The Equipment Lease With Option To Purchase Agreement is essential for businesses seeking flexibility in equipment acquisition while maintaining the possibility of ownership. This document, governed by U.S. law and UCC Article 2A, provides a structured framework for both temporary use and potential permanent acquisition of equipment. It's particularly valuable when entities want to test equipment before committing to purchase, need to conserve capital, or desire tax advantages of leasing while maintaining future purchase rights. The agreement comprehensively addresses payment terms, maintenance obligations, insurance requirements, and specific conditions for exercising the purchase option.
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1. Parties: Identification of lessor and lessee with full legal names and addresses
2. Background: Context of the lease arrangement and purpose
3. Definitions: Key terms used throughout the agreement
4. Equipment Description: Detailed description of leased equipment including serial numbers and condition
5. Lease Term and Payments: Duration of lease and payment schedule
6. Purchase Option Terms: Conditions and pricing for equipment purchase
7. Maintenance and Repairs: Responsibilities for equipment upkeep
8. Insurance Requirements: Required coverage and responsible party
9. Default and Remedies: Consequences of default and available remedies
1. Early Termination: Terms for early lease termination when early termination might be anticipated
2. Assignment and Subletting: Rights to transfer or sublet equipment when transfer rights are important to parties
3. Environmental Compliance: Environmental obligations and compliance for equipment with environmental impacts
1. Schedule A - Equipment Specifications: Detailed technical specifications of equipment
2. Schedule B - Payment Schedule: Detailed payment terms including dates and amounts
3. Schedule C - Purchase Option Calculations: Formula and terms for purchase option pricing
4. Schedule D - Maintenance Requirements: Specific maintenance procedures and schedules
5. Schedule E - Insurance Requirements: Detailed insurance coverage requirements
6. Schedule F - Delivery and Acceptance Form: Documentation of equipment delivery and acceptance
Find the exact document you need
Basic Equipment Lease Agreement
A U.S.-governed agreement defining terms for equipment rental between lessor and lessee, subject to UCC Article 2A.
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Equipment Lease With Option To Purchase Agreement
A U.S.-governed agreement establishing terms for equipment leasing with a purchase option, subject to UCC Article 2A.
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