RECEIVED IS AS IS AND WITH ALL FAULTS.

LESSOR MAKES NO REPRESENTATIONS, PROMISES, OR WARRANTIES, EITHER EXPRESS OR IMPLIED, CONCERNING THE MERCHANTABILITY, SUITABILITY, OR FITNESS FOR A PARTICULAR PURPOSE OF THE PROPERTY.

LESSOR EXPRESSLY DISCLAIMS ANY AND ALL REPRESENTATIONS AND WARRANTIES, WHETHER ARISING FROM STATUTE, COMMON LAW, CUSTOM, OR OTHERWISE.

 

  1. Taxes. Lessee, at their own expense, shall pay all personal property taxes levied or assessed against the property.

 

  1. Insurance. Lessee, at their own expense and throughout the entire term of this lease, shall insure the property for the sum of $___________.

Lessee will be required to buy the following type(s) of insurance for the property: __________.

Lessor shall be named as the loss payee under this policy of insurance, and a certificate of insurance shall be tendered to Lessor at the time Lessee receives the property.

In case of loss, the insurance proceeds shall be used to repair or replace the property unless otherwise agreed in writing by Lessor and Lessee.

 

  1. Risk of Loss. Lessee shall bear all risk of loss to the property unless the loss occurs while the property is in the possession of the Lessor. Loss or damage to the property shall not relieve Lessee of their obligations under this lease agreement, including Lessee's obligation to continue to pay rental payments.

 

  1. Return of Property. At the expiration of the term of this lease or upon default by Lessee, Lessee shall return and deliver to Lessor the property in good order and condition, ordinary wear and tear excepted.

 

  1. Holdover. If Lessee maintains possession of the property for any period after the termination of this Lease ("Holdover Period"), Lessee shall pay to Lessor lease payment(s) during the Holdover Period at a rate equal to 150% of the most recent rate preceding the Holdover Period (or the maximum amount allowed by law if less).

Such holdover shall constitute a month-to-month extension of this lease.

 

  1. Indemnification. The Lessee shall indemnify, defend and hold harmless the Lessor and its agents, employees, and affiliates from and against any and all claims, actions, suits, proceedings, losses, damages, liabilities, costs and expenses (including reasonable attorneys' fees) arising out of or relating to the Lessee's use or occupancy of the Leased Property.

 

  1. Termination. If the Lessee shall default in the payment of rent when due, or shall default in the performance of any of the other terms, conditions and covenants of this Agreement to be performed or observed by the Lessee, and such default shall continue for a period of _____ days after written notice thereof by the Lessor to the Lessee, or in the event the Lessee abandons or vacates the Leased Property prior to the expiration of the term of this Agreement, then the Lessee shall forfeit all right, title and interest in and to the Leased Property and this Agreement, and the Lessor may reenter the Leased Property and remove all persons and property therefrom, without being liable for any trespass, damage or injury thereby occasioned, and without prejudice to any other remedy which the Lessor may have for the rent or for any other default by the Lessee.

 

  1. Peaceful Possession. The Lessor covenants and agrees that the Lessee shall have quiet possession of the Leased Property for the term of this Agreement, subject to the prior rights of any persons entitled thereto.

 

  1. Force Majeure. The Lessor shall not be liable for any damage or injury to the person or property of the Lessee or of others, on or off the Leased Property, arising from any cause whatsoever, including, but not limited to, the negligence of the Lessor or its agents, employees or affiliates. The Lessor shall not be liable for any delay or failure in performing its obligations under this Agreement if such delay or failure is due to causes beyond its reasonable control, including, but not limited to, acts of God, fires, floods, earthquakes, weather conditions, strikes, lockouts, riots, wars, terrorist activities, or acts of governmental authorities.

 

  1. Entire Agreement. This Agreement contains the entire understanding of the parties with respect to the subject matter hereof and supersedes all prior and contemporaneous agreements and understandings, oral or written.

 

  1. Amendment. This Agreement may not be amended except in writing signed by the parties.

 

  1. Binding. This Agreement shall be binding upon and inure to the benefit of the parties, their respective successors and permitted assigns.

 

  1. Governing Law. This Agreement and each party's obligations shall be governed by and construed in accordance with the laws of the State of ______________________________ without giving effect to any choice of law or conflict of law rules or provisions that would cause the application of the laws of any jurisdiction other than the State of ______________________________.

 

  1. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

  1. Notices. All notices required or permitted under this Lease shall be deemed delivered when delivered in person or by mail, postage prepaid, addressed to the appropriate party at the address shown for that party at the beginning of the Lease.

 

  1. Time of the Essence. The Parties agree that time is of the essence in this lease agreement in each and every particular.

 

  1. Severability. If a court holds any provision of this Agreement to be illegal, invalid, or unenforceable, the remaining provisions shall remain in full force and effect and the Parties will amend this Agreement to give effect to the stricken clause to the maximum extent possible.

 

  1. No Waiver. The failure of either party to enforce any provision of this Lease shall not be construed as a waiver or limitation of that party's right to subsequently enforce and compel strict compliance with every provision of this Lease.

 

[Signature page follows.]

 

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

 

Lessor ____________________________________________________________ ____________________________________________________________

 

Lessee ____________________________________________________________ ____________________________________________________________