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
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.
Payment. The Lessee agrees to pay to the Lessor, as rent for the
Leased Property, the sum of
(month/year), payable in advance on the
________ day of
(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.
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
Purpose. The Lessee shall use the Leased Property only for the
following lawful purposes:
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.
Assignment. The Lessee shall not assign this Agreement without the
prior written consent of the Lessor, which consent shall not be
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.
Late Payments. For any rental payment that is not paid within 3
days of its due date, Lessee shall pay a late fee of
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
Lessee will pick up the property from the Lessor at the following
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.
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.
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
Lessee agrees that the property is and shall remain personal
Any improvements to the property shall become the property of
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
Taxes. Lessee, at their own expense, shall pay all personal
property taxes levied or assessed against the property.
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
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.
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
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
Such holdover shall constitute a month-to-month extension of this
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.
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
_____ 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
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
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
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.
Amendment. This Agreement may not be amended except in writing
signed by the parties.
Binding. This Agreement shall be binding upon and inure to the
benefit of the parties, their respective successors and permitted
Governing Law. This Agreement and each party's obligations shall
be governed by and construed in accordance with the laws of the
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
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.
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.
Time of the Essence. The Parties agree that time is of the essence
in this lease agreement in each and every particular.
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.
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.